Document:

Exhibit
10.1

EIGHTH
AMENDMENT TO LEASE

Reference is made
to a certain Lease (“Lease”) dated June 11, 1987 by and between Jaymont
(U.S.A.) Incorporated whose interest has been transferred to Aman, Inc. (“Landlord”),
and Thomas Black Corporation (“Tenant”) whose interest has been transferred to
Safety Insurance Group, Inc., a Delaware corporation, as amended by First
Amendment to Lease dated October 11, 1988, Second Amendment to Lease dated
September 14, 1989; Third Amendment to Lease dated September 19, 1990, Fourth
Amendment to Lease dated February 23, 1994, Fifth Amendment to Lease dated
December 1996, and Sixth Amendment to Lease dated June 24, 2002, and the
Seventh Amendment to Lease dated July 26, 2004.

All capitalized
terms used in this Eighth Amendment shall have the meanings ascribed to them in
the Lease, or in this Seventh Amendment.

As of the
effective date of this Eighth Amendment to Lease, the Lease Data Sheet attached
hereto shall become operable.

The effective date
of this Eighth Amendment (the “Effective Date”) shall be as follows:

(i)                                     January
1, 2009 as to all spaces in the Building demised by this Lease and Broad 64;

(ii)                                  with
respect to approximately 2,435 rentable square feet on the lst floor of the
Building as shown on the plan attached hereto (“Expansion Space B”) the
Effective Date shall be the earlier to occur of August 1, 2007 or the date upon
which Tenant shall occupy Expansion Space B and conduct business therein; and

(iii)                               with
respect to 11,148 rentable square feet on the 10th floor of the Building (“Expansion Space A”)
consisting of three (3) spaces as follows: (x) 5,152 rentable square feet now
vacant and available to Tenant; (y) 3,699 rentable square feet to be available
on or before September 1, 2007 or when Tenant shall have obtained a Certificate
of Occupancy for such space whichever shall be earlier; and (z) 2,297 rentable
square feet to be available on or before April 1, 2010, the Effective Date
shall be: (a) for the 5,152 rentable square feet, and the 3,699 rentable square
feet portions of Expansion Space A the date when the Tenant shall have obtained
a Certificate of Occupancy for said portions and shall have taken possession
thereof, but not later than December 31, 2007; and (b) for the 2,297 rentable
square feet, when the Tenant shall take possession of said space, provided that
Tenant acknowledges that Landlord has no right to relocate the tenant of said
space, and provided further that Landlord shall use commercially reasonable
efforts to obtain possession of said space and deliver it to Tenant.

In consideration
of these presents and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Lease is hereby further
amended as follows:

1. As of the
Effective Date the Tenant shall occupy 2,665 rentable square feet in Broad 64
and 99,220 rentable square feet in the Building, including Expansion Space B;
provided that when  Expansion Space A in
full is part of the Premises, the Tenant shall occupy 104,182 rentable square
feet in the Building.

2.  The Lease Data Sheet and Section 1.01(a) are
amended to provide that commencing on the Effective Date and continuing
throughout the term of the Lease, Base Rent for the Premises shall be as
follows:

Floors 2-12
of the Building at the annual rate of :

	
  Year 1-3

  	
   

  	
  $38.50 per rentable square foot

  
	
  Years 4-6

  	
   

  	
  $41.50 per rentable square foot

  
	
  Years 7-10

  	
   

  	
  $43.50 per rentable square foot

  

 

Floor 1
of the Building at the annual rate of:

	
  Years 1-3

  	
   

  	
  $32.50 per rentable square foot

  
	
  Years 4-6

  	
   

  	
  $34.50 per rentable square foot

  
	
  Years 7-10

  	
   

  	
  $36.50 per rentable square foot

  

 

Broad 64 at the annual
rate of:

	
  Years 1-3

  	
   

  	
  $32.50 per rentable square foot

  
	
  Years 4-6

  	
   

  	
  $34.50 per rentable square foot

  
	
  Years 7-10

  	
   

  	
  $36.50 per rentable square foot

  

 

3.  The Office Factor as of the Effective Date
shall be 68.30%, without Expansion Space A, and upon inclusion of Expansion
Space A in full the Office Factor shall be 69.8%.

