Document:

Employment Agreement

 Exhibit 10.1
 REDBACK NETWORKS INC. 
      250 Holger Way
 San Jose, CA 95134 
  August 17, 2001   Mr. Kevin A.
DeNuccio 
 25991 Vinedo Lane 
 Los Altos Hills, CA 94022 
  Dear Kevin: 
  Redback Networks Inc. (the “Company”) is pleased to
offer you employment on the following terms: 
  1.   Position. Your title will be President and Chief Executive Officer (“PCEO”), and you will report to the Company’s
Board of Directors (the “Board”). You will also be elected as a member of the Board. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you
from performing your duties for the Company. 
  2.   Salary. The Company will pay you a salary at the rate of $500,000 per year, payable in accordance with the Company’s
standard payroll schedule. This salary will be subject to review by the Compensation Committee of the Board pursuant to the Company’s executive compensation policies in effect from time to time, but it will not be reduced without your
consent. 
  3.   Annual Incentive Bonus. You will be eligible to be considered for an incentive bonus for each fiscal year of the Company. The bonus (if any) for years after 2001
will be awarded based on objective or subjective criteria established by the Compensation Committee of the Board. Your target bonus will be equal to 100% of your annual base salary. Your bonus for the year 2001 will be equal to a pro rata portion of
$500,000. The pro rata portion will be a fraction, the numerator of which is the number of calendar days you are employed by the Company in 2001 and the denominator of which is 365. The bonus for a fiscal year will be paid after the Company’s
books for that year have been closed and will be paid only if you arc employed by the Company at the time of payment (except as provided below). The determinations of the Compensation Committee of the Board with respect to your bonus will be final
and binding. 
  4.   Signing Bonus. The Company will pay you a signing bonus of $3,000,000 within five business days after the commencement of your employment. If, before you
complete 12 months of continuous employment with the Company and before a “Change in Control” (as defined in the Company’s 1999 Stock Incentive Plan), your employment ends because you resign without Good Reason or due to a termination
by the Company for Cause 

	  
	
[RETURN TO TABLE OF CONTENTS]  	 
	 
 

 Mr. Kevin A. DeNuccio
 8/17/01
 Page 2
 (each referred to hereafter as a
“Pay-back Event”), then you must return a pro rata portion of the signing bonus (on an after-tax basis) to the Company. The pro rata portion will be equal to one minus a fraction, the numerator of which is the number of calendar days you
have been employed by the Company and the denominator of which is 365 (hereafter referred to as the “Pro Rata Return Portion”). For purposes of calculating the after-tax amount of the Pro Rata Return Portion under this Paragraph 4, a 50%
marginal tax rate shall be utilized. 
  “Cause” means (a) an unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use or disclosure
causes material harm to the Company, (b) an intentional and material breach of any agreement between you and the Company which causes material harm to the Company, (c) an intentional and material failure to comply with the Company’s written
policies or rules which causes material harm to the Company, (d) conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any state thereof, (e) gross negligence or willful
misconduct, or (f) an intentional and continued failure to perform assigned duties after receiving written notification of such failure from the Board and the failure to remedy such repeated failure within sixty days of such notice. For these
purposes, no act or failure to act shall be considered “intentional” unless it is done, or omitted to be done, in bad faith without reasonable belief that the action or omission was in the best interest of the Company. The foregoing,
however, is not an exclusive list of all acts or omissions that the Company may consider as grounds for discharging you without Cause. 
  5.   Employee Benefits. As an executive of
the Company, you will be eligible to participate in a number of Company-sponsored benefits. In addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time. You will also be
indemnified to the fullest extent permitted by applicable law and be covered under the Company’s directors and officers insurance policy for errors and omissions. 
  6.   Stock
Options. You will be granted an option to purchase 6,500,000 shares of the Company’s Common Stock. The exercise price per share will be equal to the fair market value per share on the date of this letter or the fair market value per share
on your first day of employment, whichever is less. The option will be subject to the terms and conditions applicable to options granted under the Company’s 1999 Stock Incentive Plan (the “Plan”), as described in the Plan and the
applicable Stock Option Agreement, except as otherwise provided in this letter agreement. 
  The option will be immediately exercisable with respect to 1,625,000 shares, but the Pro Rata Return
Portion of the 1,625,000 shares will be subject to repurchase by the Company at the exercise price if, before you complete 12 months of continuous employment with the Company, your employment ends due to the occurrence of a Pay-back Event. If the
Company is subject to a Change in Control before your employment with the Company terminates, the Company’s right to repurchase any shares will lapse in full. 

