Document:

Prepared by R.R. Donnelley Financial -- Form of 2004 Equity Incentive Plan

 Exhibit 10.2 
  
 NETLOGIC MICROSYSTEMS, INC. 
  

2004 EQUITY INCENTIVE PLAN 

					
	 	  	 	  	Page

			
	1.	  	Purpose	  	1
			
	2.	  	Definitions	  	1
			
	3.	  	Term of the Plan	  	5
			
	4.	  	Stock Subject to the Plan	  	5
			
	5.	  	Administration	  	5
			
	6.	  	Authorization of Grants	  	6
			
	7.	  	Specific Terms of Awards	  	7
			
	8.	  	Adjustment Provisions	  	14
			
	9.	  	Settlement of Awards	  	16
			
	10.	  	Reservation of Stock	  	18
			
	11.	  	Limitation of Rights in Stock; No Special Service Rights	  	18
			
	12.	  	Unfunded Status of Plan	  	18
			
	13.	  	Nonexclusivity of the Plan	  	18
			
	14.	  	Termination and Amendment of the Plan	  	18
			
	15.	  	Notices and Other Communications	  	19
			
	16.	  	Governing Law	  	19

  

 i 

 NETLOGIC MICROSYSTEMS, INC. 
  
 2004 EQUITY INCENTIVE PLAN 
  
 1. Purpose 
  
 This Plan is intended to encourage ownership of Stock by employees, consultants and directors of the Company and its Affiliates and to provide additional
incentive for them to promote the success of the Company’s business through the grant of Awards of or pertaining to shares of the Company’s Stock. The Plan is intended to be an incentive stock option plan within the meaning of Section 422
of the Code, but not all Awards are required to be Incentive Options. 
  
 2.
Definitions 
  
 As used in this Plan, the following terms
shall have the following meanings: 
  
 2.1
Accelerate, Accelerated, and Acceleration means: (a) when used with respect to an Option or Stock Appreciation Right, that as of the time of reference the Option or Stock Appreciation Right will become
exercisable with respect to some or all of the shares of Stock for which it was not then otherwise exercisable by its terms; (b) when used with respect to Restricted Stock or Restricted Stock Units, that the Risk of Forfeiture otherwise applicable
to the Stock or Units shall expire with respect to some or all of the shares of Restricted Stock or Units then still otherwise subject to the Risk of Forfeiture; and (c) when used with respect to Performance Units, that the applicable Performance
Goals shall be deemed to have been met as to some or all of the Units. 
  
 2.2 Acquisition means a merger or consolidation of the Company with or into another person or the sale, transfer, or other disposition of all or substantially all of the Company’s assets to one or more other persons in a
single transaction or series of related transactions. 
  
 2.3
Affiliate means any corporation, partnership, limited liability company, business trust, or other entity controlling, controlled by or under common control with the Company. 
  
 2.4 Award means any grant or sale pursuant to the Plan of Options, Stock Appreciation Rights, Performance
Units, Restricted Stock, Restricted Stock Units or Stock Grants. 
  
 2.5 Award Agreement means an agreement between the Company and the recipient of an Award, setting forth the terms and conditions of the Award. 
  
 2.6 Board means the Company’s Board of Directors. 
  
 2.7 Change of Control means the occurrence of any of the
following after the date of the approval of the Plan by the Board: 
  
 (a) an Acquisition, unless securities possessing more than 50% of the total combined voting power of the survivor’s or acquiror’s outstanding securities (or the securities of any parent thereof) are held by
a person or persons who held securities possessing more than 50% of the total combined voting power of the Company’s outstanding securities immediately prior to that transaction, or 

 (b) any person or group of persons (within the meaning of Section 13(d)(3) of the
Exchange Act) directly or indirectly acquires beneficial ownership (determined pursuant to SEC Rule 13d-3 promulgated under the said Exchange Act) of securities possessing more than 50% of the total combined voting power of the Company’s
outstanding securities pursuant to a tender or exchange offer made directly to the Company’s stockholders that the Board does not recommend such stockholders accept, other than (i) the Company or an Affiliate, (ii) an employee benefit plan of
the Company or any of its Affiliates, (iii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, or (iv) an underwriter temporarily holding securities pursuant to an offering of such
securities, or 
  
 (c) over a period of 36
consecutive months or less, there is a change in the composition of the Board such that a majority of the Board members (rounded up to the next whole number, if a fraction) ceases, by reason of one or more proxy contests for the election of Board
members, to be composed of individuals who either (i) have been Board members continuously since the beginning of that period, or (ii) have been elected or nominated for election as Board members during such period by at least a majority of the
Board members described in the preceding clause (i) who were still in office at the time that election or nomination was approved by the Board; or 
  
 (d) a majority of the Board votes in favor of a decision that a Change of Control has occurred. 
  
 2.8 Code means the Internal Revenue Code of 1986, as amended
from time to time, or any successor statute thereto, and any regulations issued from time to time thereunder. 
  
 2.9 Committee means the Compensation Committee of the Board, which in general is responsible for the administration of the Plan, as provided
in Section 5 of the Plan. For any period during which no such committee is in existence, “Committee” shall mean the Board, and all authority and responsibility assigned to the Committee under the Plan shall be exercised, if at all, by the
Board. 
  
 2.10 Company means NetLogic Microsystems,
Inc., a corporation organized under the laws of the State of Delaware. 
  
 2.11 Continuous Employment means the absence of any interruption or termination of service as an employee, director or consultant of the Company or any Subsidiary. Continuous Employment shall not be considered interrupted
during any period of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company and any Parent, Subsidiary or successor of the Company. 
  
 2.12 Covered Employee means an employee who is a “covered
employee” within the meaning of Section 162(m) of the Code. 
  
 2.13 Effective Date means the effective date of this Plan, which is the effective date of the firm commitment underwriting agreement entered into in connection with the initial public offering of stock. 
  
 2.14 Exchange Act means the Securities Exchange Act of 1934, as
amended. 
  
 2.15 Grant Date means the date as of
which an Option is granted, as determined under Section 7.1(a). 
  

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 2.16 Incentive Option means an Option which by its terms is to be treated as an
“incentive stock option” within the meaning of Section 422 of the Code. 
  
 2.17 Market Value means the value of a share of Stock on a particular date determined by such methods or procedures as may be established by the Committee. Unless otherwise determined by the Committee,
the Market Value of Stock as of any date is the closing price for the Stock as reported on the Nasdaq National Market (or on any national securities exchange or other established market on which the Stock is then listed) for that date or, if no
closing price is reported for that date, the closing price on the next preceding date for which a closing price was reported. For purposes of Awards effective as of the effective date of the Company’s initial public offering, Market Value of
Stock shall be the price at which the Company’s Stock is offered to the public in its initial public offering. 
  
 2.18 Nonstatutory Option means any Option that is not an Incentive Option. 
  
 2.19 Option means an option to purchase shares of Stock. 
  
 2.20 Optionee means a Participant to whom an Option shall have
been granted under the Plan. 
  
 2.21 Parent means a
parent corporation of the Company, whether now or hereafter existing, as defined by Section 424(e) of the Code. 
  
 2.22 Participant means any holder of an outstanding Award under the Plan. 
  
 2.23 Performance Criteria means the criteria that the Committee select for purposes of establishing the
Performance Goal or Performance Goals for a Participant for a Performance Period. The Performance Criteria used to establish Performance Goals are limited to: pre- or after-tax net earnings, sales growth, operating earnings, operating cash flow,
return on net assets, return on stockholders’ equity, return on assets, return on capital, Stock price growth, stockholder returns, gross or net profit margin, earnings per share, price per share of Stock, and market share, any of which may be
measured either in absolute terms or as compared to any incremental increase or as compared to results of a peer group. The Committee will, in the manner and within the time prescribed by Section 162(m) of the Code in the case of Qualified
Performance-Based Awards, objectively define the manner of calculating the Performance Criteria it selects to use for such Performance Period for such Participant. 
  
 2.24 Performance Goals means, for a Performance Period, the written goals established by the Committee for the
Performance Period based upon the Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed in terms of overall Company performance or the performance of a division,
business unit, Subsidiary, or an individual. 
  
 2.25
Performance Period means the one or more periods, which may be of varying and overlapping durations, selected by the Committee, over which the attainment of one or more Performance Goals will be measured for purposes of determining a
Participant’s right to, and the payment of, a Performance Unit. 
  

 3 

 2.26 Performance Unit means a right granted to a Participant under Section 7.5, to receive
cash, Stock or other Awards, the payment of which is contingent on achieving Performance Goals established by the Committee. 
  
 2.27 Plan means this 2004 Equity Incentive Plan of the Company, as amended from time to time, and including any attachments or addenda
hereto. 
  
 2.28 Qualified Performance-Based Awards
means Awards intended to qualify as “performance-based compensation” under Section 162(m) of the Code. 
  
 2.29 Restricted Stock means a grant or sale of shares of Stock to a Participant subject to a Risk of Forfeiture. 
  
 2.30 Restricted Stock Units means rights to receive shares of
Stock at the close of a Restriction Period, subject to a Risk of Forfeiture. 
  
 2.31 Restriction Period means the period of time, established by the Committee in connection with an Award of Restricted Stock, during which the shares of Restricted Stock are subject to a Risk of
Forfeiture described in the applicable Award Agreement. 
  
 2.32
Risk of Forfeiture means a limitation on the right of the Participant to retain Restricted Stock or Restricted Stock Units, including a right in the Company to reacquire shares of Restricted Stock at less than their then Market Value,
arising because of the occurrence or non-occurrence of specified events or conditions. 
  
 2.33 Securities Act means the Securities Act of 1933, as amended. 
  
 2.34 SEC means the Securities and Exchange Commission. 
  
 2.35 Stock means common stock, par value $0.01 per share, of the Company, and such other securities as may be
substituted for Stock pursuant to Section 8. 
  
 2.36 Stock
Appreciation Right means a right to receive any excess in the Market Value of shares of Stock (except as otherwise provided in Section 7.2(c)) over a specified exercise price. 
  
 2.37 Stock Grant means the grant of shares of Stock not subject to restrictions or other forfeiture
conditions. 
  
 2.38 Subsidiary means a subsidiary
corporation of the Company, whether now or hereafter existing, as defined in Section 424(f) of the Code. 
  
 2.39 Ten Percent Owner means a person who owns, or is deemed within the meaning of Section 422(b)(6) of the Code to own, stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company (or any Parent or Subsidiary of the Company). Whether a person is a Ten Percent Owner shall be determined with respect to an Option based on the facts existing
immediately prior to the Grant Date of the Option. 
  
 2.40
Vesting Commencement Date means, with respect to an Option or Stock Appreciation Right, the date, determined by the Committee, on which the vesting of the Option or Stock Appreciation Right shall commence, which may be the Grant Date
or a date prior to or after the Grant Date. 
  

 4 

 3. Term of the Plan 
  
 Unless the Plan shall have been earlier terminated by the Board, Awards may be granted under this Plan at any time in the period commencing on the date of
approval of the Plan by the Board and ending immediately prior to the tenth anniversary of the earlier of the adoption of the Plan by the Board or approval of the Plan by the Company’s stockholders. Awards granted pursuant to the Plan within
that period shall not expire solely by reason of the termination of the Plan. Awards of Incentive Options granted prior to stockholder approval of the Plan are expressly conditioned upon such approval, but in the event of the failure of the
stockholders to approve the Plan shall thereafter and for all purposes be deemed to constitute Nonstatutory Options. 
  
 4. Stock Subject to the Plan 
  
 Subject to Section 8 of the Plan, the maximum aggregate number of shares of Stock which may be issued pursuant to or subject to outstanding Awards granted
under the Plan is 3,323,191 shares of Stock, plus an annual increase to be added on the first day of the Company’s fiscal year beginning in 2005 equal to the lesser of (i) 150,000 shares of Stock or (ii) one percent of the outstanding
shares of Stock on the Effective Date. For purposes of applying the foregoing limitation, if any Option or Stock Appreciation Right expires, terminates, or is cancelled for any reason without having been exercised in full, or if any other Award is
forfeited by the recipient, the shares not purchased by the Optionee or which are forfeited by the recipient shall again be available for Awards to be granted under the Plan. In addition, settlement of any Award shall not count against the foregoing
limitations except to the extent settled in the form of Stock. Shares of Stock issued pursuant to Awards granted under the Plan and later repurchased by the Company pursuant to any repurchase right (other than the repurchase of shares that have not
vested and are subject to forfeiture prior to vesting) that the Company may have shall not be available for future grant of Awards under the Plan. 
  
 5. Administration 
  
 The Plan shall be administered by the Committee; provided, however, that at any time and on any one or more occasions the Board may itself exercise
any of the powers and responsibilities assigned the Committee under the Plan and when so acting shall have the benefit of all of the provisions of the Plan pertaining to the Committee’s exercise of its authorities hereunder; and provided
further, however, that the Committee may delegate to an executive officer or officers the authority to grant Awards hereunder to employees who are not officers, and to consultants, in accordance with such guidelines as the Committee shall set
forth at any time or from time to time. Subject to the provisions of the Plan, the Committee shall have complete authority, in its discretion, to make or to select the manner of making all determinations with respect to each Award to be granted by
the Company under the Plan, including the employee, consultant or director to receive the Award and the form of Award. In making such determinations, the Committee may take into account the nature of the services rendered by the respective
employees, consultants, and directors, their present and potential contributions to the success of the Company and its Affiliates, and such other factors as the Committee in its discretion shall deem relevant. Subject to the provisions of the Plan,
the Committee shall also have complete authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, to determine the terms and provisions of the respective 
 Award Agreements (which need not be identical), and to make all other determinations necessary or advisable for the administration of the Plan. The Committee’s
determinations made in good faith on matters referred to in the Plan shall be final, binding and conclusive on all persons having or claiming any interest under the Plan or an Award made pursuant to hereto. 
  

 5 

 6. Authorization of Grants 
  
 6.1 Eligibility. The Committee may grant from time to time and at any time prior to the termination of the Plan one
or more Awards, either alone or in combination with any other Awards, to any employee of or consultant to one or more of the Company and its Affiliates or to any non-employee member of the Board or of any board of directors (or similar governing
authority) of any Affiliate. However, only employees of the Company, and of any Parent or Subsidiary of the Company, shall be eligible for the grant of an Incentive Option. Further, in no event shall the number of shares of Stock covered by Options
or other Awards granted to any one person in any one calendar year exceed 2,900,000 shares of Stock subject to the Plan. 
  
 6.2 General Terms of Awards. Each grant of an Award shall be subject to all applicable terms and conditions of the Plan (including but not limited
to any specific terms and conditions applicable to that type of Award set out in the following Section), and such other terms and conditions, not inconsistent with the terms of the Plan, as the Committee may prescribe. No prospective Participant
shall have any rights with respect to an Award, unless and until such Participant has executed an Award agreement evidencing the Award, delivered a fully executed copy thereof to the Company, and otherwise complied with the applicable terms and
conditions of such Award. 
  
