Document:

Exhibit 10.47

 

META GROUP, INC.

 

2004 NON-EMPLOYEE DIRECTOR STOCK
OPTION PLAN

 

1.             Purpose.  This Non-Qualified Stock Option Plan, to be
known as the 2004 Non-Employee Director Stock Option Plan (hereinafter, this
“Plan”), is intended to promote the interests of META Group, Inc. (hereinafter,
the “Company”) by providing an inducement to obtain and retain the services of
qualified persons who are not employees or officers of the Company to serve as
members of its Board of Directors (the “Board”).

 

2.             Available Shares.  The total number of shares of Common Stock,
par value $0.01 per share, of the Company (the “Common Stock”) for which
options may be granted under this Plan shall not exceed 225,000 shares, subject
to adjustment in accordance with paragraph 10 of this Plan.  Shares subject to this Plan are authorized
but unissued shares or shares that were once issued and subsequently reacquired
by the Company.  If any options granted under
this Plan are surrendered before exercise or lapse without exercise, in whole
or in part, the shares reserved therefor shall continue to be available under
this Plan.

 

3.             Administration.  This Plan shall be administered by the Board
or by a committee appointed by the Board (the “Committee”).  In the event the Board fails to appoint or
refrains from appointing a Committee, the Board shall have all power and
authority to administer this Plan.  In
such event, the word “Committee” wherever used herein shall be deemed to mean
the Board.  The Committee shall, subject
to the provisions of the Plan, have the power to construe this Plan, to
determine all questions hereunder, and to adopt and amend such rules and
regulations for the administration of this Plan as it may deem desirable.  No member of the Board or the Committee
shall be liable for any action or determination made in good faith with respect
to this Plan or any option granted under it.

 

4.             Automatic Grant of
Options.  Subject to the
availability of shares under this Plan,

 

(a) each person who first becomes a member of the
Board after the effective date of an initial public offering of the Company’s
Common Stock and who is not an employee or officer of the Company (a
“Non-Employee Director”) shall be automatically granted on the date such person
becomes a member of the Board, without further action by the Board, an option
to purchase 15,000 shares of the Common Stock, and

 

(b) after the effective date of an initial public
offering of the Company’s Common Stock, each person who is a Non-Employee
Director on each successive one-year anniversary (during the term of this Plan)
of the date of such person’s first election to the Board shall be automatically
granted on each such date an option to purchase 7,500 shares of the Common
Stock.

 

 

The options to be granted under this paragraph 4 shall
be the only options ever to be granted at any time to such member under this
Plan.  Notwithstanding anything to the
contrary set forth herein, if this Plan is not approved by a majority of the
Company’s stockholders present, or represented, and voting on such matter at
the 2004 Annual Meeting of the Company’s Stockholders, then the Plan shall
terminate and become void, and no options shall be granted under this Plan.

 

5.             Option Price.  The purchase price of the stock covered by
an option granted pursuant to this Plan shall be 100% of the fair market value
of such shares on the day the option is granted.  The option price will be subject to adjustment in accordance with
the provisions of paragraph 10 of this Plan.  For purposes of this Plan, if, at the time an option is granted
under the Plan, the Company’s Common Stock is publicly traded, “fair market
value” shall be determined as of the date of such grant or, if such prices or
quotes discussed in this sentence are unavailable for such date, the last
business day for which the prices or quotes discussed in this sentence are
available prior to the date of grant and shall mean (i) the average (on
that date) of the high and low prices of the Common Stock on the principal
national securities exchange on which the Common Stock is traded, if the Common
Stock is then traded on a national securities exchange; or (ii) the last
reported sale price (on that date) of the Common Stock on the Nasdaq National
Market, if the Common Stock is not then traded on a national securities
exchange; or (iii) the closing bid price (or average of bid prices) last
quoted (on that date) by an established quotation service for over-the-counter
securities, if the Common Stock is not reported on the Nasdaq National Market.  If the Common Stock is not publicly traded
at the time an option is granted under the Plan, “fair market value” shall mean
the fair value of the Common Stock as determined by the Committee after taking
into consideration all factors which it deems appropriate, including, without
limitation, recent sale and offer prices of the Common Stock in private
transactions negotiated at arm’s length.