The Office Factor
for Broad 64 shall remain at 21.07%.

From and after the
Effective Date, the Occupancy Cost Base for the 99,220 rentable square feet in
the Building shall be actual occupancy expenses incurred in calendar year 2008,
and the Tax Cost Base shall be fiscal year 2009.

Occupancy Cost
Base for Expansion Space B shall be calendar year 2007, and Tax Cost Base shall
be fiscal year 2008.

Occupancy Cost
Base for Expansion Space A shall be calendar year 2007 and Tax Cost Base shall
be fiscal year 2008.

Broad 64 Tax Cost
Base and Occupancy Cost Base shall be fiscal year 2009 and calendar year 2008.

4.  The Tenant shall accept possession of all of
the Premises demised by this Lease “as is” and without any obligation
whatsoever for the Landlord to make repairs, alterations, or improvements to
any portion of the Premises except as otherwise provided on the part of
Landlord to do in this Lease.  In lieu of
any improvements to the Premises, and as full compensation to Tenant for
accepting the Premises “as is” in their present condition, Landlord grants to
Tenant a Base Rent abatement equal to $41.12 per rentable square foot (the “Credit”)
which will be available to Tenant.  The
Credit shall have no impact on Tax or Occupancy Cost payments, all of which
shall continue to be due.  The Credit shall
be applied as follows:

 2
 

 

	
  Month

  	
   

  	
  Free Rent/Rent Credit

  	
   

  
	
  September 2007

  	
   

  	
  $

  	
  251,496.08

  	
   

  
	
  December 2007

  	
   

  	
  $

  	
  251,496.08

  	
   

  
	
  February 2008

  	
   

  	
  $

  	
  288,708.15

  	
   

  
	
  April 2008

  	
   

  	
  $

  	
  288,708.15

  	
   

  
	
  June 2008

  	
   

  	
  $

  	
  288,708.15

  	
   

  
	
  August 2008

  	
   

  	
  $

  	
  288,708.15

  	
   

  
	
  October 2008

  	
   

  	
  $

  	
  288,708.15

  	
   

  
	
  December 2008

  	
   

  	
  $

  	
  288,708.15

  	
   

  
	
  February 2009

  	
   

  	
  $

  	
  324,331.04

  	
   

  
	
  April 2009

  	
   

  	
  $

  	
  324,331.04

  	
   

  
	
  June 2009

  	
   

  	
  $

  	
  324,331.04

  	
   

  
	
  August 2009

  	
   

  	
  $

  	
  324,331.04

  	
   

  
	
  October 2009

  	
   

  	
  $

  	
  324,331.04

  	
   

  
	
  December 2009

  	
   

  	
  $

  	
  478,025.74

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  4,283,922.00

  	
   

  

 

In order to obtain
the full value of the Credit, not less than $2,570.353.20 must be spent upon
improvements to the Premises including professional design fees, materials,
labor, project/construction management fees, moving expenses, supervision,
renovations and redecorating, including both Expansion Space B and Expansion
Space A.  Such expenditure of
$2,570,353.20 must be expended within three (3) years from the execution of
this Eighth Amendment.  Commencing in
August 2007, and every three (3) months thereafter until the amount of
$2,570,353.20 shall have been expended and paid, Tenant shall certify to
Landlord the amount expended on a cumulative basis and the purposes for which
those amounts were expended with receipted bills evidencing payment.

If Tenant shall
fail to expend at least sixty percent (60%) of the Credit Amount, namely
$2,570,353.20, within said three (3) year period, Tenant shall pay to Landlord
as Additional Rent the difference between said $2,570,353.20 and the amount
actually expended in accordance with this Section.

