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Exhibit 4.4  

Execution Copy  

 
 

REGISTRATION RIGHTS AGREEMENT    
    
    by and among    
    
    TELEWEST GLOBAL, INC.    
    
    and    
    
    THE HOLDERS LISTED ON THE SIGNATURE PAGES HERETO    
    
    dated
as of    
    
    June 24, 2004    
    

   
        REGISTRATION RIGHTS AGREEMENT, dated as of June 24, 2004, by and among Telewest Global, Inc., a Delaware corporation (the
"Company"), and the Holders listed on the signature pages hereto. 

        WHEREAS,
the Company is a wholly-owned subsidiary of Telewest Communications plc, a public limited company incorporated under the laws of England and Wales ("Old
Telewest"), and Telewest Finance (Jersey) Limited, a limited liability company incorporated under the laws of Jersey, is a wholly-owned finance subsidiary of Old Telewest
("Telewest Jersey"). 

        WHEREAS,
Old Telewest, pursuant to a scheme of arrangement under the laws of England and Wales involving certain creditors of Old Telewest (the "Telewest
Scheme") and Telewest Jersey, pursuant to both a scheme of arrangement under Jersey law and a scheme of arrangement under the laws of England and Wales, each involving certain
creditors of Telewest Jersey (together with the Telewest Scheme, the "Schemes"), propose to effect a financial restructuring of Old Telewest (the
"Financial Restructuring") pursuant to which: 

          (i)  the
Company will become the holder of substantially all of the businesses and operations of Old Telewest and both Old Telewest and Telewest Jersey will be liquidated; 

         (ii)  the
holders of the outstanding notes and debentures of Old Telewest and Telewest Jersey will receive 98.5% of the then-issued Common Stock in a transaction
exempt from the registration requirements of the Securities Act, pursuant to section 3(a)(10) thereof; 

        (iii)  the
existing shareholders of Old Telewest will receive the remaining 1.5% of the then-issued Common Stock pursuant to an effective registration statement
of the Company; and; 

        (iv)  the
Common Stock will be quoted for trading on the Nasdaq National Market. 

        WHEREAS,
in connection with the Financial Restructuring the Company has agreed to grant the registration rights described in this Agreement to holders of shares of Common Stock
transferred pursuant to the Schemes that are subject to restrictions on resale under Rule 145 under the Securities Act (as hereinafter defined) and to UBS Securities LLC. 

        Accordingly,
the parties hereto agree as follows: 

        1.    Definitions.    As used herein, unless the context otherwise requires, the following terms have the following
respective meanings: 

        "Business Days" means a day (other than a Saturday or a Sunday) on which banks are open for general business in New York. 

        "Certificate of Incorporation" means the Certificate of Incorporation of the Company, as it may be amended or restated hereafter from time
to time. 

        "Commission" means the Securities and Exchange Commission or any other United States federal agency at the time administering the
Securities Act. 

        "Common Stock" means any shares of common stock, par value $0.01 per share, of the Company, now or hereafter authorized to be issued and
any and all securities of any kind whatsoever of the Company which may be exchanged for or converted into Common Stock. 

        "Effective Date" has the meaning given to that term in the Telewest Scheme. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended, or any similar United States federal statute, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at the time. Reference to a particular section of the Exchange Act shall include a reference to the comparable section, if
any, of any such similar United States federal statute. 

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        "Holder" means a party hereto that is (or upon the Effective Date, will become) the registered holder of Registrable Securities (including
any Person that, after the date hereof enters into a Joinder Agreement pursuant to Section 8 hereof, but not including any such Person whose
rights under this Agreement shall have terminated pursuant to Section 9 hereof. 

        "Majority Participating Holders" means Participating Holders holding at least a majority of the Registrable Securities proposed to be
included in any offering of Registrable Securities by such Participating Holders pursuant to Section 3.1 or  Section 3.2 hereto. 

        "Participating Holders" means any Holder participating in any offering of Registrable Securities pursuant to  Section 2, Section 3.1 or  Section 3.2 hereto. 

        "Person" means a corporation, an association, a partnership, a limited liability company, an organization, a business, a trust, an
individual, or any other entity or organization, including a government or political subdivision or an instrumentality or agency thereof. 

        "Registrable Securities" means any shares of Common Stock beneficially owned by any Holder, including without limitation shares of Common
Stock distributed to the Holders pursuant to the Schemes and any Common Stock issued in respect thereof by way of a stock dividend, stock split or reverse stock split or in connection with a
combination of shares, recapitalization, merger, consolidation or otherwise. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) a
registration statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such
registration statement or (ii) such securities shall have been disposed of pursuant to Rule 144 or Rule 145 under the Securities Act. 

        "Registration Expenses" means all expenses incident to the registration and disposition of the Registrable Securities pursuant to  Section 2 or Section 3 hereof, as applicable, including, without limitation, all
registration, filing and applicable national securities exchange fees, all fees and expenses of complying with state securities or blue sky laws (including reasonable fees and disbursements of counsel
to the underwriters and the Holders in connection with "blue sky" qualification of the Registrable Securities and determination of their eligibility for investment under the laws of the various
jurisdictions), all word processing, duplicating and printing expenses, all messenger and delivery expenses, the fees and disbursements of counsel for the Company and of its independent public
accountants, including the expenses of "cold comfort" letters or any special audits required by, or incident to, such registration, all transfer taxes, and the reasonable fees and expenses of one
counsel to the Participating Holders; provided, however, that Registration Expenses shall exclude, and
each Holder shall pay, underwriting discounts and commissions in respect of the Registrable Securities being registered for such Holder. Notwithstanding the foregoing, the provisions of this
definition shall be deemed amended to the extent necessary to cause these expense provisions to comply with "blue sky" laws of each state or the securities laws of any other jurisdiction in the United
States and its territories in which the offering pursuant to which Registration Expenses are payable is made. 

        "Securities Act" means the Securities Act of 1933, as amended, or any similar United States federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect at the time. References to a particular section of the Securities Act shall include a reference to the comparable section, if any, of
any such similar United States federal statute. 

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        2.    Shelf Registration.    

        (a)   Within
45 days after the Effective Date, the Company shall file with the Commission a registration statement (the "Shelf Registration
Statement") relating to the offer and sale of Registrable Securities by the Holders to the public, from time to time, on a delayed or continuous basis (but not involving any
underwriting). The Company shall use its reasonable best efforts to cause the Shelf Registration Statement to be declared effective by the Commission as soon as practicable thereafter. The Company
shall pay, and shall be responsible for, all Registration Expenses in connection with any registration pursuant to this Section 2. 

        (b)   The
Company agrees to use its reasonable best efforts to keep the Shelf Registration Statement continuously effective and not to suspend use of the prospectus included
therein in order to permit the prospectus included therein to be usable by the Holders until the earlier of: (1) the termination date of this Agreement and (2) two years from the
Effective Date plus the number of days (if any) that the effectiveness of the Shelf Registration Statement is postponed or suspended pursuant to the next following sentence. Without limiting the
generality of the foregoing, the Company shall be deemed not to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the requisite period if it voluntarily
takes any action that would result in Holders of the Registrable Securities covered thereby not being able to offer and sell such Registrable Securities during that period, unless such action is
required by applicable law; provided that the foregoing shall not apply to actions if the Company determines, in its reasonable judgment, as authorized
by a resolution of its Board of Directors, that the filing of such Shelf Registration Statement or the maintenance of effectiveness of such Shelf Registration Statement or prospectus included therein
would materially interfere with any material financing, corporate reorganization or other material transaction involving the Company or any subsidiary, or would require premature disclosure thereof,
and the Company promptly gives the Participating Holders written notice of such determination, containing a general statement of the reasons for such postponement or suspension and an approximation of
the anticipated delay; provided, however, that the failure to keep the Shelf Registration Statement effective and usable for offers and sales of
Registrable Securities for such reasons shall last no longer than (i) 120 days in the aggregate in any 12-month period and (ii) 180 days in the aggregate during
the period of effectiveness of the Shelf Registration Statement, in either case without the consent of the Holders of a majority of the Registrable Securities then covered thereby. 

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        3.    Registration Under Securities Act, etc.    

