exv10w32






Exhibit 10.32




Execution Copy (w/NC)

Class B Common Units




EMPLOYEE EQUITY AGREEMENT




          This EMPLOYEE EQUITY AGREEMENT (this “Agreement”) is made as of March 19, 2010 by and
between Communications Infrastructure Investments, LLC, a Delaware limited liability company (the
“Company”), and Christopher Yost (“Employee”). Unless otherwise provided in this
Agreement, capitalized terms used herein shall have the meanings set forth in Section 9
hereof.




          WHEREAS, the Company desires to issue to Employee Two Hundred Fifty Thousand (250,000) of the
Company’s Class B Common Units in consideration of certain services rendered by Employee to one or
more of the Company’s subsidiaries, upon the terms and subject to the conditions set forth herein
and in the LLC Agreement.




          NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:




          Section 1. Issuance.




          (a) Upon the terms and subject to the conditions of this Agreement and the
LLC Agreement, on the date of this Agreement, the Company will issue to Employee, in
consideration of certain services rendered by Employee to the Company, Two Hundred Fifty
Thousand (250,000) of the Company’s Class B Common Units (the “Employee Units”).
Common Unit Threshold B related to such Employee Units shall be $15,000,000.00. Such
Employee Units shall receive distributions from the Company pursuant to the LLC Agreement
when the aggregate distributions previously made with respect to Issued Common Units pursuant
to the LLC Agreement are equal to or greater than such Common Unit Threshold B.




          (b) The Employee Units are being issued as profits interests for federal
income tax purposes pursuant to Revenue Procedures 93-27 and 2001-43 (or pursuant to any
subsequent authority) and notwithstanding anything to the contrary in this Agreement or the
LLC
Agreement, any allocation or distribution pursuant to the LLC Agreement with respect to the
Employee Units issued pursuant to this Agreement shall be adjusted to the extent necessary so
that such Employee Units shall be treated as profits interests for federal income tax
purposes.




          Section 2. Closing Conditions. The obligation of the Company to consummate the
transactions contemplated hereby and issue Employee Units hereunder is subject to Employee’s
execution and delivery of (i) a counterpart signature to the LLC Agreement and (ii) a Non
Disclosure and Developments Agreement.




          Section 3. Representations and Warranties of Employee. In connection with the
issuance of the Employee Units hereunder, Employee represents and warrants to the Company as of
the date hereof as follows:




          (a) Employee has had an opportunity to ask questions and receive answers concerning the terms
and conditions of the Employee Units. Employee has reviewed, or has had an opportunity to review a
copy of the LLC Agreement.







 









 








          (b) Each of this Agreement and the LLC Agreement constitutes the legal,
valid and binding obligation of Employee, enforceable against Employee in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and limitations on the
availability
of equitable remedies, and the execution, delivery, and performance of this Agreement and the
LLC Agreement by Employee does not and will not conflict with, violate, or cause a breach of
any agreement, contract, or instrument to which Employee is a party or any judgment, order, or
decree to which Employee is subject.




