TIME WARNER CABLE LETTERHEAD
Exhibit 10.40
TIME WARNER CABLE LETTERHEAD
Confidential
November 8, 2005
Xxxx U.J. Xxxxxxxx
Time Xxxxxx Cable
000 Xxxxxx Xxxxx
Xxxxxxxx. CT 06902
Time Xxxxxx Cable
000 Xxxxxx Xxxxx
Xxxxxxxx. CT 06902
Dear Xxxx:
In accordance with the provisions of Section 1 of the Amended and Restated Employment and
Termination Agreement (the “Agreement”) dated as of June 1, 2000, between you and Time Warner Cable
(the “Company”), notice is hereby given to you of the Company’s determination to extend the term of
the Agreement for an additional year.
Please indicate your acceptance of the foregoing extension of the Agreement by signing the enclosed
copy of this letter and returning it to the Company by December 15th. Pursuant to Section 1 of the
Agreement, failure to do so will be deemed an election by you to terminate your employment without
cause pursuant to Section 5(a) of the Agreement.
Very truly yours,
TIME WARNER ENTERTAINMENT COMPANY, L.P., a
subsidiary of TIME WARNER CABLE INC.
subsidiary of TIME WARNER CABLE INC.
By:
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/s/ Xxxx Xxxxxxxx-Xxxxxxxxx
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| Executive Vice President | ||||
| General Counsel & Secretary |
Accepted:
/s/ Xxxx X.X. Xxxxxxxx
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11/10/05 |
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Date |
Amended and Restated Employment and Termination Agreement dated as of June 1, 2000, between
Time Warner Cable, a division of Time Warner Entertainment Company, L.P., a Delaware limited
partnership (the “Company”), and the employee whose name appears on the last page hereof (the
“Employee”). Employee and the Company (or its predecessor) previously entered into the original
Employment and Termination Agreement dated as of June 29, 1989 (as amended from time to time, the
“Original Agreement”).
The Company and Employee hereby agree to amend and restate the Original Agreement in its
entirety, and to continue Employee’s employment with the Company, on the following terms and
conditions:
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prior to any such December 20th, Employee shall be deemed to have given written notice of
termination without cause as provided in Section 5(a); such termination shall be effective 90 days
after such December 20th and the provisions of Section 5(a) shall govern as to the terms of such
termination. Except as provided in this Section 1 and Sections 5, 6 or 7, Employee’s employment
under this Agreement may not be terminated. Sections 8 through 23 and 25 through 32 shall survive
any termination of Employee’s employment under this Agreement.
Employee shall perform such duties on a full time basis (subject to the Company’s written
policies on vacations, illness, government service, sabbaticals, etc. applicable to employees at
Employee’s level); provided, however, that Employee shall not be precluded from
devoting such time to personal affairs as shall not interfere with the performance of his or her
duties hereunder. In performing his or her duties hereunder, Employee shall comply with the
Company’s and Time Warner Inc.’s (“TWI”) written policies on conflict of interest, service as a
director of another company and other policies and procedures of the Company and TWI, including as
described in TWI’s Statement of Corporate Policy and Compliance Program Manual, as may be amended
or revised from time to time, copies of which, as currently in effect, Employee acknowledges having
received. References in this Agreement to employees at Employee’s level shall mean members of the
Executive Group (defined as individuals with an
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assigned executive compensation level with eligibility for the Long Term Cash Plan and Tier I
Level Stock Options, or such other substitute plans as the Company may designate from time to
time).
The Company shall evaluate the performance of Employee at least annually in accordance with
the Company’s personnel evaluation practices, as may be in effect from time to time, and shall
determine, in its sole discretion, but subject to Section 5 and the second sentence of this Section
3, the amount of any annual salary increase, the amount of any Annual Bonus, whether to increase
the target percentage of Employee’s Annual Bonus, and the extent of Employee’s participation, if
any, in the Incentive Plans.
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The Company shall pay or reimburse Employee, in accordance with Company policies applicable to
employees at Employee’s level, for all travel, entertainment and other business expenses actually
incurred or paid by Employee (while an active employee) in the performance of his or her duties
hereunder, if properly substantiated and submitted.
(a) General. Except as provided in Sections 1 or 5(b) or by reason of Employee’s
retirement under the terms of Section 5(c) or of any retirement plan in which employees of the
Company are generally eligible to participate, Employee may not terminate his or her employment
under this Agreement except upon 90 days prior written notice and only if notice of termination has
not previously been given under any other Section hereof. Upon the effectiveness of such
termination, Employee’s employment with the Company will terminate and Employee shall be entitled
to receive (i) any earned and unpaid portion of annual salary accrued through the date of such
termination, and (ii) subject to the terms thereof, all benefits which may be due to Employee under
the provisions of any Benefit Plan and Incentive Plan. Employee hereby disclaims any right to
receive a pro rata portion of his or her Annual Bonus with respect to the year in which such
termination occurs.
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(i) Provided that notice of termination has not previously been given under any other Section
hereof, Employee shall have the right to terminate his or her employment with the Company under
this Agreement for cause upon 30 days prior written notice delivered to the Company at any time
within 180 days after Employee has actual knowledge of the occurrence of any of the following
events, but only if any such event occurs within three years following a Change in Control,
indicating in such notice which event has occurred:
A. A change in the location of Employee’s office or (if the Employee’s work is located at the
Company’s principal executive offices) of the Company’s principal executive offices, to a place
which is more than 50 miles from the location of Employee’s office or the location of the Company’s
principal executive offices, immediately prior to the occurrence of a Change in Control;
B. A material reduction in Employee’s decision-making, budgetary, operating, staff and other
responsibilities, taken as a whole, from such responsibilities immediately prior to the occurrence
of a Change in Control, or a change in the person or persons to whom Employee reported immediately
prior to the occurrence of a Change in Control, to a person or persons of lesser rank, title or
responsibility;
C. A reduction in the aggregate cash compensation (consisting of annual salary and Annual
Bonus) paid or to be paid to Employee by the Company in respect of any calendar year to an amount
which is more than 10% below the highest such aggregate cash compensation paid to Employee by the
Company with respect to any preceding calendar year;
D. A reduction in the aggregate benefits granted to Employee under the Benefit Plans and
Incentive Plans in any calendar year such that the aggregate value
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thereof to Employee is reduced by more than 10% from the highest value of the benefits granted
to Employee (determined on a consistent basis) for any calendar year after 1987;
E. Any failure by the Company to obtain the express written assumption of the Agreement by
agreement of any successor of the Company of any assignee of all or substantially all of its assets
at or prior to such succession or assignment (such assumption not relieving the Company of any
