Document:

Letter Agreement, dated February 13, 2004, between Barry Elson and Telewest Glob

 Exhibit 10.53 
  
 Barry Elson 
 c/o
Telewest Communications plc 
 160 Great Portland Street 
 London W1W 5QA 
 United Kingdom 
  
 February 13, 2004 
  

Telewest Communications plc 
 160 Great Portland Street 
 London WIW 5QA 
 United Kingdom 
  
 Gentlemen: 
  
 This letter memorializes recent discussions in which I have agreed to serve as Acting Chief Executive Officer of Telewest Communications plc (the
“Company”) through the effective date of the Company’s financial restructuring (the “Restructuring”) following the departure of Charles Burdick. During this period, the Company will pay me a per
diem rate of $5,000 for each day I actually perform services for the Company plus reimbursement of business expenses in accordance with Company policy. I acknowledge and agree that the Company may terminate my services at any time, and, in
such an event, the Company will make a severance payment to me equal to $58,333 per month during which I was Acting Chief Executive Officer (pro rated for partial months), up to a maximum severance payment of $700,000. 
  
 [signature page follows] 

 If this letter is consistent with your understanding, please acknowledge your agreement by signing this
letter below and returning a copy to me. 
  

	
	 Very truly yours,

	
	[GRAPHIC APPEARS HERE]
	 Barry Elson

  
 ACKNOWLEDGED AND AGREED 
  
 TELEWEST
COMMUNICATIONS PLC 
  

			
	  

	 By:
	 	 Cob Stenham

	 Title:
	 	 ChairmanLetter Agreement dated February 18, 2004, between Charles Burdick and Telewest

 Exhibit 10.54 
  
 Barry Elson 
 c/o
Telewest Global, Inc. 
 160 Great Portland Street 
 London W1W 5QA 
 United Kingdom 
  
 February 18, 2004 
  

Telewest Global, Inc. 
 160 Great Portland Street 
 London WIW 5QA 
 United Kingdom 
  
 Gentlemen: 
  
 This letter memorializes recent discussions in which I have undertaken to serve as Acting Chief Executive Officer of Telewest Global, Inc. (the
“Company”) and a member of the Company’s Board of Directors following the departure of Charles Burdick through the 9-month anniversary of the effective date of the financial restructuring (the “Restructuring”)
of Telewest Communications plc (“Telewest Communications”). I would not receive compensation for these services through the effective date of the Restructuring; rather, I would be paid by Telewest Communications pursuant to a letter
agreement I have entered into with it as of even date herewith. If my services as Acting Chief Executive Officer are terminated, I would resign from the Company’s Board of Directors. 
  
 I further undertake that, following the effective date of the Restructuring and through the 9-month anniversary thereof, I
am willing to be employed pursuant to the additional terms and conditions set forth on Exhibit A hereto and would enter into a commercially reasonable employment agreement containing these terms. I acknowledge that such an employment agreement will
require the approval of the Company’s Board of Directors. 
  

	
	 Very truly yours,

	
	[GRAPHIC APPEARS HERE]
	 Barry Elson

 Exhibit A 
 Barry Elson Term Sheet 
  

			
	Term	  	From the departure of Charles Burdick through the 9-month anniversary of the consummation of the financial restructuring of Telewest Communications plc
		
	Positions	  	Acting Chief Executive Officer of Telewest Global, Inc. (“Newco”) and a member of the Board of Directors (but not Chairman) of Newco
		
	Annual base salary as CEO of Newco	  	$700,000
		
	Annual bonus potential as CEO of Newco	  	$200,000 cash or stock (1)
		
	Newco equity options	  	100,000 + 300,000 (2)
		
	Newco restricted stock grant	  	100,000 (3)
		
	Severance	  	$58,333 per month of service (pro rated for partial months), up to a maximum of $700,000 (4)
		
	Other:	  	 
		
	 Travel and Business Expenses
	  	Per Newco policy
		
	 Health Insurance
	  	Per Newco policy to the extent there is any policy
		
	 Life Insurance
	  	Per Newco policy to the extent there is any policy
		
	 Family Visits
	  	3 family visits to the U.K., 5 Elson visits to the U.S.
		
	 Housing Allowance
	  	Provision of a standard 2-bedroom apartment
		
	 Tax Equalization
	  	Elson to receive tax equalization payments in the event U.K. or U.S. tax applies to him

  
 Notes: 
  

	(1)	Based on meeting various targets set by the Newco board (e.g., AFC, churn, margin, etc.). All top management will be required to meet these targets to receive their
bonus payout. Percentage of cash and percentage of stock to be determined by the Newco board. 

