Document:

Exhibit 4.1

 

AMENDMENT
NO. 1 TO

 

FIRST
AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

 

OF

 

HILAND
PARTNERS, LP

 

This Amendment No. 1 (this “Amendment No. 1”) to the First
Amended and Restated Agreement of Limited Partnership (as amended, the “Partnership Agreement”) of Hiland
Partners, LP (the “Partnership”)
is hereby adopted by Hiland Partners GP, LLC, a Delaware limited liability
company (the “General Partner”),
as general partner of the Partnership. 
Capitalized terms used but not defined herein are used as defined in the
Partnership Agreement.

 

WHEREAS, the General Partner desires to amend
the Partnership Agreement to make certain adjustments to certain allocation
provisions and the definitions related thereto, which adjustments shall be
effective in accordance with Section 761(c) of the Code as of January 1,
2007; and

 

WHEREAS, acting
pursuant to the power and authority granted to it under Section 13.1(d) of
the Partnership Agreement, the General Partner has determined that the
following amendment to the Partnership Agreement does not require the approval of any
Limited Partner.

 

NOW THEREFORE, the General Partner does hereby amend
the Partnership Agreement as follows:

 

Section 1.               Amendment.

 

(a)           Section 1.1 is hereby amended to
add or amend and restate the following definitions:

 

(i)            “Disposed of Adjusted
Property” has the meaning assigned to such term in Section 6.1(d)(xii)(B).

 

(ii)           “Net Termination Gain”
means, for any taxable year, the sum, if positive, of all items of income,
gain, loss or deduction recognized by the Partnership (a) after the
Liquidation Date or (b) upon the sale, exchange or other disposition of
all or substantially all of the assets of the Partnership Group, taken as a
whole, in a single transaction or a series of related transactions (excluding
any disposition to a member of the Partnership Group).  The items included in the determination of
Net Termination Gain shall be determined in accordance with Section 5.5(b) and
shall not include any items of income, gain or loss specially allocated under Section 6.1(d).

 

(iii)          “Net Termination Loss”
means, for any taxable year, the sum, if negative, of all items of income,
gain, loss or deduction recognized by the Partnership (a) after the
Liquidation Date or (b) upon the sale, exchange or other 

 

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disposition of all or
substantially all of the assets of the Partnership Group, taken as a whole, in
a single transaction or a series of related transactions (excluding any
disposition to a member of the Partnership Group).  The items included in the determination of
Net Termination Loss shall be determined in accordance with Section 5.5(b) and
shall not include any items of income, gain or loss specially allocated under Section 6.1(d).

 

 (b)          Section 5.5(d) is
hereby amended and restated in its entirety as follows:

 

(i)            In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f),
on an issuance of additional Partnership Interests for cash or Contributed
Property, the issuance of Partnership Interests as consideration for the
provision of services or the conversion of the General Partner’s Combined
Interest to Common Units pursuant to Section 11.3(b), the Capital Accounts
of all Partners and the Carrying Value of each Partnership property immediately
prior to such issuance shall be adjusted upward or downward to reflect any
Unrealized Gain or Unrealized Loss attributable to such Partnership property,
as if such Unrealized Gain or Unrealized Loss had been recognized on an actual
sale of each such property for an amount equal to its fair market value
immediately prior to such issuance and had been allocated to the Partners at
such time pursuant to Section 6.1(c) in the same manner as any item
of gain or loss actually recognized following an event giving rise to the
dissolution of the Partnership would have been allocated. In determining such
Unrealized Gain or Unrealized Loss, the aggregate cash amount and fair market
value of all Partnership assets (including cash or cash equivalents) immediately
prior to the issuance of additional Partnership Interests shall be determined
by the General Partner using such method of valuation as it may adopt;
provided, however, that the General Partner, in arriving at such valuation,
must take fully into account the fair market value of the Partnership Interests
of all Partners at such time. The General Partner shall allocate such aggregate
value among the assets of the Partnership (in such manner as it determines) to
arrive at a fair market value for individual properties.

