Document:

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                                                                   Exhibit 10.31

                              THE GLOBAL CROSSING

                     SUPPLEMENTAL RETIREMENT SAVINGS PLAN

     GLOBAL CROSSING LTD. hereby adopts, renames, restates and continues,
effective January 1, 2001, the Supplemental Retirement Savings Plan of Frontier
Corporation to permit eligible Employees to defer a portion of their
compensation under this Plan as a supplement to contributions made to The Global
Crossing Employees' Retirement Savings Plan.

                                  ARTICLE ONE

                                  Definitions
                                  -----------

1.1  "Board" means the Board of Directors of Global Crossing Ltd. or any
     committee of the Board of Directors authorized to act on behalf of the
     Board. Any such Board committee shall be composed of at least three members
     of the Board of Directors. As used in this Plan the term "Board-appointed
     committee" means any other committee appointed by the Board which need not
     be comprised of at least three Board members but may include or consist
     entirely of management personnel who are not members of the Board.

1.2  "Change in Control" means:

     (a)  any Person (other than a Person holding securities representing ten
     percent (10%) or more of the combined voting power of the Company's
     outstanding securities as of July 1, 1998, the Company, any trustee or
     other fiduciary holding securities under any of the Company's employee
     benefit plans, or any company owned, directly or indirectly, by the
     Company's shareholders in substantially the same proportions as their
     ownership of the stock of the Company) 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 Company
     representing thirty percent (30%) or more of the combined voting power of
     then outstanding securities of the Company;

     (b)  during any period of twenty-four (24) months (not including any period
     prior to July 1, 1998), individuals who at the beginning of such period
     constitute the Board, and any new director (other than (i) a director
     nominated by a Person who has entered into an agreement with the Company to
     effect a transaction described in clause (a), (c) or (d) of this
     definition, (ii) a director nominated by a Person (including the Company)
     who publicly announces an intention to take or to consider taking actions
     (including, but no limited to, an actual or threatened proxy contest) which
     if consummated would constitute a Change in Control or (iii) a director
     nominated by any Person who is the Beneficial Owner, directly or
     indirectly, of the securities of the Company representing ten percent
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                                      -2-

     (10%) or more of the combined voting power of the securities of the
     Company) whose election by the Board or nomination for election by the
     Company's shareholders was approved in advance by a vote of at least two-
     thirds (2/3) of the directors then still in office who either were
     directors at the beginning of the period or whose election or nomination
     for election was previously so approved, cease for any reason to constitute
     at least a majority thereof;

     (c)  the consummation of any transaction or series of transactions under
     which the Company is merged or consolidated with any other company, other
     than a merger or consolidation which would result in the Company's
     shareholders immediately prior thereto continuing to own (either by
     remaining outstanding or by being converted into voting securities of the
     surviving entity) more than sixty five percent (65%) of the combined voting
     power of the voting securities of the Company or such surviving entity
     outstanding immediately after such merger or consolidation in the same
     proportion such shareholders held the voting securities of the Company
     immediately prior to the merger or consolidation; or

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

1.3  "Code" means the Internal Revenue Code of 1986, as amended, and regulations
     issued thereunder.

1.4  "Committee" means a Board-appointed committee delegated authority with
     respect to the management of the Plan or any assets set aside for the
     purpose of assisting any Participating Company to meet its obligations to
     pay Plan benefits.

1.5  "Company" means Global Crossing Ltd.

1.6  "Compensation" means compensation as defined in ERSP but without regard to
     the limitations prescribed in Code Section 401(a)(17).

1.7  "Effective Date" means January 1, 1988. The effective date of this
     restatement is January 1, 2001.

1.8  "Employee" means any individual who is one of a select group of management
     or highly compensated employees of a Participating Company and who is
     eligible to participate in ERSP but whose contributions to ERSP are limited
     by the Code.

1.9  "ERSP" means The Global Crossing Employees' Retirement Savings Plan as
     amended from time to time.

1.10 "Participating Company" means the Company and any affiliated company
     participating in ERSP whose employees are eligible to participate in this
     Plan.

