Document:

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                                                                    EXHIBIT 10.6

                                                          FORM OF EXECUTION COPY

                              EMPLOYMENT AGREEMENT

          This AGREEMENT (the "Agreement") is made as of the __ day of
____________, 2003 between Global Crossing Limited, a Bermuda corporation
(formerly known as GC Acquisition Ltd.) (the "Company"), and John J. Legere
("Executive").

          Upon the later of (a) the effective date of the chapter 11 plan of
Global Crossing Ltd., a Bermuda corporation ("GX"), and (b) the Closing Date, as
such term is defined in the Purchase Agreement dated as of August 9, 2002 (the
"Purchase Agreement") among Global Crossing Ltd., Global Crossing Holdings Ltd.,
the Joint Provisional Liquidators, Singapore Technologies Telemedia Pte Ltd and
Hutchison Telecommunications Limited (the "Effective Date"), this Agreement
shall supersede, effective as of the Effective Date, the prior employment
agreement between GX and Executive, made as of June 3, 2002 (the "Original
Agreement"), except to the extent otherwise specifically provided herein.

          For good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Company, and Executive hereby agree as
follows:

     1.   Employment.

          Subject to the terms and conditions hereinafter contained, the Company
hereby agrees to employ Executive and Executive accepts the employment by the
Company.

          (a) During the Term (as defined below), Executive shall hold the title
of Chief Executive Officer ("CEO") of the Company, shall be the most senior
executive officer of the Company, and shall have those powers and duties
normally associated with the position of CEO and such other powers and duties
consistent with such position as may be prescribed by the Board of Directors of
the Company (the "Board"); provided, however, that in no event shall Executive's
powers and duties hereunder be materially less than those duties Executive held
with GX immediately prior to the Effective Date other than as a result of the
consummation of the GX plan of reorganization. During the Term, Executive shall
(i) be invited to attend and have the right, at his election and at Company
expense, to attend and participate in all regular and telephonic meetings of the
Board of Directors of the Company (the "Board"), and committees thereof; (ii)
shall receive copies of all resolutions to be acted upon by written consent, at
the same time as they are provided to Board members, and (iii) in either case
shall receive all materials distributed to Board members at the same time as
they are provided to such members; provided that Executive shall not be a
director of the Company and shall not have the right to vote on any matter to be
acted upon by the Board or a Board Committee. Notwithstanding the foregoing, in
no event shall Executive have the right to attend the portion of any meeting
called by (A) the Board to determine whether or not to terminate Executive's
employment in accordance with Section 6 of the Agreement (i.e., a termination
for "Cause"), or (B) any committee of the Board to act on a matter that is
required under U.S. securities or tax laws to be acted upon solely by
independent

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directors. In addition, Executive shall not have the right to attend the portion
of any meeting called by the Board or any committee thereof, or to receive any
resolutions or other materials provided to the members of the Board or any
committee thereof related to such portions of such meetings, that counsel to the
Board or any committee thereof (whichever is applicable) reasonably determines
relates to a matter, either initiated by Executive or in which Executive is
otherwise involved, in which Executive's interests are adverse to the interests
of the Company or the Board. During the Term, Executive shall report directly to
the Board in carrying out his responsibilities under this Agreement. Executive's
principal business location shall be at the Company's principal executive
offices to be established at a mutually agreed-upon location in New York/New
Jersey as to which Executive's consent shall not be unreasonably withheld.

          (b) During the Term, all executive officers of the Company shall
report to Executive.

          (c) Executive shall faithfully serve the Company to the utmost of his
ability and shall use his best efforts to promote the interests of the Company
and shall devote all of his time and attention during the normal working hours
of the Company to the said duties. The foregoing shall not preclude Executive
from engaging in appropriate civic, charitable or religious activities or from
devoting a reasonable amount of time to private investments or, subject to Board
approval, from serving on the boards of directors of other entities, as long as
none of such activities, investments and service materially interfere or
conflict with Executive's responsibilities to the Company or compete, directly
or indirectly, with the Company or its affiliates.

     2.   Term. Subject to the provisions of Section 3(e) and Section 6 below,
the term of this Agreement (the "Term") shall commence on the Effective Date and
continue for a period ending on the fourth anniversary of the Effective Date.

     3.   Compensation.

          (a) Base Salary. The Company agrees to pay and Executive agrees to
accept as compensation for the services rendered by Executive during his
employment hereunder an annualized base salary of $1,100,000 ("Base Salary"), to
be paid in accordance with the Company's regular payroll practices, but in no
event less frequently than semi-monthly.

          (b) Performance Bonus. On the Effective Date, the Company shall pay
Executive, by wire transfer in readily available US federal funds to an account
designated by Executive, an amount equal to $2.7 million.

          (c) Annual Bonus. Executive shall also be eligible to receive an
annual bonus ("Annual Bonus") in accordance with the Company's annual incentive
plan beginning with the bonus payable in respect of the fiscal year of the
Company commencing January 1, 2003. The amount of the Annual Bonus shall be
determined based upon the achievement of established performance goals which, to
the extent related to corporate goals, shall be the same for Executive as other
members of the Company's

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senior executive team. All performance goals shall be determined by the
Compensation Committee of the Board (the "Compensation Committee"). Executive
shall have a target annual bonus opportunity equal to 100% of his Base Salary
such that, upon achievement of performance goals at target level, Executive
shall receive an Annual Bonus equal to 100% of Base Salary, with scaling of
Annual Bonus in accordance with plan parameters based on performance above or
below target performance.

          (d) Company Stock Options. As soon as practicable following adoption
and approval of a stock incentive or other similar equity plan by the Company,
Executive shall receive an initial grant of the Company of stock options to
purchase not less than 0.69 percent of the number of fully diluted shares that
will be issued and outstanding after exercise of all options, warrants, or
convertible securities issued or contemplated to be issued in connection with
the granting of options to employees under any stock incentive or other similar
equity plan of the Company, or with the issuance of securities to the Investors
(as defined in the Purchase Agreement) in connection with the Closing (as
defined in the Purchase Agreement), to creditors in connection with the
consummation of the Plan of Reorganization of Global Crossing Ltd., or to any
other Investors in the Company. Such stock options shall contain terms and
conditions not less favorable than the terms and conditions set forth on Exhibit
A. For the avoidance of doubt, for the purpose of this Section 1(d), the number
of fully diluted shares shall not exceed 43,478,261. Following the initial
grant, Executive shall be eligible to receive grants of Company stock options on
a basis not less favorable than the grants made for other senior executives of
the Company; provided, however, that any stock option agreement evidencing such
grants shall contain terms and conditions not less favorable than the terms and
conditions set forth on Exhibit A.