 6.3 Effect of Termination of
Employment, Disability or Death. 
  
 (a)
Termination of Employment, Etc. Unless the Committee shall provide otherwise with respect to any Award, if the Participant’s employment or other association with the Company and its Affiliates ends for any reason other than by total
disability or death, including because of the Participant’s employer ceasing to be an Affiliate, (a) any outstanding Option or Stock Appreciation Right of the Participant shall cease to be exercisable in any respect not later than 90 days
following that event and, for the period it remains exercisable following that event, shall be exercisable only to the extent exercisable at the date of that event, and (b) any other outstanding Award of the Participant shall be forfeited or
otherwise subject to return to or repurchase by the Company on the terms specified in the applicable Award Agreement. Military or sick leave or other personal leave approved by an authorized representative of the Company shall not be deemed a
termination of employment or other association, provided that it does not exceed the longer of 90 days or the period during which the absent Participant’s reemployment rights, if any, are guaranteed by statute or by contract. 

 
 (b) Disability of Participant. If a
Participant’s employment or other association with the Company and its Affiliates ends due to disability (as defined in Section 22(e)(3) of the Code), and such Participant was in Continuous Employment from the Grant Date until the date of
termination of service, any outstanding Option or Stock Appreciation Right may be exercised at any time within six months following the date of termination of service, but only to the extent of the accrued right to exercise at the time of
termination of service, subject to the condition that no Option or Stock Appreciation Right shall be exercised after its expiration in accordance with its terms. 
  

 6 

 (c) Death of Participant. In the event of the death during the Option period, or
period during Stock Appreciation Right may be exercised, of a Participant who is at the time of his or her death an employee, director or consultant and who was in Continuous Employment as such from the Grant Date until the date of death, the Option
or Stock Appreciation Right of the Participant may be exercised at any time within 12 months following the date of death by such Participant’s estate or by a person who acquired the right to exercise the Option or Stock Appreciation Right by
bequest, inheritance or otherwise as a result of the Participant’s death, but only to the extent of the accrued right to exercise at the time of death, subject to the condition that no Option or Stock Appreciation Right shall be exercised after
its expiration in accordance with its terms. 
  
 6.4
Transferability of Awards. Except as otherwise provided in this Section 6.4, Awards shall not be transferable, and no Award or interest therein may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by
will or by the laws of descent and distribution. All of a Participant’s rights in any Award may be exercised during the life of the Participant only by the Participant or the Participant’s legal representative. However, the Committee may,
at or after the grant of an Award of a Nonstatutory Option, or shares of Restricted Stock, provide that such Award may be transferred by the recipient through a gift or domestic relations order in settlement of marital property rights to any of the
following donees or transferees and may be reacquired by the Participant from any of such donors or transferees: 
  
 (a) any “family member,” which includes any child, stepchild, grandchild, parent, stepparent, spouse, former
spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Participant’s household (other than a tenant or employee);

  
 (b) a trust in which family members have more
than fifty percent (50%) of the beneficial interests; 
  
 (c) a foundation in which “family members” (or the Participant) control the management of assets; and 
  
 (d) any other entity in which “family members” (or the Participant) own more than fifty percent (50%) of the voting interests.

  
 provided, that (x) any such transfer is without payment of any
consideration whatsoever and that no transfer shall be valid unless first approved by the Committee, acting in its sole discretion; (y) the Award Agreement pursuant to which such Awards are granted, and any amendments thereto, must be approved by
the Committee and must expressly provide for transferability in a manner consistent with this Section 6.4; and (z) subsequent transfers of transferred Awards shall be prohibited except in accordance with this Section 6.4. Following transfer, any
such Awards shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, provided that the term hereof or in the Award Agreement shall continue to be applied with respect to the original
Participant, following which any Options or Stock Appreciation Rights shall be exercisable by the transferee only to the extent, and for the periods specified in the Award Agreement or Section 6.3, as applicable. 
  

 7 

 7. Specific Terms of Awards 
  
 7.1 Options. 
  
 (a) Date of Grant. The granting of an Option shall take place at the time specified in the Award Agreement. Only if expressly so
provided in the applicable Award Agreement shall the Grant Date be the date on which the Award Agreement shall have been duly executed and delivered by the Company and the Optionee. 
  
 (b) Exercise Price. The price at which shares of Stock may be acquired under each Incentive Option
shall be not less than 100 percent of the Market Value of Stock on the Grant Date, or not less than 110 percent of the Market Value of Stock on the Grant Date if the Optionee is a Ten Percent Owner. The price at which shares may be acquired under
each Nonstatutory Option shall not be so limited solely by reason of this Section. 
  
 (c) Option Period. No Incentive Option may be exercised on or after the tenth anniversary of the Grant Date, or on or after the
fifth anniversary of the Grant Date if the Optionee is a Ten Percent Owner. The Option period under each Nonstatutory Option shall not be so limited solely by reason of this Section. 
  
 (d) Exercisability. An Option may be immediately exercisable or become exercisable in such
installments, cumulative or non-cumulative, as the Committee may determine. Unless the Committee specifically determines otherwise at the time of the grant of the Option, each Option shall vest and become exercisable, cumulatively, as to one-fourth
of the shares at the first anniversary of the Vesting Commencement Date and as to one thirty-sixth of the remaining shares subject to the Option at the end of each successive month thereafter until all of the shares subject to the Option have
vested, subject to the Optionee’s Continuous Employment. In the case of an Option not otherwise immediately exercisable in full, the Committee may Accelerate such Option in whole or in part at any time; provided, however, that in the
case of an Incentive Option, any such Acceleration of the Option would not cause the Option to fail to comply with the provisions of Section 422 of the Code or the Optionee consents to the Acceleration. 
  
 (e) Method of Exercise. An Option may be exercised by
the Optionee giving written notice, in the manner provided in Section 16, specifying the number of shares with respect to which the Option is then being exercised. The notice shall be accompanied by payment in the form of cash or check payable to
the order of the Company in an amount equal to the exercise price of the shares to be purchased or, if the Committee had so authorized on the grant of an Incentive Option or on or after grant of an Nonstatutory Option (and subject to such
conditions, if any, as the Committee may deem necessary to avoid adverse accounting effects to the Company) by delivery to the Company of 
  
 (i) shares of Stock having a Market Value equal to the exercise price of the shares to be purchased, or 
  
 (ii) unless prohibited by applicable law, the
Optionee’s executed promissory note in the principal amount equal to the exercise price of the shares to be purchased and otherwise in such form as the Committee shall have approved. 
  
 If the Stock is traded on an established market, payment of any exercise price may also be made through and under the terms and conditions
of any formal cashless exercise program authorized by the Company entailing the sale of the Stock subject to an Option in a brokered transaction (other than to the Company). Receipt by the Company of such notice and payment in any authorized or
combination of authorized means shall constitute the exercise of the Option. Within 30 days thereafter but subject to the remaining provisions of the Plan, the Company shall deliver or cause to be delivered to the Optionee or his agent a certificate
or certificates for the number of shares then being purchased. Such shares shall be fully paid and nonassessable. 
  

 8 

 (f) Limit on Incentive Option Characterization. An Incentive Option shall be
considered to be an Incentive Option only to the extent that the number of shares of Stock for which the Option first becomes exercisable in a calendar year do not have an aggregate Market Value (as of the date of the grant of the Option) in excess
of the “current limit.” The current limit for any Optionee for any calendar year shall be $100,000 minus the aggregate Market Value at the date of grant of the number of shares of Stock available for purchase for the
first time in the same year under each other Incentive Option previously granted to the Optionee under the Plan, and under each other incentive stock option previously granted to the Optionee under any other incentive stock option plan of the
Company and its Affiliates. Any shares of Stock which would cause the foregoing limit to be violated shall be deemed to have been granted under a separate Nonstatutory Option, otherwise identical in its terms to those of the Incentive Option.

  
 (g) Notification of Disposition. Each
person exercising any Incentive Option granted under the Plan shall be deemed to have covenanted with the Company to report to the Company any disposition of such shares prior to the expiration of the holding periods specified by Section 422(a)(1)
of the Code and, if and to the extent that the realization of income in such a disposition imposes upon the Company federal, state, local or other withholding tax requirements, or any such withholding is required to secure for the Company an
otherwise available tax deduction, to remit to the Company an amount in cash sufficient to satisfy those requirements. 
  
 (h) Automatic Option Grants. The provisions set forth in this Section 7.1(i) shall not be amended more than once every six
months other than to comport with changes in the Code, the Employee Retirement Income Security Act of 1974, as amended, or the rules promulgated thereunder. All grants of Options to non-employee directors under this Plan shall be automatic and
nondiscretionary and shall be made strictly in accordance with the following provisions: 
  
 (i) No person shall have any discretion to select which non-employee directors shall be granted Options. 
  
 (ii) Each non-employee director shall be automatically
granted an option (an “Automatic Director Option”) to purchase 10,000 shares of Stock at the first meeting of the Board following the Annual Meeting of Stockholders in each year, commencing with the 2005 Annual Meeting of
Stockholders, provided that he or she is not an employee and if, as of such date, he or she shall have served on the Board for at least the preceding six months. 
  
 (iii) The terms of an Automatic Director Option granted hereunder shall be as follows: 
  
 (A) the term of the Automatic Director Option shall be 10
years; 
  
 (B) the exercise price per share
shall be 100 percent of the Market Value per share on the date of grant of the Automatic Director Option. In the event that the date of grant of the Automatic Director Option is not a trading day, the exercise price per share shall be 100 percent of
the Market Value on the next trading day immediately following the date of grant of the Automatic Director Option; 
  

 9 

 (C) subject to Section 9 hereof, the Automatic Director Option shall become exercisable
as to  1/12th of the shares subject to the Automatic Director Option at the end of each calendar month after its
date of grant, provided that the Optionee was in Continuous Employment on such dates; 
  
 (D) upon the occurrence of a Change of Control, any and all Automatic Director Options not already exercisable in full shall Accelerate
with respect to 100 percent of the shares for which such Automatic Director Options are not then exercisable; and 
  
 (E) except as the terms of this Section 7.1(i) otherwise provide, the terms and conditions of this Plan shall apply to Automatic Director
Options. 
  
 (iv) In the event that any Automatic
Director Option granted under the Plan would cause the number of shares subject to outstanding Options plus the number of shares previously purchased under Options to exceed the total number of authorized shares then available under the Plan, the
remaining shares available for Option grant shall be granted under Options to the non-employee directors on a pro rata basis. No further grants shall be made until such time, if any, as additional shares become available for grant under the Plan
through action of the Board or the stockholders to increase the number of shares which may be issued under the Plan or through cancellation or expiration of Awards previously granted hereunder. 
  
 7.2 Stock Appreciation Rights. 
  
 (a) Tandem or Stand-Alone. Stock Appreciation Rights
may be granted in tandem with an Option (at or, in the case of a Nonstatutory Option, after, the award of the Option), or alone and unrelated to an Option. Stock Appreciation Rights in tandem with an Option shall terminate to the extent that the
related Option is exercised, and the related Option shall terminate to the extent that the tandem Stock Appreciation Rights are exercised. 
  
 (b) Exercise Price. Stock Appreciation Rights shall have such exercise price as the Committee may determine, except that in the
case of Stock Appreciation Rights in tandem with Options, the exercise price of the Stock Appreciation Rights shall equal the exercise price of the related Option. 
  
 (c) Other Terms. Except as the Committee may deem inappropriate or inapplicable in the circumstances,
Stock Appreciation Rights shall be subject to terms and conditions substantially similar to those applicable to a Nonstatutory Option. In addition, a Stock Appreciation Right related to an Option which can only be exercised during limited periods
following a Change of Control may entitle the Participant to receive an amount based upon the highest price paid or offered for Stock in any transaction relating to the Change of Control or paid during the 30-day period immediately preceding the
occurrence of the Change of Control in any transaction reported in the stock market in which the Stock is normally traded. 
  

 10 

 7.3 Restricted Stock. 
  
 (a) Purchase Price. Shares of Restricted Stock shall
be issued under the Plan for such consideration, in cash, other property or services, or any combination thereof, as is determined by the Committee. 
  
 (b) Issuance of Certificates. Each Participant receiving a Restricted Stock Award, subject to subsection (c) below, shall be issued
a stock certificate in respect of such shares of Restricted Stock. Such certificate shall be registered in the name of such Participant, and, if applicable, shall bear an appropriate legend referring to the terms, conditions, and restrictions
applicable to such Award substantially in the following form: 
  
 The transferability of this certificate and the shares represented by this certificate are subject to the terms and conditions of the NetLogic Microsystems, Inc. 2004 Equity Incentive Plan and an Award Agreement entered into by the
registered owner and NetLogic Microsystems, Inc. Copies of such Plan and Agreement are on file in the offices of NetLogic Microsystems, Inc. 
  
 (c) Escrow of Shares. The Committee may require that the stock certificates evidencing shares of Restricted Stock be held in
custody by a designated escrow agent (which may but need not be the Company) until the restrictions thereon shall have lapsed, and that the Participant deliver a stock power, endorsed in blank, relating to the Stock covered by such Award.

  
 (d) Restrictions and Restriction
Period. During the Restriction Period applicable to shares of Restricted Stock, such shares shall be subject to limitations on transferability and a Risk of Forfeiture arising on the basis of such conditions related to the performance of
services, Company or Affiliate performance or otherwise as the Committee may determine and provide for in the applicable Award Agreement. Any such Risk of Forfeiture may be waived or terminated, or the Restriction Period shortened, at any time by
the Committee on such basis as it deems appropriate. 
  
 (e) Rights Pending Lapse of Risk of Forfeiture or Forfeiture of Award. Except as otherwise provided in the Plan or the applicable Award Agreement, at all times prior to lapse of any Risk of Forfeiture applicable to, or forfeiture of,
an Award of Restricted Stock, the Participant shall have all of the rights of a stockholder of the Company, including the right to vote, and the right to receive any dividends with respect to, the shares of Restricted Stock. The Committee, as
determined at the time of Award, may permit or require the payment of cash dividends to be deferred and, if the Committee so determines, reinvested in additional Restricted Stock to the extent shares are available under Section 4. 
  
 (f) Lapse of Restrictions. If and when the
Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates for such shares shall be delivered to the Participant promptly if not theretofore so delivered. 
  
 7.4 Restricted Stock Units. 
  
 (a) Character. Each Restricted Stock Unit shall
entitle the recipient to a share of Stock at a close of such Restriction Period as the Committee may establish and subject to a Risk of Forfeiture arising on the basis of such conditions relating to the performance of services, Company or Affiliate
performance or otherwise as the Committee may determine and provide for in the applicable Award Agreement. Any such Risk of Forfeiture may be waived or terminated, or the Restriction Period shortened, at any time by the Committee on such basis as it
deems appropriate. 
  

 11 

 (b) Form and Timing of Payment. Payment of earned Restricted Stock Units shall be
made in a single lump sum following the close of the applicable Restriction Period. At the discretion of the Committee, Participants may be entitled to receive payments equivalent to any dividends declared with respect to Stock referenced in grants
of Restricted Stock Units but only following the close of the applicable Restriction Period and then only if the underlying Stock shall have been earned. Unless the Committee shall provide otherwise, any such dividend equivalents shall be paid, if
at all, without interest or other earnings. 
  
 7.5 Performance
Units. 
  
 (a) Character. Each
Performance Unit shall entitle the recipient to the value of a specified number of shares of Stock, over the initial value for such number of shares, if any, established by the Committee at the time of grant, at the close of a specified Performance
Period to the extent specified Performance Goals shall have been achieved. 
  
 (b) Earning of Performance Units. The Committee shall set Performance Goals in its discretion which, depending on the extent to which they are met within the applicable Performance Period, will determine the
number and value of Performance Units that will be paid out to the Participant. After the applicable Performance Period has ended, the holder of Performance Units shall be entitled to receive payout on the number and value of Performance Units
earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding Performance Goals have been achieved. 
  
