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Exhibit 10.27  

 
 

Summary of Proposed Employment Terms for Lance Boxer    
  

	1.
	Title:    President and Chief Executive Officer, reporting to the Board of Directors.

	2.
	Term:    Initial term of 2 years; automatic 1-year renewals following expiration of the initial term unless either party
provides 60 days written notice of non-renewal.

	3.
	Compensation/Benefits:

	A.
	Base Salary:    $400,000 per annum, subject to annual increases as may be determined by the Board.

	B.
	Discretionary Bonus:    Eligible to earn an annual bonus targeted at 50% of base salary upon attainment of certain defined
performance objectives, to be determined by the Board.

	C.
	Stock Options:    In addition to the option to purchase 600,000 shares of Company common stock granted to Lance Boxer
("Mr. Boxer") on November 13, 2002, Mr. Boxer also shall be granted the following options, concurrent with his execution of this Summary Term Sheet:

	a.
	an
option to purchase 1,000,000 shares of common stock, at fair market value, as determined based upon the closing sale price for such stock on the date Mr. Boxer signs this
Summary Term Sheet. The shares will vest upon the fifth anniversary of the date Mr. Boxer signs this Summary Term Sheet if he is employed by the Company on such date on a substantially full
time basis (other than as a member of
the Board), provided, however, that if Mr. Boxer becomes Chief Executive Officer of the Company prior to such date, the shares shall vest immediately upon Mr. Boxer being elected by the
Board as Chief Executive Officer, and shall become exercisable if Mr. Boxer remains employed by the Company as its Chief Executive Officer twelve (12) months thereafter (or, if earlier, upon a
change in control of the Company). The shares will be non-qualified and will be granted under the NASDAQ rules as an "inducement" grant outside of the Company's 1999 Stock Plan.

	b.
	an
option to purchase 2,150,000 shares of common stock, at fair market value, as determined based upon the closing sale price for such stock on the date Mr. Boxer signs this
Summary Term Sheet. The shares will vest in equal annual installments over a four-year period, with 25% vesting on the first anniversary date of his execution of the Summary Term Sheet, and the
remaining 75% vesting in 25% installments at the following three anniversary dates thereafter, provided Mr. Boxer is employed by the Company on a substantially full time basis (other than as a
member of the Board) on each such anniversary date. The shares will be non-qualified and will be granted under, and pursuant to the terms of, the 1999 Stock Plan. 

	D.
	Other Benefits:    Eligible to participate in benefit plans and programs generally made available to senior level executive
employees.

	E.
	Review Fees:    Will be reimbursed for reasonable legal fees incurred in the review of the definitive employment agreement,
subject to a cap of $3,000. 

	4.
	Early Termination/Severance Obligations:

	A.
	Mr. Boxer's
employment may be terminated prior to the expiration of the term upon: (1) his death or disability; (2) termination by the Company for cause;
(3) termination by the Company without cause (requires 30 days prior written notice); or (4) termination by Mr. Boxer (requires 30 days prior written notice).

	B.
	If
Mr. Boxer's employment is terminated by the Company without cause, he is entitled to the following payments and benefits. First, his base salary will continue for a period of
6 months. 

 

Second,
during the 6-month salary continuation period, the Company shall pay the cost of any COBRA coverage elected by Mr. Boxer, at the same rate it pays for health coverage for its active
employees
(with Mr. Boxer paying any employee paid portion). Third, any options that otherwise would have vested, absent such termination, in the following 12-month period, will vest upon
Mr. Boxer's termination of employment. Mr. Boxer will be entitled to exercise all vested options for a period of 9 months following his last day of active employment; provided, however,
that the option shares whose vesting accelerated in accordance with the preceding sentence may be exercised for a period of 15 months following his last day of active employment. These payments and
benefits are conditioned upon execution of a release by Mr. Boxer in a form satisfactory to Company. 

