Document:

Exhibit 10.2

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Date: March 1, 2002

To: Max Re Ltd.                                   From:  Canadian Imperial Bank
                                                         of Commerce

Attention: Keith S. Hynes                         Contact:  Tyler Ratcliffe

Phone Number:  (441) 296-8800                     Phone Number: 212-885-4413

Facsimile Number:  (441) 296-8811                 Facsimile Number: 212-885-4378

Re: Reference #  NY OT00

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                         TOTAL RETURN SWAP CONFIRMATION
                         ------------------------------

The purpose of this letter agreement (this "Confirmation") is to confirm the
terms and conditions of the Transaction entered into between Canadian Imperial
Bank of Commerce ("CIBC") and Max Re Ltd., ("Counterparty") on the Trade Date
specified below (the "Transaction"). This Confirmation constitutes a
"Confirmation" as referred to in the Master Agreement

The definitions and provisions contained in the 2000 ISDA Definitions (the "Swap
Definitions") and in the 1996 ISDA Equity Derivatives Definitions (the "Equity
Definitions," and together with the Swap Definitions, the "Definitions"), in
each case as published by the International Swaps and Derivatives Association,
Inc., are incorporated into this Confirmation. In the event of any inconsistency
between the Swap Definitions and the Equity Definitions, the Equity Definitions
will govern. In the event of any inconsistency between either set of Definitions
and this Confirmation, this Confirmation will govern.

1.   This Confirmation supplements, forms part of, and is subject to, the ISDA
     Master Agreement dated as of March 1, 2002, as amended and supplemented
     from time to time (the "Agreement"), between CIBC and Counterparty. All
     provisions contained in the Agreement shall govern this Confirmation except
     as expressly modified below. The parties hereto each acknowledges that the
     interests acquired under this Transaction will not be registered under the
     Securities Act of 1933 (the "Act") and are being sold in reliance upon the
     exemption for private placements pursuant to Section 4(2) of the Act.

2.   The terms of the particular Transaction to which this Confirmation relates
     are as follows:

GENERAL TERMS:

    Trade Date:                    March 1, 2002

    Effective Date:                March 1, 2002

    Termination Date:              February 29, 2004, subject to adjustment in
                                   accordance with the Modified Following
                                   Business Day Convention.

    Shares:                        Common Stock of Max Re Diversified
                                   Strategies, Ltd. (the "Fund").

    Calculation Agent:             CIBC

    Settlement Currency:           USD

<PAGE>

EQUITY AMOUNTS PAYABLE BY CIBC:

    Equity Amount Payer:           CIBC

    Number of Shares:              On the Effective Date, 89,335, subject to
                                   adjustment as provided below under
                                   Adjustments and Mandatory Redemptions.

    Quarterly Valuation Date:      Quarterly, each May 31, August 31, November
                                   30, February 28 and the Termination Date.

    Unit NAV:                      The Fund's total net assets, including
                                   without limitation investments, cash, accrued
                                   interest receivable and any other category of
                                   assets, less its liabilities including any
                                   obligations (whether present or future,
                                   contingent or otherwise, as principal or
                                   surety or otherwise) as calculated on a per
                                   share basis and reported by the Fund and by
                                   Bank of Bermuda (the "Custodian") in
                                   accordance with U.S. GAAP. Provided, that on
                                   any Valuation Date, if the Fund has suspended
                                   reporting Unit NAV, then the Calculation
                                   Agent shall determine Unit NAV.

    Maximum Notional Amount:       USD 105,000,000

    Equity Value:                  With respect to any Business Day other than a
                                   final Quarterly Valuation Date, the product
                                   of (a) Unit NAV and (b) the Number of Shares.
                                   On a final Quarterly Valuation Date, the
                                   Equity Value shall be the higher of (i) the
                                   highest bid price received by the Calculation
                                   Agent after soliciting bids from (A) at least
                                   three nationally recognized broker / dealers
                                   and, (B) at the Counterparty's option, the
                                   Counterparty or (ii) the Redemption Amount
                                   (as defined below). For this purpose, if
                                   Shares submitted by CIBC for redemption are
                                   not redeemed by the Fund, the Calculation
                                   Agent shall determine the Unit NAV.

    Capped Equity Value:           The lesser of the Maximum Notional Amount and
                                   the Equity Value.

    Equity Notional Amount:        Initially, USD 100,000,000, subject to
                                   adjustment on each Quarterly Valuation Date
                                   and Mandatory Redemption Date so that the
                                   Equity Notional Amount equals the Capped
                                   Equity Value on such Quarterly Valuation Date
                                   and Mandatory Redemption Date subject to
                                   adjustment as provided below under
                                   Adjustments.

    Appreciation Amount:           With respect to the first Quarterly Valuation
                                   Date, an amount equal to the Capped Equity
                                   Value minus the Equity Notional Amount and
                                   thereafter, except for a final Quarterly
                                   Valuation Date, an amount equal to the Capped
                                   Equity Value calculated on the relevant
                                   Quarterly Valuation Date minus the Capped
                                   Equity Value calculated on the immediately
                                   preceding Quarterly Valuation Date, as
                                   applicable. On a final

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                                   Quarterly Valuation Date, the Appreciation
                                   Amount will be an amount equal to the Equity
                                   Value calculated on such final Quarterly
                                   Valuation Date minus the Capped Equity Value
                                   calculated on the immediately preceding
                                   Quarterly Valuation Date.