 

6.             Period of Option.  Unless sooner terminated in accordance with
the provisions of paragraph 8 of this Plan, an option granted hereunder shall
expire on the date which is ten (10) years after the date of grant of the
option.

 

7.             (a)           Vesting
of Shares and Non-Transferability of Options.  Options granted under this Plan shall not be exercisable until
they become vested.  Options granted
under this Plan shall vest in the optionee and thus become exercisable as
follows, provided that the optionee has continuously served as a member of the
Board through such vesting date:

 

(i)            For
options granted pursuant to Section 4(a) hereof:

 

2

 

	
  Percentage of Option

  Shares for which

  Option Will be Exercisable

  	
   

  	
  Date of
  Vesting

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  33 1/3%

  	
   

  	
  On the date of grant

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  66 2/3%

  	
   

  	
  One year from the date of grant

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  100%

  	
   

  	
  Two years from the date of grant

  	
   

  

 

 

(ii)           For
options granted pursuant to Section 4(b) hereof, all such options shall
vest in full on the one-year anniversary of the date of grant.

 

(iii)          The number of shares as to which options may
be exercised shall be cumulative, so that once the option shall become
exercisable as to any shares it shall continue to be exercisable as to said
shares, until expiration or termination of the option as provided in this Plan.

 

(b)           Non-transferability.  Options granted under the Plan may not be
sold, pledged, assigned, hypothecated, transferred or disposed of in any manner
other than (a) by will, (b) by the laws of descent or distribution, or (c) by
gift or pursuant to a domestic relations order to a family member of the
optionee to the extent permitted under the instructions to Form S-8.  The designation of a beneficiary by an
optionee does not constitute a transfer. 
An option may be exercised during the lifetime of an optionee only by
the optionee or a transferee permitted by this Section.

 

8.             Termination of
Option Rights.

 

(a)           Except
as otherwise specified in the agreement relating to an option, in the event an
optionee ceases to be a member of the Board for any reason other than death or
permanent disability, any then unexercised portion of options granted to such
optionee shall, to the extent not then vested, immediately terminate and become
void; any portion of an option which is then vested but has not been exercised
at the time the optionee so ceases to be a member of the Board may be exercised,
to the extent it is then vested, by the optionee within 90 days of the
date the optionee ceased to be a member of the Board; and all options shall
terminate after such 90 days have expired.

 

(b)           In
the event that an optionee ceases to be a member of the Board by reason of his
or her death or permanent disability, any option granted to such optionee shall
be immediately and automatically accelerated and become fully vested and all
unexercised options shall be exercisable by the optionee (or by the optionee’s
personal representative, heir or legatee, in the event of death) until the
scheduled expiration date of the option.

 

9.             Exercise of Option.  Subject to the terms and conditions of this
Plan and the option agreements, an option granted hereunder shall, to the
extent then exercisable, be

 

3

 

exercisable in whole or
in part by giving written notice (including electronic notice) to the Company
addressed to META Group, Inc., at its principal executive offices, or to an
authorized agent of the Company pursuant to such procedures as the Company and
such agent may from time to time prescribe, stating the number of shares with
respect to which the option is being exercised, accompanied by payment in full
for such shares.  Payment may be
(a) in United States dollars in cash or by check, (b) in whole or in
part in shares of the Common Stock of the Company already owned by the person
or persons exercising the option or shares subject to the option being
exercised (subject to such restrictions and guidelines as the Board may adopt
from time to time), valued at fair market value determined in accordance with
the provisions of paragraph 5 or (c) consistent with applicable law,
through the delivery of an assignment to the Company of a sufficient amount of
the proceeds from the sale of the Common Stock acquired upon exercise of the
option and an authorization to the broker or selling agent to pay that amount
to the Company, which sale shall be at the participant’s direction at the time
of exercise.  There shall be no such
exercise at any one time as to fewer than one hundred (100) shares or all
of the remaining shares then purchasable by the person or persons exercising
the option, if fewer than one hundred (100) shares.  The Company’s transfer agent shall, on
behalf of the Company, prepare a certificate or certificates representing such
shares acquired pursuant to exercise of the option, shall register the optionee
as the owner of such shares on the books of the Company and shall cause the
fully executed certificate(s) representing such shares to be delivered to the
optionee as soon as practicable after payment of the option price in full.  The holder of an option shall not have any
rights of a stockholder with respect to the shares covered by the option,
except to the extent that one or more certificates for such shares shall be
delivered to him or her upon the due exercise of the option.