  
 18 February 2004 
 Charges interlinested 
 by FFHS.J By ? 
 a member of the firm 
 Agreed B.R. Elson 

	(2)	100,000 options to be fully vested and granted at consummation; 300,000 options to be granted at consummation and will vest in arrears equally on a quarterly basis
over a 5-year period of continuous employment. These option grants will represent approximately 0.4% of company’s total outstanding equity based on assumed 100 million shares outstanding (to be adjusted if assumptions change). The 300,000
options vesting period will begin based on attaining quarterly performance goals over the first year following consummation set by the Newco board; provided, that, notwithstanding the vesting schedule, the first quarter’s options will vest on
June 30, 2004 if the consummation occurs on or prior to June 30, 2004 (or will vest at the end of the first month following consummation, if the consummation occurs after June 30, 2004). To the extent the performance targets are missed, the vesting
of the options will roll into the following quarter over the first year. All options will have a strike price equal to the strike price of the first tranche of options granted to the Newco board and will be subject to a 6-month tail after
termination of employment (other than for cause). 

  

	(3)	To be granted at consummation. Represents 0.1% of the total outstanding equity based on assumed 100 million shares outstanding (to be adjusted if assumptions
change). The restricted stock grant will vest in arrears equally on a quarterly basis over a 3-year period of continuous employment; provided, that, notwithstanding the vesting schedule, the first quarter’s restricted stock will vest on June
30, 2004 if the consummation occurs on or prior to June 30, 2004 (or will vest at the end of the first month following consummation, if the consummation occurs after June 30, 2004). Stock cannot be sold prior to one year anniversary of final
vesting date (except in amounts sufficient to pay taxes at vesting). 

  

	(4)	Includes service with Telewest Communications plc; payable (1) upon a termination during the term without cause or (2) at the end of the term if the Company does not
offer continued employment as Chief Executive Officer on substantially the same terms and conditions as above; subject to execution of a general release of claims. 

  
 18 February 2004 
 Charges interlinested by 
 FFHS.J By ? 
 a member of the firm 
 Agreed B.R. ElsonExhibit 10.15

 Exhibit 10.15 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (“Agreement”) is made as of December 15, 1998 by and between BANK OF THE COMMONWEALTH, a banking corporation organized
under the laws of Virginia (the “Bank”), COMMONWEALTH BANKSHARES, INC., a Virginia corporation (the “Holding Company”) and SIMON HOUNSLOW (the “Executive”); the Bank being sometimes hereinafter referred to as the
“Employer”. 
  
 WITNESSETH THAT: 
  
 WHEREAS, the Executive is rendering valuable services to the Employer and it
is the desire of the Employer to have the benefit of the Executive’s loyalty, service and counsel; and 
  
 WHEREAS, the Executive wishes to continue in the employ of the Employer; 
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein set forth, the parties covenant and agree as
follows: 
  

	 	1.	EMPLOYMENT: The Employer agrees to employ the Executive to perform services for the Employer and the Executive agrees to serve the Employer upon the terms and conditions herein
provided. The Executive agrees to perform such managerial duties and responsibilities as shall be assigned to him by the Board of Directors of the Employer, which duties and responsibilities shall be of substantially the same character to those
required by his assigned office and functions on the date of this Agreement. The Executive shall devote his time and attention on a full-time basis to the discharge of the duties undertaken by him hereunder. 

  

	 	(A)	TERM OF EMPLOYMENT. Term of Employment hereunder shall be from January 1, 1999 to and including the first to occur of (I) except as otherwise provided in Section 3 hereof, January
1, 2000 (ii) the Executive’s death, or (iii) except as provided in paragraph (d) of this Section 2, the Executive’s disability; provided further that this Agreement shall automatically be extended for an additional one year period on each
January 1 unless prior to January 1, 2000 the Employer or the Employee shall give notice of non-renewal to the other. 

  

	 	(B)	COMPENSATION. During the term of employment hereunder, the Executive shall receive for his services a basic salary and incentive or bonus compensation in amounts determined by the
Employer’s Board of Directors or an appropriate committee of the Employer in accordance with the salary administration program of the Employer as the same may from time to time be in effect, but in no event shall such base salary be less than
the Executive’s base salary at the date hereof. 

  

	 	(C)	BENEFITS. The Executive shall be eligible for participation in any additional plans, programs or forms of compensation or benefits that the Employer’s Board of Directors might
hereinafter provide to the class of employees that includes the Executive. 

  

	 	(D)	DISABILITY. In the event of physical or mental disability of the Executive by reason of which the Executive is unable to perform the duties of his employment hereunder, the Employer
shall continue to pay or provide to the Executive the compensation and benefits provided under Paragraphs (b) and (c) of this Section 2 for the first six months of such disability. If, however, the disability continues beyond such six-month period,
the employer may, at its election terminate the Executive’s employment under this Agreement, in which case the Executive shall receive any disability benefits payable under the Employer’s plans in effect at that time.