        3.1    Registration on Request.    

        (a)    Request.    At any time or from time to time commencing (i) in connection with an underwritten offering
by Holders, from the Effective Date and (ii) in connection with any offering that is not an underwritten offering, two years after the Effective Date, any Holder or Holders holding Registrable
Securities shall, subject to paragraph (h) of this Section 3.1, have the right to require the Company to effect the registration under the
Securities Act of all or part of their respective Registrable Securities, by delivering a written request (a "Holder Request") therefor to the Company
specifying the number of shares of Registrable Securities and the intended method of distribution. The party or parties delivering a Holder Request shall be referred to as the
"Initiating Holder." As promptly as practicable, but no later than ten days after receipt of a Holder Request, the Company shall give written notice of
the Holder Request to all Holders (the "Demand Exercise Notice") and shall (subject to the limitations below) include in such registration all other
Registrable Securities requested by the Holders thereof to be so included by written notice (which notice shall specify the maximum number of Registrable Securities intended to be disposed of by such
Holder) within 20 days after the giving of the Demand Exercise Notice (or, 10 days if, at the request of the Initiating Holder participating in such registration, the Company states in
such written notice or gives telephonic notice to all Holders, with written confirmation to follow promptly thereafter, that such registration will be on a Form S-3 under the
Securities Act). The Company shall as expeditiously as possible (but in any event within 30 days of receipt of a Holder Request if the Company is eligible to use Form S-3 to
register the transaction described in the Holder Request, or otherwise within 90 days of receipt of a Holder Request) use its reasonable best efforts to file a registration statement
under the Securities Act covering the Registrable Securities which the Company has been so requested to register by the Initiating Holder and any other Holders which have duly made a written request
to the Company for inclusion in such registration. The Company shall (i) use its reasonable best efforts to effect the registration of Registrable Securities for distribution in accordance with
the intended method of distribution set forth in a written request delivered by the Majority Participating Holders, and (ii) if requested by the Majority Participating Holders, obtain
acceleration of the effective date of the registration statement relating to such registration as promptly as practicable following such request. 

        (b)    Registration of Other Securities.    Whenever the Company shall effect a registration pursuant to this  Section 3.1 in
connection with an underwritten offering by Holders, no securities other than Registrable Securities shall be included among the
securities covered by such registration unless the Majority Participating Holders shall have consented in writing to the inclusion therein of such other securities, which consent may be subject to
terms and conditions determined by the Majority Participating Holders in their sole discretion. 

        (c)    Registration Statement Form.    Registrations under this  Section 3.1 shall be on the registration form of the
Commission as shall be selected by the Company which form shall be reasonably acceptable to
the Majority Participating Holders. The Company agrees to include in any such registration statement all information which, in the reasonable opinion of counsel to the Participating Holders and
counsel to the Company, is necessary or desirable to be included therein. 

        (d)    Expenses.    The Company shall pay, and shall be responsible for, all Registration Expenses in connection with
any registration requested pursuant to this Section 3.1. 

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        (e)    Effective Registration Statement.    A registration requested pursuant to this  Section 3.1 shall not be deemed to have
been effected (including for purposes of paragraph (h) of this  Section 3.1) (i) unless a registration statement with respect thereto has become effective and has been kept continuously
effective for a
period of at least 120 days (or such shorter period which shall terminate when all the Registrable Securities covered by such registration statement have been sold pursuant thereto),
(ii) if after it has become effective, such registration is interfered with by any stop order, injunction or other order or requirement of the Commission or other governmental agency or court
for any reason not attributable to the Participating Holder and has not thereafter become effective, or (iii) if the conditions to closing specified in the underwriting agreement, if any,
entered into in connection with such registration are not satisfied or waived. 

        (f)    Selection of Underwriters.    The underwriters of each underwritten offering of the Registrable Securities so
to be registered pursuant to this Section 3.1 shall be selected by the Majority Participating Holders taking into account among other things any
contractual obligations of the Company with respect to the engagement of underwriters by the Company for such transactions, and shall be reasonably acceptable to the Company. 

        (g)    Right to Withdraw.    If the managing underwriter of any underwritten offering shall advise the Participating
Holders that the Registrable Securities covered by the registration statement cannot be sold in such offering within a price range acceptable to the Majority Participating Holders, then the Majority
Participating Holders shall have the right to notify the Company in writing that they have determined that the registration statement be abandoned or withdrawn, in which event the Company shall
abandon or withdraw such registration statement. In the event of such abandonment or withdrawal at the request of the Majority Participating Holders, the Initiating Holder's request for registration
pursuant to this Section 3.1 shall be counted for purposes of the requests for registration to which the Holders are entitled pursuant to this  Section 3.1 unless the Participating Holders promptly reimburse the Company (pro rata in accordance with the number of Registrable Securities
that were to have been included in such registration, or as otherwise agreed by the Participating Holders) for all the Company's documentations and expenses of such withdrawn or abandoned Registration
Statement. 

        (h)    Limitations on Registration on Request.    The Holders shall be entitled to require the Company to effect, and
the Company shall upon due demand be required to effect (i) one registration pursuant to this Section 3.1 upon the demand of each Holder
that beneficially owns Registrable Securities representing at least five per cent (5%) of the Common Stock outstanding immediately following completion of the Financial Restructuring or
(ii) any number of registrations pursuant to this Section 3.1 upon the demand of any group of Holders that in aggregate beneficially own
Registrable Securities representing at least five per cent (5%) of the Common Stock outstanding at the time of the demand, provided,  however, that
(x) the aggregate offering value of the Registrable Securities to be registered pursuant to any such registration pursuant to this  Section 3.1 shall be at least $15,000,000 (based on the
market price on the date the demand is made) (y) such Registrable Securities shall
represent at least 3% of the number of shares of Common Stock outstanding on the date the demand is made, and (z) only one such demand registration shall be required to become effective in any
180-day period. In addition, the Company shall have no obligations under this Agreement with respect to any Holder Request submitted during any period after the Company shall have made a
public announcement of a public offering, acquisition or other similar transaction or proposed transaction involving the offer or sale of securities by the Company and prior to the earlier of
60 days following such public announcement and the completion or publicly-announced abandonment of such transaction. 

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        (i)    Priority in Registrations on Request.    If any registration pursuant to a Holder Request involves an
underwritten offering and the managing underwriter of such offering shall inform the Company in writing of its belief that the number of Registrable Securities requested to be included in such
registration pursuant to this Section 3.1, when added to the number of any other securities to be offered in such registration, would materially
adversely affect such offering, then the Participating Holders shall be entitled to participate on a pro rata basis based on the number of Registrable Securities requested to be included in the
offering by each such Participating Holder. The Company and any other Company stockholders not holding Registrable Securities shall have no right to participate in such a registration unless all
Registrable Securities requested to be included are included. 

        (j)    Postponement.    The Company shall be entitled once in any twelve-month period to postpone for a reasonable
period of time (but not exceeding 120 days) (the "Postponement Period") the filing of any registration statement required to be prepared and
filed by it pursuant to this Section 3.1 if the Company determines, in its reasonable judgment, as authorized by a resolution of its Board of
Directors, that such registration and offering would materially interfere with any material financing, equity offering, corporate reorganization or other material transaction involving the Company or
any subsidiary, or would require premature disclosure thereof, and promptly gives the Participating Holders written notice of such determination, containing a general statement of the reasons for such
postponement and an approximation of the anticipated delay. If the Company shall so postpone the filing of a registration statement, the Majority Participating Holders shall have the right to withdraw
the request for registration by giving written notice to the Company within ten business days following the giving of notice by the Company of its determination to postpone and, in the event of such
withdrawal, such request shall not be counted for purposes of the requests for registration to which the Holders are entitled pursuant to this  Section 3.1. 

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        3.2    Incidental Registration.    

        (a)    Right to Include Registrable Securities.    If the Company at any time proposes to register any of its equity
securities under the Securities Act by registration on Form S-1, S-2 or S-3 or any successor or similar form(s) (except registrations on any such Form or
similar form(s) solely for registration of securities in connection with an employee benefit plan or dividend reinvestment plan or a merger or consolidation or for a rights offering or an offering
exclusively to existing security holders of the Company), whether or not for sale for its own account, it will each such time give prompt written notice to each of the Holders of its intention to do
so and of the Holders' rights under this Section 3.2. Upon the written request of any of the Holders (which request shall specify the maximum
number of Registrable Securities intended to be disposed of by such Holder), made as promptly as practicable and in any event within 20 days after the giving of any such notice by the Company
(10 days if the Company states in such written notice or gives telephonic notice to each Holder, with written confirmation to follow promptly thereafter, stating that (i) such
registration will be on Form S-3 under the Securities Act and (ii) such shorter period of time is required because of a planned filing date), the Company shall use its
reasonable efforts to effect the registration under the Securities Act of all Registrable Securities which the Company has been so requested to register by each Holder;  provided, however, that if, at any time after giving written notice of its intention to register any
equity securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register or to delay
registration of such equity securities, the Company shall give written notice of such determination and its reasons therefor to the Holders and in the case of a determination not to register, shall be
relieved of its obligation to register any Registrable Securities in connection with such registration (but not from any obligation of the Company to pay the Registration Expenses in connection
therewith), without prejudice, however, to the rights of the Holders to request that such registration be effected as a registration under  Section 3.1. No registration effected under this
Section 3.2 shall relieve the Company of
its obligation to effect any registration upon request under Section 3.1. The Company will pay all Registration Expenses in connection with any
registration of Registrable Securities requested pursuant to this Section 3.2. 

        (b)    Right to Withdraw.    Any Holder shall have the right to withdraw its request for inclusion of Registrable
Securities in any registration statement pursuant to this Section 3.2 at any time prior to the execution of an underwriting agreement with
respect thereto by giving written notice to the Company of its request to withdraw. 

