Document:

Form of Registration Rights Agreement

 Exhibit 4.2 
 FORM OF 
 REGISTRATION RIGHTS AGREEMENT 
 REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of
[            ], 2007, is by and among Virgin Mobile USA, Inc., a Delaware corporation (the “Company”), Corvina Holdings Limited, a company incorporated in the
British Virgin Islands (“Virgin”), Sprint Ventures, Inc., a Kansas corporation ( “Sprint”), Best Buy Co., Inc., a Minnesota corporation (“Best Buy”) and Freedom Wireless, Inc., a Nevada corporation
(“Freedom Wireless”). Virgin, Sprint, Best Buy and Freedom Wireless, together with each Person who becomes a party hereto pursuant to Section 11(c), are referred to individually as a “Shareholder” and together
as the “Shareholders”. 
 WHEREAS, the Company and the Shareholders are parties to that certain Reorganization and Purchase
Agreement, dated as of the date hereof, as the same may hereafter be amended from time to time (the “Reorganization Agreement”); and 
 WHEREAS, in connection with the initial public offering of Class A common stock of the Company (the “IPO”) and the closing of the transactions contemplated by the Reorganization Agreement, the
parties hereto desire to enter into this Agreement to provide the Shareholders with certain registration rights with respect to the Common Stock (as defined below). 
 NOW, THEREFORE, for and in consideration of the mutual agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto,
intending to be legally bound hereby, agree as follows: 
 Section 1. Definitions. As used in this Agreement, the following terms
shall have the following meanings, and terms used herein but not otherwise defined herein shall have the meanings assigned to them in the Reorganization Agreement: 
 “Additional Demand Shareholder” shall have the meaning set forth in Section 2(a) hereof. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person. For the purposes of this definition,
“control”, when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Allocated
Shares” shall have the meaning set forth in Section 2(b) hereof. 
 “Common Stock” shall mean all shares
hereafter authorized of any class of common stock of the Company which has the right to participate in the election of directors of the Company. 

 “Demand Notice” shall have the meaning set forth in Section 2(a) hereof.

 “Demand Shareholders” shall have the meaning set forth in Section 2(a) hereof. 
 “Demand Registration” shall have the meaning set forth in Section 2(a) hereof. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and any successor statute thereto and the rules and
regulations of the SEC promulgated thereunder. 
 “Initiating Demand Notice” shall have the meaning set forth in
Section 2(a) hereof. 
 “Initiating Demand Shareholder” shall have the meaning set forth in Section 2(a) hereof.

 “Joinder Demand Notice” shall have the meaning set forth in Section 2(a) hereof. 
 “Losses” shall have the meaning set forth in Section 7 hereof. 
 “Maximum Offering Size” shall have the meaning set forth in Section 2(b) hereof. 
 “NASD” shall mean the National Association of Securities Dealers, Inc., or any successor entity thereof. 
 “Percentage Interest” shall mean, at the time of determination with respect to any Shareholder, the voting power collectively held by
such Shareholder and its Affiliates as a percentage of the voting power attributable to all shares of Common Stock then outstanding. 
 “Person” shall mean any natural person, corporation, limited partnership, general partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land
trust, business trust, or other organization, whether or not a legal entity, custodian, trustee-executor, administrator, nominee or entity in a representative capacity and any government or agency or political subdivision thereof. 
 “Piggyback Notice” shall have the meaning set forth in Section 3(a) hereof. 
 “Piggyback Registration” shall have the meaning set forth in Section 3(a) hereof. 
 “Public Offering” shall mean the sale of Common Stock to the public pursuant to an effective registration statement (other than a
registration statement on Form S-4 or Form S-8 or any similar or successor form) filed under the Securities Act or any comparable law or regulatory scheme of any foreign jurisdiction. 
 “Proceeding” shall mean an action, claim, suit, arbitration or proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or threatened. 
  

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 “Prospectus” shall mean the prospectus included in any Registration Statement
(including, without limitation, any preliminary prospectus and any prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A or Rule 430B promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus. 
 “Registrable Securities” shall mean all shares of Class A Common Stock held directly or indirectly by a Shareholder, including any
shares of Class A Common Stock issuable or issued upon conversion or exchange of other securities of the Company or any of its subsidiaries. As to any particular Registrable Securities, once issued such securities shall cease to be Registrable
Securities when (i) they are sold pursuant to an effective Registration Statement under the Securities Act, (ii) they are sold pursuant to Rule 144, (iii) they are able to be sold without restriction pursuant to subsection (k) of
Rule 144, (iv) they shall have ceased to be outstanding or (v) they have been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of the securities. No Registrable
Securities may be registered under more than one Registration Statement at any one time. 
 “Registration Statement” shall
mean any registration statement of the Company under the Securities Act which permits the public offering of any of the Registrable Securities in accordance with the intended methods of distribution thereof pursuant to the provisions of this
Agreement, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in
such registration statement. 
 “Requested Shares” shall have the meaning set forth in Section 2(b)(i) hereof.

 “Requisite Shareholders” shall mean each of Virgin or Sprint, and their respective successors and permitted assigns as
long as such successors and permitted assigns hold, directly or together with their respective Affiliates, a Percentage Interest of 10% or more. 
 “Rule 144” shall mean Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 “SEC” shall mean the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act.

 “Securities Act” shall mean the Securities Act of 1933, as amended, and any successor statute thereto and the rules and
regulations of the SEC promulgated thereunder. 
 “Sprint Demand Shareholders” shall have the meaning set forth in
Section 2(b) hereof. 
  

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 “underwritten registration or underwritten offering” shall mean a registration in
which securities of the Company are sold to an underwriter for reoffering to the public. 
 “Virgin Demand Shareholders”
shall have the meaning set forth in Section 2(b) hereof. 
 Section 2. Demand Registrations. 
 (a) Requests for Registration. Subject to the following paragraphs of this Section 2(a), each of the Requisite Shareholders shall have the
right from time to time by delivering a written notice to the Company (a “Demand Notice”) to require the Company to register, pursuant to the terms of this Agreement under and in accordance with the provisions of the Securities Act,
the number of Registrable Securities requested to be so registered pursuant to the terms of this Agreement (a “Demand Registration”); provided, however, that (i) a Demand Notice may only be made if the sale of the
Registrable Securities requested to be registered by the participating Requisite Shareholders is reasonably expected by such Requisite Shareholders to result in aggregate gross cash proceeds in excess of $50,000,000 (before deducting any
underwriting discount or commission); provided that notwithstanding the foregoing or anything to the contrary elsewhere in this Agreement, each Requisite Shareholder shall have the right to deliver an Initiating Demand Notice (as defined
below) no fewer than five (5) times and a Joinder Demand Notice (as defined below) no fewer than five (5) times; and (ii) the Company shall not be obligated to effect more than one such Demand Registration in any 180-day period
without the consent of a majority of the board of directors. 
 In the event any Requisite Shareholder (an “Initiating Demand
Shareholder”) delivers a Demand Notice (an “Initiating Demand Notice”), each other Requisite Shareholder shall be entitled to join in such demand for registration by delivering written notice thereof (a “Joinder
Demand Notice”) to the Company and the Initiating Demand Shareholder within ten (10) Business Days after its receipt of the Notice (as defined below) from the Company, in which case the Initiating Demand Notice shall be deemed to have
been delivered jointly by the Initiating Demand Shareholder and each other Requisite Shareholder which delivered a Joinder Demand Notice (each, an “Additional Demand Shareholder” and together with the Initiating Demand Shareholder,
the “Demand Shareholders”) as of the date of the receipt by the Company of the Initiating Demand Notice and for the number of Registrable Securities set forth in the Initiating Demand Notice with respect to the Initiating Demand
Shareholder and in the respective Joinder Demand Notice with respect to each Additional Demand Shareholder. 
 Following receipt of an
Initiating Demand Notice, the Company shall file a Registration Statement with respect to the Registrable Securities covered in such Initiating Demand Notice and, if applicable, in any related Joinder Demand Notices, and otherwise requested to be
included in such Registration Statement in accordance with this Section 2(a), as promptly as practicable, but not later than 45 days after receipt of such Initiating Demand Notice, and shall use its reasonable best efforts to cause such
Registration Statement to be declared effective under the Securities Act as promptly as practicable after the filing thereof. Any Demand Registration may be required by the Requisite Shareholders making such demand to be on an appropriate form under
the Securities Act (including Form S-3ASR or any successor form that becomes effective upon filing with the SEC if the Company is then eligible to use such form) in accordance with the methods of distribution set forth in the Registration Statement
and Rule 415 under the Securities Act. 
  

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 No Demand Registration shall be deemed to have occurred for purposes of this Section 2 if the
Registration Statement relating thereto (i) does not become effective, (ii) is not maintained effective for the period required pursuant to this Section 2, or (iii) the offering of the Registrable Securities pursuant to such
Registration Statement is subject to a stop order, injunction or similar order or requirement of the SEC during such period in which case such Requisite Shareholders shall be entitled to an additional Demand Registration, as the case may be, in lieu
thereof. 
 Within 10 days after receipt by the Company of an Initiating Demand Notice, the Company shall give written notice (the
“Notice”) of such Initiating Demand Notice to all other holders of Registrable Securities and shall, subject to the provisions of Section 2(b) hereof, include in such registration all Registrable Securities with respect to
which the Company received written requests for inclusion therein within 15 days after such Notice is given by the Company to such holders. 
 All requests made pursuant to this Section 2 will specify the number of Registrable Securities to be registered and the intended methods of disposition thereof. Each holder of Registrable Securities which has requested to include
Registrable Securities in any Registration Statement pursuant to this Section 2(a) shall furnish to the Company in writing such other information regarding such holder and the distribution proposed by such holder as the Company reasonably
requests specifically for use in connection with such Registration Statement. 
 The Company shall be required to maintain the effectiveness
of the Registration Statement with respect to any Demand Registration for a period of at least 270 days after the effective date thereof or such shorter period in which all Registrable Securities included in such Registration Statement have actually
been sold. 
 (b) Priority on Demand Registration. 
 If any of the Registrable Securities registered pursuant to a Demand Registration are to be sold in a firm commitment underwritten offering, and the managing underwriter or underwriters advise the holders of such
securities in writing that in its view the total number or dollar amount of Registrable Securities proposed to be sold in such offering is such as to adversely affect the success of such offering (including, without limitation, securities proposed
to be included by other holders of securities entitled to include securities in such Registration Statement pursuant to incidental or piggyback registration rights), then there shall be included in such firm commitment underwritten offering the
number of Registrable Securities that in the opinion of such managing underwriter can be sold without adversely affecting such offering (the “Maximum Offering Size”), and such number of Registrable Securities shall be allocated as
follows: 
 (i) first, the securities for which inclusion in such Demand Registration was requested by the Demand Shareholders, allocated, if
necessary for the offering not 

