Document:

Form of Warrants

 Exhibit 10.5 
 Warrant No. 2007-[    ] 
 DATE: AUGUST 8, 2007 

CURIS, INC 
 COMMON STOCK WARRANT

 THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE
SECURITIES LAWS OF ANY STATE. THIS WARRANT IS SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR
EXEMPTION THEREFROM. THE ISSUER OF THIS WARRANT MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.  
 This certifies that
[                    ] (the “Holder”), its designees or permitted assigns, at any time or from time to time up to and
including 5:00 p.m. (Eastern Time) on the date that is the fifth (5th) anniversary of the date hereof (the “Expiration Date”), for
value received, is entitled to purchase from CURIS, INC., a Delaware corporation (the “Company”), subject to the terms set forth below,
[                ] fully-paid and nonassessable shares (subject to adjustment as provided herein) (the “Warrant Shares”) of the Company’s
Common Stock, $0.01 par value per share (the “Common Stock”). The per share exercise price (the “Exercise Price”) per Warrant Share issuable pursuant to this Common Stock Warrant shall be equal to $1.02, payable in
accordance with Section 1 hereof. This Common Stock Warrant is being initially issued to the Holder in accordance with the transactions contemplated by that certain Common Stock Purchase Agreement, dated as of August 7, 2007 (the
“Agreement”), by and between the Company and the person set forth therein. 
 This Warrant is issued subject to the
following terms and conditions: 
 1. Exercise, Issuance of Certificates. 
 (a) Exercise. The Holder may exercise this Warrant at any time and from time to time on or prior to the Expiration Date for all or any part of the
Warrant Shares (but not for a fraction of a share) that may be purchased hereunder, as that number may be adjusted pursuant to Section 3 of this Warrant. The Company agrees that the Warrant Shares purchased under this Warrant shall be and are
deemed to be issued to the Holder hereof as the record owner of such Warrant Shares as of the close of business on the date on which this Warrant shall have been surrendered, properly endorsed, the completed and executed Form of Subscription
delivered, and payment made for such Warrant Shares (such date, a “Date of Exercise”). Certificates for the Warrant Shares so purchased, together with any other securities or property to which the Holder hereof is entitled upon such
exercise, shall be delivered to the Holder hereof by the Company at the Company’s expense as soon as practicable after the rights represented by this Warrant have been so exercised. In case of a purchase of less than all the Warrant Shares
which may be purchased under this Warrant, the Company shall cancel this Warrant and execute and deliver to the 

 
Holder hereof within a reasonable time a new Warrant or Warrants of like tenor for the balance of the Warrant Shares purchasable under the Warrant
surrendered upon such purchase. Each stock certificate so delivered shall be registered in the name of such Holder and issued with a legend in substantially the form of the legend placed on the front of this Warrant. 
 Notwithstanding anything set forth herein, this Warrant shall not be exercisable with respect to the minimum number of Warrant Shares as will result in
the Holder (together with its affiliates) owning, holding or beneficially owning more than 9.99% of the outstanding Common Stock (the “Ownership Limit”), and at any time, and from time to time, if the Holder (together with its
affiliates) owns, holds or beneficially owns a percentage less than the Ownership Limit, then this Warrant shall thereafter become exercisable, first with respect to any Warrant Shares for which this Warrant would have been exercisable but for the
Ownership Limit and second, but in each case again, only to the extent that, after giving effect to such exercisability, such exercisability will not result in the Holder (together with its affiliates) owning, holding or beneficially owning more
than the Ownership Limit. The restrictions set forth in this paragraph may be waived by the Holder upon not less than 61 days written notice to the Company. 
 (b) Mandatory Exercise. In the event that the closing price of the Common Stock equals or exceeds $2.50 per share (appropriately adjusted for any stock split, reverse stock split, stock dividend or other
reclassification or combination of the Common Stock occurring after the date hereof) for thirty (30) consecutive days, then at any time thereafter for a period of thirty (30) days the Company may require the mandatory exercise of this
Warrant by providing at least twenty (20) business days prior written notice to the Holder hereof; provided that the Company simultaneously requires the mandatory exercise of all Warrants then outstanding. Upon receipt of such notice,
the Holder shall exercise this Warrant for cash in accordance with the terms hereof. In the event of a mandatory exercise, this Warrant shall thereafter represent only the right to receive the number of shares of Common Stock for which it was then
exercisable and shall thereafter be null and void. 
 (c) Other Provisions. The Company’s obligations to issue and deliver
Warrant Shares in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same. Nothing herein shall limit a Holder’s right to pursue any other remedies available to
it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of
the Warrant as required pursuant to the terms hereof. 
 (d) Payment of Exercise Price. The Holder shall pay the Exercise Price in
cash by delivering immediately available funds to the Company. 
 2. Shares to be Fully Paid; Reservation of Shares. The Company
covenants and agrees that all Warrant Shares will, upon issuance and payment of the applicable Exercise Price, be duly authorized, validly issued, fully paid and nonassessable, and free of all preemptive rights, liens and encumbrances, except for
restrictions on transfer provided for herein. The Company shall at all times reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose of providing for the exercise of the rights to purchase all Warrant
Shares granted pursuant to this Warrant, such number of shares of Common Stock as shall, from time to time, be sufficient therefor. 
 3.
Adjustment of Exercise Price and Number of Shares. The Exercise Price and the total number of Warrant Shares shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 3. 

