Document:

Registration Rights Agreement

 Exhibit 10.47 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this
“Agreement”), dated as of October 5, 2007, by and between WISE METALS GROUP LLC, a Delaware limited liability company (the “Company”), THE TEACHERS’ RETIREMENT SYSTEM OF ALABAMA
(“TRSA”), and THE EMPLOYEES’ RETIREMENT SYSTEM OF ALABAMA (“ERSA” and, together with TRSA, the “Investors”). 
 WHEREAS: 
 A. The Company, TRSA and ERSA have entered into a Preferred
Membership Interest Purchase Agreement (the “Securities Purchase Agreement”), dated as of October 4, 2007, pursuant to which the Company has agreed to issue and sell to the Investors an aggregate amount of $75 million
convertible preferred membership interests in the Company (the “Preferred Interest”); 
 B. Concurrently herewith, the
Company, the Investors and the other members of the Company are entering into the LLC Agreement (as hereinafter defined), pursuant to which the parties thereto have agreed to, among other things, certain first offer, drag-along and tag-along rights,
certain governance rights and obligations and certain negative covenants; 
 C. To induce the Investors to purchase the Preferred Interest,
and induce the parties hereto to execute and deliver the Securities Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any
similar successor statute (collectively, the “Securities Act”); and 
 D. Capitalized terms used but not otherwise defined
herein shall have the meanings set forth in the Securities Purchase Agreement. 
 NOW, THEREFORE, in consideration of the premises and
the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Investors hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS

 1.1 Definitions 
 As
used in this Agreement, and unless the context requires a different meaning, the following terms have the meanings indicated: 
 “Affiliate” shall mean any Person who is an “affiliate” as defined in Rule 12b-2 of the General Rules and Regulations under the Exchange Act. 

 “Agreement” means this Agreement as the same may be amended, supplemented or modified in
accordance with the terms hereof. 
 “Approved Underwriter” has the meaning set forth in Section 2.6. 
 “Board of Directors” means the Board of Directors of the Company. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in the State of Alabama or the State
of New York are authorized or required by law or executive order to close. 
 “Commission” means the Securities and Exchange
Commission or any similar agency then having jurisdiction to enforce the Securities Act. 
 “Common Interest” means the
common membership interests of the Company or any other equity interest of the Company into which such common membership interest is reclassified or reconstituted. 
 “Company” has the meaning set forth in the preamble to this Agreement. 
 “Company
Underwriter” has the meaning set forth in Section 3.1. 
 “Demand Registration” has the meaning set forth in
Section 2.1, 
 “Designated Holder” means each of the Investor Holders and any transferee of any of them to whom
Registrable Securities have been transferred in accordance with Section 9.5 of this Agreement, other than a transferee to whom Registrable Securities have been transferred pursuant to a Registration Statement under the Securities Act or Rule
144 or Regulation S under the Securities Act (or any successor thereto). 
 “Exchange Act” means the United States
Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder. 
 “Holders’
Counsel” has the meaning set forth in Section 6.1 (a). 
 “Incidental Registration” has the meaning set forth
in Section 3.1. 
 “Indemnified Party” has the meaning set forth in Section 7.3. 
 “Indemnifying Party” has the meaning set forth in Section 7.3. 
 “Initial Public Offering” means the initial public offering of the Common Interests of the Company pursuant to an effective Registration
Statement filed under the Securities Act. 
 “Initiating Holders” has the meaning set forth in Section 2.1. 

“Inspector” has the meaning set forth in Section 6.1(g). 
 “Investors” has the meaning set forth in the preamble to this Agreement. 
  

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 “Investor Holders” means each Investor and any Permitted Transferee (as defined in the
LLC Agreement) thereof to whom Registrable Securities are transferred in accordance with Paragraph 7.1 of the LLC Agreement (so long as such agreement is in effect) and with Section 9.5 of this Agreement. 
 “IPO Effectiveness Date” means the date upon which the Company closes its Initial Public Offering. 
 “Liability” has the meaning set forth in Section 7.1. 
 “LLC Agreement” means that certain Amended and Restated Limited Liability Company Agreement, dated the date hereof, among the Company,
the Investors and the other members of the Company. 
 “Person” means any individual, firm, corporation, partnership, trust,
incorporated or unincorporated association, joint venture, joint stock company, limited liability company, government (or an agency or political subdivision thereof) or other entity of any kind, and shall include any successor (by merger or
otherwise) of such entity. 
 “Preferred Interest” has the meaning set forth in the recitals to this Agreement. 

“Records” has the meaning set forth in Section 6.1(g). 
 “Registrable Securities” means each of the following: (a) any and all Common Interests owned by the Designated Holders or issued or
issuable upon conversion of the Preferred Interest and any Common Interests issued or issuable upon conversion of any preferred membership interest or exercise of any warrants acquired by any of the Designated Holders after the date hereof,
(b) any other Common Interest acquired or owned by any of the Designated Holders prior to the IPO Effectiveness Date and (c) any Common Interest issued or issuable to any of the Designated Holders with respect to the Registrable Securities
by way of dividend or in connection with a combination of interests, recapitalization, merger, consolidation or other reorganization or otherwise and any Common Interest issuable upon conversion, exercise or exchange thereof. 
 “Registration Expenses” has the meaning set forth in Section 6.4. 
 “Registration Statement” means a registration statement filed pursuant to the Securities Act. 
 “RSA Directors” means the two directors appointed by the Investors in accordance with the terms of the Securities Purchase Agreement.

 “S-3 Initiating Holders” has the meaning set forth in Section 4.1 of this Agreement. 
 “S-3 Registration” has the meaning set forth in Section 4.1. 
 “Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder. 
  

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 “Securities Purchase Agreement” has the meaning set forth in the recitals to this
Agreement. 
 “Valid Business Reason” has the meaning set forth in Section 2.1. 
 ARTICLE 2 
 DEMAND REGISTRATION 

 2.1 Request for Demand Registration. At any time commencing on or after the date that is one hundred eighty (180) days after
the IPO Effectiveness Date (or any longer period agreed to between the Investor Holders and the underwriter managing such IPO), the Investor Holders holding at least 25% of the Registrable Securities then held by all of the Investor Holders (the
“Initiating Holders”), may make a written request to the Company to register, and the Company shall register, under the Securities Act (other than pursuant to a Registration Statement on Form S-4 or S-8 or any successor thereto) (a
“Demand Registration”), the number of Registrable Securities stated in such request; provided, however, that the Company shall not be obligated to effect more than two (2) such Demand Registrations for the Investor Holders; provided,
further, that the Company shall not be obligated to effect a Demand Registration within six (6) months after the effective date of the immediately preceding Demand Registration. For purposes of the preceding sentence, the filing of two or more
Registration Statements in response to one demand shall be counted as one Demand Registration. If the Board of Directors, in its good faith judgment, determines that any registration of Registrable Securities should not be made or continued because
(i) it would require the Company to make public disclosure of information, the public disclosure of which would have a material adverse effect upon the Company or (ii) it would materially interfere with any material financing, acquisition,
corporate reorganization or merger or other material transaction involving the Company (a “Valid Business Reason”), the Company may (x) postpone filing a registration statement relating to a Demand Registration until such Valid
Business Reason no longer exists, but in no event for more than ninety (90) days, and (y) in case a registration statement has been filed relating to a Demand Registration, if the Valid Business Reason has not resulted from actions taken
by the Company, the Company, upon the approval of a majority of the Board of Directors (as defined in the LLC Agreement), such majority to include the RSA Directors, may cause such registration statement to be withdrawn and its effectiveness
terminated or may postpone amending or supplementing such registration statement. The Company shall give written notice of its determination to postpone or withdraw a registration statement and of the fact that the Valid Business Reason for such
postponement or withdrawal no longer exists, in each case, promptly after the occurrence thereof. Notwithstanding anything to the contrary contained herein, the Company may not postpone or withdraw a filing under this Section 2.1 more than once
in any twelve (12) month period. Each request for a Demand Registration by the Initiating Holders shall state the amount of the Registrable Securities proposed to be sold and the intended method of disposition thereof. 
 2.2 Incidental or “Piggy-Back” Rights with Respect to a Demand Registration. Each of the Designated Holders (other than Initiating
Holders which have requested a registration under Section 2.1) may offer its Registrable Securities under any Demand Registration pursuant to this Section 2.2. Within five (5) days after the receipt of a request for a Demand
Registration 

  

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from an Initiating Holder, the Company shall (i) give written notice thereof to all of the Designated Holders (other than Initiating Holders which have
requested a registration under Section 2.1) and (ii) subject to Section 2.5, include in such registration all of the Registrable Securities held by such Designated Holders from whom the Company has received a written request for
inclusion therein within twenty (20) days of the receipt by such Designated Holders of such written notice referred to in clause (i) above. Each such request by such Designated Holders shall specify the number of Registrable Securities
proposed to be registered. The failure of any Designated Holder to respond within such 20-day period referred to in clause (ii) above shall be deemed to be a waiver of such Designated Holder’s rights under this Article 2 with respect to
such Demand Registration. Any Designated Holder may waive its rights under this Article 2 prior to the expiration of such 20-day period by giving written notice to the Company, with a copy to the Initiating Holders. If a Designated Holder sends the
Company a written request for inclusion of part or all of such Designated Holder’s Registrable Securities in a registration, such Designated Holder shall not be entitled to withdraw or revoke such request without the prior written consent of
the Company in its sole discretion unless, as a result of facts or circumstances arising after the date on which such request was made relating to the Company or to market conditions, such Designated Holder reasonably determines that participation
in such registration would have a material adverse effect on such Designated Holder. 
 2.3 Effective Demand Registration. 

(a) The Company will file or, if permitted, submit confidentially, a Registration Statement relating to any Demand Registration as promptly as
practicable (but in any event within 45 days in the case of a registration made on Form S-1, or a comparable successor form, as applicable, or 30 days in the case of any registration eligible to be made on Form S-3 or a comparable successor form, as
applicable), after it receives a request under Section 2.1 hereof. The Company will use its reasonable best efforts to cause the Registration Statement to be declared effective by the Commission as soon as practicable thereafter. A registration
shall not constitute a Demand Registration until it has become effective and remains continuously effective for the lesser of (i) the period during which all Registrable Securities registered in the Demand Registration are sold and
(ii) 180 days; provided, however, that a registration shall not constitute a Demand Registration if (x) after such Demand Registration has become effective, such registration or the related offer, sale or distribution of Registrable
Securities thereunder is interfered with by any stop order, injunction or other order or requirement of the Commission or other governmental agency or court for any reason not attributable to the Initiating Holders and such interference is not
thereafter eliminated, (y) the conditions specified in the underwriting agreement, if any, entered into in connection with such Demand Registration are not satisfied or waived, other than by reason of a failure by the Initiating Holder or
(z) such Demand Registration is withdrawn in accordance with Section 2.1 due to a Valid Business Reason. 
 (b) Notwithstanding
anything set forth elsewhere herein, if any registration prepared by the Company at the request of Initiating Holders pursuant to this Article 2 is not filed or does not become effective as a result of the decision of the Initiating Holders or any
underwriter designated by them other than because of the Company’s failure to comply with its obligations hereunder, because of a material adverse change in the Company’s business or 

  