1.11 "Plan" means The Global Crossing Supplemental Retirement Savings Plan as
     set forth herein, as amended from time to time.
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                                      -3-

1.12  "Plan Year" means the calendar year.

1.13  "Trustee" means HSBC Bank USA.

                                  ARTICLE TWO

                                Purpose of Plan
                                ---------------

2.1   The purpose of this Plan is to afford eligible Employees the opportunity
      to defer into this Plan the contributions that otherwise would have been
      permitted to be deferred into ERSP but for certain contribution or
      compensation limits imposed by the Internal Revenue Code.

                                 ARTICLE THREE

                                  Eligibility
                                  -----------

3.1   Every Employee eligible to participate in ERSP shall be entitled to
      participate in this Plan provided that (a) such Employee's contributions
      to ERSP have been capped by one or more of the Code's contribution or
      compensation limits, (b) such Employee belongs to a select group of
      management or highly-compensated employees as provided for in Title I of
      ERISA, and (c) such Employee is a "highly compensated employee" as this
      term is defined from time to time under Code Section 414(q).

                                 ARTICLE FOUR

                                 Contributions
                                 -------------

4.1   Employee Contributions. An eligible Employee may contribute to this Plan
      ----------------------
      in a Plan Year any amount up to the maximum percentage of his or her
      Compensation permitted under ERSP for the Year without taking into account
      ERSP's compensation or dollar contribution limits imposed by Code Sections
      401(a)(17) or 415, reduced by the Employee's maximum permissible salary
      reduction contributions to ERSP for the Plan Year. All Employee
      contributions shall be made by salary reduction as determined under
      Section 4.3.

4.2   Participating Company Contributions. On and after January 1, 2001, no
      -----------------------------------
      Participating Company contributions shall be made to this Plan although
      the Plan shall continue to hold such contributions as were made prior to
      this date.

4.3   Deferral Election for Employee Contributions. An eligible Employee may
      --------------------------------------------
      defer Compensation under this Plan only by making a written election with
      his or her Participating Company before the beginning of the calendar year
      for which the deferrals will be effective. Such written election shall
      include (a) the amount to be deferred; (b) the time as of which the
      deferral is to commence; and (c) the form that benefit
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                                      -4-

      payments from the Plan will take. The terms of this election shall be
      irrevocable except that a new election form may be filed with respect to
      future deferrals under such terms as the eligible Employee may elect and
      except that the form of benefit payments may be changed consistent with
      Section 6.1.

                                 ARTICLE FIVE

                          Investment of Contributions
                          ---------------------------

5.1   Investment of Deferred Amounts. The Participating Company of an eligible
      ------------------------------
      Employee shall have the ultimate obligation to pay out all deferred
      amounts plus the earnings thereon in accordance with the terms of this
      Plan. In order to meet its obligations under this Plan, the Company may
      appoint a Trustee and direct such Trustee to establish individual
      investment accounts for each eligible Employee. The Trustee shall be
      empowered to invest such accounts and any earnings thereon in such
      investments (not to include securities of the Trustee) as may be
      designated by the Committee. In the event a Trustee is appointed to invest
      eligible Employee accounts, the Committee shall be responsible for
      directing how the accounts are to be invested, taking into account
      Employee preferences. If no Trustee is appointed, the Committee shall
      establish bookkeeping accounts and credit earnings to such accounts in
      accordance with such investment benchmarks as may be established from time
      to time.

5.2   Rollover of Other Deferred Compensation Accounts. The Committee in its
      ------------------------------------------------
      sole discretion may direct the transfer of amounts deferred by an eligible
      Employee under another unfunded deferred compensation plan of a
      Participating Company to the eligible Employee's account under this Plan.
      Such transfer shall be made for the purpose of commonly investing the
      deferred amounts under a single trust agreement. Any such transfer of
      assets shall be permitted only to the extent that the assets are of a type
      in which the Trustee can invest under this Plan. No transfer of assets
      shall change the terms of any deferred compensation election made by the
      eligible Employee with respect to such transferred assets. However, to the
      extent consistent with any election on the other unfunded deferred
      compensation arrangement's election form, the terms of this Plan and its
      associated trust agreement shall govern such transferred amounts.