	     
	
[RETURN TO TABLE OF CONTENTS]  	 
	 
 

 Mr. Kevin A. DeNuccio
 8/17/01
 Page 3
 The option will become exercisable
with respect to the remaining 4,875,000 shares in equal monthly installments over your first 36 months of continuous employment with the Company. If you are subject to an Involuntary Termination, then the exercisable portion of the remaining
4,875,000 shares will be determined by adding 12 months to the actual period of employment that you have completed with the Company. If the Company is subject to a Change in Control before your employment with the Company terminates, then your stock
option will immediately be fully vested and exercisable with respect to all shares. 
  “Involuntary Termination” means either (a) involuntary discharge by the Company for reasons
other than Cause or (b) voluntary resignation by you for Good Reason where Good Reason is either (i) a change in your position with the Company that reduces your level of authority or responsibility, (ii) you are no longer PCEO of the Company or its
parent entity (if any), (iii) a reduction in your base salary or target bonus, other than a reduction that applies pro rata to all members of the Company’s senior management team, or (iv) receipt of notice that your principal workplace
will be relocated more than 30 miles. 
  In addition, if your employment terminates for any reason other than a Pay-back Event, then your entire option will remain exercisable for a period of 12
months following the date of your termination of employment. 
  7.   Restricted Shares. You will be granted 500,000 shares of the Company’s Common Stock. The shares will
be subject to the terms and conditions applicable to restricted shares granted under the Plan, as described in the Plan and the applicable Restricted Stock Agreement. The Pro Rata Return Portion of the 500,000 shares will revert to the Company if,
before you complete 12 months of continuous employment with the Company, your employment ends due to a Pay-back Event. If the Company is subject to a Change in Control before your employment with the Company terminates, then all of your restricted
shares will immediately vest in full. 
  8.   Severance Pay. If you are subject to an Involuntary Termination, the Company will pay you a lump sum equal to the sum of (a) your base
salary for a period of 12 months plus (b) your target bonus for the year in which the Involuntary Termination occurs. Your base salary will be based on the rate in effect at the time of the termination of your employment. If you elect to continue
your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following the Involuntary Termination, then the Company will pay your monthly premium under COBRA until the earliest of (a) the close of the
12-month period following the Involuntary Termination, (b) the expiration of your continuation coverage under COBRA or (c) the date when you receive substantially equivalent health insurance coverage in connection with new employment or
self-employment. However, this Paragraph 8 will not apply unless (a) before any Change in Control you and the Company sign a general mutual release of claims (in a form prescribed by the Company) of all known and unknown claims that the Company may
then have against you or you may then have against the 

	     
	
[RETURN TO TABLE OF CONTENTS]  	 
	 
 

  

 Mr. Kevin DeNuccio
 8/17/01 
 Page 4
 Company or persons affiliated with the Company excepting for claims to
indemnification or under the directors and officers insurance coverage and (b) you have returned all Company property. 
  9. Golden Parachute Payments. 
  (a)   Gross-Up Payment. If it is determined that any payment or distribution of any type to you or for your benefit by the Company, any of its affiliates, any person who acquires ownership or effective control
of the Company or ownership of a substantial portion of the Company’s assets (within the meaning of section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder) or any affiliate of such
person, whether paid or payable or distributed or distributable pursuant to the terms of this letter agreement or otherwise (the "Total Payments"), would be subject to the excise tax imposed by section 4999 of the Code or any interest or
penalties with respect to such excise tax (such excise tax and any such interest or penalties are collectively referred to as the “Excise Tax”), then you will be entitled to receive an additional payment (a “Gross-Up Payment”) in
an amount calculated to ensure that after you pay all taxes (and any interest or penalties imposed with respect to such taxes), including any Excise Tax, imposed upon the Gross-Up Payment, you retain an amount of the Gross-Up Payment equal to the
Excise Tax imposed upon the Total Payments. 
  (b)    Determination by Accountant. All determinations and calculations required to be made under this Paragraph 9 will be made
by an independent accounting firm selected by you from among the largest five accounting firms in the United States (the “Accounting Firm”). The Accounting Firm will provide its determination (the “Determination”), together with
detailed supporting calculations regarding the amount of any Gross-Up Payment and any other relevant matter, to you and the Company within five business days after you or the Company made a request (if you reasonably believe that any of the Total
Payments may be subject to the Excise Tax). If the Accounting Firm determines that no Excise Tax is payable by you, it will furnish you with a written statement that it has concluded that no Excise Tax is payable (including the reasons therefor) and
that you have substantial authority not to report any Excise Tax on your federal income tax return. If a Gross-Up Payment is determined to be payable, it will be paid to you within five business days after the Determination has been delivered to you
or the Company. Any determination by the Accounting Firm will be binding upon the Company and you, absent manifest error. 
  (c)   Over- and Underpayments. As a result of
uncertainty in the application of section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments not made by the Company should have been made (“Underpayment”), or
that Gross-Up Payments will have been made by the Company that should not have been made (“Overpayment”). In either event, the Accounting Firm will determine the amount of the Underpayment or Overpayment that has occurred. In the case of
an 