          (e) Management Protection Plan. Executive shall participate in the
Company's Key Management Protection Plan (the "Protection Plan") in accordance
with the terms and conditions of the Plan, subject to Section 6(g) below.

          (f) Withholding. All payments required under this Agreement shall be
made net of withholding for taxes and other amounts required by applicable laws,
which shall be paid by the withholding agent to the applicable tax authorities
within the time prescribed by law.

     4.   Perquisites and Benefits.

          (a) General. Executive shall be eligible to participate in all pension
and welfare benefits provided by the Company to its employees and shall be
entitled to such benefits and shall be covered under the Company's perquisite
programs on a basis no less favorable than those provided to the most senior
executive officers of the Company.

          (b) Vacation. Executive shall be entitled to four weeks of paid
vacation per year. Executive may not carryover more than four weeks paid
vacation from year to year. On termination of Executive's employment for
whatever reason, Executive

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shall be entitled to be paid for all accrued but unused vacation through the
date of termination.

          (c) Relocation. In the event of Executive's relocation to the New York
metropolitan area, Executive shall receive relocation benefits no less favorable
than those provided in the Company's relocation policy, a copy of which is
annexed hereto as Exhibit B and incorporated by reference. Notwithstanding the
foregoing, temporary living expenses shall be provided on a monthly basis at the
same level as was in effect on January 15, 2003 (which is, for the avoidance of
doubt, $13,000.00 per month), for 12 months from the Effective Date, and a tax
gross up shall also be provided with respect thereto on a timely basis to permit
payment of all applicable taxes with respect to the temporary living expenses
and the gross up.

     5.   Expense Reimbursements.

          Executive shall be reimbursed for reasonable business expenses
incurred by Executive on behalf of the Company, including, but not limited to,
travel and entertainment expenses, in accordance with Company policies. Business
travel shall be by first class air.

     6.   Termination/Resignation.

          Subject to the provisions below, Executive may be terminated by the
Company at any time during the Term, with or without cause. Executive may resign
at any time for any reason.

          (a) Death or Disability. In the event Executive's employment is
terminated by the Company during the Term due to death of Executive or due to a
disability which renders Executive unable to fulfill his duties on a full-time
basis more than 180 days in any 365-day period (a "Disability"), then Executive
or his estate shall receive at termination, a lump sum payment covering (i) Base
Salary, prorated through the date of termination, (ii) any unpaid Annual Bonus
relating to the year immediately prior to the year in which the Termination Date
occurs (irrespective of any requirement that Executive be employed on the date
of payment), and a pro rata Annual Bonus (calculated by assuming that target
level performance was attained) for the year of such termination, (iii) accrued
but unused vacation, and (iv) reimbursement for unreimbursed business expenses
incurred pursuant to Section 5 hereof (collectively, "Accrued Obligations"). In
addition, all unvested options to acquire shares of the Company held by
Executive on the date of such termination shall become immediately vested, and
Executive or his successors, or Executive's estate, as applicable, shall have
the right to exercise such options for 12 months from Executive's date of
termination, or if shorter, for the balance of the unexpired term ("Full Option
Vesting and Extended Exercise Rights").

          (b) Termination For Cause. (i) Actions or omissions during the Term
that will entitle the Company to terminate Executive for cause ("Termination for
Cause") shall be:

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               (1)   conviction of a crime of moral turpitude, which causes
           serious economic injury to the Company, or conviction of a felony; or

               (2)   material breach of the Proprietary Information Agreement as
           described in Section 7 hereof; or

               (3)   fraud, embezzlement, or gross negligence which has caused
           serious and demonstrable injury to the Company or its affiliates; or

               (4)   egregious performance or egregious failure to perform
           Executive's duties as CEO of the Company;

provided, however, that a failure to achieve performance objectives shall not
constitute the sole grounds for, or be treated as the sole basis for, a
Termination for Cause under this Agreement.

               (ii)  A Termination for Cause shall not take effect unless the
     Company shall have given or delivered to Executive (A) reasonable notice
     (the "Preliminary Notice") setting forth, in reasonable detail the facts
     and circumstances claimed to provide a basis for a Termination for Cause,
     (B) an opportunity for Executive to cure any action or omission alleged as
     the basis for such termination under subsections (b)(i)(2) or (b)(i)(4) of
     this Section 6, if curable, (C) a reasonable opportunity for Executive,
     together with his counsel, to be heard before the Board, and (D) following
     such hearing, a "Notice of Termination for Cause," which shall include a
     copy of a resolution duly adopted by the affirmative vote of not less than
     a majority of the entire membership of the Board at a meeting of the Board
     finding that, in the informed, reasonable, good faith judgment of the
     Board, Executive was guilty of conduct specified in the Preliminary Notice
     (the date of receipt by Executive of such Notice of Termination for Cause,
     the "Termination Date"). Upon receipt of the Preliminary Notice, Executive
     shall have thirty (30) days in which to appear before the Board with
     counsel, or take such other action as he may deem appropriate, and such
     thirty (30) day period is hereby agreed to as a reasonable opportunity for
     Executive to be heard.

               (iii) Upon Termination for Cause, Executive shall be entitled to
     a lump sum payment covering the Accrued Obligations (except that there
     shall be no pro rata payment of Annual Bonus for the year of termination)
     and, except as provided under the terms of the Company compensation and
     benefit plans, including without limitation, any stock incentive plans and
     applicable award agreements, and under Section 9(i) and 9(j) hereof, shall
     not be entitled to receive any further compensation or payments hereunder.

