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Exhibit 4.4  

 
 

$294,732,000 Principal Amount at Maturity    
    
    LEVEL 3 COMMUNICATIONS, INC.    
    
    9% Convertible Senior Discount Notes due 2013    
    

AMENDMENT NO. 1 TO

REGISTRATION RIGHTS AGREEMENT  

        February 7, 2005 

CRC
(Bermuda) Reinsurance Limited

Markel Insurance Company of Canada

Federated Insurance Company of Canada

Federated Life Insurance Company of Canada

Commonwealth Insurance Company

Commonwealth Insurance Company of America

Lombard General Insurance Company of Canada

Ranger Insurance Company

United States Fire Insurance Company

The North River Insurance Company

Seneca Insurance Company, Inc.

Seneca Specialty Insurance Company

Odyssey America Reinsurance Corporation

Clearwater Insurance Company (formerly, Odyssey Reinsurance Corporation)

Hudson Insurance Company

Newline Underwriting Management Limited

Falcon Insurance Company Limited

TIG Insurance Company

Riverstone Management Limited. 

c/o
Hamblin Watsa Investment Counsel Ltd.

95 Wellington Street

Suite 800

Toronto, Ontario

Canada M5J 2N7

Attention: Enza La Selva 

Dear
Sirs: 

        Level
3 Communications, Inc., a Delaware corporation (the "Company"), is a party to that certain Registration Rights Agreement,
dated October 24, 2003 with CRC (Bermuda) Reinsurance Limited, Markel Insurance Company of Canada, Federated Insurance Company of Canada, Federated Life Insurance Company of Canada,
Commonwealth Insurance Company, Commonwealth Insurance Company of America, Lombard General Insurance Company of Canada, Ranger Insurance Company, United States Fire Insurance Company, The North River
Insurance Company, Seneca Insurance Company, Inc., Seneca Specialty Insurance Company, Odyssey America Reinsurance Corporation, Clearwater Insurance Company (formerly, Odyssey Reinsurance
Corporation), Hudson Insurance Company, Newline Underwriting Management Limited, Falcon Insurance Company Limited, TIG Insurance Company and Riverstone Management Limited (each an
"Initial Holder", and collectively, the "Initial Holders") (the "Registration
Rights Agreement"). The Company and the Initial Holders desire to amend the Registration Rights Agreement as set forth in this Amendment No. 1 to the Registration Rights
Agreement (this "Amendment"). 

 

        Capitalized
terms used in this Amendment without definition have the meaning given to those terms in the Registration Rights Agreement. 

        Section
1. Waivers and Consent

        (a)   With
effect retroactive to October 23, 2004, the Initial Holders hereby permanently waive the Company's failure to file the Shelf Registration Statement by
October 24, 2004, as contemplated by the Registration Rights Agreement and the Notes. 

        (b)   With
effect retroactive to December 23, 2004, the Initial Holders hereby permanently waive the Company's failure to have the Shelf Registration Statement declared
effective by December 23, 2004, as contemplated by the Registration Rights Agreement and the Notes. 

        (c)   With
effect retroactive to October 23, 2004, the Initial Holders, constituting the Holders owning all of the Notes now outstanding, hereby permanently waive
(i) any default or Registration Default under the Registration Rights Agreement arising from the matters described in Sections 1(a) and (b) of this Amendment and
(ii) the Company's obligation under the Notes, the Indenture and the Registration Rights Agreement to pay Special Interest as a result of such failures. 

        (d)   With
effect retroactive to October 23, 2004, the Initial Holders, constituting the Holders owning all of the Notes now outstanding, consent to the terms of the
First Supplemental Indenture set forth as Exhibit A to this Agreement. 

        Section
2. Amendment to Registration Rights Agreement

        (a)   With
effect retroactive to October 23, 2004, Section 1(a) of the Registration Rights Agreement is hereby amended and restated in its entirety as set forth
below: 

        1.     Shelf Registration. (a) The Company shall, at its cost, prepare and, in no event later than March 31, 2005,
file with the Securities and Exchange Commission (the "Commission") and thereafter use its reasonable best efforts to cause to be declared effective as
soon as practicable a registration statement on Form S-3 (the "Shelf Registration Statement") relating to the offer and sale of the
Transfer Restricted Securities (as defined in Section 5 hereof) by the Holders thereof from time to time in accordance with the methods of distribution set forth in the Shelf Registration
Statement and Rule 415 under the Securities Act of 1933, as amended (the "Securities Act") (hereinafter, the "Shelf
Registration"); provided, however, that no Holder (other than an Initial Holder)
shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all the provisions of this Agreement applicable to
such Holder. 