liability hereunder); or
F. Any material breach of this Agreement by the Company.
(ii) Upon the expiration of the 30-day notice period provided in Section 5(b)(i), Employee’s
employment shall be terminated and Employee shall be relieved of his or her management position
with the Company and his or her duties hereunder. Upon Employee’s termination of employment with
the Company under this Section 5(b), Employee shall receive:
(t) subject to the terms thereof, all benefits which may be due to Employee under the
provisions of any Benefit Plan and Incentive Plan;
(u) a lump sum severance payment within 30 days following the effective date of such
termination in an amount equal to three times the sum of (1) Employee’s annual salary (including
for this purpose any deferred salary, if such a program has been offered by the Company) at the
rate in effect as of Employee’s termination of employment or immediately prior to the Change in
Control, whichever is greater, plus (2) the greater of (xx) the average of the two most recent
Annual Bonuses received by Employee immediately prior to Employee’s termination of employment or
immediately prior to the Change in Control, whichever is greater, and (yy) Employee’s then
applicable Target Bonus amount or the
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Employee’s applicable Target Bonus amount in effect immediately prior to the Change in
Control, whichever is greater;
(v) in addition to any retirement benefits to which Employee is entitled under any defined
benefit pension plan, any supplemental retirement or excess benefit plan maintained by the Company,
TWI or any of their respective subsidiaries or any successor plans thereto (hereinafter
collectively referred to as the “Pension Plans”), a lump sum severance payment within 30 days
following Employee’s termination of employment, in an amount equal to the excess of (1) over (2),
where (1) equals the aggregate retirement pension to which Employee would have been entitled under
the terms of the Pension Plans (without regard to any amendment to the Pension Plans made
subsequent to the Change in Control and on or prior to Employee’s date of termination of
employment, which amendment adversely affects in any manner the computation of retirement benefits
thereunder), determined (A) as if Employee were fully vested thereunder, (B) as if Employee had
continued to be employed by the Company (after any termination pursuant to this Section 5) for such
additional period of time (the “Pension Period”), not exceeding three years, which would provide
the maximum payment to Employee under this subparagraph (v) but in no event shall Employee be
deemed to have continued to be employed by the Company after his or her normal retirement age as
defined in the Time Warner Cable Pension Plan, (C) as if Employee had accumulated compensation
during the Pension Period in an amount equal to the amount computed in Section 5(b)(ii)(u) and as
if such compensation was paid to Employee at the time each such amount would have been paid had
Employee remained an employee of the Company (as limited by Section 401(a)(17) of the Internal
Revenue Code of 1986, as amended (the Code”)) and (D) by taking into account any early retirement
subsidies associated therewith and Employee’s actual age at the expiration of the
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Pension Period and based on the assumptions provided in the Time Warner Cable Pension Plan for
purposes of calculating alternative forms of benefits, as a lump sum payment commencing at age 65
or any earlier date, but in no event earlier than the expiration of the Pension Period, whichever
lump sum value is greatest; and where (2) equals the aggregate vested retirement pension (taking
into account any early retirement subsidies associated therewith and determined, based on the
assumptions provided in the Time Warner Cable Pension Plan for purposes of calculating alternative
forms of benefits as a lump sum benefit commencing at age 65 or any earlier date, but in no event
earlier than the date of Employee’s termination of employment, whichever lump sum value is
greatest) to which Employee is then entitled pursuant to the provisions of the Pension Plans;
(w) in addition to any benefits to which Employee is then entitled under any defined
contribution employee benefit plan maintained by the Company, TWI or any of their respective
subsidiaries or any successor plan thereto (the “Savings Plan”), a lump sum payment within 30 days
following Employee’s termination in an amount equal to three times Employee’s eligible compensation
(as defined below) times (1) the employer’s rate of contribution as a percentage of eligible
compensation to Employee’s accounts under the Savings Plan and any employer matching contribution
as a percentage of eligible compensation to Employee’s account under the Savings Plan, in each
case, for the calendar year immediately prior to Employee’s termination of employment or the
calendar year immediately prior to the Change in Control, whichever is greater, with Employee’s
eligible compensation defined as the lump sum severance payment in Section 5(b)(ii)(u) above
divided by three but subject to the limitations set forth in the definition of Compensation in each
Savings Plan, respectively, for each calendar year, or (2) if Employee was not eligible to
participate in the Savings Plan during
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the calendar year immediately prior to Employee’s termination of employment and the calendar
year immediately prior to the Change in Control on account of Employee’s failure to satisfy the
minimum age and/or service requirements, if any, for participation in the Savings Plan, the amount
which would have been contributed as employer contributions to Employee’s account under the Savings
Plan, had Employee been eligible to so participate, and had Employee participated at the highest
contribution rate permissible under the terms of the Savings Plan for the calendar year immediately
prior to Employee’s termination of employment or the calendar year immediately prior to the Change
in Control, whichever calendar year yields the greater contribution with Employee’s compensation
defined as the lump sum severance payment in Section 5(b)(ii)(u) above divided by three, but
subject to the limitation set forth in the definition of Compensation in each Savings Plan,
respectively, for each calendar year (the total cash payments payable to Employee under these
Sections 5(b)(ii)(u), (v) and (w) are hereinafter referred to as the “Severance Payment”);
(x) for a period of three years beginning with Employee’s termination of employment, continued
eligibility and enrollment (including family coverage, if any), without a premium charge therefore,
in hospital, medical and dental insurance plans providing substantially equivalent benefit coverage
to those plans in which Employee was enrolled immediately prior to the Change in Control unless
waived in writing by Employee (or, in the event such coverage cannot be provided, substantially
similar benefits); provided, however, that benefits otherwise receivable by
Employee pursuant to this Section 5(b)(ii)(x) shall be reduced to the extent comparable benefits
are actually received by Employee from a subsequent employer during the three-year period following
Employee’s termination of
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employment, which comparable benefits actually received by Employee shall be reported by the
Employee to the Company upon the Company’s request;
(y) for a period beginning with Employee’s termination of employment under this Section 5(b)
(or any other Section hereof expressly referencing this provision) and ending on the earlier to
occur of (1) the expiration of one year or (2) his or her commencement of full-time employment with
a subsequent employer, the Company shall provide to Employee, without charge to Employee, the use
of reasonable office space and reasonable office facilities as designated by the Company, together
with reasonable secretarial services in each case appropriate to an employee of Employee’s position
and responsibilities prior to such termination of employment; and
(z) reimbursement of fees and expenses incurred for financial and tax counseling services
selected by Employee; provided that such reimbursement shall not exceed $10,000.
(c) Retirement Option. Provided that, at the time of election, the Employee (x) is
actively employed by the Company, (y) has reached the age of 55, and (z) has been employed by the
Company as member of the Executive Group for at least five years the Employee may elect, by
providing written notice to the Company in the form attached hereto as Exhibit B, the Retirement
Option, as outlined below:
(i) Within 15 days of the Employee’s exercise of the Retirement Option, the Company and the
Employee will attempt to agree upon the length a “Transition Period” of between six and 12 months.
The Transition Period shall commence as of the date of Employee’s written notice to the Company of
Retirement Option.
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A. If the parties are unable, within the 15-day period, to agree on the length of the
Transition Period, then the Transition Period shall be for six months.
B. During the Transition Period, the Employee will remain actively employed, at Employee’s
then-current rate of compensation, and, in addition to Employee’s other regular functions and
responsibilities, will assist the Company in identifying, recruiting, and training the Employee’s
replacement. The Employee will continue to be responsible for the management, direction, and
performance of his/her division, operating unit or department during the Transition Period to the
full extent that Employee was so responsible prior to the Transition Period.