5.  Tenant shall have one (1) option to extend
the term of this Lease for five (5) years commencing on the expiration of the
term of this Lease provided that (i) Tenant is not in default hereunder, either
at the time of exercise of this option or at the commencement of the Extended
Term; (ii) this Lease has not been terminated or cancelled; (iii) this Lease
has not been assigned without permission of Landlord, nor have more than fifty
percent (50%) the Premises been sublet. 
Tenant shall give written notice of its exercise of this option not
later than twelve (12) months prior to the expiration of the Term hereof. The
Extended Term shall be upon the terms, provisions and conditions herein set
forth, except that there shall be no further right of extension and the Annual
Rent shall be the then Market Rent for space in the Building as of the
commencement of the Extended Term as defined in Section 20.19 in the Third
Amendment of this Lease., but not less than the Annual Rent payable for the
last year of the original Term.  The
determination of market rent shall take into account current bases for
occupancy costs and taxes.

If Tenant shall
fail to exercise its Option to Extend at least twelve (12) months prior to the
expiration of the original Term, such Option shall lapse and be void and
without effect.

 3
 

6.  Section 20.20 of this Lease (“Right of First
Offer”) contained in the Fifth Amendment shall be and remain in full force and
effect.  Attached hereto is a schedule
showing the present lease expirations. At the request of Tenant, Landlord will
update such schedule annually.

7.  Upon the full execution and delivery of this
Eighth Amendment, the security deposit held by Landlord shall be returned to
Tenant so long as at such time Tenant shall not be in default.

8.  Tenant’s right to lease up to twenty (20)
parking spaces in the Building garage shall continue.

9.  Tenant may propose to install additional
signage to increase visibility of Tenant in the Building consistent with a
first class office building in the central business district of Boston with the
approval of Landlord and any applicable authority.

10.  Tenant warrants and represents that it has
dealt with no broker or agent other than Cushman & Wakefield and McCall
& Almy.  Landlord shall pay all
brokerage fees if, but only if this Eighth Amendment Is fully executed.

11.  So long as Tenant is not in default and
occupies not less than 75,000 rentable square feet in the Building and Broad
64, Landlord will not enter into a lease with any licensed insurance company or
agency selling property casualty insurance.

12.  With respect to Expansion Space A, no Base
Rent will be charged from delivery of possession to January 1, 2008.  Tenant shall not pay for Occupancy Costs or
Taxes until January 1, 2008, but will pay for electricity.  Tenant shall pay with respect to any portion
of Expansion Space A included in the Premises from and after January 1, 2008,
Base Rent as provided for in paragraph 2 of this Eighth Amendment for years
1-3.

13.  Tenant shall pay with respect to Expansion
Space B from and after the Effective Date for Expansion Space B, Base Rent as
provided for in paragraph 2 of this Eighth Amendment for years 1-3.

14. Tenant shall
have no obligation to remove the stairwell between the 10th and 11th floor.

15.  Notwithstanding anything in this Lease to the
contrary, if the tenant occupying the 3,699 rentable square feet in Expansion
Space A has not vacated said space by September 1, 2007, Landlord will commence
eviction proceedings and diligently prosecute the same.  If such proceedings are commenced, no Base
Rent, Occupancy Costs, or taxes shall be due for said 3,699 square feet for six
(6) months from the date that they have become vacated.

 4
 

Except as herein
expressly set forth, the Lease shall be and remain in full force and effect.

EXECUTED under seal this
5th day of April, 2007.

	
  

  	
  LANDLORD:

  
	
   

  	
  Aman, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Illegible

  
	
   

  	
   

  	
  Title: VP, Secretary & Treasurer

  
	
   

  	
   

  	
  Hereunto Duly Authorized

  
	
   

  	
   

  	
   

  
	
   

  	
  TENANT:

  
	
   

  	
  Safety Insurance Group, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William J. Begley, Jr.

  
	
   

  	
   

  	
  Title: VP, Treasurer, CFO

  

 

 5
 

Lease Data Sheet

	
  Landlord:

  	
   

  	
  Aman, Inc.

  
	
   

  	
   

  	
   

  
	
  Tenant:

  	
   

  	
  Safety Insurance Group, Inc.