 

10.          Adjustments Upon
Changes in Capitalization and Other Events.  Upon the occurrence of any of the following events, an optionee’s
rights with respect to options granted to him or her hereunder shall be
adjusted as hereinafter provided:

 

(a)           Stock Dividends and
Stock Splits.  If the shares of
Common Stock shall be subdivided or combined into a greater or smaller number
of shares or if the Company shall issue any shares of Common Stock as a stock
dividend on its outstanding Common Stock or engage in any similar transaction,
the number of shares of Common Stock remaining available for issuance under the
Plan, and the number of shares of Common Stock deliverable upon the exercise of
options (including as to outstanding options and as to options that have not
yet been granted hereunder) shall be appropriately increased or decreased
proportionately, and appropriate adjustments shall be made in the purchase
price per share to reflect such subdivision, combination or stock dividend.

 

(b)           Recapitalization
Adjustments.  If the Company is
to be consolidated with or acquired by another entity in a merger, sale of all
or substantially all of the Company’s assets or otherwise, each option granted
under this Plan which is outstanding but unvested as of the effective date of
such event shall become exercisable in full thirty (30) days prior to  the effective date of such event and,
unless adjusted so as to continue pursuant to the following sentence, shall
terminate to the extent unexercised upon such effective date.  In the event of a reorganization,
recapitalization, merger, consolidation, or any other change in the corporate

 

4

 

structure or shares of
the Company, adjustments in the number and kind of shares authorized by this
Plan and in the number and kind of shares covered by, and in the option price
of outstanding options under this Plan necessary to maintain the proportionate
interest of the optionee and preserve, without exceeding, the value of such
option, shall be made.

 

(c)           Issuances of
Securities.  Except as expressly
provided herein, no issuance by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, shall affect, and no
adjustment by reason thereof shall be made with respect to, the number or price
of shares subject to options.  No
adjustments shall be made for dividends paid in cash or in property other than
securities of the Company.

 

(d)           Adjustments.  Upon the happening of any of the foregoing
events, the class and aggregate number of shares set forth in paragraph 2
of this Plan that are subject to options which previously have been or
subsequently may be granted under this Plan shall also be appropriately
adjusted to reflect such events.  The
Board shall determine the specific adjustments to be made under this
paragraph 10 and its determination shall be conclusive.

 

11.          Restrictions on
Issuance of Shares. 
Notwithstanding the provisions of paragraphs 4 and 9 of this Plan,
the Company shall have no obligation to deliver any certificate or certificates
upon exercise of an option until one of the following conditions shall be
satisfied:

 

(a)           The
issuance of shares with respect to which the option has been exercised is at
the time of the issue of such shares effectively registered under applicable
Federal and state securities laws as now in force or hereafter amended; or

 

(b)           Counsel
for the Company shall have given an opinion that the issuance of such shares is
exempt from registration under Federal and state securities laws as now in
force or hereafter amended; and the Company has complied with all applicable
laws and regulations with respect thereto, including without limitation all
regulations required by any stock exchange upon which the Company’s outstanding
Common Stock is then listed.

 

12.          Legend on
Certificates.  The certificates
representing shares issued pursuant to the exercise of an option granted
hereunder shall carry such appropriate legend, and such written instructions
shall be given to the Company’s transfer agent, as may be deemed necessary or
advisable by counsel to the Company in order to comply with the requirements of
the Securities Act of 1933 or any state securities laws.

