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Published: 2008-03-26

Employment Term Sheet - Global Crossing Ltd. and Joseph P. Perrone



[LOGO OF GLOBAL CROSSING]

             Employment Term Sheet - Joseph P. Perrone ('Executive')
             -------------------------------------------------------

Position:                 Sr. Vice President - Finance, reporting to the CFO and
                          providing services for Global Crossing Ltd. ('GCL')
                          and Asia Global Crossing Ltd. ('AGC')

Employer:                 Global Crossing Ltd. ('GCL')

Base Salary:              $400,000 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 remainder
                          of 2000, to be paid during the first quarter of 2001,
                          will be at least $400,000.

Signing                   Bonus: Global Crossing agrees to pay you a signing
                          bonus equal to $2,500,000, payable within 10 days
                          after your employment start date. In the event that
                          you resign or are terminated for cause within one (1)
                          year after your employment start date, you agree to
                          return to the Company the Signing Bonus, prorated on a
                          monthly basis for the period not worked.

Global Crossing Ltd.
Stock Options:            Subject to Board (or a committee of the Board)
                          approval, 500,000 options to purchase common stock of
                          Global Crossing Ltd. and an amount to be determined
                          (commensurate with other comparable Company
                          executives) of options to purchase common stock of
                          Asia Global Crossing Ltd. (when issued), vesting over
                          3 years 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.

                          The Compensation Committee of Board of Directors will
                          determine the strike prices. Stock options are subject
                          to the additional terms and conditions set forth in
                          the 1998 Global Crossing Ltd., Stock Incentive Plan
                          and the Non-Qualified Stock Option Agreement to be
                          provided to you which will provide for exercise for a
                          period of not less than six months after termination
                          without cause or termination for disability.

                          In addition, Executive shall receive options to
                          purchase common stock of GlobalCenter Inc.
                          commensurate with other comparable Company executives,
                          if so awarded.

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                          The GCL Stock Options shall immediately vest in the
                          event of a Change in Control (as that term is defined
                          in the Plan). In the event you suffer a disability (as
                          that term is defined in the Plan) that renders you
                          unable to continue employment at Global Crossing Ltd.
                          or a subsidiary thereof, the GCL Stock Options shall
                          immediately vest as of the date that your employment
                          is formally terminated.

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. Relocation expenses will be paid
                          and/or reimbursed per the Company's relocation policy
                          if you relocate your residence at the Company's
                          request

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 and commensurate with other
                          comparable Company executives. 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 the
                          total of your annual base salary and targeted bonus.
                          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 


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                          bonus. The terms and conditions of the Change in
                          Control agreement shall be the same as other
                          comparable 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

                          (iv)         egregious performance or failure to
                                       perform your duties as Sr. Vice President
                                       - Finance (other than for reason of
                                       disability) 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 


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                          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

We look forward to your joining Global Crossing and Asia Global Crossing. Please
sign below and return to John Comparin via facsimile at 973-889-5970. If not
fully executed on or before May 2, 2000, this Term Sheet shall be void. The
foregoing terms are agreed to.


GLOBAL CROSSING LTD.                        AGREED:
A Bermuda corporation

By: /s/  John L. Comparin                   /s/  Joseph P. Perrone
    ---------------------                   ----------------------
                                            
Name: John L. Comparin                      Joseph P. Perrone
Title: SVP Human Resources

Date: May 1, 2000                           Date: May 1, 2000
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