  

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to exceed the Maximum Offering Size, such that each Demand Shareholder sells the number of Registrable Securities (the “Allocated Shares”)
equal to either (1) if the number of Registrable Securities for which inclusion in such Demand Registration was requested by such Demand Shareholder (such number, the “Requested Shares”) is equal to, or less than, 50% of the
Maximum Offering Size, then the Requested Shares; or (2) if the Requested Shares are greater than 50% of the Maximum Offering Size, then the number of Registrable Securities equal to the greater of (A) 50% of the Maximum Offering Size and
(B) the difference between (w) the Maximum Offering Size and (x) the number of Registrable Securities for which inclusion in such Demand Registration was requested by the other Demand Shareholder; provided that for the purposes
of the allocation in this Section 2(b)(i), (y) Sprint and its successors and permitted assigns that are each Requisite Shareholders and are participating in such offering (the “Sprint Demand Shareholders”) shall be deemed
to constitute one Demand Shareholder and (z) Virgin and its successors and permitted assigns that are each Requisite Shareholders and are participating in such offering (the “Virgin Demand Shareholders”) shall be deemed to
constitute one Demand Shareholder; and provided further, that following the allocation described above, each of Sprint and Virgin shall have the right to determine the further allocation of their respective Allocated Shares among the Sprint
Demand Shareholders and the Virgin Demand Shareholders, respectively, in their sole discretion; 
 (ii) second, among the other holders of
Registrable Securities on the basis of the percentage of the Registrable Securities owned directly or indirectly by each such Shareholder or other Person pro rata relative to the number of Registrable Securities owned directly or indirectly by all
such Persons; and 
 (iii) third, the securities for which inclusion in such Demand Registration was requested by the Company. 
 For purposes of any underwriter cutback, all Registrable Securities held by any Shareholder shall also include any Registrable Securities held by the
shareholders or Affiliates of such holder, or the estates and family members of any such holder, any trusts for the benefit of any of the foregoing persons and, at the election of such holder or such trusts or Affiliates, any charitable
organization, in each case to which any of the foregoing shall have distributed, transferred or contributed Common Stock prior to the execution of the underwriting agreement in connection with such underwritten offering; provided that such
distribution, transfer or contribution occurred not more than 90 days prior to such execution, and such holder and other persons shall be deemed to be a single selling holder, and any pro rata reduction with respect to such selling holder shall be
based upon the aggregate amount of Common Stock owned by all entities and individuals included in such selling holder, as defined in this sentence. No securities excluded from the underwriting by reason of the underwriter’s marketing limitation
shall be included in such registration. 
 (c) Postponement of Demand Registration. The Company shall be entitled to postpone (but not
more than once in any 12-month period), for a reasonable period of time not in excess of 60 days, the filing of a Registration Statement if the Company delivers to 

  

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the holders requesting registration a certificate signed by both the chief executive officer and chief financial officer of the Company certifying that, in
the good faith judgment of the board of directors of the Company, based on the advice of counsel, such registration and offering would reasonably be expected to materially adversely affect or materially interfere with any bona fide material
financing of the Company or any material transaction under consideration by the Company or would require disclosure of information that has not been, and is not otherwise required to be, disclosed to the public, the premature disclosure of which
would materially adversely affect the Company. Such certificate shall contain a statement of the reasons for such postponement and an approximation of the anticipated delay. The holders receiving such certificate shall keep the information contained
in such certificate confidential subject to the same terms set forth in Section 5(p). If the Company shall so postpone the filing of a Registration Statement, each of the Requisite Shareholders shall have the right to withdraw its request for
registration by giving written notice to the Company within 20 days of the anticipated termination date of the postponement period, as provided in the certificate delivered to the holders. 
 (d) Cancellation of Demand Registration. Each Requisite Shareholder that delivered (or is deemed to have delivered) the Demand Notice pursuant to
this Section 2 shall have the right to withdraw from such registration by a written notice to the Company, in which event the Company shall abandon or withdraw such registration statement; provided, however, that if the Company
and the other Shareholders participating in such registration have requested to be included in such registration Registrable Securities in the aggregate amount of at least $50,000,000, then the Company and such other Shareholders shall have the
right to continue with such registration regardless of the withdrawal of the Requisite Shareholder that initially delivered the Demand Notice. 
 Section 3. Piggyback Registration. 
 (a) Right to Piggyback. Except with respect to a Demand Registration, the
procedures for which are addressed in Section 2, if the Company proposes to file a registration statement under the Securities Act with respect to an offering of Common Stock (other than a registration statement on Form S-4, Form S-8 or any
successor forms thereto relating to shares of Common Stock to be issued solely in connection with (i) any acquisition of another entity or business or (ii) a stock option or any other employee benefit or dividend reinvestment plan), then,
each such time, the Company shall give prompt written notice of such proposed filing at least twenty (20) days before the anticipated filing date (the “Piggyback Notice”) to all of the holders of Registrable Securities. The
Piggyback Notice shall offer such holders the opportunity to include in such registration statement the number of Registrable Securities as each such holder may request (a “Piggyback Registration”). Subject to Section 3(b)
hereof, the Company shall include in each such Piggyback Registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within fifteen (15) days after notice has been given to the
applicable holder. Each holder of Registrable Securities which has requested to include Registrable Securities in any Registration Statement pursuant to this Section 3(a) shall furnish to the Company in writing such other information regarding
such holder and the distribution proposed by such holder as the Company reasonably requests specifically for use in connection with such Registration Statement. The eligible holders of Registrable Securities shall be permitted to withdraw all or
part of the Registrable 

  

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Securities from a Piggyback Registration at any time at least two business days prior to the effective date of such Piggyback Registration. The Company shall
not be required to maintain the effectiveness of the Registration Statement for a Piggyback Registration beyond the earlier to occur of (i) 180 days after the effective date thereof and (ii) consummation of the distribution by the holders
of the Registrable Securities included in such Registration Statement. 
 (b) Priority on Piggyback Registrations. The Company shall
use reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit holders of Registrable Securities requested to be included in the registration for such offering to include all such Registrable
Securities on the same terms and conditions as any other shares of capital stock, if any, of the Company included therein. Notwithstanding the foregoing, if the managing underwriter or underwriters of such underwritten offering have informed the
Company in writing that it is their good faith opinion that the total number or dollar amount of securities that such holders, the Company and any other Persons having rights to participate in such registration, intend to include in such offering is
such as to adversely affect the success of such offering, then there shall be included in such firm commitment underwritten offering the number or dollar amount of Registrable Securities that in the opinion of such managing underwriter or
underwriters can be sold without adversely affecting such offering, and such number of Registrable Securities shall be allocated as follows: 
 (i) first, the number of shares of Common Stock proposed to be registered by the Company; and 
 (ii) second, among the other holders
of Registrable Securities on the basis of the percentage of the Registrable Securities owned directly or indirectly by each such Shareholder or other Person pro rata relative to the number of Registrable Securities owned directly or indirectly by
all such Persons. 
 For purposes of any underwriter cutback, all Registrable Securities held by any Shareholder shall also include any
Registrable Securities held by the shareholders or Affiliates of such holder, or the estates and family members of any such holder, any trusts for the benefit of any of the foregoing persons and, at the election of such holder or such trusts or
Affiliates, any charitable organization, in each case to which any of the foregoing shall have distributed, transferred or contributed Common Stock prior to the execution of the underwriting agreement in connection with such underwritten offering;
provided that such distribution, transfer or contribution occurred not more than 90 days prior to such execution, and such holder and other persons shall be deemed to be a single selling holder, and any pro rata reduction with respect to such
selling holder shall be based upon the aggregate amount of Common Stock owned by all entities and individuals included in such selling holder, as defined in this sentence. No securities excluded from the underwriting by reason of the
underwriter’s marketing limitation shall be included in such registration. 
 (c) Shelf Take-Downs. At any time that a
shelf registration statement covering Registrable Securities pursuant to Section 2 or this Section 3 is effective, if any holder or group of holders of Registrable Securities delivers a notice to the Company (a “Take-Down
Notice”) stating that it intends to effect an underwritten offering of all or part of its Registrable Securities included by it on the shelf registration statement (a “Shelf Underwritten Offering”) 

  

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and stating the number of the Registrable Securities to be included in the Shelf Underwritten Offering, then, the Company shall amend or supplement the shelf
registration statement as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Shelf Underwritten Offering (taking into account the inclusion of Registrable Securities by any other holders pursuant to
this Section 3(c)). In connection with any Shelf Underwritten Offering: 
 (i) such proposing holder(s) shall also deliver the
Take-Down Notice to all other Shareholders included on such shelf registration statement and permit each such Shareholder to include its Registrable Securities included on the shelf registration statement in the Shelf Underwritten Offering if such
Shareholder notifies the proposing Shareholders and the Company within one business day after delivery of the Take-Down Notice to such holder; and 
 (ii) in the event that the underwriter determines that marketing factors (including an adverse effect on the per share offering price) require a limitation on the number of shares which would otherwise be included in such take-down, the
underwriter may limit the number of shares which would otherwise be included in such take-down offering in the same manner as is described in Section 2(b) with respect to a limitation of shares to be included in a registration.
 (d) Postponement of Registrations. The Company shall be entitled to postpone (but not more than once in any 12-month period), for a reasonable
period of time not in excess of 60 days, the filing of any Registration Statement or any offering pursuant to this Section 3 if the Company delivers to the holders participating in any such registration or offering a certificate signed by both
the chief executive officer and chief financial officer of the Company certifying that, in the good faith judgment of the board of directors of the Company, based on the advice of counsel, such registration or offering would reasonably be expected
to materially adversely affect or materially interfere with any bona fide material financing of the Company or any material transaction under consideration by the Company or would require disclosure of information that has not been, and is
not otherwise required to be, disclosed to the public, the premature disclosure of which would materially adversely affect the Company. Such certificate shall contain a statement of the reasons for such postponement and an approximation of the
anticipated delay. The holders receiving such certificate shall keep the information contained in such certificate confidential subject to the same terms set forth in Section 5(p). If the Company shall so postpone any registration or offering,
each of the holders of Registrable Securities participating in such registration or offering shall have the right to withdraw its request for registration by giving written notice to the Company within 20 days of the anticipated termination date of
the postponement period, as provided in the certificate delivered to the holders. 
 Section 4. Restrictions on Public Sale by
Holders of Registrable Securities; Restrictions on the Company. Each holder of Registrable Securities agrees, in connection with any underwritten offering made pursuant to a Registration Statement filed pursuant to Section 2 or
Section 3 hereof (whether or not such holder elected to include Registrable Securities in such Registration Statement), if requested (pursuant to a written notice) by the managing underwriter or underwriters in an underwritten offering, not to
effect any public sale or distribution of any of the Company’s common equity (or securities convertible into or exchangeable or exercisable for 