  

	 	(E)	DEATH. In the event that the Executive’s death should occur during the term of this Agreement, this Agreement shall terminate. The Executive and his estate or beneficiaries, as
the case may be, shall be entitled only to any and all retirement or death benefits payable under the Employer’s plans in effect at that time and no further compensation will be paid under this Agreement. 

  

	 	2.	TERMINATION: 

  

	 	(A)	TERMINATION BY THE EMPLOYER. Nothing herein contained shall prevent the Employer from terminating the services of the Executive at any time prior to the expiration of this
Agreement. 

  

	 	(i)	If such termination is effective prior to the time “a change in control” (as defined in paragraph (b) of this Section 2 occurs with respect to either the Employer or the
Holding Company, and prior to the time the Employer or the Holding Company enters into negotiations which result in such change of control, then unless the termination is “for good cause” as hereinafter defined, the Employer shall pay the
Executive a termination allowance in 12 equal monthly payments commencing on the last day of the month in which the date of actual termination occurs, the total amount of which will equal the base salary plus director’s fees, if any, but not
including any bonuses paid to the Executive by the Employer in the 12 months next preceding the Notice of Termination. Except as provided in this paragraph 2(a)(1), upon the termination herein described, the compensation and benefits of the
Executive will cease as of the Date of Termination as defined in paragraph 2(d). 

  

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	 	(ii)	Termination of employment “for good cause” means a dismissal of the Executive because of (I) the material failure of the Executive, after written notice, for reasons other
than disability, to render services to the Employer as provided herein, (ii) the Executive’s gross or willful neglect of duty, or (iii) illegal or intentional acts by the Executive demonstrating bad faith toward the Employer. If the Employer
shall terminate the Executive’s employment for good cause, the Executive shall be entitled only to receive his base salary in respect of services performed through the Date of Termination. 

  

	 	(B)	TERMINATION BY THE EXECUTIVE. The Executive shall be entitled to terminate his employment for good reason, in which event the Employer shall be obligated to pay the Executive and
furnish him the benefits provided in Section 3 hereof. By way of illustration and not limitation, the following circumstances shall constitute “good reason” and shall be deemed to be a breach of this Agreement by the Employer:

  

	 	(i)	The Executive is assigned any duties or responsibilities that are inconsistent with his positions, duties, responsibilities and status with Employer in effect at the date of this
Agreement; or 

  

	 	(ii)	A change of control occurs with respect to either the Bank or the Holding Company: 

  
 For the purpose of this Agreement, the term “a change in control” shall mean (a) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934) who is, or who has entered into a definitive agreement with either the Holding company or the Bank to become, the beneficial owner, directly
or indirectly, of securities of either the Holding Company or the Bank representing more than twenty-five percent (25%) of the combined voting power of the then outstanding securities of either the Holding Company or the Bank, (b) a change in the
composition of a majority of the Board of Directors of either the Bank or the Holding Company occurs in any twelve (12) month period, or (c) the Holding Company ceases to be the owner of all of the Bank’s issued and outstanding shares except
for director’s qualifying shares. 
  
 The
right herein conferred upon the Executive to terminate his employment for good reason may be exercised by the Executive at any time during the term of this Agreement at his sole discretion and any failure by the Executive to exercise this right
after he has “good reason” to do so shall not be deemed a waiver of the right. 
  
 In the event the Executive terminates his employment without “good reason” then he shall be entitled to no termination
allowance and no severance allowance and no further compensation after the “Date of Termination” as defined in paragraph (d) of this Section 2. 
  

	 	(C)	NOTICE OF TERMINATION. Any termination of the Executive’s employment by the Employer or by the Executive shall be communicated by a written “Notice of Termination” to
the other party hereto. For purposes of this Agreement, “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts
and circumstances claimed to provide a basis for termination. 

  

	 	(D)	DATE OF TERMINATION. “Date of Termination” shall mean (I) if this Agreement is terminated by the Executive, the date on which the Notice of Termination is delivered, (ii)
if this Agreement is terminated by the Employer because of the Executive’s disability, thirty days after the Notice of Termination is given, or (iii) if the Executive’s employment is terminated by the Employer for any reason, the date on
which a Notice of Termination is given, unless within thirty days thereafter the Executive notifies the Employer that a dispute exists concerning the termination, in which case the Date of Termination shall be the date on which the dispute is
finally determined, whether by mutual written agreement of the parties or by final judgement, order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected).

  

	 	3.	COMPENSATION UPON TERMINATION. Except as provided in paragraph 2(a)(1) above, if, without good cause, the Employer terminates the services of the Executive prior to the expiration
of this Agreement or if the Executive terminates his employment for good reason, then: 

  

	 	(A)	ACCRUED BUT UNPAID COMPENSATION. The Employer shall pay the Executive’s full base salary through the date of actual termination at the rate then in effect and the amount, if
any, of awards theretofore made which have not yet been paid. 

