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EXHIBIT 10.27    
    

 
 

CASH COMPENSATION FOR
  NON-MANAGEMENT DIRECTORS OF THE REGISTRANT    
    

        As of February 14, 2005, non-management Directors of Lehman Brothers Holdings Inc. (the "Registrant") receive an annual cash retainer of
$55,000 and are reimbursed for reasonable travel and related expenses. The annual retainer is paid quarterly; however, the fourth quarter payment will be withheld from any Director who has been a
Director for the full year for failure to attend 75% of the total number of meetings. The chairman of the Audit Committee receives an additional annual retainer of $25,000, and each
non-management Director who serves as a chairman of any other Committee of the Board of Directors receives an additional annual retainer of $15,000 per Committee. Each
non-management Director who serves as a Committee member (including as chairman) receives $2,500 per Committee meeting and $1,500 per unanimous written consent. 

        As
of February 14, 2005, Mr. Michael Ainslie also receives an annual cash retainer of $40,000 for serving as a Director of Lehman Brothers Bank, FSB, an annual retainer of
$10,000 for serving as Chairman of its Audit Committee and $1,500 per committee meeting and $1,500 per unanimous written consent for serving as a member of its Audit and Compensation and Benefits
Committees. 

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EXHIBIT 10.27

CASH COMPENSATION FOR NON-MANAGEMENT DIRECTORS OF THE REGISTRANTQuickLinks
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EXHIBIT 10.28    
    

 
 

LEHMAN BROTHERS HOLDINGS INC.
  RETIREMENT PLAN
  FOR NON-EMPLOYEE DIRECTORS    
    

        The Board of Directors of Lehman Brothers Holdings Inc., at a meeting held on April 29, 1994, adopted a resolution stating that the Lehman Brothers
Holdings Inc. Retirement Plan for Non-Employee Directors would be frozen as of May 31, 1994, and as of such date, no further benefits would accrue thereunder and each
affected non-employee director's right to a benefit thereunder would be preserved. 

 
 
 

LEHMAN BROTHERS HOLDINGS INC.
  RETIREMENT PLAN
  FOR NON-EMPLOYEE DIRECTORS    
    

 
 

I. PURPOSE    
    

        This plan shall be known as the Lehman Brothers Holdings Inc. Retirement Plan for Non-Employee Directors (the "Plan"). The Plan shall be
maintained by Lehman Brothers Holdings Inc. ("Holdings") solely for the purpose of providing retirement benefits to persons who serve as directors of Holdings on or after the effective date of
the Plan and who are not current or former employees of Holdings or any of its subsidiaries or affiliates. 

 
 

II. PAYMENTS OF BENEFITS    
    

        The benefits payable under the Plan will be paid from Holdings general revenues as payments become due under the Plan, nor will the Plan be funded in advance
through a trust arrangement qualified under the Internal Revenue Code of 1986, or through insurance annuity contracts, and the Plan will not be subject to the jurisdiction of or be guaranteed by the
Pension Benefit Guaranty Corporation. Holdings shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the payments of benefits under the
Plan and the payment of benefits thereunder shall be subordinate to the claims of Holdings general creditors. 

 
 

III. YEARS OF SERVICE    
    

        Service as a non employee director of Holdings from one Annual Meeting of Shareholders to the next subsequent Annual Meeting of Shareholders shall constitute one
Year of Service under the Plan. In the case of service as a non-employee Director for part of a year, attendance at six or more meetings of the Board of Directors of the Company shall
count as one Year of Service. All Years of Service shall be counted for non-employee directors who serve as such after the effective date of the Plan. 

 
 

IV. RETIREMENT BENEFITS    
    

        A non-employee director who retires from Holdings with at least five (5) Years of Service shall have a vested right to receive an annual
benefit equal to the amount of the annual retainer which is payable to Holdings' directors for year in which the non-employee director's retirement occurs. Such non-employee
directors will be entitled to receive the annual benefit for a period of calendar years equal to the number of full Years of Service or until his or her death occurs, whichever is sooner. The annual
benefit shall be payable to the retired
non-employee director in substantially equal quarterly installments starting with the last day of the calendar quarter following the date of retirement and ending with the last day of the
calendar quarter in which the benefit period end or death occurs, whichever is sooner. 

 
 

V. SPECIAL RETIREMENT BENEFITS    
    

        The Board of Directors of Holdings, upon recommendation of the Executive Compensation/Employee Benefits Committee of Holdings' Board of Directors or of a
successor committee (the "Committee"), shall have the right in its absolute discretion to grant retirement benefits to any non-employee director who is otherwise not entitled to a
retirement benefit provided under this Plan, in an amount and over such period of time as it shall deem appropriate at the time of such non-employee director's retirement from Holdings or
thereafter. 