  

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common equity) (except as part of such underwritten offering), including a sale pursuant to Rule 144 or any swap or other economic arrangement that transfers
to another any of the economic consequences of owning the Common Stock, or to give any Demand Notice during the 90-day period commencing on the date of the Prospectus (or Prospectus supplement if the offering is made pursuant to a “shelf”
registration) pursuant to which such Public Offering shall be made, plus such extension period, which shall be no longer than 17 days, as may be proposed by the managing underwriter to address NASD regulations regarding the publishing of research,
or such lesser period as is required by the managing underwriter. Notwithstanding the foregoing, any discretionary waiver or termination of this lock-up provision by the Company or the underwriters with respect to either of the Requisite
Shareholders shall apply to the other Requisite Shareholder as well, pro rata based upon the number of shares subject to such obligations. 
 If any registration pursuant to Section 2 of this Agreement shall be in connection with any underwritten Public Offering, the Company will not effect any public sale or distribution of any common equity (or securities convertible into
or exchangeable or exercisable for common equity) (other than a registration statement on Form S-4, Form S-8 or any successor forms thereto relating to shares of Common Stock to be issued solely in connection with (i) any acquisition of another
entity or business or (ii) a stock option or any other employee benefit or dividend reinvestment plan) for its own account, within 90 days (or such shorter periods as the managing underwriters may agree to with the Requisite Shareholders) after
the date of the Prospectus (or Prospectus supplement if the offering is made pursuant to a “shelf” registration) pursuant to which such Public Offering shall be made, plus such extension period, which shall be no longer than 17 days, as
may be proposed by the managing underwriter to address NASD regulations regarding the publishing of research. 
 Section 5.
Registration Procedures. If and whenever the Company is required to use its reasonable best efforts to effect the registration of any Registrable Securities under the Securities Act as provided in Section 2 and Section 3 hereof, the
Company shall effect such registration to permit the sale of such Registrable Securities in accordance with the intended method or methods of disposition thereof, and pursuant thereto the Company shall cooperate in the sale of the securities and
shall, as expeditiously as possible: 
 (a) Prepare and file with the SEC a Registration Statement or Registration Statements on such form
which shall be available for the sale of the Registrable Securities by the holders thereof or the Company in accordance with the intended method or methods of distribution thereof, and use its reasonable best efforts to cause such Registration
Statement to become effective and to remain effective as provided herein (including by means of a shelf registration pursuant to Rule 415 under the Securities Act if so requested and if the Company is then eligible to use such registration);
provided, however, that before filing a Registration Statement or Prospectus or any amendments or supplements thereto (including documents that would be incorporated or deemed to be incorporated therein by reference), the Company shall
furnish or otherwise make available to the Shareholders who are including Registrable Securities in such Registration Statement, their counsel and the managing underwriters, if any, copies of all such documents proposed to be filed, which documents
will be subject to the reasonable review and comment of such counsel, and such other documents reasonably requested by such counsel, including any comment letter from the SEC, and, if requested by such counsel, provide such counsel reasonable
opportunity to participate in the 

  

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preparation of such Registration Statement and each Prospectus included therein and such other opportunities to conduct a reasonable investigation within the
meaning of the Securities Act, including reasonable access to the Company’s books and records, officers, accountants and other advisors. The Company shall not include any information relating to a Requisite Shareholder in any such Registration
Statement or Prospectus or any amendments or supplements thereto (including such documents that, upon filing, would be incorporated or deemed to be incorporated by reference therein) with respect to a Demand Registration or Piggyback Registration to
which the Requisite Shareholder (if such Registration Statement includes Registrable Securities of such Requisite Shareholder), shall reasonably object, in writing, on a timely basis, unless, in the opinion of the Company, the inclusion of such
information is necessary to comply with applicable law. 
 (b) Prepare and file with the SEC such amendments and post-effective amendments
to each Registration Statement as may be necessary to keep such Registration Statement continuously effective during the period provided herein and comply in all material respects with the provisions of the Securities Act with respect to the
disposition of all securities covered by such Registration Statement; and cause the related Prospectus to be supplemented by any Prospectus supplement as may be necessary to comply with the provisions of the Securities Act with respect to the
disposition of the securities covered by such Registration Statement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act. 
 (c) Notify each selling holder of Registrable Securities and the managing underwriters, if any, promptly, and (if requested by any such Person) confirm
such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective,
(ii) of any request by the SEC or any other Federal or state governmental authority for amendments or supplements to a Registration Statement or related Prospectus or for additional information, (iii) of the issuance by the SEC of any stop
order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iv) if at any time the representations and warranties of the Company contained in any agreement (including any underwriting
agreement) contemplated by Section 5(o) below cease to be true and correct, (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, and (vi) of the happening of any event that makes any statement made in such Registration Statement or related Prospectus or any
document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in such Registration Statement, Prospectus or documents so that, in the case of the Registration
Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, not misleading, and that in the case of the Prospectus, it will not
contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  

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 (d) Use its reasonable best efforts to avoid the issuance of any order suspending the effectiveness of a
Registration Statement or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, or, if issued, to obtain the withdrawal or lifting of any such order or
suspension as promptly as practicable. 
 (e) If requested by the managing underwriters, if any, or the holders of a majority of the then
outstanding Registrable Securities being sold in connection with an underwritten offering, promptly include in a Prospectus supplement or post-effective amendment such information as the managing underwriters, if any, and such holders may reasonably
request in order to permit the intended method of distribution of such securities and make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Company has received such request;
provided, however, that the Company shall not be required to take any actions under this Section 5(e) that are not, in the opinion of counsel for the Company, in compliance with applicable law. 
 (f) Furnish or make available to each selling holder of Registrable Securities, and each managing underwriter, if any, without charge, at least one
conformed copy of the Registration Statement, the Prospectus and Prospectus supplements, if applicable, and each post-effective amendment thereto, including financial statements (but excluding schedules, all documents incorporated or deemed to be
incorporated therein by reference, and all exhibits, unless requested in writing by such holder, counsel or underwriter). 
 (g) Deliver to
each selling holder of Registrable Securities, and the underwriters, if any, without charge, as many copies of the Prospectus or Prospectuses (including each form of Prospectus) and each amendment or supplement thereto as such Persons may reasonably
request in connection with the distribution of the Registrable Securities; and the Company, subject to the last paragraph of this Section 5, hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the
selling holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any such amendment or supplement thereto. 
 (h) Prior to any public offering of Registrable Securities, use its reasonable best efforts to register or qualify or cooperate with the selling holders
of Registrable Securities, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the
securities or “Blue Sky” laws of such jurisdictions within the United States as any seller or underwriter reasonably requests in writing and to keep each such registration or qualification (or exemption therefrom) effective during the
period such Registration Statement is required to be kept effective and to take any other action that may be necessary or advisable to enable such holders of Registrable Securities to consummate the disposition of such Registrable Securities in such
jurisdiction; provided, however, that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it is not then so qualified or (ii) take any action that would subject it to general
service of process in any such jurisdiction where it is not then so subject. 
  

 12 

 (i) Cooperate with the selling holders of Registrable Securities and the managing underwriters, if any,
to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities to be sold after receiving written representations from each holder of such Registrable Securities that the Registrable
Securities represented by the certificates so delivered by such holder will be transferred in accordance with the Registration Statement, and enable such Registrable Securities to be in such denominations and registered in such names as the managing
underwriters, if any, or holders may request at least two (2) business days prior to any sale of Registrable Securities in a firm commitment public offering, but in any other such sale, within ten (10) business days prior to having to
issue the securities. 
 (j) Use its reasonable best efforts to cause the Registrable Securities covered by the Registration Statement to be
registered with or approved by such other governmental agencies or authorities within the United States, except as may be required solely as a consequence of the nature of such selling holder’s business, in which case the Company will cooperate
in all reasonable respects with the filing of such Registration Statement and the granting of such approvals, as may be necessary to enable the seller or sellers thereof or the underwriters, if any, to consummate the disposition of such Registrable
Securities. 
 (k) Upon the occurrence of any event contemplated by Section 5(c)(ii), 5(c)(iii), 5(c)(iv), 5(c)(v) or 5(c)(vi) above,
prepare as promptly as practicable a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other
required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (l) Prior
to the effective date of the Registration Statement relating to the Registrable Securities, provide a CUSIP number for the Registrable Securities. 
 (m) Provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration Statement from and after a date not later than the effective date of such Registration Statement. 

(n) Use its reasonable best efforts to cause all shares of Registrable Securities covered by such Registration Statement to be authorized to be
listed on a national securities exchange if shares of the particular class of Registrable Securities are at that time, or will be immediately following the offering, listed on such exchange. 
 (o) Enter into such agreements (including an underwriting agreement in form, scope and substance as is customary in underwritten offerings) and take all
such other actions reasonably requested by the holders of a majority of the Registrable Securities being sold in connection therewith (including those reasonably requested by the managing underwriters, if any) to expedite or facilitate the
disposition of such Registrable Securities, and in such connection, whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten registration, (i) make such representations and warranties to
the 

  

 13 

 
holders of such Registrable Securities and the underwriters, if any, with respect to the business of the Company and its subsidiaries, and the Registration
Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily made by issuers in underwritten offerings, and, if true, confirm the same if
and when requested, (ii) use its reasonable best efforts to furnish to the selling holders of such Registrable Securities opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be
reasonably satisfactory to the managing underwriters, if any, and counsels to the selling holders of the Registrable Securities), addressed to each selling holder of Registrable Securities and each of the underwriters, if any, covering the matters
customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such counsel and underwriters, (iii) use its reasonable best efforts to obtain “cold comfort” letters and
updates thereof from the independent registered public accounting firm of the Company (and, if necessary, any other independent registered public accounting firms of any subsidiary of the Company or of any business acquired by the Company for which
financial statements and financial data are, or are required to be, included in the Registration Statement) who have certified the financial statements included in such Registration Statement, addressed to each selling holder of Registrable
Securities (unless such accountants shall be prohibited from so addressing such letters by applicable standards of the accounting profession) and each of the underwriters, if any, such letters to be in customary form and covering matters of the type
customarily covered in “cold comfort” letters in connection with underwritten offerings, (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures substantially to the effect
set forth in Section 7 hereof with respect to all parties to be indemnified pursuant to said Section except as otherwise agreed by the Requisite Shareholders and (v) deliver such documents and certificates as may be reasonably requested by
the holders of a majority of the Registrable Securities being sold, their counsel and the managing underwriters, if any, to evidence the continued validity of the representations and warranties made pursuant to Section 5(o)(i) above and to
evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. The above shall be done at each closing under such underwriting or similar agreement, or as and to the extent
required thereunder. 
 (p) Make available for inspection by a representative of the selling holders of Registrable Securities, any
underwriter participating in any such disposition of Registrable Securities, if any, and any attorneys or accountants retained by such selling holders or underwriter, at the offices where normally kept, during reasonable business hours, all
financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information in each case reasonably
requested by any such representative, underwriter, attorney or accountant in connection with such Registration Statement; provided, however, that any information that is determined in good faith by the Company in writing to be not
generally publicly available at the time of delivery of such information shall be kept confidential by such Persons unless (i) disclosure of such information is required by court or administrative order or is necessary to respond to inquiries
of regulatory authorities, (ii) disclosure of such information, in the opinion of counsel to such Person, is required by law, (iii) disclosure of such information, in the opinion of counsel, to such Person is necessary or advisable to
defend such Person in any litigation relating to any such disposition or proposed 