  

	 	(B)	SEVERANCE ALLOWANCE. The Employer shall pay the Executive a severance allowance in 60 equal monthly payments commencing on the last day of the month in which the date of actual
termination occurs, the total amount of which will equal and will not exceed the present value of one times the Executive’s base salary amount minus $1.00 plus the present value of any other payment in the nature of compensation within the
meaning of Section 280G(b)(2)(A)(ii) of the Internal Revenue Code of 1954, as amended (“Code”). For purposes of this paragraph 3(b), the following definitions shall apply. 

  

	 	(i)	Base Amount – The term “base amount” means the Executive’s annualized includible compensation for the base period. 

  

	 	(ii)	Annualized Includible compensation for the Base Period – The term “annualized includible compensation for the base period” means the average annual compensation paid
by the Bank, which was includible in the gross income of the Executive for federal income tax purposes for the taxable years in the base period. 

  

 2 

	 	(iii)	Base Period – The term “Base Period” means the period consisting of the most recent five taxable years ending before the date on which termination occurs, except for
termination as a result of the operation of Paragraph 3(b)(ii) above in which case the date of termination shall be deemed to be the date a change in control occurs as to either the Bank or the Holding Company. 

  

	 	(iv)	Present Value – Present value shall be determined in accordance with Section 1274(b)(2) of the code. 

  

	 	(C)	EMPLOYEE BENEFITS. The Employer shall maintain in full force and effect, for the Executive’s continued benefit until the earlier of six months subsequent to the Date of
Termination or the date the Executive becomes a participant in similar plans, programs or arrangements provided by a subsequent employer, all life, accident, medical and dental insurance benefit plans and programs or arrangements in which the
Executive has been entitled to participate immediately prior to the Date of Termination, provided that the Executive’s continued participation is possible under the general terms and provisions of such plans and programs. In the event that the
Executive’s participation in any such plan or program is barred, the Employer shall arrange to provide the Executive with benefits substantially similar to those which the Executive is entitled to receive under such plans and programs. At the
end of the period of coverage, the Executive shall have the option to have assigned to him at no cost and with no appointment of prepaid premiums, any assignable insurance policy owned by the Employer or the Holding Company and relating specifically
to the Executive. 

  

	 	(D)	NO DUTY TO MITIGATE. The Executive shall not be required to mitigate the amount of any payment provided for in this Section 4 by seeking other employment or otherwise, nor shall the
amount of any payment provided for in this Section 4 be reduced by any compensation earned by the Executive as the result of employment by another employer after the Date of Termination, or otherwise. 

  

	 	4.	MISCELLANEOUS: 

  

	 	(A)	WAIVER. A waiver by any party of any of the terms and conditions of this Agreement in any instance shall not be deemed or construed to be a waiver of such terms and conditions for
the future or any subsequent breach thereof. 

  

	 	(B)	SEVERABILITY. If any provision of this Agreement, as applied to any circumstances, shall be adjusted by a court to be void and unenforceable, the same shall in no way affect any
other provision of this Agreement or the applicability of such provision to any other circumstances. 

  

	 	(C)	AMENDMENT. This Agreement may not be varied, altered, modified, changed, or in any way amended except by an instrument in writing, executed by the parties hereto or their legal
representatives. 

  

	 	(D)	NON-ASSIGNABILITY. Neither the Executive nor his estate shall have any right to commute, sell, assign, transfer or otherwise convey the right to receive any payments hereunder,
which payments and the right thereto, are expressly declared to be non-assignable and non-transferable. 

  

	 	(E)	BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit of the Executive (and his personal representative), the Bank and any successor organizations which
shall succeed to substantially all of the business and property of the Bank, whether by means of merger, consolidation, acquisition of all or substantially all of the assets of the Bank or otherwise, including by operation of law.

  

	 	(F)	GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia, whether statutory or decisional, applicable to
agreements made and entirely to be performed within such state and provisions of federal law as may be applicable. 

  

	 	(G)	HOLDING COMPANY JOINDER. The Holding Company executes this Agreement to evidence its consent hereto. 

  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written. 
  

			
	 BANK OF THE COMMONWEALTH

		
	 By
	 	 /s/ John. H. Gayle

	 	 	 John H. Gayle

	 	 	 Executive Vice President & Secretary

	
	 COMMONWEALTH BANKSHARES, INC.

		
	 By
	 	 /s/ E. J. Woodard, Jr., CLBB

	 	 	 E. J. Woodard, Jr., CLBB

	 	 	 Chairman of the Board, President & CEO

		
	 By
	 	 /s/ Simon Hounslow

	 	 	 Simon Hounslow

	 	 	 Executive

  

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