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another reason primarily attributable to the Company, and the Investor Holders elect not to pay all of the Registration Expenses incurred in connection with
such registration request, then such registration shall count as one of the two Demand Registrations that the Investor Holders may make pursuant to Section 2.1. 
 2.4 Expenses. The Company shall pay all Registration Expenses in connection with a Demand Registration, whether or not such Demand Registration becomes effective. 
 2.5 Underwriting Procedures. If the Company or the Initiating Holders holding a majority of the Registrable Securities held by all of the
Initiating Holders so elect, the Company shall use its reasonable best efforts to cause such Demand Registration to be in the form of a firm commitment underwritten offering and the managing underwriter or underwriters selected for such offering
shall be the Approved Underwriter selected in accordance with Section 2.6. In connection with any Demand Registration under this Article 2 involving an underwritten offering, none of the Registrable Securities held by any Designated Holder
making a request for inclusion of such Registrable Securities pursuant to Section 2.2 hereof shall be included in such underwritten offering unless such Designated Holder accepts the terms of the offering as agreed upon by the Company, the
Initiating Holders and the Approved Underwriter, and then only in such quantity as will not, in the opinion of the Approved Underwriter, jeopardize the success of such offering by the Initiating Holders. If the Approved Underwriter advises the
Company that the aggregate amount of such Registrable Securities requested to be included in such offering is sufficiently large to have a material adverse effect on the success of such offering, then the Company shall include in such registration
only the aggregate amount of Registrable Securities that the Approved Underwriter believes may be sold without any such material adverse effect and shall reduce the amount of Registrable Securities to be included in such registration, with such
reduction applying first as to the Company, second as to the Investor Holders who are not Initiating Holders and who request to participate in such registration pursuant to Section 2.2 hereof as a group, and third as to the Initiating Holders
as a group, pro rata within each group based on the number of Registrable Securities owned by each such Initiating Holder, as the case may be. 
 2.6 Selection of Underwriters. If any Demand Registration or S-3 Registration, as the case maybe, of Registrable Securities is in the form of an underwritten offering, the Company shall select and obtain an investment banking firm of
national reputation to act as the managing underwriter of the offering (the “Approved Underwriter”); provided, however, that the Approved Underwriter shall, in any case, also be approved by the Initiating Holders or S-3 Initiating Holders,
as the case may be, such approval not to be unreasonably withheld. 
 ARTICLE 3 
 INCIDENTAL OR “PIGGY-BACK” REGISTRATION 
 3.1 Request for Incidental Registration. At any time after the IPO Effectiveness Date, if the Company proposes to file a Registration Statement under the Securities Act with respect to an offering by the
Company of its equity securities for cash for its own account (other than (a) a Registration Statement in which the only equity securities being registered are equity securities 

  

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issuable upon conversion of debt securities which are also being registered, (b) a Registration Statement on Form S-4 or Form S-8, or any successor
thereto, or otherwise primarily in connection with a Company stock incentive plan, (c) a Registration Statement in connection with an exchange offer of securities solely to existing security holders of the Company, or (d) a Registration
Statement pursuant to Rule 145 of the Securities Act) or for the account of any member of the Company other than the Designated Holders, then the Company shall give written notice of such proposed filing to each of the Designated Holders at least
thirty (30) days before the anticipated filing date, and such notice shall describe the proposed registration and distribution and offer such Designated Holders the opportunity to register the number of Registrable Securities as each such
Designated Holders may request (an “Incidental Registration”). The Company shall use its reasonable best efforts (within twenty (20) days of the notice provided for in the preceding sentence) to cause the managing underwriter or
underwriters in the case of a proposed underwritten offering (the “Company Underwriter”) to permit each of the Designated Holders who have requested in writing to participate in the Incidental Registration to include its or his Registrable
Securities in such offering on the same terms and conditions as the securities of the Company or the account of such other member, as the case may be, included therein, provided that (other than as set forth in Articles 2 and 4 and as may be
otherwise set forth in this Article 3) the Company shall have the right to postpone or withdraw, in its sole discretion, any such registration without obligation to any Designated Holder. In connection with any Incidental Registration under this
Section 3.1 involving an underwritten offering, the Company shall not be required to include any Registrable Securities in such underwritten offering unless the Designated Holders accept the terms of the underwritten offering as agreed upon
between the Company, such other members, if any, and the Company Underwriter, and then only in such quantity as the Company Underwriter believes will not jeopardize the success of the offering by the Company. If the Company Underwriter determines
that the registration of all or part of the Registrable Securities which the Investor Holders have requested to be included would materially adversely affect the success of such offering, then the Company shall be required to include in such
Incidental Registration, to the extent of the amount that the Company Underwriter believes may be sold without causing such material adverse effect, first, all of the securities to be offered for the account of the Company; second, the Registrable
Securities to be offered for the account of the Investor Holders pursuant to this Article 3, pro rata based on the number of Registrable Securities owned by each such Investor Holder; and third, any other securities requested to be included in such
offering. 
 3.2 Expenses. The Company shall bear all Registration Expenses in connection with any Incidental Registration pursuant to
this Article 3, whether or not such Incidental Registration becomes effective. 
 ARTICLE 4 
 FORM S-3 REGISTRATION 
 4.1 Request
for a Form S-3 Registration. Upon the Company becoming eligible for use of Form S-3 (or any successor form thereto) under the Securities Act in connection with a public offering of its securities, in the event that the Company shall receive from
Investor 

  

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Holders holding 25% of the Registrable Securities then held by all of the Investor Holders (the “S-3 Initiating Holders”), a written request that
the Company register, under the Securities Act on Form S-3 (or any successor form then in effect) (an “S-3 Registration”), all or a portion of the Registrable Securities owned by such S-3 Initiating Holders, the Company shall give written
notice of such request to all of the Designated Holders (other than S-3 Initiating Holders which have requested an S-3 Registration under this Section 4.1) at least ten (10) days before the anticipated filing date of such Form S-3, and
such notice shall describe the proposed registration and offer such Designated Holders the opportunity to register the number of Registrable Securities as each such Designated Holder may request in writing to the Company, given within ten
(10) days after their receipt from the Company of the written notice of such registration. If requested by the S-3 Initiating Holders such S-3 Registration shall be for an offering on a continuous basis pursuant to Rule 415 under the Securities
Act. With respect to each S-3 Registration, the Company shall subject to Section 4.2 (i) include in such offering the Registrable Securities of the S-3 Initiating Holders and (ii) use its reasonable best efforts to (x) cause such
registration pursuant to this Section 4.1 to become and remain effective as soon as practicable, but in any event not later than forty-five (45) days after it receives a request therefor and (y) include in such offering the
Registrable Securities of the Designated Holders (other than S-3 Initiating Holders which have requested an S-3 Registration under this Section 4.1) who have requested in writing to participate in such registration on the same terms and
conditions as the Registrable Securities of the S-3 Initiating Holders included therein. 
 4.2 Form S-3 Underwriting Procedures. If
the S-3 Initiating Holders holding a majority of the Registrable Securities held by all of the S-3 Initiating Holders so elect, the Company shall use its reasonable best efforts to cause such S-3 Registration pursuant to this Article 4 to be in the
form of a firm commitment underwritten offering and the managing underwriter or underwriters selected for such offering shall be the Approved Underwriter selected in accordance with Section 2.6. In connection with any S-3 Registration under
Section 4.1 involving an underwritten offering, the Company shall not be required to include any Registrable Securities in such underwritten offering unless the Designated Holders thereof accept the terms of the underwritten offering as agreed
upon between the Company, the Approved Underwriter and the S-3 Initiating Holders, and then only in such quantity as such underwriter believes will not jeopardize the success of such offering by the S-3 Initiating Holders. If the Approved
Underwriter believes that the registration of all or part of the Registrable Securities which the S-3 Initiating Holders and the other Designated Holders have requested to be included would materially adversely affect the success of such public
offering, then the Company shall be required to include in the underwritten offering, to the extent of the amount that the Approved Underwriter believes maybe sold without causing such material adverse effect, first, all of the Registrable
Securities to be offered for the account of the S-3 Initiating Holders, pro rata based on the number of Registrable Securities owned by such S-3 Initiating Holders; second, the Registrable Securities to be offered for the account of the other
Designated Holders who requested inclusion of their Registrable Securities pursuant to Section 4.1, pro rata based on the number of Registrable Securities owned by such Designated Holders; and third, any other securities requested to be
included in such offering. 
 4.3 Limitations on Form S-3 Registrations. If the Board of Directors has a Valid Business Reason, the
Company may (x) postpone filing or suspend the effectiveness of a 

  

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registration statement relating to a S-3 Registration until such Valid Business Reason no longer exists, but in no event for more than ninety (90) days,
and (y) in case a registration statement has been filed relating to a S-3 Registration, if the Valid Business Reason has not resulted from actions taken by the Company, the Company, upon the approval of a majority of the Board of Directors,
such majority to include the RSA Directors, may cause such registration statement to be withdrawn and its effectiveness terminated or may postpone amending or supplementing such registration statement. The Company shall give written notice of its
determination to postpone, suspend or withdraw a registration statement and of the fact that the Valid Business Reason for such postponement, suspend or withdrawal no longer exists, in each case, promptly after the occurrence thereof.
Notwithstanding anything to the contrary contained herein, the Company may not postpone or withdraw a filing due to a Valid Business Reason more than once in any twelve (12) month period. In addition, the Company shall not be required to effect
any registration pursuant to Section 4.1, (i) within one hundred eighty (180) days after the effective date of any other Registration Statement of the Company, (ii) if within the twelve (12) month period preceding the date
of such request, the Company has effected one (1) registration on Form S-3 pursuant to Section 4.1, or (iii) if Form S-3 is not available for such offering by the S-3 Initiating Holders. 
 4.4 Expenses. The Company shall bear all Registration Expenses in connection with any S-3 Registration pursuant to this Article 4, whether or not
such S-3 Registration becomes effective. 
 4.5 No Demand Registration. No registration requested by any S-3 Initiating Holder
pursuant to this Article 4 shall be deemed a Demand Registration pursuant to Article 2. 
 ARTICLE 5 
 HOLDBACK AGREEMENTS 
 5.1
Restrictions on Public Sale by Designated Holders. To the extent (i) requested (A) by the Company, the Initiating Holders or the S-3 Initiating Holders, as the case may be, in the case of a non-underwritten public offering and
(B) by the Approved Underwriter or the Company Underwriter, as the case may be, in the case of an underwritten public offering and (ii) all of the Company’s officers, directors and holders in excess of one percent (1%) of its
outstanding capital interests execute agreements identical to those referred to in this Section 5.1, each Designated Holder of Registrable Securities agrees (x) not to effect any public sale or distribution of any Registrable Securities or
of any securities convertible into or exchangeable or exercisable for such Registrable Securities, including a sale pursuant to Rule 144 or Regulation S under the Securities Act, or offer to sell, contract to sell (including without limitation, by
means of a short sale), grant any option to purchase or enter into any hedging or similar transaction with the same economic effect as a sale of Registrable Securities and (y) not to make any request for a Demand Registration or S-3
Registration under this Agreement, during the 180-day period or such shorter period, if any, mutually agreed upon by such Designated Holder and the requesting party beginning on the effective date of the Registration Statement (except as part of
such registration) for the Initial Public Offering. 
  

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 5.2 Restrictions on Public Sale by the Company. The Company agrees not to effect any public sale
or distribution of any of its securities, or any securities convertible into or exchangeable or exercisable for such securities (except pursuant to registrations on Form S-4 or S-8 or any successor thereto), during the period beginning on the
effective date of any Registration Statement in which the Designated Holders of Registrable Securities are participating and ending on the earlier of (i) the date on which all Registrable Securities registered on such Registration Statement are
sold and (ii) 180 days after the effective date of such Registration Statement (except as part of such registration). 
 ARTICLE 6

 REGISTRATION PROCEDURES 
 6.1 Obligations of the Company. Whenever registration of Registrable Securities has been requested pursuant to Article 2, Article 3 or Article 4 of this Agreement, the Company shall use its reasonable best efforts to effect the
registration and sale of such Registrable Securities in accordance with the intended method of distribution thereof as quickly as practicable, and in connection with any such request, the Company shall, as expeditiously as possible: 
 (a) prepare and file with the Commission a Registration Statement on any form for which the Company then qualifies or which counsel for the Company shall
deem appropriate and which form shall be available for the sale of such Registrable Securities in accordance with the intended method of distribution thereof, and cause such Registration Statement to become effective; provided,
however, that (x) before filing a Registration Statement or prospectus or any amendments or supplements thereto, the Company shall provide counsel selected by the Designated Holders holding a majority of the Registrable Securities being
registered in such registration (“Holders’ Counsel”) and any other Inspector with an adequate and appropriate opportunity to review and comment on such Registration Statement and each prospectus included therein (and each
amendment or supplement thereto) to be filed with the Commission, subject to such documents being under the Company’s control, and (y) the Company shall notify the Holders’ Counsel and each seller of Registrable Securities of any stop
order issued or threatened by the Commission and take all action required to prevent the entry of such stop order or to remove it if entered; 
 (b) prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the lesser of
(x) 180 days and (y) such shorter period which will terminate when all Registrable Securities covered by such Registration Statement have been sold; provided, that if the S-3 Initiating Holders have requested that an S-3
Registration be for an offering on a continuous basis pursuant to Rule 415 under the Securities Act, then the Company shall use reasonable best efforts to keep such Registration Statement effective until all Registrable Securities covered by such
Registration Statement have been sold; and shall comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of
disposition by the sellers thereof set forth in such Registration Statement; 
  