    Equity Payment Dates:          (i)   The sixth Business Day following each
                                         Quarterly Valuation Date, subject to
                                         adjustment in accordance with the
                                         Modified Following Business Day
                                         Convention; and

                                   (ii)  In the case of a Mandatory Redemption
                                         Date and the Termination Date, each
                                         date on which CIBC receives a cash
                                         payment from the Fund in exchange for
                                         Shares purchased by CIBC under the
                                         Stock Purchase Agreement (the
                                         "Redemption Amount").

    Equity Payments:               On each Equity Payment Date CIBC will pay the
                                   Counterparty an amount equal to algebraic sum
                                   of (a) the amount of all dividends and
                                   similar cash distributions paid by the Fund
                                   on the Number of Shares during the period
                                   from the Effective Date or the preceding
                                   Equity Payment Date, as the case may be and
                                   (b) the Appreciation Amount, if such sum is
                                   positive. If such sum is negative then
                                   Counterparty shall pay CIBC the absolute
                                   value of such sum.

FLOATING AMOUNTS PAYABLE
BY COUNTERPARTY:

    Floating Amount Payer:         Counterparty

    Notional Amount:               The Equity Notional Amount

    Payment Dates:                 Each Equity Payment Date.

    Floating Rate Option:          USD-LIBOR-BBA

    Designated Maturity:           3 months, pro-rated where applicable

    Spread:                        0.90%

    Floating Rate Day
     Count Fraction:               Actual/360

    Reset Days:                    Each Payment Date.

    Business Days:                 New York

ADJUSTMENTS                        On the Effective Date and each Valuation
-----------                        Date, the Unit NAV shall be as reported by
                                   the Custodian on the last Business Day of the
                                   most recent month for which it has provided a
                                   Monthly Valuation Report as described in the
                                   Agreement. If such month is not the month
                                   immediately preceding the Effective Date or
                                   any Quarterly Valuation Date, on the date the
                                   Counterparty provides to CIBC the Monthly
                                   Valuation Report (i) in the case of the
                                   Monthly Valuation Report

<PAGE>
                                   for the month immediately preceding the
                                   Effective Date, the Number of Shares shall be
                                   adjusted so that the Number of Shares times
                                   the Unit NAV as of the last Business Day of
                                   the month immediately preceding the Effective
                                   Date equals the initial Equity Notional
                                   Amount and (ii) in the case of the Monthly
                                   Valuation Report for the month corresponding
                                   to the Quarterly Valuation Date, CIBC or
                                   Counterparty, as appropriate, shall pay to
                                   the other that amount, after taking into
                                   account any payment made on the relevant
                                   Equity Payment Date, necessary to make such
                                   other party whole as a result of any
                                   adjustment made to the Unit NAV reported on
                                   the relevant Quarterly Valuation Date.

ADDITIONAL COUNTERPARTY            (A) By 1:00 p.m. on the first Business Day
PAYMENTS:                          after receipt of written notice from CIBC,
                                   Counterparty will pay to CIBC an amount equal
                                   to all amounts which are required to be
                                   refunded to the Fund by CIBC, as the result
                                   of an adjustment after the Termination Date,
                                   to Unit NAV. If CIBC receives an additional
                                   payment after the Termination Date from the
                                   Fund as a result of an adjustment after the
                                   Termination Date, to Unit NAV, CIBC shall pay
                                   such amount to Counterparty on the first
                                   Business Day after receipt of such additional
                                   payment. (B) By 1:00 p.m. on the first
                                   Business Day after receipt of written notice
                                   from CIBC, Counterparty will pay to CIBC an
                                   amount equal to the amount that the Fund or
                                   the Fund's bankruptcy liquidators, trustee or
                                   any court having apparent jurisdiction over
                                   the Fund requires CIBC to pay or repay to the
                                   Fund, the Fund's bankruptcy estate or any
                                   creditor of the Fund in respect of the
                                   Shares.

MANDATORY REDEMPTIONS:             In the event of a mandatory redemption by the
                                   Fund of all or part of the Shares on any
                                   Business Day (the "Mandatory Redemption
                                   Date"), then the Equity Notional Amount and
                                   the Number of Shares shall be adjusted
                                   accordingly on the relevant Equity Payment
                                   Date. Such Equity Payment Date is considered
                                   to be a Termination Date that is applicable
                                   to only the Redemption Amount.

3. ACCOUNT DETAILS:
   Payments to CIBC:
   ----------------
      Account for Payments:        Chase Manhattan Bank, New York
      For the Account of:          Canadian Imperial Bank of Commerce
      Account No.:                 544-708-234
      ABA No.:                     021-000-021
      Attention:                   Financial Products

   Payments to Counterparty:
   ------------------------
       Account for Payments:       Federal Reserve Bank of Boston
       For the Account of:         Max Re Ltd. (Gen-Re-NEAM)
       Account No.:                MRLF 0020502

<PAGE>

       ABA No.:                    011-001-234
                                   BOS SAFE DEP
       DDA No.:                    162299

4. OFFICES:

    (a) The Office of CIBC for the Transaction is Toronto.

    (b) The Office of Counterparty for the Transaction is Hamilton, Bermuda.

5. BROKER/ARRANGER:                 None.

6. This Confirmation may be executed in one or more counterparts, either in
   original or facsimile form, each of which shall constitute an original and
   all of which together shall constitute one and the same agreement. When
   executed by the parties through facsimile transmission, this Confirmation
   shall constitute the original agreement between the parties and the parties
   hereby adopt the signatures printed by the receiving facsimile machine as the
   original signatures of the parties.

