Document:

Section 906 Certifications

 

Exhibit 10.2

CERTIFICATIONS

I, John A. Jacobson, President and Chief Executive Officer of Offshore Systems
International Ltd., certify that:

1.     I have reviewed this annual report on Form 20-F of Offshore Systems
International Ltd.;

2.     Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;

3.     Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;

4.     The registrant’s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a.     designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this annual report is being prepared;

     b.     evaluated the effectiveness of the registrant’s disclosure controls and
procedures as of a date within 90 days prior to the filing date of this annual
report (the “Evaluation Date”); and

     c.     presented in this annual report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5.     The registrant’s other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant’s auditors and the audit
committee of registrant’s board of directors (or persons performing the
equivalent function):

     a.     all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant’s ability to record,
process, summarize and report financial data and have identified for the
registrant’s auditors any material weaknesses in internal controls; and

     b.     any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal controls;
and

6.     The registrant’s other certifying officers and I have indicated in this
annual report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: May 27, 2003

	 	 
	 	/s/ John A. Jacobson

John A. Jacobson

President and Chief Executive Officer

 

 

Exhibit 10.2

CERTIFICATIONS

I, John T. Sentjens, Corporate Controller of Offshore Systems International
Ltd., certify that:

1.     I have reviewed this annual report on Form 20-F of Offshore Systems
International Ltd.;

2.     Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;

3.     Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;

4.     The registrant’s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a.     designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this annual report is being prepared;

     b.     evaluated the effectiveness of the registrant’s disclosure controls and
procedures as of a date within 90 days prior to the filing date of this annual
report (the “Evaluation Date”); and

     c.     presented in this annual report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5.     The registrant’s other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant’s auditors and the audit
committee of registrant’s board of directors (or persons performing the
equivalent function):

     a.     all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant’s ability to record,
process, summarize and report financial data and have identified for the
registrant’s auditors any material weaknesses in internal controls; and

     b.     any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal controls;
and

6.     The registrant’s other certifying officers and I have indicated in this
annual report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: May 27, 2003

	 	 
	 	/s/ John T. Sentjens

John T. Sentjens

Corporate ControllerAMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT

 

Exhibit 4.5

AMENDMENT NO. 1 TO

REGISTRATION RIGHTS AGREEMENT

     AMENDMENT
NO. 1 TO REGISTRATION RIGHTS AGREEMENT, dated as of May 7, 2003
(this “Amendment No. 1”), by and among NTL Europe, Inc., a Delaware corporation
(the “Company”), and the stockholders listed on the signature page hereto (the
“Stockholders”).

     WHEREAS, the Company has entered into a Registration Rights Agreement,
dated as of January 10, 2003 (the “Agreement”), with the Stockholders.

     WHEREAS, pursuant to the Agreement, the Company is required to file, no
later than the Required Filing Date, with the Commission a 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 including any underwriting).

     WHEREAS, the “Required Filing Date” is defined in the Agreement to mean
the first to occur of (i) the forty-fifth (45th) day following the date on
which the Company files its Annual Report on Form 10-K for the year ended
December 31, 2002 with the Commission (the “Form 10-K”), and (ii) May 15, 2003.

     WHEREAS, the Company has not filed the Form 10-K as of the date hereof and
the parties hereto desire to extend the required filing date of the Shelf
Registration Statement to June 15, 2003.

     Accordingly, the parties hereto agree as follows:

     1.     Definitions. All capitalized terms used and not otherwise defined
herein shall have the respective meanings assigned to them in the Agreement.

     2.     Required Filing Date. The definition of Required Filing Date contained
in the Agreement shall be amended and restated in its entirety to read:

     “Required Filing Date” means June 15, 2003.”

     3.     Other Provisions. All other provisions of the Agreement shall remain
in full force and effect.

     4.     Counterparts. This Amendment No. 1 may be executed in any number of
counterparts, each of which shall be deemed an original, but all such
counterparts shall constitute one and the same instrument.

[Remainder of page intentionally left blank.]