           (c) Termination Other Than For Cause. Executive may be terminated by
the Company during the Term at any time and for any (or no) reason, upon the
giving of notice by the Company to Executive of termination. Unless such
termination satisfies all the conditions for a Termination for Cause or a
termination on account of Executive's Disability, such termination shall be
treated as a Termination

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other than for Cause. In the event of a Termination other than for Cause, the
Company may, in the notice of termination, discharge Executive immediately or as
of such future date, not to exceed one month, as the Company may determine to be
appropriate. In the event that Executive is given notice of termination pursuant
to this subsection:

               (i)   on or prior to the second anniversary of the Effective
     Date, Executive shall receive at termination (I) a lump sum payment
     covering the Accrued Obligations; (II) a lump sum cash severance payment
     equal to the amount provided in Section 4(a) and Schedule 2 of the
     Protection Plan, and benefits continuation as provided in the Section 4(c)
     and Schedule 2 of the Protection Plan, each as in effect prior to the
     second anniversary of the Effective Date (without regard to whether the
     Protection Plan shall have been, or is, terminated prior to the completion
     of such payments, it being understood that the benefits provided for under
     this Agreement shall not also be provided under the Protection Plan, so
     that there shall be no duplication of payments or benefits); and (III) Full
     Option Vesting and Extended Exercise Rights;

               (ii)  following the second anniversary of the Effective Date but
     on or prior to the third anniversary of the Effective Date, Executive shall
     receive at termination (I) a lump sum payment covering the Accrued
     Obligations; (II) a lump-sum payment equal to two (2) times the sum of Base
     Salary plus Annual Bonus (calculated by assuming that target level
     performance was attained); (III) for a period of two (2) years following
     the date of such termination (or until such earlier date as equivalent
     benefits are provided from other employment), continuation of benefits
     provided in accordance with Section 4 hereof; and (IV) Full Option Vesting
     and Extended Exercise Rights; and

               (iii) following the third anniversary of the Effective Date,
     Executive shall receive at termination (I) a lump sum payment covering the
     Accrued Obligations; (II) a lump-sum payment equal to one (1) times the sum
     of Base Salary plus Annual Bonus (calculated by assuming that target level
     performance was attained); (III) for a period of one (1) year following the
     date of such termination (or until such earlier date as equivalent benefits
     are provided from other employment), continuation of benefits provided in
     accordance with Section 4 hereof; and (IV) Full Option Vesting and Extended
     Exercise Rights.

          (d) Resignation for Good Reason. The occurrence of any of the
following events during the Term without his express written consent shall
entitle Executive to resign for Good Reason ("Good Reason Event") during the
Term: (i) any material diminution in the nature or scope of Executive's
authority, powers, functions, duties, positions or responsibilities from those
provided under this Agreement, or the assignment of duties, responsibilities or
reporting relationships that are inconsistent with and adverse to his then
positions or responsibilities under this Agreement; (ii) any material uncured
breach by the Company of this Agreement (including any failure to provide
compensation when and as required hereunder, unless cured within 10 business
days of such failure); or (iii) failure of any successor of the Company to
assume in writing all obligations imposed on the applicable assignor hereunder
on or prior to the

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date of such succession, unless such assumption occurs by operation of law. For
60 days following the occurrence of a Good Reason Event, Executive shall have
the right to deliver a notice of breach to the Company detailing the specific
Good Reason Event that has occurred. In the event that the Company does not cure
the breach, if susceptible of cure, within 60 days after receipt of notice, then
Executive shall have 30 days to deliver notice of resignation. Upon such
resignation, Executive shall receive the same payments and benefits as provided
in Section 6(c) hereof.

          (e)  Resignation from Board. Upon termination of Executive's
employment with the Company for any reason, Executive shall resign as of the
date of such termination from the Board and any affiliate board of directors.

          (f)  Payments in Cash. Unless otherwise specifically indicated, all
payments under Section 6 shall be made by wire transfer of immediately available
U.S. federal funds on the date indicated in accordance with account instructions
furnished by Executive or his tax accountant.

          (g)  Management Protection Plan. Notwithstanding any provision of the
Protection Plan to the contrary, for purposes of Section 4(g) of the Protection
Plan, in no event shall any amounts received by Executive as a result of (i)
Full Option Vesting and Extended Exercise Rights, (ii) the exercise of any stock
options, or (iii) payment by the Company of the Gross-Up Payment (as described
in Section 8 below), constitute "cash severance" under such section of the Plan.

     7.   Confidentiality and Proprietary Information.

          Executive shall comply in all respects with the terms and conditions
of the Proprietary Information Agreement annexed hereto as Exhibit C hereto and
incorporated by reference.

     8.   Gross-Up Payments.

          (a)  In the event that any amount or benefit paid or distributed to
Executive pursuant to this Agreement, together with any amounts or benefits
otherwise paid or distributed to Executive by the Company (or, in either case,
to be paid or distributed), including without limitation, amounts paid or
payable under the Protection Plan, but excluding amounts payable pursuant to
this Section 8 (collectively, the "Covered Payments"), are or become subject to
the tax (the "Excise Tax") imposed under Section 4999 of the Internal Revenue
Code of 1986, as amended, or any similar tax that may hereafter be imposed, or
any interest or penalties are or will be incurred by Executive with respect to
such excise tax, other than as a result of the consummation of Plan of
Reorganization of Global Crossing, Ltd., or the transactions contemplated by the
Purchase Agreement dated as of August 9, 2002 among Global Crossing Ltd., Global
Crossing Holdings Ltd., the Joint Provisional Liquidators, Singapore
Technologies Telemedia Pte. Ltd and Hutchison Telecommunications Limited, the
Company shall pay to Executive, at the time specified in subsection (e) below,
an additional cash amount (the "Gross-Up Payment") such that the net amount
retained by Executive with respect to

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such Covered Payments, after deduction of the Excise Tax on the Covered Payments
and any related interest, or penalties, and any Federal, state and local income
tax, employment tax and Excise Tax on the Gross-Up Payment provided for by this
Section 8, shall be equal to the amount of the Covered Payments.