7. COVENANTS:                      The Calculation Agent hereby covenants that
                                   all determinations made by the Calculation
                                   Agent under this Confirmation will be made in
                                   good faith and in a commercially reasonable
                                   manner at all times.

8. OTHER PROVISIONS:
    Optional Early Termination:    The Counterparty shall have the right, under
                                   Section 2.3 (b) (ii) of the Liquidity
                                   Agreement, to terminate the Transaction in
                                   whole, but not in part, on any Business Day,
                                   such Business Day shall be deemed the
                                   Termination Date.

                                   After February 28, 2003, upon 30 days written
                                   notice to CIBC, the Counterparty shall have
                                   the right to terminate the Transaction in
                                   whole, but not in part, on any Business Day,
                                   such Business Day shall be deemed the
                                   Termination Date.

    Governing Law:                 The laws of the State of New York (without
                                   reference to the choice of law doctrine).

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<PAGE>

Entering into a derivative transaction involves certain risks. An identification
of the principal risks is provided in the CIBC World Markets Risk Disclosure
Statement, which has been delivered to you. If you have not received a copy,
please let us know and one will be provided to you. You should always consider
those risks in determining whether to enter into derivative transactions.

Except as if expressly agreed to by you or us in writing, neither of us has
acted as advisor to the other with respect to the desirability or
appropriateness of entering into the Transaction confirmed hereby or with
respect to the other party's risk management needs generally. This pertains not
only to the financial and market risk management risks and consequences of the
confirmed or any proposed Transaction, but also to any legal, regulatory, tax,
accounting and credit issues generated by such transactions, which each party
must evaluate for itself and in reliance on its own professional advisors.

The Transaction confirmed hereby might be one which includes one or more
elements not found in more basic swap structures with which you should be
familiar, such as single currency interest rate swaps. These elements, if
present, could include leverage, one or more embedded options or one or more
embedded forwards or some other structural elements which could significantly
affect the Transaction's price behavior As with any other financial market
transaction, you should monitor the Transaction's value frequently throughout
its term to protect yourself as well as possible against unanticipated or
undesired changes in its value and to insure its continued utility relative to
your financial management needs and your appetite for the market, legal,
regulatory, credit, tax and accounting risks that can attend the Transaction.

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Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us or by sending to us a letter or telex substantially
similar to this letter, which letter or telex sets forth the material terms of
the Transaction to which this Confirmation relates and indicates your agreement
to those terms.

                                        Yours Sincerely,

                                        CANADIAN IMPERIAL BANK OF COMMERCE

                                        By:
                                            ---------------------------------
                                        Name: Gina S. Ghent
                                        Title:  Executive Director

Confirmed as of the date first above written:

MAX RE LTD.

By:
   ---------------------------------
Name:
Title:<PAGE>

                                                                    EXHIBIT 10.6

                           CHANGE IN CONTROL AGREEMENT

                  This Agreement, dated November __, 2001, is made by and
between IPC Information Systems, Inc., a Delaware Corporation (as hereinafter
defined, the "Corporation"), and __________ (the "Executive").

                  WHEREAS, the Board (as hereinafter defined) recognizes that
the possibility of a Change in Control (as hereinafter defined) of the
Corporation exists and that such possibility, and the uncertainty it may cause,
may result in the departure or distraction of key management employees of the
Corporation; and

                  WHEREAS, the Executive is a key management employee of the
Corporation or of a Subsidiary; and

                  WHEREAS, the Board has determined that the Corporation should
encourage the continued employment of the Executive by the Corporation or a
Subsidiary and the continued dedication of the Executive to his assigned duties
without distraction as a result of the circumstances arising from the
possibility of a Change in Control;

                  NOW THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the Corporation and the Executive hereby agree as
follows:

                  1. Defined Terms. For purposes of this Agreement, the
following terms shall have the meanings indicated below:

                  (A) "Board" shall mean the Board of Directors of the
         Corporation, as constituted from time to time.

                  (B) "Cause" for termination by the Corporation of the
         Executive's employment shall mean (i) the willful failure by the
         Executive substantially to perform the Executive's duties with the
         Corporation or a Subsidiary, other than any failure resulting from the
         Executive's incapacity due to physical or mental illness or any actual
         or anticipated failure after the issuance of a Notice of Termination
         for Good Reason by the Executive in accordance with paragraph (A) of
         Section 6, that continues for at least 30 days after the Board delivers
         to the Executive a written demand for performance that identifies
         specifically and in detail the manner in which the Board believes that
         the Executive willfully has failed substantially to perform the
         Executive's duties, (ii) the willful engaging by the Executive in
         misconduct that is demonstrably and materially injurious to the
         Corporation or any Subsidiary, monetarily or otherwise or (iii) an act
         or acts on Executive's part constituting (x) a felony under the laws of
         the United States or any state thereof or (y) a misdemeanor involving
         moral turpitude.

                  (C) A "Change in Control" shall mean, if subsequent to the
         date of this Agreement:

<PAGE>

                                    (i) any Person (other than Global Crossing
                  Lt. and its direct and indirect majority-owned subsidiaries)
                  becomes the Beneficial Owner (as such term is defined in Rule
                  13d-3 under the Securities Exchange Act of 1934, as amended),
                  directly or indirectly, of the securities of the Corporation
                  representing more than 50% of the combined voting power of
                  then outstanding securities of the Corporation or,

                                    (ii) the Corporation's complete liquidation
                  or the sale or disposition by the Corporation of all or
                  substantially all of the Corporation's assets, other than the
                  Corporation's liquidation into a wholly-owned subsidiary.