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 (c) furnish to each seller of Registrable Securities, prior to filing a Registration Statement, at least
one (1) copy of such Registration Statement as is proposed to be filed, and thereafter such number of copies of such Registration Statement, each amendment and supplement thereto (in each case including all exhibits thereto), and the prospectus
included in such Registration Statement (including each preliminary prospectus) and any prospectus filed under Rule 424 under the Securities Act as each such seller may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such seller; 
 (d) register or qualify such Registrable Securities under such other securities or “blue sky”
laws of such jurisdictions as any seller of Registrable Securities may request, and to continue such qualification in effect in such jurisdiction for as long as permissible pursuant to the laws of such jurisdiction, or for as long as any such seller
requests or until all of such Registrable Securities are sold, whichever is shortest, and do any and all other acts and things which may be reasonably necessary or advisable to enable any such seller to consummate the disposition in such
jurisdictions of the Registrable Securities owned by such seller; provided, however, that the Company shall not be required to (x) qualify generally to do business in any jurisdiction where it would not otherwise be required to
qualify but for this Section 6.1(d), (y) subject itself to taxation in any such jurisdiction or (z) consent to general service of process in any such jurisdiction; 
 (e) notify each seller of Registrable Securities at any time when a prospectus relating thereto is required to be delivered under the Securities Act,
upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such Registration Statement contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading and the Company shall promptly prepare a supplement or amendment to such prospectus and furnish to each seller of Registrable
Securities a reasonable number of copies of such supplement to or an amendment of such prospectus as may be necessary so that, after delivery to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 
 (f) enter into and perform customary agreements (including an underwriting agreement in customary form with the Approved Underwriter or Company
Underwriter, if any, selected as provided in Article 2, Article 3 or Article 4, as the case may be) and take such other actions as are prudent and reasonably required in order to expedite or facilitate the disposition of such Registrable Securities,
including causing its officers to participate in “road shows” and other information meetings organized by the Approved Underwriter or Company Underwriter; 
 (g) make available at reasonable times for inspection by any seller of Registrable Securities, any managing underwriter participating in any disposition of such Registrable Securities pursuant to a Registration
Statement, Holders’ Counsel and any attorney, accountant or other agent retained by any such seller or any managing underwriter (each, an “Inspector” and collectively, the “Inspectors”), all financial and other
records, pertinent corporate documents and properties of the Company and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise their due diligence 

  

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responsibility, and cause the Company’s and its subsidiaries’ officers, directors and employees, and the independent public accountants of the
Company, to supply all information reasonably requested by any such Inspector in connection with such Registration Statement. Records that the Company determines, in good faith, to be confidential and which it notifies the Inspectors are
confidential shall not be disclosed by the Inspectors (and the Inspectors shall confirm their agreement in writing in advance to the Company if the Company shall so request) unless (x) the disclosure of such Records is necessary, in the
Company’s judgment, to avoid or correct a misstatement or omission in the Registration Statement, (y) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction after exhaustion of
all appeals therefrom or (z) the information in such Records was known to the Inspectors on a non-confidential basis prior to its disclosure by the Company or has been made generally available to the public. Each seller of Registrable
Securities agrees that it shall, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at the Company’s expense, to undertake appropriate action to
prevent disclosure of the Records deemed confidential; 
 (h) if such sale is pursuant to an underwritten offering, obtain “cold
comfort” letters dated the effective date of the registration statement and the date of the closing under the underwriting agreement from the Company’s independent public accountants in customary form and covering such matters of the type
customarily covered by “cold comfort” letters as Holders’ Counsel or the managing underwriter reasonably requests; 
 (i)
furnish, at the request of any seller of Registrable Securities on the date such securities are delivered to the underwriters for sale pursuant to such registration or, if such securities are not being sold through underwriters, on the date the
Registration Statement with respect to such securities becomes effective, an opinion, dated such date, of counsel representing the Company for the purposes of such registration, addressed to the underwriters, if any, and to the seller making such
request, covering such legal matters with respect to the registration in respect of which such opinion is being given as the underwriters, if any, and such seller may reasonably request and are customarily included in such opinions; 
 (j) comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable but
no later than fifteen (15) months after the effective date of the Registration Statement, an earnings statement covering a period of twelve (12) months beginning after the effective date of the Registration Statement, in a manner which
satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 
 (k) cause all such Registrable
Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed, provided that the applicable listing requirements are satisfied; 
 (1) keep Holders’ Counsel advised in writing as to the initiation and progress of any registration under Article 2, Article 3 or Article 4
hereunder; 
 (m) cooperate with each seller of Registrable Securities and each underwriter participating in the disposition of such
Registrable Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority (“FINRA”); and 
  

 12 

 (n) take all other steps reasonably necessary to effect the registration of the Registrable Securities
contemplated hereby. 
 6.2 Seller Information. The Company may require each seller of Registrable Securities as to which any
registration is being effected to furnish, and such seller shall furnish, to the Company such information regarding the distribution of such securities as the Company may from time to time reasonably request in writing. 
 6.3 Notice to Discontinue. Each Designated Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the
kind described in Section 6.1(e), such Designated Holder shall forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Designated Holder’s receipt
of the copies of the supplemented or amended prospectus contemplated by Section 6.1(e) and, if so directed by the Company, such Designated Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file
copies then in such Designated Holder’s possession, of the prospectus covering such Registrable Securities which is current at the time of receipt of such notice. If the Company shall give any such notice, the Company shall extend the period
during which such Registration Statement shall be maintained effective pursuant to this Agreement (including, without limitation, the period referred to in Section 6.1(b)) by the number of days during the period from and including the date of
the giving of such notice pursuant to Section 6.1(e) to and including the date when sellers of such Registrable Securities under such Registration Statement shall have received the copies of the supplemented or amended prospectus contemplated
by and meeting the requirements of Section 6.1(e). 
 6.4 Registration Expenses. The Company shall pay all expenses arising from
or incident to its performance of, or compliance with, this Agreement, including, without limitation, (i) Commission, stock exchange and FINRA registration and filing fees, (ii) all fees and expenses incurred in complying with securities
or “blue sky” laws (including reasonable fees, charges and disbursements of counsel to any underwriter incurred in connection with “blue sky” qualifications of the Registrable Securities as may be set forth in any underwriting
agreement), (iii) all printing, messenger and delivery expenses, (iv) the fees, charges and disbursements of counsel to the Company and of its independent public accountants and any other accounting fees, charges and expenses incurred by
the Company (including, without limitation, any expenses arising from any “cold comfort” letters or any special audits incident to or required by any registration or qualification), and (v) the reasonable fees, charges and
disbursements of one (1) counsel to the Designated Holders in connection with any Demand Registration or piggy-back registration thereon, Incidental Registration or S-3 Registration pursuant to the terms of this Agreement, regardless of whether
such Registration Statement is declared effective. All of the expenses described in the preceding sentence of this Section 6.4 are referred to herein as “Registration Expenses.” The Designated Holders of Registrable Securities sold
pursuant to a Registration Statement shall bear the expense of any broker’s commission, underwriter’s discount or commission or other selling commissions relating to registration and sale of such Designated Holders’ Registrable
Securities and, subject to clause (v) above, shall bear the fees and expenses of their own counsel. 
  

 13 

 ARTICLE 7 
 INDEMNIFICATION; CONTRIBUTION 
 7.1 Indemnification by the Company. The Company agrees to
indemnify and hold harmless each Designated Holder, its partners, directors, officers, affiliates and each Person who controls (within the meaning of Section 15 of the Securities Act) such Designated Holder from and against any and all losses,
claims, damages, liabilities and expenses (including reasonable costs of investigation) (each, a “Liability” and collectively, “Liabilities”), arising out of or based upon any untrue, or allegedly untrue, statement of a material
fact contained in any Registration Statement, prospectus or preliminary prospectus or notification or offering circular (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or arising out of or based
upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading under the circumstances such statements were made, except insofar as such Liability
arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission contained in such Registration Statement, preliminary prospectus or final prospectus in reliance and in conformity with information
concerning such Designated Holder furnished in writing to the Company by such Designated Holder expressly for use therein, including, without limitation, the information furnished to the Company pursuant to Section 7.2. The Company shall also
provide customary indemnities to any underwriters of the Registrable Securities, their officers, directors and employees and each Person who controls such underwriters (within the meaning of Section 15 of the Securities Act) to the same extent
as provided above with respect to the indemnification of the Designated Holders of Registrable Securities. 
 7.2 Indemnification by
Designated Holders. In connection with any Registration Statement in which a Designated Holder is participating pursuant to Article 2, Article 3 or Article 4 hereof, each such Designated Holder shall promptly furnish to the Company in writing
such information with respect to such Designated Holder as the Company may reasonably request or as may be required by law for use in connection with any such Registration Statement or prospectus and all information required to be disclosed in order
to make the information previously furnished to the Company by such Designated Holder not materially misleading or necessary to cause such Registration Statement not to omit a material fact with respect to such Designated Holder necessary in order
to make the statements therein not misleading. Each Designated Holder agrees to indemnify and hold harmless the Company, its directors, officers, affiliates any underwriter retained by the Company and each Person who controls the Company or such
underwriter (within the meaning of Section 15 of the Securities Act) to the same extent as the foregoing indemnity from the Company to the Designated Holders, but only if such statement or alleged statement or omission or alleged omission was
made in reliance upon and in conformity with information with respect to such Designated Holder furnished in writing to the Company by such Designated Holder expressly for use in such registration statement or 

  

 14 

 
prospectus, including, without limitation, the information furnished to the Company pursuant to this Section 7.2; provided, however, that the total
amount to be indemnified by such Designated Holder pursuant to this Section 7.2 shall be limited to the net proceeds received by such Designated Holder in the offering to which the Registration Statement or prospectus relates. 
 7.3 Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder (the “Indemnified Party”) agrees to give
prompt written notice to the indemnifying party (the “Indemnifying Party”) after the receipt by the Indemnified Party of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof made in
writing for which the Indemnified Party intends to claim indemnification or contribution pursuant to this Agreement; provided, however, that the failure so to notify the Indemnifying Party shall not relieve the Indemnifying Party of any Liability
that it may have to the Indemnified Party hereunder (except to the extent that the Indemnifying Party is materially prejudiced or otherwise forfeits substantive rights or defenses by reason of such failure). If notice of commencement of any such
action is given to the Indemnifying Party as above provided, the Indemnifying Party shall be entitled to participate in and, to the extent it may wish, jointly with any other Indemnifying Party similarly notified, to assume the defense of such
action at its own expense, with counsel chosen by it and reasonably satisfactory to such Indemnified Party. The Indemnified Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees
and expenses of such counsel shall be paid by the Indemnified Party unless (i) the Indemnifying Party agrees to pay the same, (ii) the Indemnifying Party fails to assume the defense of such action with counsel reasonably satisfactory to
the Indemnified Party or (iii) the named parties to any such action (including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and such parties have been advised by such counsel that either
(x) representation of such Indemnified Party and the Indemnifying Party by the same counsel would be inappropriate under applicable standards of professional conduct or (y) there maybe one or more legal defenses available to the
Indemnified Party which are different from or additional to those available to the Indemnifying Party. In any of such cases, the Indemnifying Party shall not have the right to assume the defense of such action on behalf of such Indemnified Party, it
being understood, however, that the Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all Indemnified Parties. No Indemnifying Party shall be liable
for any settlement entered into without its written consent, which consent shall not be unreasonably withheld. No Indemnifying Party shall, without the consent of such Indemnified Party, effect any settlement of any pending or threatened proceeding
in respect of which such Indemnified Party is a party and indemnity has been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability for claims that are the
subject matter of such proceeding. 
 7.4 Contribution. If the indemnification provided for in this Article 7 from the Indemnifying
Party is unavailable to an Indemnified Party hereunder in respect of any Liabilities referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified
Party as a result of such Liabilities in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions which resulted in such Liabilities, as well as any other relevant
equitable considerations. The relative faults of such Indemnifying 

  