        (c)    Priority in Incidental Registrations.    If any registration pursuant to this  Section 3.2 involves an underwritten
offering and the managing underwriter of such offering shall inform the Company in writing of its belief
that the number of Registrable Securities requested to be included in such registration, when added to the number of other equity securities to be offered in such registration, would materially
adversely affect such offering, then the Company shall include in such registration, to the extent of the number and type which the Company is so advised can be sold in (or during the time of) such
offering without so materially adversely affecting such offering (the "Section 3.2 Sale Amount"), (i) all of the equity securities
proposed by the Company to be sold for its own account; (ii) thereafter, to the extent the Section 3.2 Sale Amount is not exceeded, the
Registrable Securities requested by the Participating Holders (provided that if all of the Registrable Securities requested by the Participating Holders may not be included, the Participating Holders
shall be entitled to participate on a pro rata basis based on the aggregate number of shares of Registrable Securities requested by the Participating Holders to be registered); and
(iii) thereafter, to the extent the Section 3.2 Sale Amount is not exceeded, any other equity securities of the Company requested to be
included by Company stockholders holding other such registration rights. 

        (d)    Plan of Distribution.    Any participation by Holders in a registration under this  Section 3.2 shall be in accordance
with the plan of distribution determined by the Company (or the other Person that initiated such
registration). 

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        3.3    Registration Procedures.    If and whenever the Company is required to use its reasonable efforts to effect the
registration of any Registrable Securities under the Securities Act as provided in Sections 2, 3.1 and  3.2
hereof, the Company shall as expeditiously as possible: 

        (a)   prepare
and file with the Commission as soon as practicable the requisite registration statement to effect such registration (and shall include all financial statements
required by the Commission to be filed therewith) and thereafter use its reasonable efforts to cause such registration statement to become effective;  provided, however, that before filing such registration statement (including all exhibits) or any
amendment or supplement thereto or comparable statements under securities or blue sky laws of any jurisdiction, the Company shall furnish such documents to each Participating Holder and each
underwriter, and counsel to the Participating Holders, which documents will be subject to the review and comments of each Participating Holder, each underwriter and their respective counsel; and  provided, further, however, that the Company may discontinue any registration of its securities which
are not Registrable Securities at any time prior to the effective date of the registration statement relating thereto; 

        (b)   notify
the Participating Holders of the Commission's requests for amending or supplementing the registration statement and the prospectus, and prepare and file with the
Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective and to
comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such registration statement for such period as shall be required for the
disposition of all of such Registrable Securities in accordance with the intended method of distribution thereof; provided, that except with respect to
any such registration statement filed pursuant to Rule 415 under the Securities Act, such period need not exceed 120 days; 

        (c)   furnish,
without charge, to each Participating Holder and each underwriter such number of conformed copies of such registration statement and of each such amendment and
supplement thereto (in each case including all exhibits), such number of copies of the prospectus contained in such registration statement (including each preliminary prospectus and any summary
prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents, as the Participating
Holders and such underwriters may reasonably request; 

        (d)   use
its reasonable efforts (i) to register or qualify all Registrable Securities and other securities covered by such registration statement under such securities
or blue sky laws of such States of the United States of America where an exemption is not available and as the Participating Holders or any managing underwriter shall reasonably request,
(ii) to keep such registration or qualification in effect for so long as such registration statement remains in effect, and (iii) to take any other action which may be reasonably
necessary or advisable to enable the Participating Holders to consummate the disposition in such jurisdictions of the securities to be sold by the Participating Holders, except that the Company shall
not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this subsection (d),
(x) be obligated to be so qualified or to consent to general service of process in any such jurisdiction or (y) be subject to additional taxes (other than de
minimis amounts); 

        (e)   use
its reasonable efforts to cause all Registrable Securities covered by such registration statement to be registered with or approved by such other federal or state
governmental agencies or authorities as may be necessary in the opinion of counsel to the Company and counsel to each of the Participating Holders to consummate the disposition of such Registrable
Securities; 

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        (f)    if
requested by the lead underwriter, furnish to each Participating Holder and each underwriter, if any, participating in the offering of the securities covered by such
registration statement, a signed counterpart of (i) an opinion of counsel for the Company, and (ii) provided that such Holder furnishes any written confirmation reasonably requested by
the accountants in connection therewith, a "comfort" letter signed by the independent public accountants who have certified the Company's financial statements included or incorporated by reference in
such registration statement, covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of the accountants' comfort
letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer's counsel and in accountants' comfort letters delivered to the
underwriters in underwritten public offerings of securities (and dated the dates such opinions and comfort letters are customarily dated) and, in the case of the legal opinion, such other legal
matters, and, in the case of the accountants' comfort letter, such other financial matters as the underwriters may reasonably request; 

        (g)   promptly
notify each Participating Holder and each managing underwriter, if any, participating in the offering of the securities covered by such registration statement
(i) when such registration statement, any pre-effective amendment, the prospectus or any prospectus supplement related thereto or post-effective amendment to such
registration statement has been filed, and, with respect to such registration statement or any post-effective amendment, when the same has become effective; (ii) of any request by the
Commission for amendments or supplements to such registration statement or the prospectus related thereto or for additional information; (iii) of the issuance by the Commission of any stop order
suspending the effectiveness of such registration statement or the initiation of any proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension
of the qualification of any of the Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation of any proceeding for such purpose; (v) at any
time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included in
such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements
therein not misleading, in the light of the circumstances under which they were made, and in the case of this clause (v), at the request of a Participating Holder promptly prepare and furnish
to each Participating Holder and each managing underwriter, if any, participating in the offering of the Registrable Securities, a reasonable number of copies of a supplement to or an amendment of
such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made; and (vi) at any time when
the representations and warranties of the Company contemplated by Section 3.4(a) or (b) hereof
cease to be true and correct; 

        (h)   otherwise
comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable, an earnings
statement covering the period of at least twelve months beginning with the first full calendar month after the effective date of such registration statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder, and promptly furnish to each Participating Holder a copy of any amendment or supplement to such
registration statement or prospectus; 

        (i)    provide
and cause to be maintained a transfer agent and registrar (which, in each case, may be the Company) for all Registrable Securities covered by such registration
statement from and after a date not later than the effective date of such registration statement; 

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        (j)    use
its reasonable best efforts to cause all Registrable Securities covered by such registration statement to be listed on the principal securities exchange on which
similar securities issued by the Company are then listed (if any), if the listing of such Registrable Securities is then permitted under the rules of such exchange; 

        (k)   deliver
promptly to counsel to the Participating Holders and each underwriter, if any, participating in the offering of the Registrable Securities, copies of all
correspondence between the Commission and the Company with respect to such registration statement; 

        (l)    use
its reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness of the registration statement; 

        (m)  provide
a CUSIP number for all Registrable Securities, no later than the effective date of the registration statement; 

        (n)   make
available its employees and personnel and otherwise provide reasonable assistance to the underwriters (taking into account the needs of the Company's business) in
their marketing of Registrable Securities; and 

        (o)   do
such other things as are necessary or reasonably desirable to facilitate the sale of the Registered Securities by the holders thereof. 

        The
Company may require the Participating Holders to furnish the Company such information regarding such Participating Holders and the distribution of the Registrable Securities as the
Company may from time to time reasonably request in writing and the Company shall not be obligated to effect the registration of any Registrable Securities of a particular Participating Holder unless
such information regarding such Participating Holder is provided to the Company. 

        Each
Participating Holder agrees that upon receipt of any notice from the Company of the happening of any event of the kind described in paragraph (g)(iii) or (v) of this  Section 3.3, each
Participating Holder will, to the extent appropriate, discontinue its disposition of Registrable Securities pursuant to the
registration statement relating to such Registrable Securities until, in the case of paragraph (g)(v) of this Section 3.3, its receipt of
the copies of the supplemented or amended prospectus contemplated by paragraph (g)(v) of this Section 3.3 and, if so directed by the
Company, will deliver to the Company (at the Company's expense) all copies, other than permanent file copies, then in its possession, of the prospectus relating to such Registrable Securities current
at the time of receipt of such notice. If the disposition by a Participating Holder of its securities is discontinued pursuant to the foregoing sentence, the Company shall extend the period of
effectiveness of the registration statement by the number of days during the period from and including the date of the giving of notice to and including the date when the Participating Holder shall
have received copies of the supplemented or amended prospectus contemplated by paragraph (g)(v) of this Section 3.3; and, if the Company
shall not so extend such period, the Participating Holder's request pursuant to which such registration statement was filed shall not be counted for purposes of the requests for registration to which
the Participating Holder is entitled pursuant to Section 3.1 hereof. 

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        3.4    Underwritten Offerings.    

        (a)    Requested Underwritten Offerings.    If requested by the underwriters for any underwritten offering by the
Participating Holders pursuant to a registration requested under Section 3.1, the Company shall enter into a customary underwriting agreement
with the Participating Holders and a managing underwriter or underwriters selected by the Majority Participating Holders (in accordance with  Section 3.1(f) hereto). Such underwriting agreement
shall be satisfactory in form and substance to the Majority Participating Holders and shall
contain such representations and warranties by, and such other agreements on the part of, the Company and such other terms as are generally prevailing in agreements of that type, including, without
limitation, customary provisions relating to indemnification and contribution. 