          (c) As a condition precedent to the issuance of the Employee Units pursuant
to this Agreement, Employee shall execute and deliver to the Company and the Internal Revenue
Service (the “IRS”) a timely, valid election under Section 83(b) of the Code (the “83(b)
Election”). Employee understands that under Section 83(b) of the Code, the
Treasury
regulations promulgated thereunder, and certain IRS administrative announcements (including
Revenue Procedures 93-27 and 2001-43), in the absence of an effective election under Section
83 (b) of the Code, the excess of the fair market value of the Employee Units on the date on
which any forfeiture restrictions applicable to such Employee Units lapse over the price paid
for such units is reportable as ordinary income at that time. For this purpose, the term
“forfeiture
restrictions” means the restrictions on transferability, the repurchase and forfeiture
provisions
and the vesting conditions imposed under Section 5 and Section 6 hereof.
Employee understands
that (i) in making the 83 (b) Election, Employee may be taxed at the time the Employee Units
are
acquired hereunder to the extent the fair market value of the Employee Units exceeds the
purchase price for such units and (ii) in order to be effective, the 83(b) Election must be
filed
with the IRS within thirty (30) days after the date upon which the Employee Units were issued
to
Employee hereunder. Employee hereby acknowledges that: (x) the foregoing description of the
tax consequences of the 83(b) Election is not intended to be complete and, among other things,
does not describe state, local or foreign income and other tax consequences; (y) none of the
Company, the Investor Members or any of the their respective affiliates, officers, employees,
agents or representatives (each, a “Related Person”) has provided or is providing
Employee with
tax advice regarding the 83(b) Election or any other matter, and the Company and the Investor
Members have urged Employee to consult Employee’s own tax advisor with respect to income
taxation consequences of purchasing, holding and disposing of the Employee Units; and (z) none
of the Company, the Investor Members or any Related Person has advised Employee to rely on
any determination by it or its representatives as to the fair market value specified in the
83(b)
Election and will have no liability to Employee if the actual fair market value of the
Employee
Units on the date hereof exceeds the amount specified in the 83(b) Election.




          (d) None of the Company, the Investor Members or any Related Person has
made any representation or warranty, express or implied, as to the future performance of the
Company or the present or future value of the Employee Units to be purchased by Employee.
Employee further acknowledges that: (i) all forecasts, projections or illustrations of amounts
that
might be realized as a result of Employee’s purchase of the Employee Units that the Company,
the Investor Members or a Related Person shared with Employee (collectively,
“Illustrations”), if
any, were purely hypothetical; (ii) none of the Company, the Investor Members or any Related
Person intended for Employee to rely upon such Illustrations in the process of making an
investment decision, and (iii) Employee has not relied on such Illustrations in the process of
making an investment decision.




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          Section 4. Representations and Warranties of the Company. In connection with the
issuance of the Employee Units hereunder, the Company represents and warrants to Employee as of
the date hereof as follows:




          (a) Organization, Limited Liability Company Power. The Company is a
limited liability company duly organized, validly existing and in good standing under the laws
of
the State of Delaware. The Company possesses all requisite limited liability company power and
authority necessary to own and operate its properties, to carry on its businesses as presently
conducted and to carry out the transactions contemplated by this Agreement.




          (b) Employee Units Duly Issued. When issued pursuant to this Agreement,
all of the Employee Units will be duly authorized, validly issued and will have been issued by
the Company in compliance with applicable federal and state securities laws.




          (c) Authorization; No Breach; Consents. The execution, delivery and
performance by the Company or its officers of this Agreement and the LLC Agreement and the
offer, sale and issuance of the Employee Units hereunder have been duly authorized by the
Company. Each of this Agreement and the LLC Agreement constitutes a valid and binding
obligation of the Company, enforceable in accordance with its terms, except as enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and limitations on the availability of equitable remedies.




          Section 5. Vesting. The Employee Units issued to Employee pursuant to this Agreement
will “vest” as provided in this Section 5. The provisions of this Section 5 will
be in all respects subject to the provisions of Section 6 below.