 (c) Form and Timing of Payment. Payment of earned Performance Units shall be made in a single lump
sum following the close of the applicable Performance Period. At the discretion of the Committee, Participants may be entitled to receive any dividends declared with respect to Stock which have been earned in connection with grants of Performance
Units which have been earned, but not yet distributed to Participants. The Committee may permit or, if it so provides at grant require, a Participant to defer such Participant’s receipt of the payment of cash or the delivery of Stock that would
otherwise be due to such Participant by virtue of the satisfaction of any requirements or goals with respect to Performance Units. If any such deferral election is required or permitted, the Committee shall establish rules and procedures for such
payment deferrals. 
  
 7.6 Stock Grants. Stock Grants shall
be awarded solely in recognition of significant contributions to the success of the Company or its Affiliates, in lieu of compensation otherwise already due and in such other limited circumstances as the Committee deems appropriate. Stock Grants
shall be made without forfeiture conditions of any kind. 
  
 7.7
Qualified Performance-Based Awards. 
  
 (a) Purpose. The purpose of this Section 7.7 is to provide the Committee the ability to qualify Awards as “performance-based compensation” under Section 162(m) of the Code. If the Committee, in its discretion, decides to
grant an Award as a Qualified Performance-Based Award, the provisions of this Section 7.7 will control over any contrary provision contained in the Plan. In the course of granting any Award, the Committee may specifically designate the Award as
intended to qualify as a Qualified Performance-Based Award. However, no Award shall be considered to have failed to qualify as a Qualified Performance-Based Award solely because the Award is not expressly designated as a Qualified Performance-Based
Award, if the Award otherwise satisfies the provisions of this Section 7.7 and the requirements of Section 162(m) of the Code and the regulations promulgated thereunder applicable to “performance-based compensation.” 
  

 12 

 (b) Authority. All grants of Awards intended to qualify as Qualified
Performance-Based Awards and determination of terms applicable thereto shall be made by the Committee or, if not all of the members thereof qualify as “Outside Directors” within the meaning of applicable IRS regulations under
Section 162 of the Code, a subcommittee of the Committee consisting of such of the members of the Committee as do so qualify. Any action by such a subcommittee shall be considered the action of the Committee for purposes of the Plan. 
  
 (c) Applicability. This Section 7.7 will apply only
to those Covered Employees, or to those persons who the Committee determines are reasonably likely to become Covered Employees in the period covered by an Award, selected by the Committee to receive Qualified Performance-Based Awards. The Committee
may, in its discretion, grant Awards to Covered Employees that do not satisfy the requirements of this Section 7.7. 
  
 (d) Discretion of Committee with Respect to Qualified Performance-Based Awards. Options may be granted as Qualified
Performance-Based Awards in accordance with Section 7.1, except that the exercise price of any Option intended to qualify as a Qualified Performance-Based Award shall in no event be less that the Market Value of the Stock on the date of grant. With
regard to other Awards intended to qualify as Qualified Performance-Based Awards, such as Restricted Stock, Restricted Stock Units, or Performance Units, the Committee will have full discretion to select the length of any applicable Restriction
Period or Performance Period, the kind and/or level of the applicable Performance Goal, and whether the Performance Goal is to apply to the Company, a Subsidiary or any division or business unit or to the individual. Any Performance Goal or Goals
applicable to Qualified Performance-Based Awards shall be objective, shall be established not later than 90 days after the beginning of any applicable Performance Period (or at such other date as may be required or permitted for
“performance-based compensation” under Section 162(m) of the Code) and shall otherwise meet the requirements of Section 162(m) of the Code, including the requirement that the outcome of the Performance Goal or Goals be substantially
uncertain (as defined in the regulations under Section 162(m) of the Code) at the time established. 
  
 (e) Payment of Qualified Performance-Based Awards. A Participant will be eligible to receive payment under a Qualified
Performance-Based Award which is subject to achievement of a Performance Goal or Goals only if the applicable Performance Goal or Goals period are achieved within the applicable Performance Period, as determined by the Committee. In determining the
actual size of an individual Qualified Performance-Based Award, the Committee may reduce or eliminate the amount of the Qualified Performance-Based Award earned for the Performance Period, if in its sole and absolute discretion, such reduction or
elimination is appropriate. 
  
 (f) Maximum
Award Payable. The maximum Qualified Performance-Based Award payment to any one Participant under the Plan for a Performance Period is the number of shares of Stock set forth in Section 4 above, or if the Qualified Performance-Based Award is
paid in cash, that number of shares multiplied by the Market Value of the Stock as of the date the Qualified Performance-Based Award is granted. 
  
 (g) Limitation on Adjustments for Certain Events. No adjustment of any Qualified Performance-Based Award pursuant to Section 8
shall be made except on such basis, if any, as will not cause such Award to provide other than “performance-based compensation” within the meaning of Section 162(m) of the Code. 
  

 13 

 7.8 Awards to Participants Outside the United States. The Committee may modify the terms of any
Award under the Plan, granted to a Participant who is, at the time of grant or during the term of the Award, resident or primarily employed outside of the United States in any manner deemed by the Committee to be necessary or appropriate in order
that the Award shall conform to laws, regulations, and customs of the country in which the Participant is then resident or primarily employed, or so that the value and other benefits of the Award to the Participant, as affected by foreign tax laws
and other restrictions applicable as a result of the Participant’s residence or employment abroad, shall be comparable to the value of such an Award to a Participant who is resident or primarily employed in the United States. The Committee may
establish supplements to, or amendments, restatements, or alternative versions of, the Plan for the purpose of granting and administrating any such modified Award. No such modification, supplement, amendment, restatement or alternative version may
increase the share limit of Section 4. 
  
 8. Adjustment Provisions

  
 8.1 Adjustment for Corporate Actions. All of the
share numbers set forth in the Plan reflect the capital structure of the Company as of the Effective Date. Subject to Section 8.2, if subsequent to that date the outstanding shares of Stock (or any other securities covered by the Plan by reason of
the prior application of this Section) are increased, decreased, or exchanged for a different number or kind of shares or other securities, or if additional shares or new or different shares or other securities are distributed with respect to shares
of Stock, through merger, consolidation, sale of all or substantially all the property of the Company, reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, or other similar distribution with respect
to such shares of Stock, an appropriate and proportionate adjustment will be made in (i) the maximum numbers and kinds of shares provided in Section 4, (ii) the numbers and kinds of shares or other securities subject to the then outstanding Awards,
(iii) the exercise price for each share or other unit of any other securities subject to then outstanding Options and Stock Appreciation Rights (without change in the aggregate purchase price as to which such Options or Rights remain exercisable),
and (iv) the repurchase price of each share of Restricted Stock then subject to a Risk of Forfeiture in the form of a Company repurchase right; provided, however, that, in connection with or after a stock split of reverse stock split, the
number of shares for annual grants to directors pursuant to Section 7.1(h) shall not be adjusted. 
  
 8.2 Treatment in Certain Acquisitions. 
  
 (a) Subject to any provisions of then outstanding Awards granting greater rights to the holders thereof, in the event of an Acquisition in
which outstanding Awards are not Accelerated in full, any then outstanding Awards shall nevertheless Accelerate in full if not assumed or replaced by comparable Awards referencing shares of the capital stock of the successor or acquiring entity or
the entity in control of such successor or acquiring entity, and thereafter (or after a reasonable period following the Acquisition, as determined by the Committee) terminate. As to any one or more outstanding Awards which are not otherwise
Accelerated in full by reason of such Acquisition, the Committee may also, either in advance of an Acquisition or at the time thereof and upon such terms as it may deem appropriate, provide for the Acceleration of such outstanding Awards in the
event that the employment of the Participants should subsequently terminate following the Acquisition. Each outstanding Award that is assumed in connection with an Acquisition, or is otherwise to continue in effect subsequent to the Acquisition,
will be appropriately adjusted, immediately after the Acquisition, as to the number and class of securities and other relevant terms in accordance with Section 8.1. 
  

 14 

 (b) For the purposes of this Section 8.2, an Award shall be considered assumed or
replaced by a comparable Award if, following the Acquisition, the Award confers the right to purchase, for each share of Stock subject to the Award immediately prior to the Acquisition, the consideration (whether stock, cash or other securities or
property) received in the Acquisition by holders of Stock on the effective date of the Acquisition (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of
Stock); provided, however, that if such consideration received in the Acquisition was not solely common stock of the successor corporation or its Parent or Subsidiary, the Committee may, with the consent of the successor corporation, provide
for the consideration to be received upon the exercise of the Award for each share of Stock subject to the Award to be solely common stock of the successor corporation or its Parent or Subsidiary equal in fair market value to the per share
consideration received by holders of Stock in the Acquisition. 
  
 8.3 Dissolution or Liquidation. Upon dissolution or liquidation of the Company, other than as part of an Acquisition or similar transaction, each outstanding Option and Stock Appreciation Right shall terminate, but the Optionee or
Stock Appreciation Right holder shall have the right, immediately prior to the dissolution or liquidation, to exercise the Option or Stock Appreciation Right to the extent exercisable on the date of dissolution or liquidation. Upon dissolution or
liquidation of the Company, other than as part of an Acquisition or similar transaction, each other outstanding Award shall be forfeited. 
  
 8.4 Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. In the event of any corporate action not specifically
covered by the preceding sections, including but not limited to an extraordinary cash distribution on Stock, a corporate separation or other reorganization or liquidation, the Committee may make such adjustment of outstanding Awards and their terms,
if any, as it, in its sole discretion, may deem equitable and appropriate in the circumstances. The Committee may make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events
(including, without limitation, the events described in this Section 8.4) affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines
that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 
  
 8.5 Related Matters. Any adjustment in Awards made pursuant to this Section 8 shall be determined and made, if at
all, by the Committee and shall include any correlative modification of terms, including of Option exercise prices, rates of vesting or exercisability, Risks of Forfeiture, applicable repurchase prices for Restricted Stock, and Performance Goals and
other financial objectives which the Committee may deem necessary or appropriate so as to ensure the rights of the Participants in their respective Awards are not substantially diminished nor enlarged as a result of the adjustment and corporate
action other than as expressly contemplated in this Section 8. No fraction of a share shall be purchasable or deliverable upon exercise, but in the event any adjustment hereunder of the number of shares covered by an Award shall cause such number to
include a fraction of a share, such number of shares shall be adjusted to the nearest smaller whole number of shares. No adjustment of an Option exercise price per share pursuant to this Section 8 shall result in an exercise price which is less than
the par value of the Stock. 
  

 15 

 9. Settlement of Awards 
  

9.1 In General. Options and Restricted Stock shall be settled in accordance with their terms. All other Awards may be settled in cash, Stock, or
other Awards, or a combination thereof, as determined by the Committee at or after grant and subject to any contrary Award Agreement. The Committee may not require settlement of any Award in Stock pursuant to the immediately preceding sentence to
the extent issuance of such Stock would be prohibited or unreasonably delayed by reason of any other provision of the Plan. 
  
 9.2 Violation of Law. Notwithstanding any other provision of the Plan or the relevant Award Agreement, if, at any time, in the reasonable opinion
of the Company, the issuance of shares of Stock covered by an Award may constitute a violation of law, then the Company may delay such issuance and the delivery of a certificate for such shares until (i) approval shall have been obtained from such
governmental agencies, other than the Securities and Exchange Commission, as may be required under any applicable law, rule, or regulation and (ii) in the case where such issuance would constitute a violation of a law administered by or a regulation
of the Securities and Exchange Commission, one of the following conditions shall have been satisfied: 
  
 (a) the shares are at the time of the issue of such shares effectively registered under the Securities Act; or 
  
 (b) the Company shall have determined, on such basis as it
deems appropriate (including an opinion of counsel in form and substance satisfactory to the Company) that the sale, transfer, assignment, pledge, encumbrance or other disposition of such shares or such beneficial interest, as the case may be, does
not require registration under the Securities Act or any applicable State securities laws. 
  
 The Company shall make all reasonable efforts to bring about the occurrence of said events. 
  
 9.3 Corporate Restrictions on Rights in Stock. Any Stock to be issued pursuant to Awards granted under the Plan shall be subject to all
restrictions upon the transfer thereof which may be now or hereafter imposed by the charter, certificate or articles, or by laws, of the Company. 
  
 9.4 Investment Representations. The Company shall be under no obligation to issue any shares covered by any Award unless the shares to be issued
pursuant to Awards granted under the Plan have been effectively registered under the Securities Act, or the Participant shall have made such written representations to the Company (upon which the Company believes it may reasonably rely) as the
Company may deem necessary or appropriate for purposes of confirming that the issuance of such shares will be exempt from the registration requirements of the Securities Act and any applicable state securities laws and otherwise in compliance with
all applicable laws, rules and regulations, including but not limited to that the Participant is acquiring the shares for his or her own account for the purpose of investment and not with a view to, or for sale in connection with, the distribution
of any such shares. 
  
 9.5 Registration. If the Company
shall deem it necessary or desirable to register under the Securities Act or other applicable statutes any shares of Stock issued or to be issued pursuant to Awards granted under the Plan, or to qualify any such shares of Stock for exemption from
the Securities Act or other applicable statutes, then the Company shall take such action at its own expense. The Company may require from each recipient of an Award, or each holder of shares of 

  

 16 

 
Stock acquired pursuant to the Plan, such information in writing for use in any registration statement, prospectus, preliminary prospectus or offering
circular as is reasonably necessary for that purpose and may require reasonable indemnity to the Company and its officers and directors from that holder against all losses, claims, damage and liabilities arising from use of the information so
furnished and caused by any untrue statement of any material fact therein or caused by the omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances
under which they were made. In addition, the Company may require of any such person that he or she agree that, without the prior written consent of the Company or the managing underwriter in any public offering of shares of Stock, he or she will not
sell, make any short sale of, loan, grant any option for the purchase of, pledge or otherwise encumber, or otherwise dispose of, any shares of Stock during the 180-day period commencing on the effective date of the registration statement relating to
the underwritten public offering of securities. Without limiting the generality of the foregoing provisions of this Section 9.5, if in connection with any underwritten public offering of securities of the Company the managing underwriter of such
offering requires that the Company’s directors and officers enter into a lock-up agreement containing provisions that are more restrictive than the provisions set forth in the preceding sentence, then (a) each holder of shares of Stock acquired
pursuant to the Plan (regardless of whether such person has complied or complies with the provisions of clause (b) below) shall be bound by, and shall be deemed to have agreed to, the same lock-up terms as those to which the Company’s directors
and officers are required to adhere; and (b) at the request of the Company or such managing underwriter, each such person shall execute and deliver a lock-up agreement in form and substance equivalent to that which is required to be executed by the
Company’s directors and officers. 
  