 

13.          Representation of
Optionee.  If requested by the
Company, the optionee shall deliver to the Company written representations and
warranties upon exercise of the option that are necessary to show compliance
with Federal and state securities laws, including representations and
warranties to the effect that a purchase of shares under the option is made for
investment and not with a view to their distribution (as that term is used in
the Securities Act of 1933).

 

5

 

14.           Option
Agreement.  Each option granted
under the provisions of this Plan shall be evidenced by an option agreement,
which agreement shall be duly executed and delivered on behalf of the Company
and by the optionee to whom such option is granted.  The option agreement shall contain such terms, provisions and
conditions not inconsistent with this Plan as may be determined by the officer
executing it.

 

15.          Termination and
Amendment of Plan.  Options may
no longer be granted under this Plan after the tenth anniversary of the date
the Plan is approved by the Company’s stockholders and this Plan shall
terminate when all options granted or to be granted hereunder are no longer
outstanding.  The Board may at any time
terminate this Plan or make such modification or amendment thereof as it deems
advisable, including (but subject in all events to Section 2 above) modify the
Plan so as to increase the number of shares subject to options granted
hereunder or to change the vesting schedule and other terms of options granted
hereunder; provided, however, that the Board may not, without
approval by the affirmative vote of the holders of a majority of the shares of
Common Stock present in person or by proxy and voting on such matter at a
meeting, (a) increase the total number of shares that may be issued under
the Plan (except by adjustment pursuant to paragraph 10); (b) except
as provided above in this Section 15 (which changes shall not be deemed to be a
material increase in benefits), materially increase the benefits accruing to
participants under the Plan; (c) materially modify the requirements as to
eligibility for participation in the Plan; (e) modify the provisions of Section 5
regarding the minimum prices at which shares must be purchased subject to
options (except by adjustment pursuant to paragraph 10); (f) extend
the expiration date of the Plan; (g) expand the types of awards that may be
granted under the Plan; or (i) take any other action for which stockholder
approval is mandated under the applicable laws (including, to the extent the
Company is subject to such, the rules or listing standards of any stock
exchange or the Nasdaq National Market). 
Termination or any modification or amendment of this Plan shall not,
without consent of a participant, affect his or her rights under an option
previously granted to him or her.

 

16.          Withholding of Income
Taxes.  Upon the exercise of an
option, the Company may require the optionee to pay withholding taxes in
respect of amounts considered to be compensation includable in the optionee’s
gross income.

 

17.          Governing Law.  The validity and construction of this Plan
and the instruments evidencing options shall be governed by the laws of the
State of Delaware, without giving effect to the principles of conflicts of law
thereof.

 

6Exhibit 10.1

 

ADELPHIA COMMUNICATIONS CORPORATION

KEY EMPLOYEE CONTINUITY PROGRAM

 

1.                                      APPLICABILITY

 

The Adelphia Communications Corporation Key Employee Continuity Program
(the “Program”) applies to those eligible employees of Adelphia Communications
Corporation, a Delaware corporation (the “Company”) and those of its affiliates
that are debtors and debtors in possession under chapter 11 of title 11 of the
United States Code whose cases (collectively, the “Chapter 11 Case”) are
jointly administered under case number 02-41729 (REG) (each, a “Debtor”, and
collectively, the “Debtors” or “Adelphia”), and who are selected to participate
in accordance with Section 3 of this Program.

 

2.                                      PURPOSE
AND EFFECTIVE DATE

 

(a)                                  The
purpose of this Program is to encourage “Participants” (as defined in
Section 3) to continue their employment with the Debtors during the period
of the Chapter 11 Case by establishing a program governing the circumstances
under which a Participant will be eligible to receive a stay bonus (the “Bonus”,
and collectively, the “Bonuses”) in connection with the Participant’s continued
employment through the “Payment Date” (as defined below).

