Exhibit 10.47
NTL INCORPORATED
RESTRICTED STOCK AGREEMENT
THIS AGREEMENT, made as of the 6th day of May,
2004 (the “Grant Date”), between NTL Incorporated, a
Delaware corporation (the “Company”), and Robert Gale
(the “Grantee”).
WHEREAS, the Company wishes to grant to the
Grantee, and the Grantee wishes to accept from the Company, shares
of common stock of the Company, par value $0.01 per share (the
“Restricted Stock”), to be granted under and subject to
the Amended and Restated NTL 2004 Stock Incentive Plan (the
“Plan”);
NOW, THEREFORE, the parties hereto agree as
follows:
1.
Grant of Stock .
The
Company hereby grants to the Grantee, and the Grantee hereby
accepts from the Company, 11,500 shares of Restricted Stock on the
terms and conditions set forth in this Agreement. This
Agreement is also subject to the terms and conditions set forth in
the Plan. Captialized terms used but not defined herein shall
have the meanings set forth in the Plan.
2.
Rights of Grantee .
Except as otherwise provided in this Agreement,
the Grantee shall be entitled, at all times on and after the Grant
Date, to exercise all the rights of a stockholder with respect to
the shares of Restricted Stock (whether or not the restrictions
thereon shall have lapsed), including the right to vote the shares
of Restricted Stock and the right, subject to Section 6
hereof, to receive dividends thereon. Notwithstanding the
foregoing, prior to an applicable Lapse Date (as defined below),
the Grantee shall not be entitled to transfer, sell, pledge,
hypothecate, assign, or otherwise dispose of or encumber, the
shares of Restricted Stock subject to such Lapse Date
(collectively, the “Transfer Restrictions”).
3.
Vesting and Lapse of Transfer Restrictions .
The
Transfer Restrictions on the Restricted Stock shall lapse and the
Restricted Stock granted hereunder shall vest as
follows:
(i)
as to 2,300 shares on the
Grant Date;
(ii)
as to an additional 2,300
shares on the first anniversary of the Grant Date;