          (a) General. The vesting start date is May 1, 2009 (the “Vesting Start
Date”). The issuance date is March 19, 2010 (the “Issuance Date”). The vesting end
date is May 1, 2013 (the “Vesting End Date”). Subject to Section 5(b) below, (i) on March
19, 2011 (the “First Vesting Date”), 114,583 Employee Units of the Employee Units acquired
by Employee hereunder shall vest and become Vested Units and (ii) thereafter, on a monthly basis
measured from the First Vesting Date through the Vesting End Date, a number of Employee Units
equal to 1/48 of the aggregate number of Employee Units acquired by Employee hereunder shall vest
and become Vested Units; provided that all of the Employee Units will immediately vest and
become Vested Units five months after the consummation of a Sale of the Company if Employee has
remained continuously employed by the Company or any Subsidiary of the Company from the date
hereof through the such Sale of the Company is consummated and such Employee does not voluntarily
terminate such Employee’s employment with the Company prior to the date five-months after the
consummation of the Sale of the Company and (A) all of the consideration paid in respect of such
Sale of the Company consists of cash or Marketable Securities, (B) the consideration paid in
respect of such Sale of the Company is not all cash or Marketable Securities and the Board
determines in the Board’s sole discretion that the Sale of the Company constituted a Management
Control Acquisition or (C) the Board determines in the Board’s sole discretion that the Employee
Units shall immediately vest and become Vested Units. As of any date, the term “Vested
Units” means the Employee Units that have vested as of such date pursuant to this Section
5 and the term “Unvested Units” means the Employee Units that are not Vested Units as
of such date.







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          (b) Termination of Vesting. Notwithstanding Sections 5(a) above,
if
Employee ceases to be employed by the Company or any of its Subsidiaries prior to a Sale of
the
Company, then vesting will cease, with the effect that from and after the date of such
cessation
the number of the Employee Units issued to Employee pursuant to Section 1 above that
will be
Vested Units will be the number of such units that constitute Vested Units as determined
pursuant to Section 5(a) above as of the date such employment ceased, whether or not a
Sale of
the Company occurs thereafter.




          (c) Transfer. Employee may transfer Vested Units or Unvested Units only in
accordance with the LLC Agreement and Section 10(b) below. Furthermore, Employee may
not
agree to offer or sell, grant any call option with respect to, pledge, hypothecate, borrow
against,
grant a lien, security interest or other encumbrance in or on, dispose of or enter into any
swap or
derivative transaction with respect to any Vested Unit or Unvested Unit or any interest
therein
without the prior written consent of the Board. Any attempted or purported transfer, sale,
grant,
pledge, hypothecation or other agreement in violation of this Agreement shall be void ab
initio.




          (d) Rights as a Member. Employee shall be the record owner of the
Employee Units until or unless such Employee Units are forfeited or repurchased pursuant to
Section 6 below or transferred in accordance with the terms of the LLC Agreement, and
as
record owner shall be entitled to all rights granted to owners of Common Units.




          Section 6. Repurchase and Forfeiture of Units.




          (a) Repurchase Option. If Employee ceases to be employed by the Company
or any of its Subsidiaries (the “Termination” of Employee), the Unvested
Units shall
automatically, and without any action on the part of the Company, be forfeited and cease to
exist
as of the date of the Termination, and the Vested Units shall either (i) if such Termination
was by
the Company for subjection (iv) of the definition of Cause set forth in Section 9
herein, be,
automatically, and without any action on the part of the Company, forfeited and cease to exist
as of the date of the Termination (ii) if such Termination was by the Company for subjection (i), (ii)
or (iii) of the definition of Cause set forth in Section 9 herein, be subject to
repurchase by the
Company (or its nominee) pursuant to the terms and conditions set forth in this Section
6, or (iii)
if such Termination was for any reason other than a Termination by the Company for Cause, be
retained by Employee.




          (b) Purchase Price. The purchase price for each Vested Unit shall be the Fair
Market Value (as defined below) for such unit as of the date of the Termination. The
“Fair  Market Value” of any Vested Unit on any date means the amount that would be
distributed to the
owner of such Vested Unit if the Company were to sell all of its assets for their fair market
value,
pay its indebtedness and other obligations, and distribute all remaining cash to the Members
in
accorance with the provisions of the liquidating provisions of the LLC Agreement, all as
determined in good faith by the Board.