5.3   Limitations on Assignment of Benefits. The Company's purpose in creating
      -------------------------------------
      separate participant accounts is to provide comfort to eligible Employees
      that the deferred amounts will be available to pay benefits when due.
      However, each eligible Employee's account under the trust shall be subject
      to the claims of his or her Participating Company's creditors in the event
      of the Participating Company's insolvency or bankruptcy as provided in the
      trust agreement. Notwithstanding the foregoing, the benefits payable under
      this Plan shall not revert to a Participating Company or be subject to the
      Participating Company's creditors prior to insolvency or bankruptcy, nor
      shall they be subject in any way to anticipation, alienation, sale,
      transfer, assignment, pledge, encumbrance, charge, garnishment, execution
      or levy of any kind by the eligible Employee, his or her beneficiary or
      the creditors of either, including any such liability as may arise from
      the eligible Employee's bankruptcy.
<PAGE>

                                      -5-

5.4   Unfunded Nature of Plan. Notwithstanding any investment arrangements that
      -----------------------
      may be established, it is intended that this Plan shall be treated as an
      unfunded plan of deferred compensation as this term is used in Title I of
      ERISA and it shall be administered accordingly.

                                  ARTICLE SIX

                                   Benefits
                                   --------

6.1   Timing and Form of Benefit Payments. The amounts accumulated in an
      -----------------------------------
      eligible Employee's account shall be paid in full or payment shall
      commence within 30 days of termination of employment. Account balances may
      be made in cash or in property in either a lump sum or in monthly
      installment payments of substantially equal amounts for a specified number
      of years not in excess of twenty. The election of the form of payment
      shall be made initially at the time of the deferral election as specified
      in Section 4.3. The form of payment may be changed by an Employee's
      written election to the Committee at any time up to 24 months prior to
      termination of employment. Any change made within 24 months of an
      Employee's termination date shall be disregarded by the Committee.

6.2   Death Benefits. In the event of an eligible Employee's death, his or her
      --------------
      account balance shall be payable to his or her designated beneficiary
      which may be a natural person, a trust or an estate. An eligible Employee
      shall designate his or her beneficiary in writing on a form acceptable to
      the Committee. The eligible Employee may specify the form of payment to be
      made to the designated beneficiary. If no election is made, the payment
      shall be made in a lump sum amount. If the Employee makes the designation,
      the form of payment may be any form that would have been available to the
      eligible Employee under Section 6.1 had the eligible Employee lived and
      been eligible to receive benefits. The filing of any beneficiary
      designation form shall have the effect of automatically revoking any
      beneficiary designation form filed previously. The consent of a
      previously-designated beneficiary shall not be a prerequisite for an
      eligible Employee to file a new beneficiary designation form.

      All death benefits shall commence or be made in full as soon as
      administratively practicable following the date of the eligible Employee's
      death. If a beneficiary is not validly designated, or is not living or
      cannot be found at the date of payment, any amount payable pursuant to
      this Plan shall be paid to the spouse of the eligible Employee if living
      at the time of payment, otherwise in equal shares to such children of the
      eligible Employee as may be living at the time of payment; provided,
      however, that if there is no surviving spouse or child at the time of
      payment, such payment shall be made to the estate of the eligible
      Employee. All payments made under the preceding sentence shall be made in
      a lump sum amount.

6.3   Hardship Withdrawals. Notwithstanding the payment terms set forth in an
      --------------------
      eligible Employee's deferral election, benefits may be paid earlier in the
      case of an unforeseeable emergency. For this purpose, an unforeseeable
      emergency means an unanticipated financial emergency that is caused by an
      event beyond the control of the eligible
<PAGE>

                                      -6-

      Employee or the Employee's beneficiary and that would result in severe
      financial hardship to the affected individual if early withdrawal were not
      permitted. The amount that may be paid under this section is limited to
      the amount necessary to meet the financial emergency.

6.4   Source of Benefit Payments. Subject to the claims of a Participating
      --------------------------
      Company's creditors, the Trustee shall pay benefits in accordance with the
      Committee's directions. If the Trustee holds insufficient funds to pay the
      deferred amounts, adjusted for the earnings (and losses) on them, each
      Participating Company shall have the obligation to pay such amounts to its
      eligible Employees. Such payments shall be made from the general assets of
      the Participating Company.