 

 

     IN WITNESS WHEREOF, the parties have caused this Amendment No. 1 to
Registration Rights Agreement to be executed and delivered by their respective
officers thereunto duly authorized.

	 	 	 	 	 
	 	 	NTL EUROPE, INC.
	  	 	 	 	 
	 	 	
By: /s/ Jeffrey A. Brodsky	 	 
	 	 	

	 	 
	 	 	
Name: Jeffrey A. Brodsky	 	 
	 	 	
Title: President and Chief	 	 
	 	 	
          Executive Officer	 	 
	  	 	 	 	 
	 	 	
APPALOOSA MANAGEMENT L.P.,	 	 
	 	 	
on behalf of certain funds for which	 	 
	 	 	
it acts as investment adviser	 	 
	  	 	 	 	 
	 	 	
By: /s/ Ronald Goldstein	 	 
	 	 	

	 	 
	 	 	
Name: Ronald Goldstein	 	 
	 	 	
Title: Vice President	 	 
	  	 	 	 	 
	 	 	
ANGELO GORDON & CO., L.P.,	 	 
	 	 	
on behalf of its advisory clients	 	 
	  	 	 	 	 
	 	 	
By: /s/ Leigh Walzer	 	 
	 	 	

	 	 
	 	 	
Name: Leigh Walzer	 	 
	 	 	
Title: Director	 	 

-2-ENGAGEMENT LETTER

 

Exhibit 10.14

QUEST TURNAROUND ADVISORS, L.L.C.

37 Purchase Street

Rye, N.Y. 10580

Phone: (914) 925-0003

Facsimile: (914) 921-2136

January 28, 2003

Board of Directors

NTL Europe, Inc.

22 Suffolk Street

London, England

SW1 4HG

Gentlemen

This letter sets forth our proposal for Quest Turnaround Advisors, L.L.C.,
(“Quest”) to provide the consulting services of its personnel to NTL Europe,
Inc. (the “Company”). This letter amends and supercedes our engagement letter
dated November 27, 2002 that was entered into on January 10, 2003.

Such continuing services shall include providing and making available to the
Company the services of Jeffrey A. Brodsky, as Chairman of the Board of
Directors and CEO of the Company and providing and making available the
services of Robert A. Schmitz as a Vice President of the Company. Each of Mr.
Brodsky and Mr. Schmitz will serve as officers and/or members of the Board of
Directors of subsidiaries and/or minority investments, if requested by the
Company’s Board of Directors. During the term of this Agreement, Messrs.
Brodsky and Schmitz will, to the extent reasonably required, devote
substantially all of their working time to the performance of their duties
hereunder; provided that they shall be entitled to engage in such other
business activities as do not materially interfere with their responsibilities
hereunder.

Monthly Base Fee

For the six-month period commencing on January 10, 2003 Quest shall receive a
Monthly Base Fee (the “Base Fee”) of $150,000 payable monthly in advance.
Except for the success fee provided for below, none of Quest, Mr. Brodsky or
Mr. Schmitz shall receive any additional compensation for Mr. Brodsky or Mr.
Schmitz serving as an officer or director of the Company or any of its
subsidiaries or affiliates. From and after July 10, 2003, Quest and the Board
of Directors will from time to time, but no less frequently than quarterly,
reassess the amount of time required to be dedicated by Messrs. Brodsky and
Schmitz to manage the Company’s affairs. To the extent that, at any time from
and after July 10, 2003, the parties determine that either one or both of Mr.
Brodsky and Mr. Schmitz are not required to devote their full time working
efforts to the management of the Company’s business, the Board of Directors and
Quest shall use their respective reasonable good faith efforts to seek to
establish a revised, reduced Monthly Base Fee.

 

 

The Board of Directors

NTL Europe, Inc.

January 28, 2003

Page 2

In that regard, the parties shall use as a benchmark for the determination of
the reduced Monthly fee an hourly rate for each of Messrs. Brodsky and Schmitz
of $400 per hour.

