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  Exhibit 10(d)    
    

 
 

  Constellation Energy Group, Inc.
  Executive Annual Incentive Plan
  (Plan)
  Amended and restated 2007
  Amended October 16, 2008, effective January 1, 2009    
    

	1.
	Purpose.    The purpose of the Plan is to permit the Company, through
awards of annual incentive compensation qualifying for federal income tax deductions, to attract and retain executives and to motivate these executives to promote the profitability and growth of the
Company.

	2.
	Definitions.    All singular terms defined in this Plan will include
the plural and vice versa. As used herein, the following terms will have the meaning specified below: 

"Award"
means the amount granted to a Participant by the Committee for a Performance Period under the Plan, whether paid in cash, stock, restricted stock, stock options, other stock-based or stock-
denominated units or any other form of consideration. 

"Board"
means the Board of Directors of the Company. 

"Change
in Control" means the occurrence of any one of the following events: 

        (i)    individuals
who, on the effective date of the adoption of the Plan, constitute the Board (the "Incumbent
Directors") cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to such adoption date,
whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy
statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided,
however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors
or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; 

        (ii)   any
"person" (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act") and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a "beneficial owner" (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company's then outstanding securities eligible to vote for
the election of the Board (the "Company Voting Securities"); provided,
however, that the event described in this paragraph (ii) shall not be deemed to be a change in control by virtue of any of the following acquisitions: (A) by
the Company or any corporation with respect to which the Company owns a majority of the outstanding shares of common stock or has the power to vote or direct the voting of sufficient securities to
elect a majority of the directors (a "Subsidiary Company"), 

 

(B) by
any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary Company, (C) by any underwriter temporarily holding securities pursuant to an
offering of such securities, (D) pursuant to a Non-Qualifying Transaction (as defined in paragraph (iii)), or (E) pursuant to any acquisition by a Participant or any
group of persons including a Participant (or any entity controlled by a Participant or any group of persons including a Participant); 

        (iii)  consummation
of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company (a  "Business Combination"), unless immediately following such Business
Combination: (A) more than 60% of the total
voting power of (x) the corporation resulting from such Business Combination (the "Surviving Corporation"), or
(y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of at least 95% of the voting securities eligible to elect directors of the Surviving
Corporation (the "Parent Corporation"), is represented by Company Voting Securities that were outstanding immediately prior
to such Business Combination (or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such Business Combination), and such voting power among
the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no
person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial owner, directly or
indirectly, of 20% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving
Corporation) and (C) at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the
consummation of the Business Combination were Incumbent Directors at the time of the Board's approval of the execution of the initial agreement providing for such Business Combination (any Business
Combination which satisfies all of the criteria specified in (A), (B), and (C) above shall be deemed to be a "Non-Qualifying
Transaction"); or 

        (iv)  the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company, or the consummation of a sale of all or substantially all of the
Company's assets. 

Notwithstanding
the foregoing, a change in control of the Company shall not be deemed to occur solely because any person acquires beneficial ownership of more than 20% of the Company Voting Securities
as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; provided,
that if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding
Company Voting Securities beneficially owned by such person, a change in control of the Company shall then occur. 

2

 

"Code"
means the Internal Revenue Code of 1986, as amended. Reference in the Plan to any section of the Code will be deemed to include any amendments or successor provisions to such section and any
regulations promulgated thereunder. 

"Committee"
means the Compensation Committee of the Board or such other committee as the Board shall appoint from time to time to administer the Plan and to otherwise exercise and perform the
authority and functions assigned to the Committee under the terms of the Plan, at least two members of which qualify as non-employee directors (within the meaning of
Rule 16b-3 promulgated under Section 16 of the 1934 Act), and as "outside directors" within the meaning of Treasury Regulation Section 1.162-27(e)(3) and
as "independent" within the meaning of any rules or regulations promulgated by an applicable stock exchange or similar regulatory authority rules and regulations. 

"Company"
means Constellation Energy Group, Inc., a Maryland corporation, or its successor, including any "New Company" as provided in Section 10G. 

"Deferred
Compensation Plan" means the Constellation Energy Group, Inc. Nonqualified Deferred Compensation Plan or any successor or future similar plans. 

"Executive"
means any executive officer of the Company as defined in Section 16 of the 1934 Act. 

"Extraordinary
Items" means extraordinary, unusual, and nonrecurring items of gain or loss as defined under U.S. generally accepted accounting principles and as reported in the Company's annual report
to shareholders or as otherwise reported to shareholders. 

"Income
from Continuing Operations Before Income Taxes" means the consolidated income before income taxes and excluding (i) discontinued operations; (ii) Extraordinary Items; and,
(iii) cumulative effect of change in accounting principle; if applicable, for the Performance Period, computed in accordance with U.S. generally accepted accounting principles and as reported
in the Company's annual report to shareholders or as otherwise reported to shareholders. 