 

(ii)           In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f),
immediately prior to any actual or deemed distribution to a Partner of any
Partnership property (other than a distribution of cash that is not in
redemption or retirement of a Partnership Interest), the Capital Accounts of
all Partners and the Carrying Value of all Partnership property shall be
adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss
attributable to such Partnership property, as if such Unrealized Gain or
Unrealized Loss had been recognized on an actual sale of each such property
immediately prior to such distribution for an amount equal to its fair market
value, and had been allocated to the Partners, at such time, pursuant to Section 6.1(c) in
the same manner as any item of gain or loss actually recognized following an
event giving rise to the dissolution of the Partnership would have been
allocated. In determining such Unrealized Gain or Unrealized Loss the aggregate
cash amount and fair market value of all Partnership assets (including cash or
cash equivalents) immediately prior to a distribution shall (A) in the
case of an actual distribution 

 

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that is not made pursuant to
Section 12.4 or in the case of a deemed distribution, be determined and
allocated in the same manner as that provided in Section 5.5(d)(i) or
(B) in the case of a liquidating distribution pursuant to Section 12.4,
be determined and allocated by the Liquidator using such method of valuation as
it may adopt.

 

(c)           Section 6.1(d)(xii) is hereby
amended and restated in its entirety as follows:

 

Corrective and Other
Allocations.  In the
event of any allocation of Additional Book Basis Derivative Items or any
Book-Down Event or any recognition of a Net Termination Loss, the following rules shall
apply:

 

(A)          Except as provided in Section 6.1(d)(xii)(B), in the
case of any allocation of Additional Book Basis Derivative Items (other than an
allocation of Unrealized Gain or Unrealized Loss under Section 5.5(d) hereof)
with respect to any Partnership property, the General Partner shall allocate
such Additional Book Basis Derivative Items (1) to (aa) the holders of
Incentive Distribution Rights and (bb) the General Partner in the same manner
that the Unrealized Gain or Unrealized Loss attributable to such property is
allocated pursuant to Section 5.5(d)(i) or Section 5.5(d)(ii) and
(2) to all Unitholders, Pro Rata, to the extent that the Unrealized Gain
or Unrealized Loss attributable to such property is allocated to any
Unitholders pursuant to Section 5.5(d)(i) or Section 5.5(d)(ii).

 

(B)           In the case of any allocation of Additional Book Basis
Derivative Items (other than an allocation of Unrealized Gain or Unrealized
Loss under Section 5.5(d) hereof or an allocation of Net Termination
Gain or Net Termination Loss pursuant to Section 6.1(c) hereof) as a
result of a sale or other taxable disposition of any Partnership asset that is
an Adjusted Property (“Disposed of Adjusted
Property”), the General Partner shall allocate (1) additional
items of income and gain (aa) away from the holders of Incentive Distribution
Rights and the General Partner and (bb) to the Unitholders, or (2) additional
items of deduction and loss (aa) away from the Unitholders and (bb) to the
holders of Incentive Distribution Rights and the General Partner, to the extent
that the Additional Book Basis Derivative Items allocated to the Unitholders
exceed their Share of Additional Book Basis Derivative Items with respect to
such Disposed of Adjusted Property. For this purpose, the Unitholders shall be
treated as being allocated Additional Book Basis Derivative Items to the extent
that such Additional Book Basis Derivative Items have reduced the amount of
income that would otherwise have been allocated to the Unitholders under this
Agreement (e.g., Additional Book Basis Derivative Items taken into account in
computing cost of goods sold would reduce the amount of book income otherwise
available for allocation among the Partners). Any allocation made pursuant to
this Section 6.1(d)(xii)(B) shall be made after all of the other
Agreed 

 

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Allocations
have been made as if this Section 6.1(d)(xii) were not in this Agreement
and, to the extent necessary, shall require the reallocation of items that have
been allocated pursuant to such other Agreed Allocations.

 

(C)           In the case of any negative adjustments to the Capital
Accounts of the Partners resulting from a Book-Down Event or from the
recognition of a Net Termination Loss, such negative adjustment (1) shall
first be allocated, to the extent of the Aggregate Remaining Net Positive
Adjustments, in such a manner, as determined by the General Partner, that to
the extent possible the aggregate Capital Accounts of the Partners will equal
the amount that would have been the Capital Account balance of the Partners if
no prior Book-Up Events had occurred, and (2) any negative adjustment in
excess of the Aggregate Remaining Net Positive Adjustments shall be allocated
pursuant to Section 6.1(c) hereof.

 

(D)          In making the allocations required under this Section 6.1(d)(xii),
the General Partner may apply whatever conventions or other methodology it
determines will satisfy the purpose of this Section 6.1(d)(xii).

 

Section 2.               General Authority. 
The appropriate officers of the General Partner are hereby authorized to
make such further clarifying and conforming changes to the Partnership
Agreement as they deem necessary or appropriate, and to interpret the
Partnership Agreement, to give effect to the intent and purpose of this
Amendment No. 1.