Success Fee

In addition to the Base Fee, Quest shall be entitled to incentive compensation
(a “Success Fee”) in an amount equal to 10% of the aggregate gross amounts
distributed by the Company to the holders of the Company’s 10% Fixed Coupon
Preferred Stock and Common Stock (the “Shareholders”) (whether by way of
dividend, distribution or redemption of the preferred stock or the common
stock) in excess of $40 million dollars (the “Threshold Amount”). To the
extent that assets other than cash are distributed by the Company to its
Shareholders, the determination of the gross amount distributed to Shareholders
shall be made by the Board of Directors of the Company (other than Mr. Brodsky)
acting in good faith (and taking into account the valuation, if any, used by
the Board of Directors when the applicable asset was distributed by the Company
to the Shareholders). In the event that Quest reasonably objects to the Board
of Director’s determination of the valuation of any asset, the determination of
such valuation shall be submitted to an independent third party appraiser
reasonably acceptable to each of the Company and Quest.

For clarification, the initial redemption of Preferred Stock in the amount of
$25 million shall not be included towards calculation of the Threshold Amount.
Amounts of the Success Fee due to Quest pursuant to this paragraph shall be due
and payable contemporaneously with distributions to the Shareholders. The
Success Fee shall survive any termination or expiration of this Agreement other
than as a result of the termination of this agreement for Cause (as defined
below).

The parties agree that, not later than July 10, 2003, the parties will in good
faith consider and, to the extent reasonably appropriate in the reasonable
judgment of Quest and the Company, seek to implement alternative methods of
paying the Success Fee, including, but not limited to, the issuance of options
or shares of the Company’s capital stock to Quest. Without limiting the
foregoing, in the event that assets other than cash or marketable securities
are issued to the Shareholders, the parties will, in good faith and to the
extent reasonably appropriate in the reasonable judgment of Quest and the
Company, seek to implement an alternative to the payment of the resulting
Success Fee to Quest. If the Company and Quest are unable to agree on
alternative methods of paying the Success Fee or alternatives to the Success
Fee, then the Success Fee shall be paid in cash.

Reimbursement of Expenses

Quest will be entitled to reimbursement for its reasonable out-of-pocket
expenses in accordance with the Company’s expense reimbursement policies
including reimbursement of its reasonable counsel’s fees in connection with
assisting and advising Quest on issues regarding Quest’s retention by the
Company.

 

 

The Board of Directors

NTL Europe, Inc.

January 28, 2003

Page 3

Term

The initial term of this engagement shall be for a six (6) month period
commencing on January 10, 2003 and after such 6 month period shall continue
until terminated by either party on thirty days written notice. In the event
this Agreement is not terminated or amended by an agreement in writing, it
shall continue on a month-to-month basis after the initial six (6) month period
until such time of termination or amendment.

Notwithstanding the foregoing, this agreement can be terminated by the Company
for Cause. As used herein “Cause” shall mean the occurrence of any one or more
of the following, during the term of this Agreement (i) one or more of Quest
Mr. Brodsky or Mr. Schmitz (x) is convicted of, or pleads guilty or nolo
contenders to, any felony or (y) commits any other crime involving fraud,
embezzlement or breach of trust or fiduciary duty, (ii) the willful failure by
any one or more of Quest, Mr. Brodsky or Mr. Schmitz to substantially perform
its or his duties with the Company (other than, in the case of Mr. Brodsky or
Mr. Schmitz any such failure resulting from his death or incapacity due to
physical or mental impairment), or (iii) the willful gross misconduct by any
one or more of Quest, Mr. Schmitz or Mr. Brodsky with regard to the Company or
any of its affiliates that is materially injurious to the Company or any of its
affiliates.

INDEMNIFICATION

The Indemnification Provisions (including the choice of law and related
provisions contained therein) are attached as Exhibit A and are incorporated
herein by reference and shall be deemed to be an obligation of the Company.
Termination of this engagement shall not affect these indemnification
provisions, which shall hereafter remain in full force and effect. Without
limiting such indemnification obligations or any other indemnification
obligation the Company may have, in the event that following the termination of
this agreement, Mr. Brodsky or Mr. Schmitz is required to devote his time to
assisting or as participant in litigation or other proceedings brought against
the Company (or Mr. Brodsky or Mr. Schmitz in their capacity as officers or
directors of the Company or any of its subsidiaries), Quest shall be reimbursed
for such time devoted by Mr. Brodsky and/or Mr. Schmitz at a rate of $400 per
hour for each of them.