 15 

 
Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the Liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections 7.1, 7.2 and 7.3, any
legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding; provided that the total amount to be contributed by such Designated Holder shall be limited to the net proceeds received
by such Designated Holder in the offering. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 7.4 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 1 l(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 ARTICLE 8 
 COVENANTS 
 8.1 Rule 144. The Company covenants that from and after the IPO Effectiveness Date, but only for so long as the Company has a class of securities
registered under Section 12 of the Exchange Act, it shall (a) use its reasonable best efforts to file any reports required to be filed by it under the Exchange Act and (b) take such further action as each Designated Holder of
Registrable Securities may reasonably request (including providing any information necessary to comply with Rule 144 under the Securities Act), all to the extent required from time to time to enable such Designated Holder to sell Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 under the Securities Act, as such rule may be amended from time to time, or Regulation S under the Securities Act or
(ii) any similar rules or regulations hereafter adopted by the Commission. The Company shall, upon the request of any Designated Holder of Registrable Securities, deliver to such Designated Holder a written statement as to whether it has
complied with such requirements. 
 ARTICLE 9 
 MISCELLANEOUS 
 9.1 Recapitalizations, Exchanges, etc. The provisions of this Agreement shall
apply to the full extent set forth herein with respect to (i) the Common Interests, (ii) any and all Common Interests of the Company into which the Preferred Interest is converted, exchanged or substituted in any recapitalization or other
capital reorganization by the Company and (iii) any and all equity securities of the Company or any successor or assign of the Company (whether by 

  

 16 

 
merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in conversion of, in exchange for or in substitution of, the Common
Interest and shall be appropriately adjusted for any dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof. The Company shall cause any successor or assign (whether by merger, consolidation,
sale of assets or otherwise) to enter into a new registration rights agreement with the Designated Holders on terms substantially the same as this Agreement as a condition of any such transaction. 
 9.2 No Inconsistent Agreements. The Company represents and warrants that it has not granted to any Person the right to request or require the
Company to register any securities issued by the Company, other than the rights granted to the Designated Holders herein. The Company shall not enter into any agreement with respect to its securities that is inconsistent with the rights granted to
the Designated Holders in this Agreement or grant any additional registration rights to any Person or with respect to any securities which are not Registrable Securities which are prior in right to or inconsistent with the rights granted in this
Agreement. 
 9.3 Remedies. The Designated Holders, in addition to being entitled to exercise all rights granted by law, including
recovery of damages, shall be entitled to specific performance of their rights under this Agreement. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of
this Agreement and hereby agrees to waive in any action for specific performance the defense that a remedy at law would be adequate. 
 9.4
Notices. All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be made by registered or certified first-class mail, return receipt requested, telecopier, courier service or
personal delivery; 
  

			
	 (a)    if to the Company:

	
	 Wise Metals Group LLC

	 857 Elkridge Landing Road

	 Suite 600

	 Linthicum, Maryland 21090

	 Facsimile:
	 	(410)636-3817
	 Attention:
	 	Chief Financial Officer
	
	 with a copy to:

	
	 Winston & Strawn, LLP

	 200 Park Avenue

	 New York, New York 10166-4193

	 Facsimile:
	 	(212) 294-4700
	 Attention:
	 	Robert W. Ericson, Esq.
	
	 (b)    if to the Investor Holders:

	
	 The Teachers’ Retirement System of Alabama, and

	 The Employees’ Retirement System of Alabama

	 P.O. Box 302150

	 135 South Union Street

	 Suite 570

	 Montgomery, Alabama 36130

	 Facsimile:
	 	(334) 240-3268
	 Attention:
	 	Dr. David G. Bonner, CEO

  

 17 

			
	 with additional copies via electronic mail to:

	
	 hunterh@rsa.state.al.us

	 julieb@rsa.state.al.us

	
	 with a copy to:

	
	 Bradley Arant Rose & White LLP

	 One Federal Place

	 1819 Fifth Avenue North

	 Birmingham, Alabama 35203

	 Facsimile:
	 	(205) 521-8800
	 Attention:
	 	Laura P. Washbum
	
	 (c)    if to any other Designated Holder, at its address as it appears on the record books of the
Company.

 All such notices, demands and other communications shall be deemed to have been duly given when
delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial courier service; five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically
acknowledged, if telecopied. Any party may by notice given in accordance with this Section 9.4 designate another address or Person for receipt of notices hereunder. 
 9.5 Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of the parties hereto as hereinafter provided. The
Demand Registration rights and the S-3 Registration rights and related rights of the Investor Holders contained in Articles 2 and 4 hereof, and the incidental or “piggy-back” registration rights of the Designated Holders contained in
Section 2.2 and Articles 3 and 4 hereof and the other rights of each of the Designated Holders with respect thereto shall be, with respect to any Registrable Security, automatically transferred to any Person who is the transferee of such
Registrable Security, but only if such Registrable Security is transferred in compliance with the LLC Agreement and such Person agrees in writing to be bound by this Agreement. All of the obligations of the Company hereunder shall survive any such
transfer. Except as provided in Article 7, no Person other than the parties hereto and their successors and permitted assigns is intended to be a beneficiary of this Agreement. 
 9.6 Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may not be amended, modified or supplemented,
and waivers or consents to 

  

 18 

 
departures from the provisions hereof may not be given unless consented to in writing by (i) the Company and (ii) the Investor Holders holding
Registrable Securities representing at least a majority of the aggregate number of Registrable Securities owned by all of the Investor Holders. Any such written consent shall be binding upon the Company and all of the Designated Holders. 

9.7 Counterparts. This Agreement 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. 
 9.8
Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 9.9 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. Each of the parties to this Agreement hereby submits to the nonexclusive jurisdiction of the state and federal
courts of the State of Alabama in any action, suit or proceeding based on or arising under this Agreement. Each of the parties to this Agreement hereby waives as a defense that any such action, suit or proceeding brought in such courts has been
brought in an inconvenient forum or that the venue thereof may not be appropriate and, furthermore, agrees that venue in the State of Alabama for any action, suit or proceeding is appropriate. 
 9.10 Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES TRIAL BY JURY IN ANY ACTION ARISING OUT OF MATTERS RELATED TO THIS
AGREEMENT, WHICH WAIVER IS INFORMED AND VOLUNTARY. 
 9.11 Severability. If any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not
be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof. 
 9.12 Rules of Construction. Unless the context otherwise requires, references to sections or subsections refer to sections or subsections of this Agreement. 
 9.13 Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto with respect to the subject matter contained herein. There are no restrictions, promises, representations, warranties or undertakings with respect to the subject matter
contained herein, other than those set forth or referred to herein. This Agreement supersedes all prior agreements and understandings among the parties with respect to such subject matter. 
 9.14 Further Assurances. Each of the parties shall, and shall cause their respective Affiliates to, execute such documents and perform such
further acts as may be reasonably required or desirable to carry out or to perform the provisions of this Agreement. 
  

 19 

 9.15 Other Agreements. Nothing contained in this Agreement shall be deemed to be a waiver of, or
release from, any obligations any party hereto may have under, or any restrictions on the transfer of Registrable Securities or other securities of the Company imposed by, any other agreement including, but not limited to, the Securities Purchase
Agreement or the LLC Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 20 

 IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be duly
executed as of day and year first above written. 
  

			
	 COMPANY:
 Wise Metals Group LLC

		
	By:	 	  

	Name:	 	David F.D’Addario
	Title:	 	Chief Executive Officer
	
	 INVESTORS:
 The Teachers’
Retirement System of Alabama

		
	By:	 	 

	Name:	 	Dr. David G. Bronner
	Title:	 	Chief Executive Officer
	
	The Employees’ Retirement System of Alabama
		
	By:	 	 

	Name:	 	Dr. David G. Broomer
	Title:	 	Chief Executive Officer

  

 21Employment Agreement dated as of March 3, 2008

 Exhibit 10.1 
 Execution Copy 
 Employment Agreement 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is dated as of March 3, 2008 (the “Effective Date”), by and between Embarq
Corporation, a Delaware corporation (the “Company”), and THOMAS A. GERKE (“Executive”). 
 Recitals 

  

	1.	Executive has been, and now is, serving as Interim Chief Executive Officer. 

  

	2.	The Company desires to secure the continued long-term employment of Executive as the Chief Executive Officer. 

 Now, THEREFORE, in consideration of the promises and mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of
which consideration is mutually acknowledged by the parties, the parties hereby agree as follows: 
  

	1.	Employment and Termination 

  

	1.01	Conditions of Employment 

 Subject to the terms of
this Agreement, the Company hereby agrees to employ Executive as its Chief Executive Officer, with such authority, power, responsibilities, and duties customarily exercised by a person holding such positions in a company of the size and nature of
the Company and with reporting responsibility directly and exclusively to the Board. 
  

	1.02	Performance of Duties 

 Executive shall, during his
employment with the Company, owe an undivided duty of loyalty to the Company and agrees to use his best efforts to promote and develop the business of the Company. Executive agrees that, during his employment with the Company, he must devote his
full business time, energies, and talents to serving as the Chief Executive Officer of the Company and that he shall perform his duties faithfully and efficiently subject to the directions of the Board. Notwithstanding the foregoing, Executive may,
subject in all cases to the Company’s Principles of Business Conduct (or any successor code of conduct) (i) serve as a director, trustee, or officer or otherwise participate in not-for-profit educational, welfare, social, religious, and
civic organizations; (ii) serve as a director of any for-profit business listed on Exhibit A hereto or, with the prior consent of the Board, serve as a director of any for-profit business that is not a Competitor; and (iii) acquire
passive investment interests in one or more entities, to the extent that the other activities do not inhibit or interfere with the performance of Executive’s duties under this Agreement, or to the knowledge of Executive conflict in any material
way with the business or policies of the Company. Executive acknowledges that he is subject to the terms of the Company’s Compensation Recoupment Policy as set forth in the Company’s Corporate Governance Guidelines. 
  

 1 

	1.03	Term of Employment 

 The term of Executive’s
employment under this Agreement (the “Employment Term”) will begin on the Effective Date and ends on the date specified in a notice from one party to the other given at least ninety (90) days in advance of the proposed
termination date by either party. 
  

	1.04	Procedures for Termination 

  

	(a)	General Procedures 

 Except as set forth below, any
purported termination of this Agreement or of Executive’s employment by the Company or by Executive during the Employment Term, other than by Executive’s death, shall be communicated by a written notice of termination to the other party
hereto delivered in accordance with Section 13 below and the notice period described in Section 1.03 above, indicating the specific termination provision in this Agreement relied upon and setting forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination under the provision so indicated. Any such termination will be effective on the Termination Date. 
  

	(b)	Cause Termination 

 The Company may not terminate
Executive’s employment for Cause during the Employment Term until it delivers to Executive a written notice stating that Executive is guilty of conduct constituting Cause by reference to one or more clauses of Section 6.05 and specifying
the particulars thereof in reasonable detail. 
  

	(c)	CIC Good Reason Termination 

 Executive may
terminate his employment for CIC Good Reason during the Employment Term only within the CIC Protected Period following written notice and an opportunity for the Company to cure; provided, however, that Executive may not give notice of termination
for CIC Good Reason during any Period in which Executive is unable to substantially perform his duties with the Company due to physical or mental illness. In order to effect a termination for CIC Good Reason, Executive must, within 60 days following
the event or circumstance giving rise to Executive’s claim, deliver a written notice to the Company that sets forth the specific event or circumstance giving rise to CIC Good Reason by reference to one or more clauses of the definition of CIC
Good Reason set forth in Section 6.08 of this Agreement. If, within 30 days following notice from Executive, the Company corrects, in all material respects, the events or circumstances giving rise to Executive’s claim for CIC Good Reason,
Executive shall not be entitled to terminate his employment for CIC Good Reason by reason of such event or circumstance. 
  

	(d)	Non-CIC Good Reason Termination 

 Executive may
terminate his employment for Non-CIC Good Reason any time during the Employment Term following written notice and an opportunity for the Company to cure. In order to effect a termination for Non-CIC Good Reason, Executive must deliver a 

  

 2 

 
written notice to the Company within 60 days following the event or circumstance giving rise to Executive’s claim of Non-CIC Good Reason. The notice
must set forth the specific event or circumstance giving rise to Non-CIC Good Reason by reference to one or more clauses of the definition of Non-CIC Good Reason set forth in Section 6.20 of this Agreement. If, within 30 days following notice
from Executive, the Company corrects, in all material respects, the events or circumstances giving rise to Executive’s claim for Non-CIC Good Reason, Executive shall not be entitled to terminate his employment for Non-CIC Good Reason by reason
of such event or circumstance. 
  

	(e)	Payment of Compensation Earned Through Termination Date 

 Upon a termination of Executive’s employment hereunder for any reason, Executive or, in the event of his death, Executive’s estate, in addition to any other payments or benefits to which Executive may be entitled hereunder, is
entitled to 
  

	 	(i)	payment of any unpaid amount of Executive’s Base Salary prorated through the Termination Date, 

  

	 	(ii)	any payment under the Incentive Plan for Performance Periods ending before the Termination Date, unless eliminated or reduced, and then only to the extent that such payments are
eliminated or reduced, for all Senior Officers continuing employment with the Company, and 

  

	 	(iii)	any vacation pay for vacation accrued by Executive in the calendar year of termination but not taken at the Termination Date. 