	     
	
[RETURN TO TABLE OF CONTENTS]  	 
	 
 

 Mr. Kevin A. DeNuccio
 8/17/01
 Page 5
 Underpayment, the amount of such
Underpayment will promptly be paid by the Company to you or for your benefit. In the case of an Overpayment, you will, at the direction and expense of the Company, take such steps as are reasonably necessary (including the filing of returns and
claims for refund), follow reasonable instructions from, and procedures established by, the Company, and otherwise reasonably cooperate with the Company to correct such Overpayment, provided, however, that (i) you will in no event be obligated to
return to the Company an amount greater than the net after-tax portion of the Overpayment that you have retained or have recovered as a refund from the applicable taxing authorities and (ii) this provision will be interpreted in a manner consistent
with the intent of Subparagraph (a) above, which is to make you whole, on an after-tax basis, from the application of the Excise Tax, it being understood that the correction of an Overpayment may result in your repaying to the Company an amount that
is less than the Overpayment. 
  (d)   Limitation on Golden Parachute Payments. Any other provision of this Paragraph 9 notwithstanding, if the Excise Tax could be avoided by
reducing the Total Payments by $100,000 or less, then the Total Payments will be reduced to the extent necessary to avoid the Excise Tax and no Gross-Up Payment will be made. If the Accounting Firm determines that the Total Payments are to be
reduced under the preceding sentence, then the Company will promptly give you notice to that effect and a copy of the detailed calculation thereof. You may then elect, in your sole discretion, which and how much of the Total Payments are to be
eliminated or reduced (as long as after such election no Excise Tax will be payable), and you will advise the Company in writing of your election within five business days of receipt of notice. If you make no such election within such five-day
period, then the Company may elect which and how much of the Total Payments are to be eliminated or reduced (as long as after such election no Excise Tax will be payable), and it will notify you promptly of such election. 
  10.   Proprietary Information and Inventions Agreement. Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Company’s standard
Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A. 
  11.   Employment Relationship. Employment with the Company is for no
specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may
have been made to you are superseded by this offer. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and
procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and the Board or the Board’s designee. 

	  
	
[RETURN TO TABLE OF CONTENTS]  	 
	 
 

 Mr. Kevin A. DeNuccio
 8/17/01
 Page 6
 12.   Outside
Activities. While you render services to the Company, you agree that you will not engage in any other employment, consulting or other business activity without the prior written consent of the Company. Promptly after executing this letter
agreement, you will resign from the boards of directors of Callisma, Inc., Netpliance, Inc. and Broad River. The Company acknowledges that you will remain a member of the board of directors of Salesnet. While you render services to the Company, you
will not assist any person or entity in competing with the Company, in preparing to compete with the Company or in hiring any employees or consultants of the Company. 
  13.
  Withholding Taxes. All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable required withholding and payroll taxes and other deductions required by law. 
  14.   Nomination of Directors Subject to the approval of the Board or its Nominating Committee, you will be entitled to nominate two candidates for election as members of the Board. 

