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Exhibit 10.25    
    

 
 

NTL INCORPORATED
  RESTRICTED STOCK AGREEMENT    
    

        THIS
AGREEMENT, made as of the 6th day of May, 2004, between NTL Incorporated, a Delaware corporation (the "Company"), and James F. Mooney (the "Grantee"). 

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

        NOW,
THEREFORE, the parties hereto agree as follows: 

        1.    Grant of Stock

        The
Company hereby grants to the Grantee, and the Grantee hereby accepts from the Company, 50,000 shares of Restricted Stock on the terms and conditions set forth in this Agreement. This
Agreement is also subject to the terms and conditions set forth in the Plan. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan. 

        2.    Rights of Grantee

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

        3.    Vesting and Lapse of Transfer Restrictions

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

	(i)
	as
to 4,167 shares on April 15, 2004;

	(ii)
	as
to an additional 4,167 shares on July 15, 2004;

	(iii)
	as
to an additional 4,167 shares on October 15, 2004;

	(iv)
	as
to an additional 4,166 shares on January 15, 2005;

	(v)
	as
to an additional 4, 167 shares on April 15, 2005;

	(vi)
	as
to an additional 4,167 shares on July 15, 2005;

	(vii)
	as
to an additional 4,167 shares on October 15, 2005;

	(viii)
	as
to an additional 4,166 shares on January 15, 2006;

	(ix)
	as
to an additional 4,167 shares on April 15, 2006;

	(x)
	as
to an additional 4,167 shares on July 15, 2006;

	(xi)
	as
to an additional 4,166 shares on October 15, 2006; and

	(xii)
	as
to the final 4,166 shares on January 15, 2007 (each such vesting date, a "Lapse Date"). 

        4.    Escrow and Delivery of Shares

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

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

	

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

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

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

	

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

        5.    Effect of Termination of Employment for any Reason

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

        6.    Voting and Dividend Rights

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

        7.    No Right to Continued Employment

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

        8.    Withholding of Taxes

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

        9.    Modification of Agreement

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

        10.    Severability

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

        11.    Governing Law

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

        12.    Successors in Interest; Transfer

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

[signature
page follows] 

	 
	 	 
	 	 

	 	 	NTL INCORPORATED
	

 	
 	

By:	
 	

/s/ Scott E Schubert

	 	 	Name:	 	Scott E Schubert
	 	 	Title:	 	Chief Financial Officer

	 
	 	 
	 	 

	ACCEPTED AND AGREED	 	 
	

By:	
 	

/s/ James F Mooney
	
 	

 
	Name:	 	James F Mooney	 	 
	Title:	 	Grantee	 	 

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Exhibit 10.25

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Exhibit 10.24  

 
 

EXECUTIVE COMPENSATION PLAN 2004    
    

        EFFECTIVE DATE: JANUARY 1, 2004  

	NAME:	 	JIM LAMBERT	 	 
	TITLE:	 	Vice Chairman/CEO	 	 
	BASE SALARY:	 	$385,000	 	 
	ON-PLAN BONUS:	 	70% of Base Salary	 	 
	

EXHIBIT C  

        By signing this Executive Compensation Plan 2004("Plan"), you hereby agree that the terms of this Plan shall be in addition to the terms of the Employment
Agreement between you and Dot Hill dated August 2, 1999 ("Employment Agreement"), and shall replace and supercede the terms of Exhibit C of the Employment Agreement with respect to your
base salary and bonus for the year 2004. Otherwise, the terms of your Employment Agreement remain unchanged. For any period of time after December 31, 2004, your base salary and bonus shall be
subject to change, as determined by Dot Hill's Board of Directors and/or Compensation Committee ("BOD"). 

BONUS  

        Bonus is calculated based on a percentage of base salary. 

        Bonus
will be paid once annually as soon as practicable after an audit of the Company's fiscal year 2004 results has been completed and after the Dot Hill Board of Directors and/or
Compensation Committee ("BOD") has approved the payment. 

        70%
of bonus potential is tied to Dot Hill's overall 2004 forecast dated 07/26/2004 and presented to the BOD on 08/02/2004. Eligible payout for 2004 is 46.69%. 

	a.
	50%
of bonus is tied to achieving revenue of $244,734,000 for 2004

	b.
	50%
of bonus is tied to achieving net income of $13,390,000 for 2004

	c.
	If
at the end of 2004, the year-end revenue AND the net income is less than 85% of targets, no bonus will be paid.

	d.
	If
revenue and net income achieve 85% of plan, you are eligible to earn 50% of the related components bonus.

	e.
	For
each 1% increase between 86% and 90% of revenue and, separately, net income, a bonus equal to 2.00% of on-plan bonus will be paid, with a cap of 100% of plan.

	f.
	For
each 1% increase between 91% and 95% of revenue and, separately, net income, a bonus equal to 3.00% of on-plan bonus will be paid, with a cap of 100% of plan.

	g.
	For
each 1% increase between 96% and 100% of revenue and, separately, net income, a bonus equal to 5.00% of on-plan bonus will be paid, with a cap of 100% of plan. 

        20%
of bonus potential is subjective and may be tied to individual departmental goals and performance. 

        10%
of bonus potential is subjective and will be based on the Company's performance with respect to management of its working capital and cash flow. 

TERMS  

	a.
	You
must be an employee in good standing on the date of payout to be eligible for the bonus payout.

	b.
	The
base salary and bonus structure may be revised by the BOD at any time, with no notice.

	c.
	You
are eligible for all benefits afforded Regular Full-time Exempt employees as set forth in the most current version of the Dot Hill Employee Handbook.

	d.
	The
terms, conditions, and benefits of your employment with Dot Hill Systems Corporation are governed by the terms of the Employment Agreement and the standard Company policies and
benefits. No verbal promises, verbal commitments, or implied promises will alter the Employment Agreement or these standard policies and benefits.

	e.
	The
employment relationship between the parties is "at will" and may be terminated by Dot Hill at any time. 

	Preston Romm, CFO	 	Jim Lambert, CEO

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