        (b)    Incidental Underwritten Offerings.    In the case of a registration pursuant to  Section 3.2 hereof, if the Company or
the other Person(s) initiating such registration shall have determined to enter into any underwriting
agreements in connection therewith, all of the Registrable Securities to be included in such registration shall be subject to such underwriting agreements. 

        3.5    Preparation; Reasonable Investigation.    In connection with the preparation and filing of each registration
statement under the Securities Act pursuant to this Agreement, the Company will give the Participating Holders, their underwriters, if any, and their respective counsel, accountants and other
representatives and agents the opportunity to participate in the preparation of such registration statement, each prospectus included therein or filed with the Commission, and each amendment thereof
or supplement thereto, and give each of them such access to its books and records and such opportunities to discuss the business of the Company with its officers and employees and the independent
public accountants who have certified its financial statements, and supply all other information reasonably requested by each of them, as shall be necessary or appropriate, in the opinion of the
Participating Holders and such underwriters' respective counsel, to conduct a reasonable investigation within the meaning of the Securities Act provided that the foregoing investigation shall be
coordinated by one counsel to the Participating Holders. 

11

 

        3.6    Indemnification.    

        (a)    Indemnification by the Company.    The Company agrees that in the event of any registration of any securities
of the Company under the Securities Act pursuant to this Agreement, the Company shall, and hereby does, indemnify and hold harmless each of the Participating Holders, and their respective directors,
officers, partners, agents, investment advisors, investment managers and affiliates and each other Person who participates as an underwriter in the offering or sale of such securities and each other
Person, if any, who controls such Participating Holder or any such underwriter within the meaning of the Securities Act (collectively, the
"Indemnitees"), against any losses, claims, damages, costs and reasonable expenses (including, without limitation, reasonable attorney's fees) or
liabilities, joint or several (or actions or proceedings, whether commenced or threatened, in respect thereof) ("Losses"), to which such Indemnitee may
become subject under the Securities Act or otherwise, insofar as such Losses arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained
in any registration statement under which such securities were registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any
amendment or supplement thereto or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein in light of
the circumstances in which they were made not misleading, and the Company shall reimburse such Indemnitee for any reasonable legal or any other expenses reasonably incurred by them in connection with
investigating or defending any such Loss; provided that the Company shall not be liable in any such case to an Indemnitee to the extent that any such
Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, or any such preliminary prospectus, final
prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with written information furnished to the Company through an instrument duly executed by or on behalf of such
Indemnitee. Such indemnity shall remain in full force regardless of any investigation made by or on behalf of any Indemnitee and shall survive the transfer of such securities by such seller. 

        (b)    Indemnification by Participating Holders.    As a condition to including any Registrable Securities in any
registration statement, the Company shall have received an undertaking reasonably satisfactory to it from each Participating Holder so including any Registrable Securities to, severally and not
jointly, indemnify and hold harmless (in the same manner and to the same extent as set forth in paragraph (a) of this  Section 3.6) the Company, and
each director of the Company, each officer of the Company and each other Person, if any, who controls the Company
within the meaning of the Securities Act, with respect to any statement or alleged statement in or omission or alleged omission from such registration statement, any preliminary prospectus, final
prospectus or summary prospectus contained therein, or any amendment or supplement thereto, but only to the extent such statement or alleged statement or omission or alleged omission was made in
reliance upon and in conformity with written information furnished to the Company through an instrument duly executed by such Participating Holder specifically stating that it is for use in the
preparation of such registration statement, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement; provided,  however, that
the liability of such indemnifying party under this Section 3.6(b) shall be limited
to the amount of proceeds (net of expenses and underwriting discounts and commissions) received by such indemnifying party in the offering giving rise to such liability. Such indemnity shall remain in
full force and effect, regardless of any investigation made by or on behalf of the Company or any such director, officer or controlling Person and shall survive the transfer of such securities by such
Participating Holder. 

12

 

        (c)    Notices of Claims, etc.    Promptly after receipt by an indemnified party of notice of the commencement of any
action or proceeding involving a claim referred to in the preceding subsections of this Section 3.6, such indemnified party shall, if a claim in
respect thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such action or proceeding;  provided, however, that the failure of any indemnified party to give notice as provided herein shall not
relieve the indemnifying party of its obligations under the preceding subsections of this Section 3.6, except to the extent that the indemnifying
party is actually prejudiced by such failure to give notice, and shall not relieve the indemnifying party from any liability which it may have to the indemnified party otherwise than under this  Section 3.6. In case any such action or proceeding is brought against an indemnified party, the indemnifying party shall be entitled to
participate therein and, unless in the opinion of outside counsel to the indemnified party a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim,
to assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party;  provided,
however, that if the defendants in any such action or proceeding include both the indemnified
party and the indemnifying party and if in the opinion of outside counsel to the indemnified party there may be legal defenses available to such indemnified party and/or other indemnified parties
which are different from or in addition to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to defend such action or
proceeding on behalf of such indemnified party or parties, provided, however, that the indemnifying
party shall be obligated to pay for only one counsel (together with appropriate local counsel) for all indemnified parties. After notice from the indemnifying party to such indemnified party of its
election so to assume the defense thereof and approval by the indemnified party of such counsel, the indemnifying party shall not be liable to such indemnified party for any legal expenses
subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation (unless the first proviso in the preceding sentence shall be applicable). No
indemnifying party shall be liable for any settlement of any action or proceeding effected without its written consent. No indemnifying party shall, without the consent of the indemnified party,
consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release
from all liability in respect to such claim or litigation. 

13

 

        (d)    Contribution.    If the indemnification provided for in this  Section 3.6 shall for any reason be held by a court to be
unavailable to an indemnified party under subsection (a) or (b) hereof in
respect of any Loss, then, in lieu of the amount paid or payable under subsection (a) or (b) hereof, the indemnified party and the indemnifying party under subsection (a) or
(b) hereof shall contribute to the aggregate Losses (i) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand, and the indemnified
party on the other, which resulted in such Loss, with respect to the statements or omissions which resulted in such Loss, as well as any other relevant equitable considerations, or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law or if the allocation provided in this clause (ii) provides a greater amount to the indemnified party than
clause (i) above, in such proportion as shall be appropriate to reflect not only the relative fault but also the relative benefits received by the indemnifying party and the indemnified party
from the offering of the securities covered by such registration statement as well as any other relevant equitable considerations. The parties hereto agree that it would not be just and equitable if
contributions pursuant to this Section 3.6(d) were to be determined by pro rata allocation or by any other method of allocation which does not
take into account the equitable considerations referred to in the preceding sentence of this Section 3.6(d). No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The
Participating Holders' obligations to contribute as provided in this subsection (d) are several and not joint and shall be in proportion to the relative value of their respective Registrable
Securities covered by such registration statement. In addition, no Person shall be obligated to contribute hereunder any amounts in payment for any settlement of any action or claim effected without
such Person's consent, which consent shall not be unreasonably withheld. Notwithstanding anything in this subsection (d) to the contrary, no indemnifying party (other than the Company) shall be
required to contribute any amount in excess of the proceeds (net of expenses and underwriting discounts and commissions) received by such party from the sale of the Registrable Securities in the
offering to which the Losses of the indemnified parties relate. 

        (e)    Other Indemnification.    Indemnification and contribution similar to that specified in the preceding
subsections of this Section 3.6 (with appropriate modifications) shall be given by the Company and the Participating Holders with respect to any
required registration or other qualification of securities under any federal, state or blue sky law or regulation of any governmental authority other than the Securities Act. The indemnification
agreements contained in this Section 3.6 shall be in addition to any other rights to indemnification or contribution which any indemnified party
may have pursuant to law or contract and shall remain operative and in full force and effect regardless of any investigation made by or on behalf of any indemnified party and shall survive the
transfer of any of the Registrable Securities by any such party. 

        (f)    Indemnification Payments.    The indemnification and contribution required by this  Section 3.6 shall be made by
periodic payments of the amount thereof during the course of the investigation or defense, as and when bills with
reasonably sufficient detail thereof are received or a Loss is incurred. 

        3.7    Unlegended Certificates.    In connection with the offering of any Registrable Securities registered pursuant
to this Section 3, the Company shall (i) facilitate, if necessary, the timely preparation and delivery to the Participating Holders and
the underwriters, if any, participating in such offering, of unlegended certificates representing ownership of such Registrable Securities being sold in such denominations and registered in such names
as requested by the Participating Holders or such underwriters and (ii) instruct any transfer agent and registrar of such Registrable Securities to release any stop transfer orders with respect
to any such Registrable Securities. During the effectiveness of the Shelf Registration Statement, any Participating Holder who so requests, and who satisfies the Company that it will comply with
applicable restrictions under the Securities Act, shall be entitled to delivery of unlegended certificates in respect of their Registrable Securities. 

