RENAISSANCE MEDIA GROUP LLC AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
directly or indirectly by Time Warner entities for the four months ended April
30, 1999 and for the period from April 9, 1998 to June 30, 1998, respectively.
In connection with the Charter Transaction, the Time Warner Agreement was
terminated on April 30, 1999, and Media returned to Time Warner $650 in deferred
marketing credits owed to program providers under the programming arrangements.
The Company has utilized the law firm of one of its board members for legal
services related to the TWI Acquisition, financing agreements and various
ongoing legal matters. These fees totaled approximately $154 and $-0- for the
four months ended April 30, 1999 and for the period from April 9, 1998 to June
30, 1998, respectively.
Prior to the consummation of the TWI Acquisition, Media paid fees to six
senior managers of the Company who are investors in the Company for services
rendered relating to the Acquisition and the Credit Agreement. These fees
totaled $287 for the six months ended June 30, 1998 and were recorded as
transaction and financing costs.
6. EMPLOYEE BENEFIT PLAN
Beginning April 9, 1998, the Company sponsored a defined contribution plan
that covered substantially all employees (the "Plan"). The Plan provided for
contributions from eligible employees up to 15% of their compensation subject to
a maximum limit as determined by the Internal Revenue Service. The Company's
contribution to the Plan was limited to 50% of each eligible employee's
contribution up to 10% of his or her compensation. The Company had the right to
change the amount of the Company's matching contribution percentage. The Company
matching contributions totaled $54 for the six months ended April 30, 1999 and
$32 for the period from April 9, 1998 to June 30, 1998.
In connection with the Charter Transaction, the Plan's assets were frozen
as of April 30, 1999, and employees became fully vested. Effective July 1, 1999,
the Company's employees with two months of service are eligible to participate
in the Charter Communications, Inc. 401(k) Plan (the "Charter Plan"). Employees
that qualify for participation in the Charter Plan can contribute up to 15% of
their salary, on a before tax basis, subject to a maximum contribution limit as
determined by the Internal Revenue Service.