6.5   Treatment of Certain Transferred Participants. Notwithstanding any other
      ---------------------------------------------
      provision of this Plan to the contrary, the Company's sale of any trade or
      business to Citizens Communications Company shall not be deemed to create
      a termination of employment from the Company with respect to any
      Participant who becomes employed by Citizens Communications Company or an
      affiliate thereof in accordance with the 2000 sale agreement between the
      Company and Citizens Communications Company. No further contributions
      shall be made to the Plan on behalf of such Participant after the transfer
      of employment but such Participant shall otherwise participate in the Plan
      in accordance with its terms. The Participant shall be entitled to receive
      his benefit from this Plan on the last to occur of his termination of
      employment from Citizens Communications Company, an affiliate or a
      successor of either. No such termination shall be considered as occurring
      without proof of such event as is acceptable to the Committee.

                                 ARTICLE SEVEN

                         Administration and Procedures
                         -----------------------------

7.1   Plan Administration. The Board, Trustee, and the committees established to
      -------------------
      administer the Plan possess certain specified powers, duties,
      responsibilities and obligations under the Plan and Trust. It is intended
      under this Plan that each be solely responsible for the proper exercise of
      its own functions and that each shall not be responsible for any act or
      failure to act of another.

7.2   Establishment of Accounts. The Committee shall establish and maintain
      -------------------------
      individual accounts for each eligible Employee, which accounts shall
      record all activities with respect to the accounts, including
      contributions, adjustments for earnings (and losses), and withdrawals. The
      Committee shall determine the benefits due each Employee from this Plan
      and shall direct them to be paid by a Participating Company or the Trustee
      accordingly.

7.3   Decisions of Committee. The decisions made by, and the actions taken by,
      ----------------------
      the Committee in the administration of this Plan shall be final and
      conclusive on all persons. Except for their willful misfeasance, bad
      faith, gross negligence or reckless disregard of
<PAGE>

                                      -7-

      their duties, the members of the Committee shall not be subject to
      individual liability with respect to this Plan.

7.4   Committee Communications. The Committee shall inform each Employee of any
      ------------------------
      deferral, investment and beneficiary elections the Employee may possess
      and shall record such choices along with such other information as may be
      necessary to administer the Plan.

                                 ARTICLE EIGHT

                           Amendment and Termination
                           -------------------------

8.1   Company's Authority. While it intends to maintain this Plan in conjunction
      -------------------
      with ERSP for as long as necessary to achieve its purposes, the Company
      reserves the right to amend or to terminate the Plan at any time for
      whatever reason it may deem appropriate prior to a Change in Control. Upon
      a Change in Control, this Plan may not be amended or terminated to the
      extent that any such amendment or termination would reduce the amount
      payable to a Participant hereunder or otherwise prejudice a Participant's
      rights or benefits under the Plan. No Plan amendment shall accelerate the
      payment of amounts previously deferred or provide for additional benefits
      other than in anticipation of a Change in Control.

8.2   Participating Company Obligations for Benefits. Notwithstanding the
      ----------------------------------------------
      preceding Section, the Participating Companies hereby make a contractual
      commitment to pay to their respective Employees the benefits accrued under
      this Plan to the extent they are financially capable of meeting such
      obligations.

                                 ARTICLE NINE

                                 Miscellaneous
                                 -------------

9.1   Relationship to Employment. Nothing contained in this Plan shall be
      --------------------------
      construed as a contract of employment between a Participating Company and
      an Employee, or as a right of any Employee to be continued in the
      employment of a Participating Company, or as a limitation on the right of
      a Participating Company to discharge any of its Employees, with or without
      cause.

9.2   Coordination with ERSP. If questions concerning the interpretation or
      ----------------------
      administration of this Plan arise that are not governed by the terms set
      forth in this document, or that are governed by this Plan but are
      ambiguous, the terms of ERSP will govern to the extent they are consistent
      with the terms and purposes of this Plan.