"Income
from Operations" means the consolidated income before income taxes and excluding: (i) discontinued operations; (ii) Extraordinary Items; (iii) cumulative effect of change
in accounting principle; (iv) fixed charges; and (v) other non-operating income and expenses; if applicable, for the Performance Period, computed in accordance with U.S.
generally accepted accounting principles and as reported in the Company's annual report to shareholders or as otherwise reported to shareholders. 

"1934
Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

"Net
Income" means the consolidated net income for the Performance Period, computed in accordance with U.S. generally accepted accounting principles and 

3

 

as
reported in the Company's annual report to shareholders or as otherwise reported to shareholders. 

"Net
Cash Provided by Operating Activities" means net cash flow from operating activities computed in accordance with U.S. generally accepted accounting principles and as reported in the Company's
annual report to shareholders or as otherwise reported to shareholders. 

"Participant"
means an individual who has been granted a conditional opportunity to earn an Award under the Plan. 

"Performance
Period" means the taxable year of the Company or any other period designated by the Committee with respect to which an Award may be granted. 

"Stock
Plans" means the Constellation Energy Group, Inc. 2007 Long-Term Incentive Plan and/or any successor or predecessor stock plans adopted or assumed by the Company. 

"Subsidiary"
means any entity that is directly or indirectly controlled by the Company or any entity, including an acquired entity, in which the Company has a significant equity interest, as
determined by the Committee, in its discretion. 

"Year"
means a fiscal year of the Company that constitutes all or part of the applicable Performance Period.  

	3.
	Administration.    The Committee is the Plan Administrator and has
sole authority (except as specified otherwise herein) to determine all questions of interpretation and application of the Plan, or of the terms and conditions pursuant to which Awards are granted
under the Plan provisions, and, in general, to make all determinations advisable for the administration of the Plan to achieve its stated purpose. The Plan Administrator's determinations under the
Plan (including without limitation, determinations of the persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and any agreements evidencing
such Awards) need not be uniform and may be made by the Plan Administrator selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are
similarly situated. Such determinations shall be final and not subject to further appeal.

	4.
	Eligibility.    For a Performance Period, each Executive may be
designated by the Committee as a Participant.

	5.
	Awards.

	A.
	Provision for Awards.    Each Participant may receive an Award in any Performance Period based on
upon a percentage of an incentive pool equal to the greater of (i) 3% of the Company's Income from Operations; (ii) 3% of the Company's Income from Continuing Operations Before Income
Taxes; (iii) 5% of the Company's Net Income for the Performance Period, and (iv) 20% of the Company's Net Cash Provided by Operating Activities for the Performance 

4

 

Period
(as each term is defined in the Plan). At the beginning of the Performance Period, the Committee will allocate an incentive pool percentage to each participating employee for each Performance
Period; provided that in any Performance Period the incentive pool percentage for any one participant may not exceed 50% of the total pool and the sum of the incentive pool percentages for all
participants cannot exceed 100% of the total pool. As soon as practicable following the determination of the incentive pool for a Performance Period, the Committee will calculate each participant's
portion of the incentive pool based upon the percentage established at the beginning of the Performance Period.  

	B.
	Committee Discretion to Determine Award.    The Committee has the sole discretion to determine the
standard or formula pursuant to which each Participant's Award shall be calculated, whether all or any portion of the amount so calculated will be paid, and the specific amount (if any) to be paid to
each Participant, subject in all cases to the terms, conditions and limits of the Plan. To this same extent, the Committee may at any time establish (and, once established, rescind, waive or amend)
additional conditions and terms of payment of Awards (including but not limited to the achievement of other financial, strategic or individual goals, which may be objective or subjective) as it may
deem desirable in carrying out the purposes of the Plan. The Committee has discretion to adjust all such Awards downwards, but in no event may the portion of the incentive pool allocated to a
Participant be increased in any way, including as a result of the reduction of any other Participant's allocated portion.

	6.
	Payment of Awards.    Each Participant shall be eligible to receive,
within a reasonable period of time, as determined in the sole discretion of the Committee, after the amount of such Participant's Award for a Performance Period has been determined, all or a portion
of that Award. Awards may be paid in cash, stock, restricted stock, stock options, other stock-based or stock-denominated units or any other form of consideration or any combination thereof determined
by the Committee. Equity or equity-based awards may be granted under the terms and conditions of the applicable Stock Plans. Payment of the Award may be deferred at the discretion of the Committee. A
Participant may elect to defer the receipt of all or a portion of the Award for the Performance Year. Any such deferral and investment of any such amounts deferred pursuant to this Plan shall be made
in accordance with the provisions of the Deferred Compensation Plan. No provision of this paragraph shall be given effect to the extent such provision would cause any tax to become due under
Section 409A of the Code.

