Amended Letter Agreement to Employment Agreement between TIH Ltd. and Pierre Duhamel
This agreement amends the employment contract between Teleglobe International Holdings Ltd. (TIH Ltd.) and Pierre Duhamel, Executive Vice President and CFO. Effective November 1, 2005, Duhamel's target incentive compensation for 2005 is increased to 140% of his base salary, retroactive to January 1, 2005. In the event of termination, his target bonus is also raised from 100% to 140% of base salary. All other terms of the original employment agreement remain unchanged.
Exhibit 10.3
November 9, 2005
Mr. Pierre Duhamel
Executive Vice President and Chief Financial Officer
| Re: | AMENDMENT TO EMPLOYMENT AGREEMENT |
Dear Pierre,
I am pleased to confirm that Teleglobe International Holdings Ltd (“Teleglobe”) has approved the following changes, effective November 1, 2005, to your employment agreement dated January 10, 2005 (“Agreement”):
1) Incentive Compensation: With respect to 2005, the target performance level shall be 140% of base salary, retroactive to January 1, 2005.
2) Termination: The target bonus set out in clause (c) of the section regarding “Termination” shall be amended from 100% of base salary to 140% of base salary.
Except as amended above, the terms and conditions of the Agreement are hereby ratified and confirmed, and shall remain in full force and effect.
Please indicate your acceptance of these terms and conditions by signing this letter and returning the original copy to Nicole Lemay, Vice President, Human Resources.
Thank you for your continued contributions and commitment to the success of Teleglobe.
| Best regards, |
| /s/ LIAM STRONG |
| Liam Strong |
| President and Chief Executive Officer |
| cc: | Nicole Lemay, VP, Human Resources |
I accept the conditions described in this letter.
| Signature: /s/ PIERRE DUHAMEL | Date: November 9, 2005 |
