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                                                                    Exhibit 10.1

THIS IS AN ADDENDUM TO THE CONTRACT OF EMPLOYMENT OF ANDRES BANDE AND FLAG
LIMITED DATED 11 DECEMBER 1997 ("THE CONTRACT")

Dear Andres:

EXECUTIVE RETENTION PROGRAM ("THE PROGRAM")

The purpose of the Program is to retain executives who are critical to
maintaining the ongoing operations of FLAG Telecom Holdings Limited and its
group companies.

You will become entitled to a sum of US$1.25 million minus applicable tax
withholding (the "RETENTION PAYMENT AMOUNT") on 9 April 2002 (the "PAYMENT
DATE").

Furthermore, you will be entitled to 1.5% of the Enterprise Value (as defined in
the William M. Mercer Report addressed to John Draheim, "Enterprise value is
defined as Working Capital + Market Value of Debt + Market Value of Equity") of
FLAG Telecom Holdings Limited and its group companies over a threshold of US$150
million at the time a restructuring plan is decided by the Court in the context
of the current restructuring of FLAG Telecom Holdings Limited.

If you terminate your employment with FLAG or give notice to terminate your
employment with FLAG prior to the decision on a restructuring plan by the Court
then you will repay the net Retention Payment Amount to FLAG immediately.

Furthermore, in respect of termination of your employment with FLAG without
cause by FLAG or due to your death or disability, Clause 5(b)(i)(A) of the
Contract is hereby varied to state as follows:

         (A) shall receive a lump sum payment in an amount calculated by
         multiplying by 2 the Executive's annual Base Salary (US$450,000) and
         maximum Annual Incentive Bonus (US$900,000) which amounts to US$2.7
         million.

In respect of voluntary resignation of your employment with FLAG, Clause 5(c) of
the Contract is hereby amended as follows:

         If Executive provides notice of resignation effective after 31 December
         2003, he shall be entitled to the lump sum payment indicated in Clause
         5(b)(i)(A) as amended.

Finally, each of FLAG Limited, FLAG Telecom Holdings Limited and you agree that
the Contract is hereby assigned to FLAG Telecom Holdings Limited by FLAG
Limited.

If you agree to these revised terms please sign and return to me the attached
copy of this agreement.

/s/ Adnan Omar                           /s/ Andres Bande
--------------------------------------   ---------------------------------------
ADNAN OMAR         DATE  April 9, 2002   ANDRES BANDE        DATE  April 9, 2002
                         -------------                             -------------

FOR AND ON BEHALF OF FLAG TELECOM
HOLDINGS LIMITED BY RESOLUTION OF THE
BOARD OF DIRECTORS ON 4 APRIL 2002

/s/ Ed McCormack
--------------------------------------
ED MCCORMACK       DATE  April 9, 2002
                         -------------

FOR AND ON BEHALF OF FLAG LIMITED<Page>
                                                                    Exhibit 10.2

THIS IS AN ADDENDUM TO THE CONTRACT OF EMPLOYMENT OF EDWARD MCCORMACK AND FLAG
TELECOM HOLDINGS LIMITED ("FLAG") DATED 30 NOVEMBER 2001 ("THE CONTRACT")

Dear Ed:

EXECUTIVE RETENTION PROGRAM ("THE PROGRAM")

The purpose of the Program is to retain executives who are critical to
maintaining the ongoing operations of FLAG Telecom Holdings Limited and its
group companies.

You will become entitled to a sum of US$750,000 minus applicable tax withholding
(the "RETENTION PAYMENT AMOUNT") on 9 April 2002 (the "PAYMENT DATE").

Furthermore, you will be entitled to 0.75% of the Enterprise Value (as defined
in the William M. Mercer Report addressed to John Draheim, "Enterprise value is
defined as Working Capital + Market Value of Debt + Market Value of Equity") of
FLAG Telecom Holdings Limited and its group companies over a threshold of US$150
million at the time a restructuring plan is decided upon by the Court in the
context of the current restructuring of FLAG Telecom Holdings Limited.

If you terminate your employment with FLAG or give notice to terminate your
employment with FLAG prior to the decision on a restructuring plan by the Court
then you will repay the net Retention Payment Amount to FLAG immediately.

FLAG considers that the current change of control language in Clause 2.2(b)
("Change of Control") in the Contract linked to payment is not triggered by the
Court's decision on a restructuring plan, its implementation, or any part of
such process. In the event that such restructuring is held to be a Change of
Control at some future date, the Retention Payment Amount will be deducted from
any entitlement in the event of a Change of Control.

If you agree to these revised terms please sign and return to me the attached
copy of this agreement.