	7.
	Designation of Beneficiary.    A Participant shall have the right to
designate a beneficiary or beneficiaries who are to receive in a lump sum any undistributed Award to the extent a Participant has chosen not to defer all or a portion of the Award pursuant to
Section 7 hereof, should the Participant die during the Performance Period and be entitled to an incentive award for that Performance Period. Such designation shall apply only to the portion of
the undistributed Award not subject to a deferral election. Any designation, change or rescission of the designation shall be made in writing by completing and furnishing to the Senior Vice
President—Human Resources of the Company or successor to such position a notice on an appropriate form designated by such Senior Vice President. The last designation of beneficiary
received by the Senior Vice President—Human Resources of the Company or successor to such position 

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shall
be controlling over any testamentary or purported disposition by the Participant, provided that no designation, rescission or change thereof shall be effective unless received prior to the death
of the Participant. Distribution of any Awards previously deferred pursuant to Section 7 of the Plan shall be paid to the beneficiary or beneficiaries designated under the Deferred Compensation
Plan.  

	8.
	Change in Control.    Notwithstanding any other provisions of this
Plan to the contrary, if a Participant separates from service with the Company or a Subsidiary (except due to a Participant's transfer of employment to or from a Subsidiary), within 2 years
following a Change in Control, such Participant is eligible for an Award for the Performance Period during which the separation from service occurs. The Award is calculated assuming maximum
performance achievement, prorated for service during the Performance Period, and based on the Participant's position at the time of termination. Payment of the Award will be made within 60 days
after the Participant's separation from service. Payment may not be deferred. 

If
a Participant's employment with the Company or a Subsidiary is terminated prior to a Change in Control, and it is reasonably demonstrated that such termination (a) was at the request of a
third party who has taken steps reasonably calculated to effect a Change in Control or (b) otherwise arose in connection with or anticipation of a Change in Control, such Participant is
eligible for an Award for the Performance Period during which the separation from service occurs. The Award shall be paid upon the earliest to occur of either the end of the Performance Period or the
Change in Control. If the Performance Period ends before the Change in Control occurs, then the Award is calculated based on actual performance, prorated for service during the Performance Period, and
based on the Participant's position at the time of termination. If the Award is paid upon the Change in Control, then it shall be calculated assuming maximum performance achievement, prorated for
service during the Performance Period, and based on the Participant's position at the time of termination. Payment may not be deferred. 

Notwithstanding
any provision in the Plan to the contrary, on or within 2 years after a Change in Control, no action, including, but not by way of limitation, the amendment, suspension or
termination of the Plan, shall be taken which would materially adversely affect the rights of any Participant without such Participant's prior written consent.  

	9.
	Amendment of Plan.    The Committee may at any time and from time to
time alter, amend, suspend or terminate the Plan in whole or in part, except (i) no such action may be taken without the consent of the Participant to whom any Award was previously earned,
which materially adversely affects the rights of such Participant concerning such Award, except as such termination or amendment of the Plan is required by statute, or rules and regulations
promulgated thereunder and (ii) no such action that would require the consent of the Board and/or stockholders of the Company pursuant to Section 162(m) of the Code or the 1934 Act, or
any other applicable law, rule or regulation, shall be effective without such consent. Notwithstanding the foregoing, except as otherwise required by applicable law, rule or regulation, the Committee
may amend the Plan as desirable at the discretion of Committee to address any 

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issues
concerning (i) Section 162(m) of the Code or (ii) maintaining an exemption under rule 16b-3 of the 1934 Act. No provision of this Section 10 shall
be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code.  

	10.
	Miscellaneous Provisions. 

        A.    Nontransferability.    No benefit provided under the Plan shall be subject to alienation or assignment by a
Participant (or by any person entitled to such benefit pursuant to the terms of this Plan), nor shall it be subject to attachment or other legal process except (i) to the extent specifically
mandated and directed by applicable state or federal statute; (ii) as requested by the Participant (or by any person entitled to such benefit pursuant to the terms of the Plan), and approved by
the Committee, to satisfy income tax withholding; and (iii) as requested by the Participant and approved by the Committee, to members of the Participant's family, or a trust established by the
Participant for the benefit of family members. 

        B.    No Employment Right.    Participation in this Plan shall not constitute a contract of employment between the
Company or any Subsidiary and any person and shall not be deemed to be consideration for, or a condition of, continued employment of any person. 

        C.    Tax Withholding.    The Company or a Subsidiary may withhold any applicable federal, state or local taxes at
such time and upon such terms and conditions as required by law or determined by the Company or a Subsidiary. 

        D.    Compliance with Section 409A of the Code.    This Plan is intended to comply and shall be administered in
a manner that is intended to comply with section 409A of the Code and shall be construed and interpreted in accordance with such intent. To the extent that an Award and/or payment is subject to
section 409A of the Code, it shall be awarded and/or paid in a manner that will comply with section 409A of the Code, including proposed, temporary or final regulations or any other
guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Any provision of this Plan that would cause an Award and/or payment to fail to satisfy
section 409A of the Code shall have no force and effect until amended to comply with Code section 409A (which amendment may be retroactive to the extent permitted by applicable law). 