          (b)  All determinations required to be made under this Section 8,
including whether and when a Gross-Up Payment is required and the amount of such
Gross-Up Payment and the assumptions to be utilized in arriving at the
determination, shall be made by a nationally recognized certified public
accounting firm selected by the Company (other than the Company's independent
auditors, or any firm that has received fees from the Company or any of its
affiliates within the two (2) year period prior to such selection) with the
consent of Executive (the "Accounting Firm"), such consent not to be
unreasonably withheld, which shall provide detailed supporting calculations both
to the Company and Executive within 20 days after the receipt of notice from
Executive that there has been a Covered Payment, or such earlier time as is
requested by the Company. All fees and expenses of the Accounting Firm shall be
borne solely by the Company.

          (c)  For purposes of determining the amount of the Gross-Up Payment,
Executive shall be deemed to pay:

               (i)   Federal income taxes at the highest applicable marginal
     rate of Federal income taxation for the calendar year in which the Gross-Up
     Payment is to be made, and

               (ii)  any applicable state and local income taxes at the highest
     applicable marginal rate of taxation for the calendar year in which the
     Gross-Up Payment is to be made, net of the maximum reduction in Federal
     incomes taxes which could be obtained from the deduction of such state or
     local taxes if paid in such year.

          (d)  In the event that the Excise Tax is later determined by the
Accounting Firm or the Internal Revenue Service to exceed the amount taken into
account hereunder at the time the Gross-Up Payment is made (including, but not
limited to, by reason of any payment the existence or amount of which cannot be
determined at the time of the Gross-Up Payment), the Company shall make an
additional Gross-Up Payment in respect of such excess (plus any interest or
penalty payable with respect to such excess) within not more than twenty (20)
days of such determination. In the event that the Excise Tax is subsequently
determined by the Accounting Firm or pursuant to any proceeding or negotiations
with the Internal Revenue Service to be less than the amount taken into account
hereunder in calculating the Gross-Up Payment made, Executive shall repay to the
Company, within not more than twenty (20) days of such determination, the
portion of such prior Gross-Up Payment that would not have been paid if such
reduced Excise Tax had been applied in initially calculating such Gross-Up
Payment. Notwithstanding the foregoing, in the event any portion of the Gross-Up
Payment to be refunded to the Company has been paid to any Federal, state or
local tax authority, repayment thereof shall not be required unless and until
actual refund of such portion has been made to Executive by the Internal Revenue
Service or state or local tax

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authority, and interest payable to the Company shall not exceed interest
received to Executive by such tax authority for the period it held such portion.
Executive and the Company shall mutually agree upon the course of action to be
pursued (and the method of allocating the expenses thereof) if Executive's good
faith claim for refund or credit is denied.

        (b) The Gross-Up Payment (or portion thereof) provided for in Section
(a) above shall be paid as soon as practicable following Executive's receipt of
any Covered Payments, but in no event later than thirty (30) days following the
date the Company and Executive receive detailed supporting calculations from the
Accounting Firm, in accordance with subsection (b) above.

     2. Miscellaneous.

        (a) Notices. Any notice or other communications provided for in this
Agreement shall be in writing and deemed received upon receipt after delivery by
certified mail, return receipt requested, or by hand as follows: (i) in the case
of the Company, to the Board of Directors of the Company, at the Company's
offices at 200 Park Avenue, Florham Park, NJ 07932, or at such other address as
shall be communicated in the manner provided herein and (ii) in the case of
Executive, to Executive at the Company's offices at 200 Park Avenue, Florham
Park, NJ 07932 Attention: John J. Legere, with a simultaneous copy to Stephen
Lindo, Esq. at Willkie Farr & Gallagher, 787 Seventh Avenue, New York, New York
10019-6099, or to such other addresses as shall be communicated in the manner
provided herein. An email copy shall also be provided (i) to Executive at his
regular corporate email address, and (ii) Stephen T. Lindo at
slindo@willkie.com.

        (b) Modification/Waiver. No waiver or modification in whole or in part
of this Agreement, or any term or condition hereof, shall be effective against
any party unless in writing and duly signed by the parties hereto. Any waiver or
any breach of any provision hereof, or of any right or power by any party on one
or more occasions shall not be construed as a waiver of, or a bar to, the
exercise of such right or power on any other occasion or as a waiver of any
subsequent breach.

        (c) Severability. Each provision of this Agreement shall be interpreted
so as to be effective and valid under applicable law, but if any provision of
this Agreement shall be held to be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition
or invalidity, without invalidating the remainder of such provision of the
remaining provisions of this Agreement.

        (d) Binding Effect: Successors. This Agreement shall inure to the
benefit of and shall be binding upon the Company and its successors, assigns and
legal representatives and Executive, his heirs and legal representatives.
Executive may not assign, transfer, or otherwise dispose of this Agreement, or
any of his other rights or obligations hereunder (other than his rights to
payments hereunder, which may be transferred only by will or by the laws of
descent and distribution), without the prior

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written consent of the Company, and any such attempted assignment, transfer or
other disposition without such consent shall be null and void. The Company shall
be entitled to assign its obligations under this Agreement, without the prior
written consent of Executive, (i) in connection with an arm's-length merger or
consolidation of such party with another unaffiliated corporation or (ii) in
connection with an arm's-length sale of all or substantially all of its assets
or business operations to another person or entity, provided that such assignee
expressly assumes all of the rights and obligations of such party hereunder.
After any such assignment, this Agreement shall continue in full force and
effect.

        (e) Survival of Provisions of the Original Agreement. Executive's rights
under Section 7(h), 7(i) and the Release executed by GX pursuant to the Original
Agreement on June 3, 2002, shall survive the execution of this Agreement and
shall remain in full force and effect.

        (f) Entire Agreement. This Agreement and the other agreements referenced
herein set forth the entire agreement between the Company and Executive with
respect to the subject matter hereof. Except as expressly set forth herein, this
Agreement supersedes all other agreements and understandings, written or oral,
between the parties hereto with respect to the subject matter hereof, including,
without limitation, the Original Agreement.

        (g) Controlling Law. This Agreement shall be governed by, and construed
and enforced in accordance with, the laws of the State of Delaware, without
regard to conflict of laws.

        (h) Authority and Ratification. The Company represents that it has
obtained all approvals, including Board and Compensation Committee approvals,
required to enter into and perform its obligations under this Agreement, that no
other agreements would prevent or conflict with the Company entering into this
Agreement.

        (i) Disputes.