 

Section 3.               Ratification of Partnership Agreement. 
Except as expressly modified and amended herein, all of the terms and
conditions of the Partnership Agreement shall remain in full force and effect.

 

Section 4.               Governing Law. 
This Amendment No. 1 will be governed by and construed in
accordance with the laws of the State of Delaware.

 

IN WITNESS WHEREOF, the General Partner has executed this
Amendment No. 1 as of April 15, 2008.

 

	
   

  	
  GENERAL PARTNER:

  
	
   

  	
   

  
	
   

  	
  HILAND PARTNERS GP, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph L. Griffin

  
	
   

  	
  Name:

  	
  Joseph L. Griffin

  
	
   

  	
  Title:

  	
  Chief Executive Officer
  and President

  
				

 

4Exhibit 10.1

 

VIRGIN
MEDIA INC.

 

FORM OF RESTRICTED
STOCK UNIT AGREEMENT

 

THIS
AGREEMENT (this “Agreement”) is made and entered into as of [DATE] (“Grant Date”)
by and between Virgin Media Inc., a Delaware Company (the “Company”), and [NAME] (the “Employee”).

 

1.             Grant of
Restricted Stock Units. 
Subject to and upon the terms, conditions, and restrictions set forth in
this Agreement and in the Virgin Media Inc. 2006 Stock Incentive Plan (the “Plan”),
the Company hereby grants to the Employee a maximum of [NUMBER] Restricted Stock Units. 
Unless the context otherwise requires, terms used but not defined herein
shall have the same meaning as in the Plan.

 

2.             Vesting
of Restricted Stock Units.

 

(a)            Vesting Schedule.  Except as otherwise provided in this Agreement,
a number of Restricted Stock Units shall become non-forfeitable if and only if (i) the
Performance Condition set out in Exhibit A has been met and (ii) the
Employee has remained in the continuous employ of the Company from the Grant
Date through the date on which the Restricted Stock Units are settled pursuant
to Section 4 hereof.  The number of
Restricted Stock Units that shall become non-forfeitable shall be calculated in
accordance with the formula set forth in Exhibit A.

 

(b)           No Accelerated Vesting.  Notwithstanding Section 7(b)(2) of
the Plan, the Restricted Stock Units shall not vest or become non-forfeitable
upon the occurrence of an Acceleration Event.

 

(c)            Continuous Employment.  For purposes of this Agreement, the
continuous employment of the Employee with the Company shall include employment
with a Subsidiary Company, Parent Company or Affiliated Entity, and shall not
be deemed to have been interrupted, and the Employee shall not be deemed to
have ceased to be an employee of the Company by reason of the transfer of the
Employee’s employment among the Company, a Subsidiary Company, Parent Company
or Affiliated Entity.

 

3.             Forfeiture
of Restricted Stock Units.

 

(a)            Any Restricted Stock Units that have
not theretofore become non-forfeitable shall be forfeited if the Employee
ceases to be continuously employed by the Company prior to the date on which
the Restricted Stock Units are settled pursuant to Section 4 hereof.  In the event of a forfeiture, forfeited
Restricted Stock Units shall cease to be outstanding and the Employee shall
cease to have right, title or interest in, to or on account of the forfeited
Restricted Stock Units or any underlying shares of Common Stock.

 

(b)           For the purposes of this Agreement,
where the Employee ceases to hold an office or employment with the Company
because his employment is terminated by his employer without notice or where he
terminates his employment with or without notice, his employment shall be
deemed to cease on the date on which the termination takes effect or, if
earlier, the date of giving notice. If the Employee’s employment is terminated
by his employer with notice his employment shall be deemed to cease on the date
when such notice expires.

 

4.             Settlement
of Restricted Stock Units. 
Upon Restricted Stock Units becoming non-forfeitable in accordance with Section 2
of this Agreement, each such Restricted Stock Unit shall entitle the Employee
to, in the discretion of the Committee, one share of Common Stock or an amount
of cash equal to the Fair Market Value of one share of Common Stock determined
as of the date on which such Restricted Stock Units become
non-forfeitable.  Settlement of the
Restricted Stock Units shall occur on the “Prescribed Date” as nominated by the
Committee. The Prescribed Date shall be a date on or after the date on which
the Company’s annual audited financial statements for the year ending December 31,
2010 are filed with the SEC but shall not, in any event, be a date later than April 30,
2011.  In determining the Prescribed
Date, the Committee shall take into account closed trading periods for the
Common Stock and the Company’s Insider Trading Policy.  If settlement is made in the form of shares
of Common Stock, such shares shall be evidenced by book entry registration or
by a certificate registered in the name of the Employee.