        E.    Indemnification.    Each person who is or at any time serves as a member of the Committee (and each person or
committee to whom the Committee or any member thereof has delegated any of its authority or power under this Plan) shall be indemnified and held harmless by the Company against and from (i) any
loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such person in connection with or resulting from any claim, action, suit, or proceeding to which such person may be
a party or in which such person may be involved by reason of any action or failure to act under the Plan; and (ii) any and all amounts paid by such person in satisfaction of judgment in any
such action, suit, or proceeding relating to the Plan. Each person covered by this indemnification shall give the Company an opportunity, at its own expense, to handle and defend the same before such
person undertakes to handle and defend it on such person's own behalf. The foregoing right of indemnification 

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shall
not be exclusive of any other rights of indemnification to which such persons may be entitled under the Charter or By-Laws of the Company or any of its Subsidiaries, as a matter of
law, or otherwise, or any power that the Company may have to indemnify such person or hold such person harmless. 

        F.     Reliance on Reports.    Each member of the Committee (and each person or committee to whom the Committee or any
member thereof has delegated any of its authority or power under this Plan) shall be fully justified in relying or acting in good faith upon any report made by the independent registered accounting
firm of the Company and its Subsidiaries and upon any other information furnished in connection with the Plan. In no event shall any person who is or shall have been a member of the Committee be
liable for any determination made or other action taken or any omission to act in reliance upon any such report or information or for any action taken, including the furnishing of information, or
failure to act, if in good faith. 

        G.    Severability.    If any provision of this Plan would cause Awards not to constitute "other performance-based
compensation" under Section 162(m) of the Code, that provision shall be severed from, and shall be deemed not to be a part of, the Plan, but the other provisions hereof shall remain in full
force and effect. Any specific action by the Committee that would be violative of Section 162(m) of the Code and the regulations thereunder shall be void. 

        H.    Company Successors.    In the event the Company becomes a party to a merger, consolidation, sale of
substantially all of its assets or any other corporate reorganization in which the Company will not be the surviving corporation or in which the holders of the common stock of the Company will receive
securities of another corporation (in any such case, the "New Company"), then the New Company shall assume the rights and obligations of the Company under this Plan. 

        I.     Governing Law.    All matters relating to the Plan or to Awards granted hereunder shall be governed by the laws
of the State of Maryland, without regard to the principles of conflict of laws. 

        J.     Relationship to Other Benefits.    Any Awards under this Plan are not considered compensation for purposes of
determining benefits under any pension, profit sharing, or other retirement or welfare plan, or for any other general employee benefit program, unless expressly considered as compensation under the
terms of such plan or program. 

        K.    Expenses.    The expenses of administering the Plan shall be borne by the Company and its Subsidiaries. 

        L.    Titles and Headings.    The titles and headings of the sections in the Plan are for convenience of reference
only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.  

	11.
	Effective Date.    The Plan shall be effective beginning on
January 1, 2007, subject to approval by the stockholders of the Company in accordance with Maryland law and Section 162(m) of the Code. 

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QuickLinks

Exhibit 10(d)

Constellation Energy Group, Inc. Executive Annual Incentive Plan (Plan) Amended and restated 2007 Amended October 16, 2008, effective January 1, 2009Exhibit 10.2

 

THE
VIRGIN MEDIA INC.

DEFERRED
COMPENSATION PLAN

FOR
DIRECTORS

 

ARTICLE 1

Purpose

 

The purpose of this Plan
is to provide members of the Board of Directors of Virgin Media Inc. with the
opportunity to defer receipt of certain compensation to which they will be
entitled while the Plan is in effect. 
The Plan is intended to be an unfunded, nonqualified deferred
compensation plan and shall be construed and administered accordingly.

 

ARTICLE 2

Definitions

 

For purposes of the Plan,
the following terms shall have the following meanings:

 

2.1          “Acceleration Event” has the meaning set
forth in Section 2(a) of the Virgin Media Inc. 2006 Stock Incentive
Plan, as in effect on the date hereof.

 

2.2          “Allocation Date” shall mean, with
respect to a Deferral Election, the date on which all or a portion of a
Director’s Deferral Amount is credited to his or her Stock Unit Account, which
shall be the last NASADAQ trading day in the months of March, June, September and
December next following the date on which such Deferral Amount (or portion
thereof) would have been paid to the Director if the Director had not made a
Deferral Election.

 

2.3          “Beneficiary” has the meaning set forth
in Section 8.3 of Article 8.

 

2.4                               “Board”
shall mean the Board of Directors of the Company.

 

2.5          “Cash Compensation” shall mean, with
respect to a Plan Year all cash compensation, including, without limitation,
the annual retainer fees, committee fees, and meeting fees payable to a
Director in such Plan Year for services rendered in such Plan Year.  For the avoidance of doubt, “Cash
Compensation” shall not include (i) amounts paid for the reimbursement of
expenses, (ii) tax equivalents paid for the account of a Director, (iii) stock
options granted or to be granted by the Company to such Director or (iv) Common
Stock received or to be received by such Director pursuant to the exercise of
such options or otherwise.

 

2.6          “Change in Capitalization” has the
meaning set forth in Section 4.1 of Article 4.

 

2.7          “Common Stock” shall mean the common stock,
par value $0.01 per share, of the Company, or any other securities or property
into which such stock may be converted or exchanged.

 

2.8          “Company” shall mean Virgin Media Inc.

 

 

2.9          “Deferral Amount” shall mean the Cash
Compensation elected by a Director to be deferred in a Plan Year.