                  (D) "Code" shall mean the Internal Revenue Code of 1986, as
         amended from time to time.

                  (E) "Corporation" shall mean IPC Information Systems, Inc. and
         any successor to its business or assets, by operation of law or
         otherwise.

                  (F) "Date of Termination" shall have the meaning stated in
         paragraph (B) of Section 6 hereof.

                  (G) "Disability" shall be deemed the reason for the
         termination by the Corporation of the Executive's employment, if the
         Executive is unable to engage in any substantial gainful activity by
         reason of a medically determinable physical or mental impairment which
         constitutes a permanent and total disability, as defined in Section
         22(e)(3) of the Code (or any successor section thereto).

                  (H) "Executive" shall mean the individual named in the first
         paragraph of this Agreement.

                  (I) "Good Reason" for termination by the Executive of the
         Executive's employment shall mean the occurrence, without the
         Executive's express written consent, of any of the following:

                                    (i) the assignment to the Executive of any
                  duties inconsistent with the Executive's status as a key
                  management employee of the Corporation or of a Subsidiary or a
                  substantial adverse alteration in the nature or status of the
                  Executive's responsibilities from those in effect immediately
                  prior to the Change in Control;

                                    (ii) a reduction in the Executive's annual
                  base salary, target annual bonus, or long-term incentive
                  opportunity to any amount less than the Executive's annual
                  base salary, target bonus, or long-term incentive opportunity,
                  respectively, as in effect immediately prior to the Change in
                  Control. For this purpose, long-term incentive opportunities
                  shall be measured as of the date of

                                       2

<PAGE>

                  grant using a methodology consistent with prior long-term
                  incentive grant practices.

                                    (iii) the relocation of the Executive's
                  principal place of employment to a location more than 50 miles
                  from the location of such principal place of employment
                  immediately prior to the Change in Control, except for
                  required business travel to an extent substantially consistent
                  with the Executive's business travel obligations immediately
                  prior to the Change in Control;

                                    (iv) the failure to pay the Executive any
                  portion of the Executive's current compensation, or to pay or
                  reimburse the Executive for any expenses incurred by him for
                  required business travel and documented in accordance with
                  reasonable Corporation policy;

                                    (v) the failure by the Corporation to
                  continue to provide the Executive with benefits as favorable
                  in the aggregate and in all material respects as those enjoyed
                  by the Executive under the Corporation's retirement, life
                  insurance, medical, health and accident, disability, or other
                  employee benefit plans in which the Executive was
                  participating immediately prior to the Change in Control; or
                  the failure by the Corporation to provide the Executive with
                  the number of paid vacation days to which the Executive was
                  entitled in accordance with the Corporation's normal vacation
                  policy in effect immediately prior to the Change in Control;
                  or

                                    (vi) any purported termination by the
                  Corporation of the Executive's employment that is not effected
                  in accordance with a Notice of Termination satisfying the
                  requirements of paragraph (A) of Section 6 hereof.

                  (J) "Notice of Termination" shall have the meaning stated in
         paragraph (A) of Section 6 hereof.

                  (K) "Payment Trigger" shall mean the occurrence of both of (i)
         a Change in Control during the term of this Agreement and (ii) at any
         time on or after such Change in Control, but before the end of the
         Protected Period, the termination of the Executive's employment with
         the Corporation or a Subsidiary for any reason other than (A) by the
         Executive without Good Reason, (B) by the Corporation (or a Subsidiary)
         as a result of the Disability of the Executive or with Cause or (C) as
         a result of the death of the Executive; provided, however, that if the
         Executive's employment is terminated prior to a Change in Control at
         the request of a Person engaged in a transaction or series of
         transactions that would result in a Change in Control, such termination
         shall be deemed to occur during the Protected Period. Any transfer of
         the Executive's employment from the Corporation to a Subsidiary, from a
         Subsidiary to the Corporation, or from one Subsidiary to another
         Subsidiary shall not by itself constitute a termination of the
         Executive's employment for purposes of this Agreement.

                                       3

<PAGE>
                  (L) "Person" shall have the meaning used in Sections 13(d) and
         14(d) of the Securities Exchange Act of 1934, as amended from time to
         time.

                  (M) "Protected Period" shall mean the 24-month period
         immediately following the month in which a Change in Control occurs.

                  (N) "Subsidiary" shall mean any corporation or other entity or
         enterprise, whether incorporated or unincorporated, of which at least a
         majority of the securities or other interests having by their terms
         ordinary voting power to elect a majority of the board of directors or
         others serving similar functions with respect to such corporation or
         other entity or enterprise is owned by the Corporation, directly or
         indirectly.

         2. Term of Agreement. This Agreement will become effective on the date
hereof and shall continue in effect through December 31, 2002 (the "Initial
Term").

         The Initial Term of this Agreement automatically shall be extended for
one (1) additional year at the end of the Initial Term, and then again after
each successive one (1) year period thereafter (each such one (1) year period
following the Initial Term a "Successive Period"). However, either party may
terminate this Agreement at the end of the Initial Term, or at the end of any
Successive Period thereafter, by giving the other party written notice of intent
not to renew, delivered at least six (6) months prior to the end of such Initial
Term or Successive Period. If such notice is properly delivered by either party,
this Agreement, along with all corresponding rights, duties, and covenants shall
automatically expire at the end of the Initial Term or Successive Period then in
progress.