 9.6 Placement of
Legends; Stop Orders; etc. Each share of Stock to be issued pursuant to Awards granted under the Plan may bear a reference to the investment representation made in accordance with Section 9.4 in addition to any other applicable restriction under
the Plan, the terms of the Award and, if applicable, to the fact that no registration statement has been filed with the Securities and Exchange Commission in respect to such shares of Stock. All certificates for shares of Stock or other securities
delivered under the Plan shall be subject to such stock transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of any stock exchange upon which the Stock is then listed, and
any applicable federal or state securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
  
 9.7 Tax Withholding. Whenever shares of Stock are issued or to be issued pursuant to Awards granted under the Plan,
the Company shall have the right to require the recipient to remit to the Company an amount sufficient to satisfy federal, state, local or other withholding tax requirements if, when, and to the extent required by law (whether so required to secure
for the Company an otherwise available tax deduction or otherwise) prior to the delivery of any certificate or certificates for such shares. The obligations of the Company under the Plan shall be conditional on satisfaction of all such withholding
obligations and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the recipient of an Award. However, in such cases Participants may elect, subject to the
approval of the Committee, to satisfy an applicable withholding requirement, in whole or in part, by having the Company withhold shares to satisfy their tax obligations. Participants may only elect to have shares withheld having a Market Value on
the date the tax is to be determined equal to the minimum statutory total tax which could be imposed on the transaction. All elections shall be irrevocable, made in writing, signed by the Participant, and shall be subject to any restrictions or
limitations that the Committee deems appropriate. 
  

 17 

 10. Reservation of Stock 
  

The Company shall at all times during the term of the Plan and any outstanding Awards granted hereunder reserve or otherwise keep available such number
of shares of Stock as will be sufficient to satisfy the requirements of the Plan (if then in effect) and the Awards and shall pay all fees and expenses necessarily incurred by the Company in connection therewith. 
  
 11. Limitation of Rights in Stock; No Special Service Rights 
  
 A Participant shall not be deemed for any purpose to be a stockholder of the
Company with respect to any of the shares of Stock subject to an Award, unless and until a certificate shall have been issued therefor and delivered to the Participant or his agent. Any Stock to be issued pursuant to Awards granted under the Plan
shall be subject to all restrictions upon the transfer thereof which may be now or hereafter imposed by the certificate of incorporation and the bylaws of the Company. Nothing contained in the Plan or in any Award Agreement shall confer upon any
recipient of an Award any right with respect to the continuation of his or her employment or other association with the Company (or any Affiliate), or interfere in any way with the right of the Company (or any Affiliate), subject to the terms of any
separate employment or consulting agreement or provision of law or certificate of incorporation or by laws to the contrary, at any time to terminate such employment or consulting agreement or to increase or decrease, or otherwise adjust, the other
terms and conditions of the recipient’s employment or other association with the Company and its Affiliates. 
  
 12. Unfunded Status of Plan 
  
 The Plan is intended to constitute an “unfunded” plan for incentive compensation, and the Plan is not intended to constitute a plan subject to
the provisions of the Employee Retirement Income Security Act of 1974, as amended. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than
those of a general creditor of the Company. In its sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Stock or payments with respect to Options, Stock
Appreciation Rights and other Awards hereunder, provided, however, that the existence of such trusts or other arrangements is consistent with the unfunded status of the Plan. 
  
 13. Nonexclusivity of the Plan 
  
 Neither the adoption of the Plan by the Board nor the submission of the Plan to the stockholders of the Company shall be construed as creating any
limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including without limitation, the granting of stock options and restricted stock other than under the Plan, and such arrangements may be
either applicable generally or only in specific cases. 
  
 14. Termination and
Amendment of the Plan 
  
 The Board may at any time terminate
the Plan or make such modifications of the Plan as it shall deem advisable. Unless the Board otherwise expressly provides, no amendment of the Plan shall affect the terms of any Award outstanding on the date of such amendment. In any case, no
termination or amendment of the Plan may, without the consent of any recipient of an Award granted hereunder, adversely affect the rights of the recipient under such Award. 
  

 18 

 The Committee may amend the terms of any Award theretofore granted, prospectively or retroactively,
provided that the Award as amended is consistent with the terms of the Plan, but no such amendment shall impair the rights of the recipient of such Award without his or her consent. 
  
 15. Notices and Other Communications 
  
 Any notice, demand, request or other communication hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered
in person or duly sent by first class registered, certified or overnight mail, postage prepaid, or telecopied with a confirmation copy by regular, certified or overnight mail, addressed or telecopied, as the case may be, (i) if to the recipient of
an Award, at his or her residence address last filed with the Company and (ii) if to the Company, at its principal place of business, addressed to the attention of its Chief Financial Officer, or to such other address or telecopier number or
electronic mail address, as the case may be, as the addressee may have designated by notice to the addressor. All such notices, requests, demands and other communications shall be deemed to have been received: (i) in the case of personal delivery,
on the date of such delivery; (ii) in the case of mailing, when received by the addressee; (iii) in the case of facsimile transmission, when confirmed by facsimile machine report; and (iv) in the case of electronic mail, when directed to an
electronic mail address at which the receiving party has consented to receive notice, provided, that such consent is deemed revoked if the sender is unable to deliver by electronic transmission two consecutive notices and such inability
becomes known to the secretary or assistant secretary of the Company or to the transfer agent, or other person responsible for giving notice. 
  
 16. Governing Law 
  
 The Plan and all Award Agreements and actions taken thereunder shall be governed, interpreted and enforced in accordance with the laws of the state of
California, without regard to the conflict of laws principles thereof. 
  

 19Form of APE Agreement

 Exhibit 4.1 
  

  
  
 Form of 
  
  
 Acuerdo Preventivo Extrajudicial 
  
  
 (pursuant to Law No. 24,522, as amended)

  
  
 by and among 
  
  
 Telecom Argentina S.A. 
  
  
 and 
  
  
 certain holders of its Unsecured Financial
Debt 
  
  
  
  
  
 Dated [__], 2004 
  
  

					
	ARTICLE I
DEFINITIONS AND INTERPRETATION
			
	SECTION 1.01.	  	 Definitions
	  	4
			
	SECTION 1.02.	  	 Interpretation
	  	9
	
	ARTICLE II
THE RESTRUCTURING
			
	SECTION 2.01.	  	Company’s Outstanding Debt	  	9
			
	SECTION 2.02.	  	Scope of this Agreement with respect to the Unsecured Financial Debt to be Restructured	  	10
			
	SECTION 2.03.	  	Scope of this Agreement on the Unsecured Commercial Debt	  	10
			
	SECTION 2.04.	  	Principal Face Amount Adjustment	  	11
			
	SECTION 2.05.	  	Cash Interest Payments	  	12
			
	SECTION 2.06.	  	APE’s Options	  	12
			
	SECTION 2.07.	  	Limit of the Options and Pro Rata Provision	  	15
			
	SECTION 2.08.	  	Effect of the Court Approval on Non-Participating Creditors	  	15
			
	SECTION 2.09.	  	Effect of this Agreement on the Operations of the Company	  	16
			
	SECTION 2.10.	  	Calculation for Purposes of Computing the Majority of Unsecured Financial Debt to be Restructured for Restructuring Purposes Only	  	17
	
	ARTICLE III
EFFECTIVENESS AND TERMINATION OF THIS AGREEMENT
			
	SECTION 3.01.	  	Effectiveness	  	18
			
	SECTION 3.02.	  	Termination	  	18
	
	ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
			
	SECTION 4.01.	  	Due Incorporation and Valid Existence	  	19
			
	SECTION 4.02.	  	Corporate Powers and Authority	  	19
			
	SECTION 4.03.	  	Corporate Authorization	  	19

  

 i 

					
			
	SECTION 4.04.	  	Valid Obligation	  	20
			
	SECTION 4.05.	  	Third Parties’ Authorizations	  	20
			
	SECTION 4.06.	  	No Conflicts	  	20
			
	SECTION 4.07.	  	Litigation	  	20
			
	SECTION 4.08.	  	No Payments	  	20
			
	SECTION 4.09.	  	True and Correct Information	  	21
			
	SECTION 4.10.	  	Calculation by the Settlement Agent	  	21
	
	ARTICLE V
CREDITORS’ MAJORITIES
			
	SECTION 5.01.	  	Requisite Legal Majorities	  	21
	
	ARTICLE VI
PROVISIONS SPECIFIC TO THIS AGREEMENT
			
	SECTION 6.01.	  	About the Restructuring	  	21
			
	SECTION 6.02.	  	About this Agreement and the Court Approval	  	22
			
	SECTION 6.03.	  	About the Ratification of this Agreement	  	22
	
	ARTICLE VII
COVENANTS AND COMPLIANCE
			
	SECTION 7.01.	  	Ratification of the Filing of this Agreement	  	22
			
	SECTION 7.02.	  	Availability of Outstanding Notes, Option C Cash Consideration and Cash Interest Payments	  	22
	
	ARTICLE VIII
TERMINATION EVENTS BY THE PARTIES
			
	SECTION 8.01.	  	Termination of the APE by the Company or the Participating Creditors	  	23
			
	SECTION 8.02.	  	Termination of the APE by the Company	  	24
			
	SECTION 8.03	  	Termination of the APE by the Participating Creditors	  	24
			
	SECTION 8.04	  	Decision of Termination	  	25

  

 ii 

					
	
	ARTICLE IX
MISCELLANEOUS
			
	SECTION 9.01.	  	 Amendments and Waivers by the Parties
	  	25
			
	SECTION 9.02.	  	 Total Agreement
	  	26
			
	SECTION 9.03.	  	 Governing Law
	  	26
			
	SECTION 9.04.	  	 Successors and Assigns
	  	26
			
	SECTION 9.05.	  	 Effects of Termination
	  	26
			
	SECTION 9.06.	  	 No Third-Party Beneficiaries
	  	26
			
	SECTION 9.07.	  	 Severability
	  	26
			
	SECTION 9.08.	  	 Notices
	  	26
			
	SECTION 9.09.	  	 Counterparts
	  	27

  

			
		
	APPENDIX 1	  	NON-ITALIAN RESIDENT HOLDERS OF OUTSTANDING NOTES REPRESENTED BY THE SETTLEMENT AGENT
		
	APPENDIX 2	  	HOLDERS OF OUTSTANDING LOANS AND COMMISSIONS REPRESENTED BY THE SETTLEMENT AGENT
		
	APPENDIX 3	  	ITALIAN RESIDENT HOLDERS OF OUTSTANDING NOTES REPRESENTED BY THE ASSOCIATION
		
	APPENDIX 4	  	HOLDERS OF OUTSTANDING NOTES, OUTSTANDING LOANS AND COMMISSIONS EXECUTING THE APE ON THEIR OWN BEHALF
		
	APPENDIX 5	  	FORM OF INDENTURE
		
	APPENDIX 6	  	APE SOLICITATION STATEMENT

  

 iii 

 ACUERDO PREVENTIVO EXTRAJUDICIAL 
  
 This Acuerdo Preventivo Extrajudicial (the
“Agreement” or “APE”) is entered into as of this [    ] day of [    ], 2004, by and among (a) Telecom Argentina S.A. (the “Company”); (b) The Bank of New York
(the “Settlement Agent”), in its capacity as (i) attorney-in-fact for the holders of the Outstanding Notes (as this term is defined below) listed on Appendix 1 hereto and (ii) attorney-in-fact for the institutional holders of
Outstanding Loans and Commissions (as defined below) listed on Appendix 2 hereto; (c) the Associazione per la Tutela degli Investitori in Titoli Argentini (the “Association”), in its capacity as attorney-in-fact for the holders of
the Outstanding Notes listed on Appendix 3 hereto; and (d) the institutional holders of Outstanding Notes, the institutional holders of Outstanding Loans and Commissions identified on Appendix 4 hereto (the institutions listed on Appendices 1, 2, 3
and 4 hereto, the “Participating Creditors”). The Company and the Participating Creditors are collectively referred to herein as the “Parties” and each of them, individually, as a “Party.”

  
 RECITALS 
  
 WHEREAS, under the US$1,500 million global medium term note “B”
program authorized by CNV (as defined below) Resolutions No. 10,617 and No. 11,602 dated August 11, 1994 and February 3, 1997, respectively, the Company issued outstanding notes under: 
  
 (i) an indenture dated as of November 15, 1995 with respect to its 12% Series C Medium Term Notes due 2002 (the
“Series C Notes”) in an original principal amount of US$200 million, which as of the Cut-Off Date (as defined below) amounted to principal and accrued but unpaid interest of
US$[            ]; 
  
 (ii) an indenture dated as of September 1, 1994 with respect to its LIBOR + 3.125% Series E Medium Term Notes due 2005 (the “Series E Notes”) in an original principal amount of US$100 million, which
as of the Cut-Off Date amounted to principal and accrued but unpaid interest of US$[            ]; 
  

(iii) an indenture dated as of September 1, 1994 with respect to its 8.875% Series F Medium Term Notes due 2007 (the “Series F Notes”)
in an original principal amount of Lire 400,000 million which as of the Cut-Off Date amounted to principal and accrued but unpaid interest of Euro [            ]; 
  
 (iv) an indenture dated as of September 1, 1994 with respect to its 10%
Series H Medium Term Notes due 2008 (the “Series H Notes”) in an original principal amount of Lire 400,000 million, which as of the Cut-Off Date amounted to principal and accrued but unpaid interest of Euro
[            ]; 
  
 (v) an indenture dated as of April 28, 1997 with respect to its 8.375% Series I Medium Term Notes due 2004 (the “Series I Notes”) in an original principal amount of Euro 200 million, which as of the
Cut-Off Date amounted to principal and accrued but unpaid interest of Euro [            ]; 
  

 1 

 (vi) an indenture dated as of April 25, 1997 with respect to its 7.25% Series K Medium Term Notes due
2002 (the “Series K Notes”) in an original principal amount of Euro 250 million, which as of the Cut-Off Date amounted to principal and accrued but unpaid interest of Euro
[            ]; 
  
 WHEREAS, under the US$1,500 million global medium term note “D” program authorized by CNV Resolution No. 13,004 dated September 16, 1999, the Company issued outstanding notes under: 
  
 (i) an indenture dated as of March 8, 2000 with respect to its 7.625% Series
1 Medium Term Notes due 2003 (the “Series 1 Notes”) in an original principal amount of Euro 250 million, which as of the Cut-Off Date amounted to principal and accrued and unpaid interest of Euro
[            ]; 
  
 (ii) an indenture dated as of March 8, 2000 with respect to its 9.50% Series 2 Medium Term Notes due 2004 (the “Series 2 Notes” and together with the Series 1 Notes and the notes described in
subsections (i) to (vi) of the medium term note “B” Program, the “Outstanding Notes”) in an original principal amount of Euro 190 million, which as of the Cut-Off Date amounted to principal and accrued and unpaid interest
of Euro [            ]; 
  
 WHEREAS, as of the Cut-Off Date the Company owes as unsecured financial debt (i) an aggregate amount of principal and accrued but unpaid interest relating to financial loans and promissory notes issued in connection
with termination of swaps denominated in Dollars, Euro and Yen equivalent to US$[            ] million, (ii) an aggregate amount of principal and accrued but unpaid interest relating to
financial loans converted into Pesos pursuant to Decree No. 214/2002 equal to P$[            ] as adjusted by the CER ((i) and (ii) above, together, the “Outstanding
Loans”), (iii) an aggregate amount of principal and accrued but unpaid interest relating to Outstanding Notes equal to US$[            ] and (iv) an aggregate amount of principal
and accrued but unpaid interest relating to certain commissions payable under certain loans (including the Outstanding Loans and excluding commissions owed to financial institutions exclusively in their role as agent under syndicated loans), listed
on Appendixes 2 and 4 hereto, equal to [            ] million (the “Commissions”, together with the Outstanding Notes and the Outstanding Loans, the “Unsecured
Financial Debt to be Restructured”); 
  