9.3   Governing Law. This Plan shall be interpreted and enforced in accordance
      -------------
      with the laws of the State of New York.
<PAGE>

                                      -8-

         IN WITNESS WHEREOF, the Company has caused this Plan document to be
executed by its duly authorized officer this 5th day of December, 2000.

                                   GLOBAL CROSSING LTD.

                                   By: /s/ John L. Comparin
                                       -----------------------------------------

                                   Title: Senior Vice President-Human Resources
                                          -------------------------------------<PAGE>

                                                                   Exhibit 10.43

                              EMPLOYMENT AGREEMENT
                           DATED AS OF OCTOER 11, 2000
                          BETWEEN GLOBAL CROSSING LTD.
                                       AND
                                 THOMAS J. CASEY

     Thomas J. Casey ("Executive") and Global Crossing Ltd. ("Company") hereby
agree as follows:

     1. Term. The term of Executive's employment by the Company under this
     --------
Agreement (the "Term") shall commence on and as of October 11, 2000 for a
three-year term ending October 11, 2003, and continue thereafter for successive
one-year terms (the initial three-year term and each one-year term thereafter,
collectively the "Term"), unless either the Company or Executive gives notice to
the other at least six (6) months in advance of the expiration of the current
term that it wishes to terminate this Agreement, in which event this Agreement
shall terminate as of the end of such Term, unless earlier terminated as
hereafter provided.

     2. Title and Duties. During the Term, Executive shall be employed by the
     --------------------
Company as Chief Executive Officer ("CEO") reporting to Chairman of the Board of
Directors of the Company (the "Chairman"). Executive shall devote his full-time
attention and energies to the business of the Company; provided, however, that
the foregoing shall not preclude Executive from engaging in charitable and
community affairs or managing his personal passive investments, so long as such
activities do not materially interfere or conflict with his duties hereunder.
Executive shall immediately resign from all positions of employment and
directorship with Pacific Capital Group, Inc. Executive shall perform such
duties, which shall not be inconsistent with his position as CEO, as are
assigned to him from time to time by the Chairman, and any other duties
undertaken or accepted by Executive consistent with his position as CEO. The
Company agrees to use its best efforts during the Term to continue Executive's
membership on the Board of Directors of the Company, and Executive agrees to
continue to serve on the Board.

     3. Salary; Loan.
     ----------------

     (a)  Executive shall receive a salary of $1,100,000 per annum. Executive's
          salary shall be reviewed at least annually commencing in 2002 and may
          be increased but not decreased. Executive's annual salary rate, as it
          may be increased from time to time hereunder, shall be referred to as
          the "Base Salary." Base Salary payments shall be made in equal
          installments in accordance with the Company's then prevailing payroll
          policy.

     (b)  The Company shall grant to Executive a full recourse, secured loan as
          soon as reasonably practicable after the commencement of Executive's
          employment with the Company as CEO, in an aggregate principal amount
          of $8 million (the "Loan"). The Loan shall bear interest at the
          minimal rate required to make the Loan an arms length transaction for
          tax
<PAGE>

          purposes. The Loan, plus any interest accrued thereon, shall be due
          and payable in full at the earliest of (i) October 11, 2005, (ii)
          termination of Executive's employment by the Company for Cause (as
          defined below) or (iii) a resignation by Executive other than pursuant
          to Section 10. In the event of Executive's default in the payment of
          the Loan (or interest accrued thereon) required in this Section 3, to
          the extent permitted by law, the Company shall have the right to
          offset such amounts against any other amounts which may be owed by the
          Company to Executive. Executive's default in the payment of the Loan
          (or interest accrued thereon) required in this Section 3 shall be
          grounds for termination with Cause.