          (c) Repurchase Procedures. The Company (or its nominee) may elect to
purchase all or any portion of the Vested Units by delivering written notice (the
“Repurchase Notice”) to the holder or holders of such Vested Units within 90 days following the
last day of
the Employment Period. The Repurchase Notice shall set forth the number of Vested Units to be




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acquired from each holder of Employee Units, the aggregate consideration to be paid for such
Vested Units and the time and place for the closing of the transaction. At any time prior to the
closing of such transaction, the Company may rescind the Repurchase Notice for any reason
(including for no reason at all) without liability to the holders of Employee Units. The Vested
Units to be repurchased by the Company shall first be satisfied to the extent possible from the
Employee Units held by Employee at the time of delivery of the Repurchase Notice. If the number of
Vested Units then held by Employee is less than the total number of Vested Units that the Company
has elected to purchase, the Company shall purchase the remaining Vested Units to be purchased
from the other holder(s) of Employee Units under this Agreement, pro rata according to the number
of Vested Units held by such other holder(s) at the time of delivery of such Repurchase Notice
(determined as close as practicable to the nearest whole units).




          (d) Closing of Repurchase. The closing of the purchase of such Employee
Units pursuant to Sections 6(c) above shall take place on the date designated by the
Company in
the Repurchase Notice. The Company (or its nominee) shall pay for such Employee Units to be
purchased by delivery, at the sole option of the Company, of either (i) a check or wire
transfer of
immediately available funds or (ii) an unsecured promissory note in form and substance
reasonably acceptable to the Board and Employee; provided that such promissory note
shall (A)
accrue interest at the then Applicable Federal Rate as published by the Internal Revenue
Service,
(B) have a stated maturity of five years, (C) provide that the principal and all accrued
interest
thereon shall be due and payable in arrears at maturity, (D) allow for voluntary prepayments
of principal and interest without penalty or premium and (E) be subordinated to any indebtedness
for borrowed money of the Company and its Subsidiaries. In connection with the purchase of
Employee Units hereunder, the Company shall be entitled to receive customary representations
and warranties from the sellers regarding such sale of units (including representations and
warranties regarding good title to such units, free and clear of any liens or encumbrances).




          (e) Termination of Repurchase Option. The right of the Company to
repurchase Employee Units pursuant to this Section 6 shall terminate upon the first to occur of a
Sale of the Company or a Qualified Public Offering.




          Section 7. Non-Compete. Employee hereby agrees that during Employee’s employment and
for a period of one year after Employee’s Termination, Employee will not directly or indirectly
engage or participate in (whether as an employee, consultant, proprietor, partner, director or
otherwise) any position (i) of a business development/mergers and acquisitions nature, with any
person, firm, corporation or business that engages in owning or operating fiber networks in the
United States, or (ii) a sales, sales management, or sales engineering nature if such position
involves products or services similar to the Company’s being sold to one or more of the Company’s
top 50 customers. Notwithstanding the foregoing, this Section 7 shall not apply (i) in any case
where the Termination of Employee by the Company was not for Cause, (ii) at any time after July
31, 2012 or (iii) at any time after 5 months after the Sale of Company shall have been
consummated. For avoidance of doubt, this Section 7 will apply in any case where the Employee
voluntarily terminates their employment with the Company or where the Employee is terminated with
Cause.




          Section 8. Withholding. If the Company or any of its subsidiaries determines in their
sole discretion that they are or could be obligated to withhold any tax in connection with




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the issuance of Employee Units, or in connection with the transfer of, or the lapse of
restrictions on, the Employee Units, the Company, or the applicable subsidiary, may, in its
discretion, withhold the appropriate amount of tax in cash from the Employee’s wages or other
remuneration. The Employee further agrees that, if the Company or the applicable subsidiary does
not withhold an amount sufficient to satisfy the withholding obligation of the Company or the
subsidiary, the Employee will on demand reimburse the Company or the subsidiary in cash for the
amount underwithheld.




          Section 9. Definitions.