 

(b)                                 The
Program is adopted and effective as of September 21, 2004 (the “Effective
Date”), in accordance with an order issued by the United States Bankruptcy
Court for the Southern District of New York (the “Bankruptcy Court”), such
court having jurisdiction over the Chapter 11 Case.

 

3.                                      ELIGIBILITY
AND AMOUNT OF BONUSES

 

Those employees of the Debtors who have received written notice from
the “Program Administrator” (as defined below) that they have been selected for
coverage under the Program shall be eligible to participate in the Program
(each a “Participant”).  Such notice
shall set forth the amount of each Participant’s Bonus and shall be distributed
as soon as practicable following the Effective Date.  The date of such notice shall be referred to
as the “Participation Date.”

 

4.                                      PAYMENT
OF BONUS

 

(a)                                  Subject
to Section 5 below, unless otherwise agreed between the Company and a
Participant, the Bonuses shall be payable in one lump sum payment, on the
payroll date immediately following the nine (9) month anniversary of the
Participation Date (the “Payment Date”); provided, the Participant is
employed by a Debtor (or such Debtor’s successor) on the Payment Date; and

 

(b)                                 Subject
to Section 5 below, any Bonus amounts that become payable following either
(i) the Emergence Date or (ii) a Change in Control, shall not be affected by
such event and shall remain payable in accordance with this Section 4 of
the Program.

 

 

5.                                      TERMINATION
OF EMPLOYMENT

 

(a)                                  Notwithstanding
anything contained herein to the contrary, in the event a Participant’s
employment is terminated for one of the following reasons: (i) at any time from
the Participation Date through the Payment Date, as a result of death or
“Disability” (as defined in the Company’s long term disability insurance plan),
(ii) at any time from the Participation Date through the Payment Date, by a
Debtor (or such Debtor’s successor in the event of a Change in Control) without
“Cause” (as defined below), or (iii) following a Change in Control but prior to
or on the Payment Date, by the Participant for “Good Reason” (as defined
below), such Participant (or his/her beneficiary in the event of death) shall
be entitled to receive his/her Bonus if the Chief Executive Officer of the
Company (“CEO”), in his sole discretion, determines that such Participant is
entitled to receive such amounts.

 

(b)                                 In
the event a Participant voluntarily terminates employment with a Debtor, or
his/her employment is terminated for any reason other than the reasons set
forth in Section 5(a) above, prior to the Payment Date, such Participant
shall be ineligible to receive his/her Bonus or any other benefit under this
Program.

 

(c)                                  Notwithstanding
anything contained herein to the contrary, a Participant may be required to
execute an agreement releasing any and all claims the Participant may have
against, among others, the Debtors or their current or former shareholders,
officers, employees or directors, each of the foregoing in their capacity as
such, (the “Release”) and any applicable revocation period set forth in the
Release must have expired, before he/she will receive payment of his/her Bonus.

 

(d)                                 Notwithstanding
anything contained herein to the contrary, the obligation of the Debtors to a
Participant to make any payments under this Program shall cease and the
Participant agrees to pay to the Debtors, upon written demand of the Company,
in a single cash, lump sum, the net after-tax amounts received under this
Program, if either of the following occur: (i) the Participant breaches any
restrictive covenant that he/she is bound to pursuant to any agreement with one
or more of the Debtors, or an employee benefit plan of one or more of the
Debtors, or (ii) the Participant discloses his/her status as a Participant in,
or right to receive a benefit under, this Program, or any of the terms and
conditions of the Program, unless legally required to disclose such information,
to any person other than his/her spouse and/or attorney, provided such spouse
and attorney shall also be bound by this confidentiality requirement.

 

6.                                       DEFINITIONS.  For purposes of this Program, the
following definitions shall apply:

 

(a)                                  “Bankruptcy
Plan” shall mean the plan or plans of reorganization involving the Company in
connection with its Chapter 11 Case.

 

(b)                                 “Board”
shall mean the board of directors of the Company.