            (i) If a dispute or controversy arises out of or in connection with
     Executive's compensation or severance, whether pursuant to this Agreement,
     the Protection Plan, the provisions of the Original Agreement and the
     Release referenced in Section 9(e) hereof, or any other agreement to which
     Executive and the Company are parties (each a "Compensation Agreement"),
     the parties shall first attempt in good faith to settle the dispute or
     controversy through negotiations. Thereafter, any remaining unresolved
     dispute or controversy arising out of or in connection with a Compensation
     Agreement, upon a written notice from Executive to the Company, either
     before suit thereupon is filed or within 20 business days thereafter, be
     settled exclusively by arbitration in accordance with the Commercial
     Arbitration Rules of the American Arbitration Association designated by
     Executive for such arbitration proceeding, such city to be (A) New
     York, New York, (B) any city, county or parish in the continental United
     States in which Executive's principal residence is located at the time such
     arbitration

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     proceeding is commenced, (C) any city, county or parish in the continental
     United States which is the location of the Company's principal U.S.
     business operations or its U.S. headquarters or (D) any other location as
     to which the parties mutually agree. Judgment may be entered on the
     arbitrator's award in any court having jurisdiction. Executive shall,
     however, be entitled to seek specific performance of the Company's
     obligations hereunder during the pendency of any dispute or controversy
     arising under or in connection with a Compensation Agreement.

            (ii)  Any legal action concerning a Compensation Agreement, other
     than a mediation or an arbitration described subsection (i) of this Section
     9(i), whether instituted by the Company or Executive, shall be brought and
     resolved only in a state court of competent jurisdiction located in the
     territory that encompasses the city, county, or parish in which Executive's
     principal residence is located at the time such action is commenced. The
     Company hereby irrevocably consents and submits to and shall take any
     action necessary to subject itself to the personal jurisdiction of that
     court and hereby irrevocably agrees that all claims in respect of the
     action shall be instituted, heard, and determined in that court. The
     Company agrees that such court is a convenient forum, and hereby
     irrevocably agrees that all claims in respect of the action shall be
     instituted, heard, and determined in that court, and hereby irrevocably
     waives, to the fullest extent it may effectively do so, the defense of an
     inconvenient forum to the maintenance of the action. Any final judgment in
     the action may be enforced in other jurisdictions by suit on the judgment
     or in any other manner provided by law.

            (iii) Each party shall pay the cost of his or its own legal fees and
     expenses incurred in connection with any dispute (including an arbitration
     or court proceeding) relating to the interpretation or enforcement of any
     provision of a Compensation Agreement; provided, however, that if Executive
     prevails on any material issue submitted in such dispute, the Company shall
     pay or reimburse the Executive for all reasonable costs and expenses,
     including reasonable attorneys' fees and disbursements, incurred by the
     Executive in connection therewith. The Company shall pay prejudgment
     interest on any money judgment obtained by Executive as a result of a
     proceeding under this Section 9(i), calculated at the rate provided in
     Section 1274(b)(2) (B) of the Code.

        (j) Indemnification. The Company shall indemnify Executive to the
fullest extent permitted by law (including a payment of expenses in advance of
final disposition of a proceeding) as in effect at the time of the subject act
or omission, or by the terms of any indemnification agreement between the
Company and Executive, whichever affords the greatest protection to Executive,
and Executive shall be a named insured under and shall be entitled to the
protection of all insurance policies the Company may maintain generally for the
benefit of its senior executive officers and directors (and to the extent the
Company maintains such an insurance policy or policies, in accordance with its
or their terms to the maximum extent of the coverage available for any company
officer), against all costs, charges, expenses or liabilities whatsoever
incurred or sustained by Executive (including but not limited to any judgment
entered by a court of law) at the time such costs, charges, expenses or
liabilities are incurred or sustained, in connection

                                       11

<PAGE>

with any action, suit or proceeding to which Executive may be made a party by
reason of his being or having been an officer or employee of the Company, or
serving as a director, officer or employee of an affiliate of the Company.
Executive's rights under this Section 9(j) shall continue without time limit
for so long as he may be subject to any such liability, whether or not the Term
may have ended. In addition, to the extent commercially reasonable, the Company
shall maintain, at all times during the Term, directors' and officers' liability
insurance coverage under which Executive is a covered insured, with liability
limits, deductibles, exclusions and tail coverage, not less protective than
under the coverage in effect by GX immediately prior to the Effective Date, or
any more favorable coverage maintained by the Company thereafter.
Notwithstanding the foregoing, the Company agrees that at all times it shall
endeavor to maintain directors' and officers' liability insurance coverage of
not less than $30 million, covering indemnifiable claims that would otherwise
have been covered under the coverage maintained by GX immediately prior to the
Effective Date.

        (k) Legal Fees. The Company shall reimburse Executive for reasonable
legal fees and costs incurred in the negotiation and preparation of this
Agreement, up to a maximum of $25,000.

        (l) Counterparts. This Agreement may be executed in counterparts.
Execution by facsimile shall be binding on the parties.

        (m) Mitigation and Offset. Executive shall not be required to mitigate
amounts payable under this Agreement by seeking other employment or otherwise,
and there shall be no offset against amounts due Executive under this Agreement
on account of subsequent employment.

        (n) Survival. All obligations of the Company to make payments under any
Compensation Agreement shall survive any termination of Executive's employment
or this Agreement until such obligations have been discharged in full.

                                       12

<PAGE>

        IN WITNESS WHEREOF, the Company and Executive have executed this
Agreement as of the day and year first above written.

Global Crossing Limited

By:________________________
Name:
Title:

AGREED AND ACCEPTED:

___________________________
      John J. Legere

                                       13

<PAGE>

                                    Exhibit A
                             Terms of Stock Options

Option Term:  Ten (10) years.

Vesting Schedule: One-third (1/3) of the total covered shares shall vest and
become exercisable on each of the first, second and third anniversaries of the
date of grant.

Termination of Employment: Vesting and exercise rights following any termination
of employment shall be as set forth in Section 6 of the Employment Agreement to
which this Exhibit is attached. The applicable stock option agreement may either
(i) incorporate by reference the provisions of Section 6 of the Employment
Agreement, or (ii) contain provisions that correspond to the rights granted
pursuant to Section 6 of the Employment Agreement.