  
	
   

  	
   

  	
   

  
	
  Tenant’s Mailing
  Address:

  	
   

  	
  20 Custom House Street

  
	
   

  	
   

  	
  Boston, MA 02109

  
	
   

  	
   

  	
   

  
	
  Lease Term:

  	
   

  	
  Ten (10) years from Commencement Date

  
	
   

  	
   

  	
   

  
	
  Commencement
  Date:

  	
   

  	
  January 1, 2009 (a portion of Expansion Space A may
  be added to the Premises subsequent to the Commencement Date)

  
	
   

  	
   

  	
   

  
	
  Base Rent:

  	
   

  	
  As set forth in paragraph 2 of this Eighth Amendment

  
	
   

  	
   

  	
   

  
	
  Permitted Uses:

  	
   

  	
  Insurance business, and with the approval of the
  landlord, any use consistent with first class office building in the
  financial district of Boston

  
	
   

  	
   

  	
   

  
	
  Premises: 

  	
   

  	
  2,665 rentable
  square feet in the Building at 64 Broad Street, Boston, MA 02109; and 101,517
  rentable square feet at the Building at 20 Custom House Street (2,297
  rentable square feet on the 10th floor may be added to the Premises
  subsequent to the Commencement Date and will be included in the total number
  of 101,517 rentable square feet

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Schedule 1 attached hereto defines the floor area.

  
	
   

  	
   

  	
   

  
	
  Guarantor:

  	
   

  	
  None

  
	
   

  	
   

  	
   

  
	
  Security
  Deposit:

  	
   

  	
  None

  
	
   

  	
   

  	
   

  
	
  Broker:

  	
   

  	
  Cushman & Wakefield and McCall & Almy

  
	
   

  	
   

  	
   

  
	
  Option to
  Extend:

  	
   

  	
  One five (5) year term at market

  
	
   

  	
   

  	
   

  
	
  Option to
  Expand:

  	
   

  	
  Right of first offer (Section 20.20)

  
	
   

  	
   

  	
   

  
	
  Parking:

  	
   

  	
  Twenty (20) parking spaces (Section 20.17)

  

 6
 

Schedule
1

 

20 Custom House Street:

 

	
  Floor 12

  	
   

  	
  8,483 SF

  
	
  Floor 11

  	
   

  	
  10,940 SF

  
	
  Floor 10

  	
   

  	
  8,851-11,148 SF (Expansion Space A)

  
	
  Floor 6

  	
   

  	
  3,309 SF

  
	
  Floor 5

  	
   

  	
  12,832 SF

  
	
  Floor 4

  	
   

  	
  16,040 SF

  
	
  Floor 3

  	
   

  	
  16,041 SF

  
	
  Floor 2

  	
   

  	
  16,041 SF

  
	
  Ground:

  	
   

  	
  2,748 SF

  
	
   

  	
   

  	
  2,435 (Expansion Space B)

  
	
   

  	
   

  	
  1,500 SF

  	
   

  
	
  Subtotal

  	
   

  	
  99,220-101,517 SF

  

 

64 Broad Street

 

	
  Floor 2

  	
   

  	
  2,665 SF

  	
   

  
	
  TOTAL

  	
   

  	
  101,885-104,182 SF

  

 

 7Exhibit 10.1

	
  

  	
  Employee
  Name:

  	
   

  
	
   

  	
   

  	
  (Please
  Print)

  

 

AMENDED MASTER
DEFERRED ISSUANCE STOCK AGREEMENT

This Amended Master Deferred
Issuance Stock Agreement (along with the Exhibits hereto, this “Agreement”) is
entered into as of                                           ,
by and between Level 3 Communications, Inc., a Delaware corporation (the “Company”),
and the individual whose name appears on the signature page to this Agreement
(the “Employee”), an “Employee” as defined in the Company’s 1995 Stock Plan
(Amended and Restated as of April 1, 1998, and as further amended from
time to time, the “Plan”).

The Company, pursuant to a grant of authority from
the Compensation Committee of the Company’s Board of Directors (the “Committee”),
may, from time to time, grant to the Employee the opportunity to acquire a
certain number of shares of its common stock, par value $.01 per share (the “Stock”),
in order to retain the Employee as an employee of the Company or a Subsidiary,
pursuant to the Plan (an “Award”).

