{"id":39200,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-global-crossing-ltd-and-thomas-j-casey2.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-global-crossing-ltd-and-thomas-j-casey2","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-global-crossing-ltd-and-thomas-j-casey2.html","title":{"rendered":"Employment Agreement &#8211; Global Crossing Ltd. and Thomas J. Casey"},"content":{"rendered":"<pre>                                 First Amendment\n                                 ---------------\n\n     This First Amendment to that certain Employment Agreement dated as of as of\nOctober 11, 2000 (the \"Agreement\"), between Global Crossing Ltd., a Bermuda\ncorporation, (\"COMPANY\") and Thomas J. Casey (\"Executive\") is entered into as of\nAugust 8, 2001.\n\n     For good and valuable consideration, the receipt and sufficiency of which\nare hereby acknowledged, COMPANY and Executive hereby agree as follows:\n\n1.   Paragraph 1 of the Agreement: Insert \"October 11, 2000 shall be referred\nto herein as the `Commencement Date'\". Delete \"October 11, 2003\" and insert\n\"August 8, 2004.\"\n\n2.   Delete Paragraph 3(b) of the Agreement in its entirety and insert the\nfollowing:\n\n     \"The Company or a subsidiary thereof shall grant to Executive a full\nrecourse loan as soon as reasonably practicable after the commencement of\nExecutive's employment with the Company as CEO, in an aggregate principal amount\nof $8 million (the \"Loan\"). The Loan shall be interest-free. The Loan shall be\ndue and payable in full at the earliest of (i) October 11, 2005, (ii)\ntermination of Executive's employment by the Company for Cause (as defined\nbelow) or (iii) a resignation by Executive other than pursuant to Section 10.\nNotwithstanding the foregoing, provided that on the first anniversary of the\nCommencement Date Executive is employed by Employer, or any affiliate or\nassignee thereof, the sum of Two Million Six Hundred Sixty-Six Thousand Six\nHundred Sixty-Seven Dollars ($2,666,667) shall be forgiven on the first\nanniversary of the Commencement Date. Provided that on the second anniversary of\nthe Commencement Date Executive is employed by Employer, or any affiliate or\nassignee thereof, the sum of Two Million Six Hundred Sixty-Six Thousand Six\nHundred Sixty-Seven Dollars ($2,666,667) shall be forgiven on the second\nanniversary of the Commencement Date. Provided that on the third anniversary of\nthe Commencement Date Executive is employed by Employer, or any affiliate or\nassignee thereof, the remaining principal balance shall be forgiven on the the\nthird anniversary of the Commencement Date. In the event of Executive's default\nin the payment of the Loan required in this Section 3, to the extent permitted\nby law, the Company shall have the right to offset such amounts against any\nother amounts which may be owed by the Company to Executive.\"\n\n3.   Insert a new Paragraph 3(c):\n\n     \"COMPANY shall gross up Executive's Base Salary in an amount necessary to\ncover the taxes (federal, state and medicare) on imputed interest income arising\nout of the Loan. The imputed interest income shall be calculated at the rate of\n3.87% per annum pursuant to Internal Revenue Code Sections 7872 and 1274(d). The\ntax on the imputed interest income shall be based on the highest marginal tax\nrates. Executive shall be responsible for tax return preparation and filing and\nfor payment of any and all taxes (including any related penalties and interest\nthereon) arising out of or associated with the Loan. COMPANY shall not have any\nobligation to gross up Executive's salary for any income related to forgiveness\nof debt.\"\n\n4.   At Paragraph 9(d) line number 1 after the word \"for\", insert a colon.\n\n\n\n5.   At Paragraph 9(d) sentence number 1 prior to the period, insert: \"and (iii)\nany outstanding principal balance of the Loan shall be forgiven.\"\n\n6.   Company agrees to promptly execute and deliver to Executive a deed of\nreconveyance releasing its security interest in that certain real property\ncommonly known as 12903 Chalon Road, Los Angeles, CA 90049.\n\n7.   Except as set forth herein, all other terms and conditions of the\nAgreement shall remain unchanged and in full force and effect.\n\n8.   Capitalized terms shall have the meaning defined in the Agreement.\n\nIN WITNESS WHEREOF, COMPANY and Executive have executed this Amendment as of the\nday and year first above written.\n\nGLOBAL CROSSING LTD.\n\n\n\nBy: \/s\/ Lodwrick M. Cook                      \/s\/ Thomas J. Casey\n    ---------------------                    ------------------------------\nName:  Lodwrick M. Cook                      Thomas J. Casey\nTitle: Co. Chairman\n\n                                       2\n\n\n\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7648],"corporate_contracts_industries":[9519],"corporate_contracts_types":[9539,9544],"class_list":["post-39200","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-global-crossing-ltd","corporate_contracts_industries-telecommunications__telephone","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39200"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39200"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39200"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}