Document:

Exhibit 10.1

Execution Copy

 

EMPLOYMENT AGREEMENT

 

 

THIS
EMPLOYMENT AGREEMENT (“Agreement”), which expressly includes
and references non-competition, non-solicitation and confidentiality
provisions, is signed this 4th day of March, 2008 (the “Agreement
Date”), by and between Isle of Capri Casinos, Inc., a Delaware corporation
and its subsidiary and affiliated companies (hereinafter referred to
individually and collectively as the “Company”) and James B. Perry (“Employee”).

 

WHEREAS, the Company
desires to employ Employee, and Employee desires to perform services for, and
be employed by, the Company.

 

WHEREAS, as a condition
of Employee’s employment, the Company desires to receive from Employee
covenants including, but not limited to, the following: (a) to refrain
from carrying on or engaging in a business similar to that of the Company; (b) to
refrain from soliciting Employees of the Company for employment elsewhere; and (c) to
protect and maintain the confidentiality of the Company’s trade secrets and any
proprietary information.

 

WHEREAS, the Company and
Employee desire to set forth in writing the terms and conditions of their
agreements and understandings with respect to Employee’s employment at Company,
as well as these covenants, and the parties expressly acknowledge that these
covenants are a condition of Employee’s employment.

 

NOW, THEREFORE, in
consideration of the mutual promises, covenants and conditions set forth in
this Agreement, the Company and Employee agree as follows:

 

1.                                       Employment Date.  Subject
to the terms and conditions of this Agreement, Employee shall commence
providing services for the Company on March 10, 2008 (the “Employment Date”).

 

2.                                       Employment.

 

(a)                                  Term.  The Company hereby employs Employee, and
Employee accepts such employment and agrees to perform services for the Company
for an initial period of two (2) years from and after the Employment Date
(the “Initial Term”) and for successive one-year periods (the “Renewal Term(s)”),
unless either: (i) the Company provides 90 days written notice prior to
the expiration of the Initial Term or applicable Renewal Term, or (ii) the
Agreement is terminated at an earlier date in accordance with Section 3 or
Section 4 of this Agreement (the Initial Term and the Renewal Terms
together referred to as the “Term of Employment”).

 

(b)                                 Service with Company. 
During the Term of Employment, Employee shall serve as the
Company’s Chief Executive Officer and, for so long as he is a member of the
Company’s Board of Directors, as a Vice Chairman of the Board, and Employee
agrees to perform reasonable employment duties as the Board of Directors of the
Company (the “Board”) shall assign to him from time to time, with such duties
and responsibilities as are customarily the duties and responsibilities of the
principal executive officer of companies such as the Company.  Employee shall not be entitled to any
additional compensation for serving as an officer of the Company.  During the Term of Employment, the Company’s
Chief Operating Officer, Chief 

 

 

 

Financial Officer, General Counsel and senior
development officer shall be direct reports to Employee.

 

(c)                                  Performance
of Duties.  Employee agrees to serve
the Company faithfully and to the best of his ability and to devote
substantially all of his business time, attention and efforts to the business
and affairs of the Company during the Term of Employment.  The foregoing shall not preclude Employee
from serving on charitable boards and engaging in other civic endeavors, so long
as the same do not interfere with the performance of his duties.

 

(d)                                 Compensation.  From and after the Employment Date and during
the remaining Term of Employment, the Company shall pay to Employee as
compensation for services to be rendered hereunder an aggregate base salary of
$800,000.00 per year payable in equal monthly, or more frequent, payments,
subject to increases, if any, as may be determined by the Board of Directors (“Annual
Base Salary”).  Employee shall also be
eligible to receive an annual cash bonus beginning with the Company’s 2009
fiscal year (prorated based on days of employment) based upon the achievement
of objective performance targets that have been established by the Compensation
Committee of the Board (the “Committee”), provided that Employee’s minimum
annual bonus for each year shall be equal to at least 60% of Employee’s Annual
Base Salary if Employee meets the minimum targets set by the Committee.  Beginning with respect to the Company’s 2009
fiscal year, Employee shall be involved as a senior management executive in the
establishment of objective performance targets. 
On the Agreement Date, Employee shall receive a nonqualified option to
purchase 500,000 shares of Company common stock, subject to the terms of the
Isle of Capri Casinos, Inc. 2000 Long-Term Stock Incentive Plan, as
amended (the “Plan”) and the terms set forth in this Agreement, 20% of which
options shall vest on each of the first five (5) anniversaries of the
Agreement Date provided that no options shall vest in the event Employee does
not commence employment with the Company on or before March 10, 2008 (it
being understood that in the event the Term of Employment ends, Employee shall
be treated under the Plan as remaining employed by the Company for vesting
purposes only, for so long after the Term of Employment as Employee remains a
director of the Company).  The exercise
price of such options shall be $8.44 per share, representing the average
between the high and low trading prices of the Company’s common stock on the
date hereof which is equal to the fair market value of the Company’s common
stock on the date of grant.  Employee
shall also be entitled to participate in the Isle of Capri Casinos, Inc.
2000 Long-Term Stock Incentive Plan and other stock option plans, if any,
established by the Company (the “Company’s Stock Option Plans”), to the extent
that similarly situated executives of the Company participate in such
plans.  In addition to the base salary,
any bonuses, and participation in the Company’s Stock Option Plans as set forth
above, Employee shall be entitled to participate in any employee benefit plans
or programs of the Company as are or may be made generally available to
employees of the Company and those made available to officers of the Company
(it being understood that Employee shall first be eligible for the grant of
additional stock options at the 2009 annual meeting of the Board).  Employee shall be entitled to vacation in
accordance with the Company’s policies for similarly situated employees.

 

(e)                                  Office
and Support Staff.  During the Term
of Employment, Employee shall have the right to maintain his principal domicile
in California, and he shall be entitled to an office and to exclusive personal
administrative and other assistance as provided generally with respect to other
senior executives of the Company.

 

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(f)                                    No
Violation. Employee represents and warrants to the Company that the
execution and delivery of this Agreement by Employee, and the carrying out of
Employee’s duties on behalf of the Company as contemplated hereby, do not
violate or conflict with the terms of any other agreements to which Employee is
or was a party.

 

(g)                                 Expense
Reimbursement.  The Company will pay
or reimburse Employee for all reasonable and necessary out-of-pocket expenses
incurred by him in the performance of his duties under this Agreement, subject
to the presentment of appropriate vouchers in accordance with the Company’s
policies for expense verification.  For
the avoidance of doubt, Employee shall be entitled to payment or reimbursement
of travel expenses incurred in connection with Employee’s duties and
responsibilities under this Agreement (including, without limitation, travel
between his California home and the Company’s offices) and the Company shall
hold Employee harmless from any income tax liability he might incur resulting
from the payment or reimbursement of such travel expenses.   To the extent that any such reimbursements are
taxable to Employee, such reimbursements shall be paid to Employee only if (a) the
expenses are incurred and reimbursable pursuant to a reimbursement plan that
provides an objectively determinable nondiscretionary definition of the
expenses that are eligible for reimbursement and (b) the expenses are
incurred during the Term of Employment. 
With respect to any expenses that are reimbursable pursuant to the
preceding sentence, the amount of the expenses that are eligible for
reimbursement during one calendar year may not affect the amount of
reimbursements to be provided in any subsequent calendar year, the
reimbursement of an eligible expense shall be made on or before the last day of
the calendar year following the calendar year in which the expense was
incurred, and the right to reimbursement of the expenses shall not be subject
to liquidation or exchange for any other benefit.  To the extent Employee receives any tax
gross-up payment, such payment shall be made on or before the last day of the
calendar year following the calendar year in which Employee remits the related
taxes.

 

3.                                       Termination.

 

(a)                                  The
Term of Employment shall terminate prior to its expiration in the event that at
any time during such term:

 

(i)                                     the
Company delivers a notice of termination for “cause” to Employee.  For purposes of this Section, “cause” shall
mean any dishonesty, disloyalty or breach of corporate policies, in each case
that is material to the ability of Employee to continue to function as an
effective executive given the strict regulatory standards of the industry in
which the Company does business; gross misconduct on the part of Employee in
the performance of Employee’s duties hereunder (as determined by the Board); a
violation of Section 5 of this Agreement; or the failure to be licensed as
a “key person” or similar role under the laws of any jurisdiction where the
Company does business, or the loss of any such license for any reason.  If Employee is terminated for cause (after
the Company has given him 10 days’ advance written notice in the case of
instances giving rise to the Company’s ability to terminate Employee’s
employment for “cause” that are capable of being cured during such time 

 

 

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                                                period),
there shall be no severance paid to Employee and his benefits shall terminate,
except as may be provided by law.

 

(ii)                                  the
Company for any other reason terminates the Term of Employment, without “cause”
as defined in this Section (including through non-renewal of the
Agreement).  For purposes of this
Section, if Employee signs a Mutual and General Release (a “Release”) in
reasonable and typical form that is acceptable to the Company that releases the
Company from any and all claims that Employee may have (and vice versa) and
affirmatively agrees not to violate any of the provisions of Section 5 hereof
(which shall not be expanded beyond what is set forth in Section 5),
Employee shall be entitled to receive the severance payments and continued
benefits described in this paragraph 3(a)(ii); provided if Employee fails to
sign the Release, Employee shall not be entitled to any severance payments or
benefits hereunder; and provided further if any severance payments or benefits
are subject to Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), Employee shall only be entitled to any such severance
payments or benefits if the Release has been executed, is effective and the
applicable revocation period has expired no later than the date as of which
such payment of the severance or benefits are otherwise to commence and if such
requirements are not satisfied, Employee shall not be entitled to any such
portion of the severance payments or benefits thereafter.