/s/ Andres Bande
----------------------------

FOR AND ON BEHALF OF FLAG

DATE  April 10, 2002
      --------------

/s/ Edward McCormack
----------------------------
EDWARD MCCORMACK

DATE  April 10, 2002
      --------------<Page>
                                                                    Exhibit 10.3

THIS IS AN ADDENDUM TO THE CONTRACT OF EMPLOYMENT OF C. J. VAN OPHEM AND FLAG
TELECOM LIMITED ("FLAG") DATED 31 AUGUST 2001 ("THE CONTRACT")

Dear Kees:

EXECUTIVE RETENTION PROGRAM ("THE PROGRAM")

The purpose of the Program is to retain executives who are critical to
maintaining the ongoing operations of FLAG Telecom Holdings Limited and its
group companies.

You will become entitled to a sum of US$500,000 minus applicable tax withholding
(the "RETENTION PAYMENT AMOUNT") on 9 April 2002 (the "PAYMENT DATE").

Furthermore, you will be entitled to 0.375% of the Enterprise Value (as defined
in the William M. Mercer Report addressed to John Draheim, "Enterprise value is
defined as Working Capital + Market Value of Debt + Market Value of Equity") of
FLAG Telecom Holdings Limited and its group companies over a threshold of US$150
million at the time a restructuring plan is decided upon by the Court in the
context of the current restructuring of FLAG Telecom Holdings Limited.

If you terminate your employment with FLAG or give notice to terminate your
employment with FLAG prior to the decision on a restructuring plan by the Court
then you will repay the net Retention Payment Amount to FLAG immediately.

Furthermore, in respect of your notice entitlement from FLAG to terminate your
employment without cause, the terms of the Contract are varied so that you are
entitled to receive one year's base salary plus target bonus of 100% of one
year's base salary if FLAG determines to end your employment without Good Cause.
Such entitlement will not be affected by the previous change in control
reference in the Contract.

Good Cause means any of:

(a)      misconduct, serious or persistent breach of any of your obligations to
         FLAG or any FLAG group company;

(b)      refusal or neglect to comply with any lawful orders given to you by
         FLAG; or

(c)      your failure (without reasonable excuse) to perform your duties
         adequately under your employment contract or such duties as may
         reasonably be required by FLAG.

If you agree to these revised terms please sign and return to me the attached
copy of this agreement.

/s/ Andres Bande                                    /s/ C.J. van Ophem
-------------------------------                     ----------------------------
FOR AND ON BEHALF OF FLAG                           C. J. VAN OPHEM

DATE  April 10, 2002                                DATE  April 9, 2002
      --------------                                      -------------<Page>

THIS IS AN ADDENDUM TO THE CONTRACT OF EMPLOYMENT OF MICHEL CAYOUETTE AND FLAG
TELECOM LIMITED ("FLAG") DATED 30 NOVEMBER 2001 ("THE CONTRACT")

Dear Michel:

EXECUTIVE RETENTION PROGRAM ("THE PROGRAM")

The purpose of the Program is to retain executives who are critical to
maintaining the ongoing operations of FLAG Telecom Holdings Limited and its
group companies.

You will become entitled to a sum of US$375,000 minus applicable tax withholding
(the "RETENTION PAYMENT AMOUNT") on 9 April 2002 (the "PAYMENT DATE").

Furthermore, you will be entitled to 0.375% of the Enterprise Value (as defined
in the William M. Mercer Report addressed to John Draheim, "Enterprise value is
defined as Working Capital + Market Value of Debt + Market Value of Equity") of
FLAG Telecom Holdings Limited and its group companies over a threshold of US$150
million at the time a restructuring plan is decided upon by the Court in the
context of the current restructuring of FLAG Telecom Holdings Limited.

If you terminate your employment with FLAG or give notice to terminate your
employment with FLAG prior to the decision on a restructuring plan by the Court
then you will repay the net Retention Payment Amount to FLAG immediately.

Furthermore, in respect of your notice entitlement from FLAG to terminate your
employment without cause, the terms of the Contract are varied so that you are
entitled to receive one year's base salary plus target bonus of 100% of one
year's base salary if FLAG determines to end your employment without Good Cause.
Such entitlement will not be affected by the previous change in control
reference in the Contract.

Good Cause means any of:

(a)      misconduct, serious or persistent breach of any of your obligations to
         FLAG or any FLAG group company;

(b)      refusal or neglect to comply with any lawful orders given to you by
         FLAG; or

(c)      your failure (without reasonable excuse) to perform your duties
         adequately under your employment contract or such duties as may
         reasonably be required by FLAG.

If you agree to these revised terms please sign and return to me the attached
copy of this agreement.

/s/ Andres Bande                            /s/ Michel Cayouette
----------------------------                ---------------------------------
FOR AND ON BEHALF OF FLAG                   MICHEL CAYOUETTE

DATE  April 10, 2002                        DATE  April 10, 2002
      --------------                              --------------

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