 

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 (a) Subdivision or Combination of Stock. In the event the outstanding shares of the Company’s
Common Stock shall be increased by a stock dividend payable in Common Stock, stock split, subdivision, or other similar transaction occurring after the date hereof into a greater number of shares of Common Stock, the Exercise Price in effect
immediately prior to such subdivision shall be proportionately reduced and the number of Warrant Shares issuable hereunder proportionately increased. Conversely, in the event the outstanding shares of the Company’s Common Stock shall be
decreased by reverse stock split, combination, consolidation, or other similar transaction occurring after the date hereof into a lesser number of shares of Common Stock, the Exercise Price in effect immediately prior to such combination shall be
proportionately increased and the number of Warrant Shares issuable hereunder proportionately decreased. 
 (b) Reclassification,
Reorganization, Merger, Etc.. If any reclassification of the capital stock of the Company or any reorganization, consolidation, merger, or any sale, lease, license, exchange or other transfer (in one transaction or a series of related
transactions) of all or substantially all, of the business and/or assets of the Company (the “Reclassification Events”) shall be effected in such a way that holders of Common Stock shall be entitled to receive stock, securities, or
other assets or property, then, as a condition of such Reclassification Event, lawful and adequate provisions shall be made whereby the Holder hereof shall thereafter have the right to purchase and receive (in lieu of the shares of Common Stock of
the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby) such shares of stock, securities, or other assets or property as may be issued or payable with respect to or in exchange for a number
of outstanding shares of such Common Stock equal to the number of shares of such stock immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby. In any Reclassification Event, appropriate provision shall
be made with respect to the rights and interests of the Holder of this Warrant to the end that the provisions hereof (including, without limitation, provisions for adjustments of the Exercise Price and of the number of Warrant Shares), shall
thereafter be applicable, as nearly as may be, in relation to any shares of stock, securities, or assets thereafter deliverable upon the exercise hereof. 
 (c) Notice of Adjustment. Upon any adjustment of the Exercise Price or any increase or decrease in the number of Warrant Shares, the Company shall give written notice thereof, by first class mail postage
prepaid, addressed to the registered Holder of this Warrant at the address of such Holder as shown on the books of the Company. The notice shall be prepared and signed by the Company’s Chief Financial Officer and shall state the Exercise Price
resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such
calculation is based. 
 4. No Voting or Dividend Rights. Nothing contained in this Warrant shall be construed as conferring upon the
holder hereof the right to vote or to consent to receive notice as a stockholder of the Company on any other matters or any rights whatsoever as a shareholder of the Company. No dividends or interest shall be payable or accrued in respect of this
Warrant or the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised. 
 5. Compliance with Securities Act. The Holder of this Warrant, by acceptance hereof, agrees that this Warrant is being acquired for its own account and not for any other person or persons, for investment
purposes and that it will not offer, sell, or otherwise dispose of this Warrant except under circumstances which will not result in a violation of the Act or any applicable state securities laws. 
 6. Limited Transferability. The Holder represents that by accepting this Warrant it understands that this Warrant and any securities obtainable
upon exercise of this Warrant have not been registered for sale under Federal or state securities laws and are being offered and sold to the Holder 