 

Subject to the
foregoing, if the Company terminates the Term of Employment without “cause,”
then Employee shall be entitled to continue to receive his Annual Base Salary
(and shall receive any earned but unpaid portion of his bonus) payable in 12
monthly installments beginning on the first day following the six-month
anniversary of Employee’s termination date and, to the extent legally
permissible, Employee shall be entitled to continue to participate in the
employee benefit programs for a period of 12 months from and after Employee’s
termination date; provided, however, that the salary continuation payments and
such continued coverage under Company benefit programs shall end upon Employee’s
earlier employment by a new employer. 
Notwithstanding the foregoing, the Board may authorize that portion of
the Annual Base Salary and earned but unpaid bonus payable in accordance with
the foregoing provisions of this paragraph 3(a)(ii) that does not exceed
an amount equal to two times the maximum amount that may be taken into account
under a qualified plan pursuant to section 401(a)(17) of the Code for the year
in which Employee’s termination of employment occurs (the “409A Exempt Payment”)
to be paid in a single lump sum to Employee on the first payroll date following
the Employee’s termination date; and the remaining Annual Base Salary and bonus
(that is, the Annual Base Salary and bonus minus the 409A Exempt Payment paid
to the Employee in single lump sum) to be paid to Employee in 6 equal
installments beginning on the six-month anniversary of Employee’s termination
date and ending on the one-

 

 

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year anniversary
of Employee’s termination date, or until new employment begins, whichever
occurs first.

 

In the event of
termination without “cause” pursuant to this Section 3(a)(ii), any
unvested stock options owned by Employee on the date of termination that would
have vested had Employee remained employed under this Agreement for one year
following the date of termination, shall vest and become exercisable as of the
date of termination.

 

As used in this
Agreement, the term “earned but unpaid bonus” shall refer to the
non-discretionary portion of the bonus to which Employee would have been
entitled had he remained employed in his position for the remainder of the
fiscal year of termination, prorated for the number of days during such year
that Employee was employed by the Company.

 

(iii)                               Employee
for any reason voluntarily terminates the Term of Employment.  In said event, Employee shall not be entitled
to any compensation and his benefits shall terminate, except as may be provided
by law, from and after termination.

 

(iv)                              However,
if Employee voluntarily terminates the Term of Employment due to Retirement all
stock options shall become fully vested and exercisable.  The term “Retirement” shall mean the
termination by Employee of his employment by reason of reaching the age of 65
or such later date approved by the Board.

 

(v)                                 Employee
dies or becomes “Disabled” (as defined below). 
In the event Employee dies or becomes Disabled, Employee, or his estate,
shall receive any earned but unpaid bonus and continue to receive his Annual
Base Salary, to the extent legally permissible, continue to participate in the
employee benefit programs for a period of 12 months from and after such
termination or until new employment begins, which ever occurs first. Employee shall
also be entitled to a lump sum payment to be paid on the first payroll date
following Employee’s termination date equal to the average of the last 3 years
bonus payments inclusive of deferred amounts (or if Employee has not been
employed for three years, the average of the bonus payments, inclusive of
deferred amounts, during the Term of Employment).  For purposes of this Agreement, “Disabled”
means that Employee is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period
of not less than 12 months, as determined in good faith by the Board.

 

(b)                                 Except
as provided hereunder, the vesting of stock options shall be governed by the
provisions of the Company’s Stock Option Plans.

 

 

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4.                                       Change
In Control of the Company.  If (i) there
is a sale, acquisition, merger, or buyout of the Company to an unaffiliated
person, or any person that is not an “affiliate” (as such term is defined under
the Securities Exchange Act of 1934) of the Company or any of its shareholders
on the Agreement Date becomes the legal and beneficial owner of more than 50%
of the Company’s common stock  (a “Change
in Control”), and (ii) immediately prior to or within 12 months after such
Change in Control, Employee voluntarily terminates employment under Section 3(a)(iii) in
circumstances where there has been a significant reduction in the authority,
responsibilities, position or compensation of Employee or Employee has been
required to move the location of his principal residence a distance of more
than 35 miles, and the Company has failed to remedy such situation within 30
days after receipt of Employee’s written notice thereof, then in lieu of the
severance payments, if any, otherwise payable to Employee under Section 3
of the Agreement, Employee will be entitled to the following severance:

 

(a)                                  Two
times Annual Base Salary payable in 24 monthly installments beginning on the
first day following the six-month anniversary of Employee’s termination date;
and a lump sum payment equal to the amount of any earned but unpaid bonus plus
the average of the previous 3 years bonus payment, inclusive of deferred
amounts, if any (or if Employee has not been employed for three years, the
average of the bonus payments, inclusive of deferred amounts, during the Term
of Employment) which lump sum shall be paid to Employee on the first day
following the six-month anniversary of Employee’s termination date.
Notwithstanding the foregoing, the Board may authorize that portion of the
foregoing payments under this paragraph 4(a) that qualify as a 409A Exempt
Payment (as defined in section 3(a)(ii)) to be paid in a single lump sum to
Employee on the first payroll date following Employee’s termination date; and
the remaining Annual Base Salary amounts to be paid to Employee in 24 equal
installments beginning on the six-month anniversary of Employee’s termination
date and ending on the second anniversary of Employee’s termination date, or
until new employment begins, whichever occurs first; and the remaining bonus
amount, if any, to be paid in a single lump sum on the six-month anniversary of
Employee’s termination date.  Salary
continuation shall terminate if and when Employee begins new employment during
the period of salary continuation.

 

(b)                                 Health
and welfare benefits shall be fully paid by the Company and run concurrently
with salary continuation (but if such continued health benefits are taxable to
Employee, then such continued health benefits shall continue only during the
period during which Employee would have been eligible to continue such coverage
under the Company’s health plan in accordance with section 4980B of the Code (“COBRA”),
had Employee elected such coverage and paid the applicable premium), without
any gap in coverage.

 

Upon the occurrence of a
Change in Control, all stock options owned by Employee shall become fully
vested and exercisable.  As a condition
to receiving the payments described in clause (a) above, Employee shall be
required to execute and deliver to the Company a general release in customary
and agreed form provided if Employee fails to sign the release, Employee shall
not be entitled to any severance payments or benefits under this Section 4;
and provided further if any severance payments or benefits are subject to Section 409A
of Code, Employee shall only be entitled to any such severance payments or
benefits if such release has been executed, is effective and the applicable
revocation period has expired no later than the date as of which such payment
of the severance or benefits are otherwise to commence and if such 

 

 

6

 

requirements are not
satisfied, Employee shall not be entitled to any such portion of the severance
payments or benefits thereafter.

 

5.             Confidentiality,
Non-Competition and Non-Solicitation.

 

(a)                                  The Company’s Business.  It
is expressly agreed by the parties that the Company is engaged in the business
of owning, managing and operating gaming and casino facilities in the states of
Missouri, Mississippi, Iowa, Louisiana, Colorado, Florida, the United Kingdom
and the Bahamas, is in the business of seeking new gaming properties in
additional jurisdictions and is engaged in all aspects of such gaming and
casino operations.  Employee desires to
be employed by the Company and acknowledges and agrees that the Company would
be adversely affected if Employee competes with the Company during, and
subsequent to, Employee’s employment with the Company.

 

(b)                                 Trade Secrets and Confidential Information.  The
Company and Employee acknowledge the existence of trade secrets and other
confidential information as defined below (collectively referred to as “Confidential
Information”), all of which are owned by the Company, regardless of whether
such Confidential Information was conceived, originated, devised or
supplemented by Employee, the Company, or any other person or entity.  Employee acknowledges that he will have
access to Confidential Information during his employment with the Company.

 

Except as required by
law, during the term of this Agreement and thereafter, Employee shall not,
without the prior written consent of the Company, directly or indirectly
disclose or disseminate to any other person, firm or organization, any
Confidential Information other than on behalf of the Company.  The foregoing obligation shall not apply to
any Confidential Information that shall have become known to competitors of the
Company or to the public other than through an act or omission by Employee or
that shall have been disclosed to Employee by a person or entity unaffiliated
with the Company who has legitimate possession thereof in its entirety and
possesses the unrestricted right to make such disclosure.  Employee agrees to indemnify, defend and hold
harmless the Company from and against any damages (including attorneys’ fees,
court costs, investigative costs and amounts paid in settlement) suffered by
the Company or any of its Affiliates arising out of the unauthorized disclosure
or use of Confidential Information by Employee.

 

“Confidential Information”
shall mean any data or information and documentation, whether in tangible form,
electronic form or verbally disclosed, that is of material value to the Company
and not known to the public or the Company’s competitors, and which the Company
has kept confidential.  To the fullest
extent consistent with the foregoing and as otherwise lawful, Confidential
Information shall include, without limitation, the Company’s trade secrets,
computer programs, sales techniques and reports, formulas, data processes,
methods, articles of manufacture, machines, apparatus, designs, compositions of
matter, products, improvements, inventions, discoveries, developmental or
experimental work, corporate strategy, marketing techniques, pricing lists and
data and other pricing information, business plans, ideas and opportunities,
accounting and financial information including financial statements and
projections, personnel records, specialized customer information, proprietary
agreements with vendors, special products and services the Company may offer or
provide to its customers/guests 

 

 

7

 

from time to time,
pending acquisitions, negotiations and transactions, or the terms of existing
proposed business arrangements. 
Confidential Information shall also include all customer lists, accounts
and specifications, and contacts of the Company, and shall further include work
in progress, plans or any other matter belonging to or relating to the
technical or business activities of the Company.