  

 14 

 
disposition of Registrable Securities, (iv) such information becomes generally available to the public other than as a result of a disclosure or failure
to safeguard by such Person or (v) such information becomes available to such Person from a source other than the Company and such source is not known by such Person to be bound by a confidentiality agreement with the Company. In the case of a
proposed disclosure pursuant to (i), (ii) or (iii) above, such Person shall use its reasonable best efforts to give the Company written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the
Company in seeking to prevent or limit the proposed disclosure. Without limiting the foregoing, no such information shall be used by such Person as the basis for any market transactions in securities of the Company or its subsidiaries in violation
of law. 
 (q) Cause its officers to use their reasonable best efforts to support the marketing of the Registrable Securities covered by the
Registration Statement (including, without limitation, participation in “road shows”) taking into account the Company’s business needs. 
 (r) Cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings
required to be made with the NASD; and 
 (s) Otherwise use its reasonable best efforts to comply with all applicable rules and regulations
of the SEC, and make available to its security holders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, as soon as reasonably practicable, but not more than 45 days after the end of
any 12-month period (or 90 days, if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Securities are sold to underwriters in an underwritten public offering or (ii) if not sold to
underwriters in such an offering, commencing on the first day of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement, which statements shall cover said 12-month periods. 
 The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish to the Company in writing such
information required in connection with such registration regarding such seller and the distribution of such Registrable Securities as the Company may, from time to time, reasonably request in writing and the Company may exclude from such
registration the Registrable Securities of any seller who unreasonably fails to furnish such information within a reasonable time after receiving such request. 
 Each holder of Registrable Securities agrees if such holder has Registrable Securities covered by such Registration Statement that, upon receipt of any notice from the Company of the happening of any event of the kind
described in Section 5(c)(ii), 5(c)(iii), 5(c)(iv), 5(c)(v) or 5(c)(vi) hereof, such holder will forthwith discontinue disposition of such Registrable Securities covered by such Registration Statement or Prospectus until such holder’s
receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof, or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and has received copies of any
additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus; provided, however  

  

 15 

 
that the Company shall extend the time periods under Section 2 and Section 3 with respect to the length of time that the effectiveness of a
Registration Statement must be maintained by the amount of time the holder is required to discontinue disposition of such securities. 
 Section 6. Registration Expenses. All fees and expenses incident to the performance of or compliance with this Agreement by the Company (including, without limitation, (i) all registration and filing fees (including,
without limitation, fees and expenses (A) with respect to filings required to be made with the National Association of Securities Dealers, Inc. and (B) of compliance with securities or Blue Sky laws, including, without limitation, any fees
and disbursements of counsel for the underwriters in connection with Blue Sky qualifications of the Registrable Securities pursuant to Section 5(h)), (ii) printing expenses (including, without limitation, expenses of printing certificates
for Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses if the printing of Prospectuses is requested by the managing underwriters, if any, or by a Requisite Shareholder or the holders
of a majority of the Registrable Securities included in any Registration Statement), (iii) messenger, telephone and delivery expenses of the Company, (iv) fees and disbursements of counsel for the Company, (v) expenses of the Company
incurred in connection with any road show, (vi) fees and disbursements of all independent registered public accounting firms referred to in Section 5(o)(iii) hereof (including, without limitation, the expenses of any “cold
comfort” letters required by this Agreement) and any other persons, including special experts retained by the Company, and (vii) (A) reasonable fees and disbursements of counsel for each of the Requisite Shareholders, and (B) if
none of such Requisite Shareholders is participating in the offering, reasonable fees and disbursements of one counsel for holders of Registrable Securities whose shares are included in a Registration Statement, which counsel in the case of this
clause (B) shall be selected by the holders of a majority of the Registrable Securities included in such Registration Statement) shall be borne by the Company whether or not any Registration Statement is filed or becomes effective. In addition,
the Company shall bear all of its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit, the fees and expenses incurred in
connection with the listing of the securities to be registered on any securities exchange on which similar securities issued by the Company are then listed and rating agency fees and the fees and expenses of any Person, including special experts,
retained by the Company. 
 The Company shall not be required to pay (i) except as noted above, fees and disbursements of any counsel
retained by any holder of Registrable Securities or by any underwriter (except as set forth in clauses 6(i)(B) and 6(vii)), (ii) any underwriter’s fees (including discounts, commissions or fees of underwriters, selling brokers, dealer
managers or similar securities industry professionals) relating to the distribution of the Registrable Securities (other than with respect to Registrable Securities sold by the Company), or (iii) any other expenses of the holders of Registrable
Securities not specifically required to be paid by the Company pursuant to the first paragraph of this Section 6. 
 Section 7.
Indemnification. 
 (a) Indemnification by the Company. The Company shall, and shall cause each of its subsidiaries to, without
limitation as to time, indemnify and hold harmless, to 

  

 16 

 
the fullest extent permitted by law and on a joint and several basis, each holder of Registrable Securities whose Registrable Securities are covered by a
Registration Statement or Prospectus, the officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees of each of them, each Person who controls each such holder (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees of each such controlling person, each underwriter, if any, and each
Person who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) such underwriter (collectively, “Holder Indemnitees”), from and against any and all losses, claims, damages,
liabilities, costs (including, without limitation, costs of preparation and reasonable attorneys’ fees and any legal or other fees or expenses incurred by such party in connection with any investigation or Proceeding), expenses, judgments,
fines, penalties, charges and amounts paid in settlement (collectively, “Losses”), as incurred, arising out of or based upon any untrue statement (or alleged untrue statement) of a material fact contained in any Prospectus, or other
offering document (including any related Registration Statement, notification, or the like) incident to any such registration, qualification, or compliance, or based on any omission (or alleged omission) to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading, or any violation by the Company of the Securities Act or any rule or regulation thereunder applicable to the Company or of the Exchange Act or any rule or regulation
thereunder applicable to the Company, and will reimburse each Holder Indemnitee for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling any such claim, loss, damage, liability, or action,
provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability, or expense arises out of or is based on any untrue statement or omission by any holder or underwriter, but only to the
extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such Registration Statement, Prospectus, or other offering document in reliance upon and in conformity with written information furnished
to the Company by such holder or underwriter. It is agreed that the indemnity agreement contained in this Section 7(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is
effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed). Such indemnity agreement shall remain in full force and effect regardless of any investigation made by or on behalf of any Holder Indemnitee
and shall survive the transfer of Registrable Securities by any such Holder Indemnitee. 
 (b) Indemnification by Holder of Registrable
Securities. In connection with any Registration Statement in which a holder of Registrable Securities includes Registrable Securities, such holder of Registrable Securities agrees to indemnify, to the fullest extent permitted by law, severally
and not jointly, the Company, each other holder of Registrable Securities which includes Registrable Securities in such Registration Statement, their respective directors and officers and each Person who controls the Company and such holders (within
the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) (collectively, “Company/Holder Indemnitees”), from and against all Losses arising out of or based on any untrue statement of a material
fact contained in any such Registration Statement, Prospectus, or other offering document, or any omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in
light of the circumstances under which they were made) not misleading, and will reimburse each 

  

 17 

 
Company/Holder Indemnitee for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage,
liability, or action, in each case to the extent, but only to the extent, that such untrue statement or omission is made in such Registration Statement, Prospectus, or other offering document in reliance upon and in conformity with written
information furnished to the Company by such holder expressly for inclusion in such Registration Statement, Prospectus, or other offering document; provided, however, that the obligations of such holder hereunder shall not apply to
amounts paid in settlement of any such claims, losses, damages, or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such holder (which consent shall not be unreasonably withheld); and provided,
further, that the liability of each selling holder of Registrable Securities hereunder shall be limited to the net proceeds received by such selling holder from the sale of Registrable Securities giving rise to such indemnification
obligation. In addition, insofar as the foregoing indemnity relates to any such untrue statement or omission made in a preliminary Prospectus but eliminated or remedied in an amended or supplemented preliminary Prospectus on file with the SEC at the
time the Registration Statement becomes effective, or in any amendment or supplement thereto at or prior to the pricing of the sale of the Registrable Securities giving rise to the indemnification obligation, and such new preliminary Prospectus or
amendment or supplement thereto is delivered to the underwriter, the indemnity agreement in this Section 7(b) shall not inure to the benefit of any Person if a copy of such amended or supplemented preliminary Prospectus was not furnished to the
Person asserting the Loss at or prior to the pricing of the sale of the Registrable Securities giving rise to the indemnification obligation. 
 (c) Conduct of Indemnification Proceedings. If any Person shall be entitled to indemnity hereunder (an “indemnified party”), such indemnified party shall give prompt notice to the party from which such indemnity is
sought (the “indemnifying party”) of any claim or of the commencement of any Proceeding with respect to which such indemnified party seeks indemnification or contribution pursuant hereto; provided, however, that the
delay or failure to so notify the indemnifying party shall not relieve the indemnifying party from any obligation or liability except to the extent that the indemnifying party has been prejudiced by such delay or failure. The indemnifying party
shall have the right, exercisable by giving written notice to an indemnified party promptly after the receipt of written notice from such indemnified party of such claim or Proceeding, to, unless in the indemnified party’s reasonable judgment a
conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, assume, at the indemnifying party’s expense, the defense of any such claim or Proceeding, with counsel reasonably satisfactory to such
indemnified party; provided, however, that an indemnified party shall have the right to employ separate counsel in any such claim or Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall
be at the expense of such indemnified party unless: (i) the indemnifying party agrees to pay such fees and expenses; or (ii) the indemnifying party fails promptly to assume, or in the event of a conflict of interest cannot assume, the
defense of such claim or Proceeding or fails to employ counsel reasonably satisfactory to such indemnified party, in which case the indemnified party shall have the right to employ counsel and to assume the defense of such claim or proceeding;
provided, further, however, that the indemnifying party shall not, in connection with any one such claim or Proceeding or separate but substantially similar or related claims or Proceedings in the same jurisdiction, arising out
of the same general allegations or circumstances, be liable for the fees and expenses of more than one firm of attorneys (in addition to appropriate local 

