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LVLT > SEC Filings for LVLT > Form 8-K on 19-Mar-2013All Recent SEC Filings

Show all filings for LEVEL 3 COMMUNICATIONS INC | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers, Financial Statements and Ex

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective March 13, 2013, the Compensation Committee (the "Committee") of the Board of Directors of Level 3 Communications, Inc. ("Level 3") amended Exhibit B
- Restrictive Covenant Agreement (the "Agreement") of its Key Executive Severance Plan (the "Plan").

Level 3 established the Plan to provide eligible executives, who are involuntarily terminated from employment in certain limited circumstances, with severance and welfare benefits. The Agreement was amended to provide that the non-compete requirements of the Agreement will be applicable during the Restricted Period (as defined in the Agreement) following termination of an eligible executive's employment only if such termination resulted from a Qualifying Termination (as defined in the Plan).

In addition, the non-compete requirements may be waived during the Restricted Period by Level 3's chief executive officer and chief administrative officer, in their sole and absolute discretion, in a written waiver signed by both officers.

Level 3's Named Executive Officers, other than its chief executive officer James
Q. Crowe, are Participants (as defined in the Plan) under the Key Executive Severance Plan.

The Committee determined to modify the Agreement as described above to align the effectiveness of the non-compete provisions to only those circumstances where the Participant actually receives a payment under the Plan.

The form of Agreement as amended is filed as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference as if set forth in full.

Item 9.01. Financial Statements and Exhibits

(a) Financial Statements of Business Acquired


(b) Pro Forma Financial Information


(c) Shell Company Transactions


(d) Exhibits

10.1 Form of Exhibit B - Restrictive Covenant Agreement to the Key Executive Severance Plan.

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