  

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pursuant to one or more exemptions from the registration requirements of such securities laws. In the absence of an effective registration of such securities
or an exemption therefrom, any certificates for such securities shall bear the legend set forth on the first page hereof. The Holder understands that it must bear the economic risk of its investment in this Warrant and any securities obtainable upon
exercise of this Warrant for an indefinite period of time, as this Warrant and such securities have not been registered under Federal or state securities laws and therefore cannot be sold unless subsequently registered under such laws, unless an
exemption from such registration is available. 
 7. Amendment, Waiver, etc. Except as expressly provided herein, neither this Warrant
nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge or termination is sought; provided, however, that any
provisions hereof may be amended, waived, discharged or terminated upon the written consent of the Company and the Majority of the Holders; provided, that (x) any such amendment or waiver must apply to all Company Warrants; and
(y) the number of Warrant Shares subject to this Warrant, the Warrant Price and the Expiration Date may not be amended, and the right to exercise this Warrant may not be altered or waived, without the written consent of the Holder hereof. For
purposes hereof, “Majority of the Holders” shall mean Holders of more than fifty percent (50%) of the Warrant Shares then issuable upon exercise of then outstanding warrants of like tenor to this Warrant issued by the Company
in connection with the Offering (as defined in the Subscription Agreement). 
 8. Notices. Any notice, request, or other document
required or permitted to be given or delivered to the Holder hereof or the Company shall be delivered as set forth in the Stock Purchase Agreement. 
 9. Governing Law. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of Delaware. 
 10. Lost or Stolen Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this
Warrant and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation, upon surrender and cancellation of such Warrant, the Company, at its
expense, will make and deliver a new Warrant, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant. 
 11.
Fractional Shares. No fractional shares shall be issued upon exercise of this Warrant. The Company shall, in lieu of issuing any fractional share, pay the Holder entitled to such fraction a sum in cash equal to such fraction (calculated to
the nearest 1/100th of a share) multiplied by the then effective Exercise Price on the date the Form of Subscription is received by the Company. 
 12. Successors and Assigns. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and assigns of the Holder. The provisions of this Warrant are
intended to be for the benefit of all Holders from time to time of this Warrant, and shall be enforceable by any such Holder. 
 13.
Severability of Provisions. In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way
be affected or impaired thereby and the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute
provision in this Warrant. 
  

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 14. Registration Rights. The Holder is entitled to the benefit of certain registration rights with
respect to the shares of Common Stock issuable upon the exercise of this Warrant as provided in the Registration Rights Agreement, and any subsequent Holder may be entitled to such rights. 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its president and chief
executive officer, thereunto duly authorized as of this 8th day of August, 2007. 
  

			
	CURIS, INC.
		
	By:	 	  

	Name:	 	Michael P. Gray
	Title:	 	Chief Operating Officer and Chief Financial Officer

  

 Signature Page—Common Stock Warrant 

 FORM OF SUBSCRIPTION 
 (To be signed only upon exercise of Warrant) 
  

	To:	CURIS, INC. 

 The undersigned, the holder of the attached
Common Stock Warrant, hereby elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder,
                     shares of Common Stock of CURIS, INC. and such holder herewith makes payment of
$             therefor. 
 The undersigned requests that certificates for
such shares be issued in the name of, and 

			
	delivered to:	 	  

					
	whose address is:	 	  
	 	.