14

 

        3.8    Limitation on Sale of Securities.    The Company hereby agrees that if it shall previously have received a
proper request for registration pursuant to Sections 3.1 or 3.2 hereof and it has not postponed such
registration pursuant to Section 3.1(j) hereto, and if such previous registration shall not have been withdrawn or abandoned, the Company shall
not effect any public or private offer, sale or distribution of its equity securities (other than pursuant to rights of conversion or exercise or other rights in existence on the effective date of
such previous registration) or effect any registration of any of its equity securities under the Securities Act (other than a registration on Form S-8 or any successor or similar
form which is then in effect), whether or not for sale for its own account, until a period of 45 days (or such shorter period as the Holders shall be advised by their managing underwriter)
shall have elapsed from the effective date of such previous registration, and the Company shall so provide in any registration rights agreements hereafter entered into with respect to any of its
equity securities. 

        3.9    No Required Sale.    Nothing in this Agreement shall be deemed to create an independent obligation on the part
of any of the Holders to sell any Registrable Securities pursuant to any effective registration statement. 

        4.    Rule 144.    The Company shall take all actions reasonably necessary to enable holders of Registrable
Securities to sell such securities without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 under the Securities Act, or
(ii) any similar rule or regulation hereafter adopted by the Commission including, without limiting the generality of the foregoing, filing on a timely basis all reports required to be filed by
the Exchange Act. Upon the request of a Holder, the Company will promptly deliver to such holder a written statement as to whether it has complied with such requirements. 

        5.    Amendments and Waivers.    This Agreement may be amended, waived, modified or supplemented only by written
agreement of the Company and the holders of a majority of the Registrable Securities then outstanding; provided, however, that any amendment, waiver,
modification or supplement of Section 3.6 hereto shall require the written agreement of the Company and each Holder against whom such amendment,
waiver, modification or supplement is to be enforced. 

        6.    Limitations on Subsequent Registration Rights.    From and after the date hereof until this Agreement is
terminated, the Company shall not, without the prior written consent of the holders of a majority of the Registrable Securities, enter into any agreement with any holder or prospective holder of any
equity securities of the Company giving such holder or prospective holder demand or incidental registration rights containing cut-back provisions that are by their terms not subordinate to
the registration rights granted in this Agreement. 

        7.    Notice.    All notices and other communications hereunder shall be in writing or via facsimile and, unless
otherwise provided herein, shall be deemed to have been delivered: 

        (a)   if
via facsimile, on the next Business Day following transmission thereof and receipt of confirmation of transmission in respect thereof; and 

        (b)   if
by writing, upon the receipt thereof by the party to whom such notice is to be given or, if later: 

          (i)  three
Business Days after depositing it in the United States mail or the United Kingdom mail with first class postage prepaid; or 

        (iii)  two
Business Days after collection for delivery by internationally recognized overnight courier delivery service, 

15

 

in
either case properly addressed to the party to whom such notice is to be given at its address set forth below, or such other address for the party as shall be specified by notice given pursuant
hereto: 

If to any of the Holders: at its last address as it appears upon the Company's registry books. 

	If to the Company:	 	Telewest Global, Inc.

C/- 160 Great Portland Street

London W1N 5TB

England
	

 	
 	

Attention: General Counsel

Fax: +44 20 7299 5495
	

With a copy to:	
 	

Fried, Frank, Harris, Shriver & Jacobson

99 City Road

London EC1Y 1AX

England
	

 	
 	

Attention: Karen C. Wiedemann

Fax: +44 20 7972 9602

        8.    Assignment; Joinder; Third Party Beneficiaries.    

        (a)   This
Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns. This
Agreement may not be assigned by the Company without the prior written consent of the holders of a majority of the Registrable Securities. Any Holder may, at its election, at any time or from time to
time, assign its rights under this Agreement, in whole or in part, to any purchaser of Registrable Securities held by it that enters into a Joinder Agreement in substantially the form attached hereto
as Exhibit A, and such assignee shall thereafter be treated for all purposes as a party to this Agreement. 

        (b)   Any
Person who, after the date hereof, delivers to the Company (i) a written statement indicating that such Person could reasonably be considered to be an
"underwriter" under Rule 145 under the Securities Act of shares of Common Stock transferred to such Person pursuant to the Schemes, together with (ii) a duly executed Joinder Agreement
in substantially the form attached hereto as Exhibit A, shall become a party hereto and a Holder hereunder. Notwithstanding the foregoing, any such Person shall not become a party hereto or a
Holder hereunder if promptly after such delivery, the Company provides an opinion of its counsel to such Person and to the transfer agent of the Common Stock to the effect that such Person should not
reasonably be considered such an "underwriter," and (unless otherwise required) arranges for the removal of any restrictive legends, stop transfer orders or other restrictions on transfer on the
shares of Common Stock held by such Person. 

        (c)   Except
as expressly provided in the preceding paragraph, a person who is not a party to this Agreement (or a successor of a party to this agreement) shall not have any
rights hereunder. 

        9.    Termination.    

        (a)   If
the Effective Date shall not have occurred on or before [drop dead date], this Agreement shall
immediately terminate, and otherwise, this Agreement shall terminate on the later of (i) the date all Holders could sell Registrable Securities free of any volume limitations imposed by
Rule 144 and Rule 145 of the Securities Act and (ii) the date all Holders have disposed of all Registrable Securities. 

16

 

        (b)   In
addition, commencing on the second anniversary of the Effective Date, the rights of any Holder hereunder shall terminate (and such person shall cease to be a Holder)
on the date that such Holder (together with its affiliates) beneficially owns Registrable Securities that constitute less than 1% of the Common Stock. 

        (c)   Rights
of the Holders that have accrued prior to termination (including, without limitation, rights under Section 3.6 hereof) shall survive any termination of
this Agreement pursuant to Section 9(a) or (b). 

        10.    Remedies.    The parties hereto agree that money damages or other remedy at law would not be sufficient or
adequate remedy for any breach or violation of, or a default under, this Agreement by them and that, in addition to all other remedies available to them, each of them shall be entitled to an
injunction restraining such breach, violation or default or threatened breach, violation or default and to any other equitable relief, including without limitation specific performance, without bond
or other security being required. In any action or proceeding brought to enforce any provision of this Agreement (including the indemnification provisions thereof), the successful party shall be
entitled to recover reasonable attorneys' fees in addition to its costs and expenses and any other available remedy. 

        11.    No Inconsistent Agreements.    The Company will not, on or after the date of this Agreement, enter into any
agreement with respect to its securities which is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof, other than any customary
lock-up agreement with the underwriters in connection with any offering effected hereunder, pursuant to which the Company shall agree not to register for sale, and the Company shall agree
not to sell or otherwise dispose of, Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock in a primary offering or, to the extent the Holders are similarly
bound, in a secondary offering, for a specified period (not to exceed 180 days) following such offering. The Company represents and warrants that the rights granted to the Holders hereunder do
not in any way conflict with and are not inconsistent with any other agreements to which the Company is a party or by which it is bound after the Effective Date. 

        12.    Descriptive Headings; Section References.    The descriptive headings of the several sections and paragraphs of
this Agreement are inserted for reference only and shall not control or otherwise affect the meaning hereof. All references to any Section refer to Sections of this Agreement unless otherwise
specifically provided. 

        13.    Governing Law.    This Agreement shall be construed and enforced in accordance with, and the rights and
obligations of the parties hereto shall be governed by, the laws of the State of New York, without giving effect to the conflicts of law principles thereof. Each of the parties hereto hereby
irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the courts of the State of New York and the United States of America located in the State of New York for any action
or proceeding arising out of or relating to this Agreement and the transactions contemplated hereby (and agrees not to commence any action or proceeding relating thereto except in such courts), and
further agrees that service of any process, summons, notice or document by U.S. or U.K. registered mail or by internationally recognized overnight courier delivery service to its respective address
set forth in Section 7 hereof shall be effective service of process for any action or proceeding brought against it in any such court. Each of
the parties hereto hereby irrevocably and unconditionally waives any objection to the laying of venue of any action or proceeding arising out of this Agreement or the transactions contemplated hereby
in the courts of the State of New York or the United States of America located in the State of New York, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in
any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. 

17

 

        14.    Counterparts.    This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original, but all such counterparts shall together constitute one and the same instrument. 

        15.    Invalidity of Provision.    The invalidity or unenforceability of any provision of this Agreement in any
jurisdiction shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of this Agreement, including that provision, in
any other jurisdiction. If any restriction or provision of this Agreement is held unreasonable, unlawful or unenforceable in any respect, such restriction or provision shall be interpreted, revised or
applied in a manner that renders it lawful and enforceable to the fullest extent possible under law. 

        16.    Further Assurances.    Each party hereto shall do and perform or cause to be done and performed all further
acts and things and shall execute and deliver all other agreements, certificates, instruments, and documents as any other party hereto reasonably may request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. 

        17.    Entire Agreement.    This Agreement constitutes the entire agreement, and supersedes all prior agreements and
understandings, oral and written, between the parties hereto with respect to the subject matter hereof. 

18

        IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their respective officers thereunto duly authorized. 

	 	 	TELEWEST GLOBAL, INC.
	

