EXHIBIT 10.4
$3,000,000 4/6/2001
UNSECURED PROMISSORY NOTE
Pursuant to the terms of that certain Employment Term Sheet (the "Employment
Term Sheet") dated as of 2/27/2001, by and between Xxxx Xxxxxxx Xxxx
("Employee") and Global Crossing Development Co. ("Employer"), Employer has
agreed to make an interest-free loan to Employee.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, Employee agrees as follows:
1. Employee hereby promises to pay to Employer or order, at 000 Xxxxx Xxxxxxxx
Xxxxx, Xxxxxxx Xxxxx, Xxxxxxxxxx 90210, or at such other place as the Employer
may, from time to time, designate in writing, the principal amount of Three
Million Dollars ($3,000,000).
2. The principal amount shall be due and payable in full at the earlier of (i)
termination for Cause (as defined in the Employment Term Sheet) (ii)
resignation, or (iii) three years. Notwithstanding the foregoing, provided that
on February 28, 2002, Employee is employed by Employer, or any other subsidiary
Global Crossing Ltd., the sum of One Million Dollars ($1,000,000) shall be
forgiven on February 28, 2002. Provided that on February 28, 2003, Employee is
employed by Employer, or any other subsidiary Global Crossing Ltd., the sum of
One Million Dollars ($1,000,000) shall be forgiven on February 28, 2003.
Provided that on February 28, 2004, Employee is employed by Employer, or any
other subsidiary Global Crossing Ltd., the remaining principal balance shall be
forgiven on February 23, 2004.
3. This Promissory Note shall be interest-free. This Promissory Note may be
prepaid in whole or in part at any time. Employee shall be responsible for
payment of any and all tax related to the Promissory Note, including but not
limited to, tax on imputed interest income and tax on forgiveness of debt.
4. This Promissory Note shall be governed by the laws of the State of New
York. In the event of default in the payment of any sums due hereunder, Employer
shall be entitled to reimbursement from Employee for all costs of collections,
including reasonable attorney's fees and costs. In the event of default in the
payment of any sums due hereunder, to the extent permitted by law, Employer
shall have the right to offset sums due hereunder against any other sums which
may be owed by Employer to Employee.
/s/ Xxxx Xxxxxxx Xxxx.
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Xxxx Xxxxxxx Xxxx