 

2.10        “Deferral Election” shall mean a Director’s
timely election of a Deferral Amount pursuant to Article 3.

 

2.11        “Deferral Period” shall mean the period
commencing on the Allocation Date and ending on the date of the Director’s
Termination.

 

2.12        “Director” shall mean each member of the
Board who is not an executive officer or employee of the Company or any of its
subsidiaries.

 

2.13        “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended.

 

2.14        “Fair Market Value” on any date means (i) with
respect to Common Stock, the average of the highest and lowest reported sales
prices, regular way, of Common Stock in transactions reported on the Nasdaq
Global Select Market on such date, or if no sales of Common Stock are reported
on the Nasdaq Global Select Market for such date, the comparable average sales
price for the last previous day for which sales were reported on the Nasdaq
Global Select Market or the value of a share of Common Stock for such date as established
by the Committee using any other reasonable method of valuation, and (ii) with
respect to any other property, the fair market value of such property
determined by such methods or procedures as shall be established from time to
time by the Committee.

 

2.15        “Payment Method” has the meaning set forth
in Section 5.2 of Article 5.

 

2.16        “Plan” shall mean this Virgin Media Inc.
Deferred Compensation Plan for Directors, as such Plan may be amended from time
to time.

 

2.17        “Plan Administrator” shall mean the
Compensation Committee of the Board or such other committee of Directors
designated by the Board; provided, however, the Committee
shall consist of at least two Directors, each of whom shall be a “nonemployee
director” within the meaning of Rule 16b-3 promulgated under the Exchange
Act.  For purposes of the preceding
sentence, if one or more members of the Committee is not a nonemployee Director
but recuses himself or herself or abstains from voting with respect to a
particular action taken by the Committee, then the Committee, with respect to
that action, shall be deemed to consist only of the members of the Committee
who have not recused themselves or abstained from voting.

 

2.18        “Plan Year” shall mean each calendar year
or, in respect of 2008, part calendar year, with the first partial plan year
beginning October 1, 2008.

 

2.19        “Stock Unit Account” shall mean a
memorandum account established on the books of the Company on behalf of a
Director, to which shall be credited a number of Stock Units pursuant to Section 4.1
of Article 4.

 

 

2.20        “Stock Unit Account Balance” shall have the
meaning set forth in Section 4.1 of Article 4.

 

2.21        “Stock Units” shall mean units credited to
a Director’s Stock Unit Account, with one Stock Unit having a value on any date
equal to the Fair Market Value of one share of Common Stock on such date.

 

2.22        “Termination” shall mean termination of a
Director’s service as a member of the Board for any reason, including by reason
of death or disability.

 

ARTICLE 3

Deferral Elections of Cash Compensation

 

3.1          Deferral Election.  Each
Director may elect to have the payment of all or any portion of his or her Cash
Compensation for a Plan Year deferred pursuant to the Plan.  Each Deferral Election shall be made on a
deferral election form attached hereto and shall specify (i) the Deferral
Amount and (ii) the Payment Method (as defined in Section 5.2).

 

3.2          Timing of Deferral Elections.  Deferral Elections in respect of Cash
Compensation otherwise payable to Directors in a Plan Year shall be timely if
made on or before December 31st of the preceding year (or, in
the case of 2008, on or before October 1, 2008); provided, however,
that with respect to new Directors, Deferral Elections in respect of Cash
Compensation subsequently payable in the Plan Year in which they become a
Director shall be timely if made within 15 days after becoming a Director.

 

3.3          Renewal of Payment Commencement and
Payment Method Elections. 
Once a Deferral Election (including designation of the portion of the
Director’s fees to be deferred, the Payment Commencement Date and the Payment
Method) has been made, it will be automatically applied to Director’s fees
earned in all subsequent calendar years unless the Director changes or revokes
such election prior to the commencement of such subsequent calendar year.  Each such change or revocation must be
submitted to the Secretary of the Company in writing.

 

3.4          Irrevocability.  Subject to Section 3.3 above, a Deferral
Election, once made, shall be irrevocable.

 

ARTICLE 4

Treatment of Deferral Amounts

 

4.1          Stock Unit Account.

 

(a)           Allocations.  In the event a Director elects to have all or
a portion of the Cash Compensation otherwise payable to the Director credited
to such Director’s Stock Unit Account, the number of Stock Units that will be
credited to the Director’s Stock Unit Account as of each Allocation Date shall
be equal to (A) the aggregate Cash Compensation with respect to which the
election has been made and that would otherwise have been paid in the calendar
quarter ending on the Allocation Date divided by (B) the Fair Market Value
of a share of 

 

 

Common Stock on the Allocation Date, in each case, converted into U.S.
Dollars based on the exchange rate at mid-day on the Allocation Date.