  

 18 

 
counsel) at any time for all of the indemnified parties, or for fees and expenses that are not reasonable. Whether or not such defense is assumed by the
indemnifying party, such indemnified party will not be subject to any liability for any settlement made without its consent (but such consent will not be unreasonably withheld). The indemnifying party shall not consent to entry of any judgment or
enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release, in form and substance reasonably satisfactory to the indemnified party, from all
liability in respect of such claim or litigation for which such indemnified party would be entitled to indemnification hereunder. 
 (d)
Contribution. If the indemnification provided for in this Section 7 is unavailable to an indemnified party in respect of any Losses (other than in accordance with its terms), then each applicable indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand,
and such indemnified party, on the other hand, in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such indemnifying party, on the one
hand, and indemnified party, on the other hand, shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a
material fact, has been taken by, or relates to information supplied by, such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action,
statement or omission. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 7(d)
were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 7(d), an
indemnifying party that is a selling holder of Registrable Securities shall not be required to contribute any amount in excess of the amount by which the net proceeds to the indemnifying party from the sale of the Registrable Securities sold in a
transaction that resulted in Losses in respect of which contribution is sought in such proceeding pursuant to this Section 7(d), exceed the amount of any damages that such indemnifying party has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. 
 (e) The indemnity and contribution agreements contained in this Section 7 are in
addition to any liability that the indemnifying parties may otherwise have to the indemnified parties. Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement
entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 
  

 19 

 Section 8. Rule 144; Rule 144A. 
 (a) At all times after the effective date of the first registration statement filed by the Company under the Securities Act or the Exchange Act, the
Company shall (i) file the reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner, (ii) take such further action as any holder of Registrable Securities may reasonably request, and
(iii) furnish to each holder of Registrable Securities forthwith upon written request, (x) a written statement by the Company as to its compliance with the reporting requirements of Rule 144, the Securities Act and the Exchange Act,
(y) a copy of the most recent annual or quarterly report of the Company, and (z) such other reports and documents so filed by the Company as such holder may reasonably request in availing itself of Rule 144, all to the extent required from
time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144. Upon the request of any holder of Registrable Securities, the Company shall
deliver to such holder a written statement as to whether it has complied with such requirements. 
 (b) At any time that the Company is not
subject to the reporting requirements of the Exchange Act, each holder of Registrable Securities and each prospective holder of Registrable Securities who may consider acquiring Registrable Securities in reliance upon Rule 144A under the Securities
Act (or any successor or similar rule then in force) (“Rule 144A”) shall have the right to request from the Company, and the Company will provide upon such request, such information regarding the Company and its business, assets and
properties, if any, as is at the time required to be made available by the Company under the Rule 144A so as to enable such holder to transfer Registrable Securities to such prospective holder in reliance upon Rule 144A. 
 Section 9. Underwritten Registrations. If any offering pursuant to a Registration Statement filed in connection with a Demand Registration is
an underwritten offering, the Requisite Shareholders that delivered (or are deemed to have delivered) such Demand Notice pursuant to Section 2 of this Agreement shall have the right to jointly select the managing and other underwriters to
administer the offering, subject to approval by the Company, not to be unreasonably withheld. The Company shall have the right to select the managing and other underwriters to administer any offering in connection with any Piggyback Registration.

 No Person may participate in any underwritten offering hereunder unless such Person (i) agrees to sell the Registrable Securities it
desires to have covered by the registration on the basis provided in any underwriting arrangements in customary form and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents required under the terms of such customary underwriting arrangements, provided that such Person shall not be required to make any representations or warranties other than those related to title and ownership of shares and as to the
accuracy and completeness of statements made in a Registration Statement, Prospectus, or other offering document in reliance upon and in conformity with written information furnished to the Company or the managing underwriter by such Person and
provided further, that such Person’s liability in respect of such representations and warranties shall not exceed such Person’s gross proceeds from the offering. 
 Section 10. Other Agreements. The Company covenants and agrees that neither the Company nor any of its subsidiaries has entered, as of the
date hereof, nor shall the Company or any of its subsidiaries, on or after the date hereof, enter, into any agreement with respect to its 

  

 20 

 
securities that is inconsistent with the rights granted to the Shareholders in this Agreement or otherwise conflicts with the provisions hereof. The Company
covenants and agrees that, so long as any Person holds any Registrable Securities in respect of which any registration rights provided for in Section 2 or 3 of this Agreement remain in effect, the Company will not, directly or indirectly, grant
to any Person or agree to or otherwise become obligated in respect of (a) rights of registration in the nature or substantially in the nature of those set forth in Section 2 or 3 of this Agreement that would have priority over the
Registrable Securities with respect to the inclusion of such securities in any registration, (b) rights of registration in the nature or substantially in the nature of those set forth in Section 2 or 3 of this Agreement that would be
pari passu with the Registrable Securities with respect to the inclusion of such securities in any registration, unless otherwise consented to by the Requisite Shareholders or (c) demand registration rights exercisable prior to such time
as the Requisite Shareholders can first exercise their rights under Section 2. 
 Section 11. Miscellaneous. 
 (a) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given without the written consent of each of the Requisite Shareholders; provided, however, that any modification or amendment of this Agreement that
would subject any Shareholder to adverse differential treatment relative to the other Shareholders shall require the agreement of the differentially treated Shareholder. Notwithstanding the foregoing, a waiver or consent to depart from the
provisions hereof with respect to a matter that relates exclusively to the rights of holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of
other holders of Registrable Securities may be given by holders of at least a majority of the Registrable Securities being sold by such holders pursuant to such Registration Statement. No waiver of any default with respect to any provision,
condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in
any manner impair the exercise of any such right accruing to it thereafter. 
 (b) Notices. All notices required to be given
hereunder shall be in writing and shall be personally delivered, telecopied and confirmed, or mailed by certified mail, return receipt requested, or overnight delivery service with proof of receipt maintained, at the following address (or any other
address that any such party may designate by written notice to the other parties): 
 if to the Company, to its principal executive offices:

 Virgin Mobile USA, Inc. 
 10
Independence Boulevard 
 Warren, NJ 07059 
 Attention: General Counsel 
 Telecopy: (908) 607-4017 
 Confirmation: (908) 607-4078 
  

 21 

 if to Virgin: 
 Virgin Mobile USA Holdings L.P. 
 c/o Virgin USA, Inc. 
 65 Bleecker Street, 6th floor 
 New York, NY 10012 
 Attention: Frances Farrow 
 Telecopy:
(212) 497-9051 
 Confirmation: (212) 981-3923 
 with a copy to: 
 Virgin Management Ltd. 
 120 Campden Hill Road 
 London W8 7A3

 United Kingdom 
 Attention: The
Company Secretary 
 Telecopy: +44 207 313 2085 
 Confirmation: +44 207 313 2000 
 and a copy (which shall not constitute notice) to: 
 Simpson Thacher & Bartlett, LLP 
 425
Lexington Avenue 
 New York, NY 10017 
 Attention: Alan M. Klein 
 Joe Kaufman 
 Telecopy: (212) 455-2502 
 if to Sprint: 
 Sprint Ventures, Inc. 
 6200 Sprint Parkway

 KSOPHF0202-2B579 
 Overland
Park, Kansas 66251 
 Attention: Vice President, Corporate Development 
 Telecopy: (913) 523-2785 
 Confirmation:
(913) 794-1351 
 with a copy to: 
 Sprint Nextel Corporation 
 6200 Sprint Parkway 
 KSOPHF0302-3B626 
 Overland Park, Kansas 66251 
 Attention: Legal 
 Telecopy:
(913) 523-9803 
 Confirmation: (913) 794-1509 
  

 22 

 and a copy (which shall not constitute notice) to: 
 King & Spalding LLP 
 1185 Avenue of
the Americas 
 New York, New York 10036 
 Attention: E. William Bates, II, Esq. 
 Telecopy: (212) 556-2222 
 Confirmation: (212) 556-2100 
 if to Best
Buy: 
 Best Buy Co., Inc. 
 7601
Penn Avenue South 
 Richfield MN 55423 
 Attention: Christian Tapernoux 
 Jennifer Schaidler 
 Telecopy: (612) 292-2323 
 and a copy (which shall not constitute notice) to: 
 Best Buy Co., Inc. 
 7601 Penn Avenue South

 Richfield MN 55423 
 Attention:
General Counsel 
 Telecopy: (612) 292-2323 
 if to Freedom Wireless: 
 Freedom Wireless Inc. 
 132 South Central, Suite 232 
 Phoenix, AZ
85004 
 Attn: Larry Day 
 Tel:
602-664-1053 
 Fax: 
 Email:
larryday@earthlink.net 
 Any such notice shall be deemed given and effective upon actual receipt (or refusal of receipt). 
 (c) Successors and Assigns; Shareholder Status. This Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of each of the 

  

 23 

 
parties, including subsequent holders of Registrable Securities acquired, directly or indirectly, from the Shareholders. The rights of each Shareholder
hereunder, including the right to have the Company register Registrable Securities in accordance with the terms hereof, shall be automatically assignable by each Shareholder to any Person who is the transferee of such Registrable Securities, or the
securities into which such Registrable Securities are convertible into or exchangeable for, to which such rights relate; provided, however, that such successor or assign shall not be entitled to such rights unless the successor or
assign shall have executed and delivered to the Company an Addendum Agreement substantially in the form of Exhibit A hereto promptly following the acquisition of such Registrable Securities, in which event such successor or assign shall be deemed a
Shareholder for purposes of this Agreement. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any Person other than the parties hereto and their respective successors and permitted assigns any legal or
equitable right, remedy or claim under, in or in respect of this Agreement or any provision herein contained. 
 (d) Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 (e) Headings. The section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. 
 (f) Governing Law. The provisions of this Agreement shall be governed by and
construed in accordance with the internal laws of the State of New York. 
 (g) Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and
shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable. 
 (h) Entire Agreement. This Agreement is intended by the parties as a final expression of
their agreement, and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings,
other than those set forth or referred to herein or therein, with respect to the registration rights granted by the Company with respect to Registrable Securities. This Agreement supersedes all prior agreements and understandings between the parties
with respect to such subject matter. 
 (i) Securities Held by the Company or its subsidiaries. Whenever the consent or approval of
holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Company or its subsidiaries shall not be counted in determining whether such consent or approval was given by the holders of such
required percentage. 
  