        (b)   With
effect retroactive to October 23, 2004, Section 5 of the Registration Rights Agreement is hereby amended and restated in its entirety as set forth
below: 

        5.     Special Interest Under Certain Circumstances. (a) Special interest (the "Special
Interest") with respect to the Notes (and with respect to the Common Stock issuable upon conversion of the Notes if the Notes have been converted) shall be assessed as follows
if any of the following events occur (each such event in clauses (i) through (iii) below being herein called a "Registration Default"): 

        (i)    the
Shelf Registration Statement has not been filed with the Commission by March 31, 2005; 

        (ii)   the
Shelf Registration Statement has not been declared effective by the Commission by June 30, 2005; or 

        (iii)  the
Shelf Registration Statement is declared effective by the Commission but (A) the Shelf Registration Statement thereafter ceases to be effective or
(B) the Shelf Registration 

2

 

Statement
or the Prospectus ceases to be usable in connection with resales of Transfer Restricted Securities (as defined below) during the periods specified herein and (1) the Company does not
cause the Shelf Registration Statement to become effective within five (5) business days after it has ceased to be effective by a post-effective amendment or a report filed
pursuant to the Exchange Act or (2) if applicable, the Company does not terminate the suspension periods described below in the first sentence of Section 5(d) below. 

Each
of the foregoing will constitute a Registration Default whatever the reason for any such event and whether it is voluntary or involuntary or is beyond the control of the Company or pursuant to
operation of law or as a result of any action or inaction by the Commission. 

        (A)  If
any Registration Default contemplated by clause (i) or (ii) above shall occur, Special Interest shall accrue on the Accreted Value of the Notes
over and above the interest set forth in the title of the Notes from October 24, 2004 to but excluding the date on which all such Registration Defaults have been cured and (B) if any
Registration Default contemplated by clause (iii) above shall occur, Special Interest shall accrue on the Accreted Value of the Notes over and above the interest set forth in the title
of the Notes from and including the date on which any such Registration Default shall occur to but excluding the date on which all such Registration Defaults have been cured, at a rate of 0.50% per
annum (the "Special Interest Rate"); provided, however, that such rate per annum shall increase by 0.25% per annum from and including the 91st day after
the first such Registration Default (and each successive 91st day thereafter) unless and until all Registration Defaults have been cured; provided
further, however, that in no event shall the Special Interest accrue at a rate in excess of 1.00% per annum. 

        Special
Interest shall be payable with respect to any shares of Common Stock issued upon conversion of Notes from and including October 24, 2004 with respect to any Registration
Default contemplated by clause (i) or (ii) above and from the date on which any such Registration Default shall occur with respect to a any Registration Default contemplated by
clause (iii), and in each case to but excluding the date on which all such Registration Defaults have been cured, at the Special Interest Rate on the Accreted Value (as such term is defined in
the Indenture) of such Notes that have been so converted; provided, however, that such rate per annum shall increase by 0.25% per annum from and including the 91st day after the first such
Registration Default (and each successive 91st day thereafter) unless and until all Registration Defaults have been cured; provided further, however, that in no event shall the Special Interest accrue
at a rate in excess of 1.00% per annum. 

        (b)   Any
amounts of Special Interest due pursuant to Section 5(a) above will be payable in cash on the regular interest payment dates with respect to the Notes.
The amount of Special Interest will be determined by multiplying the applicable Special Interest Rate by the Accreted Value of the Notes (or, in the case of shares of Common Stock, the Notes that have
been so converted, as applicable), further multiplied by a fraction, the numerator of which is the number of days such Special Interest Rate was applicable during such period (determined on the basis
of a 360-day year comprised of twelve 30-day months), and the denominator of which is 360. 

        (c)   "Transfer Restricted Securities" means each Security until (i) the date on which such Security has been
effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement, (ii) the date on which such Security ceases to be outstanding or
(iii) the date on which such Security is distributed to the public pursuant to Rule 144 under the Securities Act or is saleable pursuant to Rule 144(k) under the Securities
Act. 