The parties agree as follows:

1.             Obligation
to Issue Deferred Shares.  Subject to
the terms and conditions of this Agreement,  the Company, from time to time in its sole
discretion, may grant Awards to the Employee relating to a specified number of
shares of Stock that, under certain circumstances and in accordance with the
terms hereof, may result in the Employee having the right to receive shares of
Stock (the “Deferred Shares”).  Each
Award will be evidenced by a Deferred Issuance Stock Award Letter (an “Award
Letter”) in the form attached as Exhibit A hereto (or such other form as
approved by the Company), which sets forth the date of the Award (the “Award
Date”), the number of Deferred Shares that are the subject of the Award, and
the dates on which the Company will issue the Deferred Shares to the Employee
subject to the terms of this Agreement and any further terms that may be set
forth in the applicable Award Letter (each such date, an “Issuance Date”).  To the extent that (i) the Employee is
subject to the provisions of the Company’s Insider Trading Policy that restrict
an employee’s ability to sell shares of Stock to open “trading windows,” (ii)
the Issuance Date would be a day that the Employee is otherwise precluded from
selling shares of Stock by the Company’s Insider Trading Policy, and (iii) at
that time, the Company is not, with respect to the Employee, using a method to
issue the Deferred Shares that provides for a “net” issuance of shares as
contemplated by Section 4 below, the Issuance Date shall be delayed until the
first business day of the next open trading window (a “Delayed Issuance”), but
in no event later than the Last Issuance Date (as defined below).

2.             Acceleration of Issuance of Deferred Shares.  Notwithstanding Section 1, the Company will
issue all unissued Deferred Shares to the Employee, including any Delayed
Issuance Shares (as defined below) (i) promptly after the death of the
Employee, or the Permanent Total Disability of the Employee or the Employee’s retirement (in accordance with the Company’s
retirement benefit then in effect), or (ii) immediately before a Change
in Control.  The Employee shall be considered to have suffered a Permanent Total
Disability if the Committee

determines that the
Employee is permanently unable to earn any wages in the same or other
employment.

3.             Forfeiture
of Right to Acquire Deferred Shares. 
If the Employee ceases to be an employee of the Company or of a
Subsidiary (other than as a result of death or Permanent Total Disability or retirement
in accordance with the Company’s retirement benefit then in effect), the
Company no longer will be obligated to issue any unissued Deferred Shares to
the Employee, and the Employee will forfeit any right to acquire any unissued
Deferred Shares from the Company; provided, however, that to the extent that any unissued Deferred
Shares are unissued as a result of a Delayed Issuance (“Delayed Issuance Shares”),
the Company shall issue the Delayed Issuance Shares to the Employee, but shall
have no obligation to issue any other unissued Deferred Shares.

4.             Taxes;
Withholding.  (a) Notwithstanding
anything contained herein to the contrary, other than Section 8 and Section 9,
the Company will not be obligated to issue the Deferred Shares or the Delayed
Issuance Shares unless the Employee has paid (in cash or by certified or
cashier’s check) to the Company all withholding taxes required to be collected
by the Company under Federal, State, local or foreign law as a result of the
issuance of the Deferred Shares (“Withholding Taxes”).  The Company shall be responsible for the
determination of the amount of any Withholding Taxes based on the last sale
price for the Stock on the Stock’s principal trading market on the Issuance
Date or the last trading date if the Issuance Date is not a day upon which the
Stock has traded.  To the extent that the
Employee desires to pay the Withholding Taxes in cash or by certified or
cashier’s check, with respect to a specific Issuance Date, the Employee must
deliver a separate Withholding Taxes Cash Payment Notification to the Company’s
stock plan administrator substantially in the form of Exhibit B no later than
45 days prior to that specific Issuance Date. 
To the extent that the Employee elects to pay the Withholding Taxes in
cash or by certified or cashier’s check, such payment must be received by the
Company’s stock plan administrator no later than one (1) Business Day after the
Issuance Date of any Deferred Shares that is the subject of the Withholding
Taxes Cash Payment Notification.