         In the event that a Change in Control of the Corporation occurs (as
such term is herein defined) during the Initial Term or any Successive Period,
upon the effective date of such Change in Control, the term of this Agreement
shall automatically and irrevocably be renewed for a period of twelve (12) full
calendar months from the effective date of such Change in Control. This
Agreement shall thereafter automatically terminate following the twelve (12)
month Change-in-Control renewal period. Further, this Agreement shall be
assigned to, and shall be assumed by the purchaser in such Change in Control, as
further provided in Section 9 herein.

         3. General Provisions.

         (A) The Corporation hereby represents and warrants to the Executive as
follows: The execution and delivery of this Agreement and the performance by the
Corporation of the actions contemplated hereby have been duly authorized by all
necessary corporate action on the part of the Corporation. This Agreement is a
legal, valid and legally binding obligation of the Corporation enforceable in
accordance with its terms. Neither the execution or delivery of this Agreement
nor the consummation by the Corporation of the actions contemplated hereby (i)
will violate any provision of the certificate of incorporation or by-laws (or
other charter documents) of the Corporation, (ii) will violate or be in conflict
with any applicable law or any judgment, decree, injunction or order of any
court or governmental agency or authority, or (iii) will violate or conflict
with or constitute a default (or an event which, with notice or lapse of time or
both, would constitute a default) under or will result in the termination of,
accelerate the performance

                                       4

<PAGE>

required by, or result in the creation of any lien, security interest, charge or
encumbrance upon any of the assets or properties of the Corporation under, any
term or provision of the certificate of incorporation or by-laws (or other
charter documents) of the Corporation or of any contract, commitment,
understanding, arrangement, agreement or restriction of any kind or character to
which the Corporation is a party or by which the Corporation or any of its
properties or assets may be bound or affected.

         (B) No amount or benefit shall be payable under this Agreement unless
there shall have occurred a Payment Trigger during the term of this Agreement.
In no event shall payments in accordance with this Agreement be made in respect
of more than one Payment Trigger.

         (C) This Agreement shall not be constructed as creating an express or
implied contract of employment and, except as otherwise agreed in writing
between the Executive and the Corporation, the Executive shall not have any
right to be retained in the employ of the Corporation or of a Subsidiary.
Notwithstanding the immediately preceding sentence or any other provision of
this Agreement, no purported termination of the Executive's employment that is
not effected in accordance with a Notice of Termination satisfying paragraph (A)
of Section 6 shall be effective for purposes of this Agreement. The Executive's
right, following the occurrence of a Change in Control, to terminate his
employment under this Agreement for Good Reason shall not be affected by the
Executive's Disability or incapacity. The Executive's continued employment shall
not constitute consent to, or a waiver of rights with respect to, any act or
failure to act constituting Good Reason under this Agreement.

         4. Payments Due Upon a Payment Trigger.

         (A) The Corporation shall pay to the Executive the payments described
in this Section 4 upon the occurrence of a Payment Trigger during the term of
this Agreement.

         (B) Upon the occurrence of a Payment Trigger during the term of this
Agreement, the Corporation shall pay to the Executive a lump sum payment, in
cash, equal to the product of:

                  (i) one multiplied by

                  (ii) the sum of --

                                    (a) the higher of the Executive's (1) annual
                           base salary in effect immediately prior to the
                           occurrence of the Change in Control or (2) the
                           Executive's annual base salary in effect immediately
                           prior to the Payment Trigger, plus

                                    (b) the higher of (1) the Executive's target
                           annual bonus for the fiscal year (or other measuring
                           period) prior to the fiscal year (or other measuring
                           period) in which the Change in Control occurs or (2)
                           the Executive's target annual bonus for the fiscal
                           year (or other measuring period) in which the Payment
                           Trigger occurs.

                                       5

<PAGE>

         The amount determined under the foregoing provisions of this paragraph
(B) shall be reduced by any cash severance benefit otherwise paid to the
Executive under any applicable severance plan or other severance arrangement.
For purposes of this paragraph (B), amounts payable to the Executive pursuant to
an annual bonus plan for the fiscal year or other measuring period described in
(1) or (2) above, as applicable (the "applicable year/period"), shall not
include amounts attributable to a fiscal year or other measuring period that
commenced prior to the applicable year/period and that become payable during the
applicable year/period.

         (C) Notwithstanding any provision of any incentive compensation plan,
including, without limitation, any provision of any incentive compensation plan
conditioning the receipt of any payment upon continued employment after the
completed fiscal year or other measuring period, the Corporation shall pay to
the Executive a lump sum amount, in cash, equal to the amount of any incentive
compensation that has been allocated or awarded to the Executive for a completed
fiscal year or other measuring period, preceding the occurrence of a Payment
Trigger under any incentive compensation plan but has not yet been paid to the
Executive.

         (D) For the fiscal year or other measuring period during which the
Payment Trigger occurs, the Executive shall be entitled to a pro rata bonus
equal to the number of calendar days elapsed during the fiscal year or other
measuring period prior to the Date of Termination divided by the total days in
the fiscal year or measuring period, as the case may be, and multiplied by the
target bonus payable for such period.