Registration Statements. As soon as practicable after the date of grant (but in
no event later than the applicable vesting or exercise dates with respect to the
options), the Company shall file and keep effective a registration statement on
Form S-8 (or other applicable registration statement) with respect to the stock
options, except to the extent covered by a comparable registration statement
under the Company's stock incentive plans.<PAGE>

                                                                    Exhibit 10.7

                             Global Crossing Limited
                         Key Management Protection Plan

          This Key Management Protection Plan is intended to assist Global
Crossing Limited (formerly GC Acquisition Ltd.) or its successor ("Company") to
retain key executives by mitigating their concerns about financial hardship in
the event of their involuntary termination without regard to their performance.

          1.   Term of Plan. This Plan shall be effective as of the Closing
Date.

          2.   Eligible Executives. This Plan shall apply to the key executives
set forth on Schedule 1 and any additional executives designated in writing by
the Board of Directors of the Company. In the event an executive is covered by
or eligible for coverage under an individual employment or severance contract or
other severance plan or policy, the severance benefits under this Plan shall be
offset by or otherwise reduced so as to eliminate any duplication of severance
benefits. As a further clarification and not by way of limitation, executives
who are covered by an employment contract or employed at an international
business unit shall participate in this Plan only insofar as the benefits
received under an employment contract or a non-U.S. severance program are in the
aggregate less than the benefits provided for under this Plan. In such case,
benefits received shall be limited to the greater of benefits under this Plan or
those received under the applicable employment contract or non-U.S. severance
program.

          3.   Definitions. For purposes of this Plan, the following definitions
shall apply:

          "Base Salary" shall mean the higher of a participant's annual base
salary on either the Closing Date or the Termination Date.

          "Bonus" shall mean the target annual bonus of a participant under the
Company and/or Employer's annual cash incentive plan for the year in which the
Termination Date occurs (or for the year in which the Closing Date occurs, if
higher).

          "Cause" (a) shall have the meaning ascribed to such term under an
eligible executive's employment agreement with the Company, or (b) if there is
no such agreement, shall mean the termination of such participant's employment
due to:

               (i)   gross neglect (other than any such failure resulting from
          incapacity due to physical or mental illness) of the participant's
          duties with the Employer which are reasonable and commensurate with
          the participant's position and such neglect continues more than 30
          days after a written notice of non-performance is provided to or a
          written demand for substantial performance is made upon the
          participant by the Board of Directors;

<PAGE>

               (ii)  the willful engaging by a participant in any misconduct
          which is demonstrably injurious to the Company or any Employer or
          results in a suspension or other sanction by any governmental or other
          regulatory entity;

               (iii) a material violation by the participant of any written
          policies of the Company or any Employer with regards to performance,
          conduct on the job or integrity (as such policies are in effect on the
          Closing Date), which violation is reasonably determined to justify a
          termination of employment for Cause in accordance with the Company's
          past practice; or

               (iv)  the conviction of a felony or plea of no contest to a
          felony.

          No action taken or omission by an executive under a reasonable, good
faith belief that such action or omission was in the best interests of the
Company and did not result in any material pecuniary benefit to the executive
shall constitute willful misconduct for purposes of the definition of Cause.

          Notwithstanding anything herein to the contrary, for eligible
executives for whom the definition of Cause is set forth in an employment
agreement, no termination for Cause under the Plan will be effective unless it
also satisfies the applicable Cause termination procedural protections under
such executive's employment agreement (i.e., notice requirements and due process
rights).

          "Closing Date" shall have the meaning assigned to such term in the
Purchase Agreement.

          "COBRA" shall mean the Part 6 of Title I of ERISA.

          "Disability" shall mean the participant's absence from the full-time
performance of the participant's duties (as they existed immediately prior to
such absence) for a period of time longer than one hundred eighty (180) days
within a three hundred sixty-five (365)-day rolling calendar, when the
participant is disabled as a result of incapacity due to physical or mental
illness or serious injury.

          "Employer" shall mean the Company, or any parent, subsidiary, or
affiliate of the Company (as defined pursuant to sections 414(b) or 414(c) of
the Internal Revenue Code, as amended) or successor thereto, for which a
participant performs services or is employed thereby, as applicable to each
participant.

          "Good Reason" (a) shall have the meaning ascribed to such term under
an eligible executive's employment agreement with the Company, or (b) if there
is no such agreement, shall mean the occurrence of any of the following events
or conditions which is not done with the participant's written consent and is
not cured within thirty (30) days

                                        2

<PAGE>

after the Company receives written notice from the participant setting forth in
reasonable detail the basis for the participant's claim of Good Reason:

               (i)   any reduction in the participant's annual base salary from
          the Base Salary in effect immediately prior to the Closing Date; or

               (ii)  any significant diminution in the participant's titles,
          duties or responsibilities from those he or she held immediately prior
          to the Closing Date, as modified with the participant's consent.

          "Purchase Agreement" shall mean the Purchase Agreement dated as of
August 9, 2002 among Global Crossing Ltd., Global Crossing Holdings Ltd., the
Joint Provisional Liquidators, Singapore Technologies Telemedia Pte Ltd and
Hutchison Telecommunications Limited, as the same may be amended from time to
time.

          "Retirement" shall mean a termination of employment by the participant
pursuant to late, normal or early retirement under a pension plan sponsored by
the Company, as defined in such plan.

          "Severance Period" shall mean the number of months a participant is
entitled to receive severance payments pursuant to Schedule 2 of this Plan.

          "Termination Date" shall mean with respect to any participant the
earliest to occur of the date of the participant's death or the date specified
in any notice of termination.

          4.   Benefits Upon Termination. Subject to the limitations set forth
in succeeding paragraphs, a participant whose employment with the Company and
all Employers terminates for any reason (excluding any termination for Cause or
by reason of the participant's death or Disability, or the participant's
resignation other than for Good Reason) shall be entitled to the following
benefits:

          (a)  Severance. The participant shall receive cash severance payments,
payable in a lump sum, in an amount equal to the "applicable earnings"
multiplied by the "severance multiplier," each as set forth in Schedule 2
attached hereto.