 

Employee, at the time of
the effective date of the termination of the employment relationship with the
Company, shall turn over to the Company all “Confidential Information” and any
and all copies thereof in his possession regardless of who provided Employee
with such information.  Should Employee
be legally served with a lawfully issued subpoena expressly directing Employee
to turn over the Company’s Confidential Information, Employee shall
immediately, and certainly no later than five (5) days after notice,
advise the Company in writing of the subpoena and also provide a copy of the
subpoena to the Company, at its lawful address as stated in this Agreement,
thereby providing the Company with adequate time to lawfully object to the
disclosure of its Confidential Information. 
Employee’s failure to immediately advise the Company of the subpoena
shall subject Employee to any and all remedies afforded to the Company,
including, but not limited to, damages resulting to the Company for breach of
contract.

 

Employee agrees that all
such Confidential Information is, and shall remain, the sole and exclusive
property of the Company and Employee further agrees that during and after the
term of his employment with the Company, Employee will not publish, disclose,
communicate or otherwise disseminate to any entity and/or person any
Confidential Information.  Employee
acknowledges and agrees that such Confidential Information is of critical
importance to the Company and its business, and any unauthorized dissemination
of such information would cause great harm to the Company, thereby entitling
the Company to any and all rights and remedies as provided by law, and as
specifically provided in Section 6 of this Agreement.

 

Employee hereby assigns
and agrees to assign to the Company any invention, improvement, or discovery
made by him, alone or jointly with others, during the term of his employment,
including any period of authorized leave of absence, or as a result of his
employment, and which in any way relates to, or may be useful in, the business
of the Company, together with each patent that may be obtained thereon in any
country.  Employee will promptly and
fully disclose to the Company any such invention, improvement or discovery and,
without further consideration, will upon request by the Company execute all
proper papers for use in applying for, obtaining and maintaining any United
States or foreign patent and all proper assignments thereof, at the Company’s
expense and through its Patent Counsel. 
Each such invention, improvement or discovery, whether or not patented,
shall be the exclusive property of the Company.

 

(c)                                  Restrictions
on Competition.  In exchange for
consideration of employment, and in consideration for Employee receiving and
being given access to confidential business information, including, but not
limited to trade secrets, customer and supplier contacts and relationships,
goodwill, loyalty and other information, and as a condition of employment of
Employee by the Company, during the term of Employee’s employment with the
Company, and for a period of one (1) year after the voluntary or
involuntary termination of Employee’s employment with the Company for any
reason whatsoever (other than the termination of 

 

 

8

 

Employee’s employment by
the Company other than for “cause” as set forth in Section 3(a)(ii) above),
Employee will (a) refrain from carrying on or engaging in the casino or
gaming business (as defined in Section 5(a)), or, without the written
consent of the Company (which shall not be unreasonably withheld), the hotel or
restaurant business, or any other business in which the Company may be engaged
on the date of termination, in any case either directly or indirectly, either
individually or jointly or on behalf of or in concert with any other person, as
a proprietor, partner, shareholder, investor (other than in less than 5% of any
class of securities of any publicly traded company), lender, financial backer,
director, officer, employee, agent, advisor, consultant or manager, or in any
other capacity or manner whatsoever, (b) refrain from soliciting Employees
of the Company, and (c) protect and maintain the confidentiality of trade
secrets and any and all confidential and proprietary information.  Provisions (a) through (c) of this
section apply to any gaming operation or gaming facility within a 75-mile radius
of (A) any gaming operation or gaming facility owned (in whole or in part)
by the Company or with respect to which the Company renders or proposes to
render consulting or management services, in each case on the date hereof or on
the date of termination of employment, or (B) any of the foregoing as to
which the Company has taken any substantive step toward owning (in whole or in
part) or managing such facility in the future.

 

(d)                                 Non-Solicitation
of Employees.  In exchange for
consideration of employment, and in consideration for Employee receiving and
being given access to confidential business information, including, but not
limited to trade secrets, customer and supplier contacts and relationships,
goodwill, loyalty and other information, and as a condition of employment of
Employee by the Company, during the term of Employee’s employment with the
Company, Employee shall not, without the prior written consent of the Company,
either directly or indirectly, either individually or jointly or on behalf of
or in concert with any other person, as a proprietor, partner, shareholder,
investor (other than in less than 5% of any class of securities of any publicly
traded company), lender, financial backer, director, officer, employee, agent,
advisor, consultant or manager, or in any other capacity or manner whatsoever,
solicit for hire, enter into any contract or other arrangement with, or
interfere with, disrupt or attempt to interfere with or disrupt the Company’s
relationships with, any person, who, as of the date of termination of Employee’s
employment, is employed by the Company. 
This provision will apply in the geographic areas covered in Section 5(c),
and with respect to any sales office, regional office or the corporate
headquarters of the Company, for one (1) year after the voluntary or
involuntary termination of Employee’s employment with the Company for any
reason.

 

(e)                                  Reasonable
Terms.  Employee agrees that the
geographic areas, duration and scope of activities outlined in this Agreement
are reasonable under the circumstances. 
Employee further agrees that such terms are no broader than necessary to
protect the Company’s business and maintain the confidentiality of the
Confidential Information.  Employee
further agrees that the terms of this Agreement are not oppressive and will not
impose an unreasonable burden or restraint on Employee.

 

6.                                       Miscellaneous.

 

(a)                                  Successors
and Assigns.  This Agreement is
binding on and inures to the benefit of the Company’s successors and
assigns.  The Company may assign this
Agreement in connection with a merger, consolidation, assignment, sale or other
disposition of substantially all 

 

 

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of its assets or business
(subject to the provisions of Section 4). 
This Agreement may not be assigned by Employee.

 

(b)                                 Modification,
Waivers.  This Agreement may be
modified or amended only by a writing signed by an authorized representative of
the Company, and Employee.  The Company’s
failure, or delay in exercising any right, or partial exercise of any right,
will not waive any provision of this Agreement or preclude the Company from
otherwise or further exercising any rights or remedies hereunder, or any other
rights or remedies granted by any law or any related document.

 

(c)                                  Governing
Law, Arbitration.  The laws of
Missouri will govern the validity, construction, and performance of this
Agreement without regard to the location of execution or performance of this
Agreement.  Any controversy or claim
arising out of or relating to this Agreement, or the breach thereof, shall be
settled by binding arbitration administered by the American Arbitration
Association under its Commercial Arbitration Rules, and judgment on the award
rendered by the arbitrator(s) may be entered in any court having
jurisdiction thereof.  Both the Company
and Employee hereby consent to this binding arbitration provision.

 

(d)                                 Remedies.  Employee expressly acknowledges and the
parties recognize that the restrictions contained herein are reasonable and
necessary to protect the business and interests of the Company, and that any
violation of these restrictions will cause substantial irreparable injury and
damage to the Company, and the extent of such damage would be difficult if not
impossible to calculate.  Accordingly,
the parties to this Agreement expressly agree that (i) if Employee
breaches any provision of this Agreement, the damage to the Company may be
substantial, although difficult to ascertain, and monetary damages may not
afford an adequate remedy, and (ii) if Employee is in breach of any
provision of this Agreement, or threatens a breach of this Agreement, the
Company shall be entitled, in addition to all other rights and remedies as may
be provided by law, to seek specific performance and injunctive and other
equitable relief, including, but not limited to, restraining orders and
preliminary and permanent injunctions, to enforce the provisions of this
Agreement, particularly those provisions governing noncompetition,
nonsolicitation and confidentiality, contained in this Agreement, as well as to
prevent or restrain a breach of any provisions of this Agreement.  The parties expressly agree that the Company
has these specific and express rights to injunctive relief without posting any
bond that might be requested or required, and without the necessity of proving
irreparable injury, and that Employee expressly agrees not to claim in any such
equitable proceedings that a remedy at law is available to the Company.  The existence of any claim or cause of action
by Employee, whether predicated on this Agreement or otherwise, shall not
constitute a defense to the enforcement by the Company or any of its Affiliates
of any provision hereof.  The parties to
this Agreement also expressly agree that the Company is entitled to recover any
and all damages for any losses sustained, and rights of which it has been
deprived, as well as any damages allowed by law.

 

(e)                                  If
any proceeding is brought for the enforcement of this Agreement, or because of
an alleged dispute, breach or default in connection with any of the provisions
of this Agreement, the successful or prevailing party or parties shall be
entitled to recover reasonable attorney’s fees and other costs incurred in that
proceeding, in addition to any other relief to 

 

 

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which it may be
entitled.  All of the Company’s remedies
for breach of this Agreement shall be cumulative and the pursuit of one remedy
shall not be deemed to exclude any other remedies.

 

(f)                                    Captions.  The headings in this Agreement are for
convenience only and do not affect the interpretation of this Agreement.