         (E) The payments provided for in paragraphs (B), (C) and (D) of this
Section 4 shall be made not later than the fifth day following the occurrence of
a Payment Trigger, unless the amounts of such payments cannot be finally
determined on or before that day, in which case, the Corporation shall pay to
the Executive on that day an estimate, as reasonably determined in good faith by
the Corporation, of the minimum amount of the payments to which the Executive is
clearly entitled and shall pay the remainder of the payments (together with
interest at the rate provided in section 1274(b)(2)(B) of the Code) as soon as
the amount thereof can be determined but in no event later than the thirtieth
day after the occurrence of a Payment Trigger. In the event the amount of the
estimated payments exceeds the amount subsequently determined to have been due,
the excess shall constitute a loan by the Corporation to the Executive, payable
on the fifth business day after demand by the Corporation (together with
interest at the rate provided in section 1274(b)(2)(B) of the Code). At the time
that payments are made under this Section 4, the Corporation shall provide the
Executive with a written statement setting forth the manner in which the
payments were calculated and the basis for the calculations including, without
limitation, any opinions or other advice the Corporation has received from any
outside counsel, auditors or consultants (and any opinions or advice that are in
writing shall be attached to the statement).

         (F) (i) In addition to the payments provided for above in this Section
4, the Corporation shall provide or arrange to provide, at the same cost to the
Executive, and at the same coverage level as in effect as of the Date of
Termination (subject to changes in coverage levels applicable to all employees
who are similarly situated to the Executive prior to the Date of Termination), a
continuation of the Executive's (and the Executive's eligible dependents')
health and life insurance coverages for twelve (12) months from the Date of

                                       6

<PAGE>

Termination. The applicable COBRA health insurance benefit continuation period
shall commence at the beginning of this twelve (12) month benefit continuation
period.

                  (ii) The providing of these health and life insurance benefits
by the Corporation shall be discontinued prior to the end of the twelve (12)
month continuation period to the extent that the Executive becomes covered under
the health and/or life insurance coverages of a subsequent employer; provided
that such subsequent employer health insurance coverage does not contain any
exclusion or limitation with respect to any preexisting condition of the
Executive or the Executive's eligible dependents. For purposes of enforcing this
offset provision, the Executive shall have a duty to promptly inform the
Corporation in writing if the Executive becomes covered under the health and/or
life insurance coverages of a subsequent employer.

                  5.  Gross-Up Payments.

                  (A) In the event it shall be determined that any payment or
distribution by the Corporation or other amount with respect to the Corporation
to or for the benefit of the Executive, whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or otherwise, but
determined without regard to any additional payments required under this Section
5 (a "Payment'), is (or will be) subject to the excise tax imposed by Section
4999 of the Code or any interest or penalties are (or will be) incurred by the
Executive with respect to the excise tax imposed by Section 4999 of the Code
with respect to the Corporation (the excise tax, together with any interest and
penalties, are hereinafter collectively referred to as the "Excise Tax"), the
Executive shall be entitled to receive an additional cash payment (a "Gross-Up
Payment") from the Corporation in an amount equal to the sum of the Excise Tax
and an amount sufficient to pay the cumulative Excise Tax and all cumulative
income taxes (including any interest and penalties imposed with respect to such
taxes) relating to the Gross-Up Payment so that the net amount retained by the
Executive is equal to all payments to which Executive is entitled pursuant to
the terms of this Agreement (excluding the Gross-Up Payment) or otherwise less
income taxes (but not reduced by the Excise Tax or by income taxes attributable
to the Gross-Up Payment).

                  (B) Subject to the provisions of paragraph (C) of this Section
5, all determinations required to be made under this Section 5, including
whether and when a Gross-Up Payment is required and the amount of such Gross-Up
Payment and the assumptions to be utilized in arriving at the determination,
shall be made by a nationally recognized certified public accounting firm
selected by the Corporation with the consent of the Executive, which should not
unreasonably be withheld (the "Accounting Firm") which shall provide detailed
supporting calculations both to the Corporation and the Executive within 30 days
after the receipt of notice from the Executive that there has been a Payment, or
such earlier time as is requested by the Corporation. All fees and expenses of
the Accounting Firm shall be borne solely by the Corporation. The Corporation,
as determined in accordance with this Section 5, shall pay any Gross-Up Payment
to the Executive within five days after the receipt of the Accounting Firm's
determination. If the Accounting Firm determines that no Excise Tax is payable
by the Executive, it shall so indicate to the Executive in writing. Any
determination by the Accounting Firm shall

                                       7

<PAGE>
be binding upon the Corporation and the Executive. As a result of uncertainty in
the application of Section 4999 of the Code at the time of the initial
determination by the Accounting Firm, it is possible that Gross-Up Payments that
the Corporation should have made will not have been made (an "Underpayment"),
consistent with the calculations required to be made hereunder. In the event the
Corporation exhausts its remedies in accordance with paragraph (C) of this
Section 5 and the Executive thereafter is required to make a payment of any
Excise Tax, the Accounting Firm shall determine the amount of Underpayment that
has occurred and the Underpayment shall be promptly paid by the Corporation to
or for the benefit of the Executive.