 15.   Professional Fees. The Company will pay for all reasonable professional fees that are incurred in connection with the negotiation of the terms of your employment and for the
preparation, review and interpretation of this letter agreement, but the amount paid will not exceed $10,000. 
  16.   Entire Agreement. This letter agreement supersedes and
replaces any prior agreements, representations or understandings, whether written, oral or implied, between you and the Company. 
  17.   Arbitration. You and the Company
agree to waive any rights to a trial before a judge or jury and agree to arbitrate before a neutral arbitrator any and all claims or disputes arising out of this letter agreement and any and all claims arising from or relating to your employment
with the Company, including (but not limited to) claims against any current or former employee, director or agent of the Company, claims of wrongful termination, retaliation, discrimination, harassment, breach of contract, breach of the covenant of
good faith and fair dealing, defamation, invasion of privacy, fraud, misrepresentation, constructive discharge or failure to provide a leave of absence, or claims regarding commissions, stock options or bonuses, infliction of emotional distress or
unfair business practices. 
  The arbitrator’s decision must be written and must include the findings of fact and law that support the decision. The arbitrator’s decision will be final and
binding on both parties, except to the extent applicable law allows for judicial review of arbitration awards. The arbitrator may award any remedies that would otherwise be available to the parties if they were to bring the dispute in
court. The arbitration will be conducted in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association; 

	   
	
[RETURN TO TABLE OF CONTENTS]  	 
	 
 

 Mr. Kevin A. DeNuccio
 8/17/01
 Page 7
 provided, however that the
arbitrator must allow the discovery authorized by the California Arbitration Act or the discovery that the arbitrator deems necessary for the parties to vindicate their respective claims or defenses. The arbitration will take place in Santa Clara
County or, at your option, the county in which you primarily worked with the Company at the time when the arbitrable dispute or claim first arose. 
  You and the Company will share the costs of
arbitration equally, except that the Company will bear the cost of the arbitrator’s fee and any other type of expense or cost that you would not be required to bear if you were to bring the dispute or claim in court. Both the Company and you
will be responsible for their own attorneys’ fees, and the arbitrator may not award attorneys’ fees unless a statute or contract at issue specifically authorizes such an award. 
  This
arbitration provision does not apply to (a) workers’ compensation or unemployment insurance claims or (b) claims concerning the validity, infringement or enforceability of any trade secret, patent right, copyright or any other trade secret or
intellectual property held or sought by either you or the Company (whether or not arising under the Proprietary Information and Inventions Agreement between you and the Company) or (c) claims for indemnification or under the directors and officers
insurance policy. 
  If an arbitrator or court of competent jurisdiction (the “Neutral”) determines that any provision of this arbitration provision is illegal or unenforceable, then the
Neutral shall modify or replace the language of this arbitration provision with a valid and enforceable provision, but only to the minimum extent necessary to render this arbitration provision legal and enforceable. 
  *****  We hope that you will accept our offer to join the Company. You may indicate your agreement with these terms and accept this offer by signing and dating
both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and returning them to me. As required by law, your employment with the Company is contingent upon your providing
legal proof of your identity and authorization to work in the United States. Your employment is also contingent upon your starting work with the Company on or before August 29, 2001. This offer letter is
subject to approval by the Board of Directors, to be obtained on or before August 29, 2001.

	     
	
[RETURN TO TABLE OF CONTENTS]  	 
	 
 

 Mr. Kevin A. DeNuccio
 8/17/01
 Page 8 
 

	 	 	Very truly yours, 
	 	 	 
	 	 	REDBACK NETWORKS INC.  
	 	 	 
	 	 	By: /s/ Pierre R.
Lamond                                  
	 	 	      Chairman of the Board of Directors 
	 	 	 
	 	 	 
	I have read and accept this employment offer:	 	 
	 	 	 
	/s/ Kevin A. DeNuccio	 	 
	 
 	 	 
	Signature of Kevin A. DeNuccio	 	 
	 	 	 
	Attachment	 	 
	Exhibit A: Proprietary Information and Inventions Agreement 	 	 

  

	  
	
[RETURN TO TABLE OF CONTENTS]  	 
	 
 

  
 Amendment #1 
 This is Amendment #1 to the Letter Agreement between Kevin DeNuccio,
(“Employee”) with a residence at 25991 Vinedo Lane, Los Altos Hills, CA 94022 and Redback Networks Inc., (“Redback”) with a principal place of business of 250 Holger Way, San Jose, CA 95134 dated August 17, 2001
(“Agreement”). 
 WHEREAS, the parties have entered into an Agreement under which Redback has agreed to grant Stock Options under its 1999 Stock Incentive Plan (the “Plan”);
and
 WHEREAS, the parties now desire to grant such options under a S-8 registration;
 THEREFORE the parties agree as follows:

	 	 	 
	 	1.  	In Section 6 of the Agreement, the third sentence of the first paragraph shall be deleted in its entirety and replaced as follows: 
	 	 	 
	 	 	 
	 	 	“Except as otherwise provided in this letter agreement, the option will be granted under a stock option agreement that has terms substantially similar to options
granted under Stock Option Agreements applicable to the Company’s 1999 Stock Incentive Plan (the “Plan”). The options will not be granted under the Plan but will be registered in an S-8 which will be filed within 60 days of the date
of this letter agreement.” 
	 	 	 