 	
 	
By:	

/s/  COB STENHAM      
	 	 	 	
 Name: Cob Stenham

Title: Chairman and duly authorized officer of Telewest Global, Inc. as of the date first above written
	

 	
 	

By:	

/s/  STEPHEN COOK      
	 	 	 	
 Name: Stephen Cook

Title: Group Strategy Director, General Counsel and duly authorized officer of Telewest Global, Inc. as of the date first above written

	 	 	THE UNDERSIGNED HOLDERS
	

 	
 	

ANGELO, GORDON & CO. L.P., as general partner and/or investment manager of certain funds and accounts it manages which hold Notes
	

 	
 	
By:	

/s/  LEIGH WALZER      
	 	 	 	
 Name: Leigh Walzer

Title: Director
	

 	
 	

FIDELITY MANAGEMENT & RESEARCH CO.
	 	 	By:	 
	 	 	 	
 Name:

Title:
	

 	
 	

FRANKLIN MUTUAL ADVISERS, LLC

as investment manager of its advisory funds
	 	 	By:	/s/  BRADLEY TAKAHASHI      
	 	 	 	
 Name: Bradley Takahashi

Title: Vice President
	

 	
 	

GOLDENTREE ASSET MANAGEMENT, L.P.
	 	 	By:	/s/  WILLIAM D. CHRISTIAN      
	 	 	 	
 Name: William Christian

Title: Co-Chief Operating Officer

	 	 	OAKTREE CAPITAL MANAGEMENT, LLC,

as general partner and/or investment manager of certain funds and accounts it manages which hold Notes
	

 	
 	

By:	

/s/  KENNETH LANG      
 Name: Kenneth Lang

Title: Managing Director
	

 	
 	

By:	

/s/  LISA ARAKAKI      
 Name: Lisa Arakaki

Title: Vice President, Legal
	

 	
 	

W.R. HUFF ASSET MANAGEMENT CO., L.L.C.

as Investment Manager for certain Persons
	

 	
 	

By:	

/s/  [ILLEGIBLE]      
 Name:

Title:
	

 	
 	

LIBERTY MEDIA INTERNATIONAL, INC.
	

 	
 	

By:	

/s/  ELIZABETH M. MARKOWSKI      
 Name: Elizabeth M. Markowski

Title: Senior Vice President
	

 	
 	

UBS SECURITIES LLC
	

 	
 	

By:	

/s/  MIKE CONNELY      
 Name: Mike Connely

Title: Managing Director
	

 	
 	

By:	

/s/  CHRIS RIPLEY      
 Name: Chris Ripley

Title: Associate Director

QuickLinks

REGISTRATION RIGHTS AGREEMENT by and among TELEWEST GLOBAL, INC. and THE HOLDERS LISTED ON THE SIGNATURE PAGES HERETO dated as of June 24, 2004<PAGE>

                                                                     EXHIBIT 4.1

                              SAND TECHNOLOGY INC.

                            1996 STOCK INCENTIVE PLAN

ARTICLE 1 -- PURPOSE

1.1  PURPOSE

     The purpose of this 1996 Stock lncentive Plan (the "Plan") is to further
     the growth, development and financial success of Sand Technology Inc. (the
     "Corporation") and its Subsidiaries by aligning the personal interests of
     employees, through the ownership of Class A Common Shares without par value
     of the Corporation and related incentives, to those of the Corporation. The
     Plan is further intended to provide flexibility to the Corporation in its
     ability to compensate employees and to motivate, attract and retain the
     services of such employees who have the ability to enhance the value of the
     Corporation and its Subsidiaries. The Plan permits the granting of
     Incentive Stock Options on terms designed to gain certain advantages under
     U.S. Federal income tax law as provided for in the Plan.

ARTICLE 2 -- DEFINITIONS

2.1  "Award" means an Option grant under the Plan.

2.2  "Board" means the Board of Directors of the Corporation.

2.3  "Change in Control" means (a) a merger or consolidation to which the
     Corporation is a party and following which the shareholders of the
     Corporation prior to such merger or consolidation do not have the voting
     power to elect a majority of the members of the Board of Directors of the
     resulting entity; (b) any person (as such term is used in Sections 13 (d)
     and 14(d) (2) of the Exchange Act of 1934, as amended), becoming the
     beneficial owner, directly or indirectly, of more than 50% of any class of
     the share capital of the Corporation or of shares having more than 50% of
     the aggregate voting power of the share capital of the Corporation; (c) a
     sale or transfer of substantially all of the assets of the Corporation (in
     one transaction or a series of related transactions) to an entity that is
     not a Subsidiary; (d) a liquidation or reorganization of the Corporation in
     which the Corporation is not the surviving corporation other than a
     liquidation or reorganization in which the holders of the Class A Common
     Shares of the Corporation immediately prior to the liquidation or
     reorganization have the same proportionate ownership of the surviving
     corporation after the liquidation or reorganization; or (e) during any
     period of two consecutive years or less beginning after adoption of the
     Plan, individuals who at the beginning of such period are members of the
     Board and any new director (s) (other than directors designated by a
     person who has entered into an agreement with the Corporation

<PAGE>

     to effect a transaction of the type described in clauses (a) through (d)
     above) whose election by the Board or nomination for election by the
     shareholders was approved by a vote of at least two-thirds of the directors
     stilI in office who satisfy this test, cease for any reason to constitute a
     majority of the Board.

2.4  "Code" means the Internal Revenue Code of 1986 as amended from time to
     time.

2.5  "Committee" means the committee appointed by the Board to administer the
     Plan at all times and consisting of not less than two members of the Board
     each of whom is a "disinterested person" as defined in Rule 16b-3
     promulgated under the Securities and Exchange Act of 1934, as amended (the
     "1934 Act") and an "outside director" as defined for purposes of Section
     162(m) of the Code.

2.6  "Corporation" means Sand Technology Inc., a corporation existing under the
     Canada Business Corporations Act, or its successor.

2.7  "Employee" means any person who is a regular full-time employee of the
     Corporation or a Subsidiary as may be selected by the Committee from time
     to time.

2.8  "Incentive Option" means an option granted under the Plan which is
     designated by the Committee as an `lncentive Stock Option" as defined in
     the Code.

2.9  "Option" means an lncentive Option and means an Award granted under the
     Plan by the Committee to an Employee in the form of a right to purchase
     Shares evidenced by an option contract containing such provisions as the
     Committee may establish.

2.10 "Permanent Disability" shall mean a physical or mental condition of an
     Employee that (i) in the judgment of the Committee, permanently prevents
     such Employee from being able to continue to serve as an active Employee in
     a capacity comparable to that in which the Employee served prior to the
     disability, or (ii) causes the Employee to become eligible for long-term
     disability benefits under any long-term disability insurance plan then in
     effect with the Corporation or a Subsidiary that at such time is his or her
     employer.

2.11 "Plan" means this 1996 Stock Incentive Plan.

2.12 "Retirement" shall mean the cessation of employment of an Employee by
     reason of retirement, provided that the Employee has reached the age of 65
     years, or the Committee, in its sole and absolute discretion, deems the
     Employee to have retired.

2.13 "Shares" or "Stock" means the Class A Common Shares without par value of
     the Corporation or any successor, including any adjustments in the event of
     changes in capital structure of the type described in the Plan.

                                      -2-

<PAGE>

2.14 "Subsidiary" means any corporate entity, of which a majority of the voting
     common or capital stock is owned directly or indirectly by the Corporation.

ARTICLE 3 -- ADMINISTRATION 0F THE PLAN

3.1  ADMINISTRATION BY THE COMMITTEE

     The Plan shall be administered by the Committee. Members of the Committee
     are not eligible for Awards under the Plan. Unless otherwise required by
     law or rules it may establish, the Committee may act through written
     consent of aIl its members, or vote of a majority comprised of at least two
     of its members, and may hold telephonic meetings where aIl participating
     members can hear each other. A majority comprised of at least two members
     shall constitute a quorum of the Committee. The Board may in its discretion
     at any time and from time to time alter the membership of the Committee
     consistent with the requirements set forth in the Plan.

3.2  POWERS

     The Committee shall have full and final authority in its discretion to
     operate, interpret, manage, administer and make determinations under or
     relevant to the Plan on behalf of the Corporation. This authority includes,
     but is not limited to:

     (a)  the power to select Employees to receive Awards from time to time and
          determine the type and terms and conditions of Awards;

     (b)  the power to grant Awards conditionally or unconditionally, on such
          terms, conditions and restrictions not inconsistent with the
          provisions of the Plan as it prescribes from time to time, including
          the power to determine the option exercise or purchase price of the
          Shares subject to each Award and the time or times when the benefits
          of each Award shall become vested, exercisable, or free of
          restrictions, as the case may be, and the duration of any exercise,
          vesting or restricted period;

     (c)  the power to determine the number of Shares subject to each Award, and
          the time or times when Awards are made;

     (d)  the power to prescribe the form or forms of the instruments evidencing
          Awards granted under the Plan, to construe and interpret the Plan and
          the provisions of said instruments, and to make determinations of fact
          relevant to the administration of the Plan and the benefits under the
          Plan;

     (e)  the power to adopt, amend and rescind regulations consistent with the
          provisions of the Plan for the operation, interpretation, management
          and administration of the Plan;

                                      -3-
<PAGE>

     (f)  the power to delegate responsibility for the operation, management and
          administration of the Plan, subject to the oversight and control of
          the Committee, on such terms, consistent with the Plan, as the
          Committee may establish;

     (g)  the power to delegate to other persons the responsibility for
          performing appropriate functions in furtherance of the purpose of the
          Plan;

     (h)  the power to engage or authorize the engagement of the services of
          persons, companies or organizations in furtherance of the purpose of
          the Plan, including but not limited to, banks, insurance companies,
          brokerage firms and consultants; and

     (i)  the power to waive or modify terms, conditions, restrictions and
          forfeitures of Awards, in whole or in part, for such periods and for
          such Employees, and on such terms as it shall determine.

