Employment Term Sheet - Global Crossing Ltd. and Gary Cohen


[LOGO OF GLOBAL CROSSING]


                       Employment Term Sheet - Gary Cohen
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Position:                 Chief Operating Officer, reporting to the CEO

Employer:                 Global Crossing Ltd. ('GCL')

Base Salary:              $500,000 per year

Annual Bonus:             Target bonus equal to 100% of base salary. Bonuses are
                          awarded in the sole discretion of GCL. Notwithstanding
                          the foregoing, the performance bonus for the 2000 plan
                          year, to be paid during the first quarter of 2001,
                          will be at least $500,000.

 
Signing Bonus:            You will receive a signing bonus equal to $5,000,000.
                          The signing bonus will be reduced by the amount of any
                          gain realized from the exercise of any vested stock
                          options you have received from your previous employer
                          (i.e., the difference between the 'strike price' of
                          any such options and the price at which such shares
                          close on the date exercised or the actual selling
                          price on that date). You will provide the necessary
                          documentation to establish the amount of such realized
                          gain and the resulting reduced signing bonus amount
                          (the 'Net Signing Bonus'). The Net Signing Bonus will
                          be paid as follows:

                          50% on the later of 30 days after the employment start
                          date or 7 days after the Net Signing Bonus is
                          determined 
                          25% on the first anniversary of your employment start
                          date;                          
                          15% on the second anniversary of your employment start
                          date; and                          
                          10% on the third anniversary of your employment start
                          date.

                          In the event that you resign without Good Reason or
                          are terminated for cause within one (1) year after
                          your employment start date, you agree to return to GCL
                          the first payment of the Signing Bonus, prorated on a
                          monthly basis for the period worked.

Global Crossing Ltd.
Stock Options:            You shall receive 1,000,000 options to purchase common
                          stock of Global Crossing Ltd. (the 'Global Crossing
                          Stock Options'), vesting as follows:
 
                          25% on the employment start date
                          25% on the first anniversary of your employment start
                          date; 
                          25% on the second anniversary of your employment start
                          date; and
                          25% on the third anniversary of your employment start
                          date.


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                           The exercise price for such options shall be $26.25
                           per share. Any unvested Global Crossing Stock Options
                           shall automatically cancel upon termination of
                           employment with GCL. Stock options will be granted
                           consistent with the terms and conditions of the 1998
                           Global Crossing Stock Incentive Plan (the 'Plan').
 
Employment
Start Date:               You will start your employment with GCL on a date to
                          be determined by you but in no event later than May
                          16, 2000.

Benefits:                 Insurance benefits in accordance with company policy
                          as attached hereto as Exhibit 'A' including 401(k)
                                                -----------
                          plan participation.

Vacation:                 Four weeks. Maximum vacation accrual shall be four
                          weeks.

Annual Performance
Reviews:                  In conjunction with the annual performance review
                          process, you will be eligible for salary increases,
                          cash bonus awards and additional stock option awards.
                          The salary increases, cash bonus awards and stock
                          option awards will be determined based on overall
                          company performance, functional group performance and
                          individual performance. Stock options are awarded at
                          the discretion of GCL. The annual review process
                          currently takes place during the first quarter of each
                          calendar year and shall be conducted in the same
                          manner and utilizing the same standards as with other
                          senior corporate officers.

Employment
At-Will:                  Employment at GCL is at-will. You may resign at any
                          time and GCL may terminate your employment at any
                          time, with or without cause.

Termination Without
Cause or With Good
Reason:                   In the event you are terminated without cause or that
                          you resign your employment for Good Reason (as defined
                          below) before the first anniversary of your employment
                          start date, you shall receive an amount equal to two
                          (2) times the total of your annual base salary and
                          targeted bonus plus any remaining Signing Bonus
                          payments In the event you are terminated without cause
                          or that you resign your employment for 'Good Reason'
                          before the second anniversary of your employment start
                          date, you shall receive an amount equal to two times
                          (2) the total of your annual base salary and targeted
                          bonus based on the target percentage determined at the
                          beginning of the year in which the termination is
                          effective less any salary payments made to you between
                          the first anniversary and second anniversary of your
                          employment date plus any remaining Signing Bonus

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                          payments. In the event you are terminated without
                          cause or that you resign your employment for Good
                          Reason after the second anniversary but before the
                          third anniversary of your employment date, you shall
                          receive an amount equal to the total of your annual
                          base salary and targeted bonus based on the target
                          percentage determined at the beginning of the year in
                          which the termination is effective plus any remaining
                          Signing Bonus payments.