	 	2.	Except as expressly stated in this Amendment the Agreement shall continue in full force and effect.
	 	 	 
	 	 	 
	 	 AGREED AND ACCEPTED
 	 AGREED AND ACCEPTED 
 
			 	 
	 	 	  	 REDBACK NETWORKS, INC.  
 
	 	 	 
	 	 	 
	 	 ____________________________
 Kevin A. DeNuccio
 	 ___________________________
 Thomas L. Cronan, III
 Vice President and General Counsel<PAGE>

                                                                    EXHIBIT 10.2

                         INFONET SERVICES CORPORATION
                       1998 EMPLOYEE STOCK PURCHASE PLAN

                      LOAN, SECURITY AND PLEDGE AGREEMENT
                      -----------------------------------

     This LOAN, SECURITY AND PLEDGE AGREEMENT (this "Agreement") is entered into
                                                     ---------
as of January 1, 1999 (the "Effective Date") by and between
                            --------------
_____________________, an individual (the "Borrower"), and Infonet Services
                                           --------
Corporation, a Delaware corporation (the "Company"; the Borrower and the
                                          -------
Company, collectively, the "Parties").
                            -------

                                R E C I T A L S
                                ---------------

     WHEREAS, the Borrower is an employee of the Company and has been selected
to participate in the Company's 1998 Employee Stock Purchase Plan (the "Plan").
                                                                        ----

     WHEREAS, the Company is willing to loan the Borrower up to the aggregate
sum set forth in Item 2 of Schedule 1 of this Agreement for the purpose of
buying the Company's Class C, $.01 par value, shares (the "Shares") under the
                                                           ------
Plan, subject to the terms and conditions of this Agreement and the Plan.

     WHEREAS, the Borrower wishes to borrow the aggregate sum set forth in Item
2 of Schedule 1 of this Agreement from the Company for the purpose of purchasing
the number of Shares set forth in Item 3 of Schedule 1 of this Agreement
pursuant to the Plan, subject to the terms and conditions of this Agreement.

     NOW, THEREFORE, in consideration of the premises and mutual promises herein
made, and in consideration of the representations, warranties, and covenants
herein contained, the Parties agree as follows.

                                   T E R M S
                                   ---------

1.   Loan.  The Company hereby agrees to loan the Borrower the aggregate
     ----
principal sum set forth in Item 2 of Schedule 1 of this Agreement for the
purpose of purchasing the number of Shares set forth in Item 3 of Schedule 1 of
his Agreement pursuant to the terms and conditions of the Plan ("Loan").  The
                                                                 ----
Loan shall bear interest from the Effective Date, until fully paid, at the rate
of five percent (5%) per annum computed on the basis of a 365-day year.  The
Borrower agrees to repay the Loan, together with all accrued interest thereon,
on January 1, 2002 (the "Maturity Date"); provided, however, that, if the shares
                         -------------    -----------------
of Stock, or a class of securities into which such shares are convertible, are
sold in an underwritten public offering after January 1, 2000 but before the
Maturity Date, the Maturity Date shall be extended by the period of time, if
any, between January 1, 2000 and the date of such offering.
<PAGE>

2.   Prepayment.
     -----------

     2.1  Permitted.  The Borrower shall have the privilege of prepaying the
          Loan in whole or in part, without penalty or premium at any time.  All
          Loan payments hereunder shall be applied first to interest, then to
          principal.

     2.2  Mandatory.  In the event that (a) the Company exercises its call right
          ---------
          under Section 7.2 of the Plan or (b) the Borrower exercises his or her
          put right under Section 7.3 of the Plan, the proceeds to the Borrower
          thereof shall be used to prepay the Loan. Such prepayments shall be
          settled at the Call Closing or the Put Closing (as such terms are
          defined in the Plan), as the case may be. All Loan payments hereunder
          shall be applied first to interest, then to principal.