(b)           The
Company, in its sole discretion, may permit the Employee to pay any or all
Withholding Taxes through delivery of outstanding Stock or by the Company
withholding a portion of the Deferred Shares issuable pursuant to this
Agreement.  The Employee, however, will
have no absolute right to pay the Withholding Taxes with Stock, and, if such
payment is permitted by the Company, such payment must be made in strict
compliance with rules for such payments established by the Company.  As of the date of this Agreement, unless the
Company has received a properly executed and delivered Withholding Taxes Cash
Payment Notification from the Employee, the Company currently intends to have
the Withholding Taxes paid through the withholding of Stock issuable upon
satisfaction of the terms and conditions set forth in this Agreement (a “net
issuance”).  The Stock that is withheld
by the Company as part of the net issuance (the “Withheld Shares”) will be sold
on behalf of the Employee as contemplated by subsection (c) of this Section 4; provided, however, that at the sole discretion of the
Company, the Withheld Shares may be retained by the Company and the Company
will satisfy the Withholding Taxes from the Company’s available cash. The
Company reserves the right to 

 2
 

change
its method with respect to the Employee for the collection of Withholding Taxes
that may be owed by the Employee at any time in its sole discretion, upon
notice to the Employee, which notice may be written or electronic notice.

(c)           By
the execution of this Agreement, to the extent that the Company elects to issue
the Deferred Shares as a net issuance, and, the Employee has not properly
executed and delivered to the Company’s stock plan administrator a Withholding
Taxes Cash Payment Notification, the Employee hereby irrevocably instructs the
Company and a broker of the Company’s choosing, to sell on behalf of the
Employee at the “market price,” that number of shares of Stock required to
generate sufficient funds to equal the Withholding Taxes required to be paid by
the Employee pursuant to this Section 4. 
The Employee represents to the Company and the broker that the Employee
is entering into this Agreement in good faith. 
The Employee shall have no ability to modify these instructions other
than by the proper execution and delivery to the Company’s stock plan
administrator of a Withholding Taxes Cash Payment Notification.  It is the Employee’s intention that this
provision comply with the requirements of Rule 10b5-1 promulgated by the
Securities and Exchange Commission under the Securities Exchange Act of 1934.

5.             Share
Certificates.  Share certificates for
Deferred Shares will not be issued.  Upon
issuance, Deferred Shares will be deposited into an account for the Employee
that is established by the Company.

6.             Non-Transferability
of Right to Receive Deferred Shares. 
Unless specifically permitted by the Committee, the Employee may not
transfer, assign, pledge or hypothecate the right to receive the Deferred
Shares, and the right to receive the Deferred Shares may not be transferred or
assigned by operation of law, or be subject to execution, attachment or similar
process other than by will or the laws of descent and distribution.

7.             Changes
in Capital Structure.  The number of
Deferred Shares subject to this Agreement is subject to adjustment pursuant to
Section 9.1 of the Plan upon the occurrence of the events described in that
Section.

8.             Change
in Control.  Notwithstanding Section
1, upon a Change in Control of the Company, the Company will, in its sole
discretion, either (a) issue all unissued Deferred Shares to the Employee in
accordance with Section 9.2(a) of the Plan or (b) pay the Employee in a
combination of cash and stock the value of the Deferred Shares in accordance
with Section 9.2(b) of the Plan.

9.             Gross-Up.  If the issuance of Deferred Shares would
result in “excess parachute payments” to the Employee pursuant to Section 280G
of the Internal Revenue Code of 1986, as amended (the “Code”), the Company will
pay the Employee an amount sufficient to put the Employee in the same position
as the Employee would have been if the taxes imposed on the Employee pursuant
to Section 4999 of the Code had not been imposed.  Any such payment will include payment of an
amount equal to any income taxes assessed on the Employee with respect to
payments pursuant to this Section.  The
Company will make any such payment not later than

 3
 

the
date upon which such excise tax payment is due pursuant to Section 4999 of the
Code.  Any such payment will in all other
respects be made in accordance with the rules, regulations and procedures
adopted by the Company from time to time with respect to such payments under
the Plan.