 

 

The Board of Directors

NTL Europe, Inc.

January 28, 2003

Page 4

We look forward to managing the Company’s affairs to achieve the goals of the
Board of Directors for the benefit of its stakeholders.

Very truly yours,

	 	 	 	 	 
	Quest Turnaround Advisors, L.L.C.	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	
/s/ Jeffrey A. Brodsky	 	 
	 	 	

	 	 
	Its:	 	
Managing Director	 	 
	 	 	 	 	 
	Date:	 	
2-11-03	 	 
	 	 	

	 	 
	 	 	 	 	 
	Accepted and Agreed to:

NTL Europe, Inc.	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	
/s/ Michael J. Cochran	 	 
	 	 	

	 	 
	 	 	 	 	 
	Its:	 	
Member, Board of Directors	 	 
	 	 	

	 	 
	 	 	 	 	 
	Date:	 	
2-13-03	 	 
	 	 	

	 	 

 

 

The Board of Directors

NTL Europe, Inc.

January 28, 2003

Page 5

 

EXHIBIT A

INDEMNIFICATION PROVISIONS

	A.	 	As a material part of the consideration for Quest to furnish its services
under this Agreement, in the event that Quest becomes involved in any
capacity in any claim, suit, action, proceeding, investigation or inquiry
(including, without limitation, any shareholder or derivative action or
arbitration proceeding) (collectively, a “Proceeding”) in connection with
any matter in any way relating to or referred to in this Agreement or
arising out of the matters contemplated by this Agreement, including,
without limitation, related services and activities prior to the date of
this Agreement, the Company agrees to indemnify, defend and hold Quest
harmless to the fullest extent permitted by law, from and against any
losses, claims, damages, liabilities and expenses in connection with any
matter in any way relating to or referred to in this Agreement or arising
out of the matters contemplated by this Agreement, including, without
limitation, related services and activities prior to the date of this
Agreement, except to the extent that it shall be determined by a court of
competent jurisdiction in a judgment that has become final in that it is
no longer subject to appeal or other review that such losses, claims,
damages, liabilities and expenses resulted solely from the gross
negligence or willful misconduct of Quest. In addition, in the event that
Quest becomes involved in any capacity in any Proceeding in connection
with any matter in any way relating to or referred to in this Agreement or
arising out of the matters contemplated by this Agreement, the Company
will reimburse Quest for its legal and other expenses (including the cost
of any investigation and preparation) as such expenses are incurred by
Quest in connection therewith. If such indemnification were not to be
available for any reason, the Company agrees to contribute to the losses,
claims, damages, liabilities and expenses involved (i) in the proportion
appropriate to reflect the relative benefits received or sought to be
received by the Company and its securityholders (including any
noteholders) and affiliates and other constituencies, on the one hand, and
Quest, on the other hand, in connection with the matters contemplated by
this Agreement or (ii) if (but only if and to the extent) the allocation
provided for in clause (i) is for any reason held unenforceable, in such
proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) but also the relative fault of the Company and
its securityholders (including any noteholders) and affiliates and other
constituencies, on the one hand, and the party entitled to contribution,
on the other hand, as well as any other relevant equitable considerations.
The Company agrees that for the purposes of this paragraph the relative
benefits received, or sought to be received, by the Company and its
securityholders (including any noteholders) and affiliates and other
constituencies, on the one hand, and the party entitled to contribution,
on the other hand, in connection with the matters contemplated by this
Agreement shall be deemed to be in the same proportion that the total
value received or paid or contemplated to be received or paid by the
Company or its securityholders (including any noteholders) or affiliates
and other constituencies, as the case may be, as a result of or in
connection with the matters for which Quest has been

 

 

The Board of Directors

NTL Europe, Inc.