3.   Security.  In order to secure the repayment of the Loan, the Borrower
     --------
hereby grants to the Company a security interest in the property described below
on the terms and conditions set forth in this Agreement. The property subject to
the security interest (the "Collateral") is as follows:
                            ----------

     3.1  all of Borrower's accounts (including all rights under contracts to
          sell or lease goods or render services, whether or not earned by
          performance, that are not evidenced by an instrument or chattel paper,
          and including contract rights), draft acceptances, notes, securities
          (including the Shares) and other instruments, chattel paper,
          documents, general intangibles and all other forms of receivables, and
          all guaranties and securities therefor;

     3.2  all of the Borrower's tangible personal property;

     3.3  all property of the types described in Section 3.1 and Section 3.2
          that at any time after the Effective Date is acquired by the Borrower;
          and

     3.4  all proceeds of the sale or other disposition of any of the property
          described in Section 3.1, Section 3.2 or Section 3.3.

4.   Pledge of Shares.  The Borrower hereby (a) pledges and deposits as security
     ----------------
with the Company the Shares and delivers to the Company certificates therefore,
(b) assigns, transfers, hypothecates, mortgages, charges and sets over to the
Company all of the Borrower's right, title and interest in and to such Shares
(and in and to the certificates or instruments evidencing such Shares), to be
held by the Company upon the terms and conditions set forth in this Agreement,
and (c) hereby irrevocably constitutes and appoints the Secretary of the Company
as attorney to transfer such Shares on the Company's books, with full power of
substitution.

     4.1  Dividends.  Until payment in full at maturity of the Loan, all
          ---------
          dividends and other amounts received by the Company as a result of the
          Company's record ownership of the Shares (if any) shall be applied to
          the repayment of the Loan.

     4.2  Voting Rights.  Until payment in full at maturity of the Loan, and as
          -------------
          long as the Borrower is not in default in the performance of any of
          the terms of this Agreement, the Borrower shall have the right (if
          any) to vote the Shares on all corporate questions; provided, however,
                                                              -----------------
          that no vote shall be cast on any action

                                      -2-
<PAGE>

          taken which would violate or be inconsistent with the terms of this
          Agreement or which would have the effect of materially impairing the
          position or interests of the Company.  The Company shall execute due
          and timely proxies in favor of the Borrower to this end.

     4.3  Adjustments.  In the event that, prior to payment in full at maturity
          -----------
          of the Loan, any share dividend, reclassification, readjustment, or
          other change is declared or made in the capital structure of the
          Company, all new, substituted, and additional Shares or other
          securities issued by reason of any change shall be held by the Company
          in addition to, or in substitution for, as the case may be, and in the
          same manner as the Shares originally pledged under this Agreement.

     4.4  Warrants and Rights.  In the event that, prior to payment in full at
          -------------------
          maturity of the Loan, subscription warrants or any other rights or
          pledges shall be issued in connection with the Shares, such warrants,
          rights, and pledges shall be immediately assigned by the Company to
          the Borrower, and if exercised by the Borrower, all new Shares or
          other securities so acquired by the Borrower shall be immediately
          assigned to the Company to be held in the same manner as the Shares
          originally pledged under this Agreement.

     4.5  Repayment of the Loan.  On payment in full at maturity of the Loan,
          ---------------------
          the Company shall transfer to the Borrower all of the Shares and all
          rights received by the Company as a result of the Company's record
          ownership of the Shares.

     4.6  Default.  In the event that the Borrower defaults in the performance
          -------
          of any of the terms of this Agreement, the Company shall (a) be
          entitled to vote all or any part of the Shares and otherwise act with
          respect to the Shares as if it were the outright owner thereof
          (Borrower hereby irrevocably constituting and appointing Company the
          proxy and attorney-in-fact of the Borrower) and (b) have the rights
          and remedies provided in the California Commercial Code.  In this
          connection, the Company may, on five days' written notice to the
          Borrower, and without liability for any diminution in price that may
          have occurred, sell the Shares in a commercially reasonable manner and
          for such a commercially reasonable price as the Company may determine.
          At any bona fide public sale, the Borrower shall be free to purchase
          all of any part of the Shares. Out of the proceeds of any sale the
          Company may retain an amount equal to outstanding balance of the Loan,
          plus the amount of the expenses of the sale, and shall pay any balance
          of such sale to the Borrower.  If the proceeds of the sale are
          insufficient to cover the outstanding balance of the Loan plus
          expenses of the sale, the Borrower shall remain liable to the Company
          for any deficiency, in accordance with the provisions set forth in
          Commercial Code Section 9504.