        (d)   Notwithstanding
paragraph (a) of this Section 5, the Company shall be permitted to suspend the effectiveness of a Registration Statement covering
the Securities for any bona fide reason, for up to 45 consecutive days (the "Deferral Period") in any 90 day period without paying Special
Interest; provided, however, that Deferral Periods may not total more than 90 days in any
twelve-month period. 

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In
addition, the Company shall be, upon written notice to all Holders, permitted to postpone having the Shelf Registration Statement declared effective for a reasonable period of time not to exceed
90 days if the Company possesses material non-public information, the disclosure of which in the judgment of the board of directors of the Company would have a material adverse
effect on the Company and its subsidiaries, taken as a whole; provided, however, that any such
postponement or suspension pursuant to this Section 5(d) shall not affect the Company's obligation to pay Special Interest as set forth in Section 5(a) above, subject to the first
sentence of this Section 5(d). The Company shall not be required to specify in the written notice to the Holders the nature of the event giving rise to the Deferral Period. 

        Section
3. Miscellaneous

        (a)   This
Amendment shall be binding upon the Company and the Initial Holders, and their respective successors and assigns. 

        (b)   This
Amendment may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement. 

        (c)   The
headings in this Amendment are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

        (d)   THIS
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. By the
execution and delivery of this Amendment, the Company submits to the nonexclusive jurisdiction of any federal or state court in the State of New York. 

        (e)   If
any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality
and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

        (f)    Except
as waived, modified or amended by the terms of this Amendment, the terms and conditions of the Registration Rights Agreement shall remain in full force and
effect. 

[Signature
page follows] 

4

 

        If
the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along with all
counterparts, will become a binding agreement among the several Initial Holders and the Company in accordance with its terms. 

	

 	
 	

Very truly yours,
	

 	
 	

LEVEL 3 COMMUNICATIONS, INC.
	

 	
 	

By:	
 	

/s/  THOMAS C. STORTZ      
 Name: Thomas C. Stortz

Title: Executive Vice President

	

The foregoing is hereby confirmed and accepted as of the date first above written.	
 	

 
	

COMMONWEALTH INSURANCE COMPANY

COMMONWEALTH INSURANCE COMPANY OF AMERICA

CRC (BERMUDA) REINSURANCE LIMITED

FALCON INSURANCE COMPANY LIMITED

FEDERATED INSURANCE COMPANY OF CANADA

FEDERATED LIFE INSURANCE COMPANY OF CANADA

HUDSON INSURANCE COMPANY

LOMBARD GENERAL INSURANCE COMPANY OF CANADA

MARKEL INSURANCE COMPANY OF CANADA

NEWLINE UNDERWRITING MANAGEMENT LIMITED

ODYSSEY AMERICA REINSURANCE CORPORATION

CLEARWATER INSURACE COMPANY

RANGER INSURANCE COMPANY

RIVERSTONE MANAGEMENT LIMITED

SENECA INSURANCE COMPANY, INC.

SENECA SPECIALTY INSURANCE COMPANY

THE NORTH RIVER INSURANCE COMPANY

TIG INSURANCE COMPANY

UNITED STATES FIRE INSURANCE COMPANY
	

By:	
 	

HAMBLIN WATSA INVESTMENT COUNSEL LTD., as Investment Manager	
 	

 
	

By:	
 	

/s/  V. PREM WATSA      
	
 	

 
	Name:	 	V. Prem Watsa	 	 
	Title:	 	 	 	 

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Exhibit 10.1    
    

        The Compensation Package in this memorandum has been submitted to and approved by the Compensation Committee of the Board of Directors of Evolving
Systems, Inc. This Compensation Plan (the "Plan") is effective during calendar year 2005, and is provided to you to give you information regarding compensation offered to you as
[Insert Title]. This Plan supersedes all prior Compensation plans or other compensation agreements, oral or written, you have with the Company, other
than stock options previously granted to you, the Management Change in Control Agreement, as amended, and the Indemnification Agreement which shall continue in full force and
effect. Your Plan includes a base salary paid in accordance with the normal payroll practices of Evolving Systems, as well as eligibility for quarterly and annual incentive
compensation. 

        This
Plan is not a contract of employment and shall not be construed to guarantee employment for any particular period of time. All Evolving Systems' employees are employed at will. You,
or Evolving Systems, may terminate the employment relationship at any time, with or without notice, for any reason or no reason. The Plan may be changed or discontinued by the Company at any time with
or without prior notice. 