 

(b)           Dividends.  In the event of a dividend payable in stock
or an extraordinary cash dividend, credits (dividend equivalents) will be made
to each Director’s Stock Unit Account as follows:

 

(i)            in the case of an extraordinary cash
dividend, or a dividend of stock of the Company (other than Common Stock) or
other property, additional credits will be made to the Stock Unit Account
consisting of a number of Stock Units equal to the number determined by
dividing (A) the cash amount of such dividend per share (or the fair
market value, on the date of payment, of dividends per share paid in such stock
or other property), multiplied by the aggregate number of Stock Units credited
to such Stock Unit Account on the record date for the payment of such dividend
by (B) the Fair Market Value of a share of Common Stock on the date such
dividend is payable to holders;

 

(ii)           in the case of a dividend consisting
of Common Stock, the Stock Unit Account will be credited with a number of Stock
Units equal to the number of Stock Units in such account on the record date for
the payment of such dividend multiplied by the number of shares of Common Stock
paid per share of Common Stock in such dividend;

 

(iii)          The credits or dividend equivalents
made to each Director’s Stock Unit Account will not include amounts reflecting
regularly quarterly cash dividends.

 

(c)           In the event of any Change in
Capitalization, the Plan Administrator in good faith shall take such action as
it deems necessary to preserve the economic value of each Director’s Stock Unit
Account immediately prior to the Change in Capitalization to reflect the impact
of the Change in Capitalization on the Common Stock, including without
limitation the making of equitable adjustments to the number of Stock Units
credited to the Stock Unit Account and the number and kind of securities or
other property deemed to be represented by Stock Units held in the Stock Unit
Account.  For purposes of this Section 4.1(c),
“Change in Capitalization” shall mean any increase or reduction in the
number of shares of Common Stock, or any change in such shares or exchange of
such shares for a different number or kind of shares or other securities of the
Company or another corporation, by reason of a reclassification,
recapitalization, merger, consolidation, reorganization, spin-off, split-up,
issuance of warrants or rights or debentures, stock dividend, stock split or
reverse stock split, combination or exchange of shares, repurchase of shares,
change in corporate structure or otherwise. 
(The actual deferrals plus adjustments pursuant to Sections 4.1(b) and
4.1(c) are collectively referred to herein as the “Stock Unit Account
Balance”).

 

(d)           All fractional Stock Units to which a
Director is entitled shall be rounded to the nearest tenth of a share.

 

4.2          Vesting. 
A Director shall be fully (100%) vested in his or her Stock Unit Account
Balance at all times.

 

 

ARTICLE 5

Payment

 

5.1          Payment Upon End of Deferral Period.  With respect to any
Deferral Election, payment of a Director’s Stock Unit Account attributable to
such Deferral Election shall be made following the end of the applicable
Deferral Period at the time and in the manner set forth in this Article 5.

 

5.2          Payment
Method.  Payment
of amounts credited to a Director’s Stock Unit Account shall be made in
accordance with the Payment Method elected by the Director in the applicable
Deferral Election.  For purposes of this
Plan, “Payment Method” shall mean, with respect to payments of amounts
credited to a Director’s Stock Unit Account pursuant to a Deferral Election,
either (i) a lump sum payment on the 15th day of the calendar month
following the end of the applicable Deferral Period (or if such day is not a
business day, the next business day following such 15th day) or (ii) a
number of annual installments (not exceeding 5) specified by the Director in
his or her Deferral Election, with (x) the first installment to be paid on
the 15th day of the calendar month following the end of the applicable Deferral
Period and (y) installments subsequent to the first installment to be paid
on the 15th day of such calendar month of each succeeding calendar year (or, in
each of (x) and (y), if such day is not a business day, the next business
day following such 15th day). 
Deferred amounts held pending distribution shall continue to be subject
to adjustments, as provided in Sections 4.1(b),
and 4.1(c), respectively.

 

5.3          Amount of Payment.

 

(a)           Lump
Sum Payment.  If a Director elects a lump sum
payment with respect to a Deferral Election, such payment shall, at the sole
discretion of the Plan Administrator (subject to Section 8.1), consist of
either (i) cash equal to the Fair Market Value of that portion of the
Director’s Stock Unit Account Balance which is attributable to such Deferral
Election as of the day preceding distribution; or (ii) a number of shares
of Common Stock equal to the number of Stock Units allocated to that portion of
the Director’s Stock Unit Account which is attributable to such Deferral
Election as of the day preceding distribution.

 

(b)           Installment
Payments.  If a Director elects
annual installments with respect to a Deferral Election, each installment
payment shall at the sole discretion of the Plan Administrator (subject to Section 8.1),
consist of either (i) cash equal to the Fair Market Value of that portion of the Director’s
Stock Unit Account Balance which is attributable to such Deferral Election as
of the day preceding distribution or (ii) a number of shares of Common Stock equal to the
number of Stock Units allocated to that portion of the Director’s Stock Unit
Account which is attributable to such Deferral Election, such number of
Stock Units as of the day preceding the installment payment divided by the
number of remaining installments to be made (including the installment being
paid) as of the day preceding distribution.