(ii) At the conclusion of the Transition Period, the term of employment hereunder will cease
and Employee will become an advisor to the Company (the “Advisory Period”) as follows:
A. The Advisory Period will extend for 36 months. During the Advisory Period, the Employee
will receive compensation as follows: (x) for the first 12 months, Employee’s then-current annual
salary and bonus; (y) for the second 12 months, annual salary, plus 50% bonus; and (z) for the
third 12 months, annual salary only. The bonus amount paid in (x) and (y) will be calculated as
follows: The bonus amount paid will be the greater of Target Bonus or the average of the two most
recent full year Annual Bonuses. All payments pursuant to this subsection shall be made in
accordance with the Company’s ordinary timing and procedures for salary and bonus compensation.
B. The Employee will continue to vest in any outstanding stock options and long-term cash
incentives (or any other similar plan) during the Advisory Period; however, the Employee will not
be entitled to any additional awards or grants. The
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Employee will also continue to be eligible to participate in any benefit plan (including
medical, dental and vision care, long-term disability, and life insurance) as if he/she were
actively employed during the Advisory Period. If the Employee elected premium reimbursement from
the Company in lieu of full group term life insurance, the payments in effect at the end of the
Transition Period will be continued until the end of the Advisory Period. If the Employee did not
elect premium reimbursement from the Company, group term life insurance equal to the amount
provided at the end of the Transition Period will be continued until the end of the Advisory
Period.
C. The Employee will not be provided with office space or secretarial services by the Company
during the Advisory Period. However, as soon as possible following the end of the Transition
Period, the Employee will receive a lump-sum payment of $10,000, less appropriate taxes and
deductions, as reimbursement for office expenses incurred during the Advisory Period. No further
payments or reimbursements will be made for office space or secretarial services during the
Advisory Period.
D. During the Advisory Period, the Employee will be eligible for reimbursement of financial
and estate planning expenses, in the same amount and under the same terms as other employees at
Employee’s level.
E. The Employee shall not be eligible for a Company-provided car or car allowance during the
Advisory Period. Any Company-provided car in the possession of the Employee will be returned by
Employee to the Company prior to commencement of the Advisory Period.
F. During the Advisory Period, the Employee will provide such advisory services concerning the
business, affairs and management of the Company as may
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be requested by the Company’s management, but shall not be required to devote more than five
days per month (up to eight hours per day), to such services. The services shall be performed at a
time and place mutually convenient to both parties. The Company will reimburse the Employee for any
expenses reasonably and necessarily incurred in providing such services, other than expenses of the
nature set forth in Section 5(c)(ii)(C). The Company may require proof of the expenses incurred,
via receipts or other appropriate documentation.
G. The election of this Retirement Option, including the compensation and benefits payable
during the Transition Period and the Advisory Period described herein above, are in lieu of any and
all benefits, compensation, and payments otherwise available under this Agreement. Employee shall
have no further rights to such compensation and benefits hereunder, except as outlined in this
Section 5(c), once Employee elects this Retirement Option. Employee will continue to be bound to
Employee’s obligations under this Agreement, except where expressly modified herein.
H. If the Employee accepts other employment during the Advisory Period, (1) he/she will be
terminated from payroll and will receive a lump-sum payment for the balance of the salary and
bonuses payable during the Advisory Period and (2) his/her participation in all incentive, benefit
and insurance plans or perquisites of the Company including Stock Option and Long Term Cash Plans,
shall be determined in accordance with Company procedures and plan documents. Notwithstanding the
preceding sentence, if the Employee accepts employment with any not-for-profit Entity (defined as
an entity that is exempt or in the process of obtaining exemption from federal taxation under
Section 50l(c)(3) of the Internal Revenue Code), then the Employee shall be entitled to remain on
the payroll of the Company and receive the payments as provided above.
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I. Unless specifically requested by the Company, the Employee will not be expected to attend
any management meetings, trade shows, conferences, or other similar events or activities, and will
not be reimbursed for the costs of such activities during the Advisory Period.
J. The Employee’s election of the Retirement Option as outlined herein shall be irrevocable.
K. The Employee shall, in partial consideration for the payments to be made pursuant to
Employee’s election of the Retirement Option, execute and deliver to the Company a release as
described in Section 6(b).
(a) For Cause. Provided that notice of termination has not previously been given
under any other Section hereof, the Company shall have the right to terminate Employee’s employment
for cause upon written notice to Employee at any time. In such event, Employee’s employment with
the Company shall terminate immediately and Employee shall be entitled to receive (i) any earned
and unpaid annual salary accrued through the date of such termination, and (ii) subject to the
terms thereof, any benefits which may be due to Employee under the provisions of any Benefit Plan
and Incentive Plan. Employee hereby disclaims any right to receive a pro rata portion of his or her
Annual Bonus with respect to the year in which such termination occurs. For purposes hereof,
“cause” shall mean that Employee (x) has materially breached this Agreement resulting in material
financial loss or substantial embarrassment to the Company and, after having been given written
notice thereof by the Company, Employee has failed to correct such breach within 30 days after
receipt of such notice, or (y) has been convicted
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of, or has pleaded nolo contendere to, a felony, whether or not related to the affairs of the
Company, and whether or not any right to appeal has been exercised.
(b). Other. Provided that notice of termination has not previously been given under
any other Section hereof, the Company shall have the right at any time to terminate Employee’s
employment under this Agreement without cause, by giving written notice thereof to Employee.
(i) If such notice is given to Employee within three years following the occurrence of a
Change in Control, Employee shall be entitled to receive, subject to the terms thereof, all
benefits which may be due to Employee under the provisions of any Benefit Plan and Incentive Plan
and all other payments and benefits in the amounts and upon the terms and conditions provided in
Sections 5(b)(ii)(u), (v), (w), (x), (y) and (z).
(ii) If such notice is so given to Employee prior to the occurrence of a Change in Control, or
more than three years following a Change in Control, Employee shall be entitled to receive, subject
to the terms thereof, all benefits which may be due to Employee under the provisions of any Benefit
Plan and Incentive Plan, and to elect, within 30 days after receiving such notice, either (A) to
receive an amount equal to the payment provided in Section 5(b)(ii)(u) or (B) be placed on a leave
of absence (the “Leave”) as an inactive employee of the Company for a period (as determined by
Employee) of up to three years following the date notice of termination is given by the Company
pursuant to this Section 6(b), in which case Employee shall be relieved of his or her management
position with the Company and his or her duties hereunder, and shall continue to receive both
annual salary at an annual rate equal to his or her annual rate in effect immediately prior to his
or her termination of employment and Annual Bonuses in respect of each of such three calendar years
(in each case payable in accordance with the regular
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practices of the Company), each such bonus to be in an amount equal to the greater of (xx) the
average of the two most recent full year Annual Bonuses earned by the Employee immediately prior to
his or her termination of employment and (yy) Employee’s then applicable Target Bonus amount;
provided, however, that if Employee accepts full time employment with any other
person or corporation, partnership, trust, government or other entity (“Entity”) during such
three-year period or notifies the Company in writing of his or her intention to terminate his or
her employment during such period, Employee shall cease to be an employee of the Company effective
upon the commencement of such employment, or the effective date of such termination as specified by
Employee in such notice, and shall be entitled to receive, subject to the terms thereof, all
benefits due to Employee under the provisions of any Benefit Plan and Incentive Plan and a lump sum
cash payment for the balance of the salary and bonuses Employee would have been entitled to receive
pursuant to this Section 6(b)(ii)(B) had Employee remained on the Company’s payroll until the end
of the three-year period; provided further, however, that Employee shall
not be entitled to receive such lump sum cash payment if he or she accepts full-time employment
with any subsidiary or Affiliate of the Company. For purposes of this Agreement, the term
“Affiliate” shall mean any Entity which, directly or indirectly, controls, is controlled by, is
under the control of, or is under common control with, the Company.