 

5.             Dividend,
Voting and Other Rights. 
The Employee shall have none of the rights of a shareholder with respect
to any shares of Common Stock underlying the Restricted Stock Units, including
the right to vote such shares and receive any dividends that may be paid
thereon until such time, if any, that shares of Common Stock are delivered to
the Employee in settlement thereof; provided, that, upon the occurrence
of an event set forth in Section 9 of the Plan, the Restricted Stock Units
shall be subject to adjustment pursuant to Section 9 of the Plan.

 

 

 

6.             No Special Employment Rights.  Nothing contained in the Plan or this
Agreement shall be construed or deemed by any person under any circumstances to
obligate the Company to continue the employment of the Employee for any period.

 

7.             Withholding.  It shall be a condition to the vesting of any
Restricted Stock Units, the payment of cash hereunder, or the issuance of
shares of Common Stock hereunder, as the case may be, that the Employee shall
pay, or make provisions for payment of, all income, employment or other tax (or
similar) and social security (or similar) withholding requirements in a manner
that is satisfactory to the Company for the payment thereof.

 

8.             Miscellaneous.

 

(a)           Except as otherwise expressly provided herein, this
Agreement may not be amended or otherwise modified in a manner that adversely
affects the rights of the Employee, unless evidenced in writing and signed by
the Company and the Employee.

 

(b)           All notices under this Agreement
shall be delivered by hand, sent by commercial overnight courier service or
sent by registered or certified mail, return receipt requested, and first-class
postage prepaid, to the Employee at the address on file with the Company’s
Payroll Department and to the Company at 909 Third Avenue, Suite 2863, New
York, NY 10022, or at such other address as may be designated in a notice by
either party to the other.

 

(c)           The Company shall not be obligated to
issue any shares of Common Stock or other securities pursuant to this Agreement
if the issuance thereof would result in a violation of any applicable federal
and state securities laws.

 

(d)           Any amendment to the Plan shall be
deemed to be an amendment to this Agreement to the extent that the amendment is
applicable hereto; provided, however, that no amendment shall
adversely affect the rights of the Employee under this Agreement without the
Employee’s consent, except to the extent necessary to comply with applicable
law.

 

(e)           This Agreement is subject to the
terms and conditions of the Plan.  In the
event of any inconsistency between the provisions of this Agreement and the
Plan, the Plan shall govern.  The
Committee, acting pursuant to the Plan, as constituted from time to time, shall,
except as expressly provided otherwise herein, have the right to determine any
questions that arise in connection with this Agreement.

 

(f)            Each provision of this Agreement
shall be considered separable.  The
invalidity or unenforceability of any provision shall not affect the other
provisions, and this Agreement shall be construed in all respects as if such
invalid or unenforceable provision was omitted.

 

(g)           This Agreement shall be governed by
and construed in accordance with the laws of the State of Delaware.

 

(h)           The failure of the Company or the
Employee to insist upon strict performance of any provision hereunder,
irrespective of the length of time for which such failure continues, shall not
be deemed a waiver of such party’s right to demand strict performance at any
time in the future.  No consent or
waiver, express or implied, to or of any breach or default in the performance
of any obligation or provision hereunder shall constitute a consent or waiver
to or of any other breach or default in the performance of the same or any
other obligation hereunder.

 

(i)            This Agreement is a matter entirely
separate from any pension right or entitlement that the Employee may have and
from his or her terms and conditions of employment, and, in particular (but without
limiting the generality of the foregoing), if the Employee leaves the
employment of the Company and any Parent Company, Subsidiary Company or
Affiliated Entity or otherwise ceases to be an employee thereof, he or she
shall not be entitled to any compensation for any loss of any right or benefit
or prospective right or benefit under this Agreement which he or she might
otherwise have enjoyed whether such compensation is claimed by way of damages
for wrongful dismissal or other breach of contract or by way of compensation
for loss of office or otherwise howsoever.

 

(j)            No term in this Agreement is
enforceable under the Contract (Rights of Third Parties) Act 1999, but this
does not affect any rights or remedy of a third party which exists or is
available apart from such Act.

 

 

 

IN WITNESS WHEREOF, the parties to the Agreement have
duly executed and delivered this Agreement as of the date first written above.

 

 

	
   

  	
  VIRGIN MEDIA INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:  
  

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
  ACCEPTED
  AND AGREED

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

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