 

(g)                                 Severability.  To the extent any provision of this Agreement
shall be invalid or enforceable with respect to Employee, it shall be
considered deleted herefrom with respect to Employee and the remainder of such
provision and this Agreement shall be unaffected and shall continue in full
force and effect.  In furtherance to and
not in limitation of the foregoing, should the duration or geographical extent
of, or business activities covered by, any provision of this Agreement be in
excess of that which is valid and enforceable under applicable law with respect
to Employee, then such provision shall be construed to cover only that
duration, extent or activities which are validly and enforceably covered with
respect to Employee.  Employee
acknowledges the uncertainty of the law in this respect and expressly
stipulates that this Agreement be given the construction which renders its
provisions valid and enforceable to the maximum extent (not exceeding its
expressed terms) possible under applicable laws.

 

(h)                                 Entire
Agreement.  This Agreement contains
the entire agreement and understanding by and between the Company and Employee,
and supersedes all previous and contemporaneous oral negotiations, commitments,
writings and understandings between the parties concerning the matters herein
or therein, including without limitation, any policy of personnel manuals of
the Company to the extent any provisions herein are inconsistent
therewith.  No change to this Agreement
shall be valid or binding unless it is in writing and signed by the parties.

 

(i)                                     Indemnification.  The Company shall indemnify Employee and hold
Employee harmless to the full extent permitted by Section 145 of the
Delaware General Corporation Law from and against any and all claims,
liabilities and losses he may suffer arising in connection with his employment
as an officer of the Company as set forth herein, subject to the exceptions set
forth in the Delaware General Corporation Law. 
The agreement of the Company set forth in this Section 6(i) shall
survive the termination of this Agreement.

 

(j)                                     Notices.  All notices and other communications required
or permitted under this Agreement shall be in writing and sent by registered
first-class mail, postage prepaid, and shall be deemed delivered upon hand
delivery or upon mailing (postage prepaid and by registered or certified mail)
to the following address:

 

If to the Company, to:

 

Isle of Capri Casinos, Inc. 

600 Emerson Road

Suite 300

St. Louis, MO 63141

 

Attention:  Chairman of the Board

 

With a copy to:

 

 

11

 

Paul W. Theiss

Mayer Brown LLP

71 S. Wacker Drive

Chicago, IL  60606

 

If to the Employee, to:

 

James B. Perry

901 Alston Road

Santa
Barbara, CA  93108

 

With a copy to:

 

John M. Donnelly

Levine, Staller &
Donnelly

3030
Atlantic Ave.

Atlantic City, NJ  08401

 

These addresses may be changed at any time by like
notice.

 

(k)                                  Independent
Review and Advice.  Employee
represents and warrants that Employee has carefully read this Agreement; that
Employee executes this Agreement with full knowledge of the contents of this
Agreement, the legal consequences thereof, and any and all rights which each
party may have with respect to each other; that Employee has had the
opportunity to receive independent legal advice with respect to the matters set
forth in this Agreement and with respect to the rights and asserted rights
arising out of such matters, and that Employee is entering into this Agreement
of Employee’s own free will.  Employee
expressly agrees that there are no expectations contrary to the Agreement and
no usage of trade or regular practice in the industry shall be used to modify
the Agreement.

 

 

IN WITNESS WHEREOF, each
party has caused this Agreement to be executed in a manner appropriate for such
party as of the date first above written.

 

	
  ISLE OF CAPRI CASINOS, INC.

  
	
   

  
	
   

  
	
  By:

  	
   /s/ Bernard Goldstein

  
	
   

  
	
   

  
	
  EMPLOYEE

  
	
   

  
	
   

  
	
   

  
	
  /s/
  James B. Perry

  
	
  JAMES
  B. PERRY

  

 

 

 

12Exhibit
10.1

 

EMPLOYMENT
AGREEMENT

 

EMPLOYMENT AGREEMENT, made
on August 31, 2003, and effective as of the effective date of the Second
Amended Plan of Reorganization of Metromedia Fiber Network. Inc.. et. al., dated July 1, 2003. as filed July 16, 2003, as
the same may be amended from time to time (the “Effective Date”),
by and between AboveNet Inc. (the “Company”). a Delaware corporation having its principal
offices at 360 Hamilton Avenue, White Plains, New York 10601 and Michael A.
Doris. residing at 10 Nathan Court, Syosset, New York 11791 (the “Employee”).

 

W  I  T  N  E  S
S  E  T  H:

 

WHEREAS, Metromedia Fiber
Network. Inc. (“MFN”) has employed the Employee as Senior Vice President
and Chief Financial Officer; and

 

WHEREAS, the Company is the
successor corporation to MFN after the Effective Date;  and

 

WHEREAS, the parties hereto
now desire to provide for the continued employment of the Employee by the
Company after the Effective Date on the terms and conditions hereinafter set
forth.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants and agreements herein contained, the
parties hereto agree as follows:

 

1.                                            Employment; Term.

 

(a)                                       The Company hereby agrees to employ the
Employee, and the Employee hereby agrees to serve, as Senior Vice President and
Chief Financial Officer during the Term (defined below).

 

(b)                                      The term (the “Term”) of the
Employee’s employment hereunder will commence on the Effective Date and, unless
sooner terminated as provided in Section 8 hereof, will terminate at the end of
the day which is the third anniversary of the Effective Date; provided, however, the
Term will be automatically extended, unless sooner terminated as provided in
Section 8 hereof, for successive additional one-year periods, unless at least
120 days prior to the end of the Term, the Company or the Employee has notified
the other in writing that the Term will not be extended.

 

(c)                                       In the event that the Employee’s employment
is not renewed after the Term or after the end of any subsequent renewal
period, the unvested portion of the Option (defined in Section 4) and unvested
Stock Units (as defined in Section 5) will be forfeited. The vested portion of
the Option will remain exercisable for three years after the termination of
employment.

 

 

2.             Duties.

 

(a)           The Employee will have such powers and duties reasonably consistent
with Employee’s position as Senior Vice President and Chief Financial Officer
and Employee will perform such duties as assigned to him by the Chief Executive
Officer of the Company (the “CEO”) or as reasonably requested by the
Board of Directors of the Company (the “Board”). The Employee agrees to
perform his duties and exercise his authority pursuant to the direction and
control of the CEO and will report to the CEO. The Employee will perform his
duties diligently, faithfully and to the best of his ability and in accordance
with sound business practices.

 

(b)           The Employee will devote substantially all his business time and
attention to his duties and responsibilities hereunder, subject to paid
vacations and holidays as hereinafter set forth in Section 7 of this Agreement.

 

3.             Compensation.

 

(a)           Base Salary.  During the Term, for all the services rendered by the Employee
in all capacities hereunder, the Employee will receive an annual base salary of
Two Hundred and Forty Thousand Dollars ($240,000) dollars (the “Base Salary”)
subject to required deductions and withholdings or as otherwise required by
law, payable in accordance with the standard payroll practices of the Company
then in effect which is currently bi-weekly. Base Salary may be increased but
not decreased during the Term.

 

(b)           Bonus Plan.  In addition to the Base Salary set forth in Section 3(a)
hereof, the Employee will be entitled to participate in the Company’s bonus
program (the “Bonus Plan”) which is based on the achievement of annual
performance and other targets.

 

(i)            Calendar Year 2003. With respect to calendar year 2003, the
Employee will be entitled to a bonus equal to: (A) 35% of his Base Salary if
the Company achieves 100% of the Ten Million Eight Hundred Thousand Dollar ($
10,800,000) Earnings Before Interest, Taxes, Depreciation, Amortization and
Restructuring Costs target (the “2003 EBITDAR Target”) under the March
2003 Company Business Plan (the “Business Plan”); or (B) 15% of his Base
Salary if the Company achieves 75% of the 2003 EBITDAR Target under the
Business Plan. If the Company achieves between 75% and 100% of 2003 EBITDAR
Target under the Business Plan, the applicable percentage of Base Salary will
be pro-rated between 15% and 35%. The Compensation Committee, in its sole
discretion, will determine whether the 2003 EBITDAR Target has been achieved.

 

(ii)           Calendar Year 2004 and Thereafter. The annual performance and other targets
and the potential payouts under the Bonus Plan for calendar year 2004 will be
determined by the Compensation Committee of the Board (the “Compensation  Committee”) within 180 days following the
Effective Date. Performance targets and other targets and the potential bonus
payouts for calendar years after 2004 will be determined by the Compensation
Committee from time to time.

 

2

 

(c)                                  Special Payment.  Within fifteen business days of the
Effective Date, the Company will pay the Employee Sixty Thousand Dollars
($60,000). By executing this Agreement, the Employee waives his rights, as of
the Effective Date, to any payment with respect to Success Payment C and/or
Success Payment D pursuant to Sections IV(c)(iv) and (v) (the “Success
Payments”) of the Metromedia Fiber Network, Inc. Employee Plans (the
“KERP”).

 

4.                                            Stock Options.

 

(a)                                       The Employee will be granted, as of the
Effective Date, an Option under the Company Management Incentive Plan (the “Incentive
Plan”) with a ten-year term to purchase 16,500 shares of the Company’s
common stock (the “Option”). The Option will bear an exercise price
equal to $20.95 per share (the “Exercise Price”). One-third of the
Option will vest (i.e., become non-forfeitable) and become exercisable on the
first anniversary of the Effective Date, and an additional one-third of the
Option will vest and become exercisable on each of the second and third
anniversaries of the Effective Date. The Option will be granted pursuant to
such terms and conditions as set forth in an agreement to be entered into
between the Employee and the Company (the “Option Agreement”).

