Exhibit 10.44
$8,000,000.00 November 14, 2000
Promissory Note Secured by Deed of Trust
Pursuant to the terms of that certain Employment Agreement (the "Agreement")
dated as of October 11, 2000, by and between Xxxxxx X. Xxxxx ("Executive") and
Global Crossing Ltd. ("Employer"), Global Crossing Development Co. ("GCDC"), a
subsidiary of Employer has agreed to make a loan secured by deed of trust to
Executive.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, Executive agrees as follows:
1. Executive hereby promises to pay to GCDC or order, at 000 Xxxxx Xxxxxxxx
Xxxxx, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000, or at such other place as the Employer
may, from time to time, designate in writing, the principal amount of Eight
Million Dollars ($8,000,000.00).
2. The principal amount and all accrued interest shall be due and payable in
full at the earlier of (i) October 11, 2005, (ii) 90 days after termination of
Executive's employment by Employer for Cause, or (iii) 90 days after a
resignation by Executive other than pursuant to Section 10 of the Agreement (the
"Due Date").
3. This Promissory Note shall bear interest at the rate of 6.01% per annum. This
Promissory Note and interest thereon may be prepaid in whole or in part at any
time.
4. This Promissory Note shall be governed by the laws of the State of
California. In the event of default in the payment of any sums due hereunder,
GCDC shall be entitled to reimbursement from Executive 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, GCDC shall have the right to offset sums due hereunder against any other
sums which may be owed by Employer to Executive. A default by Executive
hereunder shall constitute a breach of the terms of the Agreement and shall be
grounds for immediate termination for Cause.
5. This Promissory Note is secured by a Deed of Trust to Xxxxxxx Title of
California Inc., a California corporation, as Trustee.
6. Capitalized terms not defined herein shall have the meaning set forth in the
Agreement.
/s/ Xxxxxx Xxxxx
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Xxxxxx X. Xxxxx
Executive