 24 

 (j) Term of Registration Rights. The registration rights granted pursuant to this Agreement shall
terminate with respect to a Shareholder on the date on which such Shareholder ceases to own Registrable Securities or securities which are convertible into or exchangeable for Registrable Securities; provided, that, for the avoidance of doubt, any
underwriter lock-up that a Shareholder has executed prior to a Shareholder’s termination in accordance with this clause shall remain in effect in accordance with its terms. 
 (k) Specific Performance. The parties hereto recognize and agree that money damages may be insufficient to compensate the holders of any
Registrable Securities for breaches by the Company of the terms hereof and, consequently, that the equitable remedy of specific performance of the terms hereof will be available in the event of any such breach. 
 (l) Consent to Jurisdiction. The parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of the courts of the State of New
York and the federal courts of the United States of America located in New York, and appropriate appellate courts therefrom, over any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby, and each party
hereby irrevocably agrees that all claims in respect of such dispute or proceeding may be heard and determined in such courts. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now
or hereafter have to the laying of venue of any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each
of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. This consent to jurisdiction is being given solely for purposes of this Agreement
and is not intended to, and shall not, confer consent to jurisdiction with respect to any other dispute in which a party to this Agreement may become involved. 
 Each of the parties hereto hereby consents to process being served by any party to this Agreement in any suit, action, or proceeding of the nature specified in the paragraph above by the mailing of a copy thereof in
the manner specified by the provisions of subsection (b) of this Section 11. 
 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
  

 25 

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

  

			
	VIRGIN MOBILE USA, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Registration
Rights Agreement Signature Page] 

			
	CORVINA HOLDINGS LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Registration
Rights Agreement Signature Page] 

			
	SPRINT VENTURES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Registration
Rights Agreement Signature Page] 

			
	BEST BUY CO., INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Registration
Rights Agreement Signature Page] 

			
	FREEDOM WIRELESS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Registration
Rights Agreement Signature Page] 

 EXHIBIT A 
 ADDENDUM AGREEMENT 
 This Addendum Agreement is made this
         day of                     ,
20        , by and between
                                         (the
“New Shareholder”) and Virgin Mobile USA, Inc. (the “Company”), pursuant to a Registration Rights Agreement dated as of [ ], 2007 (as the same may be amended from time to time, the “Agreement”), between and among the
Company and the Shareholders. Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to them in the Agreement. 
 WITNESSETH: 
 WHEREAS, the Company has agreed to provide registration rights with respect to the Registrable Securities as set forth
in the Agreement; and 
 WHEREAS, the New Shareholder has acquired Registrable Securities directly or indirectly from a Shareholder; and

 WHEREAS, the Company and the Shareholders have required in the Agreement that all persons desiring registration rights must enter into an
Addendum Agreement binding the New Shareholder to the Agreement to the same extent as if it were an original party thereto; 
 NOW, THEREFORE,
in consideration of the mutual promises of the parties, the New Shareholder acknowledges that it has received and read the Agreement and that the New Shareholder shall be bound by, and shall have the benefit of, all of the terms and conditions set
out in the Agreement to the same extent as if it were an original party to the Agreement and shall be deemed to be a Shareholder thereunder. 
  

	
	  
	New Shareholder

 Address (for notices pursuant to Section 11(b) of the Agreement): 
  

	
	  
	
	  

 AGREED TO on behalf of VIRGIN MOBILE USA, INC. pursuant to Section 11(c) of the Agreement.

  

			
	VIRGIN MOBILE USA, INC.
		
	By:	 	  

	Name:	 	
	Title:Form of Sprint Nextel Tax Receivable Agreement

 Exhibit 10.2 
 FORM OF TAX RECEIVABLE AGREEMENT 
 dated as of 
                     , 2007 

 Table of Contents 
  

					
	 	 	 	  	Page
	 ARTICLE I
 DEFINITIONS

			
	 Section 1.01.
	 	 Definitions
	  	2
	
	ARTICLE II
	DETERMINATION OF REALIZED TAX BENEFIT
			
	 Section 2.01.
	 	 Basis Adjustment
	  	9
	 Section 2.02.
	 	 Exchange Basis Schedule
	  	9
	 Section 2.03.
	 	 Tax Benefit Schedule
	  	10
	 Section 2.04.
	 	 Procedures, Amendments
	  	10
	
	ARTICLE III
	TAX BENEFIT PAYMENTS
			
	 Section 3.01.
	 	 Payments
	  	11
	 Section 3.02.
	 	 No Duplicative Payments
	  	12
	 Section 3.03.
	 	 Coordination of Benefits With Other Tax Receivable Agreements
	  	12
	
	ARTICLE IV
	TERMINATION
			
	 Section 4.01.
	 	 Early Termination and Breach of Agreement
	  	12
	 Section 4.02.
	 	 Early Termination Notice
	  	13
	 Section 4.03.
	 	 Payment upon Early Termination
	  	14
	
	ARTICLE V
	LATE PAYMENTS
			
	 Section 5.01.
	 	 Late Payments by the Corporation
	  	14
	
	ARTICLE VI
	NO DISPUTES; CONSISTENCY; COOPERATION
			
	 Section 6.01.
	 	 Limited Partner Participation in the Corporation’s and Partnership’s Tax Matters
	  	15
	 Section 6.02.
	 	 Consistency
	  	15
	 Section 6.03.
	 	 Cooperation
	  	15
	ARTICLE VII
	MISCELLANEOUS
	 Section 7.01.
	 	 Notices
	  	16

					
	 Section 7.02.
	 	 Counterparts
	  	17
	 Section 7.03.
	 	 Entire Agreement; No Third Party Beneficiaries
	  	17
	 Section 7.04.
	 	 Governing Law
	  	17
	 Section 7.05.
	 	 Severability
	  	17
	 Section 7.06.
	 	 Successors; Assignment; Amendments; Waivers
	  	17
	 Section 7.07.
	 	 Titles and Subtitles
	  	18
	 Section 7.08.
	 	 Resolution of Disputes
	  	18
	 Section 7.09.
	 	 Reconciliation
	  	19
	 Section 7.10.
	 	 Withholding
	  	20
	 Section 7.11.
	 	 Affiliated Corporations; Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets
	  	20
	 Section 7.12.
	 	 Confidentiality
	  	21
	 Section 7.13.
	 	 Partnership Agreement
	  	21
	 Section 7.14.
	 	 Headings
	  	21

 This TAX RECEIVABLE AGREEMENT (as amended from time to time, this “Agreement”), dated as
of                     , 2007, is hereby entered into by and among Virgin Mobile USA, Inc., a Delaware corporation (the
“Corporation”), Virgin Mobile USA, L.P., a Delaware limited partnership (the “Partnership”) and Sprint Ventures, Inc., a Kansas corporation (“Sprint” or the “Limited Partner”).

 RECITALS 
 WHEREAS,
Sprint holds limited liability company interests in Virgin Mobile USA, LLC, a Delaware limited liability company, which is treated as a partnership for U.S. Federal income tax purposes; 
 WHEREAS, in connection with the Reorganization Transactions (as defined below) and the IPO (as defined below), Sprint will sell a portion of its
interests in Virgin Mobile USA, LLC to the Corporation in exchange for $ [            ] million in cash (the “Sprint Initial Sale”); 
 WHEREAS, in connection with the Reorganization Transactions Virgin Mobile USA, LLC will be converted to a Delaware limited partnership and become the
Partnership; 
 WHEREAS, the Partnership Interests (as defined below), are exchangeable on a one-for-one basis for shares of Class A
common stock, par value $0.01 per share, of the Corporation (the “Common Stock”), as provided in the amended and restated certificate of incorporation of the Corporation, as amended or restated from time to time; 
 WHEREAS, the Partnership and each of its direct and indirect subsidiaries, if any, will have in effect an election under Section 754 of the Internal
Revenue Code of 1986, as amended (the “Code”), in the Taxable Year of the Reorganization Transactions and for each Taxable Year thereafter (including the Taxable Year in which the Sprint Initial Sale occurs), which election is intended to
result in an adjustment to the tax basis of the assets owned by the Partnership at the time of (i) any Section 734(b) Distribution (as defined below) or (ii) an exchange of Partnership Interests for the Common Stock or any other
acquisition by the Corporation or its successor (or any entity that is a member of the Corporation’s (or its successor’s) affiliated or consolidated group) of Partnership Interests for cash or otherwise, including the Sprint Initial Sale
(the transactions described in clauses (i) and (ii), collectively an “Exchange”) (each such time described in clauses (i) and (ii), the “Exchange Date”) (such assets and any asset whose tax basis is determined, in whole
or in part, by reference to the adjusted basis of any such asset, the “Original Assets”) by reason of such Exchange, or the receipt of payments under this Agreement; 
 WHEREAS, the income, gain, loss, expense and other Tax items of (i) the Partnership with respect to the Corporation may be affected by the Basis
Adjustment (defined below) and (ii) the Corporation may be affected by the Imputed Interest (as defined below); 
 WHEREAS, the parties
to this Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustment and Imputed Interest on the actual liability for Taxes of the Corporation; 

 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth
herein, and intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms
defined). 
 “Advisory Firm” means (i) Deloitte & Touche or (ii) any other law or accounting firm that is
(A) nationally recognized as being expert in Tax matters and (B) is agreed to by [Holdings] [VMU GP1, LLC] and the Limited Partner. 
 “Advisory Firm Letter” shall mean a letter from the Advisory Firm stating that the relevant schedule, notice or other information to be provided by the Corporation to the Limited Partner and all
supporting schedules and work papers were prepared in a manner consistent with the terms of this Agreement and, to the extent not expressly provided in this Agreement, on a reasonable basis in light of the facts and applicable law in existence on
the date to which such schedule, notice or other information relates. 
 “Affiliate” means, with respect to any Person, any
other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 
 “Agreed Rate” means LIBOR plus 300 basis points. 
 “Agreement” is defined
in the preamble of this Agreement. 
 “Amended Schedule” is defined in Section 2.04(b) of this Agreement. 