 WHEREAS, the
Company, as part of its plan to restructure its unsecured financial debt, consummated a cash tender offer to purchase a portion of its unsecured financial debt. As a result of such offer, in June 2003, the Company purchased and cancelled an
aggregate principal amount equivalent to approximately US$175 million of its then outstanding medium term notes and US$34 million of its then outstanding financial loans for an aggregate consideration equivalent to US$115 million (the
“Tender Offer”). In connection with the Tender Offer, the Company made an aggregate interest payment equivalent to US$96 million for accrued but unpaid interest as of June 24, 2002, for 30% of any and all accrued but unpaid interest
for the period from June 25, 2002 through December 31, 2002, in each case on the principal of its outstanding notes and outstanding loans as of June, 2003 (the “Interest Payment in connection with the Tender Offer”); 
  

 2 

 WHEREAS, the Company is willing to restructure the Unsecured Financial Debt to be Restructured (the
“Restructuring”) by means of an out-of-court restructuring agreement (acuerdo preventivo extrajudicial), in accordance with the provisions of Title II, Chapter VII of Law No. 24,522, as amended (the “Bankruptcy
Law”); 
  
 WHEREAS, in order to effect the Restructuring,
the Company has proposed that, by means of a solicitation statement dated June [            ], 2004, a copy of which is attached hereto under Appendix 6 (as amended, supplemented or
modified, the “APE Solicitation Statement”), (i) the holders of Outstanding Notes grant powers of attorney to consent to the execution of this Agreement on their behalf and receive, in consideration for their Outstanding Notes, (y)
Listed Notes and/or Option C Cash Consideration, at each creditor’s option            ,but subject to proration and allocation, and (z) the Cash Interest Payments (all as defined
below), and (ii) the holders of Outstanding Loans and Commissions grant a power of attorney to consent to the execution of this Agreement, or commit to consent to the execution of this Agreement directly, and receive, in consideration for the
Outstanding Loans and the Commissions, (y) Unlisted Notes (as defined below) and/or Option C Cash Consideration, at each creditor’s option, but subject to proration and allocation and (z) the Cash Interest Payments; in both cases subject to
obtaining an enforceable judgment granting approval (homologación) of this Agreement (“Court Approval”) by a competent commercial court in the City of Buenos Aires, Argentina (including, if applicable, any appellate
court) (the “Reviewing Court”) and complying with the other conditions set forth herein; 
  
 WHEREAS, pursuant to the APE Solicitation Statement and the Letters of Transmittal (as defined below) certain Participating Creditors have granted the
Settlement Agent and/or the Association, as the case may be, powers of attorney to execute this Agreement, and certain other Participating Creditors have executed this Agreement directly; 
  
 WHEREAS, the Participating Creditors have advised the Settlement Agent, by means of the Letters of Transmittal, as to the
Options (as defined below) they have elected to receive upon obtaining Court Approval and satisfaction of the other conditions set forth herein; 
  
 WHEREAS, if the Company obtains the consent to this APE by Unsecured Financial Creditors (as defined below) collectively holding Unsecured Financial Debt
to be Restructured in an aggregate amount of not less than 95% (ninety five per cent) of the outstanding Unsecured Financial Debt to be Restructured, the Company, at its own option, may decide to carry out the Restructuring with respect to the debt
held by the Participating Creditors without submitting this Agreement for Court Approval; 
  
 WHEREAS, the Parties wish to assert the Company and the Participating Creditors’ rights and obligations of the Company under the Restructuring from the date hereof until termination of, or compliance with, this
Agreement; and 
  
 NOW, THEREFORE, the Parties hereby agree as
follows: 
  

 3 

 ARTICLE I 
 DEFINITIONS AND INTERPRETATION 
  
 SECTION 1.01. Definitions 
  
 “Administrative Expenses” means any and all expenses incurred by the Company after the APE Filing Date, with respect to legal costs related to the proceedings in which the Company participates for the purpose of obtaining
Court Approval of this Agreement or preserving the Company’s assets. Such expenses are entitled to priority in accordance with Section 240 of the Bankruptcy Law. 
  
 “Affiliate” has the meaning specified in the Indenture. 
  
 “Agreement” has the meaning specified in the introductory
paragraph hereto. 
  
 “Amount of Unsecured Financial Debt
to be Restructured” has the meaning specified in Section 2.04 c) hereto. 
  
 “APE” has the meaning specified in the introductory paragraph hereto. 
  
 “APE Effective Date” has the meaning specified in Section 3.01 hereto. 
  
 “APE Filing Date” means the date on which this Agreement, executed by the majority of creditors required
for Court Approval, is filed with the Reviewing Court pursuant to Section 72 of the Bankruptcy Law, which shall be no later than December 31, 2004. 
  
 “APE Solicitation Statement” has the meaning specified in the recitals hereto. 
  
 “Argentina” means the Republic of Argentina. 
  
 “Assets and Liabilities Statement” means the list of the
Company’s assets and liabilities, as of the Cut-Off Date, as certified by an independent public accountant, to be filed with the Reviewing Court together with this Agreement, in accordance with the Bankruptcy Law. 
  
 “Association” has the meaning specified in the introductory
paragraph hereto. 
  
 “Authorizations” has the
meaning specified in Section 4.05 hereto. 
  
 “Bank of
Italy” means the Banca d’Italia. 
  
 “Bankruptcy Law” has the meaning specified in the recitals hereto. 
  
 “BCBA” means the Bolsa de Comercio de Buenos Aires or the Buenos Aires Stock Exchange. 
  
 “BCRA” means the Banco Central de la República Argentina or the Central Bank of the Republic of Argentina. 
  

 4 

 “Business Day” means any day on which the national courts located in the City of Buenos
Aires are open to the public. 
  
 “Cash Interest
Payments” means, together, the Option A/B Cash Interest Payment and the Option C Cash Interest Payment. 
  
 “CER” has the meaning specified in “Certain Defined Terms—Terms Relating to the APE Solicitation and Restructuring Plan”
of the APE Solicitation Statement. 
  
 “CNV”
means the Comisión Nacional de Valores, or the National Securities Commission of Argentina. 
  
 “Commissions” has the meaning specified in the recitals hereto. 
  
 “Company” has the meaning specified in the introductory paragraph hereto. 
  
 “CONSOB” means the Commissione Nazionale per le
Società e la Borsa of Italy, or the Italian Securities and Exchange Commission. 
  
 “Court Approval” has the meaning specified in the recitals hereto. 
  
 “Creditors’ List” means the list of all of the Company’s creditors, as of the Cut-Off Date, as
certified by an independent public accountant and to be filed with the Reviewing Court together with this Agreement, in accordance with the Bankruptcy Law. 
  
 “Cut-Off Date” means the date as of which the Company has prepared the Assets and Liabilities Statement and the Creditors List, which
shall not be earlier than sixty (60) consecutive days before the APE Filing Date. 
  
 “Dollar” or “US$” means the legal currency in the United States of America or any successor currency thereto. 
  
 “Effective Date” means the date, as soon as practicable, after this Agreement obtains Court Approval, on
which the actions provided for in Section 7.02 a) hereto will be performed. 
  
 “Euro” means the single legal currency of member states of the European Union, as adopted pursuant to the Maastricht Treaty, or any successor thereto. 
  
 “FX Reference Date” means the second New York Business Day
following the date on which the Company shall have issued a press release communicating that it had obtained the requisite legal majorities to execute the APE and the level of creditor consent, as provided in the APE Solicitation Statement.

  
 “Governmental Agency” means any public legal
entity or public agency or instrumentality of Argentina or any other country, whether created by any competent national, provincial or municipal authority, or any other legal entity now existing or hereafter created, or 
  

 5 

 now or hereafter owned or controlled, directly or indirectly, by any public legal entity or public agency or
instrumentality of Argentina or any other country. 
  
 “Indenture” means the indenture under which the different series of Notes shall be issued, the terms of which reflect those included in the form attached hereto as Appendix 5. 
  
 “Interest Payment in connection with the Tender Offer” has
the meaning specified in the recitals hereto. 
  
 “Interim
Period” means the period of time from the APE Filing Date through the earlier of: (i) the Effective Date, or (ii) the date on which this Agreement is terminated in accordance with Section 3.02 hereto. 
  
 “Letter of Transmittal” means the letter of transmittal
validly executed and delivered by Participating Creditors to the Settlement Agent in response to, and in accordance with, the terms and conditions of, the APE Solicitation Statement, including the election forms validly executed and delivered to the
Company by those Participating Creditors who have elected to execute the APE directly. 
  
 “LIBOR” has the meaning specified in the Indenture. 
  
 “Listed Notes” means the Series A Notes and the Series B Notes to be issued by the Company in favor of holders of Outstanding Notes, and
for which the Company will apply to have listed on the BCBA or on the MAE and, in the case of the Series A Notes denominated in Euro, for which the Company will also apply to have them listed on the LSE. The terms and conditions of the Listed Notes
are summarized in Appendix 6 and detailed in Appendix 5 hereto. 
  
 “LSE” means the Luxembourg Stock Exchange. 
  
 “MAE” means the Mercado Abierto Electrónico S.A. or the over-the-counter market in Argentina. 
  
 “Modified Dutch Auction” means the auction pricing mechanism as described under “The APE Solicitation—Terms of The APE
Solicitation—Option C—Modified Dutch Auction” of the APE Solicitation Statement. 
  
 “New York Business Day” means any day on which banking or exchange operations are conducted in the City of New York, United States of
America. 
  
 “Non-Participating Creditors” means
the holders of Unsecured Financial Debt to be Restructured that have not consented to this Agreement prior to Court Approval. 
  
 “Notes” means the Listed Notes and the Unlisted Notes. 
  
 “Option A” has the meaning specified in Section 2.06 a) (i) hereto. 
  
 “Option A/B Cash Interest Payment” has the meaning specified
in Section 2.05 a) hereto. 
  

 6 

 “Option B” has the meaning specified in Section 2.06 a) (ii) hereto. 
  
 “Option B/C Outstanding Debt Exchange” has the meaning
specified in Section 2.06 e) hereto. 
  
 “Option
C” has the meaning specified in Section 2.06 a) (iii) hereto. 
  
 “Option C Cash Consideration” means a payment not greater than 850 Units nor less than 740 Units, to be determined pursuant to the Modified Dutch Auction. 
  
 “Option C Cash Interest Payment” has the meaning specified in Section 2.05 b) hereto. 
  
 “Options” means, either together or individually, any of
Option A, Option B and Option C. 
  
 “Outstanding
Loans” has the meaning specified in the recitals hereto. 
  
 “Outstanding Notes” has the meaning specified in the recitals hereto. 
  
 “Participating Creditors” has the meaning specified in the introductory paragraph hereto. 
  
 “Party” and “Parties” have the meaning
specified in the introductory paragraph hereto. 
  
 “Person” means any individual, corporation, partnership, joint venture, association, company, trust subject to foreign legislation, unincorporated organization, government or instrumentality Governmental Agency or any
agency or political subdivision thereof. 
  
 “Peso” or “P$” means the legal currency in Argentina or any successor currency thereto. 
  
 “Principal Face Amount Adjustment” has the meaning specified in Section 2.04 a) hereto. 
  
 “Requisite Termination Majorities” means: (a) with respect
to the termination events of the APE described in Sections 8.01 and 8.03 (i), (ii), (v) and (vi), Participating Creditors holding Unsecured Financial Debt to be Restructured as follows: (i) forty per cent (40%) during a 6-month period beginning on
the APE Effective Date, (ii) twenty five per cent (25%) during a 12-month period beginning on the succeeding day after the lapsing of the period set forth in (i) above and (iii) twelve point five per cent (12.5% ) for the period beginning on the
succeeding day after the lapsing of the period set forth in (ii) above, and (b) with respect to the termination of the APE based on the events described in Section 8.03 (iii), (iv) and (vii), Participating Creditors holding Unsecured Financial Debt
to be Restructured as follows: (i) twenty per cent (20%) during a 6-month period beginning on the APE Effective Date, (ii) ten per 
  

 7 

 cent (10%) for the period beginning on the succeeding day after the lapsing of the period set forth in (i) above.

  
 “Restructuring” has the meaning specified in
the recitals hereto. 
  
 “Reviewing Court” has
the meaning specified in the recitals hereto. 
  
 “SEC” means the U.S. Securities and Exchange Commission. 
  
 “Segregated Account” means the bank accounts owned by the Company in Dollars, Euro, Pesos or Yen in which the Company shall only deposit the funds or securities resulting from the occurrence of any of
the events specified herein, and deposits or withdrawals, if any, must be monthly informed to the Reviewing Court. 
  
 “Settlement Agent” has the meaning specified in the introductory paragraph hereto. 
  
 “Series A Notes” means the 10-year step-up notes due 2014,
the terms and conditions of which are summarized in Appendix 6 and detailed in Appendix 5 hereto. 
  
 “Series B Notes” means the 6-year step-up notes due 2011, the terms and conditions of which are summarized in Appendix 6 and detailed in
Appendix 5 hereto. 
  
 “Tender Offer” has the
meaning specified in the recitals hereto. 
  
 “U.S.
Persons” means Persons who reside in the United States of America, and any person defined as a U.S. person under Rule 902(k)(1) of the United States Securities Act of 1933, as amended. 
  
 “Units” means the number of units of currency in which the
Unsecured Financial Debt to be Restructured is denominated (Pesos, Dollars, Euro or Yen) and in which the Notes will be issued. 
  
 “Unlisted Notes” means the Series A Notes and Series B Notes to be issued by the Company in favor of the holders of Outstanding Loans and
holders of Commissions, having similar terms as the Listed Notes. The Company will not apply to have the Unlisted Notes listed on any stock exchanges. The terms and conditions of the Unlisted Notes are summarized in Appendix 6 and detailed in
Appendix 5 hereto. 
  
 “Unsecured Commercial
Creditors” means the holders of Unsecured Commercial Debt. 
  
 “Unsecured Commercial Debt” means the Company’s unsecured commercial obligations including (but not limited to) accounts payable, intercompany accounts with related parties, any commissions owed to financial
institutions exclusively in their role as agent under syndicated loans and any other non-financial debt as more fully described in Section 2.03 d) hereto. 
  

 8 

 “Unsecured Financial Creditors” means the creditors holding Unsecured Financial Debt to
be Restructured. 
  
 “Unsecured Financial Debt to be
Restructured” has the meaning specified in the recitals hereto. 
  
 “Yen” means the legal currency in Japan or any successor currency thereto. 
  
 SECTION 1.02. Interpretation 
  
 For all purposes hereof, except as otherwise expressly provided herein or unless the context otherwise requires: 
  
 a) the terms defined in this Agreement have the meanings ascribed to them
herein and include the plural as well as the singular and vice versa; 
  
 b) the terms importing gender include all genders; 
  
 c)
any reference to an “Article”, “Section” or an “Appendix” refers to an Article or a Section or an Appendix, as the case may be, of this Agreement; 
  
 d) any reference to this Agreement and the words “herein,” “hereof,” “hereto” and
“hereunder” and other words of similar import refer to this Agreement to its entirety and not to any particular Article, Section, Appendix or other subsections; 
  
 e) any reference to “includes” or “including” shall mean “including, but not limited to”;

  
 f) any reference to agreements or contracts, including this
Agreement, shall refer to such agreements or contracts together with all annexes, appendices, schedules and attachments thereto and as such agreements or contracts may be amended, restated, supplemented or otherwise modified from time to time; and

  
 g) the headings of the articles, sections, paragraphs and
subsections of this Agreement are included for convenience purposes only and shall not affect the interpretation thereof. 
  