10.           Costs.  The Company will pay all original issue and
transfer taxes with respect to, and all other costs, fees and expenses incurred
by the Company in connection with, the issuance of Deferred Shares.  Upon issuance, the Employee shall be
responsible for all brokerage expenses associated with the permitted sale of
any Deferred Shares.

11.           Applicable
Law.  No Deferred Shares will be
issued and delivered unless and until, in the opinion of legal counsel for the
Company, such securities may be issued and delivered without causing the
Company to be in violation of or incur any liability under any federal, state
or other legal requirement, including applicable securities laws.

12.           The
Plan.  This Agreement is subject to,
and the Employee agrees to be bound by, all of the terms and conditions of the
Plan.  The Employee acknowledges that the
Plan may be amended from time to time, and that under the Plan, the Committee
has conclusive authority to interpret and construe the Plan and this Agreement
and is authorized to adopt rules for carrying out the Plan.  In the event of any inconsistency or
discrepancy between the provisions of this Agreement and the terms and
conditions of the Plan, the provisions of the Plan will govern and
prevail.  No amendment to or
interpretation of the Plan, however, may deprive the Employee of any of his or
her rights under this Agreement.

13.           Issuance
of Shares.   Notwithstanding any
provision of this Agreement to the contrary, any Deferred Shares issuable upon
satisfaction of the terms and conditions of this Agreement will be issued by
the Company to the Employee prior to the date that is 2 1/2 months after the
end of the first calendar year in which the Deferred Shares are no longer
subject to a “substantial risk of forfeiture,” as such term is defined for
purposes of Section 409A of the Internal Revenue Code of 1986; provided, that if the Employee has not complied by such date
with the provisions of Section 4 of this Agreement relating to payment of all
required Withholding Taxes with respect to such Deferred Shares, the Employee’s
right to receive such Deferred Shares shall be forfeited.

14.           Miscellaneous.  (a) The Employee will not have any interest
in, or any dividend, voting or other rights of a stockholder with respect to,
the Deferred Shares until the Deferred Shares are issued in accordance with
this Agreement.

(b)           Any
notice to be given to the Company must be in writing addressed to the Company
in care of the Administrator, at its principal office, and any notice to be
given to the Employee must be in writing addressed to the Employee at the
address for the Employee in the records of the Company or by email or other
electronic means using a system maintained by the Company or its
Subsidiary.  Any such notice will be
deemed duly given when delivered by hand, deposited in the United States mail,
registered or certified mail or transmitted electronically without a notice of
failed delivery.

 4
 

(c)           The
Employee is an employee at will, and nothing in this Agreement confers upon the
Employee any right to continued employment with the Company or limits in any
way the right of the Company to terminate the employment of the Employee at any
time.

(d)           This
Agreement must be construed in accordance with the laws of the State of
Colorado, other than choice of law rules thereof calling for the application of
laws of another jurisdiction.

(e)           Terms
used but not defined in this Agreement have the meanings ascribed to them under
the Plan.

(f)            Although
any information sent to or made available to the Employee concerning the Plan
and this Award is intended to be an accurate summary of the terms and conditions
of the Award, this Agreement and the Plan are the authoritative documents
governing the Award and any inconsistency between the Agreement and the Plan,
on one hand, and any other summary information, on the other hand, shall be
resolved in favor of the Agreement and the Plan.

(g)           Notwithstanding
anything herein to the contrary, this Agreement may be amended by the Committee
from time to time without the consent of the Employee to the extent the
Committee deems it appropriate to cause this Agreement and/or each Award
hereunder to comply with Section 409A of the Internal Revenue Code of 1986, as
amended (“Section 409A”) (including the distribution requirements thereunder)
or be exempt from Section 409A and/or the tax penalty under Section
409A(a)(1)(B).  The Company will provide
to the Employee a notice of any amendments made to this Agreement pursuant to
this subsection.