For the period beginning when Employee receives such notice of termination from the Company,
and ending one year thereafter, Employee will, without charge to Employee, have use of reasonable
office space and facilities as designated by the Company, together with reasonable secretarial
services in each case appropriate to an employee of Employee’s position and responsibilities prior
to such termination of employment. Employee will continue to be eligible to participate in the
Company’s Benefit Plans and to receive, subject to the terms thereof, all
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benefits which are received by other employees at Employee’s level thereunder; however, except
as otherwise provided herein, Employee will not be entitled to any awards or grants under any
Incentive Plan, and Employee shall not be entitled to a Company-provided vehicle. Employee shall
return any Company provided vehicle to the Company within 30 days of the date of the Company’s
Notice of Termination of Employee.
If Employee leaves the payroll of the Company within one year after notice of termination is
given to Employee under this Section 6(b), any aggregate lump sum payment due to Employee in
accordance with Section 6(b)(ii)(B) shall be paid in two installments as follows: 75% of such
amount shall be paid at the time Employee leaves the Company’s payroll, and the remaining 25% shall
be paid to Employee on the date which is one year after such notice of termination has been given.
In the event that Employee’s employment is terminated, then, in partial consideration for the
Company’s obligation to make the payments described in this Section 6(b), Employee shall execute
and deliver to the Company a Release containing language similar to the form as set forth in
Exhibit C. The Company shall deliver such Release to Employee within a reasonable period of time
after Employee has made the election provided for in this Section 6(b). If Employee shall fail to
execute and deliver to the Company such Release with 30 days of Employee’s receipt thereof from the
Company, Employee’s employment with the Company shall terminate effective at the end of such 30-day
period and Employee shall receive, in lieu of the severance arrangements described in Section
6(b)(ii), a lump sum cash payment in an amount determined in accordance with the personnel policies
of the Company then applicable.
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all benefits hereunder shall terminate (except as otherwise provided in any benefit, savings,
incentive or other plan or program of the Company), except that the Employee’s estate (or a
designated beneficiary thereof) shall be entitled to receive: 1) If Company paid Life Insurance
above $50,000 has been waived, Company paid Life Insurance of $50,000 (and Employee will be
entitled to his/her Group Universal Life Insurance death benefit from the insurance company if any
has been elected); or, 2) Company paid Life Insurance equal to three years’ of Employee’s Base
Salary plus bonus compensation based on the greater of (a) the average of the regular Annual Bonus
amounts (excluding the amount of any special or spot bonuses) received by the Employee from the
Company for the most recent two years, times 3, or (b) the Employee’s then applicable Target Bonus
amount multiplied by 3.
Further, during the period the Employee is receiving periodic payments under Section
6(b)(ii)(B), the Employee will be provided with the Life Insurance benefit available prior to
termination. If the Employee elected premium reimbursement from the Company in lieu of Company-paid
group term life insurance, the payments in effect prior to the date notice of termination is given
will be continued through the end of the salary continuation period. If the Employee did not elect
premium reimbursement from the Company, group term life insurance equal to the amount provided
prior to the date notice of termination is given will be continued through the end of the salary
continuation period.
(b) Disability. Provided that notice of termination has not previously been given
under any Section hereof, if Employee becomes ill or is injured or disabled during the term of this
Agreement such that Employee fails to perform all or substantially all the duties to be rendered
hereunder and such failure continues for a period in excess of 26 consecutive weeks (a
“Disability”), the Company may terminate the employment of Employee under this Agreement
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upon written notice to Employee at any time and thereupon Employee shall be entitled to
receive (i) any earned and unpaid annual salary accrued through the date of such termination, (ii)
subject to the terms thereof, any benefits which may be due to Employee under the provisions of any
Benefit Plan and Incentive Plan, and (iii) a lump sum cash payment equal to three times Employee’s
then current annual salary and then applicable Target Bonus amount.
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incorporation of TWI), or (b) any sale, lease, exchange, or other transfer (in one transaction
or a series of related transactions) of all, or substantially all, of TWI’s assets, or (c) the
adoption of any plan or proposal for the liquidation or dissolution of TWI, or (ii) any person (as
such term is defined in Sections 13(d)(3) and 14(d)(2), of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) or Entity (other than TWI or any benefit plan sponsored by TWI or any
subsidiary) (a) shall purchase any of TWI’s Common Stock (or securities convertible into TWI’s
Common Stock) for cash, securities or any other consideration pursuant to a tender offer or
exchange offer, without the prior consent of the Board, or (b) shall become the “beneficial owner”
(as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of TWI representing 20% or more of the combined voting power of TWI’s then outstanding
securities ordinarily (and apart from rights accruing under special circumstances) having the right
to vote in the election of directors (calculated as provided in paragraph (d) of such Rule 13d-3 in
the case of rights to acquire TWI’s securities), or (iii) during any period of two consecutive
years, individuals who at the beginning of such period constitute the entire Board shall cease for
any reason to constitute a majority thereof unless the election, or the nomination for election by
TWI’s stockholders, of each new director was approved by a vote of at least two-thirds of the
directors then still in office who were directors at the beginning of the period; provided,
however, that no such event shall be a Change in Control unless, at the time such event
occurs, TWI owns, directly or indirectly, more than 50% of the voting power of the outstanding
voting stock of the Company.