 

(b)                                      In the event of a “Change in Control” (as
such term is hereinafter defined) during the Term, 50% of the unvested portion
of the Option will immediately vest and become exercisable, and the vested
portion of the Option will remain exercisable for the remaining ten-year term
of the Option. For the remaining unvested portion of the Option: (i) if,
following the Change in Control, Company stock continues to be publicly traded
(for example, a merger where the Company is the surviving entity), the unvested
portion of the Option will continue to vest as set forth in the Incentive Plan,
(ii) if, following the Change in Control, Company stock does not continue to be
publicly traded (for example, in an asset purchase or in a merger whereby the
other party is the surviving entity), then: (A) if the transaction is a stock
transaction, the unvested portion of the Option will continue to vest as set
forth in the Incentive Plan and will be converted into acquirer stock according
to the exchange ratio set forth in the transaction, or (B) if the transaction
is a cash transaction, the unvested portion of the Option will continue to vest
as set forth in the Incentive Plan but upon vesting, when the Employee seeks to
exercise the Option, the Company will pay the Employee the corresponding cash
value equal to the excess of: (x) the value per share paid in the cash
transaction, minus (y) the Exercise Price of the Option.

 

(c)                                       For purposes of this Agreement, the term
“Change in Control” means the occurrence of any of the following events:

 

(i)                                          any “person” as such term is used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Act”)
(other than the Company, any trustee or other fiduciary holding securities
under any employee benefit plan of the Company, or any company owned, directly or indirectly by
the shareholders of the Company in substantially the same proportions as their
ownership of common stock of the Company) is or becomes the “beneficial owner”
(as defined in Rule 13d-3 under the Act), directly or indirectly, of securities
of the Company representing more than 50% of the combined voting power of the
Company’s then outstanding securities;

 

3

 

(ii)                                       a merger or consolidation of the Company with
any other corporation, other than a merger or consolidation which would result
in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) more than 50% of the combined
voting power of the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation; provided, however,
that a merger or consolidation effected to implement a recapitalization of the
Company (or similar transaction) in which no person acquires more than 50% of
the combined voting power of the Company’s then outstanding securities will not
constitute a Change in Control of the Company; or

 

(iii)                                    the shareholders of the Company approve a
plan of complete liquidation of the Company or the sale or disposition by the
Company of all or substantially all of the Company’s assets other than (A) the
sale or disposition of substantially all of the assets of the Company to a
person or persons who beneficially own, directly or indirectly, more than 50%
of the combined voting power of the outstanding voting securities of the Company
at the time of the sale or (B) pursuant to a dividend in kind or spin-off type
transactions, directly or indirectly, of such assets to the shareholders of the
Company.

 

For avoidance of doubt, the
following events shall not constitute or give rise to a Change in Control: (a)
the implementation and consummation of the Second Amended Plan of
Reorganization of Metromedia Fiber Network, Inc. et al, dated July 1, 2003, as filed July 16, 2003, as the
same may be amended from time to time (the “Plan of Reorganization”)
including the exercise or any warrants issued thereunder and the right to
purchase shares granted thereunder, or (b) the Company’s Chapter 11 case is
converted to a case under Chapter 7 of the Bankruptcy Code, or (c) a Chapter 11
trustee is appointed to administer the Company’s Chapter 11 case.

 

5.                                            Restricted Stock Units.

 

(a)                                       The Employee will be granted, as of the
Effective Date, stock units under the Incentive Plan for 41,122 shares of the
Company’s Class A common stock (the “Stock Units”). One-fifth of the
Stock Units will not be subject to forfeiture, and the underlying shares with
respect to such Stock Units will be delivered to the Employee on January 2,
2005. One-fifth of the Stock Units will vest on the first anniversary of the
Effective Date, and the underlying shares of such Stock Units will be delivered
to the Employee on January 2, 2005. An additional one-fifth of the Stock Units
will vest, and the underlying shares of such Stock Units will be delivered to
the Employee, on each of the second, third and fourth anniversaries of the
Effective Date. The Stock Units will be granted pursuant to the terms and
conditions as set forth in an agreement to be entered into between the Employee
and the Company (the “Stock Unit Agreement”).

 

(b)                                      In the event of a Change in Control during
the Term, 50% of the as yet unvested Stock Units will immediately vest and the
underlying shares of all of the vested Stock Units will be immediately
delivered to the Employee (but in no event prior to January 2, 2005). For the
remaining unvested Stock Units: (i) if, following the Change in Control,
Company stock

 

4

 

continues to be publicly traded (for example,
a merger where the Company is the surviving entity), the unvested Stock Units
will continue to vest as set forth in the Incentive Plan; or (ii) if, following
the Change in Control, Company stock does not continue to be publicly traded
(for example, in an asset purchase or a merger whereby the other party is the
surviving entity), then: (A) if the transaction is a stock transaction, the
unvested Stock Units will continue to vest as set forth in the Incentive Plan
and will be converted into acquirer stock according to the exchange ratio set
forth in the transaction; or (B) if the transaction is a cash transaction, the
unvested Stock Units will continue to vest as set forth in the Incentive Plan
but upon vesting the Company will pay the Employee the value per share paid in
the cash transaction.

 

(c)                                  The Company will use its commercially
reasonable efforts to cause the stock delivered to the Employee upon the
vesting of Stock Units to be free from restrictions on transfer under the
federal securities law other than such restrictions that may be applicable to
the holder solely by virtue of being an affiliate of the Company. Such
commercially reasonable efforts include seeking a no action letter from the
Securities Exchange Commission and otherwise seeking to have such stock
registered on a Form

S-8 or made subject to an applicable registration exemption.

 

(d)                                 In the event that any of the shares of stock
delivered to the Employee with respect to vested Stock Units may not, in the
reasonable opinion of the counsel to the Company, be sold on the date such
shares of stock are delivered to the Employee (i) under an effective
registration statement or (ii) to a third party pursuant to Rule 144 or (iii)
pursuant to another exemption under the Securities Act of 1933, as amended, at
the option of the Employee, the Company shall be obligated to repurchase such
number of shares of stock at the fair market value of the stock on the date of
such repurchase as required to meet the Company’s required minimum tax
withholding with respect to the delivered shares (based on minimum statutory
withholding rates for federal, state and local purposes, including payroll
taxes, that are applicable to such supplemental taxable income). For purposes
of this Section 5(d), fair market value will be determined under the provisions
of the Incentive Plan. Notwithstanding the immediately preceding sentence, in
the event the Internal Revenue Service determines that the fair market value of
the stock is greater than the fair market value as determined under the
Incentive Plan and the Employee has incurred additional liability for income
taxes, the fair market value for purposes of this Section 5(d) will be
increased to the value determined by the Internal Revenue Service. The Employee
must give his notice of election to exercise the repurchase right from the
Company to the Company within forty-five (45) days of the delivery date of such
stock. In the event such Employee does not exercise such right, he will be
deemed to have elected to forego such right.

 

6.                                            Expenses.

 

The Company will reimburse
the Employee for all reasonable out-of-pocket business expenses paid or
incurred by him in connection with the performance of his duties and
responsibilities hereunder, but payment will be made only against a signed,
itemized list of such expenses, utilizing general forms for that purpose
established by the Company and accompanied by proper documentation verifying
such expenses. Receipts will not be required for any expenses that are less
than Twenty-Five Dollars ($25) in value. The Company may audit the Employee’s
expense reports at any time.

 

5

 

7.                                            Additional Benefits; Vacations; Facilities.

 

(a)                                  During the Term, the Employee will be
entitled to participate in all group health and insurance programs and all
other fringe benefit or retirement plans or other plans provided to employees
of the Company in similarly-situated senior executive positions generally,
subject to the Employee’s satisfying all of the eligibility requirements
thereof. Nothing herein will be deemed to require the Company to establish or
maintain any employee benefit plan whatsoever, and the Company has the right,
in its sole and absolute discretion, to alter, amend, modify, discontinue or
terminate any and all employee benefit plans at any time.

 

(b)                                 During the Term, the Employee will be
entitled to the same paid holidays as are provided to employees in
similarly-situated senior executive positions generally and will be entitled to
take five weeks of paid time off (including vacation days and sick days) per
calendar year, consistent with his duties and responsibilities hereunder and
the Company’s vacation policy. Paid time off which remains unused at the end of
a calendar year will be subject to the then existing policy regarding carryover
of, or payments for, such unused time. With respect to the period beginning
with the Effective Date and ending on December 31, 2003, the Employee will be
entitled to: (i) any accrued but unused paid time off he had as of the
Effective Date under MFN’s then existing policy: and (ii) the number of days of
paid time off (including vacation days and sick days) which is equal to five
weeks multiplied by a fraction, the numerator of which is the number of days
from the Effective Date through December 31, 2003 and the denominator of which
is 365.

 

(c)                                  The Company will furnish the Employee with
such working facilities and other services as are suitable to his position and
are adequate for the performance of his duties hereunder.

 

(d)                                 If the Employee qualifies for term life
insurance at non-smoker’s rates, the Company will provide the Employee during
the Term, at no cost to the Employee, with a minimum of $1 million term life
insurance. If the Employee fails to qualify for term life insurance at
non-smoker’s rates, the Company will make its best efforts to provide the
Employee, at no cost to the Employee, with the maximum amount of term life
insurance it can obtain for the premiums the Company would have paid on a $1
million term life insurance on the Employee at non-smoker’s rates if the Employee
were qualified for such insurance.