5.   Financing Statements.  The Borrower shall execute any financing statements
     --------------------
regarding the Collateral which the Company may request at any time prior to the
repayment of the Loan.

                                      -3-
<PAGE>

6.   Representations and Warranties of the Borrower.  The Borrower represents
     ----------------------------------------------
and warrants to the Company that the statements contained in this Section 6 are
correct and complete as of the Effective Date.

     6.1  Authorization of Transaction.  The Borrower has full power and
          ----------------------------
authority to execute and deliver this Agreement and to perform the Borrower's
obligations hereunder.  This Agreement has been duly executed and delivered by
the Borrower and constitutes the valid and binding obligation of the Borrower,
enforceable in accordance with its terms.

     6.2  Noncontravention.  Neither the execution, deliver or performance of
          ----------------
this Agreement by the Borrower, nor the consummation of the transactions
contemplated hereby, will (a) violate any constitution, statute, regulation,
rule, injunction, judgment, order, arbitration award, decree, ruling, charge, or
other restriction of any government, governmental agency, or court to which the
Borrower is subject or (b) require a consent, approval or waiver from, or notice
to, any party to a contract in which Borrower is a party.

     6.3  Value of the Collateral.  The Collateral, other than the Shares, has a
          -----------------------
fair market value at least equal to the amount of the Loan.

     6.4  Schedule 1.  The information set forth on Schedule 1 is true and
          ----------
correct.

7.   Amendments; Borrower and Lien Not Released.  From time to time, the Company
     ------------------------------------------
may, at the Company's option, without giving notice to or obtaining the consent
of the Borrower, the Borrower's successors or assigns or of any other lienholder
or guarantors, without liability on the Company's part, and notwithstanding the
Borrower's breach of any covenant or agreement of the Borrower in this
Agreement, extend the time for repayment of the Loan or any part thereof,
discharge the Loan in full or in part, modify the terms and the time of payment
of the Loan, release from the lien of this Agreement any part of the Collateral,
take or release other or additional security, join in any extension or
subordination agreement.  Any actions taken by the Company pursuant to the terms
of this Section shall not affect the obligation of the Borrower or the
Borrower's successors or assigns to pay the sums secured by this Agreement and
to observe the covenants of the Borrower contained herein, and shall not affect
the lien or the priority of the lien created hereby on the Collateral.

8.   Forbearance by Company Not a Waiver.  Any forbearance by the Company in
     -----------------------------------
exercising any right or remedy hereunder, or otherwise afforded by applicable
law, shall not be a waiver of or preclude the exercise of any right or remedy.
The acceptance by the Company of payment of any sum secured by this Agreement
after the due date of such payment shall not be a waiver of the Company's right
to either require prompt payment when due of all other sums so secured or to
declare a default for failure to make prompt payment.

9.   Miscellaneous.
     -------------

     9.1  No Third-Party Beneficiaries.  This Agreement shall not confer any
          ----------------------------
rights or remedies upon any person other than the Parties and their respective
successors and permitted assigns.

                                      -4-
<PAGE>

     9.2  Entire Agreement.  This Agreement (including the documents referred to
          ----------------
          herein) constitutes the entire agreement among the Parties and
          supersedes any prior understandings, agreements, or representations by
          or amount the Parties, written or oral, to the extent they have
          related in any way to the subject matter hereof.

     9.3  Succession and Assignment.  This Agreement shall be binding upon and
          -------------------------
          inure to the benefit of the Parties named herein and their respective
          successors and permitted assigns.  No Party may assign either this
          Agreement or any of his or its rights, interests, or obligations
          hereunder without the prior written approval or the other Party.

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

     9.5  Headings.  The section headings contained in this Agreement are
          --------
          inserted for convenience only and shall not affect in any way the
          meaning or interpretation of this Agreement.

     9.6  Notices.  All notices, requests, demands, claims, and other
          -------
          communications hereunder will be in writing.  Any notice, request,
          demand, claim, or other communication hereunder shall be deemed duly
          given (a) if sent by facsimile, upon receipt by the sending party of a
          transmission receipt confirmation and (b) if sent by registered or
          certified mail, return receipt requested, postage prepaid, two
          business days after it is sent, in each case addressed to the intended
          recipient as set forth below:

          If to the Borrower, as set forth in Item 4 of Schedule 1.