 Except as otherwise provided herein, the Company must pay any other employee benefits to which Executive is entitled by reason of his employment to
Executive or his estate at the time or times required by the terms of the applicable Company plan or policy. 
  

	(f)	Effect of Termination on Other Positions 

 If, on
the Termination Date, Executive (i) is a member of the Board or any board of directors of one of the Company’s subsidiaries, (ii) serves on the board of directors of any other corporation by nomination, appointment, or designation by
the Company or any of its subsidiaries, or (iii) holds any other position with the Company or any of its subsidiaries, Executive shall, unless otherwise agreed to by the Company, be deemed to have resigned from all such positions as of the
Termination Date. Executive agrees to execute such documents and take such other actions as the Company may request to reflect such resignations. 
  

	(g)	Condition to Certain Payments 

 Payments under
Section 4 are conditioned on Executive’s compliance with the requirements of Section 4.03(b). 
  

 3 

	(h)	Exit Interview 

 At the Company’s request,
Executive shall participate in an exit interview prior to Executive’s last day worked as an employee of the Company to provide for the orderly transition of his duties, to arrange for the return of the Company’s property, to discuss his
intended new employment, and to discuss and complete such other matters as may be necessary to ensure full compliance with this Agreement. 
  

	2.	Compensation 

 Subject to the terms of
this Agreement, during the Employment Term, while Executive is employed by the Company, the Company will compensate him for his services as follows: 
  

	2.01	Base Salary 

 Executive shall receive an annual base
salary in an amount not less than $900,000, payable in monthly or more frequent installments in accordance with the Company’s payroll policies and practices (such annual base salary as adjusted pursuant to this Section 2.01 shall
hereinafter be referred to as the “Base Salary”). Executive’s Base Salary shall be reviewed, and may be increased but not decreased below the rate in effect on the Effective Date (other than across-the-board reductions
similarly affecting all Senior Officers), by the Board in a manner that is fair and pursuant to its normal performance review policies for Senior Officers. 
  

	2.02	Incentive Payments 

 Executive will continue to
participate in the Incentive Plan, subject to its terms and conditions as they may from time to time be established, amended, interpreted, or terminated in accordance with the Company’s plans or policies governing such benefits to the
Company’s Senior Officers generally. Executive’s Targeted Compensation under the Incentive Plan shall be equal to 100% of Base Salary, and may be increased but not decreased below his Targeted Compensation (other than across-the-board
reductions similarly affecting all Senior Officers), by the Board in a manner that is fair and pursuant to its normal performance review policies for Senior Officers. 
  

	2.03	Equity Incentive Plan Payments 

 Executive will
continue to participate in the Company’s Long-Term Incentive Plan (the “LTI Plan”), subject to its terms and conditions as they may from time to time be established, amended, interpreted, or terminated in accordance with the
Company’s plans or policies governing the Company’s Senior Officers generally. Executive’s 2008 target opportunity under the LTI Plan shall be equal to $2.7 million (awarded and valued in a manner that is consistent with the
Company’s 2007 grant practices). Executive shall remain eligible to continue to receive annual awards under the LTI Plan, or successor program for the payment of long-term equity incentive compensation, by the Board in a manner that is fair and
consistent with its normal grant policies for Senior Officers. 
  

 4 

	2.04	Employee Benefits 

 The Company will provide Executive
with the employee benefits (including, without limitation, life, disability, medical and dental insurance coverage, participation in the Company’s savings and pension plans, and other benefits and perquisites generally provided to Senior
Officers) that are no less favorable in the aggregate to Executive than those provided to him as of the Effective Date, subject to amendment, modification, interpretation by the Company, or termination in accordance with the Company’s plans or
policies governing such benefits to Senior Officers generally. As provided in Section 15 below, all payments to be made under this Section will be made in a manner that comports with the requirements of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”). 
  

	2.05	Expense Reimbursement 

 The Company will reimburse
Executive for reasonable out-of-pocket expenses incurred and accounted for in accordance with the policies and procedures of the Company for Senior Officers generally, as they may from time to time be established, interpreted, amended, or
terminated. 
  

	3.	Executive Covenants 

  

	3.01	Principles of Business Conduct 

 Executive shall
adhere in all respects to the Company’s Principles of Business Conduct (or any successor code of conduct) as they may from time to time be established, interpreted, amended, or terminated. 
  

	3.02	Proprietary Information 

 Executive acknowledges that
during the course of his employment he has learned or will learn or develop Proprietary Information. Executive further acknowledges that unauthorized disclosure or use of such Proprietary Information, other than in discharge of Executive’s
duties, will cause the Company irreparable harm. Except in the course of his employment with the Company under this Agreement, in the pursuit of the business of the Company, or as otherwise required in employment with the Company, Executive shall
not, during the course of his employment or at any time following termination of his employment, directly or indirectly, disclose, publish, communicate, or use on his behalf or another’s behalf, any Proprietary Information. If during or after
his employment Executive has any questions about whether particular information is Proprietary Information he shall consult with the Company’s General Counsel or other representative designated by the Company. 
 Executive also agrees to promptly disclose to the Company any information, ideas, or inventions made or conceived by him that result from or are suggested by services
performed by him for the Company under this Agreement, and to assign to the Company all rights pertaining to such information, ideas, or inventions. Knowledge or information of any kind disclosed by Executive to the Company shall be deemed to have
been disclosed without obligation on the part of the Company to hold the same in confidence, and the Company shall have the full right to use and disclose such knowledge and information without compensation to Executive beyond that specifically
provided in this Agreement. 
  

 5 

	3.03	Non-Competition 

 During Executive’s employment
with the Company and during the Non-Compete Period, Executive shall not engage in Competitive Employment, whether paid or unpaid and whether as a consultant, employee, or otherwise. Executive agrees that because of the scope of the Company’s
business, breach of this Agreement by accepting Competitive Employment would irreparably injure the Company and that, therefore, a limited geographic restriction is neither feasible nor appropriate to protect the Company’s interests.

  

	3.04	Inducement of Employees, Customers and Others 

 During
Executive’s employment with the Company and during the Non-Compete Period, Executive shall not directly or indirectly solicit, induce, or encourage any employee, consultant, agent, or customer of the Company, or vendor or other parties doing
business with the Company, to terminate their employment, agency, or other relationship with the Company or to render services for or transfer business to any Competitor, and Executive shall not initiate discussion with any such person for any such
purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity on behalf of the Competitor. 
  

	3.05	No Adverse Actions 

 During the Non-Compete Period,
Executive shall not, without the prior written consent of the Company, in any manner, solicit, request, advise, or assist any other person to (a) undertake any action that would be reasonably likely to, or is intended to, result in a Change in
Control, or (b) seek to control in any material manner the Board. 
  

	3.06	Return of Property 

 Executive shall, upon his
Termination Date, return to the Company all property of the Company in his possession, including all notes, reports, sketches, plans, published memoranda, or other documents, whether in hard copy or in electronic form, created, developed, generated,
received, or held by Executive during his employment, concerning or related to the Company’s business, whether containing or relating to Proprietary Information or not. Executive shall not remove, by e-mail, by removal of computer discs or hard
drives, or by other means, any of the above property containing Proprietary Information, or reproductions or copies thereof, or any apparatus from the Company’s premises without the Company’s written consent. 
  

	3.07	Mutual Non-disparagement 

 Executive agrees to refrain
from making any statements about the Company or its officers or directors that would disparage, or reflect unfavorably upon the image or reputation of the Company or any such officer or director. The Company agrees to use reasonable efforts to
prevent its directors and officers from making any statements about Executive that would disparage, or reflect unfavorably upon the image or reputation of, Executive. 
  

 6 

	3.08	Assistance with Claims 

 Executive agrees that,
consistent with Executive’s business and personal affairs, during and after his employment by the Company, he will assist the Company in the defense of any claims or potential claims that may be made or threatened to be made against it in any
action, suit, or proceeding, whether civil, criminal, administrative, or investigative (“Proceeding”) and will assist the Company in the prosecution of any claims that may be made by the Company in any Proceeding, to the extent that
such claims may relate to Executive’s services provided under this Agreement; provided, however, in no event shall the term “assist” in the previous sentence be interpreted as requiring Executive to render legal services of any nature
to or on behalf of the Company in connection with any such defense or prosecution after Executive’s employment by the Company. 
 Executive agrees,
unless precluded by law, to promptly inform the Company if Executive is asked to participate (or otherwise become involved) in any Proceeding involving such claims or potential claims. 
 Executive also agrees, unless precluded by law, to promptly inform the Company if Executive is asked to assist in any investigation (whether governmental or private) of the Company (or its actions), regardless of
whether a lawsuit has then been filed against the Company with respect to such investigation. The Company agrees to reimburse Executive for all of Executive’s reasonable out-of-pocket expenses associated with such assistance, including travel
expenses and any attorneys’ fees and shall pay a reasonable per diem fee (equal to 1/250th of his Base Salary rate at his Termination Date) for Executive’s services. 
  

	3.09	Key Man Life Insurance 

 The Company may, at its
discretion, purchase for its own benefit and at its own expense, key man life insurance on the life of Executive. Neither Executive nor Executive’s spouse or dependents shall have any right, title, or interest in or to such insurance or the
proceeds thereof. Executive agrees to cooperate with the life insurance company and the Company in the insurance underwriting process, including submitting to a physical examination and other tests necessary to secure coverage, and signing all
appropriate applications and written forms as may be required by the insurance company. 
  

	4.	Payments On Certain Terminations 

  

	4.01	Payments on Certain Terminations Not in Connection with Change in Control 

 If, during the Employment Term but not within a CIC Protected Period, (a) the Company terminates Executive’s employment with the Company for any reason other than (x) Cause or (y) Executive’s
Total Disability or (b) Executive terminates his employment with the Company for Non-CIC Good Reason, then Executive shall, subject to the other applicable provisions of this Section 4, be entitled to the following payments and benefits
(the “Non-CIC Benefits”) in lieu of any other payments or benefits available under Section 4.02 below or under any and all Company separation plans or policies: 
  

	 	(i)	The Company will pay Executive his Base Salary, in equal installments in arrears and on the same schedule as paid before his Termination Date, for a period (the “Non-CIC
Severance Period”) commencing on the Termination Date and ending on the date 18 months after the Termination Date, at the rate in effect on his Termination Date. 

  

 7 

	 	(ii)	The Company will pay Executive, at the time and in the amounts set forth immediately below, Executive’s (x) incentive amount earned under the Incentive Plan for that
portion of the Termination Performance Period ending on Executive’s Termination Date and (y) the incentive amount under the Incentive Plan for the Non-CIC Severance Period. Such amounts shall be calculated and paid as follows:

  

	 	(A)	For the Termination Performance Period, the Company will pay Executive, at the time when payouts are made for that Performance Period, but no later than March 15 of the
following year, an amount equal to the Non-CIC Termination Period Incentive Payout. 

  

	 	(B)	The Company will pay Executive, at the later of (x) the time when payouts are made for the next Performance Period, but no later than March 15 of the year following that
Performance Period, or (y) the end of the Non-CIC Severance Period, an amount equal to 1.5 times the Capped Incentive Payout. 

 This Section 4.01(ii) assumes that Performance Periods under the Incentive Plan are 12 months in length. To the extent that Performance Periods are greater or lesser than 12 months, the above payout schedule shall be appropriately
adjusted by the Company, either by increasing or decreasing the number of Performance Periods in which severance payouts shall be made, such that (i) the final payment made to Executive under this Section 4.01(ii) shall be made at the time
payouts are made for the Performance Period in which the Non-CIC Severance Period ends, and (ii) Executive shall receive no less than nor no greater than the amount, using concepts and formulas consistent with those provided in this
Section 4.01(ii), that would have accrued and been payable to Executive under the Incentive Plan for the Non-CIC Severance Period had the Performance Periods remained 12 months in length. 
  

	 	(iii)	During the Non-CIC Severance Period, the Company will provide any employee benefit (including, but not limited to, executive medical, dental and life coverage, qualified or
nonqualified retirement benefits, and other benefits generally provided to Senior Officers other than country club membership dues and accrual of vacation) that Executive was receiving or was entitled to receive as of the Termination Date in
accordance with the terms of the relevant Company plan or policy, except that long term-disability and short-term disability benefits shall cease on Executive’s last day worked as an employee of the Company, but if Executive becomes employed
full-time during the Non-CIC Severance Period, Executive’s entitlement to continued participation in any medical, dental or other group health plan sponsored by the Company shall immediately cease, except that Executive shall retain any rights
to continue coverage under the COBRA continuation provisions of such Company’s group health care plans by paying the applicable premium therefor. 