 

8.                                            Termination of Employment.

 

This Agreement may be
terminated prior to the end of the Term in accordance with the following
provisions:

 

(a)                                  Death. In the event of the Employee’s death prior to the end of the Term, this
Agreement will automatically terminate. In such event, the Employee’s
beneficiary or beneficiaries will be entitled to: (i) all accrued but unpaid
Base Salary; (ii) all accrued but unpaid annual bonuses under the Bonus Plan
for years prior to the year of the termination of employment; (iii) a pro-rated
annual bonus under the Bonus Plan for the year of the termination of employment
(at the rate he would be entitled to receive under the Bonus Plan if 100% of
the annual target was satisfied); and (iv) all accrued vacation (collectively,
the “Accrued Benefits”).

 

6

 

Upon the Employee’s death, the unvested
portion of the Option will immediately vest and become exercisable. The Option
will remain exercisable until the earlier of: (x) the third anniversary of the
Employee’s death; or (y) the 10th anniversary of the Effective Date. In
addition, upon the Employee’s death, all unvested Stock Units will immediately
vest and the underlying shares of the Stock Units will be immediately delivered
to the Employee’s beneficiary or beneficiaries (but in no event prior to
January 2, 2005).

 

(b)                                 Disability. If the Employee suffers a Disability (as hereinafter defined) prior
to the end of the Term, this Agreement may be terminated at the option of the
Company by notice from the Company to the Employee given at any time after the
Employee has suffered a Disability. The term “Disability” means that the
Employee is unable, for a period of ninety (90) consecutive days or more during
the Term, because of a physical or mental illness or condition, to perform his
duties hereunder. In such event, such termination will be effective as of the
date on which the Company gives notice to the Employee that it is terminating
his employment hereunder pursuant to this Section 8(b) without further
obligation to Employee other than to pay the Accrued Benefits and as otherwise
provided herein. Upon the termination of Employee’s employment with the Company
as a result of a Disability, the unvested portion of the Option will
immediately vest and become exercisable. The Option will remain exercisable
until the earlier of: (i) the third anniversary of the termination of the
Employee’s employment; or (ii) the 10th anniversary of the Effective Date. In
addition, upon termination of employment as a result of a Disability, all
unvested Stock Units will immediately vest and the underlying shares of the
Stock Units will be immediately delivered to the Employee (but in no event
prior to January 2, 2005).

 

(c)                                  For Cause or Not For Good Reason.

 

(i)                                          This Agreement may be terminated prior to the
end of the Term at the option of the Company for Cause (as hereinafter defined)
or by the Employee not for Good Reason (as defined in subsection (d) below),
effective as of the date on which the Company gives notice to the Employee that
it is terminating his employment pursuant to this Section 8(c) or the date on
which the Employee gives notice to the Company that he is terminating his
employment pursuant to this Section 8(c).

 

(ii)                                       The term for “Cause” means any of the
following events:

 

(A)                              fraud, misappropriation or embezzlement of
funds or property by the Employee involving the Company or an Affiliated
Company (as hereinafter defined);

 

(B)                                the conviction of the Employee in any
jurisdiction for any crime which constitutes a felony, or which constitutes a
misdemeanor that involves fraud, moral turpitude or material loss to the
Company or an Affiliated Company, or their respective businesses or
reputations;

 

(C)                                the Employee’s material misconduct in, or
material neglect of, the performance of his material duties and
responsibilities hereunder, or the Employee’s repeated violation of any
reasonable specific written directions of the CEO which directions are
consistent with the provisions of this Agreement; and

 

7

 

(D)                          the Employee’s material breach of this
Agreement, including but not limited to the provisions set forth in Sections 10
(Confidential Information), 11 (Restricted Covenants), 12 (Bribery, Extortion
or Kickbacks) and 13 (Intellectual Property) hereof;

 

provided, however, if any such event described
in Section 8(c)(ii)(C) or (D) (other than an event described in Section 12)
occurs and is reasonably curable, no termination for cause will be made unless
the Employee fails to cure such event promptly and in no event later than ten
(10) days after written notice thereof is given to the Employee by the Company
acting through its CEO, General Counsel or Board.

 

(iii)                                    In the event of the termination of the
Employee’s employment hereunder for “Cause” or by the Employee not for “Good
Reason”, such termination will be effective as of the date of notice of such
termination and the Company will have no further obligations whatsoever hereunder
to compensate the Employee pursuant to the terms of this Agreement other than
with respect to: (A) accrued but unpaid Base Salary, accrued paid time off. and
any accrued benefits under the Company’s benefit plans through the date of
termination; and (B) any undelivered shares of the Company’s Class A common
stock underlying previously vested Stock Units and the Company’s obligations
under Section 5(d) hereof with respect to such shares. All unvested Stock Units
and Options shall be forfeited. The vested portion of the Option must be
exercised within ninety (90) days of termination, and will thereafter be
forfeited.

 

(iv)                                   The term “Affiliated Companies” means all
entities that directly or indirectly control, or are controlled by, the
Company, all entities that are under direct or indirect common control with the
Company, and all entities in which the Company has a significant joint venture
or other similar interest. (Any entity which is a member of the Affiliated
Companies is referred to herein as an “Affiliated Company”.) “Control”
and “controlled” means possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a corporation,
partnership or other entity, whether through ownership of voting securities, by
contract or otherwise.

 

(d)                                      For Good Reason or Without Cause.

 

(i)                                          This Agreement may be terminated prior to the
end of the Term by the Employee for Good Reason (as herein after defined) or at
the option of the Company without Cause. effective as of the date on which the
Employee gives notice to the Company that he is terminating his employment
pursuant to this Section 8(d) or as of the date on which the Company gives
notice to the Employee that it is terminating his employment pursuant to this
Section 8(d).

 

(ii)                                       The term “Good Reason” means any of the
following events:

 

(A)                           fruad by the Company or an Affiliated Company
in which the Employee was not a participant:

 

8

 

(B)                                     indictment or conviction of the Company in
any jurisdiction for any crime which constitutes a felony, or which constitutes
a misdemeanor that involves fraud or moral turpitude in which the Employee was
not a participant;

 

(C)                                     the Company’s material breach of any
provision of the Agreement which breach continues uncured for ten (10) days
after written notice thereof is given to the Company by the Employee; and

 

(D)                                    relocation of the Employee’s principal place
of employment to a location more than 30 miles from the Employee’s principal place
of employment on the Effective Date.

 

(iii)                                Upon the termination the Employee’s
employment with the Company by
the Company without Cause or by the Employee for Good Reason, the Employee will
be entitled to receive from the Company: (A) the Accrued Benefits; (B) payments
of Base Salary for 12 months; (the “Severance Payments”); and (C)
continuation of health and welfare benefits for 12 months (subject to such
continuing health and welfare benefits being terminated in the event coverage
is provided to the Employee by a subsequent employer). The unvested portion of
the Option will immediately vest and become exercisable. The Option will remain
exercisable until the earlier of: (x) the third anniversary of the termination
of the Employee’s employment; or (y) the 10th anniversary of the Effective
Date; provided, however, if the termination of the Employee’s
employment occurs upon or after a Change in Control, the portion of the Option
which was vested at the time of the Change in Control or became vested upon the
Change in Control shall remain exercisable for the remaining ten-year term of
the Option. In addition, upon
such termination of employment, all unvested Stock Units shall immediately vest
and the underlying shares of the Stock Units shall be immediately delivered to
the Employee (but in no event prior to January 2, 2005).

 

(e)                                       Release. A condition precedent to the Company’s obligations under Section 8(d)
will be the Employee’s execution and delivery of the release of all claims
(other than claims under this Agreement and for directors’ and officers’
indemnification) he may have against the Company, its affiliates and their
directors, officers, employees, agents and shareholders which relate to his
employment with the Company and termination of such employment (the “Release”).
At the time the Employee delivers his Release to the Company, the Company will
execute and deliver to the Employee a release of any claims it may have against
the Employee which relate to his employment with the Company and the termination
of such employment.

 

(f)                                         Payment Date. The Employee will receive all required
payments under subparagraphs (a) – (c) no later than 30 days following the
Employee’s termination of employment. The Employee will receive the Accrued
Benefits and Severance Payments required under subparagraph (d) in a lump-sum
payment no later then ten (10) business days following the execution and
delivery of the Release by the Employee.

 

(g)                                      No Mitigation; No Set-Off. In the event of the
termination of Employee’s employment by the Company without Cause or by the
Employee for Good Reason, the

 

9

 

Employee shall be under no obligation to seek
other employment and there shall be no offset against amounts due to him on
account of any remuneration or benefits provided to him by any subsequent
employment he may obtain. Notwithstanding the preceding, if the Employee’s
employment is terminated by the Company without Cause or by the Employee for
Good Reason, the obligation of the Company to continue to provide the Employee
with heath insurance under Section 8(d) (iii) (C) shall cease upon coverage by
a subsequent employer.

 

9.                                  Excise Tax.

 

In the event that any
payment or benefit made or provided to or for the benefit of the Employee in
connection with this Agreement or his employment with the Company or the
termination thereof (a “Change
in Control Payment”) is
determined to be subject to any excise tax (“Excise Tax”)
imposed by Section 4999 of the United States Internal Revenue Code of 1986, as
amended, (or any successor to such section), if it is determined that, on an
after-Excise Tax basis, the Employee’s economic benefit would be increased if
the Company reduced the Change in Control Payments to be provided to the
Employee to the extent necessary to avoid the imposition of the Excise Tax. the
Company will reduce such Change in Control Payments to the Employee. The
determination regarding the Excise Tax will be made by an expert on the issues
related to the Excise Tax selected by the Company and approved by the Employee.
The same expert will be used for the determination of any other Excise Taxes
due relating to a Change in Control for any other employee.