          If to the Company, as follows:

          Infonet Services Corporation
          2100 East Grand Avenue
          El Segundo, California 90245
          Attn:  General Counsel

          Facsimile: (310) 322-6229

          Any Party may send any notice, request, demand, claim, or other
          communication hereunder to the intended recipient at the address set
          forth above using any other means (including personal delivery,
          expedited courier, messenger service, telecopy, telex, ordinary mail,
          or electronic mail), but no such notice, request, demand, claim, or
          other communication shall be deemed to have been duly given unless and
          until it actually is received by the intended recipient.  Any Party
          may change the address to which notices, requests, demands, claims,
          and other communications hereunder are to be delivered by giving the
          other Party notice in the manner herein set forth.

                                      -5-
<PAGE>

     9.7  Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
          -------------
          ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF CALIFORNIA WITHOUT
          GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE
          (WHETHER OF THE STATE OF CALIFORNIA OR ANY OTHER JURISDICTION) THAT
          WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN
          THE STATE OF CALIFORNIA.  THE PARTIES EACH HEREBY AGREE THAT ANY
          ACTION, SUIT, ARBITRATION OR OTHER PROCEEDING ARISING OUT OF OR
          RELATED TO THIS AGREEMENT OR THE RELATIONSHIP CREATED HEREBY SHALL BE
          CONDUCTED ONLY IN LOS ANGELES COUNTY, CALIFORNIA.  EACH OF THE PARTIES
          HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENTS AND SUBMITS TO THE
          EXCLUSIVE PERSONAL JURISDICTION OF AND VENUE IN THE UNITED STATES
          DISTRICT COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA AND IN THE
          SUPERIOR COURT AND MUNICIPAL COURT FOR LOS ANGELES COUNTY IN ANY LEGAL
          ACTION, EQUITABLE SUIT OR OTHER PROCEEDING ARISING OUT OF OR RELATED
          TO THIS AGREEMENT OR THE RELATIONSHIP BETWEEN THE PARTIES CREATED
          HEREBY (AND EACH OF THE PARTIES AGREES NOT TO COMMENCE ANY ACTION,
          SUIT OR PROCEEDING RELATING THERETO EXCEPT IN SUCH COURTS AND NOT TO
          PLEAD OR CLAIM THAT ANY SUCH COURT IS AN INCONVENIENT OR OTHERWISE
          IMPROPER OR INAPPROPRIATE FORUM).

     9.8  Amendments and Waivers.  Except as provided in Section 7, no amendment
          ----------------------
          of any provision of this Agreement shall be valid unless the same
          shall be in writing and signed by the Parties.  No waiver by any Party
          of any default, misrepresentation, or breach of warranty or covenant
          hereunder, whether intentional or not, shall be deemed to extend to
          any prior or subsequent default, misrepresentation, or breach of
          warranty or covenant hereunder or affect in any way any rights arising
          by virtue of any prior or subsequent such occurrence.

     9.9  Severability.  Any term or provision of this Agreement that is invalid
          ------------
          or unenforceable in any situation in any jurisdiction shall not affect
          the validity or enforceability of the remaining terms and provisions
          hereof or the validity or enforceability of the offending term or
          provision in any other situation or in any other jurisdiction.

     9.10 Expenses.  Each of Party will be bear its own costs and expenses
          --------
          (including legal fees and expenses) incurred in connection with this
          Agreement and the transactions contemplated hereby.

     9.11 Incorporation of Schedule.  Schedule 1 to this Agreement is
          -------------------------
          incorporated herein by reference and made a part hereof.

                                      -6-
<PAGE>

     9.12 References to Sections.  Unless otherwise clear from the context,
          ----------------------
          references to "Sections" are to the sections of this Agreement.

     IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of
the Effective Date.

                                       Infonet Services Corporation

                                       By:____________________________
                                          Name:
                                          Title:

                                       The Borrower

                                       ____________________________
                                       Name

Consent of Borrower's spouse (necessary if box (a) of Item 5 of Schedule 1 is
checked)

________________________________
Name:

                                      -7-
<PAGE>

Item 1.   Name of Borrower: ______________________

Item 2.   Amount of Loan: ______________________

Item 3.   Number of Shares purchased under the Plan: ______________________

Item 4.   Borrower's notice information:

          ______________________
          ______________________
          ______________________
          ______________________

          Facsimile: ______________________

Item 5.   I am (a) [_] married

               (b) [_] not married

                                      -8-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}]]