  

 8 

	 	(iv)	During the Non-CIC Severance Period, the Company will pay for outplacement counseling by a firm selected by the Company to continue until the earlier of such time as Executive
becomes re-employed or the end of the Non-CIC Severance Period. 

  

	 	(v)	Except as provided in a grant or award agreement made prior to the date of this Agreement, and unless the Board, or its Compensation Committee adopts a more favorable policy for
Senior Officers generally, the end of the Non-CIC Severance Period will be treated as Executive’s termination date for purposes of the Company’s stock option, restricted stock and restricted stock unit and other equity programs.

 In all events, Executive’s right to receive the Non-CIC Benefits shall cease immediately if Executive is re-employed by the Company or
an affiliate of the Company or if Executive breaches the Restrictive Covenants. In all cases, the Company’s rights under Section 5 shall continue. 
  

	4.02	Payments on Certain Terminations in Connection with a Change in Control 

 If, during the Employment Term and within a CIC Protected Period, (a) the Company terminates Executive’s employment with the Company for any reason other than (x) Cause or (y) Executive’s
Total Disability, or (b) Executive terminates his employment with the Company for CIC Good Reason, then Executive shall, subject to the other applicable provisions of this Section 4, be entitled to the following payments and benefits (the
“CIC Benefits”) in lieu of any other payments or benefits available under Section 4.01 above or under any and all Company separation plans or policies: 
  

	 	(i)	In lieu of any further salary payments to Executive for periods after the Termination Date, the Company will pay Executive an aggregate amount equal to two times Executive’s
Base Salary (without regard to any deferred amounts); provided, however, to the extent that Executive terminates his employment because of CIC Good Reason and a reduction in Executive’s Base Salary has occurred which constitutes CIC Good Reason
under Section 6.08(ii) of this Agreement, Executive’s Base Salary for the purpose of this Section 4.02(i) shall be Executive’s Base Salary immediately prior to such Base Salary reduction. The payment made pursuant to this
Section 4.02(i) shall be paid to Executive in equal installments in arrears and on the same schedule as Executive’s Base Salary was being paid to Executive before the Termination Date for a period (the “CIC Severance
Period”) beginning on the Termination Date and ending the date 24 months after the Termination Date. 

  

	 	(ii)	 In lieu of any payments under, and notwithstanding any provisions of the Incentive Plan, the Company will pay Executive, at the time and in the amounts set forth
immediately below, Executive’s (x) incentive amount earned under the 

  

 9 

	 	 
Incentive Plan for that portion of the Termination Performance Period ending on Executive’s Termination Date and (y) the incentive amount equal to
the amount Executive could have received under the Incentive Plan for the CIC Severance Period. Such amounts shall be calculated and paid as follows: 

  

	 	(A)	For the Termination Performance Period, the Company will pay Executive, at the time when payouts are made for that Performance Period, but no later than March 15 of the
following year, an amount equal to the CIC Termination Period Incentive Payout. 

  

	 	(B)	The Company will pay Executive, at (x) the time when payouts are made for that Performance Period, but no later than March 15 of the year following that Performance
Period, or (y) the end of the CIC Severance Period, an amount equal to 2 times the Capped Incentive Payout. 

 Notwithstanding the above and for the purpose of determining the payout amounts under Sections 4.02(ii)(B), to the extent that Executive terminates his employment because of CIC Good Reason and a reduction in Executive’s Targeted
Compensation has occurred which constitutes CIC Good Reason under Section 6.08(vi) of this Agreement, Executive’s Targeted Compensation for purposes of Sections 4.02(ii)(B) shall be Executive’s Targeted Compensation immediately prior
to such Targeted Compensation reduction. 
 This Section 4.02(ii) assumes that Performance Periods under the Incentive Plan are 12 months
in length. To the extent that Performance Periods are greater or lesser than 12 months, the above payout schedule shall be appropriately adjusted by the Company, either by increasing or decreasing the number of Performance Periods in which severance
payouts shall be made, such that (i) the final payment made to Executive under this Section 4.02(ii) shall be made at the time payouts are made for the Performance Period in which the CIC Severance Period ends, and (ii) Executive
shall receive no less than nor no greater than the amount, using concepts and formulas consistent with those provided in this Section 4.02(ii), that would have accrued and been payable to Executive under the Incentive Plan for the CIC Severance
Period had the Performance Periods remained 12 months in length. 
  

	 	(iii)	 During the CIC Severance Period, the Company will, in such manner as is selected by the Company in its sole discretion, provide, arrange to provide, or reimburse
Executive for any employee benefit (including, but not limited to, executive medical, dental and life coverage, qualified or nonqualified retirement benefits, and other benefits generally provided to Senior Officers other than country club
membership dues and accrual of vacation) that Executive was receiving or was entitled to receive as of the Termination Date in accordance with the terms of the relevant Company plan or policy, except that long-term disability and short-term
disability benefits shall cease on Executive’s last day worked as an employee of the Company, but if Executive becomes employed full-time during the CIC Severance Period, Executive’s entitlement to continued participation in 

  

 10 

	 	 
any medical, dental or other group health plan sponsored by the Company shall immediately cease, except that Executive shall retain any rights to continue
coverage under the COBRA continuation provisions of the Company’s group health care plans by paying the applicable premium therefor. As provided in Section 15 below, all payments to be made under this Section will be made in a manner that
comports with the requirements of Section 409A of the Code. 

  

	 	(iv)	During the CIC Severance Period, the Company will pay for outplacement counseling by a firm selected by the Company to continue until the earlier of such time as Executive becomes
re-employed or the end of the CIC Severance Period. As provided in Section 15 below, all payments to be made under this Section will be made in a manner that comports with the requirements of Section 409A of the Code.

  

	 	(v)	Except as provided in a grant or award agreement made prior to the date of this Agreement and unless the Board, or its Compensation Committee adopts a more favorable policy for
Senior Officers generally, the end of the CIC Severance Period will be treated as Executive’s termination date for purposes of the Company’s stock option, restricted stock and restricted stock unit and other equity programs but any such
stock option, restricted stock, restricted stock unit or other equity not otherwise vested at the end of the CIC Severance Period will immediately vest on that date. 

 In all events, Executive’s right to receive the CIC Benefits shall cease immediately if Executive is re-employed by the Company or an affiliate of
the Company or if Executive breaches any of the Restrictive Covenants. In all cases, the Company’s rights under Section 5 shall continue. 
  

	4.03	280G Provision 

 (a) Notwithstanding anything set
forth in this Agreement to the contrary, if any payment or benefit, including the payments under Section 4.02, Executive would receive from the Company by reason of a Change in Control or otherwise (“ Payment “) would
(i) constitute a “parachute payment” within the meaning of section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by section 4999 of the Code (the “ Excise Tax “), then such
Payment shall be reduced to the Reduced Amount. The “ Reduced Amount “ shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the
largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal
rate), results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits (or a
cancellation of the acceleration of vesting of stock options or equity awards) constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, such reduction and/or cancellation of acceleration shall occur in
the order that provides the maximum economic benefit to Executive. In the event that acceleration of vesting of a stock option or equity award is to be reduced, such acceleration of vesting also shall be canceled in the order that provides the
maximum economic benefit to Executive. 
  

 11 

 (b) The Company shall appoint a nationally recognized accounting firm with appropriate subject matter expertise to make
the determinations required under this Section. 
 (c) The Company shall bear all expenses with respect to the making of the determinations by such
accounting firm required to be made under this Section. The accounting firm engaged to make the determinations under this Section shall provide its calculations, together with detailed supporting documentation, to the Company and Executive as
soon as practicable after the date on which Executive’s right to a Payment is triggered (if requested at that time by the Company or Executive) or such other time as requested by the Company or Executive. If the accounting firm determines
that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Company with an opinion reasonably acceptable to Executive that no Excise Tax will be imposed with respect to
such Payment. Any good faith determinations of the accounting firm made under this Section shall be final, binding, and conclusive upon the Company and Executive.
  

	4.04	Other Provisions Regarding Payments and Benefits 

  

	(a)	No Mitigation; No Offset 

 In the event of any
termination of employment resulting in payments under this Section 4, Executive need not seek other employment and, except as expressly provided herein, there shall be no offset against amounts due to Executive under this Agreement on account
of any remuneration attributable to any subsequent employment that he may obtain. 
  

	(b)	Settlement and Release 

 The payments and benefits
provided for hereunder shall be in full settlement and satisfaction of all of Executive’s claims and demands relating to or arising out of Executive’s employment with the Company or the termination thereof; provided, however, such
settlement and release does not apply to (i) any rights or benefits as set forth in this Agreement and (ii) any rights to indemnification to which Executive is entitled under the Company’s Certificate of Incorporation, Bylaws,
Delaware common or statutory law, or any other applicable indemnification agreements entered into between Executive and the Company. The Company’s obligation to provide payments and benefits under this Agreement is expressly made subject to and
conditioned upon (i) Executive’s execution, within forty-five (45) days after the Termination Date, of a release of such claims and demands in such form as the Company may reasonably determine and (ii) Executive’s
non-revocation of such release in accordance with the terms thereof. 
  

 12 

	(c)	Nature of Payments 

 Any amounts due under this
Section 4 are in the nature of severance payments considered to be reasonable by the parties and are not in the nature of a penalty. 
  

	(d)	Benefit Plans 

 If, for any period during which
Executive is entitled to continued benefits under this Section 4, the Company reasonably determines that Executive cannot participate in any benefit plan because he is not actively performing services for the Company, then, in lieu of providing
benefits under any such plan, the Company shall provide comparable benefits (after taking into account incremental payroll and income tax consequences thereof to Executive and Executive’s dependents as the case may be) to Executive and, if
applicable, Executive’s dependents through other arrangements. 
  

	(e)	Other Severance Arrangements 

 Except as may be
otherwise specifically provided in an amendment of this Section 4.03(e) adopted in accordance with this Agreement, Executive’s rights under Section 4 shall be in lieu of any benefits that may be otherwise payable to or on behalf of
Executive pursuant to the terms of any other Company separation plans or policies or any other similar arrangement of the Company providing benefits upon termination of employment. 
  

	(f)	Time of Payments 

 If the amount of any payment
provided for in Section 4.01 or 4.02 cannot reasonably be calculated on or before the date on which such payment is due, the Company shall pay to Executive on such date an estimate, as calculated in good faith by the Company, of the minimum
amount of such payment and shall pay the remainder of such payments when reasonably calculable. 
  

	5.	Enforcement and Equitable Remedies 

 Executive consents to
jurisdiction and venue in the state and federal courts in and for Johnson County, Kansas, for all disputes arising under this Agreement; provided, however, that the Company may seek injunctive relief in any court of competent jurisdiction to enjoin
any violation of Sections 3.02 through 3.07 (the “Restrictive Covenants”). Executive acknowledges that the Company would be irreparably injured by a violation of the Restrictive Covenants, and he agrees that the Company, in addition
to any other remedies available to it for any breach or threatened breach, shall be entitled to a preliminary or permanent injunction, temporary restraining order, or other equitable relief, restraining Executive from any actual or threatened breach
of the Restrictive Covenants. If a bond is required to be posted in order for the Company to secure an injunction or other equitable remedy, the parties agree that the bond need not be more than a nominal sum. THE COMPANY AND EXECUTIVE
VOLUNTARILY WAIVE ANY RIGHT TO TRIAL BY JURY AND CONSENT TO A BENCH TRIAL OF ALL DISPUTES ARISING UNDER THIS AGREEMENT. 
 If Executive materially
breaches any of the Restrictive Covenants or if, as part of the Company’s efforts to enforce the Restrictive Covenants in this Agreement, any of those provisions are held to be unenforceable against Executive, Executive shall return any
compensation or benefits paid 

  

 13 

 
pursuant to Section 4. This remedy is a return of consideration and shall be in addition to any other remedies. During Executive’s employment with
the Company, the Committee shall determine whether Executive has materially breached the Restrictive Covenants, and the Committee’s determination shall be final. 
  

	6.	Definitions 

 As used in this Agreement, the following terms shall
have the meanings set forth below. 
  