                          In the event that you are terminated without cause or
                          resign with Good Reason within one (1) year after a
                          Change in Control (as defined in the Plan), you will
                          receive a severance payment equal to three (3) years'
                          salary and bonus. The terms and conditions of the
                          Change in Control agreement shall be the same as other
                          corporate officers.
 
                          'Good Reason' as used herein shall mean:

                          (i)   a substantial reduction by GCL of your duties or
                                responsibilities or a change in your reporting 
                                line; or

                          (ii)  a reduction by GCL of your base salary or Annual
                                Bonus potential.

                          You must provide written notice to GCL within 20 days
                          after the occurrence of an event constituting Good
                          Reason. GCL shall have 20 days after receipt of
                          written notice to cure. If GCL fails to cure and you
                          resign within 30 days after the end of the 20-day cure
                          period, then such resignation shall constitute
                          resignation for Good Reason.

Termination For
Cause:                    'Cause' as utilized herein shall mean:

                          (i)     conviction of a felony; or conviction of a
                                  crime of moral turpitude which causes serious
                                  economic injury or serious injury to Global
                                  Crossing's reputation; or

                          (ii)    material breach of the Proprietary Information
                                  Agreement attached hereto and incorporated
                                  herein by reference as Exhibit 'B' ; or
                                                         -----------  

                          (iii)   fraud or embezzlement; intentional misconduct;
                                  or gross negligence which has caused serious 
                                  and demonstrable injury to Global Crossing or
                                  its affiliates, except that a good faith
                                  exercise of business judgment shall not be
                                  deemed gross negligence; or

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                          (iv)    egregious performance or failure to perform 
                                  your duties as Chief Operating Officer which
                                  performance or failure to perform continues
                                  beyond twenty-one (21) days after a written
                                  demand for substantial improvement in your
                                  performance, identifying specifically and in
                                  detail the manner in which improvement is
                                  sought, is delivered to you by GCL; provided
                                  that a failure to achieve performance 
                                  objectives shall not by itself constitute 
                                  Cause.

                          Upon notice by GCL to you that it is terminating your
                          employment pursuant to a Termination for Cause, the
                          'Termination Date' shall be the date on which such
                          notice is mailed or hand-delivered, or as otherwise
                          specified in the notice of termination, to you. Upon
                          Termination for Cause, you shall not be entitled to
                          receive any further compensation or payments hereunder
                          (except for Base Salary relating to your services
                          prior to the Termination Date and any earned but
                          unpaid Annual Bonus payments. Any unvested Global
                          Crossing Stock Options shall immediately cancel as of
                          the Termination Date. Vested Global Crossing Stock
                          Options shall be subject to the provisions of your
                          stock option agreement and the Global Crossing stock
                          option Plan.

Withholdings:             All payments set forth herein which are subject to
                          withholdings, shall be made less any required
                          withholdings.

Binding                   Arbitration: Any controversy arising out of or
                          relating to this Term Sheet or the Proprietary
                          Information Agreement shall be settled by binding
                          arbitration in accordance with the National Rules for
                          the Resolution of Employment Disputes of the American
                          Arbitration Association before a single arbitrator who
                          shall be a retired federal judge, and judgment upon
                          the award rendered may be entered in any court having
                          jurisdiction thereof. The costs of any such
                          arbitration proceedings shall be borne equally by GCL
                          and you. Neither party shall be entitled to recover
                          attorneys' fee or costs expended in the course of such
                          arbitration or enforcement of the award rendered
                          thereunder. The location for the arbitration shall be
                          New York City, New York.
 
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We look forward to you joining Global Crossing. Please sign below and return to
John Comparin via facsimile at 973-889-5970. If not fully executed on or before
April 26, 2000, this Term Sheet shall be void.
 

GLOBAL CROSSING LTD.
A Bermuda corporation

By: /s/  John L. Comparin 
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Name: John L. Comparin
Title: SVP Human Resources


/s/  Gary Cohen
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GARY COHEN


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