     4. Annual Bonus. For each year of the Term, Executive will be eligible for
     ----------------
an annual bonus which will be determined by the Board of Directors or the
appropriate committee thereof, provided that in no event shall such Annual Bonus
be less than 100% of the Base Salary for such year (Annual Bonus")

     5. Stock Options. The Company shall grant to Executive 2,000,000 options to
     -----------------
purchase common stock of Global Crossing Ltd. (the "October 11 Stock Options")
vesting over 3 years as follows: 34% on October 11, 2000; 22% on October 11,
2002; and 22% on October 11, 2003. The strike price will be $21.8125. All Stock
Options granted to Executive prior thereto will become immediately vested and
exerciseable upon termination without Cause (as defined herein), death or
Disability. Except where such terms and conditions are inconsistent herewith,
Stock options are subject to the additional terms and conditions set forth in
the 1998 Global Crossing Ltd., Stock Incentive Plan and the Non-Qualified Stock
Option Agreement to be provided to you.

     6. Benefits. Executive shall be entitled to receive the following benefits:
     ------------

     (a)  Use of the Company's private aircraft for business (including travel
          by Executive's immediate family when accompanied by Executive),
          provided that Executive will be subject to imputed income based on
          Internal Revenue Service regulations for travel by his immediate
          family, when such travel by Executive's immediate family is not
          business related. No such trips shall interfere with Executive's
          performance of his responsibilities as Chief Executive Officer. At the
          Chairman's discretion, the Company's private aircraft may be made
          available to Executive for personal use.

     (b)  Four (4) weeks paid vacation each year during the Term. The maximum
          accrued vacation shall be four (4) weeks.

     (c)  The Executive shall be treated in at least the same manner as, and
          shall be entitled to at least such benefits and other perquisites and
          terms and conditions of employment at least no less favorable than
          those generally provided to the most senior officers of the Company.

                                       2
<PAGE>

     7. Reimbursement for Expenses. Executive is expected to incur various
     ------------------------------
business expenses customarily incurred by persons holding like positions,
including but not limited to traveling, entertainment and similar expenses, all
of which are to be incurred by Executive in the belief that they will benefit
the Company. Subject to the Company's policy regarding the reimbursement and
non-reimbursement of such expenses, the Company shall reimburse Executive for
such expenses from time to time, at Executives request, and Executive shall
account to the Company for such expenses.

     8. Protection of the Company's Interests.
     -----------------------------------------

     a)   During the Term of Executive's employment by the Company, Executive
          will not compete in any manner, directly or indirectly, whether as a
          principal, employee, consultant, agent, owner of otherwise, with the
          Company or any affiliate thereof except that the foregoing will not
          prevent Executive from holding at any time less that 5% of the
          outstanding capital stock of any company whose stock is publicly
          traded.

     b)   To the extent permitted by law, all rights worldwide with respect to
          any and all intellectual or other property of any nature produced,
          created or suggested by Executive during the Term of his employment or
          resulting from his service shall be deemed to be a work for hire and
          shall be the sole and exclusive property of the Company. Executive
          agrees to execute, acknowledge and deliver to the Company, at the
          Company's request, such further documents as the Company reasonably
          finds appropriate to evidence the Company's rights in such property.
          Any confidential and/or proprietary information of the Company or any
          affiliate thereof (including, without limitation, any information
          relating to the identities, capabilities, compensatory and contractual
          arrangements and/or general personnel data of employees of the Company
          and its affiliates) shall not be used by Executive or disclosed or
          made available by Executive to any person except as required in the
          course of his employment, and upon expiration or earlier termination
          of the term of this Agreement, Executive shall return to the Company
          all such information that exists in written or other physical form
          (and all copies thereof) under his control. Executive agrees to sign
          the Company's standard form of confidentiality agreement
          contemporaneously with the execution and delivery of this Agreement.

     9. Termination. In addition to any right to terminate under Section 1
     ---------------
above, and subject to Section 3(b):

     (a)  The Company shall have the right to terminate Executive's employment
          with the Company and the Term at any time and for any reason.

     (b)  If Executive's employment is terminated for Cause (as defined below),
          unless otherwise set forth in this Section 9(b), Executive's rights
          and the Company's obligations hereunder, and all stock options granted
          in accordance with this Agreement, shall forthwith terminate in their
          entirety.