 

10.                            Confidential Information. The Employee
covenants and agrees that:

 

(a)                                  During the Term and thereafter, he will keep
secret and retain in the strictest confidence all information about business
and financial matters (including, without limitation, information relating to
costs, profits. budgets and plans for future development, strategy, methods of
operation and marketing concepts) of the Company and the Affiliated Companies,
their respective employment policies and plans, and any other trade secrets and
proprietary information relating to the Company, the Affiliated Companies or their
respective operations, business and financial affairs, other than information
which is otherwise generally available to the public other than as a result of
a disclosure by the Employee (collectively, the “Confidential Information”), and, for such time as the Company or any Affiliated Company is
operating. not disclose any Confidential Information to anyone outside of the
Company or an Affiliated Company, either during or after the term of his
employment by the Company or an Affiliated Company, except: (i) in the course
of performing his duties hereunder; (ii) with the Company’s express prior
written consent: or (iii) as required by law.

 

(b)                                 The Employee will surrender to the Company
immediately after the termination of his employment hereunder, or at any time
the Company may so request, all memoranda. notes, records, reports, lists and
other documents in whatever form or medium containing, describing or relating
to Confidential Information, together with all copies thereof, obtained by him
or entrusted to him during the course of his employment by the Company or an
Affiliated Company or otherwise in his possession at the time of such
termination or request.

 

(c)                                  This section does not supersede any
confidentiality agreements between MFN and the Employee signed by the Employee
prior to the Effective Date. All such

 

10

 

confidentiality
agreements will continue in full force and effect with the Company substituted
for MFN, where applicable.

 

11.           Restrictive Covenants.

 

(a)           Employee covenants and agrees that:

 

(i)            except with respect to a Permitted Investment
(as such term is defined below), while employed by the Company and, if the
Employee’s employment with the Company is terminated for any reason during the
Term, for nine months after the termination of his employment with the Company,
he will not compete, directly or indirectly, with the Company or any Affiliated
Company, by participating in the direct or indirect ownership, management,
operation or control, whether as an officer, director, partner, employee,
advisor, stockholder, investor, consultant, agent, independent contractor,
lender or otherwise, of any corporation, partnership or other entity which
owns, acquires or seeks to acquire or obtain any franchise, lease or license,
relating to, or is otherwise engaged in, the acquisition of or planning,
design, construction and deployment of fiber optic telecommunications services
or the provision of high performance, managed co-location or internet
connectivity solutions for electronic commerce and other business critical
internet operations or similar business purpose (collectively “Telecommunications
Services”). As used in this Section 10(a), “Permitted Investment”
means the ownership by the Employee (as the result of open market purchase(s))
of one ( 1%) percent or less of any class of capital stock of a corporation which
is regularly traded on a national securities exchange or over the counter on
the NASDAQ system.

 

(ii)           for one ( 1 ) year after the termination of
his employment with the Company for any reason whatsoever;

 

(A)          he will not solicit. in competition with the
Company or any Affiliated Company, any person who is a customer of the Company
or any Affiliated Company; and

 

(B)           he will not employ or induce or attempt to
persuade any employee of the Company or any Affiliated Company to terminate his
employment relationship in order to enter into competitive employment, or in
any way cause, influence or participate in the employment of any such
individual by anyone else in any business that is competitive with any business
then engaged in by the Company or any Affiliated Company.

 

(b)           If any of the restrictions contained or referenced in this Section 10
is for any reason held by court to be excessively broad as to duration,
activity, geographical scope, or subject, then such restriction shall be
construed or judicially modified so as to thereafter be limited or reduced to
the extent required to be enforceable in accordance with applicable law; provided,
however, that such court’s determination will not affect the
enforceability of Section 10 hereof in any other jurisdiction.

 

11

 

(c)           If Executive breaches, or threatens to commit
a breach of, any of the provisions of this Section 11 (collectively, the “Restrictive
Covenants”), the Company will have the following rights and remedies, each
of which rights and remedies will be independent of the other and severally
enforceable, and all of which rights and remedies will be in addition to, and
not in lieu of, any other rights and remedies available to the Company under
law or in equity:

 

(i)            Specific Performance. The right and remedy to seek from any court
of competent jurisdiction specific performance of the Restrictive Covenants or
injunctive relief against any act which would violate any of the Restrictive
Covenants, it being acknowledged and agreed that any breach or threatened
breach will cause irreparable injury to the Company and that money damages will
not provide an adequate remedy.

 

(ii)           Accounting. The right and remedy to require Employee to account for and pay over to
the Company all compensation, profits, monies, accruals, increments or other
benefits derived or received by the Employee as the result of any transactions
constituting a breach of any of the Restrictive Covenants.

 

12.           Bribery, Extortion and Kickbacks.

 

Employee
will not at any time make or promise to make or accept any payments or
transfers of value which has the purpose or effect of public or commercial
bribery, acceptance of or acquiescence in extortion, kickbacks or other
unlawful or improper means of obtaining or conducting business for the Company.
Employee will not at any time agree that he will, in connection with his
employment or in connection with any other business transactions involving the
Company, make or promise to make any payment or transfer anything of value,
directly or indirectly: (i) to any governmental official or employee
(including employees of government corporations); (ii) to any political
party, official of a political party or candidate (or to an intermediary for
payment to any of the foregoing); (iii) to any officer, director,
employee, or representative of any actual or potential customer of the Company;
or (iv) to any other person or entity. The foregoing will not prohibit
normal and customary business entertainment or the giving of business mementos
of nominal value.

 

13.           Ownership of Intellectual Property.

 

(a)           All Inventions (as hereinafter defined), or
patents, trademarks, copyrights, trade secrets or any other rights relating to
any of the foregoing, which have or may have a material importance to the
business of the Company and which are conceived or made by Employee in
connection with his employment with the Company, either alone or with others,
are the sole and exclusive property of the Company whether or not they are conceived
or made during work time for the Company, except to the extent generally known
by persons generally knowledgeable in the fiber optics telecommunications
field.

 

(b)           Employee will immediately disclose to the
Company any and all Inventions (whether or not patentable) made or conceived by
the Employee during the Term, either alone or in conjunction with others,
whether or not made or conceived at the request or upon the suggestion of the
Company, whether or not resulting from any work done in the course

 

12

 

of
employment, whether or not reduced to practice during the term of employment,
and whether or not made or conceived during or outside of the usual hours of
employment or upon or not upon any premises of the Company.

 

(c)           Employee assigns and will hereafter assign to
the Company all present or future right, title and interest in and to all
Inventions referred to above. Employee will not disclose any such Inventions to
any third party without the written consent of the Company.

 

(d)           At any time and from time to time during and
after the Term, on the request of the Company, without further consideration
Employee will: (i) execute specific documents of assignment in favor of
the Company, or its nominee, of any of the Inventions covered hereunder. (ii) execute
all papers and perform all acts the Company considers necessary or advisable
for the preparation, application procurement, maintenance, enforcement and
defense of patent applications and patents of the United States or other
jurisdictions of such Inventions, if applicable, for the perfection or
enforcement of any trademarks, copyrights or trade secrets relating to such
Invention, and for the transfer of any interest the Employee may have in such
Inventions, and (iii) execute any and all papers and comments which the
Company considers to necessary to vest sole right, title and interest in the
Company or its nominee in and to the above Inventions, patent applications,
patents, or any trademarks or copyright or applications therefore relating
thereto. Notwithstanding the foregoing, after termination of employment,
Employee will be entitled to reasonable compensation for more than incidental
time and effort required to be expended by Employee to fulfill his
responsibilities under clause (ii). Employee will execute all documents
(including those referred to above) and do all other acts which the Company
considers to be necessary to assist in the preservation of all the Company’s
interests in such Inventions.

 

(e)           Upon execution of this Agreement, Employee
will provide to the Company, if Employee has not already done so, a complete
written list of all Inventions which have been made or conceived before his
employment with the Company commenced or first reduced to practice by Employee
alone or in conjunction with others prior to employment with the Company.

 

(f)            For purposes of this Section 13. “Invention”
means: (i) any and all machines, apparatuses, compositions of matter,
methods, know-how, processes, computer programs, designs, configurations, uses
thereof, or writings (in any form or any media) of any kind, discovered,
conceived, developed, made or produced, or any improvement to the same, and
will not be limited to the definition of any invention contained in the United
States Patent law; (ii) all matters subject to copyright protection under
United States law; (iii) all matters subject to trademark protection under
the laws of the United States or those of any state of the United States or
under common law of any jurisdiction within the United States; and (iv) all
matters subject to protection as trade secrets under the laws or common law of
any state of the United States or of the United States.

 

(g)           For purposes of this Section 13, the
term “Work Product” refers to all work product and work-in-progress generated,
created, or developed by Employee in the course of employment, regardless of
the form or medium in which such Work Product is embodied, including without
limitation electronic form and new media. All Work Product will be deemed

 

13

 

work
made for hire as defined by the Copyright Act of 1976. As such, all right,
title and interest in and to all Work Product will vest in and remain with the
Company from its inception, and Employee will execute all documents and all
acts which the Company considers necessary to assist in the preservation of the
Company’s interest in such Work Product.