  

									
	 DATED:
	 	  
	 		 		 	
		 		 		 	  

		 		 		 	(Signature must conform in all respects to name of Holder as specified on the face of the Warrant)
					
		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

  

 7Employment Agreement dated as of June 1, 2007 between Hector Alonso and GCL

 Exhibit 10.1 
 

 Global Crossing 
 June 1, 2007 
 Mr. Hector Alonso 
 REDACTED 
 This letter agreement, (“Agreement”) sets forth certain benefits and protections provided to Global Crossing executives, which you will be eligible to receive subject to the following terms and conditions: 
 1-Employment; Positions with Affiliates: 
 1.1
Employment by Impsat Argentina- Upon the business day immediately following the date of the completion of the acquisition of Impsat Fiber Networks, Inc. (“IFN”) by Global Crossing Limited (“GCL”) (May 9.2007, such date
being referred to as the “Commencement Date”), you shall be employed by Impsat Argentina S.A. (“Impsat Argentina”) pursuant to that certain letter agreement dated of even date herewith between you and Impsat Argentina (the
“Letter Agreement”). 
 1.2 Positions with Affiliates- Commencing as of the Commencement Date, your managerial position shall
be Managing Director Latin America and you shall hold from time to time such other officer and director positions with affiliates of GCL as so requested by such affiliates of the Company and as agreed by you, with the understanding that no
incremental compensation or benefits shall be paid or earned for such positions. As of the date hereof, you have agreed to such officer and director positions with affiliates of GCL as set forth in Exhibit A hereto. 
 1.3 No Employment Relationship with GCL- It is understood and agreed that the execution of this document does not create an employment relationship
between you and GCL, or any of its subsidiaries or affiliates. The only employment relationship that you have, as of the Commencement Date, is with Impsat Argentina, the terms and conditions of which are governed by the Letter Agreement dated
June 1, 2007. 

 2. Grant of Shares in Global Crossing Limited: 
 2.1 Upon the date of the Commencement Date you will receive a grant of GCL restricted stock units, in the amount equal to Two Hundred Fifty Seven Thousand
Six Hundred Dollars U.S. (U.S. $257,600) divided by an amount equal to ninety-two point two percent (92.2%) of the per share closing price of GCL common stock as of May 9, 2007, which equals 9,936 shares. Such grant will vest in three
equal installments (each equal to one-third (1/3) of the restricted stock units subject thereto) on each of the first three anniversaries of the Commencement Date. Such grant (including the terms of vesting thereof) will be governed by the
terms and conditions of the 2003 Global Crossing Limited Stock Incentive Plan, http://humanresources.gcintranet.net/corporatecompensation/LongTermIncentives/Pages/2003SIProspectusPlan.aspx and a Restricted Stock Unit Agreement substantially
in the form attached as Exhibit B hereto (and in the case of inconsistency between this Section 2.1 and the terms of the exhibits, the exhibits shall control). 
 2.2 Additionally, you will be eligible to receive annual equity grants comparable to those provided to executives of Global Crossing of comparable level
or responsibility; provided that the amount, terms and conditions of each such grant shall be determined by the Compensation Committee and Board of Directors of GCL in their sole discretion. The next such grant is expected to occur in March
2008. 
 2.3 You acknowledge and agree that sales of shares of common stock or other securities of GCL by you from time to time shall be made
only in compliance with the GCL corporate policies and applicable law. Section 6 of this Agreement sets forth additional obligations with respect to your ability to sell such shares or other securities. 
 2.4 In addition, you acknowledge and accept that in the event your employment relationship with Impsat Argentina is terminated, then, as of the date of
such termination, all unvested stock options or other equity-based awards granted by GCL therefore (including any unvested restricted stock units awarded under Section 2.1 above) will be automatically terminated without any consideration
therefore; provided that nothing in this Section 2.4 shall modify the terms of vesting set forth in Section 4(2) of the Restricted Stock Unit Agreement. 
 3 Release and Waiver: 
 3.1 Effective as of the Commencement Date, you acknowledge and agree that (a) the
benefits outlined in this agreement shall constitute adequate consideration for your waiver of any and all rights under that certain Letter Agreement, dated as of March 25, 2003, by and between you and IFN (the “IFN Employment
Agreement”), (b) neither IFN nor any of its affiliates shall owe you any amount, and any and all amounts due to you on or prior to the Effective Date hereof have been properly paid or cancelled to your entire satisfaction, (c) the IFN
Employment Agreement shall terminate as of the Commencement Date, and (d) your execution of this Agreement demonstrates your intent to replace any and all existing employment and/or compensation agreements, arrangements or work assignments with
IFN or any of its affiliates, including but not limited to the Employment and/or Compensation Agreements listed on Exhibit C, with this Agreement (and, with respect to Impsat Argentina, the Letter Agreement). You further agree that you
are not aware of any claims against IFN or any of its affiliates for any liabilities or other amounts due to you, including claims for 