“Available Benefit” is defined in Section 3.03(a) of this Agreement. 
 “Basis Adjustment” means the adjustment to the tax basis of an Original Asset under Sections 743(b) and 754 of the Code (in situations
where, following an Exchange, the Partnership remains in existence as an entity for tax purposes), or Sections 734(b) and 754 of the Code (in situations where, following one or more Section 734(b) Distributions, the Partnership remains in
existence as an entity for tax purposes), and, in each case, comparable sections of state, local and foreign tax laws (as calculated under Section 2.01 of this Agreement) as a result of an Exchange or the payments made pursuant to this
Agreement. Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment resulting from an Exchange of one or more Partnership Interests shall be determined without regard to any Pre-Exchange Transfer of such Partnership
Interest, and as if any such Pre-Exchange Transfer had not occurred. Immediately after any Section 732 Event, “Basis Adjustment” means a portion of the tax basis of an Original Asset, equal to the Basis Adjustment attributable to such
Original Asset immediately prior to such Section 732 Event, including, for this purpose, any increase in the basis of an 

  

 2 

 
Original Asset pursuant to Section 1012 of the Code and Revenue Ruling 99-6, 1999-1 C.B. 432, due to an Exchange that causes the Partnership to become
an entity that is disregarded as separate from its owner for tax purposes. 
 “Basis Adjustment Schedule” is defined in
Section 2.02 of this Agreement. 
 A “Beneficial Owner” of a security is a Person who directly or indirectly, through
any contract, arrangement, understanding, relationship or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment power, which includes the power to
dispose of, or to direct the disposition of, such security. The terms “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings. 
 “Board” means the board of directors of the Corporation. 
 “Business Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the United States of America or the State of New York shall not be regarded
as a Business Day. 
 “Change of Control” means: 
 i) a merger, reorganization, consolidation or similar form of business transaction directly involving the Corporation or indirectly involving the
Corporation through one or more intermediaries unless, immediately following such transaction, more than 50% of the voting power of the then outstanding voting stock or other equities of the Corporation resulting from consummation of such
transaction (including, without limitation, any parent or ultimate parent corporation of such Person that as a result of such transaction owns directly or indirectly the Corporation and all or substantially all of the Corporation’s assets) is
held by the existing Corporation equityholders (determined immediately prior to such transaction); or 
 (ii) a transaction in which the
Corporation, directly or indirectly, sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets to another Person other than an Affiliate; or 
 (iii) a transaction in which there is an acquisition of control of the Corporation by a Person or group of Persons. The term “control” shall
mean the possession, directly or indirectly, of the power to either (i) vote more than fifty percent (50%) of the securities having ordinary voting power for the election of directors (or comparable positions in the case of partnerships
and limited liability companies), or (ii) direct or cause the direction of the management and policies of such Person whether by contract or otherwise (for the avoidance of doubt, consent rights do not constitute control for the purpose of this
definition); or; 
 (iv) a transaction in which individuals who constitute the Board of Directors of the Corporation (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of the Board of Directors of the Corporation, provided that any person becoming a director subsequent to the effective date of this Agreement, whose election or nomination for
election is either (A) contemplated by a written agreement among 

  

 3 

 
equityholders of the Corporation on the effective date of this Agreement or (B) was approved by a vote of at least two-thirds of the Incumbent Directors
then on the Board (either by a specific vote or by approval of the proxy statement of the Corporation in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided,
however, that no individual initially elected or nominated as a director of the Corporation as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or
consents by or on behalf of any Person other than the Board shall be deemed to be an Incumbent Director; or 
 (v) the liquidation or
dissolution of the Corporation. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Common Stock” is defined in the recitals to this Agreement. 
 “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a
Person, whether through ownership of voting securities, by contract or otherwise. 
 “Corporation” is defined in the
preamble of this Agreement. 
 “Corporation Return” means the federal Tax Return and/or state and/or local and/or foreign
Tax Return, as applicable, of the Corporation filed with respect to Taxes of any Taxable Year. 
 “Default Rate” means LIBOR
plus 625 basis points. 
 “Deferred Tax Benefit Payments” means the excess of (i) the sum, for all prior Taxable Years,
of the excess, if any for such Taxable Year of (A) the Tax Benefit Payment for such Taxable Year over (B) the payment made to the Limited Partner pursuant to Section 3.03(a) with respect to such Taxable Year over (ii) the sum of
all payments made to the Limited Partner pursuant to Section 3.03(b). 
 “Determination” shall have the meaning
ascribed to such term in Section 1313(a) of the Code or similar provision of state, local and foreign tax law, as applicable, or any other event (including the execution of a Form 870-AD) that finally and conclusively establishes the amount of
any liability for Tax. 
 “Early Termination Date” means the date of an Early Termination Notice for purposes of determining
the Early Termination Payment. 
 “Early Termination Notice” is defined in Section 4.02 of this Agreement. 

“Early Termination Schedule” is defined in Section 4.02 of this Agreement. 
 “Early Termination Payment” is defined in Section 4.03(b) of this Agreement. 
  

 4 

 “Early Termination Rate” means the lesser of (i) 7% and (ii) LIBOR plus 300
basis points. 
 “Exchange” is defined in the preamble of this Agreement. 
 “Exchange Date” is defined in the preamble of this Agreement. 
 “Exchange Payment” is defined in Section 5.01 of this Agreement. 
 “Expert” is defined in Section 7.09 of this Agreement. 
 “Holdings” shall mean Bluebottle USA Holdings L.P., a Delaware limited partnership. 
 “Imputed Interest” shall mean any interest imputed under Section 1272, 1274 or 483 or other provision of the Code and any similar
provision of state, local and foreign tax law with respect to the Corporation’s payment obligations under this Agreement. 
 “Interest Amount” is defined in Section 3.01(b) of this Agreement. 
 “IPO” shall mean the
initial public offering of Common Stock of the Corporation pursuant to the Registration Statement 
 “IRS” means the United
States Internal Revenue Service. 
 “LIBOR” means for each month (or portion thereof) during any period, an interest rate
per annum equal to the rate per annum reported, on the date two days prior to the first day of such month, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBO” or by
any other publicly available source of such market rate) for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof). 
 “Limited Partner” is defined in the preamble of this Agreement. 
 “Market
Value” shall mean the closing price of the Common Stock on the applicable Exchange Date on the national securities exchange or interdealer quotation system on which such Common Stock is then traded or listed, as reported by the Wall Street
Journal; provided that if the closing price is not reported by the Wall Street Journal for the applicable Exchange Date, then the Market Value shall mean the closing price of the Common Stock on the last trading day immediately preceding such
Exchange Date on the national securities exchange or interdealer quotation system on which such Common Stock is then traded or listed, as reported by the Wall Street Journal; provided further, that if the Common Stock is not then listed on a
national securities exchange or interdealer quotation system, “Market Value” shall mean the cash consideration paid for the Partnership Interests, or the fair market value of the other property delivered for the Partnership
Interests, as determined by the Board of Directors of the Corporation in good faith. 
 “Material Objection Notice” has the
meaning set forth in Section 4.02. 
  

 5 

 “Net Tax Benefit” is defined in Section 3.01(b) of this Agreement. 
 “Non-Stepped Up Tax Basis” means, with respect to any asset at any time, the tax basis that such asset would have had at such time if no
Basis Adjustment had been made or, immediately after any Section 732 Event, the tax basis that such asset would have had if the Basis Adjustment were not included in such asset’s tax basis. 
 “Non-Stepped Up Tax Liability” means, with respect to any Taxable Year, the liability for Taxes of the Corporation using the same
methods, elections, conventions and similar practices used on the relevant Corporation Return, but (i) using the Non-Stepped Up Tax Basis instead of the tax basis of the Original Assets, (ii) assuming the Corporation does not have any net
operating losses that are the subject of the Virgin Tax Receivable Agreement and (iii) excluding any deduction attributable to the Imputed Interest. If all or a portion of the liability for Taxes for the Taxable Year arises as a result of an
audit by a Taxing Authority of such Taxable Year, such liability shall not be included in determining the Non-Stepped Up Tax Liability unless and until there has been a Determination. 
 “Objection Notice” has the meaning set forth in Section 2.04(a). 
 “Original Assets” is defined in the preamble of this Agreement. 
 “Overall Realized Tax Benefit” means, for a Taxable Year, the excess, if any, of the Non-Stepped Up Tax Liability over the actual
liability for Taxes of the Corporation for such Taxable Year. If all or a portion of the actual liability for Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included
in determining the Realized Tax Benefit unless and until there has been a Determination. 
 “Partnership” is defined in
preamble of this Agreement. 
 “Partnership Agreement” means the Limited Partnership Agreement of the Partnership, dated
[                    ], 2007. 
 “Partnership Interests” means the interests in the Partnership (or its predecessor) owned by the Limited Partner immediately prior to the Reorganization Transactions and the Sprint Initial Sale. 
 “Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 
 “Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business
association, organization, governmental entity or other entity. 
 “Pre-Exchange Transfer” means any transfer of one or more
Partnership Interests (i) that occurs prior to an Exchange of such Partnership Interests, and (ii) to which Section 743(b) applies. 
  

 6 

 “Realized Tax Benefit” means, for a Taxable Year, the excess, if any, of the Non-Stepped
Up Tax Liability over the hypothetical liability for Taxes of the Corporation for such Taxable Year assuming that the Corporation does not have any net operating losses which are the subject of the Virgin Tax Receivable Agreement. If all or a
portion of the actual liability for Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a
Determination. 
 “Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of the hypothetical liability for
Taxes of the Corporation, assuming that the corporation does not have any net operating losses that are the subject of the Virgin Tax Receivable Agreement, over the Non-Stepped Up Tax Liability for such Taxable Year. If all or a portion of the
actual liability for Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination.

 “Reconciliation Dispute” has the meaning set forth in Section 7.09. 
 “Reconciliation Procedures” shall mean those procedures set forth in Section 7.09 of this Agreement. 
 “Registration Statement” means the registration statement on Form S-1 (File No. 333-142524) of the Corporation. 
 “Reorganization Transactions” shall mean generally those transactions described in the Registration Statement and any other transactions
ancillary to such transactions to effect the post-IPO organizational structure of the Corporation and the Partnership. 
 “Schedule” means any Basis Adjustment Schedule, Tax Benefit Schedule and any Early Termination Schedule. 
 “Section 732 Event” is defined in Section 2.01(c) of this Agreement. 
 “Section 734(b)
Distribution” means any actual or deemed distribution to the Limited Partner by the Partnership to which Section 734(b)(1) of the Code (or any similar provision of state, local or foreign tax law) applies. 
 “Sprint Initial Sale” is defined in the preamble of this Agreement 
 “Subsidiaries” means, with respect to any Person, as of any date of determination, any other Person as to which such Person, owns,
directly or indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest or managing member or similar interest of such Person. 
 “Tax Benefit Payment” is defined in Section 3.01(b) of this Agreement. 
 “Tax Benefit Schedule” is defined in Section 2.03 of this Agreement. 
  