                                       3
<PAGE>

          Executive shall remain entitled, in the event his employment is
          terminated for Cause, to any accrued but unpaid Base Salary, Annual
          Bonus and vacation pay through the date of termination plus any
          compensation or benefits to which he may be entitled pursuant to the
          terms and conditions of any applicable employee compensation or
          benefit plan of the Company (in the aggregate, the amounts in this
          sentence shall be the "Accrued Amounts"). "Cause" as used in this
          Agreement shall mean: (i) conviction of a felony under the laws of the
          United States or any state thereof, or (ii) material breach of the
          Company's standard form of confidentiality agreement.

     (c)  If Executive's employment is terminated by the Company by reason of
          death or Disability (as defined below), then Executive (or his estate
          or beneficiary, as applicable) shall receive the Accrued Amounts, and
          any options to purchase Company common stock shall be treated as fully
          vested and exercisable. For this purpose, "Disability" shall mean an
          illness or other disability which has totally and permanently
          incapacitated Executive from performing his duties as CEO on a
          substantially full-time basis as described in the Company's long-term
          disability plan

     (d)  If Executive's employment is terminated by the Company other than for
          Cause, death or Disability, or by Executive pursuant to Section 10,
          Executive shall be entitled to receive (i) the Accrued Amounts and
          (ii) a lump sum termination payment equal to two times the sum of
          Executive's then Base Salary and Average Bonus (as defined below).
          Such lump sum termination payment shall be made to Executive not later
          than 30 days after the date of such termination. For purposes of this
          Agreement, "Average Bonus" shall mean the average of the last two
          annual bonus amounts paid to (or deferred in respect of) Executive
          prior to his termination date. Any option to purchase Company common
          stock shall be treated as fully vested and exercisable. The payments
          described in this Section 9 shall be Executive's sole and exclusive
          remedy under this Agreement in the event of any termination.

     10. Resignation By Executive. Prior to the end of the Term, Executive shall
     -----------------------------
have the right to resign his employment under this Agreement and the Term upon
30 days' notice to the Company given within 60 days following the occurrence of
any of the following events, provided that the Company shall have 20 days after
the date such notice has been given to the Company in which to cure the conduct
or cause specified in such notice:

     (a)  Executive is not elected or retained in accordance with Section 2 as
          CEO and a director of the Company;

     (b)  There is a significant reduction in the nature or scope of the
          Executive's authority, powers, functions, duties or responsibilities;

                                       4
<PAGE>

     (c)  There is a substantial and continued reduction in the level of support
          services, staff, secretarial and other assistance, office space and
          accoutrements available to a level below that which is reasonably
          necessary for the performance of Executive's duties;

     (d)  The Company shall reduce the Base Salary or shall deny Executive
          eligibility for annual bonuses, or the Company shall fail to make any
          compensation payment required hereunder;

     (e)  Any material breach of this agreement by the Company.

     11. Assignment. The Company may assign this Agreement or all or any part of
     ---------------
its rights hereunder to any entity that succeeds to all or substantially all of
the Company's assets or that holds, directly or indirectly, all or substantially
all of the capital stock of the Company or that is otherwise a successor in
interest to the Company generally, and this Agreement shall insure to the
benefit of, and be binding upon, such assignee or successor in interest. This
Agreement is personal to Executive and Executive may not, without the express
written permission of the Company, assign or pledge any rights or obligations
hereunder to any person, firm, corporation or other entity.

     12. Key Man Insurance. The Company shall have the right to secure, in its
     ----------------------
own name or otherwise, and at its own expense, life, disability, accident or
other insurance covering Executive and Executive shall have no right, title or
interest in or to such insurance. Executive shall assist the Company in
procuring such insurance by submitting to reasonable examinations and signing
such applications and other instruments as may be required by the insurance
carriers to which applications is made for any such insurance.

     13. Post-Termination Obligation. After the expiration or earlier
     --------------------------------
termination of the Executive's employment hereunder for any reason whatsoever,
Executive shall not either alone or jointly, with or on behalf of others, either
directly or indirectly, expressly or implied, whether as principal, partner,
agent, shareholder, director, employee, consultant or otherwise, at any time
during a period of two years following such expiration or termination, solicit
in any manner whatsoever the employment or engagement of, either for his own
account or for any other person, firm, company or other entity, any person who
is employed by the Company or any affiliated entity, whether or not such person
would commit any breach of his contract of employment by reason of his leaving
the service of the Company or any affiliated entity.