 

I.     Compensation  

	Annual Base Salary	 	[Insert Amount]
	Target Incentive Compensation	 	[Insert applicable percentage] of Base Salary, paid as described below

B.    Incentive Compensation  

        Incentive Compensation will be paid in five (5) equal payments, based upon attainment of defined Company quarterly results and annual results. Quarterly
Incentive Compensation is computed and earned at the end of each quarter in which you work; the Annual Incentive compensation is computed and earned at the end of the calendar year. Three measurement
categories will be used as the basis for Incentive Compensation—Revenue, Profitability and Cash Balance. The following criteria will apply: 

	Period
 
	 	• Measure
	 	• Combined Payout

	1st Quarter	 	Attainment of 1st Quarter Results, weighted 1/3rd on Revenue, 1/3rd on Profitability and 1/3rd on Cash Balance	 	20% of Target Incentive Compensation
	2nd Quarter	 	Attainment of 2nd Quarter Results, weighted 1/3rd on Revenue, 1/3rd on Profitability and 1/3rd on Cash Balance	 	20% of Target Incentive Compensation
	3rd Quarter	 	Attainment of 3rd Quarter Results, weighted 1/3rd on Revenue, 1/3rd on Profitability and 1/3rd on Cash Balance	 	20% of Target Incentive Compensation
	4th Quarter	 	Attainment of 4th Quarter Results, weighted 1/3rd on Revenue, 1/3rd on Profitability and 1/3rd on Cash Balance	 	20% of Target Incentive Compensation
	Full Year	 	Attainment of Annual Results, weighted 1/3rd on Revenue, 1/3rd on Profitability and 1/3rd on Cash Balance	 	20% of Target Incentive Compensation

        Attainment
of Quarterly and Annual Results, and the percentage payout attributable to such attainment, will be determined based upon the Company Targets established by the Board of
Directors. 

        In
the event your employment terminates prior to the end of any calendar quarter, for reasons other than Cause (as described below), the Quarterly Incentive Compensation that would have
been paid at the end of the calendar quarter will be pro-rated to the date of termination of your employment. There will be no pro-ration for the Annual Incentive Compensation;
you must be employed by the Company on December 31, 2005, to be eligible for the Annual Incentive Compensation amount. 

2

 

I.     Severance  

	1)
	In
the event your employment is terminated by the Company other than for (a) Cause; (b) Disability; or (c) death, you will be paid severance compensation in an
amount equal to [insert applicable amount: three (3)(6) months] of your then current Base Salary.

	2)
	"Cause"
and "Disability" for purposes of the severance provisions described in this Section II shall mean:

	(a)
	"Cause" shall mean:

	(i)
	Willful
action or failure to act by you that in the reasonable opinion of the Board of Directors materially injures the reputation, business or business relationships of
the Company or any of its officers, directors or executives and such action or failure is not remedied or reasonable steps to effect such remedy are not commenced within ten (10) days following
receipt of written notice;

	(ii)
	Your
failure to perform your duties or to follow the reasonable directions of the Board of Directors of the Company within ten (10) business days after receipt
by you of written notice of such failure;

	(iii)
	Any
act involving moral turpitude or a crime, other than a vehicle offense (excepting vehicular manslaughter), which could reflect in some material fashion unfavorably
upon the business or business relationships of the Company or any of its officers, directors or executives.

	(b)
	"Disability" shall mean a physical or mental impairment that substantially limits a major life activity, other than on a temporary
basis, which prevents you from performing the essential functions of your job for any period, and for which no reasonable accommodation can be made. As an officer of the Company, you are considered a
"key employee" under the Family and Medical Leave Act ("FMLA"). As such, you will be provided a reasonable opportunity to return to work from any FMLA leave. However, the possibility exits that
restoration to employment may be denied following FMLA leave if the Company, in its sole discretion, determines that your position is critical and must be filled.

	3)
	In
exchange for the severance payment described in this Section II, the Company will require that you execute a Separation Agreement, in which you release all claims against the
Company arising out of your employment or termination of your employment. In addition, the Separation Agreement will provide that during the period of time during which you receive severance payments
you will refrain from (a) soliciting Evolving Systems' employees to leave the employ of the Company; (b) interfering with the relationship of the Company with any such employees,
including, but not limited to, hiring such employees; (c) targeting or soliciting customers of the Company to purchase products or services in competition with the Company's products or
services or to terminate a relationship with the Company and (d) competing directly or indirectly with the Company as is described in the Management Change in Control Agreement.