 ARTICLE II 
 THE RESTRUCTURING 
  
 SECTION 2.01. Company’s Outstanding Debt 
  
 The Company declares and warrants that, as of the Cut-Off Date, the amount of
its outstanding debt (including all of its Unsecured Financial Debt to be Restructured and the Unsecured Commercial Debt) is as provided in detail in the Assets and Liabilities Statement. 
  
 SECTION 2.02. Scope of this Agreement with respect to the Unsecured Financial Debt to be Restructured 
  
 9 

 a) Subject to the terms and conditions provided herein, the Company intends to restructure only the
Unsecured Financial Debt to be Restructured. Pursuant to this Agreement, all the Unsecured Financial Creditors shall constitute one single category (class). 
  
 b) In order to effect this Restructuring, the Company conducted the steps provided for in the APE Solicitation Statement and the Participating Creditors
have (y) indicated the Option they have chosen by executing and delivering a valid Letter of Transmittal and (z) given their consent to this Agreement and to any and all acts and documents required to effect the transactions contemplated in
connection with this Agreement. 
  
 c) Subject to the terms and
conditions provided herein, this Agreement gives the Unsecured Financial Creditors (i) the right to add the Principal Face Amount Adjustment, for purposes of calculation, to the outstanding principal face amount of the Unsecured Financial Debt to be
Restructured, (ii) the right to receive the Cash Interest Payments and (iii) subject to proration, with respect to (1) the Unsecured Financial Creditors that are holders of Outstanding Notes, the right to receive Listed Notes and/or Option C Cash
Consideration, according to the elected Option or the provisions of Section 2.07 hereto and (2) the Unsecured Financial Creditors that are holders of Outstanding Loans and Commissions, the right to receive Unlisted Notes and/or Option C Cash
Consideration according to the elected Option or the provisions of Section 2.07 hereto. The principal amount of Unsecured Financial Debt to be Restructured of Outstanding Loans and Commissions converted into Pesos pursuant to Decree No. 214/2002
will also be adjusted on the CER on the Effective Date. 
  
 SECTION 2.03. Scope of this Agreement on the Unsecured Commercial Debt 
  
 a) The Parties acknowledge and agree that the Company (i) does not wish to amend the terms of its commercial obligations, and shall maintain any and all legal and contractual rights with respect to the Unsecured
Commercial Creditors except as otherwise determined pursuant to paragraphs b) and c) of this Section and, therefore, it has not sought the express approval of this Agreement by any such Unsecured Commercial Creditors, whose approval shall be deemed
granted; provided that the Unsecured Commercial Creditors are paid in a timely manner pursuant to the APE; (ii) shall honor the Unsecured Commercial Debt in accordance with its terms and conditions; and (iii) shall pay any Unsecured
Commercial Creditor on the date on which the relevant Unsecured Commercial Debt becomes due and payable in the ordinary course of business. 
  
 b) The Parties acknowledge and agree that if the Reviewing Court provides for categories (or classes), which includes the Unsecured Commercial Debt, or
for a treatment for the Unsecured Commercial Creditors that differ from paragraph a) of this Section, the Company will then be allowed to offer to the Unsecured Commercial Creditors proposals different from the Options. 
  
 c) Each and every Participating Creditor hereby agrees that it shall not be
required to give another consent for (i) the addition of the Unsecured Commercial Creditors as parties to this APE, or (ii) any amendment of this APE necessary to effect the provisions of this Section. 
  
 10 

 d) Pursuant to the provisions of Section 56 of the Bankruptcy Law, this Agreement does not have any
effect on any of the Company’s obligations that have general or special priority, particularly, obligations with respect to taxes, salaries, wages and social security charges, including obligations to any national, tax or social security
Governmental Agency (such as the Administración Federal de Ingresos Públicos (the AFIP) or the Administración Nacional de la Seguridad Social (the ANSES)), or any other provincial or municipal, tax or social
security Governmental Agency. In any event, the Company shall honor these obligations and all other obligation with the AFIP and the ANSES, as they become due. 
  

SECTION 2.04. Principal Face Amount Adjustment  
  
 a) Subject to the terms and conditions provided herein, the Parties agree that for purposes of calculating the amount of Unsecured Financial Debt to be
Restructured, the Company will make an adjustment on the outstanding principal face amount of Unsecured Financial Debt to be Restructured corresponding to a portion of accrued but unpaid interest for the period from June 25, 2002 through December
31, 2003. The amount of such principal face amount adjustment will be determined by multiplying the outstanding principal face amount of Unsecured Financial Debt to be Restructured denominated, as the case may be, in Dollars, Euro or Yen as of
December 31, 2003 by a factor equal to 1.058. The amount of such adjustment with respect to the Outstanding Loans and the Commissions converted into Pesos pursuant to Decree No. 214/2002 will be determined by applying the CER to the principal amount
of each Outstanding Loan and each Commission on the Effective Date, and then multiplying the result by a factor equal to 1.058 (the adjustment described in this Section “Principal Face Amount Adjustment”). 
  
 b) As provided in Section 2.06 hereto, Unsecured Financial Creditors who have
received consideration under Option B or Option C will not receive 100% of their Amount of Unsecured Financial Debt to be Restructured, which will be reduced up to the Principal Face Amount Adjustment. For such Unsecured Financial Creditors, the
Principal Face Amount Adjustment will not be capitalized and it will be considered relinquished by operation of law on the Effective Date (together with the waiver provided for in Section 2.04 d) below). The accrued but unpaid interest equal to the
Principal Face Amount Adjustment mentioned above will only be capitalized for the principal amount of Unsecured Financial Debt to be Restructured that is assigned into Option A. 
  
 c) The principal amount of Unsecured Financial Debt to be Restructured plus the Principal Face Amount Adjustment will be
defined herein as “Amount of Unsecured Financial Debt to be Restructured”. 
  
 d) Except for the interests equal to the Principal Face Amount Adjustment on the principal of the Unsecured Financial Debt to be Restructured allocated into Option A, the Unsecured Financial Creditors will not be
entitled to any other accrued but unpaid interest, penalty, penalty interest, post-default interest rate increases on the Unsecured Financial Debt to be Restructured or any other additional amount that remains outstanding which any of such creditors
is entitled in connection with the Unsecured Financial Debt to be Restructured for the period ended, and including, December 31, 2003. Any such rights will be deemed to be terminated as of the Effective Date. 
  
 11 

 SECTION 2.05. Cash Interest Payments 
  
 a) Subject to the terms and conditions provided herein, on the Effective Date the Company shall pay Unsecured Financial
Creditors who shall have received Series A Notes and Series B Notes, a cash interest payment for the period from January 1, 2004 to the Effective Date, calculated based on the principal amount of the Notes to be issued after taking into account the
Option allocated to the Unsecured Financial Creditors (the “Option A/B Cash Interest Payment”). Such interest will be paid at the following rates: 
  
 (i) 5.53% for the Series A Notes denominated in Dollars, 4.83% for the Series A Notes denominated in Euro, 1.93% for the
Series A Notes denominated in Yen and 3.23% for the Series A Notes denominated in Pesos; and 
  
 (ii) 9% for the Series B Notes. 
  
 b) Subject to the terms and conditions provided herein, on the Effective Date the Company shall pay, on a pro rata basis, Unsecured Financial Creditors who were allocated into Option C, in addition to the Option C Cash Consideration, a cash
interest payment for the period from January 1, 2004, to the Effective Date (the “Option C Cash Interest Payment”). The Option C Cash Interest Payment will be calculated based on the amount of interest that has accrued on the US$663
million of available cash in Option C from January 1, 2004, until the Effective date, and will be paid at an annual rate equal to the federal funds target rate (the weighted average U.S. federal funds target rate as listed on Bloomberg L.P. under
the symbol “FDTR”) for the period from January 1, 2004 through the Effective Date. 
  
 c) Except for the Cash Interest Payments, Unsecured Financial Creditors will not be entitled to receive any other accrued and unpaid interest, penalties and post default interest rate increases on the Unsecured
Financial Debt to be Restructured or any other additional amounts that remain outstanding, which any of such creditors is entitled in connection with the Unsecured Financial Debt to be Restructured for the period from January 1, 2004 to the
Effective Date. Any such rights will be considered terminated as of the Effective Date. 
  
 d) For the purpose of calculating the amount of the Cash Interest Payments, the Parties agree to use the exchange rate specified in Section 2.10 hereto, in effect on the FX Reference Date. 
  
 Section 2.06. APE’s Options 
  
 a) Subject to the terms and conditions provided herein, each Participating
Creditor shall receive for each 1,058 Units of the Amount of Unsecured Financial Debt to be Restructured, as full and final payment of the Amount of Unsecured Financial Debt to be Restructured, on the Effective Date subject to proration (in the case
of Option B and Option C), one or a combination of the following: 
  
 (i) Option A (the “Option A”), 1,058 Units of principal amount of Series A Notes due 2014. 
  
 12 

 (ii) Option B (the “Option B”), (1) in the case of Unsecured Financial Creditors holding
their Amount of Unsecured Financial Debt to be Restructured denominated in Dollars, Dollars 1,000 of principal amount of Series B Notes due 2011; and (2) in the case of Unsecured Financial Creditors holding their Amount of Unsecured Financial Debt
to be Restructured denominated in Euros, Pesos and Yen, a principal amount of Series B Notes equal to the dollar equivalent of 94.5% of 1,058 Units of their Amount of Unsecured Financial Debt to be Restructured). 
  
 (iii) Option C (the “Option C”), Option C Cash
Consideration. 
  
 b) Participating Creditors will receive (i)
Series A Notes denominated in the same currency as their respective original debt instrument or, at their election, in Dollars, and/or (ii) Series B Notes and/or the dollar equivalent of the Option C Cash Consideration, in Dollars. 
  
 c) The Company will apply the exchange rates specified in Section 2.10 hereto
in effect on the FX Reference Date to calculate the Option C Cash Consideration in Dollars to be paid to the Unsecured Financial Creditors whose Amount of Unsecured Financial Debt to be Restructured was originally denominated in Euro, Pesos or Yen.

  
 d) Unsecured Financial Creditors who are holders of
Outstanding Notes will receive Listed Notes initially in the form of global certificates in fully registered form which may be issued in tranches denominated, in the case of Series A Notes, in the original currency of the Unsecured Financial Debt to
be Restructured held by them or, at the election of the Unsecured Financial Creditor, in Dollars, and in the case of Series B Notes, in Dollars. Unsecured Financial Creditors who are holders of Outstanding Loans and Commissions will receive Unlisted
Notes (in separate series from the series of Listed Notes), in the form of certificated notes which may be denominated in Dollars, Euro, Yen or Pesos, in the case of Series A Notes, or in Dollars, in the case of Series B Notes. 
  
 e) On the Effective Date, immediately prior to the cancellation of the
Unsecured Financial Debt to be Restructured, the Company will instruct the Settlement Agent to, at the request of Participating Creditors who have elected Option B, exchange all or portion of the Outstanding Notes for Outstanding Loans, and vice
versa. For that purpose, the Settlement Agent will exchange all or a portion of the Outstanding Loans and the Outstanding Notes to be restructured under Option B (or, in the event of proration into Option A, under Option A) for an equal amount of
Outstanding Notes or Outstanding Loans to be restructured and retired under Option C (the “Option B/C Outstanding Debt Exchange”). In this exchange, Participating Creditors who are holders of Outstanding Loans and request the Option
B/C Outstanding Debt Exchange will receive Outstanding Notes and Participating Creditors who are holders of Outstanding Notes and request the Option B/C Outstanding Debt Exchange will receive Outstanding Loans. In order to effect the Option B/C
Outstanding Debt Exchange, Participating Creditors who have selected, or have been allocated into, Option C, will be deemed to have agreed to permit the Settlement Agent to exchange their Outstanding Notes or Outstanding Loans to be retired under
Option C for Outstanding Loans or Outstanding Notes held by Participating Creditors who have elected Option B and have requested the Option B/C Outstanding Debt Exchange. This exchange will be subject to: (i) availability of Outstanding Notes and

  
 13 

 Outstanding Loans to be retired under Option C; (ii) proration among Participating Creditors requesting the Option B/C
Outstanding Debt Exchange; and (iii) timely delivery of any documentation required by the Settlement Agent relating to the Option B/C Outstanding Debt Exchange, including the delivery to the Settlement Agent and the Company of an executed copy of an
irrevocable assignment agreement of the respective Outstanding Loan, in the form to be provided by the Settlement Agent, as well as the delivery of any other documentation required by the Settlement Agent, not later than eight (8) New York Business
Days following the receipt of the documentation delivered by the Settlement Agent. Any assignment will be conditioned on the issuance of the Notes, so any assignment will be terminated if the issuance of the Notes does not take place. 
  
 f) If the Effective Date does not occur prior to October 15, 2004, any
principal payments under the Notes scheduled to become due prior to the Effective Date shall be paid on the Effective Date. 
  
 g) At the request of one or more Participating Creditors, the Company may permit holders of Outstanding Notes to elect to receive Unlisted Notes and
holders of Outstanding Loans and Commissions to elect to receive Listed Notes; provided that, in the Company’s sole judgment (taking into consideration the tax status of the Unsecured Financial Creditor), this will not trigger
unfavorable tax consequences for the Company. If the Company agrees to such a request from the Unsecured Financial Creditors, the Company will only accept requests from Unsecured Financial Creditors that selected this option in their Letter of
Transmittal. 
  
 h) Notwithstanding the requirements of this
Agreement, which shall remain in full force and effect, Participating Creditors may request in the Letter of Transmittal, to have the consideration relating to the Options described in this Agreement issued in name of, or delivered to, the person
indicated by them. 
  
 i) A Participating Creditor’s election
as set forth in such creditor’s duly executed Letter of Transmittal will be final. A Participating Creditor that has delivered a duly executed Letter of Transmittal without specifying any of the Options, will be deemed to have selected to have
such Participating Creditor’s Amount of Unsecured Financial Debt to be Restructured allocated in accordance with the provisions of Section 2.08 b) hereto. 
  

j) Upon the fulfillment of the actions provided for in Section 7.02 a) hereto, the Company shall have fully complied with this Agreement under Section
59 of the Bankruptcy Law, and no Participating Creditor may bring against the Company any bankruptcy proceedings on the basis of Section 63 of the Bankruptcy Law; for that purpose, the Company shall obtain from the Reviewing Court a ruling of
compliance provided for in Section 59, sixth paragraph, of the Bankruptcy Law. 
  