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option, restricted stock, or similar plan or agreement with the Company, any person whose
actions result in a Change in Control or any person affiliated with the Company or such person
(such plans, arrangements and agreements being hereinafter referred to as the “Plans”), if any
payments or benefits received or to be received by Employee in connection with a Change in Control
or Employee’s termination of employment, whether pursuant to the terms of this Agreement or any
Plan, together with the amount, if any, by which any amount previously paid to Employee pursuant to
any Plan was reduced in order to avoid the imposition of the Excise Tax (as hereinafter defined)
(such amounts being hereinafter referred to as the “Parachute Payments”) would be subject to any
excise tax imposed under section 4999 of the Code (or any similar tax that may hereafter be
imposed) (the “Excise Tax”), then the Company will pay to Employee, within 30 days following the
effective date of Employee’s termination of employment, an additional amount (the “Gross-Up
Payment”) such that the net amount retained by Employee, after deduction of any Excise Tax on the
Parachute Payments and any federal, state and local income tax and Excise Tax upon the payment
provided for by this Section 10 will be equal to the Parachute Payments. For purposes of
determining whether any of the Parachute Payments will be subject to the Excise Tax and the amount
of such Excise Tax, (i) any other payments or benefits received or to be received by Employee in
connection with a Change in Control or Employee’s termination of employment (whether pursuant to
the terms of this Agreement or any Plan) shall be treated as “Parachute Payments” within the
meaning of Section 280G(b)(2) of the Code, and all “excess Parachute Payments” within the meaning
of Section 280G(b)(l) of the Code shall be treated as subject to the Excise Tax, unless in the
opinion of counsel selected by Employee, such other payments or benefits (in whole or in part) do
not constitute Parachute Payments, or such excess Parachute Payments (in whole or in part)
represent reasonable compensation for services
22
actually rendered within the meaning of Section 280G(b)(4) of the Code in excess of the “base
amount” within the meaning of Section 280G(b)(3) of the Code, or are otherwise not subject to the
Excise Tax, (ii) the amount of the Parachute Payments which shall be treated as subject to the
Excise Tax shall be equal to the lesser of (A) the total amount of the Parachute Payments or (B)
the amount of excess Parachute Payments within the meaning of Section 280G(b)(1) of the Code (after
applying clause (i), above), and (iii) the value of any non-cash benefits or any deferred payment
or benefit shall be determined by the Company’s independent auditors in accordance with the
principles of Sections 280G(d)(3) and (4) of the Code. For purposes of determining the amount of
the Gross-Up Payment, Employee shall be deemed to pay federal income taxes at the highest marginal
rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made
and state and local income taxes at the highest marginal rate of taxation in the state and locality
of Employee’s residence on the date of his or her termination of employment, net of the maximum
reduction in federal income taxes which could be obtained from deduction of such state and local
taxes. In the event that the Excise Tax is subsequently determined to be less than the amount taken
into account hereunder at the time of termination of Employee’s employment, Employee shall repay to
the Company, at the time that the amount of such reduction in Excise Tax is finally determined, the
portion of the Gross-Up Payment attributable to such reduction (plus that portion of the Gross-Up
Payment attributable to the Excise Tax and federal, state and local income tax imposed on the
Gross-Up Payment being repaid by Employee to the extent that such repayment results in a reduction
in Excise Tax and/or a federal, state or local income tax deduction) plus interest on the amount of
such payment at the rate provided in Section 1274(b)(2)(B) of the Code. In the event that the
Excise Tax is determined to exceed the amount taken into account hereunder at the time of the
termination of
23
Employee’s employment (including by reason of any payment the existence or amount of which
cannot be determined at the time of the Gross-Up Payment), the Company shall make an additional
Gross-Up Payment in respect of such excess (plus any interest, penalties or additions payable by
Employee with respect to such excess) at the time that the amount of such excess is finally
determined.
The Company shall pay all legal fees, court costs, fees of experts and other costs and
expenses when incurred by Employee in connection with Employee’s interpretation of, or
determinations under, or any actual, threatened or contemplated litigation or legal, administrative
or other proceeding involving the provisions of this Section 10, whether or not initiated by
Employee.
24
Employee first notifies the Company orally and in writing as promptly as possible of such
requirement so that the Company may either seek an appropriate protective order or waive compliance
with the provisions of this Section, and provided further that if, in the absence
of such protective order or waiver, Employee is nevertheless, in the written opinion of his or her
counsel, reasonably acceptable to the Company, addressed to and delivered to the Company, otherwise
required to disclose such information to any such court, government agency or legislative body or
else stand liable for contempt or suffer other material penalty, Employee may disclose such
information in such case without liability hereunder so long as such disclosure does not exceed
that required by such court, government agency or legislative body.
Employee hereby grants and assigns to the Company all rights (including, without limitation,
any copyright or patent) in the results and proceeds of all services provided by Employee hereunder
and all such services shall be subject in all respects to the supervision, control and direction of
the Company. Any work in connection with such services shall be considered “work made for hire”
under the Copyright Law of 1976 or any successor thereof, and the Company shall be the owner of
such work as if the Company were the author of such work. Employee will execute and deliver to the
Company any documents or instruments evidencing the Company’s ownership thereof as reasonably
requested by the Company. The provisions of this Section are in addition to, and not in limitation
of, any separate agreement regarding similar matters executed by the Employee.
(a) Employee will not at any time while employed by the Company and additionally for the
Extended Period, be or become an officer, director, partner or employee of or
25
consultant to or act in any managerial capacity with or own any equity interest in, any person
or Entity (an “Affiliated Person”) which is a “Competitive Business Entity” (as such term is
defined on Exhibit D hereto); provided, however, that ownership of less than 1% of
the outstanding equity securities of any Entity listed on any national securities exchange or
traded on the National Association of Securities Dealers Automated Quotation System shall not be
prohibited hereby.
The “Extended Period” shall mean a period of one year following (1) the date (A) Employee’s
term of employment ceases under Section 5(c), or under the terms of any other retirement plan
maintained by the Company or its Affiliates, (B) Employee’s employment terminates under Section
5(a), 5(b) or 6(a), or (C) notice of termination is given under Section 6(b) (each of (A), (B) and
(C) being referred to herein as a “Deemed Termination”).
(b) Employee will not at any time while employed by the Company and additionally for the
Extended Period, solicit (or assist or encourage the solicitation of) any employee of the Company
or any of its subsidiaries or Affiliates to work for Employee or for any person or Entity in which
Employee owns or expects to own more than a 1% equity interest or for which Employee serves or
expects to serve as an Affiliated Person.
For the purposes of this Section 12(b), the phrase “solicit any employee” shall mean
Employee’s contacting, or providing information to others who may be expected to contact, any
employee of the Company or any of its subsidiaries or Affiliates regarding their employment status,
job satisfaction, interest in seeking employment with Employee or any Affiliated Person or any
related matter, but shall not include general print advertising for personnel or responding to an
unsolicited request for a personal recommendation for or evaluation of an employee of the Company
or any of its subsidiaries or Affiliates.
26
(a) Following any Deemed Termination (as defined in Section 12(a)) or at any time upon the
Company’s request, Employee will promptly return to the Company all property of the Company and its
subsidiaries and Affiliates in his or her possession or control (whether maintained at his or her
office, home or elsewhere), including, without limitation, all copies of all management studies,
business or strategic plans, budgets, notebooks and other printed, typed or written materials,
documents, diaries, calendars and data of or relating to the Company or its subsidiaries or
Affiliates or their respective personnel or affairs; and
(b) Employee will not at any time denigrate, ridicule or intentionally criticize the Company
or any of its subsidiaries or Affiliates or any of their respective products, properties,
employees, officers or directors, including, without limitation, by way of news interviews, or the
expression of personal views, opinions or judgments to the news media or in any type of public
forum.