  

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amounts due under prior years’ bonus plans; provided however that nothing in this Section 4.1 shall be deemed to be a waiver of your
rights or obligations under the Letter Agreement (including without limitation the last paragraph of Section 2.2 therein with respect to a bonus for the Interim Period (as defined therein)) or either (a) Section 4.7 of the Agreement
and Plan of Merger, dated as of October 25, 2006, among GCL, GC Crystal Acquisition, Inc., and IFN or (b) the Certificate of Incorporation and Bylaws of IFN (as both exist on the date immediately prior to the Commencement Date), all of
which shall survive in accordance with the terms thereof. 
 3.2 You agree that you have no cause of action in the United States or elsewhere
against GCL or its subsidiaries or affiliates (or any of their respective officers, directors or employees) under any employment and/or compensation agreement, arrangement or work assignments you may have had with IFN or any of its affiliates up to
and including the Commencement Date. 
 4. Governing Law. 
 4.1. The validity and effect of this Agreement and the rights and obligations of the parties hereto shall be construed and determined in accordance with the laws of the State of New York without regard for any
provisions thereof as to conflict of laws. 
 4.2. Each of the parties hereto irrevocably submits to the exclusive jurisdiction and venue of
the federal and state courts located in New York State in connection with any suit, action or proceeding arising out of or relating to this agreement. 
 5. Miscellaneous: 
 5.1 You hereby agree to be bound by the following Global Crossing policies as such may be modified
from time to time. 
  

	 	-	Code of Ethics and Business Conduct – http://web1.gcintranet.net/corp_ethics/ethics_policy.htm 

  

	 	-	Insider Trading Policy – See attached as Exhibit D 

 5.2 Withholding. All amounts payable to you pursuant to this agreement shall be paid subject to such reporting and withholding requirements, if any, as imposed by applicable law and Global Crossing policies and
procedures. 
 5.3 The parties hereto acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in
accordance with, and incorporate the terms and conditions required by, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the Department of Treasury Regulations and other interpretive guidance issued
thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof. Notwithstanding any provision of this Agreement to the contrary, in the event that GCL determines that any amounts payable
hereunder will be immediately taxable to you under Section 409A of the Code and related Department of Treasury guidance, GCL and you shall cooperate in good faith to (a) adopt such amendments to this Agreement and appropriate policies and
procedures, including amendments and policies with retroactive effect, that GCL determines to be necessary or appropriate to preserve the intended tax 

  

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treatment of the benefits provided by this Agreement, to preserve the economic benefits of this Agreement, and to avoid less favorable accounting or tax
consequences for GCL and/or (b) take such other actions as mutually determined to be necessary or appropriate to exempt the amounts payable hereunder from Section 409A of the Code or to comply with the requirements of Section 409A of the
Code and thereby avoid the application of penalty taxes thereunder. 
 If any provision of this Agreement is held to be illegal, invalid or
unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never
comprised a portion of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this letter agreement
.. Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and
be legal, valid and enforceable. 
 5.4 Attached hereto are the following Exhibits which form part of this Agreement. 
 Exhibit A - Officer and Director Positions with GCL Affiliates 
 Exhibit B - Form of Restricted Stock Unit Agreement 
 Exhibit C - Certain Released Employment and/or
Compensation Agreements and Arrangements 
 Exhibit D - Global Crossing Insider Trading Policy 
 * * * 
 IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed and delivered as of the date first above written. 
  