ARTICLE 4 -- ELIGIBILITY AND SHARES SUBJECT TO THE PLAN

4.1  ELIGIBLE EMPLOYEES

     Awards may be granted only to Employees selected or approved by the
     Committee in its sole and absolute discretion. Employees who serve on the
     Board will be eligible for Awards, but they will not be eligible to
     participate in the administration of the Plan or to be a member of the
     Committee. No Employee may be granted Awards for more than 5% of the Shares
     of the Corporation.

4.2  RELEVANT FACTORS

     In selecting Employees to whom Awards shall be granted, the Committee shall
     weigh such factors as are relevant to accomplish the purpose of the Plan.
     An Employee who has been granted an Award may be granted additional Awards,
     if the Committee so determines.

4.3  NUMBER OF SHARES SUBJECT TO THE PLAN

     Subject to the provisions of Article 9 of the Plan, the aggregate number of
     Shares for which Awards may be granted under the Plan shall not exceed
     1,100,000 Shares. The Committee has the authority to grant all Shares under
     the Plan as lncentive Options. The Shares to be delivered upon exercise of
     Options under the Plan shall be made available from the authorized but
     unissued Shares of the share capital of the Corporation. The grant of an
     Option under the Plan shall reduce the number of Shares which thereafter
     may be available for future grants under the Plan, provided that if an
     Option under the Plan shall expire or terminate unexercised as to any
     Shares covered by such Option, such Shares shall thereafter be available
     for the granting of other Awards under the Plan.

                                      -4-

<PAGE>

4.4  NON-TRANSFERABILITY OF AWARDS

     No Award granted under the Plan shall be transferable by the Employee
     otherwise than by will or the laws of descent and distribution, or pursuant
     to a qualified domestic relations order, and such Award may be exercised
     during the lifetime of the Employee only by the Employee.

ARTICLE 5 -- INCENTIVE OPTION AWARDS

5.1  TERM AND OTHER PROVISION OF INCENTIVE OPTION AWARDS

     Subject to the provisions of Section 6.1, the term of each Incentive Option
     granted under the Plan shall be for such period as the Committee shall
     determine, but not for any longer period than the limit for lncentive
     Options provided from time to time under the Code. Each Incentive Option be
     subject to earlier termination as provided in the Plan. Provisions relating
     to waiting period, vesting and such other terms and conditions not
     inconsistent with the Plan shall also be set from time to time by the
     Committee so as to achieve the tax advantages provided for Incentive
     Options under the Code.

5.2  INCENTIVE OPTION PRICE

     The exercise price for an Incentive Option shall be determined by the
     Committee at the time such Option is granted, and shall be not less than
     the market value of the Shares covered thereby at the time the Incentive
     Option is granted. The market value per share shall be the dosing price of
     the Shares on the principal stock exchange or quotation system on which the
     Shares are trading on the day of the grant, or if there were no sales
     reported as of such day, then the last day preceding such day on which a
     sale was reported, or if any such exchange or quotation system is closed on
     that day, then on the last preceding day on which the stock exchange or
     quotation system was open for trading.

ARTICLE 6 -- MATTERS RELATIVE TO ALL INCENTIVE OPTIONS

6.1  VESTING OF OPTIONS

     Each Option granted under the Plan shall provide that it is to be exercised
     within a period of ten (10) years after the date on which the Option is
     granted.

                                       -5-

<PAGE>

6.2  EXERCISE

     Each Option granted under the Plan shall be exercisable on such date or
     dates, during such period, for such number of Shares, and upon such terms
     as shall be provided in the option contract evidencing such Option, which
     shall be approved by the Committee.

6.3  NOTICE OF EXERCISE

     A person electing to exercise an Option shall give written notice of
     exercise to the person at the Corporation designated to receive such
     notice. The exercise notice shall specify the number of Shares the optionee
     has elected to purchase and be accompanied by payment in full of the
     aggregate purchase price of the Shares. Payment shall be made by certified
     cheque or such other form of payment as the Committee may accept. Until an
     optionee has been issued a certificate or certificates for the Shares so
     purchased, he or she shall possess no rights of a record holder with
     respect to any of such Shares.

6.4  PARTICULAR CIRCUMSTANCES EFFECT ON OPTIONS

     No Option shall be affected by any change of duties or position of the
     optionee (including transfer to or from a Subsidiary), so long as he or she
     continues to be an Employee. Except in cases of death, Permanent
     Disability, Retirement or other circumstances specified by the Committee in
     its discretion (including, but not limited to, a 30-day extension for
     exercise following termination of employment), if an optionee shall cease
     to be an Employee, all Options held by such person will terminate on the
     date of termination of the person's employment, and up to such date shall
     be exercisable only to the extent of the purchase rights, if any, which
     have accrued as of such date. Nevertheless, the Committee, in its sole and
     absolute discretion, upon any such cessation of employment, may determine
     (but be under no obligation to determine) that such accrued purchase rights
     shall be deemed to include additional Shares covered by such Option and may
     be extended for an additional period of time. In case of dismissal for
     cause, the Corporation may revoke all rights of the Employee to purchase
     Shares that have not previously been issued to the Employee. In the event
     of any Change in Control, all Options outstanding shall become immediately
     exercisable for the full number of Shares subject to option regardless of
     any vesting or exercise schedule otherwise specified in such Options, and
     optionees shall be entitled to at least a 2O-day prior written notice, and
     the opportunity to exercise such rights, before any transaction in
     connection with the Change in Control may defeat or nullify the economic
     benefit of such Options.

                                      -6-

<PAGE>

6.5  RETIREMENT OF OPTIONEE

     Should an optionee begin Retirement while in possession of an Option under
     the Plan, vesting and exercisability of such Option shall continue as if
     the optionee were still an employee.

6.6  DISABILITY OF OPTIONEE

     Should an optionee be determined by the Committee to have suffered a
     Permanent Disability while in possession of an Option under the Plan,
     vesting will forthwith accelerate, such that the Option immediately becomes
     100% vested, and the optionee or his or her legal representative will have
     one year from the date of determination of the Permanent Disability to
     exercise such Option, at which time the Option will expire and no longer be
     exercisable, provided that in any case the Option shall expire no later
     than the last day of its original term.

6.7  DEATH OF OPTIONEE

     Should an optionee (including one determined to have suffered a Permanent
     Disability under Section 6.6 above) die while in possession of the right to
     exercise an Option under the Plan, vesting will forthwith accelerate, such
     that the Option immediately becomes 100% vested. Thereafter, such person(s)
     who shall have been designated as beneficiary by the optionee, or in the
     absence of such designation, such person as shall be responsible for the
     administration of the will or estate of the optionee or, in the absence of
     the appointment of such person within six months of the date the optionee
     died, the person(s) who shall be entitled to acquire the property of the
     optionee, by will or by the laws of descent and distribution (the
     "beneficiary"), may exercise such Option. This exercise may occur at any
     time within two years from the date of death if such Option is an Incentive
     Option. Nevertheless, any such Option shall expire no later than the last
     day of the original term of such Option.

6.8  MINIMUM SIX-MONTH HOLDING PERIOD

     Subject to Section 6.4 of the Plan, if an Option is exercised within the
     six-month period commencing on the date of grant, no Shares purchased upon
     such exercise may be sold until such period has elapsed. The Corporation
     may establish such rules and procedures as it deems appropriate to enforce
     this restriction.

ARTICLE 7 -- RIGHTS AS AN EMPLOYEE

7.1  NO IMPLIED RIGHTS

     Awards under the Plan are discretionary and are not a part of regular
     salary. Awards may not be used in determining the amount of compensation
     for any

                                      -7-
<PAGE>

     purpose under any benefit plan of the Corporation or any Subsidiary, except
     as the Committee may from time to time expressly provide. Neither the Plan
     nor any action taken under the Plan shall be construed as giving an
     Employee the right to any Award, and an Award under the Plan shall not be
     construed as giving an Employee any right to be retained in the employ or
     service of the Corporation or any of its Subsidiaries for any period of
     time, regardless of the terms or conditions of the Award or the manner in
     which such terms or conditions are described in the applicable Award
     instrument.

7.2  BENEFICIARY DESIGNATION

     If allowed by the Committee from time to time, an Employee may designate a
     person or persons to receive, in the event of his or her death, any rights
     to which he or she would be entitled under the Plan. Such a designation
     shall be made in writing and filed with the Committee or such person as it
     may designate. A beneficiary designation may be changed or revoked by an
     Employee at any time by filing a written statement of such change or
     revocation with the Committee. If an Employee dies having failed to
     designate a beneficiary or if the beneficiary of the Employee does not
     survive the Employee, then the estate of the Employee shall be deemed to be
     his or her beneficiary.