(h)           To
the extent that the Company has issued a Deferred Issuance Stock Award Letter
to the Employee on a date prior to the date of this Agreement, the terms of
this Agreement shall supersede, amend and restate the terms of any such
previously executed agreement governing such Deferred Issuance Stock Award
Letter between the Company and the Employee with respect to the issuance of Deferred
Shares; provided, however, that the terms of any
outstanding Deferred Issuance Stock Award Letter as to the number of Deferred
Shares that is the subject of the Deferred Issuance Stock Award Letter and the
applicable Issuance Date(s) set forth in the Deferred Issuance Stock Award
Letter shall remain in full force and effect.

 5
 

IN WITNESS WHEREOF,  this Agreement is entered into by the
Employee and by the Company as of the date first above written.

	
   

  	
  LEVEL 3 COMMUNICATIONS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
   

  
	
   

  	
  Date of Hire:

  	
   

  
				

 

 6
 

EXHIBIT A

LEVEL 3 COMMUNICATIONS, INC.

DEFERRED ISSUANCE STOCK AWARD
LETTER

This Deferred Issuance Stock
Award Letter (the “Award”) when taken together with the Amended Master Deferred
Issuance Stock Agreement (“Master Agreement”) constitutes an award to the
individual whose name appears on the signature line below (“Employee”) of
Deferred Shares with respect to the shares of common stock of Level 3
Communications, Inc. (the “Common Stock”) under the Level 3 Communications,
Inc. 1995 Stock Plan (Amended and Restated as of April 1, 1998, and as further
amended from time to time).

The terms and conditions of
this Award are set forth below and in the Master Agreement, the provisions of which
are incorporated herein by reference.

A.                                   The date of this Award is                     
(the “Award Date”).

B.                                     The number of Deferred Shares with respect to
which this Deferred Issuance Award Letter relates is                      .

C.                                     The Issuance Date(s) for the Deferred Shares
are as follows:

D.                                    The following are conditions to the
occurrence of the Issuance Date(s):

	
   

  	
  LEVEL 3 COMMUNICATIONS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BY:

  	
   

  
	
   

  	
  ITS:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  	
   

  
				

 7
 

EXHIBIT B

LEVEL
3 COMMUNICATIONS, INC.

WITHHOLDING TAXES CASH PAYMENT NOTIFICATION

This Withholding Taxes Cash Payment Notification is being delivered by
the individual whose name appears on the signature line below (the “Employee”)
in reference to an Award of Deferred Shares made to the Employee by Level 3
Communications, Inc. (the “Company”) pursuant to that certain Amended Master
Deferred Issuance Agreement dated as of                                 
between the Company and the Employee (the “Master Agreement”).  Capitalized terms used in this Withholding
Taxes Cash Payment Notification without definition have the meaning given to
those terms in the Master Agreement.

This Withholding Taxes Cash Payment Notification relates to the Award of
Deferred Shares granted to the Employee pursuant to the Award Letter issued to
the Employee dated                                           ,
the restrictions on which will lapse as to                           
Deferred Shares on                                         
(the “Referenced Award”).

The
Employee hereby irrevocable elects to pay any Withholding Taxes that are owed
by the Employee upon the Issuance Date in cash or by certified or cashier’s
check made payable to Level 3 Communications, Inc. within one (1) Business Day
of the Issuance Date.  All payments of
Withholding Taxes are to be made to the Company’s stock award administrator.*

*                    Delivery
information with respect to the payment of Withholding Taxes must be obtained
from the Company’s stock plan administrator.

The Employee hereby represents and warrants to the Company that on the
date hereof, the Employee is not in possession of material non-public
information regarding the business or financial condition of the Company and
its subsidiaries.

To the extent that the Employee is subject to the Company’s Insider
Trading Policy’s restrictions on the ability to trade the Company’s securities
other than during an open trading window, the Employee expressly acknowledges
that:  (a) the Employee has executed this
Withholding Taxes Cash Payment Notification during an open trading window
pursuant to the Company’s Insider Trading Policy; and (b) the Employee may not
sell any shares of Stock that are distributed to the Employee on the Issuance
so long as the trading window is closed.

	
   

  	
  Employee:

  	
   

  
	
   

  	
   

  	
  (Please sign)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  (Please print)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date of Hire:

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  
							

 

 8

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