					
	 Global Crossing Limited

			
	 By:
	 	 /s/ John McShane
	  	
	 Title:
	 	EVP and General Counsel	  	
		
	 Agreed and Accepted:
	  	
		
	 /s/ Hector Alonso
	  	Dated: 11 July 2007

  

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 Exhibit A 
 Officer and Director Positions with GCL Affiliates 
 (Hector Alonso) 
 Delaware (Impsat Fiber Networks, Inc) 
 Managing Director Latin
America 
 Director 
 ARGENTINA (IMPSAT Sociedad
Anónima) 
 Vice President of Board of Directors 
 Director 
 CHILE (IMPSAT CHILE S.A.) 
 Director

 ECUADOR (IMPSATEL DEL ECUADOR S.A.) 
 Vice President

 PERU (IMPSAT PERU S.A.) 
 Director 
 URUGUAY (CORLEW INVESTMENT S.A.) 
 Vice President of Board of
Directors 
 Director 
 URUGUAY (DEASON INVESTMENT S.A.) 

 Vice President of Board of Directors 
 Director 
 VENEZUELA (IMPSAT TELECOMUNICACIONES S.A.) 
 Vice President of Board
of Directors 
 Regular Director 
  

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 Exhibit B 
 THE 2003 GLOBAL CROSSING LIMITED 
 STOCK INCENTIVE PLAN 
 RESTRICTED STOCK UNIT AGREEMENT 
 RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”) dated as of the 9th day of May, 2007, from Global Crossing Limited, a Bermuda company (the “Company”), to Hector Roberto Alonso (the
“Participant”), pursuant to the 2003 Global Crossing Limited Stock Incentive Plan, as amended from time to time (the “Plan”). 
 1. Incorporation of the Plan by Reference. The terms of the Plan are hereby incorporated by reference. Capitalized terms that are
not defined herein shall have the same meanings assigned in the Plan. In the event of any conflict between this Agreement and the Plan (as either may be interpreted by the Committee), the Plan shall control. 
 2. Definitions 
 (a) “Award” shall mean the Restricted Stock Units granted to the Participant under this Agreement. 
 (b)
“Grant Date” shall mean the date on which the Restricted Stock Units provided for in this Agreement were granted, May 9, 2007. 
 (c) “Pro Rata Portion” as of any given date shall mean a number of
Restricted Stock Units equal to the total Award amount multiplied by a fraction, the numerator of which is the number of full months to have elapsed since the Grant Date, and the denominator of which is 36. For purposes of this calculation,
(1) the 14th day of each month shall be the relevant day for determining the number of elapsed full months and (2) any number of Restricted Stock
Units that includes a fractional unit shall be rounded up the next whole number. 
 (d) “Restricted Stock
Units” shall mean the right to receive a specified number of Shares, which right is subject to forfeiture as set forth in this Agreement. 
 3. Grant of Restricted Stock Units. The Company grants to the Participant 9,936 Restricted Stock Units representing the right to receive shares of common stock. 
 4. Vesting and Rights as a Shareholder. It is understood and agreed that the grant of the Award evidenced hereby is subject to the
following conditions: 
 (a) Vesting of Restricted Stock Units. The Restricted Stock Units shall, subject to the
Participant’s continued employment from the Grant Date, vest and become eligible for settlement pursuant to Section 6 as follows: 
  

	 	(i)	one-third of the Award shall vest on the first anniversary of the Grant Date; 

  

	 	(ii)	one-third of the Award shall vest on the second anniversary of the Grant Date; 

  

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	 	(iii)	one-third of the Award shall vest on the third anniversary of the Grant Date; 

  

	 	(iv)	upon the occurrence of a Change in Control, any portion of the Award still subject to restrictions shall vest; and 

  

	 	(v)	upon termination of employment due to death or long-term disability, a portion of the Award equal to the excess of the Pro Rata Portion over the number of shares theretofore
vested shall vest. 