 

(c)                                  “Cause”
shall have the meaning set forth in any employment agreement a Participant has
entered into with a Debtor; provided, however, that if a
Participant is not party to such an employment agreement, “Cause” shall mean:
(i) a Participant’s refusal or repeated failure to perform the duties assigned
to him or her; (ii) any act by the Participant that has the effect of injuring
the reputation or business of the Debtor for which the Participant is employed;

 

 

(iii) the conviction by the employee of a felony; (iv)
any violation by the Participant of the rules, regulations or policies of the
Debtor for which the Participant is employed; (v) theft by the Participant; or
(vi) commission by the Participant of an act of gross misconduct, fraud or
embezzlement.

 

(d)                                 “Change
in Control” shall mean the occurrence
of any of the following events, whether on, before or following the Emergence
Date, in each case pursuant to the terms of a definitive written agreement with
one or more of the Debtors entered into on or prior to the Emergence Date:

 

(i)                                     Consummation
of an acquisition on or after the Emergence Date by any individual, entity or
group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) (a “Person”))
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 50% or more of either (A) the then-outstanding shares of
common stock of the Company issued pursuant to the Bankruptcy Plan (the
“Outstanding Company Common Stock”) or (B) the combined voting power of the
then-outstanding voting securities of the Company issued pursuant to the
Bankruptcy Plan entitled to vote generally in the election of directors (the
“Outstanding Company Voting Securities”); or

 

(ii)                                  Consummation
of a merger, consolidation or similar corporate transaction involving the
Company or all or substantially all of its subsidiaries or a sale or other
disposition of all or substantially all of the consolidated assets of the
Company  or all or substantially all of its
subsidiaries  in one or more transactions (each,
a “Business Combination”); provided, however, a Business Combination shall not
constitute a Change in Control if all of the following conditions are met:  (A) the beneficial owners of the Outstanding
Company Stock and the Outstanding Company Voting Securities immediately prior
to such Business Combination beneficially own, directly or indirectly, more
than 50% of the then-outstanding shares of common stock and the combined voting
power of the then-outstanding voting securities entitled to vote generally in
the election of directors, as the case may be, of the corporation resulting
from such Business Combination (including, without limitation, a corporation
that, as a result of such transaction, owns the Company or all or substantially
all of the Company’s assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership
immediately prior to such Business Combination, (B) no Person (excluding any
corporation resulting from such Business Combination or any employee benefit
plan (or related trust) of the Company or such corporation resulting from such
Business Combination) beneficially owns, directly or indirectly, 20% or more of
the then-outstanding shares of common stock of the corporation resulting from such
Business Combination or the combined voting power of the then-outstanding
voting securities of such corporation, except to the extent that such ownership
existed prior to the Business Combination, and (C) at least a majority of the
members of the board of directors of the corporation resulting from such
Business Combination were members of the Board at the time of the execution of
the initial agreement or of the action of the Board providing for such Business
Combination; or

 

(iii)                               Consummation
of a sale or other disposition to a Person that is not an affiliate of the
Company of a “strategic cluster”, a specific division or business unit of the
Company or other Debtor for which a Participant primarily performs his/her
services that is not

 

 

described in clause (ii) of this Section 6(d);
provided, that “strategic
cluster” shall mean the cable systems operated by the Company or other Debtors
in the following geographic locations: (I) Northern New England/Eastern
New York, (II) Cleveland/Greater Ohio Valley, (III) Florida/Southeast, (IV)
California/Western, (V) Virginia/Maryland/Colorado Springs/Kentucky, (VI)
Pennsylvania, and (VII) Western New York/Connecticut; provided, further, that
no Change in Control shall be deemed to have occurred for purposes of this
Program unless the Participant eligible to receive a Bonus has primarily
performed his/her services for the strategic cluster, specific division or
business unit that was involved in such sale or other disposition, as
determined by the Program Administrator.

 

(e)                                  “Emergence
Date” shall mean the date on which the Bankruptcy Plan becomes effective in
accordance with its terms.