January 28, 2003

Page 6

	 	 	retained to perform consulting services bears to the fees paid to Quest
under this Agreement; provided, that, in no event shall the Company
contribute less than the amount necessary to assure that Quest is not
liable for losses, claims, damages, liabilities and expenses in excess of
the amount of fees actually received by Quest pursuant to this Agreement.
Relative fault shall be determined by reference to, among other things,
whether any alleged untrue statement or omission or any other alleged
conduct relates to information provided by the Company or other conduct by
the Company (or its employees or other agents), on the one hand, or by
Quest (or its employees or other agents), on the other hand. The Company
will not settle any Proceeding in respect of which indemnity may be sought
hereunder, whether or not Quest is an actual or potential party to such
Proceeding, without Quest’s prior written consent (which consent shall not
be unreasonably withheld or delayed provided that the settlement includes a
release for Quest from all losses, claims, damages, liabilities and
expenses arising out of such Proceeding). For purposes of this Agreement,
Quest shall include Quest, any of its members, managers or affiliates, each
other person, if any, controlling Quest or any of its members, managers or
affiliates, their respective officers, current and former directors,
employees and agents, and the successors and assigns of all of the
foregoing persons. The foregoing indemnity and contribution agreement
shall be in addition to any rights that any indemnified party may have at
common law or otherwise.
	 
	B.	 	The Company agrees that neither Quest nor any of its members, managers,
affiliates, directors, agents, employees or controlling persons shall have
any liability to the Company, or any person asserting claims on behalf of
or in right of the Company in connection with or as a result of either
Quest’s engagement under this Agreement or any matter referred to in this
Agreement, including, without limitation, related services and activities
prior to the date of this Agreement, except to the extent that it shall be
determined by a court of competent jurisdiction in a judgment that has
become final in that it is no longer subject to appeal or other review,
that any losses, claims, damages, liabilities or expenses incurred
resulted solely from the gross negligence or willful misconduct of Quest
in performing the services that are the subject of this Agreement.
	 
	C.	 	THIS AGREEMENT AND ANY CLAIM, COUNTERCLAIM OR DISPUTE OF ANY KIND OR
NATURE WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT
(“CLAIM”), DIRECTLY OR INDIRECTLY, SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
CONFLICTS OF LAW PROVISIONS EXCEPT AS SET FORTH BELOW, NO CLAIM UNDER THIS
AGREEMENT MAY BE COMMENCED, PROSECUTED OR CONTINUED IN ANY COURT OTHER
THAN IN COURTS OF THE STATE OF NEW YORK LOCATED IN THE CITY AND COUNTY OF
NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK OR THE

 

 

The Board of Directors

NTL Europe, Inc.

January 28, 2003

Page 7

	 	 	BANKRUPTCY COURT, WHICH COURTS SHALL HAVE EXCLUSIVE JURISDICTION OVER THE
ADJUDICATION OF SUCH MATTERS, AND THE COMPANY AND QUEST CONSENT TO THE
JURISDICTION OF SUCH COURTS AND PERSONAL SERVICE WITH RESPECT THERETO. THE
COMPANY HEREBY CONSENTS TO PERSONAL JURISDICTION, SERVICE AND VENUE IN ANY
COURT IN WHICH ANY CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS
AGREEMENT IS BROUGHT BY ANY THIRD PARTY AGAINST QUEST OR ANY INDEMNIFIED
PARTY. EACH OF QUEST AND THE COMPANY WAIVE ALL RIGHTS TO TRIAL BY JURY IN
ANY PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR
OTHERWISE) IN ANY WAY ARISING OUT OF OR RELATING TO THIS AGREEMENT. THE
COMPANY AGREES THAT A FINAL JUDGMENT IN ANY PROCEEDING OR COUNTERCLAIM
BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE AND BINDING UPON THE COMPANY
AND MAY BE ENFORCED IN ANY OTHER COURTS TO THE JURISDICTION OF WHICH THE
COMPANY IS OR MAY BE SUBJECT, BY SUIT UPON SUCH JUDGMENT.

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