 SECTION 2.07. Limit of the Options and Pro Rata Provision 
  
 a) The Parties agree to the limits set forth below with respect to the Amount of Unsecured Financial Debt to be Restructured that may be retired pursuant
to Option B and 
  
 14 

 Option C. The Parties agree there is no limit on the Amount of Unsecured Financial Debt to be Restructured that can be
retired under Option A. The limits for Option B and Option C are as follows: 
  
 (i) up to US$1,376 million Amount of Unsecured Financial Debt to be Restructured under Option B; and 
  
 (ii) up to US$825 million Amount of Unsecured Financial Debt to be Restructured under Option C. 
  
 b) If Participating Creditors elect to cancel their Amount of Unsecured
Financial Debt to be Restructured under Option B and/or Option C in such amounts that exceed the limit for such Option B or Option C, the Company will prorate the amounts, subject to the limits of such Option B or Option C. The exceeding portions
will be allocated as follows: 
  
 (i) if Option B is
oversubscribed, the portion of the Amount of Unsecured Financial Debt to be Restructured that exceeds the limit of Option B will be allocated into Option C, up to the limit for Option C. If the Amount of Unsecured Financial Debt to be Restructured
exceeds the limit of Option C, the remaining portion will be allocated into Option A; 
  
 (ii) if Option C is oversubscribed, the portion of the Amount of Unsecured Financial Debt to be Restructured that exceeds the limit of Option C will be allocated into Option A; and 
  
 (iii) if Option C is undersubscribed, Participating Creditors who elected
Option B will have up to 37.5% of their Amount of Unsecured Financial Debt to be Restructured allocated into Option C. In such case, each Participating Creditor will be deemed to have selected the highest price under the Modified Dutch Auction (850)
per 1,058 Units of Amount of Unsecured Financial Debt to be Restructured with respect to their Amount of Unsecured Financial Debt to be Restructured that has been allocated into Option C. The allocation into Option C, in accordance with this
paragraph, will take place prior to any proration that may be required. 
  
 c) In order to conduct the allocation, the Parties agree to use the exchange rates specified in Section 2.10 hereto, in effect on the FX Reference Date. 
  
 SECTION 2.08. Effect of the Court Approval on Non-Participating Creditors 
  
 a) Pursuant to Section 76 of the Bankruptcy Law, if Court Approval is
obtained, this Agreement shall be binding on all Unsecured Financial Creditors. 
  
 b) If Court Approval is obtained, Non-Participating Creditors will have their Amount of Unsecured Financial Debt to be Restructured allocated into Option A, or, if the Reviewing Court decides to allocate and/or
prorate the Amount of Unsecured Financial Debt to be Restructured in a different manner, Participating Creditors will receive the allocation and/or 
  
 15 

 proration of their Amount of Unsecured Financial Debt to be Restructured determined by the Reviewing Court at the time
the Reviewing Court approves this Agreement, subject only to the overall limits of Option B and Option C. 
  
 SECTION 2.09. Effect of this Agreement on the Operations of the Company 
  
 a) The Company will operate in the ordinary course of business, and will take any and all such actions (or request the
Reviewing Court to that effect) in accordance with the provisions of this Agreement and with the terms of the debt instruments evidencing the Unsecured Financial Debt to be Restructured, which the Company reasonably considers necessary or convenient
to fulfill this Agreement and to continue its business and the transactions contemplated herein. 
  
 b) Subject to Section 2.09 c) below, up to the Effective Date, the Company will be bound by the following covenants applicable to the Notes under the
Indenture as if such Indenture would have been effective as of the APE Effective Date: 
  
 (i) Limitation on Liens, as provided on Section 3.11 of the Indenture; 
  
 (ii) Limitations on Indebtedness, as provided on Section 3.12 of the Indenture; 
  
 (iii) Limitations on Use of Proceeds of Incurrence of Indebtedness, as provided on Section 3.22 of the Indenture;

  
 (iv) Limitations on Asset Sales, as provided on Section 3.14
of the Indenture; 
  
 (v) Limitation on Sale and Leaseback
Transactions, as provided on Section 3.15 of the Indenture; 
  
 (vi) Limitation on Transactions with Shareholders and Affiliates, as provided on Section 3.16 of the Indenture; 
  
 (vii) Limitation on Capital Expenditures, as provided on Section 3.17 of the Indenture; 
  
 (viii) Limitation on Restricted Payments, except for the requirement to assign in trust or sell Qualified Telecom Personal
Indebtedness., as provided on Section 3.13 of the Indenture; 
  
 (ix) Limitation on Payment Restrictions Affecting Restricted Subsidiaries, as provided on Section 3.18 of the Indenture; 
  
 (x) Limitation on Issuance of Equity Interests of Telecom Personal S.A., as provided on Section 3.19 of the Indenture; 
  
 16 

 (xi) Repurchase of Notes Upon a Change of Control, as provided on Sections 3.23 and 10.03 of the
Indenture; 
  
 (xii) Notices of Default, as provided on Section
3.08 of the Indenture; 
  
 (xiii) Maintenance of Existence, as
provided on Section 3.09 of the Indenture; 
  
 (xiv) Line of
Business, as provided on Section 3.10 of the Indenture; 
  
 (xv)
Designation of Restricted and Unrestricted Subsidiaries, as provided on Section 3.24 of the Indenture; 
  
 (xvi) Restriction on Voluntary Capital Reduction, as provided on Section 3.20 of the Indenture; and 
  
 (xvii) Limitations on Consolidation, Merger or Sale of Assets and
Conveyances, as provided on Section 8.01 of the Indenture. 
  
 c)
Up to the Effective Date, the following covenants applicable under the Indenture will apply with the following modifications: 
  
 (i) the funds resulting from any Net Cash Proceeds, any Asset Sales, any Net Debt Proceeds or any proceeds from Sale and Leaseback Transactions, as such
terms are defined in the Indenture, shall be credited and kept by the Company in any Segregated Accounts, and shall be applied as provided in “Description of the Notes” of the APE Solicitation Statement; in the event that any term for the
application of the funds provided for therein shall have lapsed prior to the Effective Date, such application of funds shall only occur on the Effective Date. 
  

d) Prior to the Effective Date, the obligation to deliver financial statements and information provided in “Description of the Notes” of the
APE Solicitation Statement shall not be in force. 
  
 e) The
Company may, in its sole discretion, request the Reviewing Court to take any necessary legal steps to allow the Company to continue its operations in accordance with this Agreement. 
  
 SECTION 2.10. Calculation for Purposes of Computing the Majority of Unsecured Financial Debt to be
Restructured for Restructuring Purposes Only 
  
 Without being
understood as a waiver by the Parties to any rights they may have, for purposes of calculating the majorities of creditors provided for under Sections 3.01, 5.01, 9.01, and Article VIII hereto, any Unsecured Financial Debt to be Restructured
denominated in (i) Pesos (pursuant to Decree No. 214/2002) will be converted into Dollars at the selling exchange rate (tipo de cambio vendedor) published by Banco de la Nación Argentina as of the Cut-Off Date; provided
that if such exchange rate is not published by Banco de la Nación  
  
 17 

 Argentina, or reflects a rate of exchange that differs from the average rates available in the free exchange
market on such day by 10 % or more, the Company will use such average rates for such day, and (ii) Euro and Yen, will be converted into Dollars at the exchange rate published by Bloomberg L.P. at 4.59 p.m. New York time as of the Cut-Off Date and
all calculations and determinations will be made by reference to the Dollar-denominated principal amount resulting from such conversion, notwithstanding the fact that the Peso/Dollar, Yen/Dollar, Euro/Dollar exchange rate may change after such date.

  
 ARTICLE III 
 EFFECTIVENESS AND TERMINATION OF THIS AGREEMENT 
  
 SECTION 3.01. Effectiveness 
  
 This Agreement shall become effective upon execution of the APE by the Company and Unsecured Financial Creditors: (i) representing at least the majorities
required by Argentine law to obtain Court Approval, and (ii) that have elected among the Options so that at least US$300 million of the Amount of Unsecured Financial Debt to be Restructured was allocated into Option A (such date, the “APE
Effective Date”). Currently, the Bankruptcy Law requires a majority in number of Unsecured Financial Creditors representing, at least, two-thirds of the Unsecured Financial Debt to be Restructured. 
  
 SECTION 3.02. Termination  
  
 a) This Agreement shall terminate upon the earlier of any of the following
events: 
  
 (i) the Effective Date, upon performance of the
actions contemplated in Section 7.02 a) hereto; 
  
 (ii) the date
upon which Court Approval is denied by a final non–appealable decision; 
  
 (iii) the date upon which (1) the Company shall file a voluntary petition for reorganization proceedings or a declaration of its own bankruptcy in Argentina, each of which shall constitute an event that shall be
considered as the withdrawal of the proceedings seeking Court Approval of this Agreement or (2) the Reviewing Court shall declare the Company in bankruptcy and such declaration shall remain in effect for a period of at least ninety (90) consecutive
days; 
  
 (iv) the date upon which the Company terminates the
proceedings seeking Court Approval of this Agreement or the date upon which this Agreement is terminated, in both cases, only pursuant to any of the conditions stated hereto; 
  
 (v) the date on which the term provided for in Section 7.01 hereto has lapsed without the Company’s having submitted
evidence of its shareholders’ ratification of this Agreement to the Reviewing Court; and 
  

 18 

 (vi) the date on which the Settlement Agent or the Participating Creditors shall have provided notice to
the Company of any of the termination events declared by the Participating Creditors, pursuant to any of the conditions stated under Article VIII hereto. 
  
 b) Termination of this Agreement for any event will allow the Company to file a new out-of-court restructuring agreement (acuerdo preventivo
extrajudicial) for court approval or to file a voluntary petition for reorganization proceedings pursuant to the Bankruptcy Law, agreeing, however, that if such termination is a result of the event mentioned in Section 3.02 a) (v) above, the
Company will not be able to file for approval of a new out-of-court restructuring agreement (acuerdo preventivo extrajudicial). If this Agreement is terminated for any reason, the Company’s and the Participating Creditors’ rights
under the Unsecured Financial Debt to be Restructured will remain fully effective, and the Company and the Settlement Agent shall take such actions as may be necessary to immediately return any instruments representing the Unsecured Financial Debt
to be Restructured to the Participating Creditors who have delivered their instruments to the Settlement Agent. It is expressly stated that termination hereof shall not relieve any Party hereto of its liability for any breach or non-performance of
its obligations hereunder prior to the termination date. 
  
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
  
 The Company hereby represents and warrants to the other Parties as of the date hereof: 
  
 SECTION 4.01. Due Incorporation and Valid Existence 
  
 The Company is a duly incorporated and validly existing corporation under the
laws of Argentina, and is duly qualified to do business as a foreign corporation in all jurisdictions in which its ownership of, or the location of its assets and/or the conduct of its business so require. 
  
 SECTION 4.02. Corporate Powers and Authority 
  
 The Company has all requisite corporate powers and authority to execute this
Agreement, carry out the actions contemplated hereby and to perform its obligations hereunder. 
  
 SECTION 4.03. corporate Authorizations 
  
 The execution, delivery and performance hereof and the consummation of the actions contemplated hereby have been validly approved by the Company and no other corporate action by the Company or its shareholders are
necessary to authorize the execution, delivery and performance hereof, except for the shareholders’ meeting required to (i) ratify the filing of this Agreement with the Reviewing Court and (ii) approve the creation and issuance of the Notes.

  
 SECTION 4.04. Valid Obligation 
  
 This Agreement constitutes a valid and binding legal obligation of the
Company, enforceable against the Company, 
  

 19 

 enforceable against the Company in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights in general. 
  
 SECTION 4.05. Third Parties’ Authorizations 
  
 No consent, approval, authorization, notice or order of, or filing with, any Governmental Agency, supervising authority or any legal court is required for
performing the actions contemplated by this Agreement other than (i) the Court Approval of this Agreement, (ii) the approval of the CNV, the CONSOB, the Bank of Italy, for the public offering of the Listed Notes, and the approval of the BCBA and/or
the MAE and the LSE for the trading and listing of the Listed Notes, (iii) the registration of the Notes to be issued to, or for the account or benefit of, U.S. Person or Persons in the United States with the SEC and (iv) the approval of the BCRA to
carry out such foreign exchange transactions and transfers outside of Argentina as required to consummate the payment of the Option C Cash Consideration and the Cash Interest Payments (the authorizations referred to in (ii), (iii) and (iv) above,
the “Authorizations”). 
  
 SECTION 4.06. No
Conflicts 
  
 The execution of this Agreement by the Company,
the performance of its obligations hereunder and the consummation of the actions contemplated hereby will not be contrary to, or cause a material breach or non-performance of (i) any of the terms, conditions or provisions of the Company’s
by-laws (or any other similar organizing documents), as amended, or (ii) any applicable legal provision. 
  
 SECTION 4.07. Litigation 
  
 Except as disclosed in the APE Solicitation Statement, there are no actions, suits or legal, arbitration or administrative proceedings or any other
proceedings whatsoever, either pending or threatened, before any legal court or Governmental Agency or any arbitrator, filed against or affecting the Company that may reasonably have a materially adverse effect on the ability of the Company to
perform its obligations under this Agreement. 
  
 SECTION
4.08. No Payments  
  
 a) Except as set forth in the APE
Solicitation Statement and for payments made pursuant to a final court order, from June 24, 2002 until the date hereof, the Company has not made any payments of any of the amounts due under the Unsecured Financial Debt to be Restructured.

  
 b) During the Interim Period, the Company reserves the right
to incur any Administrative Expenses with regards to the filing of this Agreement. 
  
 SECTION 4.09. True and Correct Information 
  
 On the date of the APE Solicitation Statement and on the date hereof, the statements contained in the APE Solicitation Statement relating to the Company, its subsidiaries 
  

 20 

 and Affiliates, taken as a whole, are accurate in every material respect and not misleading in light of the circumstances
under which they were made and the Company is not aware of any other facts relating to the Company the omission of which would, in the context of the offer, issuance and availability of the Notes and the payment of the Cash Interest Payments and the
Option C Cash Consideration, make any of the statements made herein misleading in any material respect. 
  
 SECTION 4.10 Calculation by the Settlement Agent 
  
 The Parties agree and acknowledge that all calculations provided for in Article II hereto shall be done by the Settlement Agent on the basis of the terms
established in the APE Solicitation Statement. Additionally, the Parties agree that the Company shall perform and execute the actions set forth in Sections 7.02 a) hereto following the instructions received from such Settlement Agent, in its
capacity as calculation agent. 
  
 ARTICLE V 
 CREDITORS’ MAJORITIES 
  
 SECTION 5.01. Requisite Legal Majorities 
  
 a) On the date on which Court Approval is granted, this Agreement shall have been approved by Participating Creditors representing at least the majorities
required by Argentine law for Court Approval of this Agreement. 
  
 b) If the meeting described in Section 6.03 hereto is to be held, for purposes of determining the majority provided for in Section 5.01 a), in compliance with paragraph 3 of Section 45 bis of the Bankruptcy Law, the Unsecured Financial
Creditors that are holders of each series of the Outstanding Notes and (y) have approved the Agreement, will be deemed as one (1) Unsecured Financial Creditor that has approved the Agreement and (z) have not approved the Agreement, will be deemed as
one (1) Unsecured Financial Creditor that has not approved the Agreement. Holders of Unsecured Financial Debt to be Restructured that do not attend or abstain from voting will not be counted for purposes of determining whether the requisite legal
majorities have been reached. Each of the holders of the Outstanding Loans and Commissions will be treated as a separate Unsecured Financial Creditor. 
  
 ARTICLE VI 
 PROVISIONS SPECIFIC TO THIS
AGREEMENT 
  
 SECTION 6.01. About the Restructuring

  
 To the fullest extent permitted by applicable law, each and
every Participating Creditor waives any rights that it may have pursuant to Argentine law or any other laws governing the Unsecured Financial Debt to be Restructured, to institute, promote or consent to, the filing of any action aimed at (a)
challenging the validity of the payments made by the Company in connection with: (i) the Tender Offer, (ii) the Interest Payment in connection with the Tender Offer and (iii) any other payments made under Section 4.08 a) hereto, and (b) bringing any
action against any of the Company’s directors or officers (acción de responsabilidad) in connection with or as a result of any such payments. 
  