          “Affiliate” shall mean, as to any Person, any other Person which directly or
indirectly controls, or is under common control with, or is controlled by, such Person. As used in
this definition, “control” (including, with its correlative meanings, “controlled by” and “under
common control with”) shall mean possession, directly or indirectly, of power to direct or cause
the direction of management or policies (whether through ownership of securities or partnership or
other ownership interests, by contract or otherwise).




          “Board” means the board of managers of the Company.




          “Business Day” means a day that is not a Saturday, a Sunday or a statutory or civic
holiday in the State of Colorado.




          “Cause” means (i) any continued or repeated absence from the Company, unless such
absence is (A) in compliance with Company policy or approved or excused by the Board or (B) is the
result of Employee’s permitted vacation, illness, disability or incapacity, (ii) use of illegal
drugs by Employee or repeated public drunkenness or commission by Employee of any act of moral
turpitude, (iii) conviction of, or a plea of guilty or no contest or similar plea with respect to,
a felony (other than a driving-related offense, including alcohol-related driving offenses) or
(iv) the commission by Employee of an act of fraud or embezzlement.




          “Common Unit Threshold B” has the meaning set forth in the LLC Agreement.




          “Common Units” has the meaning set forth in the LLC Agreement.




          “Code” means the United States Internal Revenue Code of 1986, as in effect from time
to time.




          “Employment Period” means the period beginning on the date hereof and ending on the
day on which Employee ceases to be employed by the Company or any of its Subsidiaries.




          “Investor Members” has the meaning set forth in the LLC Agreement.




          “Issued Common Units” has the meaning set forth in the LLC Agreement.




          “LLC Agreement” means the Second Amended and Restated Limited Liability Company
Operating Agreement of Communications Infrastructure Investments, LLC, dated as of February 9,
2009, as in effect from time to time.







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          “Management Control Acquisition” means a Sale of the Company with respect to which
(i) immediately prior to such Sale of the Company, either (A) Dan Caruso is serving the Company as
Chief Executive Officer or (B) John Scarano is serving the Company as either Chief Operating
Officer or Chief Executive Officer and (ii) after giving effect to the consummation of the Sale of
the Company, neither Dan Caruso nor John Scarano is offered the opportunity to serve as the Chief
Executive Officer of the combined company resulting from such Sale of the Company.




          “Marketable Securities” means securities of a class listed on a national securities
exchange or quoted on Nasdaq or a successor thereof (a) which the holders thereof would have the
right to sell in a Public Sale (whether pursuant to Rule 144 or exercise of registration rights or
otherwise) within 180 days following their issuance to the holders, disregarding for this purpose
any lock-up agreements or other contractual restrictions on transfer and (b) which can be
reasonably expected to be able to be sold in Public Sales within 180 days of their issuance
without having any material adverse effect upon the market for other securities of the same class.




          “Person” means an individual, a partnership, a corporation, a limited liability
company, an association, a joint share company, a trust, a joint venture, an unincorporated
organization and a governmental entity or any department, agency or political subdivision thereof.




          “Public Offering” means an underwritten public offering and sale of any common
ownership interest of the Company or any securities issued with respect to, or in exchange for any
common ownership interest of the Company pursuant to an effective registration statement under the
Securities Act.




          “Public Sale” means any sale of securities registered pursuant to a registration
statement under the Securities Act or pursuant to the provisions of Rule 144 or Rule 145 adopted
under the Securities Act or any substantially equivalent sale made in compliance with successor
provisions of the federal securities laws and regulations as amended.




          “Qualified Public Offering” means a Public Offering after which the Company’s common
equity securities will be traded on a U.S. national securities exchange or on the NASDAQ Stock
Market.