	6.01	Affiliate 

 “Affiliate” means, with respect
to any person, a person, other than a Subsidiary of such person, (i) controlling, controlled by, or under common control with such person and (ii) any other person with whom such person reports consolidated financial information for
financial reporting purposes. “Control” for this purpose means direct or indirect possession by one person of voting or management rights of at least 20% with respect to another person. 
  

	6.02	Base Salary 

 “Base Salary” shall have the
meaning as defined in Section 2.01 of this Agreement. 
  

	6.03	Board 

 “Board” shall mean the Board of
Directors of the Company. 
  

	6.04	Capped Incentive Payout 

 “Capped Incentive
Payout” means the product of 80% and Executive’s Targeted Compensation. 
  

	6.05	Cause 

 Termination by the Company of Executive’s
employment for “Cause” means termination upon 
  

	 	(i)	the willful and continued failure by Executive to substantially perform his duties with the Company (other than any such failure resulting from Executive’s incapacity due to
physical or mental illness) after a written demand for substantial performance is delivered to Executive by the Company, which demand specifically identifies the manner in which the Company believes that Executive has not substantially performed his
duties, or 

  

	 	(ii)	the willful engaging by Executive in conduct that is a violation of the Company’s Principles of Business Conduct (or any successor code of conduct), or

  

	 	(iii)	the willful act, or failure to act, by Executive that is injurious to the Company, or 

  

	 	(iv)	the willful violation by Executive of any of the Restrictive Covenants. 

  

 14 

 For purposes of this definition, no act, or failure to act, on Executive’s part shall be deemed
“willful” (x) unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that Executive’s action or omission was in the best interest of the Company, or (y) unless done, or omitted to be
done, by Executive with reckless disregard for Executive’s duties. Failure to meet performance expectations, unless willful, continuing, and substantial, shall not be considered “Cause.” 
  

	6.06	Change in Control 

 “Change in
Control” means the occurrence of any of the following events: 
  

	 	(i)	the acquisition, directly or indirectly, by any “person” or “group” (as those terms are defined in Sections 3(a)(9), 13(d), and 14(d) of the Securities Exchange
Act of 1934 (the “Exchange Act”) and the rules thereunder, including, without limitation, Rule 13d-5(b)) of “beneficial ownership” (as determined pursuant to Rule 13d-3 under the Exchange Act) of securities entitled to
vote generally in the election of directors (“voting securities”) of the Company that represent 30% or more of the combined voting power of the Company’s then outstanding voting securities, other than 

  

	 	(A)	an acquisition by a trustee or other fiduciary holding securities under any employee benefit plan (or related trust) sponsored or maintained by Sprint or any person controlled by
the Company or by any employee benefit plan (or related trust) sponsored or maintained by the Company or any person controlled by the Company, or 

  

	 	(B)	an acquisition of voting securities by the Company or a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of the stock of the Company, or 

  

	 	(C)	an acquisition of voting securities pursuant to a transaction described in clause (iii) below that would not be a Change in Control under clause (iii);

  

	 	(ii)	a change in the composition of the Board that causes less than a majority of the directors of the Company to be directors that meet one or more of the following descriptions:

  

	 	(A)	a director who has been a director of the Company for a continuous period of at least 24 months, or 

  

	 	(B)	 a director whose election or nomination as director was approved by a vote of at least two-thirds of the then directors described in clauses (ii)(A), (B), or
(C) by prior nomination or election, but excluding, for the purpose of this subclause (B), any director whose initial assumption of office occurred as a result of an actual or threatened (y) election contest with 

  

 15 

	 	 
respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person or group other
than the Board or (z) tender offer, merger, sale of substantially all of the Company’s assets, consolidation, reorganization, or business combination that would be a Change in Control under clause (iii) on consummation thereof, or

  

	 	(C)	who were serving on the Board as a result of the consummation of a transaction described in clause (iii) that would not be a Change in Control under clause (iii);

  

	 	(iii)	the consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation,
reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets or (z) the acquisition of assets or stock of another entity, in each case, other than in a transaction

  

	 	(A)	that results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted
into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to
the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least 50% of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the
transaction, and 

  

	 	(B)	after which more than 50% of the members of the board of directors of the Successor Entity were members of the Board at the time of the Board’s approval of the agreement
providing for the transaction or other action of the Board approving the transaction (or whose election or nomination was approved by a vote of at least two-thirds of the members who were members of the Board at that time), and

  

	 	(C)	after which no person or group beneficially owns voting securities representing 30% or more of the combined voting power of the Successor Entity; provided, however, no person or
group shall be treated for purposes of this clause (C) as beneficially owning 30% or more of combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction;
or 

  

	 	(iv)	a liquidation or dissolution of the Company. 

  

 16 

	6.07	CIC Benefits 

 “CIC Benefits” shall have the
meaning as defined in Section 4.02 of this Agreement. 
  

	6.08	CIC Good Reason 

 “CIC Good Reason” means
the occurrence, within a CIC Protected Period, of any one or more of the following events or circumstances without Executive’s prior written consent unless one or more of the events or circumstances are corrected, in all material respects, in
accordance with Section 1.04(c) of this Agreement: 
  

	 	(i)	a substantial adverse alteration in the nature or status of Executive’s duties from those in effect immediately before the Change in Control, Executive’s removal from the
position of Chief Executive Officer or from membership on the Board; 

  

	 	(ii)	a reduction by the Company in Executive’s Base Salary as in effect on the Effective Date or as the same may be increased from time to time, except for across-the-board salary
reductions similarly affecting all officers of the Company and all officers of any person in control of the Company; 

  

	 	(iii)	the failure by the Company, without Executive’s consent, to pay to Executive any portion of Executive’s current compensation within seven days of the date it is due,
except pursuant to an across-the-board compensation deferral similarly affecting all officers of the Company and all officers of any person in control of the Company; 

  

	 	(iv)	(A) the relocation of the Company’s principal executive offices to a location outside the metropolitan area in which such offices are located immediately before the Change in
Control; or (B) the Company’s requiring Executive to be based anywhere other than the Company’s principal executive offices except for required travel on the Company’s business to an extent substantially consistent with
Executive’s present business travel obligations; or (C) the Company’s requiring Executive to travel to an extent substantially inconsistent with Executive’s business travel obligations as in effect immediately before the Change
in Control; 

  

	 	(v)	a substantial and involuntary adverse alteration in the physical conditions under or in which Executive is expected to perform Executive’s duties, other than an alteration
similarly affecting all officers of the Company and all officers of any person in control of the Company; 

  

	 	(vi)	 the Company’s failure to continue in effect any compensation plan in which Executive participated immediately before the Change in Control and that is material
to Executive’s total compensation, including but not limited to the Incentive Plan or any substitute plans adopted before the Change in Control, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been
made with respect to the plan, or the Company’s failure to continue Executive’s participation therein (or in such substitute or alternative plan) on a basis not materially less favorable, both in terms of the amount of 

  

 17 

	 	 
benefits provided and the level of Executive’s participation relative to other Senior Officers, as existed at the time of the Change in Control;

  

	 	(vii)	the Company’s failure to continue to provide Executive with benefits substantially similar in the aggregate to those he enjoyed under any of the Company’s benefit plans in
which Executive was participating at the time of the Change in Control; the taking of any action by the Company that would directly or indirectly materially reduce any of such benefits or deprive Executive of any material fringe benefit enjoyed by
Executive at the time of the Change in Control; or the failure by the Company to provide Executive with the number of paid vacation days to which Executive is entitled on the basis of years of service with the Company in accordance with the
Company’s normal vacation policy in effect at the time of the Change in Control; unless, in any of the foregoing events, an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such
benefits; 

  

	 	(viii)	the Company’s failure to obtain a satisfactory agreement from any successor to assume and agree to perform this Agreement, as contemplated in Section 7 hereof; or

  

	 	(ix)	the Company’s attempt to terminate Executive’s employment without complying with the procedures set forth in Section 1.04; any such attempt shall not be effective.

 Where the word “Company” is used in this Section 6.08, it shall be construed to include successor or ultimate
parent entities, as the context requires. 
  

	6.09	CIC Protected Period 

 “CIC Protected
Period” means a period commencing on the date of a Change in Control and ending on the two year anniversary of the date of the Change in Control. 
  

	6.10	CIC Severance Period 

 “CIC Severance
Period” shall have the meaning as defined in Section 4.02(i) of this Agreement. 
  

	6.11	CIC Termination Period Incentive Payout 

 “CIC
Termination Period Incentive Payout” means an amount equal to the actual amount that would have been earned under the Incentive Plan for the portion of the Termination Performance Period through the Termination Date. 
  

	6.12	Committee 

 “Committee” means the
Compensation Committee of the Board or any successor committee primarily responsible for executive compensation. 
  

 18 

 6.13 Competitive Employment 
 “Competitive Employment” means the performance of duties or responsibilities, or the supervision of individuals performing such duties or responsibilities, for a Competitor 
  

	 	(i)  (A)	that are of a similar nature or employ similar professional or technical skills (for example, executive, managerial, marketing, engineering, legal, etc.) to those employed by
Executive in his performance of services for the Company at any time during the two years before the Termination Date, and 

  

	 	      (B)	that relate to products or services that are competitive with any of the Company’s products or services with respect to which Executive performed services for the Company at
any time during the two years before the Termination Date, 

  

	 	(ii)	in the performance of which, Proprietary Information to which Executive had access at any time during the two-year period before the Termination Date could be of substantial
economic value to the Competitor. 

  

	6.14	Competitor 

 Because of the highly competitive,
evolving nature of the Company’s industry, the identities of companies in competition with the Company are likely to change over time. The following tests, while not exclusive indications of what employment may be competitive, are designed to
assist the parties and any court in evaluating whether particular employment is prohibited under this Agreement. 
 “Competitor” means any one or
more of the following 
  

	 	(i)	any person doing business in the United States or any of its Divisions employing Executive if the person or its Division receives at least 15% of its gross operating revenues from
providing communications services of any type (for example, voice, data, including Internet, and video), employing any transmission medium (for example, wireline, wireless, or any other technology), over any distance (for example, local,
long-distance, and distance insensitive services), using any protocol (for example, circuit-switched, or packet-based, such as Internet Protocol), or services or capabilities ancillary to such communications services (for example, network security
services); 

  

	 	(ii)	any person doing business in the United States or any of its Divisions employing Executive if the person or its Division receives at least 15% of its gross operating revenue from a
line of business in which the Company receives at least 3% of its gross operating revenues; 

  

	 	(iii)	 any person doing business in the United States, or any of its Divisions employing Executive, operating for less than 5 years a line of business from which the
Company derives at least 3% of its gross operating revenues, notwithstanding 

  

 19 

	 	 
such person’s or Division’s lack of substantial revenues in such line of business; or 

  

	 	(iv)	any person doing business in the United States, or any of its Divisions employing Executive, if the person or its Division receives at least 15% of its gross operating revenue from
a line of business in which the Company has operated for less than 5 years, notwithstanding the Company’s lack of substantial revenues in such line of business. 

 For purposes of the foregoing, gross operating revenues of the Company and such other person shall be those of the Company or such person, together with
their Consolidated Affiliates, but those of any Division employing or proposing to employ Executive shall be on a stand-alone basis, all measured by the most recent available financial information of both the Company and such other person or
Division at the time Executive accepts, or proposes to accept, employment with or to otherwise perform services for such person. If financial information is not publicly available or is inadequate for purposes of applying this definition, the burden
shall be on Executive to demonstrate that such person is not a Competitor. 
  

	6.15	Consolidated Affiliate 

 “Consolidated
Affiliate” means, with respect to any person, all Affiliates and Subsidiaries of such person, if any, with whom the financial statements of such person are required, under generally accepted accounting principles, to be reported on a
consolidated basis. 
  

	6.16	Division 

 “Division” means any distinct
group or unit organized as a segment or portion of a person that is devoted to the production, provision, or management of a common product or service or group of related products or services, regardless of whether the group is organized as a
legally distinct entity. 
  

	6.17	Employment Term 

 “Employment Term” shall
have the meaning as defined in Section 1.03 of this Agreement. 
  

	6.18	Incentive Plan 

 “Incentive Plan” means the Company’s Short Term Incentive program, together with other incentive compensation plans specifically approved for this purpose by the Committee. 
  

	6.19	Non-CIC Benefits 

 “Non-CIC Benefits” shall
have the meaning as defined in Section 4.01 of this Agreement. 
  