 

(f)                                    “Good
Reason” shall have the meaning set forth in any employment agreement a
Participant has entered into with a Debtor; provided, however,
that if a Participant is not party to such an employment agreement, “Good
Reason” shall mean the occurrence of any of the following events, without the
Participant’s express written consent:

 

(i)                                  there
is a material reduction in Participant’s base salary or target incentive bonus;

 

(ii)                               there
is a diminution of the Participant’s duties;

 

(iii)                            the
Participant is demoted or removed from the position held at the time such grant
was made; or,

 

(iv)                           the
Participant is relocated to a principal place of employment that is further
from his/her principal place of residence than the greater of (A) 50 miles or
(B) the distance between his/her principal place of residence and his/her
principal place of employment as of the Participation Date.

 

7.                                      GENERAL
PROVISIONS

 

(a)                                  Payments
under this Program shall not constitute wages and shall be paid by one or more
of the Debtors from the general assets of the Debtors; provided that no
director, officer, agent or employee of the Debtors shall be personally liable
in the event the Debtors are unable to make any payments under this Program due
to a lack of, or inability to access, funding or financing, legal prohibition
(including statutory or judicial limitations) or failure to obtain any required
consent.  Notwithstanding anything in
this Program to the contrary, any payments to be made hereunder shall only be
made as and to the extent the Debtors have adequate funding therefor.

 

(b)                                 Payments
under this Program are subject to Federal, state and local income tax withholding
and all other applicable Federal, state and local taxes.  The Debtors shall withhold, or cause to be
withheld, from any payments made hereunder all applicable Federal, state and
local withholding taxes and may require the employee to file any certificate or
other form in connection therewith.

 

 

(c)                                  Nothing
contained herein shall give any Participant the right to be retained in the
employment of any Debtor, or any successor, or affect the right of the Debtors
to dismiss any Participant at will.

 

(d)                                 This
Program is not a term or condition of any individual’s employment and no
Participant shall have any legal right to payments hereunder except to the
extent all conditions relating to the receipt of such payments have been
satisfied in accordance with the terms of this Program as set forth herein.

 

(e)                                  Nothing
contained herein shall give any Participant any right to any employee benefit
upon termination of employment with any Debtor, except as specifically provided
herein, required by law or provided by the terms of another employee benefit
plan document relating to the treatment of former employees generally.

 

(f)                                    No
person having a benefit under this Program may assign, transfer or in any other
way alienate the benefit, nor shall any benefit under this Program be subject
to garnishment, attachment, execution or levy of any kind.

 

(g)                                 Except
as determined by the Plan Administrator in its sole discretion and except with
respect to benefits provided under the Adelphia Communications Corporation Sale
Bonus Program, effective as of September 21, 2004, receipt of all benefits
under this Program by any Participant shall be (i) in lieu of all other
retention payments of any kind whatsoever due to such Participant under any
other plan or agreement of one or more of the Debtors, including, without
limitation, any benefits payable under any employment agreement between one or
more of the Debtors and the Participant that are specifically identified as a
retention or stay bonus, and (ii) deemed a waiver of a Participant’s rights
with respect to any and all such payments.

 

8.                                      ADMINISTRATION

 

(a)                                  The
Program shall be administered by the CEO. 
In the event the CEO’s employment with the Company terminates, the
Compensation Committee of the Board shall administer the Program.  The term “Program Administrator” shall refer
to the CEO, except as described in the preceding
sentence, in which case the “Program Administrator” shall refer to the
Compensation Committee of the Board or its designee (the “Compensation
Committee”).  For purposes hereof, the
CEO, subject to review and approval by the Compensation Committee, is
authorized to establish the Bonus amounts each Participant will have the
opportunity to earn hereunder, subject to any aggregate amounts available under
the Program.  The CEO may designate the
employees to be covered under the Program upon, and following, the Effective
Date.  In the event a Participant’s
employment has terminated, the CEO may add or substitute Participants to the
Program or reallocate the amount of the Bonus forfeited by a Participant whose
employment has terminated.

 

(b)                                 There
is no requirement that the amount of any award for any eligible employee be
uniform as to particular individuals or as to one or more classes of eligible
employees or Participants.