(a) Employee represents and warrants to the Company that this Agreement is legal, valid and
binding upon Employee and Employee is not a party to any agreement or
27
understanding which would prevent the fulfillment by Employee of the terms of this Agreement.
Employee has consulted with his or her legal, tax, financial and other advisors prior to execution
and delivery of this Agreement.
(b) The Company represents and warrants to Employee that this Agreement is legal, valid and
binding upon the Company and the Company is not a party to any agreement or understanding which
would prevent the fulfillment by the Company of the terms of this Agreement.
18. Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of New York, irrespective of its conflicts of law rules,
except for the By-laws referred to in Section 29, which shall be governed by and construed and
enforced in accordance with the laws of the State of Delaware.
28
To the extent that any applicable state or Federal law, rule or regulation confers upon
Employee any greater benefit or right than that set forth in this Agreement, such law, rule or
regulation shall control in lieu of the provisions hereof relating to such benefit or right.
29
30
31
The Company and the Employee agree that (a) any Dispute shall be arbitrated by three neutral
arbitrators who shall issue a written opinion and award, (b) the award may be vacated in
32
the event of bias. corruption, fraud or where an arbitrator exceeds his/her powers, and (c)
judgment upon the award may be entered in any court having jurisdiction thereof.
The Employee may choose to have the arbitration hearing take place in either Stamford,
Connecticut, or New York City, New York. The Company agrees that if the Employee is the prevailing
party in such arbitration, the Company shall pay the arbitrators’ fees and related AAA
administrative costs.
| TIME WARNER ENTERTAINMENT COMPANY, L.P., through its Time Warner Cable Division |
||||||
| By: | /s/ Xxxx X. Xxxxxxxxx
|
|||||
| Senior Vice President, General Counsel & Secretary | ||||||
Agreed to and accepted as of the date first above written |
||
/s/ Xxxx X.X. Xxxxxxxx
|
||
Executive Vice President |
||
Annual Salary: $306,800.00 |
||
Target Annual Bonus Percentage: 75%
|
||
Address for Notices: |
||
000 Xxxxxxx Xxxxx Xx. |
||
Wilton, CT 06897 |
33
Exhibit A
(Date)
Dear (Employee)
In accordance with the provisions of Section 1 of the Amended and Restated Employment and
Termination Agreement (the “Agreement”) dated as of January 1, 2000, between you and Time Warner
Cable (the “Company”), notice is hereby given to you of the Company’s determination to extend the
term of the Agreement for an additional year.
Please indicate your acceptance of the foregoing extension of the Agreement by signing the enclosed
copy of this letter and returning it to the Company by December 20th. Pursuant to Section 1 of the
Agreement, failure to do so will be deemed an election by you to terminate your employment without
cause pursuant to Section 5(a) of the Agreement.
Very truly yours,
TIME WARNER CABLE, A Division of
TIME WARNER ENTERTAINMENT COMPANY, L.P.
TIME WARNER CABLE, A Division of
TIME WARNER ENTERTAINMENT COMPANY, L.P.
By: |
||||
Accepted: |
||||
Signature |
||||
Date |
||||
1
Exhibit B
Time Warner Cable
000 Xxxxxx Xxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000-0000
000 Xxxxxx Xxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000-0000
Attention: General Counsel
Dear [Xxxx]:
Pursuant to Section 5(c) of my Employment Agreement, this is to advise you of my election of the
Retirement Option provided therein, effective as of the date of this letter.
Pursuant to Section 5(c)(i), I suggest a Transition Period of months, ending on
.
Sincerely yours,
[Employee]
2
Exhibit C
CONFIDENTIAL
SEPARATION AGREEMENT AND RELEASE
This Separation Agreement and Release (this “Agreement”), effective as of the date set forth
in Paragraph 30 below, is made and entered into by and between Time Warner Cable (the “Company”), a
division of Time Warner Entertainment Company, L.P., and (the
“Employee”). The Company and Employee are from time to time referred to herein as the “parties.” By
this Agreement, the parties intend to, and do hereby settle any and all differences, disputes,
grievances, claims, charges and complaints, whether known or unknown, accrued or unaccrued, actual
or alleged that Employee either has or arguably may have against the Company, its affiliates
including, but not limited to, Time Warner Inc., and each of their respective subsidiaries or
predecessors or successors thereto (hereinafter respectively “Affiliates” and “Subsidiaries”) or
that the Company, its Affiliates or Subsidiaries either have or arguably may have against Employee,
as discussed herein.
In consideration of the mutual covenants, conditions and obligations set forth herein, the
parties agree as follows:
[1. Pursuant to Section 6(b)(ii)(A) of the Amended and Restated Employment and Termination
Agreement, dated as of June 1, 2000, between the Company and Employee (“the Employment Agreement”),
Employee shall receive a one-time lump sum payment equal to $ .].
[1. Pursuant to Section 6(b)(ii)(B) of the Amended and Restated Employment and Termination
Agreement, dated as of June 1, 2000, between the Company and Employee (the “Employment Agreement”),
Employee shall be place on a leave of absence (the “Leave”) as an
3
inactive employee of the Company for 36 months following the date of termination of the term
of employment, whether or not he/she becomes disabled as provided for in Section 7(b) of the
Employment Agreement. During the Leave, Employee shall receive his/her regular annual earnings of
$ less statutory deductions and other voluntary deductions (i.e., group insurance) paid
biweekly through . Employee shall also receive an Annual Incentive Plan bonus (AIP)
payment of $ each year, less statutory deductions, for three years, payable in [month] of
, and . [The Employee shall also receive a prorated payment of $
to be paid in February of .] If the Employee accepts full-time employment with any other
person or Entity during such Leave or notifies the Company in writing of his/her intention to
terminate his/her status as an inactive employee on Leave, then the Employee will be terminated
from payroll and will receive, subject to the terms thereof, all benefits due to Employee under the
provision of any Benefit Plan and Incentive Plan and a lump sum payment in an amount representing
the balance of the annual salary and bonuses payable during the three-year period pursuant to
Section 6(b)(ii)(B) of the Employment Agreement. (Notwithstanding the preceding sentence, if the
Employee accepts full-time employment with any subsidiary or Affiliate of the Company (for this
purpose only, as “Affiliate” is defined in the Employment Agreement), then the periodic annual
salary and bonus payments provided for in Section 6(b)(ii)(B) of the Employment Agreement shall
cease, and the Employee shall not be entitled to any such lump sum payment.) If the Employee leaves
payroll within one year after separation from the Company, any lump-sum payment will be paid in two
installments. At the time the Employee leaves payroll, 75% will be paid; the remaining 25% will be
paid on the first anniversary date of the notice of termination. By signing this agreement
4
Employee acknowledges his obligation to inform the Company of the date the new position will
commence immediately after accepting other employment.
2. The parties agree that Employee’s Time Warner stock options granted under the Time Warner
Stock Option Plan (the “Option Plan”) will continue to vest during the period the Employee remains
on payroll.
3. The parties agree that the Employee’s rights under the Time Warner Cable Long Term Cash
Plan shall be determined by the provisions of the Plan as in effect on the date of this Agreement.
