{"id":39354,"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-mci-communications-corp-and-gerald-h.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-mci-communications-corp-and-gerald-h","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-mci-communications-corp-and-gerald-h.html","title":{"rendered":"Employment Agreement &#8211; MCI Communications Corp. and Gerald H. Taylor"},"content":{"rendered":"<pre>\n\nMCI COMMUNICATIONS CORPORATION\n1801 Pennsylvania Avenue, N.W               BERT C. ROBERTS, JR.\nWashington, DC 20006                        Chairman\n\nSeptember 16, 1998\n\nGerald H. Taylor\n2606 Normanstone Lane, N.W.\nWashington, DC 20008\n\nDear Jerry:\n\nThis letter confirms several modifications to your Amended and Restated\nEmployment Agreement, dated as of November 6, 1997, that you and I have agreed\nto. I have discussed these changes with Bernie Ebbers on behalf of WorldCom, and\nhe also has agreed to them. All of us accept that these changes are necessary\nand fair to all parties under the circumstances.\n\n<font size=\"2\">         1.       At the close of the merger, you will become a director of MCI\n                  WORLDCOM, Inc. ('MCI WorldCom'). You will serve as a director\n                  of MCI WorldCom until December 31, 1999, unless your\n                  resignation is requested earlier or unless you are asked to\n                  continue as a director after that date and you agree to do so.\n\n         2.       You will be employed by MCI until your retirement from the\n                  company, which we presently anticipate will be on or about\n                  January 1, 1999. Upon your retirement, all currently unvested\n                  equity awards (i.e., February 1998 option grants and February\n                  and August 1998 executive stock awards) will vest and your\n                  deferrals of any previously vested equity awards will\n                  terminate.\n\n         3.       In full settlement of any compensation claims under your\n                  employment agreement (including payroll, bonus, and equity\n                  claims), MCI will pay you 1.33 times the sum of your current\n                  1998 salary and bonus (senior executive incentive plan plus\n                  cash equivalent of executive stock award). This sum will be\n                  paid to you in 16 equal monthly installments commencing in\n                  September 1998 and continuing through December 1999.\n\n         4.       The continued health, dental, and insurance benefits specified\n                  in your employment agreement will commence as of September\n                  1998.\n\n         5.       You will receive three years service credit toward your\n                  pension at retirement. You will have all the normal options\n                  with respect to payment of your pension.\n\n         6.       The non-competition provision of your employment agreement\n                  will continue in force until December 31, 1999, unless you are\n                  asked to resign from the MCI WorldCom Board prior to June 30,\n                  1999, in which case it will terminate 6 months after your\n                  resignation.\n\n<\/font>Except as modified by this letter, the terms of your employment agreement will\ncontinue in effect.\n\nIf this letter accurately sets forth your understanding of our agreement, please\nso indicate by signing below.\n\nSincerely,\n\n\/s\/ Bert C. Roberts, Jr.\n\nBert C. Roberts, Jr.\n\n\nREAD AND AGREED TO:          \/s\/ Gerald H. Taylor \n                             -------------------------------------------------\n                                            Gerald H. Taylor\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[9361],"corporate_contracts_industries":[9519],"corporate_contracts_types":[9539,9544],"class_list":["post-39354","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-worldcom-inc","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\/39354","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=39354"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39354"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39354"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}