 

(c)                                  Subject
to the express provisions of this Program, the Program Administrator shall have
sole authority to interpret the Program (including any vague or

 

 

ambiguous provisions) and to make all other
determinations deemed necessary or advisable for the administration of the
Program.  In addition, the determination
of whether any conduct, action or failure to act on the part of any Participant
constitutes Cause, shall be made by the Program Administrator in its sole
discretion.  All determinations and
interpretations of the Program Administrator shall be final, binding and
conclusive as to all persons.

 

(d)                                 Neither
the Program Administrator nor any employee, officer, agent, or director of any
of the Debtors shall be personally liable by reason of any action taken with
respect to the Program for any mistake of judgment made in good faith, and one
or more of the Debtors shall indemnify and hold harmless each employee, officer
or director of the Debtors, including the Program Administrator, to whom any
duty or power relating to the administration or interpretation of the Program
may be allocated or delegated, against any reasonable cost or expense
(including counsel fees) or liability (including any sum paid in settlement of
a claim with the approval of the Board) arising out of any act or omission to
act in connection with the Program unless arising out of such person’s own
fraud, bad faith or gross negligence.

 

9.                                      APPLICABLE
LAW

 

This Program and all action taken under it shall be governed as to validity,
construction, interpretation and administration by the laws of the State of
Colorado and applicable Federal law.

 

10.                               AMENDMENT
OR TERMINATION

 

The Board may amend, suspend or terminate the Program or any portion
thereof at any time; provided, however, that unless the written consent of a
Participant is obtained, no such amendment or termination shall materially and
adversely affect the rights of such Participant.  During the pendency of the Chapter 11 Case,
no amendment or modification of the Program that materially increases the cost
of the Program to the Debtors shall be adopted without formal authorization
from the Board and thereafter, the Bankruptcy Court, upon notice.

 

IN WITNESS WHEREOF, the Company has caused the Program to be
implemented following Bankruptcy Court approval.

 

 

	
   

  	
  ADELPHIA COMMUNICATIONS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  

 

 

 

[Adelphia Logo]

	
  William T. Schleyer

  
	
  Chairman and CEO

  
	
   

  

Date

 

Dear
________________:

 

I am pleased
to advise you that the Board of Directors of Adelphia Communications
Corporation and the United States Bankruptcy Court for the Southern District of
New York have approved the implementation of the Adelphia Communications
Corporation Key Employee Continuity Program (the “Program”) and that you have
been selected for coverage under this Program. 
In accordance with the provisions of the Program, this letter will serve
as a written notice of your selection as a Participant.

 

The purpose of
the Program is to encourage you to continue your employment with Adelphia (as
defined in the Program) during the period of the Chapter 11 Case (as defined in
the Program).  By adoption of this
Program, Adelphia wishes to provide you with a bonus (the “Bonus”) if you
remain employed by Adelphia (or a successor) through ______, 2005.

 

Except in the
case of certain termination events provided in Section 5 of the Program, you
are eligible for a total Bonus under the Program equal to $________, provided
you are employed by Adelphia (or a successor) on _______, 2005.  Please carefully review the Program’s
provisions regarding termination of employment as set forth in Section 5(a) of
the Program.

 

Your
participation under the Program is contingent upon satisfactory performance and
you agreeing to be bound by the terms and conditions of the attached Program
document.  Please read this document
carefully, including the confidentiality provisions contained in Section
5(d).  If you wish to be covered by this
Program, please sign and date this letter and return it to Jerry Rybin at 5619
DTC Parkway, Greenwood Village, CO 80111, no later than ___________.

 

By signing
this letter, you acknowledge receipt of a copy of the Program and understand
and agree that your employment with Adelphia will continue to be “at-will,”
that either you or Adelphia may terminate your employment relationship with
Adelphia at any time, and that nothing in the Program is intended to imply or
create any guarantee of employment between you and Adelphia.

Sincerely,

	
   

  	
   

  	
   

  
	
   

  	
  William Schleyer

  	
   

  
	
   

  	
  Chairman and Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}]]