 20 

	6.20	Non-CIC Good Reason 

 “Non-CIC Good Reason”
means the occurrence of any one or more of the following events or circumstances without Executive’s prior written consent unless one or more of the events or circumstances are corrected, in all material respects, in accordance with
Section 1.04(d) of this Agreement: 
  

	 	(i)	Executive’s removal from the position of Chief Executive Officer or from membership on the Board; 

  

	 	(ii)	a reduction within any 24-month period (other than an across-the-board reduction similarly affecting all Senior Officers) of Executive’s Targeted Total Compensation to an
amount that is less than 90% of Executive’s highest Targeted Total Compensation during the 24-month period; or 

  

	 	(iii)	the Company’s requiring that Executive be based anywhere other than the Kansas City metropolitan area. 

  

	6.21	Non-CIC Severance Period 

 “Non-CIC Severance
Period” shall have the meaning as defined in Section 4.01(i) of this Agreement. 
  

	6.22	Non-CIC Termination Period Incentive Payout 

 “Non-CIC Termination Period Incentive Payout” means an amount equal to the actual amount that would have been earned under the Incentive Plan for the portion of the Termination Performance Period through the Termination Date.

  

	6.23	Non-Compete Period 

 “Non-Compete Period”
means the 18-month period (24-month period if the Termination Date occurs within a CIC Protected Period) beginning on the Termination Date. If Executive breaches or violates any of the covenants or provisions of this Agreement, the running of the
Non-Compete Period shall be extended for an additional period equal to the period the breach or violation continues. 
  

	6.24	Performance Measure 

 “Performance Measure”
means, with respect to any Performance Period, a measure, expressed as a percentage, of the extent to which the performance goals were achieved, as determined by the Committee, during the Performance Period. 
  

	6.25	Performance Period 

 “Performance Period”
means a period of time under the Incentive Plan for which the Committee establishes performance goals for the Company’s business units and authorizes payment of incentive compensation based on a measure of the extent to which those goals were
achieved during the period. 
  

 21 

	6.26	Proceeding 

 “Proceeding” shall have the
meaning as defined in Section 3.08 of this Agreement. 
  

	6.27	Proprietary Information 

 “Proprietary
Information” means trade secrets (such as customer information, technical and non-technical data, a formula, pattern, compilation, program, device, method, technique, drawing, or process) and other confidential and proprietary information
concerning the products, processes, or services of the Company or the Company’s affiliates, including but not limited to: computer programs, unpatented or unpatentable inventions, discoveries or improvements; marketing, manufacturing,
organizational, or research and development results and plans; business and strategic plans; sales forecasts and plans; personnel information, including the identity of other employees of the Company, their responsibilities, competence, abilities,
and compensation; pricing and financial information; current and prospective customer lists and information on customers or their employees; information concerning purchases of major equipment or property; and information about potential mergers,
acquisitions or other transactions which information: (i) has not been made known generally to the public, and (ii) is useful or of value to the current or anticipated business, or research or development activities of the Company or of
any customer or supplier of the Company, or (iii) has been identified to Executive as confidential by the Company, either orally or in writing. 
  

	6.28	Restrictive Covenants 

 “Restrictive
Covenants” means those covenants applicable to Executive set forth in Section 3.02 through 3.07 of this Agreement. 
  

	6.29	Senior Officer 

 “Senior Officer” means a
person who is an officer of the Company within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (or any successor statute or statutes thereto), and the rules and regulations promulgated thereunder. 
  

	6.30	Subsidiary 

 “Subsidiary” means, with
respect to any person (the “Controlling Person”), all other persons (the “Controlled Persons”) in whom the Controlling Person, alone or in combination with one or more of its Subsidiaries, owns or controls more than 50% of
the management or voting rights, together with all Subsidiaries of such Controlled Persons. 
  

	6.31	Targeted Compensation 

 “Targeted
Compensation” means the amount established by the Committee that would be the payout under the Incentive Plan, if the Performance Measure for the Performance Period were 100%. 
  

 22 

	6.32	Targeted Total Compensation 

 “Targeted Total
Compensation” means, as of any time, the sum of Executive’s (1) Base Salary, (2) Targeted Compensation, and (3) targeted value of his annual stock option award, annual restricted stock or restricted stock unit award
(ignoring the value of the options, restricted stock or restricted stock units granted before the Effective Date) as adopted by the Committee. 
  

	6.33	Termination Date 

 “Termination Date” means
(i) in the case of a termination of Executive’s employment by reason of Executive’s death, Executive’s date of death, and (ii) in all other cases, the date of any notice of termination or the date, if any, on which the
notice declares itself to be effective (but in no event other than in accordance with the notice provisions of Section 1.04). 
  

	6.34	Termination Performance Period 

 “Termination
Performance Period” means the Performance Period in which Executive’s Termination Date occurs. 
  

	6.35	Total Disability 

 “Total Disability” shall
have the same meaning as in the Company’s Long-Term Disability Plan, as amended from time to time or any successor plan. 
  

	7.	Assignability, Binding Nature 

 This Agreement shall be binding upon
and inure to the benefit of the parties and their respective successors, heirs (in the case of Executive), and assigns. No rights or obligations of the Company under this Agreement may be assigned or transferred by the Company except that they may
be assigned or transferred to any subsidiary of the Company or pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company, but only if
the assignee or transferee becomes the successor to all or substantially all of the assets of the Company and assumes the liabilities, obligations, and duties of the Company, as contained in this Agreement, either contractually or as a matter of
law. The Company further agrees that, in the event of a sale of assets or liquidation as described in the preceding sentence, it will take whatever action it legally can in order to cause the assignee or transferee to expressly assume the
liabilities, obligations, and duties of the Company hereunder. 
 No rights or obligations of Executive under this Agreement may be assigned or transferred
by Executive other than his rights to compensation and benefits, which may be transferred only in connection with Executive’s estate planning objectives or by will or operation of law. If Executive should die or become disabled while any amount
is owed but unpaid to Executive hereunder, all such amounts, unless otherwise provided herein, shall be paid to Executive’s legal guardian or to his devisee, legatee or other designee, as the case may be, or if there is no such designee, to
Executive’s estate. 
  

 23 

	8.	Amendment 

 This Agreement may be amended, modified, or canceled
only by mutual agreement of the parties in writing. 
  

	9.	Applicable Law 

 The provisions of this Agreement shall be construed
in accordance with the internal laws of the State of Kansas, without regard to the conflict of law provisions of any state. 
  

	10.	Tax Withholding 

 All payments made pursuant to this Agreement shall
be subject to applicable federal, state and local income and other withholding taxes, and to other applicable withholdings or deductions elected by Executive or otherwise required by law or judicial process. 
  

	11.	Severability 

 The parties intend the various provisions of this
Agreement to be severable and to constitute independent and distinct binding obligations. If any provision of this Agreement is determined to be invalid, illegal, or incapable of being enforced, in whole or in part, it shall not affect or impair the
validity of any other provision or part of this Agreement, and the provision or part shall be deemed modified to the minimum extent required to permit enforcement. Upon such a determination that any term or other provision is invalid, illegal, or
incapable of being enforced, the court or arbitrator, as applicable, shall have the authority to so modify the provision or term. If the provision or term is not modified by the court or arbitrator, the parties must negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the provisions of this Agreement are preserved to the greatest extent possible. 
  

	12.	Waiver of Breach. 

 No waiver by any party hereto of a breach of any
provision of this Agreement by any other party, or of compliance with any condition or provision of this Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by the other party of any
similar or dissimilar provisions and conditions at the same or any prior or subsequent time. The failure of either party to take any action by reason of such breach will not deprive the party of the right to take action at any time while the breach
continues. 
  

	13.	Notices 

 Notices and all other communications provided for in this
Agreement shall be in writing and shall be delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid, or prepaid overnight courier to the parties at the addresses set forth below or at such other
addresses as shall be specified by the parties by like notice: 
  

 24 

			
	If to Executive:	  	If to the Company:
		
	 Thomas A. Gerke
 at the latest address furnished
by
 Executive to the Company for
 purposes of general
communications
	  	 Embarq Corporation
 Attn: General Counsel

5454 W. 110th Street
 Overland Park, KS 66211

		
	with a copy to:	  	with copy to:
		
	 Shearman & Sterling LLP
 Attn: Doreen E.
Lilienfeld
 599 Lexington Avenue
 New York, New York
10022
	  	 Morgan, Lewis & Bockius LLP
 Attn: Marlee Myers

 One Oxford Centre
 Pittsburgh, PA 15219

 or to the latest address furnished by Executive to the Company for purposes of general communications. 

Each party, by written notice furnished to the other party, may modify the applicable delivery address, but any notice of change of address shall be effective only
upon receipt. Such notices, demands, claims and other communications shall be deemed given in the case of delivery by overnight service with guaranteed next day delivery, the next day or the day designated for delivery; or in the case of certified
or registered U.S. mail, five days after deposit in the U.S. mail, but in no event will any such communications be deemed to be given later than the date they are actually received. 
  

	14.	Survivorship 

 Upon the expiration or other termination of this
Agreement, the respective rights and obligations of the parties shall survive the expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement. In particular, without limiting the generality
of the preceding sentence, any obligation of the Company to make payments or provide services under Section 4 shall continue beyond the end of the Employment Term and the obligations and covenants of Executive set forth in Section 3, and
the rights and remedies of the Company with respect thereto, shall continue beyond the Employment Term to the extent contemplated therein. 
  

	15.	Compliance with Section 409A of the Code 

 The
Agreement is intended to comply with the requirements of Section 409A of the Code or an exemption, and shall in all respects be administered in accordance with Section 409A. Notwithstanding anything in the Agreement to the contrary,
distributions upon termination of employment may only be made under the Agreement upon a “separation from service” as determined under Section 409A. Each payment under this Agreement shall be treated as a separate payment for purposes
of Section 409A. In no event may Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement. All reimbursements, club memberships, financial planning expenses, legal fees, outplacement benefits
and other payments shall be made on or before the last day of the calendar year 

  

 25 

 
following the calendar year in which the relevant expense is incurred or payment becomes due, and otherwise in accordance with the requirements of
Section 409A of the Code. The amount of expenses eligible for reimbursement or other payments becoming due during a calendar year may not affect the expenses eligible for reimbursement or other payments due in any other calendar year.

 Notwithstanding anything in this Agreement to the contrary, if at the time of Executive’s termination of employment with the Company,
the Executive is a “specified employee” (as defined in Section 409A of the Code) and it is necessary to postpone the commencement of any payments under this Agreement in order to prevent taxation under Section 409A, then the
Company shall postpone commencement of such payments hereunder (without any reduction in such payments ultimately paid or provided to Executive) until the first payroll date that occurs after the date that is six (6) months following
Executive’s “separation from service” with the Company (within the meaning of such term under Section 409A). If any payments are postponed, the postponed amounts will be paid in a lump sum to Executive on the first payroll date
that occurs after the date that is six (6) months following Executive’s “separation from service” with the Company. If Executive dies during the postponement period prior to the payment of the postponed amount, the amounts
withheld on account of Section 409A shall be paid to the personal representative of Executive’s estate within sixty (60) days after the date of Executive’s death. 
  

	16.	Legal Fees 

 The Company shall promptly pay the reasonable legal
fees of Executive actually incurred in connection with the review and negotiation of this Agreement, upon submission of written documentation thereof; provided, however, that in no event shall the amount payable by the Company
hereunder exceed $20,000.00. 
  

	17.	Entire Agreement 

 Except as otherwise noted herein, this Agreement
constitutes the entire agreement between the parties concerning the subject matter specifically addressed herein and, except for the terms and provisions of any other employee benefit or other compensation plans (or any agreements or awards
thereunder) referred to herein or contemplated hereby, this Agreement supersedes all prior and contemporaneous agreements between the parties relating to the subject matter specifically addressed herein. 
  

	18.	Headings 

 The headings in this Agreement are for convenience of
reference only and will not affect the construction of any of its provisions. 
  

	19.	Counterparts 

 This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 
 [The
remainder of this page has intentionally been left blank.] 
  

 26 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date set forth above.

  

			
	EMBARQ CORPORATION
		
	By:	 	 /s/ E.J. Holland, Jr.

	Name:	 	E.J. Holland, Jr.
	Title:	 	Senior Vice President – Human Resources and Communications
		
		 	 /s/ Thomas A. Gerke

		 	Thomas A. Gerke, “Executive”

  

 27 

 Exhibit A 
 Boards of Directors of For-Profit Businesses 
 NONE 
  

 28

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