 

5.4          Accelerated Payment in the
Event of Death.  Notwithstanding
any other provision of the Plan, in the event a Director dies prior to
receiving distribution of his or her entire Stock Unit Account, payments shall
be made to the Beneficiary or, if applicable, to the estate of the Director, in
accordance with the applicable Beneficiary Designation Form.  The Company shall pay to the Beneficiary or,
if applicable, to the estate of the Director within thirty 

 

 

(30) days following the Director’s date of death, at the sole discretion of the Plan
Administrator (subject to Section 8.1), either  (i) cash
equal to the Fair Market Value of that portion of the Director’s Stock Unit
Account Balance which is attributable to such Deferral Election as of the day
preceding distribution or (ii) a number of shares of Common Stock equal to
the number of Stock Units allocated to that portion of the Director’s Stock
Unit Account which is attributable to such Deferral Election as of the day
preceding distribution.

 

5.5          Acceleration Event.  Notwithstanding any other provision of the
Plan, upon an Acceleration Event, which constitutes a change in the ownership
or effective control of the Company or in the ownership of a substantial
portion of the assets of the Company under Section 409A of the Internal
Revenue Code of 1986, as amended, the Company shall pay to each Director within
thirty (30) days following the Acceleration Event, at the sole discretion of the Plan
Administrator (subject to Section 8.1), either  (i) cash
equal to the Fair Market Value of that portion of the Director’s Stock Unit
Account Balance which is attributable to such Deferral Election as of the day
preceding distribution or (ii) a number of shares of Common Stock equal to
the number of Stock Units allocated to that portion of the Director’s Stock
Unit Account which is attributable to such Deferral Election as of the day
preceding distribution.

 

5.6          Exception
for Section 16 of the Exchange Act. 
Notwithstanding any other provision of the
Plan, no payment shall be made pursuant to the Plan if such payment would
subject a Director to liability under Section 16 of the Exchange Act, and
any such payment shall be delayed until the first date on which such payment
may be made without subjecting the Director to such liability.

 

ARTICLE 6

Administration

 

6.1          General Powers and Responsibilities of Plan
Administrator  The Plan
Administrator shall have full authority to construe and interpret the terms and
provisions of the Plan, and to adopt, alter and repeal such administrative
rules, guidelines and practices governing the Plan and perform all acts as it
shall, from time to time, deem advisable, and otherwise to supervise the
administration of the Plan.  The Plan
Administrator may correct any defect, supply any omission or reconcile any
inconsistency in the Plan, or in any Deferral Election hereunder, in the manner
and to the extent it shall deem necessary to effectuate the Plan.  Any decision, interpretation or other action
made or taken in good faith by or at the direction of the Plan Administrator in
connection with the Plan shall be in the sole and absolute discretion of the
Plan Administrator and shall be final, binding and conclusive.  A Director shall not participate in any
decision involving a request made by him or her or relating in any way to his
or her rights, duties, and obligations as a participant in the Plan (unless
such decision relates to all Directors generally and in a similar manner).

 

6.2          Liability and Indemnification of Plan Administrator.  The Plan Administrator shall
not be liable for any action, failure to act, determination or interpretation
made in good faith with respect to this Plan or any transaction hereunder,
except for liability arising from his or her own willful misfeasance, gross
negligence or reckless disregard of his or her duties.  The Company hereby agrees to indemnify the
Plan Administrator for all costs and expenses and, to the extent permitted by
applicable law, any liability incurred in connection with 

 

 

defending against, responding to, negotiating for the settlement of or
otherwise dealing with any claim, cause of action or dispute of any kind
arising in connection with any actions in administering this Plan or in
authorizing or denying authorization to any transaction hereunder.

 

ARTICLE 7

Amendment or Termination of the Plan

 

The  Company, by
action of the Board, may amend, modify or terminate the Plan in whole or in
part at any time and for any reason without prior notice to or consent of any
Director; provided, however,
that no amendment, modification or termination of the Plan shall reduce a
Director’s Stock Unit Account Balance, or change a previously specified
Deferral Election as of the date of such amendment, modification or
termination.

 

ARTICLE 8

Miscellaneous

 

8.1          Shares
Subject to Plan.  Shares
of Common Stock distributed to Directors under this Plan shall be made from the
aggregate number of shares of Common Stock reserved for issuance under the
Virgin Media Inc. 2006 Stock Incentive Plan (or any successor plan thereto),
provided that the Committee has, prior to the date of distribution, made a
Share Award (as such term is defined in the 2006 Stock Incentive Plan) in
respect of such distribution.

 

8.2          Nonassignability.  Neither a Director
nor any other person shall have any right to commute, sell, assign, transfer,
pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate,
alienate or convey in advance of actual receipt, any amount payable under the
Plan.  All amounts payable under the
Plan, and all rights to such amounts, are expressly declared to be unassignable
and non-transferable.  In the case of a
Director’s death, payments due under this Plan shall be made in accordance with
Section 5.4.

 

8.3          Designation of Beneficiary.  Each Director at the time he or she completes
a Deferral Election shall designate a beneficiary (a “Beneficiary”) and
a contingent Beneficiary to whom benefits hereunder are to be paid if the
Director dies prior to receiving his or her entire Stock Unit Account Balances.
 A Director may change his or her
Beneficiary designations at any time by filing a revised Beneficiary
designation form with the Plan Administrator or such other individual or entity
designated by the Plan Administrator.  If
a Director fails to designate a Beneficiary as provided above, or if all
designated Beneficiaries predecease the Director, the Company shall pay the
Stock Unit Account Balances to the estate of the Director.

