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VIRGIN MEDIA INVESTMENT HOLDINGS LTD
·
10-Q
May 6, 4:13 PM ET
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VIRGIN MEDIA INVESTMENT HOLDINGS LTD 10-Q
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8
1 Your employment with the Company will terminate on 5th April 2009 (“the Termination Date”).
2.1 Until the Termination Date you will continue to perform and observe your current duties and obligations under your Contract of Employment and such other duties and/or directions as the Company reasonably requests (having regard to your contractual role status and responsibilities.
3.1 A sum in lieu of (at the date of this agreement) 5 (five) days’ of accrued, but untaken holiday pro rata to the Termination Date.
4. The Company further agrees to pay you by way of compensation for the termination of your employment and you agree to accept the sum of £103,990.38 (one hundred and three thousand and nine hundred and ninety pounds and 38 pence). This payment will be paid into the bank account into which your salary is normally paid on the next available payroll run in April following the Termination Date and after the issue of your Form P45. The first £30,000 (thirty thousand pounds) of the monies paid under this paragraph will be paid without deduction of tax or national insurance. The Company will deduct tax at the basic rate from the balance of any payment over £30,000 (thirty thousand pounds) and pay this to HMRC. This payment will be made subject to the Company’s receipt of this Agreement signed by you and your independent adviser by the Termination Date. Other than the tax and national insurance to be deducted by the Company, you will indemnify the Company in respect of any further income tax or employee’s national insurance and in respect of any interest and/or any penalties thereon for which the Company has to account to HMRC) in respect of this payment or the other payments to be made or benefits provided to you
under this Agreement (save where such interest and/or penalties result directly from any delay on the part of the Company or are in respect of income tax or employee’s national insurance contributions already deducted at source by the Company). However, it is agreed that no such payment of income tax, employee’s national insurance contributions, interest or penalty will be made to HMRC without particulars of the relevant assessments or demands and of any proposed payment being sent to you promptly at the above address. The Company shall at your request take such steps as you reasonably request (including at your expense) appealing the same to contest any such assessment or demand and give you all reasonable co-operation in connection therewith.
In this Clause 11.2, to “work for or with” means to set up, carry on, be employed in, provide services to, be associated with, or be engaged or interested in (whether as a director, employee, principal, agent or otherwise), provided that nothing in this Clause 11.2 shall restrict you from owning up to 3% of the listed shares of any public company whose shares are quoted on any recognised stock exchange.
in connection with or on behalf of any Competing Business.
“Restricted Business” means any part of the business of the Telewest Group which:
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