          “Sale of the Company” means any of the following: (a) a merger or consolidation of the
Company or its Subsidiaries into or with any other Person or Persons, or a transfer of units in a
single transaction or a series of transactions, in which in any case the Members of the Company or
the members of its Subsidiaries immediately prior to such merger, consolidation, sale, exchange,
conveyance or other disposition or first of such series of transactions possess less than a
majority of the voting power of the Company’s or its Subsidiaries’ or any successor entity’s issued
and outstanding capital securities immediately after such transaction or series of such
transactions; or (b) a single transaction or series of transactions, pursuant to which a Person or
Persons who are not direct or indirect wholly-owned Subsidiaries of the Company acquire all or
substantially all of the Company’s or its Subsidiaries’ assets determined on a consolidated basis,
in each case, other than (i) the issuance of additional capital securities in a Public Offering or
private offering for the account of the Company or a (ii) a foreclosure or similar transfer of




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equity occurring in connection with a creditor exercising remedies upon the default of any
indebtedness of the Company.




          “Securities Act” means the Securities Act of 1933, as amended from time to
time.




          “Subsidiary” means, with respect to any Person, any corporation, limited liability
company, partnership, association or other business entity of which (i) if a corporation, a
majority of the total voting power of units entitled (without regard to the occurrence of any
contingency) to vote in the election of directors thereof is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or
a combination thereof, or (ii) if a limited liability company, partnership, association or other
business entity, a majority of the limited liability company, partnership or other similar
ownership interest thereof is at the time owned or controlled, directly or indirectly, by any
Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a
Person or Persons shall be deemed to have a majority ownership interest in a limited liability
company, partnership, association or other business entity if such Person or Persons shall be
allocated a majority of limited liability company, partnership, association or other business
entity gains or losses or shall be or control the managing director or general partner of such
limited liability company, partnership, association or other business entity.




          Section 10. Miscellaneous.




          (a) Consent to Amendments. No modification, amendment or waiver of any
provision of this Agreement shall be effective against any party hereto unless such
modification,
amendment or waiver is approved in writing by such party. No other course of dealing between
the Company and Employee or any delay in exercising any rights hereunder will operate as a
waiver by any of the parties hereto of any rights hereunder.




          (b) Successors and Assigns. All covenants and agreements contained in this
Agreement by or on behalf of any of the parties hereto will bind and inure to the benefit of
the
respective successors and permitted assigns of the parties hereto whether so expressed or not.
In
addition to other transfer restrictions set forth in this Agreement and the LLC Agreement,
Employee may not transfer any units purchased hereunder until the transferee of such units
shall
have agreed in writing to be bound by the provisions of this Agreement affecting the units so
transferred.




          (c) Severability. Whenever possible, each provision of this Agreement will
be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be prohibited by or invalid under applicable law, such
provision will be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Agreement.




          (d) Counterparts. This Agreement may be executed simultaneously in two or
more counterparts, any one of which need not contain the signatures of more than one party,
but
all such counterparts taken together will constitute one and the same Agreement.




          (e) Descriptive Headings; Interpretation. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a substantive part of this





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Agreement. The use of the word “including” in this Agreement will be by way of example rather
than by limitation.




          (f) Governing Law. ISSUES AND QUESTIONS CONCERNING THE
CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS
AGREEMENT AND THE EXHIBITS AND SCHEDULES HERETO SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF
LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE OR ANY
OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF
ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE. IN FURTHERANCE
OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF DELAWARE SHALL
CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT
(AND THE SCHEDULE HERETO), EVEN THOUGH UNDER DELAWARE’S CHOICE OF
LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER
JURISDICTION WOULD ORDINARILY APPLY.




          (g) Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY
JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING
UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED
OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS
AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE
WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN
CONTRACT, TORT, EQUITY, OR OTHERWISE. EACH PARTY TO THIS AGREEMENT
HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR
CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND
THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART
OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF
THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO
TRIAL BY JURY.