	4)
	Severance
payments will be paid in equal installments, in the Company's normal payroll cycle, over the applicable severance period. (The Company reserves the right to modify this
provision to comply with the provisions of the American Jobs Creation Act.) Under no circumstances will the Company be obligated to pay any amounts to you under this Section II if your
employment has been terminated by the Company for Cause, Disability or death.

	5)
	The
severance provisions of this 2005 Compensation Plan are not intended to apply in the event of a Change in Control, as defined in the Management Change in Control Agreement. 

3

 

Accordingly,
if severance described in this Plan is paid, and the Management Change in Control Agreement is subsequently triggered, payments made under this Plan shall be credited against, and shall
NOT be in addition to, amounts paid under the Change In Control Agreement. 

III.  Benefits  

        You will receive benefits in accordance with the Company's standard benefits plan and policies, with the following modifications: 

        1.    Paid Time Off:    Your Paid Time Off (PTO) will be set at one
level above the "standard" rates for employees, as follows: 

	Years of Service
 
	 	Hours Accrued per Pay Period
	 	Annual # of Days of PTO

	0-2	 	6.16	 	20
	3-5	 	7.69	 	25
	6+	 	9.23	 	30

You
will be expected to record your PTO in accordance with standard Company policy and all other provisions of the Company's PTO policy will apply. 

        2.    Life Insurance Benefits:    In addition to the standard life
insurance benefits payable to employees of the Company, the Company will provide life insurance to you in the amount of $300,000, subject to your insurability. The Company pays the premium, but the
premium attributable to insurance over $50,000 is taxable to you. 

        3.    Disability Benefits:    The Company will provide you with short
term and long term disability insurance coverage per the Company's general plan for all employees. The general plan for employees pays benefits at the rate of 662/3% of your base pay,
with a base pay cap of $8,501 per month (resulting in total monthly benefit payable to you under the Company plan of $5,667). This benefit, if payable, terminates at age 65. In addition, the Company
will make available to you, at your expense, additional long term disability coverage that will pay the lesser of the difference between 662/3% of your monthly base salary and the
benefit provided under the general Company plan or $6,000 per month. (For example, if your monthly base salary is $15,000, the additional long-term disability policy will provide $4,334,
the difference between the general Company plan benefit ($5,667) and 662/3% of your base salary.) This additional benefit is payable until age 65, or, in some cases has a
5 year payout. If you have any questions about the disability benefits, please see the HR Director. 

        4.    Upgrade to First Class/Business Travel.    Upgrades to first
class domestic travel/business class international travel will be made available to you using airline upgrade certificates. However, the Company expects that you not use this privilege when traveling
with another employee unless that employee has the ability to upgrade (i.e. because of frequent flyer miles). This benefit does NOT imply that you are authorized to buy first class tickets. 

        5.    Miscellaneous Benefits.    The Company will provide you with a
cell phone and cell phone service and reimburse you for the cost (basic service) of a second phone line to your home. You will also be provided with a laptop computer and a second docking station to
be used in your home. 

IV.    SEC Filing Requirements.  

        You will be considered an "Executive Officer" for purposes of the SEC rules relating to trading of stock and reporting your stock trading. You are required to
pre-clear your trading in Company stock with the Company's General Counsel prior to buying or selling Company stock. You are expected to familiarize yourself with the Insider trading
regulations and to comply with those regulations, in 

4

 

particular,
to abide by Company trading-blackout rules and to advise the Company's General Counsel in advance of all stock trades so that appropriate SEC forms can be timely filed. 

	•
	Acknowledgment

        I
have received and read my 2005 Compensation Plan. I understand the details of the Plan and how it applies to me. I acknowledge that the Plan represents Confidential and Proprietary
Information of Evolving Systems. I understand that the Plan may be changed or discontinued by the Company at any time with or without notice, and that no representations or
promises, either express or implied, have been made to me about my continued employment, about my compensation or about the Plan other than what is written here or in any Management Change in Control
Agreement that may be executed. I understand the responsibilities of my position and the critical nature of the performance of this position on the success of Evolving Systems.
I understand that I am employed on an at-will basis, and that this Plan does not alter or modify the at-will nature of my employment. I understand that I can resign my position
at any time, or Evolving Systems can terminate my employment at any time, with or without prior written notice. I agree that the compensation I receive under the Plan is fair and adequate compensation
for my services. 

	

 [Name of Executive Officer]	
 	

 Date	
 	

 

5

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Exhibit 10.1

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