 

(h)           If a court of competent jurisdiction
determines that the Work Product does not constitute work made for hire,
Employee agrees that this Agreement constitutes a written continuing assignment
by the Employee to the Company of all right, title and interest in and to the
Work Product.

 

(i)            This section does not supersede any intellectual
property agreements between MFN and the Employee signed by the Employee prior
to the Effective Date. All such intellectual property agreements will continue
in full force and effect with the Company substituted for MFN, where
applicable.

 

14.           Enforcement.

 

It
is agreed by the Employee that any breach or threatened breach by the Employee
of any provision of Sections 9, 10, 11, 12 or 13 hereof cannot be remedied
solely by damages. In the event of a breach or threatened breach by the
Employee of any of the provisions of Sections 9, 10, 11, 12 or 13 hereof, the
Company or any Affiliated Company will be entitled to injunctive relief
restraining the Employee and any business, firm, partnership, individual,
corporation or other entity participating in such breach or threatened breach.
Nothing contained herein will be construed to prohibit the Company or any
Affiliated Company from pursuing any other remedies available at law or in
equity for such breach or threatened breach, including, without limitation, the
recovery of damages.

 

15.           Representations and Warranties.

 

(a)           The Employee represents and warrants to the
Company that:

 

(i)              The Employee has full power and authority to
enter into this Agreement, and this Agreement has been duly and validly executed
and delivered by the Employee and constitutes the legal, valid and binding
obligation of the Employee, enforceable against the Employee in accordance with
its terms;

 

(ii)             The execution and delivery of this Agreement
by the Employee and his performance hereunder will not violate any provision of
law and will not conflict with or result in a breach of any judgment, decree,
order, writ, injunction, regulation, ordinance or other similar document or
instrument of any court or governmental authority, and will not (with or
without the giving of notice or lapse of time, or both) violate or breach any
term or condition of, or constitute a default under, any agreement, document or
instrument to which the Employee is a party or by which he is bound; and

 

(iii)            The execution and delivery of this Agreement
by the Employee and his performance hereunder do not require the consent or
approval of any other person or entity.

 

14

 

(b)           The Company represents and warrants to the
Employee that it has full power
and authority to execute and deliver this Agreement and perform its obligations
hereunder and this Agreement has been duly executed and delivered, will be
valid and binding as of the Effective Date and enforceable in accordance with
its terms.

 

16.           Notices.

 

All
notices and other communications hereunder will be in writing and will be
deemed to have been duly given if delivered by hand, registered or certified
mail (first class postage and fees prepaid, return receipt requested),
facsimile or overnight courier guaranteeing next-day delivery, as follows:

 

If
to the Company, one copy to:

 

AboveNet
Inc.

360
Hamilton Avenue

White
Plains, New York 10601 

Attention:
Chief Executive Officer

Fax
No.: (914) 421-7550

 

If
to the Employee, one copy to:

 

Michael
A. Doris

10
Nathan Court

Syosset,
New York 11791

 

and/or
to such other persons and addresses as any party specifies in writing to the
other by notice as aforesaid.

 

17.           Prior Agreement; Entire Agreement.

 

The
Employee and the Company hereby acknowledge and agree that the terms and
provisions of this Agreement shall replace and supersede any prior employment
or services agreement which the Employee may have previously entered into with
the Company or any of its predecessors in interest, except as provided in
Sections 10 and 13 of this Agreement, and constitutes the entire agreement
between the Company and the Employee as of the Effective Date with respect to
the subject matter hereof. This Agreement also supersedes the KERP, except for
Sections III, VI and VII and the Employee’s right to receive Success Payment E
pursuant to Section IV(c)(vi). Notwithstanding the foregoing, the Employee
will continue to be entitled to any accrued salary, reimbursement of expenses,
welfare or pension benefits he accrued on or prior to the Effective Date under
any prior agreement and to all rights or benefits he is entitled to under the
Plan of Reorganization, including, but not limited to, indemnification.

 

18.           Amendment.

 

(a)           Prior to the Effective Date, this Agreement
may not be amended, changed, modified or discharged except: (i) by an
instrument in writing executed by or on behalf of the party or parties against
whom any amendment, change, modification or discharge is sought to be

 

15

 

enforced;
and (ii) with express written permission of the Official Committee
of Unsecured Creditors of MFN.

 

(b)           After to the Effective Date, this Agreement
may not be amended, changed, modified
or discharged except: (i) by an instrument in writing executed by or on
behalf of the party or parties against whom any amendment, change, modification
or discharge is sought to be enforced; and (ii) with express
written permission of the CEO; provided, however, if an amendment
results in a change in the definitions of the term “Change in Control”, “Cause”
or “Good Reason” or in a change in the provisions of Section 2(a) hereof,
such amendment must be made with the express written permission of the Board.

 

19.           Waiver.

 

No
failure by any party to insist upon the strict performance of any covenant,
duty, agreement or condition of this Agreement or to exercise any right or
remedy consequent upon a breach thereof will constitute a waiver of any such
breach or of any other covenant, duty, agreement or condition of this
Agreement, any such waiver being made only by a written instrument executed and
delivered by the waiving party. Such written waiver by the Company must be
approved by the CEO, except that in the case where the waiver involves an event
within the definition of Cause or a breach of the Employee’s obligations under Section 2(a) hereof,
such written waiver by the Company must be approved by the Board.

 

20.           Assignability.

 

This
Agreement will not be assignable by the Employee and any purported assignment
hereof by the Employee will be null and void. This Agreement will be binding
upon, and inure to the benefit of, the Employee and his heirs, executors,
administrators and legal representatives, and the Company and its successors
and assigns.

 

21.           Severability.

 

If
any of the covenants contained in this Agreement, including, without
limitation, those contained in Sections 10, 12 or 13 hereof, are hereafter
construed to be invalid or unenforceable in any jurisdiction, the same will not
affect the remainder of the covenant or covenants or their enforceability in
any other jurisdiction, which will be given full force and effect, without
regard to the invalid portions or the enforceability in such other
jurisdiction.

 

22.           Governing Law.

 

This
Agreement will be governed by, and construed and interpreted in accordance
with, the laws of the State of New York without reference to conflict of laws
principles.

 

23.           Indemnification and Liability Insurance.

 

The
Company agrees to indemnify the Employee and hold him harmless, both during the
Term and thereafter, to the fullest extent permitted by law and under the
articles, by-laws, or other agreements of the Company against and in respect to
any and all actions, suits, proceedings, claims, demands, judgments, costs,
expenses (including reasonable attorneys fees),

 

16

 

losses,
and damages resulting from the Employee’s good faith performance of his duties
as an officer or director of the Company, on or after the Effective Date. If
the Company obtains and/or maintains directors’ and officers’ liability
insurance, the Employee will be covered under such insurance to the same amount
and to the same extent as other officers and directors of the Company are covered.

 

24.           Consent to Jurisdiction and Service of
Process.

 

The
parties hereto irrevocably (a) submit to the exclusive jurisdiction of the
courts of the State of New York or the courts of the United States located in
the State of New York, for the purpose of any suit, action or other proceeding
arising out of this Agreement, and (b) waive to the extent not prohibited
by law, and agree not to assert, by way of motion, as a defense or otherwise,
in any such suit, action or proceeding, any claim that they are not subject to
the personal jurisdiction of the above-named courts, that their property is
exempt or immune from attachment or execution, that any such suit, action or
proceeding brought in one of the above-named courts is brought in an
inconvenient forum, that the venue of any such suit, action or proceeding is
improper, or that this Agreement or the subject matter hereof may not be
enforced in or by such court, and (c) waive the right to a trial by jury
in any such suit, action or proceeding.

 

The
Employee hereby consents to service of process in any such suit, action or
proceeding in any manner permitted by civil practice laws and rules of the
State of New York, and agrees that service of process by registered or
certified mail, return receipt requested, at his address specified in or
pursuant to Section 16 hereof is reasonably calculated to give actual
notice.

 

25.           Costs.

 

Each
party to this Agreement will pay his costs (including legal fees) in connection
with enforcement of this Agreement. However, if the Employee prevails on such
issues, the Company will reimburse the Employee for all reasonable costs,
including legal fees that the Employee incurs. Notwithstanding the preceding,
the Employee will not be reimbursed if the Employee challenges the validity of Section 11,
regardless of whether the Employee is successful in such challenge.

 

26.           Headings.

 

The
headings contained in this Agreement are for convenience of reference only and
in no way define, limit or describe the scope or intent of this Agreement or in
any way affect this Agreement.

 

27.           Construction.

 

(a)           For purposes of this Agreement, whenever the
context requires; the singular
number will include the plural, and vice versa; and the masculine gender will
include the feminine and neuter genders.

 

17

 

(b)           As used in this Agreement the words “include”
and “including” and variations
thereof, will not be deemed to be terms of limitation, but rather will be
deemed to be followed by the words “without limitation.”

 

28.           Counterparts.

 

This
Agreement may be executed in counterparts, each of which will be deemed an
original, but all of which together will constitute one and the same
instrument.

 

29.           Agreement Not Binding Prior to the Effective
Date.

 

This
Agreement is not binding on either party prior to the Effective Date and shall
not become effective if the Employee’s employment with MFN is terminated on or
prior to the Effective Date.

 

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

 

	
   

  	
  ABOVENET
  INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John W. Gerdelman

  

 

	
   

  	
  Name:

  	
   John W. Gerdelman

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Michael A. Doris

  
	
   

  	
  Michael
  A. Doris

  

 

18

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