          (h) Notices. All notices, demands or other communications to be given or delivered by
reason of the provisions of this Agreement shall be in writing and shall be deemed to have been
given (i) on the date of personal delivery to the recipient or an officer of the recipient, or (ii)
when sent by telecopy or facsimile machine to the number shown below on the date of such confirmed
facsimile or telecopy transmission (provided that a confirming copy is sent via overnight mail), or
(iii) when properly deposited for delivery by a nationally recognized commercial overnight delivery
service, prepaid, or by deposit in the United States mail, certified or registered mail, postage
prepaid, return receipt requested. Such notices, demands and other communications will be sent to
each party at the address indicated for such party below:








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     If to the Company to:


Communications Infrastructure Investments, LLC

901 Front Street, Suite 200

Louisville, CO 80027

Attention: Chief Financial Officer (CFO)




     with a copy (which will not constitute notice to the Company) to:


Communications Infrastructure Investments, LLC

901 Front Street, Suite 200

Louisville, CO 80027

Attention: General Counsel




     If to Employee to:



          The address listed on the signature page hereto.



or to such other address or to the attention of such other person as the recipient party has
specified by prior written notice to the sending party.




          (i) No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or
interpretation arises, this Agreement will be construed as if drafted jointly by the parties
hereto, and no presumption or burden of proof will arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this Agreement.




          (j) Entire Agreement. Except as otherwise expressly set forth in this Agreement, this
Agreement and the other agreements referred to in this Agreement embody the complete agreement and
understanding among the parties to this Agreement with respect to the subject matter of this
Agreement, and supersede and preempt any prior understandings, agreements, or representations by
or among the parties or their predecessors, written or oral, which may have related to the subject
matter of this Agreement in any way.




          (k) Time is of the Essence. Time is of the essence for each and every provision of
this Agreement. Whenever the last day for the exercise of any privilege or the discharge or any
duty hereunder shall fall upon a day that is not a Business Day, the party having such privilege
or duty may exercise such privilege or discharge such duty on the next succeeding day which is a
Business Day.




* * * * *







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          IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first
written above.




	 	 	 	 	 
	 	COMPANY:



COMMUNICATIONS INFRASTRUCTURE 

INVESTMENTS, LLC

 	 
	 	By:  	/s/ Scott E. Beer
 	 
	 	 	Name:  	SCOTT E. BEER  	 
	 	 	Title:  	GC & SECTY 	 
	 
	 
	 	EMPLOYEE:

 	 
	 	/s/ Christopher Yost
 	 
	 	Christopher Yost 	 
	 
	 	Address:  4155 Broadmoor Loop

                 Broomfield, CO 80023 	 
	 



Communications Infrastructure Investments, LLC

Employee Equity Agreement Signature Page








 









 








COMMUNICATIONS INFRASTRUCTURE INVESTMENTS, LLC




COUNTERPART SIGNATURE PAGE AND

AGREEMENT TO BE BOUND




     The undersigned hereby acknowledges and agrees, as follows:



     1. Acknowledgment. The undersigned hereby acknowledges that the
undersigned’s execution of this Counterpart Signature Page and Agreement to be Bound
is a condition precedent to the undersigned’s receipt of membership interest units
(“Units”) of Communications Infrastructure Investments, LLC (the “Company”),
pursuant to the terms of the Company’s Second Amended and Restated Operating
Agreement, dated February 9, 2009 (the “Operating Agreement”).



     2. Counterpart Signature Pages. The undersigned hereby acknowledges and
agrees that the undersigned’s signature below shall constitute an executed counterpart
signature page to the Operating Agreement.



     3. Operating Agreement. The undersigned hereby agrees to be bound by and
subject to the terms and conditions of the Operating Agreement.



	 	 	 	 	 
	Dated: 4/14/10 	Communications Infrastructure

Investments, LLC

 	 
	 	By:  	/s/ Scott E. Beer
 	 
	 	 	Name:  	SCOTT E. BEER 	 
	 	 	Title:  	GC & SECTY 	 
	 
	 
	Dated: 4/14/10 	Employee

 	 
	 	By:  	/s/ Christopher P. Yost
 	 
	 	 	Name:  	Christopher P. Yost