Cause
is defined as (1) Mr. Boxer's breach of the employment agreement, which he shall be required to execute; (2) conduct by Mr. Boxer amounting to fraud, embezzlement, or
misconduct in connection with his employment duties; (3) conviction of Mr. Boxer of a felony or an indictment that results in material injury to the Company's property, operations or
reputation; (4) willful failure of Mr. Boxer to comply with reasonable directions of the Board (with a 30-day opportunity to cure); or (5) willful misconduct by Mr. Boxer
in performing his duties under the employment agreement (with a 10-day opportunity to cure). 

	5.
	Non-Compete/Non-Solicitation:    The employment agreement contains a 1-year post-employment termination non-compete and
non-solicitation of employees and customers and also prohibits disclosures of confidential information.

	6.
	Disputes:    Resolution of disputes under the employment agreement is to be through arbitration to be conducted in Illinois
and the employment agreement is to be governed by Illinois law. 

Other
than the grant of the stock options referenced in Paragraph 3C, the terms set forth in this Summary Term Sheet are subject to, and conditioned upon, the execution of a definitive
employment agreement, which agreement shall be effective if executed within thirty (30) days of the date Mr. Boxer is elected by the Board of Directors to be Chief Executive Officer of the
Company. 

Agreed
to this 28 day of February, 2003. 

	/s/ LANCE B. BOXER
 Lance B. Boxer	 	 	 	 
	 	 	Universal Access Global Holdings, Inc.
	

 	
 	

By:	
 	

/s/  KEVIN POWER      

	 	 	Its:	 	Director

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Exhibit 10.28    
  

 
 

NOTICE OF STOCK OPTION GRANT    
    
    UNIVERSAL ACCESS GLOBAL HOLDINGS INC.    
    
    1999 STOCK PLAN    
  

        This Notice of Stock Option Grant (the "Notice") serves as notification that you have been granted an option to
purchase Common Stock of the Company, subject to the terms and conditions of the 1999 Stock Plan (the "Plan"). Copies of the Plan and a Prospectus
describing the terms of the Plan are posted on the Company's website located at http://universalpoint/. If you would like hard copies of these documents, please send Howard Kuppler an email indicating
what materials you would like. Any terms used in this Notice have the same meanings as in the Plan, which is incorporated into this Notice by reference. 

        The
specific terms of your individual option grant are as follows: 

	Name of Optionee	 	Lance Boxer
	

Date of Grant	
 	

March 19, 2003
	

Vesting Commencement Date	
 	

February 28, 2003
	

Exercise Price per Share	
 	

$0.13
	

Total Number of Shares Granted	
 	

2,150,000
	

Total Exercise Price	
 	

$279,500.00
	

Type of Option:	
 	

__ Incentive Stock Option
	

 	
 	

X Nonstatutory Stock Option
	

Term/Expiration Date:	
 	

February 28, 2013

        Vesting Schedule:    This Option may be exercised, in whole or in part, in accordance with the following schedule: 25% of the
Shares subject to the Option shall vest on each of the first through fourth anniversaries of the Vesting Commencement Date, subject to your employment on a substantially full-time basis
with the Company on each such date. The foregoing notwithstanding, if you become an employee of the Company, and the Company thereafter terminates your employment (other than for Cause), any option
shares which would otherwise have vested pursuant to the preceding schedule within the twelve (12) month period following the termination of your employment, had you continued to be an employee
of the Company, shall become fully vested and exercisable on the date your employment is so terminated (the "Accelerated Options"). For purposes of this
Notice, Cause shall be defined as (i) breach of your employment agreement; (ii) conduct amounting to fraud, embezzlement, or misconduct in connection with your employment duties;
(iii) your conviction by a court of proper jurisdiction for a crime which constitutes a felony (other than a traffic violation) or an indictment that results in material injury to the Company's
property, operation or reputation; (iv) your willful failure to comply with reasonable directions of the Company's Board of Directors (the
"Board") after (a) written notice is delivered to you describing such willful failure and (b) you have failed to cure such willful failure
after a reasonable time period as determined by the Board in its reasonable discretion (not to be less than 30 days); or (v) willful misconduct in the performance of your duties which
willful misconduct has continued for a period of ten (10) days after written notice thereof from the Company. 