          (b)  Additional Payments. In addition to the severance payment in (a)
above, a participant shall receive payments, which shall be made in accordance
with the normal payroll practices of the Company, equal to the following;

               (i)   any accrued but unpaid Base Salary through the Termination
          Date, any unpaid bonus attributable to the year prior to the
          Termination Date under the annual incentive plan which had not been
          paid as of the Termination Date;

                                        3

<PAGE>

               (ii)  a pro rata portion, if any, of the annual bonus at the
          target level that would be payable pursuant to the annual incentive
          plan in which the participant participates (calculated through the
          Termination Date);

               (iii) an amount, if any, equal to any accrued paid time off in
          full satisfaction of the participant's rights thereto.

          (c)  Welfare Benefits. The Company and the participant shall continue
to make such contributions as were required to be paid by the Company and the
participant immediately prior to the Termination Date for, and the participant
and the participant's eligible dependents shall continue to receive medical,
dental, vision and life insurance coverage on the same basis as in effect prior
to the Closing Date or the participant's Termination Date, whichever is deemed
to provide for more substantial benefits, for a period equal to the number of
months constituting the Severance Period; provided that if continued insurance
coverage is not possible or would, in the Company's reasonable judgment, have
adverse consequences due to the provisions of the underlying insurance policies
or applicable law, then, in lieu of providing any such continued coverage, the
Company may pay to the participant, on a basis no less frequent than monthly, an
amount of cash equal to the contributions the Company would have been required
to make on the participant's behalf had the participant remained an employee of
the Employer during the Severance Period. After the Severance Period, the
participant and/or his eligible dependents may continue to be covered under the
plans of the Employer providing such benefits at the participant's expense at
the applicable COBRA rate for the applicable COBRA period; provided, however, in
the event that the participant commences comparable benefit coverage with a
subsequent employer during the Severance Period, such Employer benefit coverage
shall cease. If a participant is not eligible to receive medical, dental, vision
or life insurance coverage through his or her Employer immediately preceding the
Termination Date, this paragraph shall not be construed as giving the
participant any right to receive these benefits.

          (d)  Outplacement. The Company shall offer the participant
outplacement services at an outplacement provider selected by the Company. The
cost of such services shall not exceed 30% of the participant's Base Salary.

          (e)  Withholding. Payments and benefits provided pursuant to this
Section 4 shall be subject to any applicable payroll and other taxes required to
be withheld.

          (f)  No Mitigation. The participant shall not be required to mitigate
the amount of any payment provided for in this Plan by seeking other employment
or otherwise, and no such payment shall be offset or reduced by the amount of
any compensation or benefits provided to the participant in any subsequent
employment, other than as set forth in Section 4(c).

          (g)  Offset for Other Severance. In the event that the participant is
eligible for severance under any other plan or agreement of the Company or any

                                        4

<PAGE>

Employer, then any cash severance amounts payable pursuant to this Plan shall be
reduced by the amount of any cash severance payments payable under such other
plan or agreement. Additionally, any award or settlement received in any
successful claim against the Company shall be offset by severance payments
received under this Plan.

          5.   Limitations on Benefits.

          (a)  No benefits shall be paid to a participant who voluntarily
terminates employment without Good Reason or whose employment terminates because
of his or her death or Disability.

          (b)  No benefits shall be paid to a participant whose employment is
terminated for Cause.

          (c)  A participant will not receive benefits under this Plan in the
event that the business unit for which the participant provides services is
sold, spun-off, merged or otherwise disposed to a third party, if the
participant is offered employment by the successor entity in a similar position;
provided, however, nothing in this subparagraph shall be deemed to limit the
participant's ability to invoke Good Reason with respect to the employment
opportunity offered through the successor entity.

          (d)  No benefits shall be paid to a participant whose employment
terminates by reason of Retirement.

          6.   Amendment and Termination. This Plan may be amended or terminated
by the Company in its sole discretion; provided, however, that no amendment to
or termination of this Plan during the two-year period commencing on the Closing
Date shall apply to any then current participant during such period without such
participant's prior written consent.

          7.   Non-exclusivity of Rights. Nothing in this Plan shall prevent or
limit the participant's continuing or future participation in any benefit,
bonus, incentive or other plan or program provided by the Company, its parent,
subsidiaries, affiliates and successors thereto, and for which the participant
may qualify, nor shall anything herein limit or reduce such rights as the
Participant may have under any agreements with the Company or any of the
foregoing related entities (although any such severance benefits reduce the
severance payable under this Plan). Amounts which are vested benefits or which
the participant is otherwise entitled to receive under any plan or program of
the Company or any of the foregoing related entities shall be payable in
accordance with such plan or program, except as explicitly modified by this
Plan.

          8.   Governing Law. This Plan shall be governed by and construed and
enforced in accordance with the laws of the State of New York without giving
effect to the conflict of law principles thereof. Any controversy or claim
arising out of or relating to this Plan shall be settled in accordance with the
Rules of the American Arbitration

                                        5

<PAGE>

Association, and judgment upon the award may be entered in any court having
jurisdiction thereof.

          9.   Successors and Assigns. This Plan shall be binding upon and shall
inure to the benefit of the Company, its successors and assigns, and the Company
shall require any successor or assign to expressly assume and agree to maintain
this Plan and to perform under this Plan to the same extent that the Company
would be required to perform under the Plan if no such succession or assignment
had taken place; provided that this Plan shall be binding upon any such
successor or assign regardless of any such express assumption. The term
"Company" as used herein shall include such successors and assigns. The terms
"successors and assigns" as used herein shall mean a corporation or other entity
acquiring all of the stock or all or substantially all the assets and business
of the Company whether by operation of law or otherwise.

          10.  Severability. The provisions of this Plan shall be deemed
severable, and the invalidity or unenforceability of any provision hereof shall
not affect the validity or enforceability of the other provisions hereof.