                  (C) The Executive shall notify the Corporation in writing of
any claim by the Internal Revenue Service that, if successful, would require a
Gross-Up Payment (that has not already been paid by the Corporation). The
notification shall be given as soon as practicable but no later than ten
business days after the Executive is informed in writing of the claim and shall
apprise the Corporation of the nature of the claim and the date on which the
claim is requested to be paid. The Executive shall not pay the claim prior to
the expiration of the 30-day period following the date on which the Executive
gives notice to the Corporation or any shorter period ending on the date that
any payment of taxes with respect to the claim is due. If the Corporation
notifies the Executive in writing prior to the expiration of the 30-day period
that it desires to contest the claim, the Executive shall:

                           (i) give the Corporation any information reasonably
                  requested by the Corporation relating to the claim;

                           (ii) take any action in connection with contesting
                  the claim as the Corporation shall reasonably request in
                  writing from time to time, including, without limitation,
                  accepting legal representation with respect to the claim by an
                  attorney reasonably selected by the Corporation;

                           (iii) cooperate with the Corporation in good faith in
                  order effectively to contest the claim; and

                           (iv) permit the Corporation to participate in any
                  proceedings relating to the claim.

                  The Corporation shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with the contest and shall indemnify and hold the Executive harmless, on an
after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of the representation and
payment of costs and expenses. Without limitation of the forgoing provisions of
this Section 5, the Corporation shall control all proceedings taken in
connection with the contest and, at its sole option, may pursue or forego any
and all administrative appeals, proceedings, hearings, and conferences with the
taxing authority in respect of the claim and may, at its sole option, either
direct the Executive to pay the tax claimed and sue for a refund or contest the
claim in any permissible manner, and the Executive agrees to prosecute the
contest to a determination before any administrative tribunal, in a court of
initial jurisdiction and in one or more appellate courts, as the Corporation
shall determine. If the Corporation directs the Executive to pay the claim and

                                       8

<PAGE>

sue for a refund, the Corporation shall advance the amount of the payment to the
Executive, on an interest-free basis, and shall indemnify and hold the Executive
harmless, on an after-tax basis, from any Excise Tax or income tax (including
interest or penalties with respect thereto) imposed with respect to the advance
or with respect to any imputed income with respect to the advance; and any
extension of the statute of limitations relating to payment of taxes for the
taxable year of the Executive with respect to which the contested amount is
claimed to be due shall be limited solely to the contested amount. The
Corporation's control of the contest shall be limited to issues with respect to
which a Gross-Up Payment would be payable hereunder and the Executive shall be
entitled to settle or contest, as the case may be, any other issue raised by the
Internal Revenue Service or any other taxing authority.

                  (D) If, after the receipt by the Executive of an amount
advanced by the Corporation pursuant to paragraph (C) of this Section 5, the
Executive becomes entitled to receive any refund with respect to the claim, the
Executive shall, subject to the Corporation's compliance with the requirements
of paragraph (C) of this Section 5, promptly pay to the Corporation the amount
of the refund (together with any interest paid or credited thereon after taxes
applicable thereto). If, after the receipt by the Executive of an amount
advanced by the Corporation pursuant to paragraph (C) of this Section 5, a
determination is made that the Executive shall not be entitled to any refund
with respect to the claim and the Corporation does not notify the Executive in
writing of its intent to contest the denial of refund prior to the expiration of
30 days after the determination, then the advance shall be forgiven and shall
not be required to be repaid and the amount of the advance shall offset, to the
extent thereof, the amount of Gross-Up Payment required to be paid.

                  6.  Termination Procedures.

                  (A) During the term of this Agreement, any purported
termination of the Executive's employment (other than by reason of death) shall
be communicated by written Notice of Termination from one party hereto to the
other party hereto in accordance with Section 10 hereof. For purposes of this
Agreement, a "Notice of Termination" shall mean a written notice that indicates
the specific termination provision in this Agreement relied upon, and, if
applicable, the notice shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive's
employment under the provision so indicated. Further, a Notice of Termination
for Cause shall include a copy of a resolution duly adopted by the affirmative
vote of not less than a majority of the entire membership of the Board at a
meeting of the Board finding that, in the informed, reasonable, good faith
judgment of the Board, the Executive was guilty of conduct set forth in the
definition of Cause in Section 1(B), and specifying the particulars thereof in
detail.

                  (B) "Date of Termination" with respect to any purported
termination of the Executive's employment during the term of the Agreement
(other than by reason of death) shall mean (i) if the Executive's employment is
terminated for Disability, 20 business days after Notice of Termination is given
(provided that the Executive shall not have returned to the full-time
performance of the Executive's duties during that 20 business day period) and
(ii) if the Executive's employment is terminated for any other reason, the date
specified in the Notice of Termination, which, in the case of a termination by
the Corporation, shall not be less than ten

                                       9

<PAGE>

business days except in the case of a termination for Cause, and, in the case of
a termination by the Executive, shall not be less than ten business days nor
more than 20 business days, respectively, after the date such notice of
Termination is given.

                  7. No Mitigation. The Executive shall not be required to seek
other employment or to attempt in any way to reduce any amounts payable to the
Executive by the Corporation pursuant to this Agreement. Further, except as
provided in Section 4(E), the amount of any payment or benefit provided for in
this Agreement shall not be reduced by any compensation earned by the Executive
as the result of employment by another employer, by retirement benefits, by
offset against any amount claimed to be owed by the Executive to the Corporation
or a Subsidiary or parent company, or otherwise.