 21 

 SECTION 6.02. About this Agreement and the Court Approval 
  
 The Company and the Participating Creditors agree to undertake their best
efforts and to fully cooperate in order to obtain Court Approval for this Agreement. This does not imply the waiver of any rights or legal procedures existing in favor of the Participating Creditors. 
  
 In addition, in order to comply with the timely limitations described hereto,
the Company will be bound to file all the judicial and administrative proceedings required to obtain Court Approval and the Authorizations, as well as to take, in an expeditious way and within the procedural terms applicable, every reasonable
measure to comply with this Agreement. 
  
 SECTION 6.03. About
the Ratification of this Agreement 
  
 Prior to or after the
APE Filing Date, the Company may, in its sole discretion, call any meeting of Unsecured Financial Creditors holders of Outstanding Notes as may be required to confirm their consent to this Agreement and/or, if applicable, enforce this Agreement.

  
 ARTICLE VII 
 COVENANTS AND COMPLIANCE 
  
 SECTION 7.01. Ratification of the Filing of this Agreement 
  

During the Interim Period, the Company will call a shareholders’ meeting to ratify the filing of this Agreement with the Reviewing Court, and
evidence of such ratification shall be filed with such court within thirty (30) Business Days after the APE Filing Date. 
  
 SECTION 7.02. Availability of Outstanding Notes, Option C Cash Consideration and Cash Interest Payments 
  
 a) On the Effective Date, the Company shall fully comply with this Agreement
by executing an Indenture and by making available to Unsecured Financial Creditors (i) the Notes and/or the Option C Cash Consideration and (ii) the Cash Interest Payments. 
  
 b) Compliance with the provisions stated in (a) above will be subject to the following conditions: 
  
 (i) all Authorizations have been obtained and continue to be valid, and

  
 (ii) the termination of this Agreement shall not have been
declared pursuant to Article VIII hereto. 
  
 c) Upon the
consummation of all actions provided in paragraph a) of this Section, the Unsecured Financial Debt to be Restructured will be fully paid, discharged and cancelled and the relationship between the Company and each Unsecured Financial Creditor shall
be exclusively governed by the terms set forth in the Indenture and any and all of the existing agreements under the Unsecured Financial Debt to be Restructured shall be terminated by novation pursuant to Section 55 of the Bankruptcy Law.

  

 22 

 ARTICLE VIII 
 TERMINATION EVENTS BY THE PARTIES 
  
 SECTION 8.01. Termination of the APE by the Company or the Participating Creditors 
  
 The Company or Participating Creditors representing Requisite Termination Majorities, may terminate this Agreement or, in case of the Company, withdraw
from the proceedings seeking Court Approval hereof at any time if, after the APE Effective Date and prior to Court Approval, any of the following conditions have been met: 
  
 (i) (a) any measure shall have been adopted by or come before any Governmental Agency, authority or administrative or
judicial court that has been deemed applicable to the APE or any of the options,, a statute, rule, regulation, judgment, order, stay, decree or injunction shall have occurred, been promulgated, enacted, enforced or deemed applicable to the APE or
any of the Options, including any amendment to the Argentine Bankruptcy Law, or (b) there shall have occurred any of the following: (i) any general suspension of, or limitation on, trading in securities in Argentina, Italy, the United States of
America or other financial markets, including the over-the-counter market, whether or not mandatory, (ii) a material impairment in the trading prices of debt securities in the markets in general, (iii) a declaration of a banking moratorium in
Argentina, Italy, the United States of America or other major financial markets, whether or not mandatory, (iv) a commencement of a war or armed hostilities in Argentina, Italy or the United States of America, or other national or international
crises related to Argentina, Italy or the United States of America, (v) any material adverse change in the political or economic conditions in Argentina or in securities or financial markets in Argentina, Italy, the United States of America or other
international securities or financial markets, (vi) a material change in the exchange rate for Pesos, Euro, Dollars, or Yen or a general suspension of, or material limitation affecting the markets in which those currencies are traded; that may
directly or indirectly (1) prohibit or prevent the consummation of the APE or any of the actions to be undertaken by the Company on the Effective Date or (2) materially adversely affect the business, economic or financial conditions or revenues,
profits, activities, assets, liabilities, or the business expectations of the Company and its subsidiaries (taking into consideration the conditions prevailing as of the APE Effective Date) that may, prevent the Company from complying with this
Agreement and paying its obligations on the Notes; 
  
 (ii) the
trustee for the indentures under which the Outstanding Notes have been issued and the trustee for the Indenture shall have objected in any respect to, or taken any decision or action that may have a materially adverse effect on the implementation of
the APE or any of the actions to be undertaken by the Company on the Effective Date or impair the validity or effectiveness of the procedures contemplated by the Company to effect this APE or any of the Options, Option C Cash Consideration and/or
Cash Interest Payments; 
  

 23 

 (iii) the Company shall have received notice from any Governmental Agency that this Agreement violates
the laws of its jurisdiction, and such violation could not be overcome without materially amending this Agreement; 
  
 (iv) the Reviewing Court shall have amended this Agreement, including its economic terms and/or the limits of each of the Options having a materially
adverse effect on the holders of the Unsecured Financial Debt to be Restructured or on the Company; provided however, that any amendment made by the Reviewing Court to proration and/or allocation within the Options among the Participating
Creditors and/or the Non-Participating Creditors will not be considered a termination event for the Company or the Participating Creditors; or 
  
 (v) prior to the Effective Date, Unsecured Financial Creditors comprising the majorities required by Argentine law to obtain Court Approval shall cease to
be bound to support the APE, or the Amount of Unsecured Financial Debt to be Restructured allocated into Option A would be reduced to less than US$ 300 million. 
  

SECTION 8.02. Termination of the APE by the Company 
  
 The Company may terminate this Agreement at any time prior to March 31, 2005 if Telecom Personal has not executed its APE by that date, unless the Company
has already received Court Approval for this Agreement. 
  
 SECTION 8.03. Termination of the APE by the Participating Creditors 
  
 Participating Creditors representing Requisite Termination Majorities may terminate the Agreement if: 
  
 (i) the APE Filing Date shall not have occurred before December 31, 2004; 
  
 (ii) the Company shall not have obtained Court Approval (a) within six (6) months after the APE Filing Date, if no
objections have been filed, or (b) within eighteen (18) months after the APE Filing Date, if any objections have been filed; 
  
 (iii) any representations and warranties made by the Company in the APE turned out to be materially incorrect; 
  
 (iv) there shall exist any material breach of any of the covenants contained
in Section 2.09 b) hereto, or any other provision hereto; 
  
 (v)
there shall have occurred a change of control (in the terms provided in the Indenture) prior to the Effective Date; 
  
 (vi) the Effective Date shall not have occurred within ninety (90) consecutive days after the later of (a) Court Approval or (b) any such deadline that
may be impossed by the Reviewing Court if the Reviewing Court decides that Non-Participating Creditors may elect among any of the Options within a specific deadline; or 
  

 24 

 (vii) any Governmental Agency shall have nationalized, expropriated or encumbered all or a substantial
part of the assets of the Company, or any of its subsidiaries’ or Affiliates’, or the Company’s shares, or such Governmental Agency shall have taken into custody or control such assets, or the business or operation of the Company, its
subsidiaries or Affiliates, or shall have taken any other action such that the Company or its officers cannot conduct its business or activities for sixty (60) consecutive days            ,
and the result of any of these actions shall materially affect the capacity of the Company to comply with this Agreement. 
  
 SECTION 8.04. Decision of Termination  
  
 a) The Company will give written notice to the Settlement Agent of the occurrence of any of the conditions specified in Section 8.01 above, and its
decision to terminate this Agreement. The Settlement Agent will forward a copy of such notice upon receipt thereof to (i) in the case of the Creditors who are holders of Outstanding Notes, the trustee under the indentures pursuant to which such
Outstanding Notes were issued, and (ii) in the case of the holders of Outstanding Loans and of Commissions, to each such holder. 
  
 b) Participating Creditors will provide notice in writing to the Company, either directly or through the Settlement Agent, of their decision to terminate
this Agreement. The Company will inform the Participating Creditors and the Settlement Agent of any of the notices given by, individually or in the aggregate, the requisite majorities, regarding the termination events at the option of the
Participating Creditors, it being understood that (i) the validity or effectiveness of the termination event will not be affected if the Company does not provide the notices provided herein, (ii) Participating Creditors will not be required to call
any meeting to declare a termination event, and (iii) it is an essential condition to the APE and of the consent granted for the execution of this Agreement or the vote in any meeting, that Participating Creditors have the right to terminate this
Agreement for any of the reasons provided for in Sections 8.01 and 8.03. 
  
 c) Upon termination, the Parties shall cease to be bound by the terms hereto and shall have any and all rights and remedies under the Unsecured Financial Debt to be Restructured, applicable law or otherwise, as if
this Agreement shall have not been executed, except for the provisions of Section 9.05 hereto. 
  
 ARTICLE IX 
 MISCELLANEOUS 
  
 SECTION 9.01. Amendments and Waivers by the Parties 
  
 Prior to Court Approval, the Company may amend, waive, or supplement the terms and conditions of this Agreement with the
written consent of the Participating Creditors that represent at least the majorities required by Argentine law to obtain Court Approval. The Company will notify the CNV, the BCBA, the CONSOB of any such amendments. 
  
 SECTION 9.02. Total Agreement 
  
 This Agreement, the Letter of Transmittal, the APE Solicitation Statement and

  

 25 

 any other agreement, document or instrument attached hereto or referred to herein contain all the terms and conditions
mentioned herein or incidental hereto, and supersede any and all purportedly prior or contemporaneous oral agreements and understandings relating to the purpose hereof. If any controversy should arise between the terms, conditions and provisions of
this Agreement and any such other agreement, document or instrument attached hereto or referred to herein, the terms and conditions of this Agreement shall prevail. 
  
 SECTION 9.03. Governing Law 
  

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE REPUBLIC OF ARGENTINA. 
  
 SECTION 9.04. Successors and Assigns 
  
 This Agreement shall inure to the benefit of the Parties and their respective
successors, assigns, heirs, administrators and representatives and shall be binding on them. The agreements and obligations of the Participating Creditors under this Agreement are assumed severally. 
  
 SECTION 9.05. Effects of Termination 
  
 Any waivers provided for in Section 6.01 hereto shall survive even upon
termination of the APE; provided that such termination is based on the event described in Section 3.02 a) (i). Notwithstanding the above, in other cases of termination of the APE: (a) any settlement or compromise pursuant to the terms of the
APE, including the fixing of, or limiting of, an amount claimed by any Participating Creditor, the assumption or rejection of Unsecured Financial Debt to be Restructured, and any document or agreement executed pursuant to the APE, will cease to
exist, and (b) none of the provisions contained in the APE or any actions taken in furtherance of the Court Approval will (i) be, or be deemed to be, a waiver or termination of any claims by any Party, (ii) impair in any manner any of the
Parties’ rights, or (iii) be an acceptance whatsoever by any of the Parties. 
  
 SECTION 9.06. No Third-Party Beneficiaries 
  
 Unless otherwise expressly stated herein (including, but not limited to, the provisions of Section 9.04 hereto), this Agreement shall be solely for the benefit of the Parties hereto and no other Person shall be deemed
a third-party beneficiary hereof. 
  
 SECTION 9.07.
Severability 
  
 Except for Articles II and VIII and
Sections 3.01 and 9.05 hereto, the invalidity or unenforceability of any provision hereof shall not impair the validity or enforceability of any other provision unless, as a consequence thereof, the validity or enforceability of the Notes, the Cash
Interest Payments or the Option C Cash Consideration is impaired. Any invalid or unenforceable provision shall be severed from this Agreement; provided that the Parties shall negotiate in good faith any amendment to such invalid or
unenforceable provision to effect the original intent of the Parties. 
  

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 SECTION 9.08. Notices 
  
 All notices, requests, and other communications hereunder must be in writing and will be deemed to have been duly given only
if delivered personally or by facsimile transmission or mailed, postage prepaid, to the Parties at the following addresses or facsimile numbers: 
  
 If to the Company, to: 
  
 Telecom Argentina S.A. 
 Av. Alicia Moreau de
Justo 50 
 (C1107AAB) City of Buenos Aires 
 Argentina 
 Facsimile No.: (54 11)
[            ] 
 Attn: Financial Director 
  
 If to a Participating Creditor, notices shall be given to the address set
forth as the address of such Participating Creditor in the relevant Appendix hereto. 
  
 All such notices, requests, and other communications will (i) if delivered personally to the address as provided in this Section 9.08, be deemed to have been given upon delivery, (ii) if delivered by facsimile
transmission to the facsimile number as provided in this Section 9.08, be deemed to have been given upon receipt, and (iii) if delivered by mail, postage prepaid, to the address as provided in this Section 9.08, be deemed to have been given upon
receipt (in each case regardless of whether such notice, request, or other communication is received by any other person to whom a copy of such notice, request, or other communication is to be delivered pursuant to this Section 9.08). Any Party may,
from time to time, change its address, facsimile number, or other information for the purpose of notices to that Party by giving at least five (5) Business Days’ prior written notice specifying such change to each other Party hereto.

  
 SECTION 9.09. Counterparts 
  
 This Agreement may be executed in counterparts, each of which shall be deemed
an original and all of which shall constitute one and the same Agreement. 
  
 * * * 
  

 27 

 IN WITNESS WHEREOF, each of the Parties hereto has caused this Agreement to be executed by its duly
authorized officers as of the date first above written. 
  

			
	Telecom Argentina S.A.
		
	 By:
	 	  

	 	 	 Name
 Title:

  
  

			
	The Bank of New York, as Settlement Agent, in its capacity as attorney-in-fact for the holders of the Company’s Outstanding Notes listed on Appendix 1 hereto and representative
of the Participating Creditors who are holders of Outstanding Loans and Commissions listed on Appendix 2 hereto
	 
	 

  

			
		
	 By:
	 	  

	 	 	 Name
 Title:

  

			
	Associazione per la Tutela degli Investitori in Titoli Argentini, in its capacity as attorney-in-fact for the holders of the Company’s Outstanding Notes, listed on Appendix 3
hereto.
	 
	 

			
		
	 By:
	 	  

	 	 	 Name
 Title:

  
  

			
	[PARTICIPATING CREDITOR]
		
	 By:
	 	  

	 	 	 Name
 Title:
 Address:

 : 
  

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 APPENDIX 1 
  
 NON-ITALIAN RESIDENT 
 HOLDERS OF OUTSTANDING NOTES REPRESENTED BY THE SETTLEMENT 
 AGENT 
  

 29 

 APPENDIX 2 
  
 HOLDERS OF OUTSTANDING LOANS AND COMMISSIONS REPRESENTED BY 
 THE SETTLEMENT AGENT 
  

 30 

 APPENDIX 3 
  
 ITALIAN RESIDENT 
 HOLDERS OF OUTSTANDING NOTES REPRESENTED BY THE ASSOCIATION 
  

 31 

 APPENDIX 4 
  
 HOLDERS OF OUTSTANDING NOTES, OUTSTANDING LOANS AND  
 COMMISSIONS EXECUTING THE APE ON THEIR OWN BEHALF 
  

 32 

 APPENDIX 5 
  
 FORM OF INDENTURE 
  

 33 

 APPENDIX 6 
  
 APE SOLICITATION STATEMENT 
  

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