If active employees receive payments for any cycles of this Plan for which the Employee received a
grant. the Employee will be eligible to receive a payment at the end of each cycle. Any such
payments will be prorated based on the date the Employee terminates from payroll. The Employee
received grants under the ___, ___, and ___Long Term Cash Plans.
4. The parties agree that the Employee’s pension rights and rights in the Time Warner Cable
Savings Plan shall be determined by the provisions of the Time Warner Cable Pension Plan and
Savings Plan, respectively, as in effect on the date of this Agreement (collectively, the “Pension
and Savings Plans”). Further, the parties agree that full distribution of the Employee account
balances held in the Time Warner Cable Savings Plan may occur following termination of the Employee
from payroll, upon Employee’s request.
5. The parties agree that the Employee will be provided with coverage under the Company’s
group insurance plans at the employee contribution rate as long as the Employee remains on payroll.
The Employee will be subject to any increases in employee contributions and any changes in the
group insurance benefit package which occur during the salary continuation period. Following
termination of group insurance benefits, the Employee may continue medical,
5
dental, and vision coverage for up to eighteen (18) months by following the applicable COBRA
procedures and paying the full monthly premium.
6. The parties agree that the Employee will be provided with the life insurance benefits and,
if elected, premium reimbursements as specified under his/her Employment Agreement as long as the
Employee remains on payroll.
7. Based on the Company’s payroll records as of and the termination date of
, Employee’s unused vacation balance is hours. Assuming payroll records are
current, this would result in a vacation payout of . The parties agree the vacation balance
will be verified prior to payout.
8. Under the Employment Agreement, the Employee is entitled to reasonable office space and
facilities as designated by the Company, together with reasonable secretarial services, at no cost
to the Employee for the one year period following the date of termination of active employment
(insert date).
9. The parties agree that the Employee will be eligible for reimbursement of financial
counseling expenses during the period he remains on payroll, provided active employees at his level
receive these benefits. Financial counseling expense reimbursement will be limited to the amounts
available to active employees at the Employee’s level.
10. Employee does hereby release and forever discharge the Company and its Affiliates and
Subsidiaries and each of their respective officers, shareholders, subsidiaries, agents, successors.
predecessors. assigns, and employees and their respective agents, heirs, executors, administrators,
estates, beneficiaries and representatives, of and from any and all actions, causes of action,
claims, or demands for general, special or punitive damages, attorneys’ fees, expenses, or other
compensation, that in any way relate to or arise out of Employee’s
6
employment with the Company and/or its Affiliates and Subsidiaries or the termination of such
employment which Employee may now or hereafter have, under any federal, state or local law,
regulation or order (including without limitation, under the Age Discrimination in Employment Act,
29 U.S.C. § 621 et seq., as amended, through and including the date of this Agreement), or
otherwise. This release shall not apply to any act of fraud or criminal conduct by the Company, its
Affiliates or Subsidiaries, of which Employee is not aware as of the date of this Agreement, nor to
any act of non-compliance with terms of this Agreement by the Company.
11. The Company. its Affiliates and Subsidiaries, do hereby release and forever discharge
Employee, his/her agents, heirs, executors, administrators, estate, beneficiaries and
representatives, of and from any and all actions, causes of action, claims or demands for general,
special, and punitive damages, attorneys’ fees, expenses, and other compensation, that in any way
relate to or arise out of the Company’s employment of Employee or the termination of such
employment which the Company, its Affiliates or Subsidiaries may now or hereafter have, under any
federal, state, or local law, regulation, or order, as amended, or otherwise, through and including
the date of this Agreement. This release shall not apply to any act of fraud or criminal conduct by
Employee of which the Company, its Affiliates or Subsidiaries are not aware as of the date of this
Agreement, nor to any act of non-compliance with terms of this Agreement by Employee.
12. Employee agrees that this Agreement shall terminate upon his/her death, and thereupon the
Company shall not have any obligations hereunder, except that Employee’s estate or beneficiaries
shall be entitled to all unpaid compensation payable to Employee hereunder and to all other
benefits which may be due to Employee and Employee’s estate or
7
beneficiaries at the time under the general provisions of any employee benefit plan of the
Company in which Employee is then a participant.
13. Employee hereby expressly covenants and agrees that Employee will not at any time exploit,
use, sell, publish, disclose, communicate or divulge to any person or Entity, other than the
Company and its Subsidiaries or Affiliates, either directly or indirectly, any trade secrets or
confidential information, knowledge or data regarding the Company or any of its Subsidiaries or
Affiliates or any of their respective officers, directors or employees including, without
limitation. the existence and terms of this Agreement. other than such information, knowledge or
data which has been released by the Company or such Subsidiaries, Affiliates or others to the
public (except as permitted in Paragraph 20 below and Section 11 of the Employment Agreement).
14. Employee hereby grants and assigns to the Company all rights (including, without
limitation, any copyright or patent) in the results and proceeds of all services provided by
Employee. Any work in connection with such services shall be considered “work made for hire” under
the Copyright law of 1976 or any successor thereto, and the Company shall be the owner of such work
as if the Company were the author of such work. Employee will execute and deliver to the Company
any documents or instruments evidencing the Company’s ownership thereof as reasonably requested by
the Company. The provisions of this Paragraph are in addition to, and not in limitation of, any
separate agreement regarding similar matters executed by the Employee.
15. Employee hereby expressly covenants and agrees that:
(a) Employee shall not for a period of one year following ___, be or become an officer,
director, partner or employee of or consultant to or act in any
8
managerial capacity with or own any equity interest in, any Entity (an “Affiliated Person”)
which is a “Competitive Business Entity” (as such term is defined on Exhibit A hereto),
provided, however, that ownership of less than one percent of the outstanding
equity securities of any Entity listed on any national securities exchange or traded on the
National Association of Securities Dealers Automated Quotation System shall not be prohibited
hereby.
(b) Employee will not at any time for a period of one year following solicit (or assist or
encourage the solicitation of) any employee of the Company or any of its Subsidiaries or Affiliates
to work for Employee or for any person or Entity in which Employee owns or expects to own more than
a one percent equity interest or for which Employee serves or expects to serve as an Affiliated
Person.
For the purpose of this Paragraph 15(b), the term “solicit any employee” shall mean Employee’s
contacting, or providing information to others who may be expected to contact, any employee of the
Company or any of its Subsidiaries or Affiliates regarding their employment status, job
satisfaction, interest in seeking employment with Employee or any Affiliated Person or any related
matter, but shall not include general print advertising for personnel or responding to an
unsolicited request for a personal recommendation for or an evaluation of an employee of the
Company or any of its Subsidiaries or Affiliates.
9
(b) Employee expressly covenants and agrees that Employee will not at any time denigrate,
ridicule or intentionally criticize the Company or any of its Subsidiaries or Affiliates or any of
their respective products. properties, employees, officers or directors, including, without
limitation, by way of news interviews, or the expression of personal views, opinions or judgments
to the news media or in any type of public forum.