     14. Entire Agreement, Amendment, Waiver, Etc.
     ---------------------------------------------

     (a)  This Agreement supersedes all prior and/or contemporaneous agreement
          and/or statements (including, without limitation, the letter
          agreements between Pacific Capital Group, Inc. and Executive, dated
          September 11, 1998, and the Assumption and Makeup Agreement between
          Pacific Capital Group, Inc. and the Company, dated as of February 22,
          1999),

                                       5
<PAGE>

          whether written or oral, concerning the terms of Executive's
          employment, and no amendment or modification of this Agreement shall
          be binding unless set forth in writing signed by the Company and
          Executive. No waiver by either party of any breach by the other party
          of any provision or condition of this Agreement shall be effective
          unless in writing and signed by the party effecting the waiver, and no
          such waiver shall be deemed a waiver of any similar or dissimilar
          provision or condition at the same or any prior or subsequent time.

     (b)  All payments required to be made to Executive hereunder, whether
          during the term of his employment hereunder or otherwise, shall be
          subject to all applicable federal, state and local tax withholding
          laws.

     (c)  This Agreement shall be governed by and construed in accordance with
          the laws of the State of California. In the event of any controversy
          or claim by either party hereunder, the prevailing party in any final
          and legally binding adjudication or arbitration (as to which all
          periods for the filing of any appeal have expired) with respect to
          such controversy or claim shall be entitled to reimbursement from the
          losing party for reasonable attorney's fees and costs and for all
          other reasonable expenses of such adjudication or arbitration.

     15 Notices. All notices that either party is required or may desire or give
     -----------
the other shall be in writing and shall be effective (i) upon personal delivery
or (ii) three business days after deposit of the same with the United States
Postal Service for delivery by certified mail, return receipt requested,
addressed to the party to be given notice as follows:

   To Company:       Global Crossing Ltd.
                     360 N. Crescent Drive
                     Beverly Hills, CA 90210
                     Attn: Lodwrick Cook, Co-Chairman

   To Executive:     Thomas J. Casey
                     12903 Chalon Rd.
                     Los Angeles, CA 90049
Either party may by written notice designate a different address for giving
notices. The date of mailing of any such notices shall be deemed to be the date
on which such notice is given.

                                       6
<PAGE>

     16. Arbitration. Any dispute arising out of this Agreement shall be
     ----------------
determined by arbitration in Los Angeles, California, under the rules of the
American Arbitration Association then in effect and judgement upon any award
pursuant to such arbitration may be enforced in any court having jurisdiction
thereof, provided that each of the parties to this Agreement will appoint one
person as an arbitrator to hear and determine the dispute, and if they are
unable to agree, than the two arbitrators so chosen will select a third
impartial arbitrator whose decision will be final and conclusive upon the
parties to this Agreement.

     17. Certain Additional Payments by the Company. Anything in this Agreement
     -----------------------------------------------
to the contrary notwithstanding, in the event it shall be determined that any
payment, award, benefit or distribution by the Company to or for the benefit of
the Executive would be subject to the excise tax imposed by Section 4999 of the
Internal Revenue Code of 1986, as amended, or any corresponding provisions of
state or local tax laws as a result of payment upon a change of control, or any
interest or penalties are incurred by the Executive with respect to such excise
tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the "Excise Tax"), then the Executive
shall be entitled to receive an additional payment (a "Gross-Up Payment") in an
amount such that after payment by the Executive of all taxes (including any
interest or penalties imposed with respect to such taxes) imposed upon the
Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal
to the Excise Tax imposed upon the payments.

     18. Headings. The headings set forth herein are included solely for the
     -------------
purpose of identification and shall not be used for the
purpose of construing the meaning of the provisions of this Agreement.

     19. Counterparts. This Agreement may be executed in two or more
     -----------------
counterparts, each of which will be deemed an original

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

                                            GLOBAL CROSSING LTD.

-------------------------                   -------------------------
THOMAS J. CASEY                             LODWRICK COOK,
                                            CO-CHAIRMAN

                                       7

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