          11.  Claims for Benefits. All claims for benefits under this Plan must
be submitted to the Employee Benefits Committee of the Company within 60 days
following termination of employment. In the event a claim for benefits is
denied, the Employee Benefits Committee will provide the executive with a
written notice stating the specific reason or reasons for denial, including
specific provisions of the Plan relied upon. The notice will also explain what
is necessary to perfect the claim, if possible, and inform the executive that
the denial may be appealed. Such denial may be appealed by written request to
the Employee Benefits Committee within a reasonable time. Within 60 days of
receiving a request for review of a denied claim, the Employee Benefits
Committee shall provide a written decision to the executive.

          12.  Plan Administration. The Plan is administered by the Employee
Benefits Committee of the Company, which shall have the sole discretion to
determine eligibility for benefits and to interpret the Plan and shall possess
all powers necessary to administer the Plan. The Employee Benefits Committee may
designate in writing one or more of the Employer's executives or one or more
other persons to carry out its duties under this Plan. The Employee Benefits
Committee is the Named Fiduciary and Plan Administrator as these terms are used
in the Employee Retirement Income Security Act of 1974 ("ERISA").

          13.  Miscellaneous Information.

          Plan Sponsor:                 Global Crossing Limited
                                        200 Park Avenue, Suite 300
                                        Florham Park, NJ 07932

                                        6

<PAGE>

          Sponsor's Employer            98-0189783
          Identification Number:

          Plan Administrator and        Employee Benefits Committee
          Agent for Service of Legal    Global Crossing Limited
          Process:                      200 Park Avenue, Suite 300
                                        Florham Park, NJ 07932
                                        (973) 937-0349

          Plan Number:                  5

          14.  Statement of Participant Rights. As a participant in the Plan,
you are entitled to certain rights and protections under ERISA. These rights and
protections have been summarized in government regulations, which require that
we inform you of them in the following statement:

          Receive Information About Your Plan and Benefits
          ------------------------------------------------

          ERISA provides that all Plan participants shall be entitled to:

          Examine, without charge, at the plan administrator's office and at
other specified locations, such as worksites, all Plan documents, including
insurance contracts, and a copy of the latest annual report (Form 5500 Series)
filed by the Plan with the U.S. Department of Labor and available at the Public
Disclosure Room of the Pension and Welfare Benefit Administration.

          Obtain, upon written request to the plan administrator, copies of
documents governing the operation of the Plan, including insurance contracts,
and copies of the latest annual report (Form 5500), if any. The plan
administrator may make a reasonable charge for the copies.

          Receive a summary of the Plan's annual financial report. The plan
administrator is required by law to furnish each participant with a copy of this
summary annual report.

          Prudent Actions by Plan Fiduciaries
          -----------------------------------

          In addition to creating rights for Plan participants, ERISA imposes
duties upon the people who are responsible for the operation of the executive
benefit plan. The people who operate your Plan, called "fiduciaries" of the
Plan, have a duty to do so prudently and in the interest of you and other Plan
participants and beneficiaries. No one, including your Employer, or any other
person, may fire you or otherwise discriminate against you in any way to prevent
you from obtaining a welfare benefit or exercising your rights under ERISA.

                                        7

<PAGE>

          Enforce Your Rights
          -------------------

          If your claim for a welfare benefit is denied in whole or in part, you
have a right to know why this was done, to obtain copies of documents relating
to the decision without charge, and to appeal any denial, all within certain
time schedules.

          Under ERISA, there are steps you can take to enforce the above rights.
For instance, if you request a copy of Plan documents or the latest annual
report from the Plan and do not receive them within thirty (30) days, you may
file suit in a federal court. In such a case, the court may require the Plan
administrator to provide the materials and pay you up to $110 a day until you
receive the materials, unless the materials were not sent because of reasons
beyond the control of the administrator. If you have a claim for benefits which
is denied or ignored, in whole or in part, you may file suit in a state or
federal court. If you are discriminated against for asserting your rights, you
may seek assistance from the U.S. Department of Labor or you may file suit in a
federal court. The court will decide who should pay court costs and legal fees.
If you are successful, the court may order the person you have sued to pay these
costs and fees. If you lose, the court may order you to pay these costs and
fees, for example, if it finds your claim is frivolous.

          Assistance with Your Questions
          ------------------------------

          If you have any questions about this Plan, you should contact the plan
administrator. If you have any questions under this statement or about your
rights under ERISA, or if you need assistance in obtaining documents from the
plan administrator, you should contact the nearest office of the Pension and
Welfare Benefits Administration, listed in your telephone directory or the
Division of Technical Assistance and Inquiries, Pension and Welfare Benefits
Administration, U.S. Department of Labor, 200 Constitution Avenue N.W.,
Washington, D.C. 20210. You may also obtain certain publications about your
rights and responsibilities under ERISA by calling the publications hotline of
the Pension and Welfare Benefits Administration.

          This Global Grossing Limited Key Management Protection Plan is hereby
executed in Florham Park, New Jersey this [ ] day of December, 2003].

                                        GLOBAL CROSSING LIMITED

                                        By:
                                            ------------------------------------

                                        8

<PAGE>

                             Global Crossing Limited
                         Key Management Protection Plan
                         Schedule 1: Eligible Executives
                         -------------------------------

Listed below, by participation level, are the executives eligible to participate
in the Plan

--------------------------------------------------------------------------------
Participation Level       Executive
--------------------------------------------------------------------------------
Chief Executive Officer   [CEO]
--------------------------------------------------------------------------------
Tier I                    [Substantially all Executive Officers]
--------------------------------------------------------------------------------
Tier II                   [Remaining Executive Officers and certain key
                          employees]
--------------------------------------------------------------------------------

<PAGE>

                             Global Crossing Limited
                         Key Management Protection Plan
                          Schedule 2: Severance Formula
                          -----------------------------

A participant's benefit under Section 4(a) of the Plan shall be determined by
determining the participant's "applicable earnings" multiplied by the severance
multiplier in accordance with the following.

--------------------------------------------------------------------------------
Participation       Applicable          Severance           Severance Period
Level               Earnings            Multiplier
--------------------------------------------------------------------------------
Chief Executive     Base Salary and     3                   36 months
Officer             Bonus
--------------------------------------------------------------------------------
Tier I              Base Salary and     2                   24 Months
                    Bonus
--------------------------------------------------------------------------------
Tier II             Base Salary and     1                   12 Months
                    Bonus
--------------------------------------------------------------------------------

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