17. Employee agrees that, if called upon to do so by the Company, he/she shall truthfully
testify in Court or before an administrative agency concerning matters or disputes which arose or
were pending during his/her tenure with the Company. Employee further agrees to make
himself/herself available, upon reasonable notice and at reasonable times, to be interviewed and to
cooperate, at the request of the Company, or its counsel, in connection with any litigation,
proceeding, inquiry or investigation to which the Company is or may become involved. The Company
agrees that if it should call upon Employee to so testify or to be interviewed or cooperate, the
Company shall reimburse Employee for expenses reasonably and necessarily incurred by Employee for
testifying, being interviewed or cooperating, excluding costs and fees of any attorney whom
Employee may wish to retain to represent him/her. Further, in the event Employee is called upon to
testify, be interviewed or cooperate, the Company shall make available to Employee all books.
documents and other discoverable items necessary for him/her to give complete and truthful
testimony.
18. Employee agrees that he/she will not voluntarily assist or encourage other persons to file
complaints or claims of any kind against the Company. To that end, Xxxxxxxx agrees not to commence,
prosecute or participate in (except as required by law) any action or proceeding of any kind
against the Company and agrees not to assist, encourage, or provide
10
support for, directly or indirectly, to any other person in connection with any action or
proceeding of any kind against the Company, except as required by law.
19. Employee agrees that he/she will not make any disclosure of any of the facts or
circumstances giving rise to any allegations he/she has made regarding the Company or any of its
employees, regarding any policies or practices of the Company, regarding his/her disagreements with
any employees of the Company. or regarding any matters that came to his/her attention during the
course of his/her employment by the Company. Employee also agrees that he/she will not solicit or
initiate any demand or request by others for any such disclosure of any such information.
20. Employee agrees that he/she will not disclose the financial terms of this Agreement to any
person. firm, corporation or other entity, except that Employee may disclose the financial terms to
federal or state tax authorities, his/her attorneys, accountants, or family and, subject to the
condition precedent that he deliver to the Company upon request a confidentiality agreement in
customary form, if he/she is applying for credit, to the lenders involved. Notwithstanding the
foregoing, if Employee shall be requested or required in a judicial, administrative or governmental
proceeding to disclose the financial terms of this Agreement (whether by way of oral questions,
interrogatories, requests for information or documents, subpoenas or similar process), Employee
will notify the Company (attention of General Counsel) as promptly as possible of such request or
requirement so that the Company may either seek an appropriate protective order or waive Employee’s
compliance with the provisions of this paragraph. If, in the absence of such protective order or
waiver, Employee is nevertheless, in the written opinion of Employee’s counsel, otherwise required
to disclose the financial terms of this Agreement to any court, government agency or tribunal or
else stand liable for contempt or
11
suffer other censure or penalty, Employee may disclose such financial terms to such court,
governmental agency or tribunal without liability hereunder.
21. It is expressly understood and agreed that the payment(s) by the Company of the amounts
set forth herein is being given to Employee in return for Employee’s agreements and covenants
contained in this Agreement. Neither payment by the Company of the amounts set forth herein nor any
term or condition contained in this Agreement shall be construed by either party at any time as an
admission of liability or wrongdoing in any manner whatsoever.
22. Employee agrees and acknowledges that in executing and delivering this Agreement. (a)
he/she has done so freely and voluntarily; (b) that he/she was advised in this writing to consult
with an attorney of his/her choice; (c) that he/she has had a reasonable opportunity to confer with
legal counsel of his/her own choosing; (d) that he/she executed this Agreement with knowledge of
all the material facts, and not as a result of any duress, concealment, fraud, or undue influence;
(e) that he/she was advised that he/she would have at least [twenty-one or forty-five] days to
consider this Agreement; (f) that it would become fully enforceable unless he/she revoked it in
writing directed to the General Counsel of the Company within seven days of executing it; and (g)
he/she will not receive any of the consideration provided for under this Agreement if he/she does
not execute it or if he/she revokes it within the revocation period.
23. In the event that any provision of this Agreement is found or deemed to be illegal or
otherwise invalid and unenforceable, whether in whole or in part, such invalidity shall not affect
the enforceability of the remaining terms hereunder.
24. This Agreement contains the entire understanding of the parties with respect to the
subject matter hereof and supersedes all prior and contemporaneous
12
understandings between the parties hereto with regard to such subject matter (provided that
provisions of the Employment Agreement that survive termination and which are not in conflict with
the terms hereof shall continue to survive and be in effect regardless of this Agreement). This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State
of New York applicable to contracts made and to be performed therein. The terms of the Agreement
may not be modified, except in writing and signed by the party against whom the enforcement of any
such modification may be sought.
25. The parties understand and agree that this Agreement is solely for the purposes set forth
herein, and does not constitute, and is not intended to constitute, a general policy of the Company
in dealing with employee separations.
26. All notices, consents, requests, instructions and other communications provided for herein
shall be validly given, made or served if in writing and delivered personally or sent by registered
or certified mail, postage prepaid to:
Employee at:
|
||
Company at:
|
Time Warner Cable | |
| Attention: General Counsel | ||
| 000 Xxxxxx Xxxxx | ||
| Stamford, Connecticut 06902 | ||
| Attention: Xxxx Xxxx | ||
| 000 Xxxxxxxxx Xxxxx Xxxx | ||
| Englewood, Colorado 80112 |
13
30. Unless earlier revoked, this Agreement shall be effective on the eighth day following its
execution by the Employee.
14
31. Capitalized terms used but not defined herein are used as defined in the Employment
Agreement.
15
| TIME WARNER CABLE, a division of TIME WARNER ENTERTAINMENT COMPANY, L.P. |
||||
| By: | ||||
| Title: | ||||
| EMPLOYEE | ||||
EMPLOYEE NOTARY |
||||||
STATE OF
|
) ) |
ss.: | ||||
COUNTY OF
|
) |
On this day of , before me personally came
,
to me known and known to me to be the person described herein and who executed the foregoing
Separation Agreement and General Release, and he/she duly acknowledged to me that he/she executed
the same.
| Notary Public | ||
| My Commission Expires: |
16
Exhibit D
“Competitive Business Entity” shall mean (A) any Entity which is engaged in the United States,
either directly or indirectly. in the ownership, operation or management of (i) any cable
television system, open video system, direct broadcast system (DBS), SMATV system, pay-per-view
system, multi-point distribution system (MDS or MMDS) or other multichannel television programming
system (collectively “Systems”) in the United States; or (ii) any business of providing any local
residential telecommunications, or any internet access or any other transport or network services
for Internet Protocol based information; and (B) any federal, state or local authority empowered to
grant, renew, modify or amend, or review the grant, renewal, modification or amendment of, or the
regulation of, franchises to operate any System. Provided, however, that
“Competitive Business Entity” shall not mean any cable television system operator which, at all
times during the relevant period, has less than 500,000 subscribers and does not serve any area
which is also served by a cable television system owned, operated or managed by the Company or its
Affiliates.
All capitalized terms used herein shall have the meanings provided in the Amended and Restated
Employment and Termination Agreement to which this Exhibit D is attached.
17