        The
right to receive the Accelerated Options shall be expressly conditioned upon and subject to your execution of an agreement acceptable to the Company that (1) waives any rights
you may otherwise have against the Company; and (2) releases the Company from actions, suits, claims, 

 

proceedings, and demands related to the period of your employment and/or the termination of your employment. 

        You
acknowledge and agree that the vesting of shares pursuant to the vesting schedule hereof is earned only by continuing as an employee at the will of the Company (and not through the
act of being hired, being granted an option or purchasing shares hereunder). You further acknowledge and agree that this Notice, the transactions contemplated hereunder and the vesting schedule set
forth herein do not constitute an express or implied promise of continued employment for the vesting period, for any period, or at all, and shall not interfere with your right or the Company's right
to terminate your employment at any time, with or without cause, subject to the terms of your employment agreement. 

        Termination Period:    The vested portion of this Option may be exercised for a period of three (3) months following the
date you cease to be a Service Provider; provided, however, that if your employment is terminated by the Company without Cause, the vested portion of this Option may be exercised for nine
(9) months after you cease to be an employee and, with respect to the Accelerated Options, for a period of fifteen (15) months following the termination of your employment, if such nine
(9) or twelve (12) month periods are greater than the three (3) month period set forth herein. The foregoing notwithstanding, upon a termination of your employment as the result
of your death or Disability, the vested portion of your Option may be exercised for twelve (12) months after you cease to be a Service Provider. The Option shall be forfeited in its entirety
upon the termination of your employment for Cause. In no event shall this Option be exercised later than the Term/Expiration Date as provided above. 

        Exercise of Option:    The Option shall be exercisable during the term in accordance with the Vesting Schedule set out above and
the applicable provisions of the Plan. The Option is exercisable by your delivery of an exercise notice, in the form posted on the Company's website located at http://universalpoint/ (the
"Exercise Notice"), which shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the
"Exercised Shares"), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The
Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares. The Option shall be deemed to be exercised upon receipt by the Company of the executed
Exercise Notice accompanied by the aggregate Exercise Price for the Option Shares. 

        No
Shares shall be issued pursuant to the exercise of an Option unless such issuance and exercise complies with Applicable Laws. Assuming such compliance, for income tax purposes the
Exercised Shares shall be considered transferred to you on the date the Option is exercised with respect to such Exercised Shares. 

        Method of Payment:    You may pay the aggregate Exercise Price in any of the following forms, or a combination of them:
(a) cash, (b) check; (c) consideration the Company receives under a cashless exercise program, if implemented by the Company in connection with the Plan; or (d) by
surrendering other Shares which (i) in the case of Shares you acquired upon exercise of an option, you have owned for more than six (6) months on the date of surrender, and
(ii) have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Exercised Shares. 

        Other Terms and Conditions:    By accepting this Notice you agree to be bound by all the terms and conditions set forth in this
Notice and the Plan. You further agree that in the event of a conflict between the terms and conditions of the Plan and this Notice, the terms of the Plan shall prevail. You
may reject this Option grant by notifying the Company (at hkuppler@universalaccess.net) within thirty (30) calendar days of the Date of Grant. If you have not rejected
this Option grant within such thirty (30) day period, you will be deemed to have accepted the terms and conditions in this Notice and in the Plan. By accepting this Notice, you acknowledge that
you have reviewed the Plan and this Notice in 

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their entirety, you have had an opportunity to obtain the advice of counsel before accepting this Notice, and you fully understand all provisions of the Plan and this Notice. 

        This
Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during your lifetime only by you. The terms of the
Plan and this Option Agreement shall be binding upon your executors, administrators, heirs, successors and assigns. 

        The
Plan and this Notice constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements
between you and the Company with respect to the subject matter hereof, and may not be modified adversely to your interest except by means of a writing signed by you and the Company. This Notice is
governed by the internal substantive laws, but not the choice of law rules, of Illinois. 

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Exhibit 10.28

NOTICE OF STOCK OPTION GRANT UNIVERSAL ACCESS GLOBAL HOLDINGS INC. 1999 STOCK PLAN

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