7.3  OPTIONS NOT INCLUDED FOR BENEFIT PURPOSES

     Income recognized by an Employee pursuant to the provisions of the Plan
     shall not be included in the determination of benefits under any employee
     pension benefit plan (as such term is defined in Section 3 (2) of ERISA or
     the rules thereunder) or group insurance or other benefit plans applicable
     to the Employee that are maintained by the Corporation or any of its
     Subsidiaries, except as may be provided under the terms of such plans or
     determined by resolution of the Board.

ARTICLE 8 -- AMENDMENT 0F THE PLAN

8.1  AMENDMENT OF PLAN

     The Board (excluding any members entitled to an Award under the Plan) may
     amend the Plan from time to time, except that amendments must be approved
     by shareholders of the Corporation to the extent required under Section 16
     (b) of the Securities Exchange Act of 1934 and other applicable
     legislation.

8.2  EFFECT ON AWARDS

     Awards granted prior to suspension or termination of the Plan may not be
     amended or cancelled except with the consent of the Employee recipient of
     the Award. Any dispute or disagreement that may arise under or as a result
     of, relating to or pursuant to, any Award or contract evidencing the same
     shall be

                                      -8-

<PAGE>

     determined by the Committee, which determination shall be conclusive,
     binding and final for all purposes with respect to all persons.

ARTICLE 9 -- CHANGES IN CAPITAL STRUCTURE

9.1  ADJUSTMENTS DUE TO CHANGES IN CAPITAL STRUCTURE

     The option contracts evidencing Awards granted under the Plan shall be
     subject to adjustment in the event of changes in the outstanding share
     capital of the Corporation by reason of stock dividends, stock splits,
     recapitalizations, reorganizations, mergers, consolidations, combinations,
     exchanges or other relevant changes in capitalization occurring after the
     date of an Award to the same extent as such occurrence would affect an
     actual share issued and outstanding on the effective date of such change.
     In the event of any such change, the aggregate number and classes of shares
     for which Awards may thereafter be granted under the Plan shall be
     appropriately adjusted as determined by the Committee so as to reflect such
     change.

ARTICLE 10 -- WITHHOLDING 0F TAXES

10.1 COLLECTION OF TAXES DUE

     The Corporation and its Subsidiaries shall have the right, before a
     certificate for any Share is delivered, to deduct or withhold from any
     payment owed to an Employee, any amount that is necessary in order to
     satisfy any withholding requirement that the Corporation or the Subsidiary
     in good faith believes is imposed upon it in connection with Federal,
     state, provincial or local taxes, including transfer taxes, as a result of
     the issuance of, or lapse of restrictions on, such Shares, or otherwise
     require such Employee to make provision for payment of any such withholding
     amount.

10.2 PAYMENT AND DELIVERY OF SHARES

     Unless otherwise provided by the Committee and subject to the provisions of
     Section 6.3, the Corporation, in its discretion and subject to such rules
     and restrictions as it may establish from time to time, may:

     (a)  accept payment for the Shares related to an Award by any manner of
          lawful consideration permitted by applicable statute;

     (b)  issue the Shares registered in the name of the Employee to the custody
          of his or her broker when requested in writing by the Employee with
          his or her exercise notice and when preceded by full payment or the
          irrevocable commitment of a stockbroker on behalf of the Employee to
          pay the Corporation any balance due on the purchase price for such
          Shares

                                      -9-

<PAGE>

          following their issuance, whereupon such issuance and payment will be
          viewed as contemporaneous.

ARTICLE 11 -- GOVERNMENTAL AND OTHER REGULATIONS

11.1 EFFECT OF APPLICABLE LAWS

     The Plan and any Award under the Plan shall comply with all applicable
     Federal, Provincial and state laws, rules and regulations of Canada and the
     United States, including the Securities Act (Quebec), the Securities Act of
     1933 and the Securities Exchange Act of 1934, and to such approvals by any
     regulatory or governmental agency of Canada and the United States as may be
     required. The issuance or delivery of any Award or of any Shares under an
     Award, may be postponed by the Corporation for such period as may be
     required to comply with any applicable requirements under securities laws,
     any applicable listing requirements of any national securities exchange or
     automated quotation system where the Shares are listed, and requirements
     under any other law or regulation applicable to the issuance or delivery of
     such Shares. The Corporation shall not be obligated to issue or deliver any
     Share if its issuance or delivery shall constitute a violation of any
     provision of any law or of any regulation of any governmental authority or
     any national securities exchange or automated quotation system where the
     Shares are listed.

ARTICLE 12 -- EFFECTIVE DATE AND TERM 0F THE PLAN

12.1 EFFECTIVE DATE AND TERM

     The Plan shall become effective upon its adoption by the Board and its
     approval by the shareholders of the Corporation, and shall continue until
     such time as it may be terminated by action of the Board or the
     Shareholders of the Corporation. All Options granted prior to shareholder
     approval are granted conditional upon shareholder approval of the Plan.

ARTICLE 13 -- MISCELLANEOUS PROVISIONS

13.1 OPTION AGREEMENT

     Options shall be evidenced by written option contracts in the form approved
     by the Committee.

13.2 INDEMNIFICATION

     In addition to such other rights of indemnification as they may have as
     Directors or as members of the Board, the members of the Board and the
     Committee shall be indemnified by the Corporation against the reasonable
     expenses, including attorneys' fees actually and necessarily incurred in
     connection with the defense

                                      -10-

<PAGE>

     of any action, suit or proceeding, or in connection with any appeal, to
     which they or any of them may be a party by reason of any action taken or
     failure to act under or in connection with the Plan or any option granted
     under it, and against all amounts paid by them in settlement (provided such
     settlement is approved by independent legal counsel selected by the
     Corporation) or paid by them in satisfaction for a judgment in any such
     action, suit or proceeding, except in relation to matters as to which it
     shall be adjudged in such action, suit or proceeding that such Board member
     is liable for gross negligence or wilful misconduct in the performance of
     his duties. Within ten (10) days after institution of any such action, suit
     or proceeding a Board member shall notify the Corporation of the
     institution of the suit and grant the Corporation the opportunity, at its
     own expense, to handle and defend the same. Failure to provide such notice
     shall, at the option of the Corporation, relieve the Corporation of the
     indemnification obligations set forth in this Section 14.2.

13.3 NO OBLIGATION TO EXERCISE OPTION

     The grant of an Option shall impose no obligation upon the optionee to
     exercise such Option.

13.4 SINGULAR, PLURAL, GENDER

     The singular shall include the plural and the masculine pronoun shall
     include the feminine gender.

13.5 HEADINGS

     Headings of Articles and Sections are inserted for convenience and
     reference only; they constitute no part of the Plan.

13.6 COMPLIANCE WITH RULE 16B-3

     It is the intent of the Corporation that the Plan comply in all respects
     with Rule 16b-3 of the Securities Exchange Act of 1934 in connection with
     any Option granted to a person who is subject to Section 16 of the said
     Act. Accordingly, any provision of the Plan or any option contract that
     does not comply with the requirements of such Rule 16b-3 as then applicable
     to any such person shall be construed or deemed amended to the extent
     necessary to conform to such requirements, except that such automatic
     amendment shall not apply to any other participant in the Plan who is not
     (at the time of such application) subject to Section 16 of the Act. Any
     action taken by the Committee pursuant to the Plan that does not comply
     with the requirements of such Rule 16b-3 shall be null and void.

                                      -11-

<PAGE>

13.7 GOVERNING LAW

     The Plan and all determinations made and actions taken pursuant to the Plan
     shall be governed by the laws of the State of Delaware.

13.8 SEVERABILITY

     Whenever possible, each provision of the Plan and every Option at any time
     granted under the Plan shall be interpreted in such manner as to be
     effective and valid under applicable law, but if any provision of the Plan
     or any Option at any time granted under the Plan shall be held to be
     prohibited by or invalid under applicable law, then (a) such provision
     shall be deemed amended to accomplish the objectives of the provision as
     originally written to the fullest extent permitted by law and (b) aIl other
     provisions of the Plan and every other Option at any time granted under the
     Plan shall remain in full force and effect.

AS AMENDED TO REFLECT (I) THE SHARE SUBDIVISION ON A TWO-FOR-ONE BASIS ON
DECEMBER 31, 1996, (II) THE RESOLUTION OF THE DIRECTORS OF NOVEMBER 9, 1999
WHICH WAS RATIFIED BY THE SHAREHOLDERS ON DECEMBER 17, 1999 TO INCREASE THE
MAXIMUM AGGREGATE NUMBER OF SHARES AVAILABLE BY 300,000, (III) THE CHANGE OF
NAME OF THE CORPORATION EFFECTIVE JANUARY 1, 2000, AND (IV) THE EXTENSION OF THE
LIFE OF THE PLAN FOR AN ADDITIONAL TEN YEARS.

                                      -12-

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