 (b) Restrictions on Transfer. The Restricted Stock Units may not be sold, assigned,
hypothecated, pledged or otherwise transferred or encumbered in any manner except (i) by will or the laws of descent and distribution, or (ii) otherwise as specifically permitted herein, and remain subject to forfeiture as
described in this Agreement. 
 (c) Committee Discretion. Notwithstanding anything contained in this Agreement to the
contrary, the Committee, in its sole discretion and in accordance with the terms of the Plan, may accelerate the vesting with respect to all or any portion of the Restricted Stock Units covered by the Award, at such times (including, without
limitation, upon or in connection with the Participant’s termination of employment) and upon such terms and conditions as the Committee shall determine. 
 (d) No Rights as a Shareholder. The Participant shall have no rights as a shareholder (including rights in respect of dividends
declared or paid on the Shares), if at all, until Shares in respect of the Restricted Stock Units have been issued by the Company to the Participant. 
 5. Termination of Employment. If the Participant’s employment terminates for any reason, then, except to the extent provided for in subsection 4(a)(v) with respect to death or long-term disability, all
unvested Restricted Stock Units shall be forfeited and canceled without further action by the Company or the Participant as of the date of such termination of employment. 
 6. Settlement of Restricted Stock Units. Subject to the provisions of Section 9(b) of the Plan, the Company shall deliver to
the Participant (or, if applicable, the Participant’s designated beneficiary or legal representative) that number of Shares equal to the number of Restricted Stock Units covered by the Award that have become vested and nonforfeitable as soon as
practicable after the vesting date. 
 7. Adjustment in Capitalization. In the event of the occurrence of one of the
events specified in Section 9(a) of the Plan, the Restricted Stock Units shall be subject to adjustment as determined by the Committee pursuant to such Section 9(a). 
 8. Notice. Any notice given hereunder to the Company shall be addressed to the Secretary of the Company at its principal place of
business and any notice given hereunder to the Participant shall be addressed to the participant at the Participant’s address as shown on the records of the Company. 
 9. Withholding. Upon settlement, at the Committee’s discretion, the Participant shall be required to either pay to the Company
the amount of any taxes required by law to be withheld as may be necessary in the opinion of the Company to satisfy tax withholding 

  

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required under the laws of any country, state, province, city or other jurisdiction required to be withheld with respect to such Shares or, in lieu thereof,
the Company shall have the right (a) to retain (or the Participant may be offered the opportunity to elect to tender) the number of Shares whose Fair Market Value equals such amount required to be withheld or (b) to cause any plan
administrator, intermediary or other third party to sell such number of Shares on behalf of the Participant substantially concurrently with the delivery of the vested Shares to the Participant. 
 10. No Right to Continued Employment. Neither the execution and delivery hereof nor the granting of the Award shall constitute or
be evidence of any agreement or understanding, express or implied, on the part of the Company or any of its Subsidiaries to employ or continue the employment of the Participant for any period. 
 11. Governing Law. The Award and the legal relations between the parties shall be governed by and construed in accordance with the
laws of the State of New York (without reference to the principles of conflicts of law). 
 12. Binding Effect;
Benefits. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to
give any person other than the Company or the Participant or their respective successors or assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein. 
 13. Amendment. This Agreement may not be altered, modified, or amended except by a written instrument signed by the Company and the
Participant. 
 14. Sections and Other Headings. The section and other headings contained in this Agreement are for
reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
 IN WITNESS WHEREOF, this Agreement
has been executed and delivered by the Company on the date hereof. 
 GLOBAL CROSSING LIMITED 
 /s/ Neil Barua 
 Neil Barua 
 Chief Administrative Officer 
  

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 Exhibit C 
 Certain Released Employment and/or Compensation Agreements 
 and Arrangements 
  

	 	¡	 	 IMPSAT Fiber Networks, Inc. 2003 Stock Incentive Plan and forms of award agreement thereunder 

  

	 	¡	 	 IMPSAT Fiber Networks, Inc. Management Incentive Plan 

  

	 	¡	 	 IMPSAT Fiber Networks, Inc. Executive Incentive Bonus Plan 

  

	 	¡	 	 Letter Agreement entered into with IMPSAT Fiber Networks, Inc., as of March 25, 2003 

  

	 	¡	 	 2006 Impsat Annual Bonus Plan and annual bonus plans for all other years 

  

	 	¡	 	 Any other short-term or long-term bonus or other incentive plan, program, policy or other arrangement (including, without limitation, any incentive awards
established by the Compensation Committee and disclosed on Form 8-K filed with the SEC on May 22, 2006). 

  

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