                  8. Disputes.

                    (A) If a dispute or controversy arises out of or in
connection with this Agreement, the parties shall first attempt in good faith to
settle the dispute or controversy by mediation under the Commercial Mediation
Rules of the American Arbitration Association before resorting to arbitration or
litigation. Thereafter, any remaining unresolved dispute or controversy arising
out of or in connection with this Agreement shall, upon a written notice from
the Executive to the Corporation either before suit thereupon is filed or within
20 business days thereafter, be settled exclusively by arbitration in accordance
with the Commercial Arbitration Rules of the American Arbitration Association in
a city located within the continental United States designated by the Executive.
Judgment may be entered on the arbitrator's award in any court having
jurisdiction. The Executive shall, however, be entitled to seek specific
performance of the Corporation's obligations hereunder during the pendency of
any dispute or controversy arising under or in connection with this Agreement.

                   (B) Any legal action concerning this Agreement, other than a
mediation or an arbitration described in paragraph (A) of this Section 8,
whether instituted by the Corporation or the Executive, shall be brought and
resolved only in a state court of competent jurisdiction located in the
territory that encompasses the city, county, or parish in which the Executive's
principal residence is located at the time such action is commenced. The
Corporation hereby irrevocably consents and submits to and shall take any action
necessary to subject itself to the personal jurisdiction of that court and
hereby irrevocably agrees that all claims in respect of the action shall be
instituted, heard, and determined in that court. The Corporation agrees that
such court is a convenient forum, and hereby irrevocably agrees that all claims
in respect of the action shall be instituted, heard, and determined in that
court, and hereby irrevocably waives, to the fullest extent it may effectively
do so, the defense of an inconvenient forum to the maintenance of the action.
Any final judgment in the action may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law.

                   (C) The Corporation shall pay all costs and expenses,
including attorneys' fees and disbursements, of the Corporation and, at least
monthly, the Executive in connection with any legal proceeding (including
arbitration), whether or not instituted by the Corporation or the Executive,
relating to the interpretation or enforcement of any provision of this
Agreement, provided that if the Executive instituted the proceeding and the
judge, arbitrator, or other

                                       10

<PAGE>
individual presiding over the proceeding affirmatively finds that the Executive
instituted the proceeding in bad faith, the Executive shall pay all costs and
expenses, including attorneys' fees and disbursements, of Executive and the
Corporation. The Corporation shall pay prejudgment interest on any money
judgment obtained by Executive as a result of such proceeding, calculated at the
rate provided in Section 1274(b)(2)(B) of the Code.

         9. Successors: Binding Agreement.

                   (A) In addition to any obligations imposed by law upon any
successor to the Corporation, the Corporation shall require any successor
(whether direct or indirect, by purchase, merger, consolidation, or otherwise)
to all or substantially all of the business or assets of the Corporation
expressly to assume and agree to perform this Agreement in the same manner and
to the same extent that the Corporation would be required to perform it if no
such succession had taken place. Failure of the Corporation to obtain the
assumption and agreement prior to the effectiveness of any succession shall be a
breach of this Agreement and shall entitle the Executive to compensation from
the Corporation in the same amount and on the same terms as the Executive would
be entitled to hereunder if the Executive were to terminate his employment for
Good Reason immediately after a Change in Control and during the term of this
Agreement, except that, for purposes of implementing the foregoing, the date on
which any succession becomes effective shall be deemed the Payment Trigger
occasioned by the foregoing deemed termination of employment for Good Reason
immediately following a Change in Control. The provisions of this Section 9
shall continue to apply to each subsequent employer of Executive bound by this
Agreement in the event of any merger, consolidation, or transfer of all or
substantially all of the business or assets of that subsequent employer.

                   (B) This Agreement shall inure to the benefit of and be
enforceable by the Executive's personal or legal representatives, executor,
administrators, successors, heirs, distributees, devisees, and legatees. If the
Executive shall die while any amount would be payable to the Executive hereunder
(other than amounts which, by their terms, terminate upon the death of the
Executive) if the Executive had continued to live, the amount, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement to
the executors, personal representatives, or administrators of the Executive's
estate.

         10. Notices. For the purpose of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, addressed to the
respective addressed set forth below, or to such other address as either party
may have furnished to the other in writing in accordance herewith, except that
notice of change of address shall be effective only upon actual receipt:

                  To the Corporation:

                           IPC Information Systems Inc.
                           88 Pine Street
                           New York, NY  10005

                                       11

<PAGE>
                           Copy to:

                           IPC Information Systems, Inc.
                           88 Pine Street
                           New York, NY  10005
                           Attn:  General Counsel

                  To the Executive:

                           To the most recent address of Executive set forth in
                           the personnel records of the Corporation.

         11. Miscellaneous . No provision of this Agreement may be modified,
waived, or discharged unless such waiver, modification, or discharge is agreed
to in writing and signed by the Executive and an officer of the Corporation
specifically designated by the Board. No waiver by either party hereto at any
time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. No agreements or representations,
oral or otherwise, express or implied, with respect to the subject matter hereof
have been made by either party which are not expressly set forth in this
Agreement. The validity, interpretation, construction, and performance of this
Agreement shall be governed by the laws of the State of New York. All references
to sections of the Securities Exchange Act of 1934 or the Code shall be deemed
also to refer to any successor provisions to such sections. Any payments
provided for hereunder shall be paid net of any applicable withholding required
under federal, state, or local law and any additional withholding to which the
Executive has agreed.

         12. Validity. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

         13. Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have signed this Agreement as of the date set
forth above.

Attest:                                     IPC INFORMATION SYSTEMS INC.

                                            By:
------------------------                       ----------------------------
Name:                                          Name:

                                       12

<PAGE>

Title:                                         Title:

Witness:                                    EXECUTIVE:

------------------------                    -------------------------------
                                            Print Name:

                                       13

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