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VI. BENEFITS NOT ASSIGNABLE    
    

        A non-employee director's rights under the Plan shall not be subject to assignment, alienation, encumbrance, garnishment, attachment or charge,
whether voluntary or involuntary. 

 
 

VII. EFFECTIVE DATE, AMENDMENT AND TERMINATION OF PLAN    
    

        The Plan shall be effective May 6, 1987. Holdings reserves the right to amend or terminate the Plan at any time by action of the Board of Directors,
provided that any such action shall not, without his or her consent, adversely affect any non-employee director's right to a benefit which accrued pursuant to the provisions of the Plan
prior to such action. 

 
 

VIII. ADMINISTRATION OF PLAN    
    

        The Plan shall be administered by the Secretary of Holdings (the "Administrator'). All decisions that are made by the Administrator with respect to interpretation
of the terms of the Plan, with respect to
the amount of benefits payable under the Plan, and with respect to any questions or disputes arising under the Plan shall be final and binding on Holdings and the directors and their heirs or
beneficiaries. 

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EXHIBIT 10.28

LEHMAN BROTHERS HOLDINGS INC. RETIREMENT PLAN FOR NON-EMPLOYEE DIRECTORS

LEHMAN BROTHERS HOLDINGS INC. RETIREMENT PLAN FOR NON-EMPLOYEE DIRECTORS

I. PURPOSE

II. PAYMENTS OF BENEFITS

III. YEARS OF SERVICE

IV. RETIREMENT BENEFITS

V. SPECIAL RETIREMENT BENEFITS

VI. BENEFITS NOT ASSIGNABLE

VII. EFFECTIVE DATE, AMENDMENT AND TERMINATION OF PLAN

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Exhibit 10.23    
    

[Cogent
logo] 

January 11,
2000 

Mr. Brad
Kummer

Lucent Technologies

2000 Northeast Expressway

Norcross, GA 30071 

Dear
Brad: 

        Cogent
Communications is offering Brad Kummer the position of Chief Technology Officer for Transport Networks inclusive of the title Vice President of Network Transmissions. The current
cash compensation for this position will be a total of $145,000 per year. Base salary will be paid semi-monthly. 

        In
addition to the cash compensation you receive, Cogent will issue 200,000 shares of options to purchase common equity in the company at a strike price of $.25. 25% of these options
will become immediately invested in order to compensate you for any options which may remain unexercisable at your previous employer. The remaining 75% of these options will vest quarterly over a
4 year period. Based upon the targeted capitalization of the company, there will be approximately up to 49.5 million shares outstanding. 

        In
the event of Termination Without Cause, you will receive one month's salary against $145,000, six months of benefits coverage, all vested shares and shares to be vested in the quarter
of termination. In the event of a Change of Control and Termination Without Cause, in addition to the above mentioned conditions, you will receive 50% of your unvested shares at the $.25 strike price. 

        Cogent
will periodically perform employee evaluations at minimum intervals of 12 months commencing within 18 months of your employment. These reviews will be utilized to
evaluate your compensation package relative to the market for similar level professionals at organizations of comparable stage of development and market opportunity to Cogent. The findings of these
reviews will be submitted to the company's compensation committee for final decision and appropriate compensation adjustments. 

        As
a member of Cogent's senior management team, you will be entitled to 3 weeks paid vacation as well as paid major holidays. Additionally, the company will implement 6 fixed major
holidays and there will be 1 discretionary floating holiday to be chosen from other less recognized holidays. Cogent will also make available a life insurance policy and dental insurance. In
recognition of the fact that you currently have health care provided and partially reimbursed by your previous employer, Cogent will make available to you an allowance of $250/month to offset any
incremental health care costs associated with that existing policy. The company will institute a corporately administered 401k retirement program in which individuals will be responsible for
contributions on a non-matching basis by individual participants. 

        In
order to compensate you for moving and travel expenses associated with this position, Cogent proposes a $45,000 travel and moving budget with a commitment on your part to relocate
your principal residence to the company's headquarter location in Washington, DC within 18 months. During the intervening period, you are committed to spending 5 days per week at the
company's headquarters and bearing all travel and lodging expenses associated with that commitment from the above mentioned budget. 

        Funding
is expected to close on February 15th, 2000, and your employment date will be immediately thereafter, or at a mutually agreed to date between yourself and
the company. Also, upon acceptance of this offer of employment, you will be required to sign a non-compete and non-disclosure agreement with the company. 

        We
look forward to having you join our team and build the most advanced next generation network for high speed Internet services. This offer remains in effect through
January 14th, 2000 at 5:00pm. If you have any further questions, please give me a call at 202-338-4067. 

Sincerely, 

	Dave Schaeffer	 	 
	

Agreed and Accepted	
 	

 
	

 Brad Kummer	
 	

 Date

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Exhibit 10.23

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