 

8.4          Incapacity.  In
the event benefits become payable under the Plan after a Director becomes
incapacitated, such benefits shall be paid to the Director’s legal guardian or
legal representative pursuant to the applicable provisions of Article 5.

 

8.5          No Right To Continued Service.  The terms and conditions of the Plan shall
not be deemed to establish, constitute or be evidence of a right of any
Director to remain in service as a member of the Board.

 

 

8.6          No Right of a Shareholder. 
Directors shall have none of the rights of
shareholders of the Company by reason of their participation in the Plan.

 

8.7          Tax Withholding.  The
Company or the Plan Administrator shall have the right to withhold from any
payment hereunder amounts sufficient to satisfy all foreign, Federal, state,
local, or other withholding tax requirements.

 

8.8          Expenses. 
The Company will bear all expenses incurred in administering this Plan
and no part thereof shall be charged against any Director’s Stock Unit Account
or any amounts distributable hereunder.

 

8.9          Unsecured General Creditor.  Directors shall have no legal or equitable
rights, interest or claims in any property or assets of the Company.  For purposes of the payment of benefits under
the Plan, any and all of the Company’s assets shall be, and remain, the
general, unpledged unrestricted assets of the Company.  The Company’s obligations under the Plan
shall be merely that of an unfunded and unsecured promise to pay money and
stock in the future.

 

8.10        Successors.  The
terms and conditions of the Plan and each Deferral Election shall inure to the
benefit of and bind the Company and the Directors, and their successors,
assigns, and personal representatives.

 

8.11        Governing Law.  The provisions of the Plan
shall be construed and interpreted according to the laws of the State of
Delaware without giving effect to conflict of laws principles thereof.

 

Adopted by the Board of Directors: 
September 9, 2008

 

 

VIRGIN MEDIA INC.
DEFERRED COMPENSATION PLAN

FOR NON-EMPLOYEE
DIRECTORS

 

DEFERRAL ELECTION
FORM

 

	
  Name (print)

  	
   

  	
   

  	
  Social Security Number

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Home Address

  	
   

  	
   

  	
  Today’s Date

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
								

 

In accordance with the
Virgin Media Inc. Deferred Compensation Plan for Directors, the undersigned
hereby elects, with respect to Cash Compensation to be paid in the         
Plan Year and each Plan Year until such election is revoked pursuant to Section 3.3
of the Plan, to (i) defer the percentage of Cash Compensation specified
herein and (ii) receive distributions of such deferred Cash Compensation
in the form specified herein. 
Capitalized terms used in this form shall have the same meaning as in
the Plan.

 

I.              DEFERRAL AMOUNT

 

I hereby elect to defer       %
of my Cash Compensation for the          
Plan Year and each Plan Year until such election is revoked pursuant to Section 3.3
of the Plan.  Cash Compensation includes
the annual retainer fees, committee fees, and meeting fees payable to a
Director in such Plan Year for services rendered in such Plan Years.  For the avoidance of doubt, “Cash
Compensation” shall not include (i) amounts paid for the reimbursement of
expenses, (ii) tax equivalents paid for the account of a Director, (iii) stock
options granted or to be granted by the Company to such Director or (iv) Common
Stock received or to be received by such Director pursuant to the exercise of
such options or otherwise.

 

II.            PAYMENT METHOD

 

The available payment
options are (i) a lump sum payment on the fifteenth (15) day of the
calendar month following the end of the applicable Deferral Period (or if such
day is not a business day, the next business day following such 15th
day) or (ii) a number of annual installments (not exceeding 5) with the
first installment to be paid on the fifteenth (15) day of the calendar month
following the end of the applicable Deferral Period and subsequent installments
to be paid on the anniversaries of the initial installment (or if such day is
not a business day, the next business day following such 15th
day).  At the discretion of the Plan
Administrator payments will be made in cash or Common Stock.

 

I elect that all of my
Cash Compensation deferred with respect to the applicable Plan Year (plus
earnings) will be distributed as follows (subject to provisions of the Plan
relating to payments in the event of death or upon an Acceleration Event of the
Company):

 

 

(choose one)                                                                           o  (A)   A
lump sum payment on the fifteenth (15) day of the calendar month following the
end of the applicable Deferral Period (or if such day is not a business day,
the next business day following such 15th day).

 

 o  (B)   Annual
installments for          years (please
specify a number from 2 through 5) commencing on the fifteenth (15) day of the
calendar month following the end of the applicable Deferral Period (or if such
day is not a business day, the next business day following such 15th
day).

 

 

	
   

  	
   

  
	
  Name:

  	
   

  

 

Please return this completed form to Sandy
Barnet by fax at 212 752-1157 or by c/o Virgin Media Inc., 909 Third Avenue, Suite 2863,
New York, NY 10022.

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