 7 

 “Tax Receivable Agreements” shall mean this Agreement and the Virgin Tax Receivable
Agreement. 
 “Tax Return” means any return, declaration, report or similar statement required to be filed with respect to
Taxes (including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 
 “Taxable Year” means a taxable year as defined in Section 441(b) of the Code or comparable section of state, local or foreign tax law, as applicable, (and, therefore, for the avoidance of doubt,
may include a period of less than 12 months for which a Tax Return is made) ending on or after the date hereof. 
 “Taxes”
means any and all U.S. federal, state, local and foreign taxes, assessments or similar charges measured with respect to net income or profits and any interest related to such Tax. 
 “Taxing Authority” shall mean any domestic, foreign, federal, national, state, county or municipal or other local government, any
subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority. 
 “Transferor” is defined in Section 7.11(b) of this Agreement. 
 “Treasury Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time (including
corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 
 “Valuation Assumptions”
shall mean, as of an Early Termination Date, the assumptions that (1) in each Taxable Year ending on or after such Early Termination Date, the Corporation will have taxable income sufficient to fully utilize the deductions arising from the
Basis Adjustment and the Imputed Interest during such Taxable Year, (2) the federal income tax rates and state, local and foreign income tax rates that will be in effect for each such Taxable Year will be those specified for each such Taxable
Year by the Code and other law as in effect on the Early Termination Date, (3) any loss carryovers generated by the Basis Adjustment or the Imputed Interest and available as of the Early Termination Date will be utilized by the Corporation in
the Taxable Year in which the Early Termination Date occurs, and (4) if an Early Termination is effected prior to an Exchange of all Partnership Interests and an Early Termination Payment is being paid pursuant to Section 4.01(a)(ii), the
Basis Adjustment shall be calculated as if the Exchange of any remaining Partnership Interests occurred on the Early Termination Date. 
 “Virgin Tax Receivable Agreement” means the Tax Receivable Agreement dated as of                     , 2007, by and among
Virgin Mobile USA, Inc. and Corvina Holdings Limited, and attached hereto as Annex A. 
  

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 ARTICLE II 
 DETERMINATION OF REALIZED TAX BENEFIT 
 Section 2.01. Basis Adjustment. The
Corporation, on the one hand, and the Limited Partner, on the other hand, acknowledge that, as a result of: 
 (a) an Exchange and pursuant to
applicable law, the Corporation’s basis in the applicable Original Assets shall be increased by the excess, if any, of (i) the sum of (x) the Market Value of the Common Stock, cash or other consideration transferred to the Limited
Partner or other transferee pursuant to the Exchange as payment for the exchanged Partnership Interests, plus (y) the amount of payments made pursuant to this Agreement with respect to such Exchange plus (z) the amount of Partnership debt
allocated to the Partnership Interests acquired pursuant to such Exchange over (ii) Corporation’s share of the basis of the Original Assets immediately after the Exchange attributable to the Partnership Interests exchanged, determined as
if (x) the Partnership remains in existence as an entity for tax purposes, and (y) the Partnership did not make the election provided by Section 754 of the Code. 
 (b) a Section 734(b) Distribution and pursuant to applicable law, the Partnership’s basis in the applicable Original Assets shall be increased
by (i) the gain, if any, recognized by the Limited Partner pursuant to Section 731(a)(1) of the Code (or any similar provision of state, local or foreign tax law) and in the case of distributed property to which Section 732(a)(2) or
(b) of the Code applies, (ii) the excess, if any, of (w) the Partnership’s adjusted basis in property distributed to the Limited Partner (as adjusted by Section 732(d) of the Code, if applicable) immediately prior to the
distribution over (x) the adjusted basis of such property in the hands of the Limited Partner as determined under Section 732 of the Code; and 
 (c) an actual or deemed liquidation of the Partnership or other transaction pursuant to which the tax basis of Original Assets is determined in whole or in part pursuant to Section 732 of the Code (a
“Section 732 Event”), the tax basis of such Original Assets shall be adjusted to equal the distributee’s tax basis in the applicable interest in the Partnership. 
 For the avoidance of doubt, payments made under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are
treated as Imputed Interest. 
 Section 2.02. Basis Adjustment Schedule. Within ninety calendar days after the end of the Taxable
Year in which a Section 732 Event or Exchange occurs, and in any event at least ninety calendar days prior to the filing of the U.S. federal income tax return of the Corporation for each Taxable Year in which any such Section 732 Event or
Exchange has been effected, the Corporation shall deliver to the Limited Partner a schedule (the “Basis Adjustment Schedule”) that shows, in reasonable detail, for purposes of Taxes the information required under Sections 732, 734(b),
743(b) and 755 of the Code, and the Treasury Regulations thereunder, to calculate the Basis Adjustment with respect to such Section 732 Event or Exchange, including without limitation, (i) the Corporation’s proportionate share of the
actual unadjusted tax basis of the Original Assets as of each applicable Exchange Date, (ii) the Basis Adjustment with respect to each class of the Original Assets as a result of the Section 732 Events and Exchanges effected 

  

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in such Taxable Year, (iii) the period or periods, if any, over which the Original Assets are amortizable and/or depreciable (iv) the period or
periods, if any, over which each Basis Adjustment is amortizable and/or depreciable and (v) all supporting information (including work papers and valuation reports, if any) reasonably necessary to support the calculation of the Basis Adjustment
with respect to such Section 732 Event, Section 734(b) Distribution or Exchange. 
 Section 2.03. Tax Benefit Schedule.
Within forty-five calendar days after the filing of the U.S. federal income tax return of the Corporation for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporation shall provide to the Limited Partner a
schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year and the calculation of any payment to be made to the Limited Partner pursuant to Article III with respect to such
Taxable Year (a “Tax Benefit Schedule”). The Schedule will become final as provided in Section 2.04(a) and may be amended as provided in Section 2.04(b) (subject to the procedures set forth in Section 2.04(a)).

 Section 2.04. Procedures, Amendments. 
 (a) Procedure. Every time the Corporation delivers to the Limited Partner an applicable Schedule under this Agreement, including any Amended Schedule delivered pursuant to Section 2.04(b), and including
any Early Termination Schedule or amended Early Termination Schedule, the Corporation shall also (x) deliver to the Limited Partner schedules, valuation reports, if any, and work papers providing reasonable detail regarding the preparation of
the Schedule and an Advisory Firm Letter supporting such Schedule and (y) allow the Limited Partner reasonable access at no cost to the appropriate representatives at each of the Corporation and the Advisory Firm in connection with a review of
such Schedule. The applicable Schedule shall become final and binding on all parties unless the Limited Partner, within thirty calendar days after receiving any Schedule or amendment thereto, provides the Corporation with notice of a material
objection to such Schedule (“Objection Notice”) made in good faith. If the parties, for any reason, are unable to successfully resolve the issues raised in any notice within thirty calendar days of receipt by the Corporation of such
notice, the Corporation and the Limited Partner shall employ the reconciliation procedures as described in Section 7.09 of this Agreement (the “Reconciliation Procedures”). 
 (b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Corporation (i) in connection with
a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable Year after the date the Schedule was provided to the
Limited Partner, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a material change (relative to the amounts in the original Schedule) in the Realized Tax Benefit or Realized Tax
Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other tax item to such Taxable Year, (v) to reflect a material change (relative to the amounts in the original Schedule) in the Realized Tax Benefit or
Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, or (vi) to adjust the Basis Adjustment Schedule to take into account payments made pursuant to this Agreement (such Schedule, an
“Amended Schedule”); provided, however, that such a change under clause (i) attributable to an audit of a Tax Return by an applicable Taxing Authority shall not be taken into account on an Amended Schedule unless

  

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and until there has been a Determination with respect to such change. The Corporation shall provide any Amended Schedule to the Limited Partner within thirty
calendar days of the occurrence of an event referred to in clauses (i) through (vi) of the preceding sentence, and any such Amended Schedule shall be subject to approval procedures similar to those described in Section 2.04(a).

 ARTICLE III 
 TAX
BENEFIT PAYMENTS 
 Section 3.01. Payments. 
 (a) Payments. Within five Business Days of a Tax Benefit Schedule delivered to the Limited Partner becoming final in accordance with
Section 2.04(a), the Corporation shall pay to the Limited Partner for such Taxable Year the Tax Benefit Payment determined pursuant to Section 3.01(b), subject to reduction pursuant to Section 3.03(a). Each such Tax Benefit Payment
shall be made by wire transfer of immediately available funds to a bank account of the Limited Partner previously designated by the Limited Partner to the Corporation or as otherwise agreed by the Corporation and the Limited Partner. For the
avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments, including, without limitation, federal income tax payments. 
 (b) A “Tax Benefit Payment” means an amount, not less than zero, equal to 100% of the sum of the Net Tax Benefit and the Interest Amount (as defined below). The “Net Tax Benefit”
shall equal: (1) the Corporation’s Realized Tax Benefit, if any, for a Taxable Year plus (2) the amount of the excess of the Realized Tax Benefit reflected on an Amended Tax Benefit Schedule for a previous Taxable Year over the
Realized Tax Benefit (or Realized Tax Detriment (expressed as a negative number)) reflected on the Tax Benefit Schedule for such previous Taxable Year, minus (3) an amount equal to the Corporation’s Realized Tax Detriment (if any) for the
current or any previous Taxable Year, minus (4) the excess of the Realized Tax Benefit reflected on a Tax Benefit Schedule for a previous Taxable Year over the Realized Tax Benefit (or Realized Tax Detriment (expressed as a negative number))
reflected on the Amended Tax Benefit Schedule for such previous Taxable Year; provided, however, that to the extent of the amounts described in 3.01(b)(2), (3) and (4) were taken into account in determining any Tax Benefit
Payment in a preceding Taxable Year, such amounts shall not be taken into account in determining a Tax Benefit Payment attributable to any other Taxable Year; provided, further, for the avoidance of doubt, the Limited Partner shall not
be required to return any portion of any previously made Tax Benefit Payment. The “Interest Amount” shall equal the interest on the Net Tax Benefit calculated at the Agreed Rate from the due date (without extensions) for filing the
Corporation Return with respect to Taxes for the Taxable Year for which the Net Tax Benefit is being measured until the Payment Date. Notwithstanding the foregoing, for each Taxable Year ending on or after the date of a Change of Control, all Tax
Benefit Payments, whether paid with respect to Partnership Interests that were exchanged (i) prior to the date of such Change of Control or (ii) on or after the date of such Change of Control, shall be calculated by utilizing Valuation
Assumptions (1), (3), and (4), substituting in each case the terms “the closing date of a Change of Control” for an “Early Termination Date”. 
  

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 Section 3.02. No Duplicative Payments. It is intended that the provisions of this
Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement provide that 100% of the Corporation’s Realized Tax Benefit and
Interest Amount be paid to the Limited Partner pursuant to this Agreement. The provisions of this Agreement shall be construed in the appropriate manner so that such intentions are realized. 
 Section 3.03. Coordination of Benefits With Other Tax Receivable Agreements. 
 (a) In the event that payments are due from the Corporation in any Taxable Year with respect to this Agreement and the Virgin Tax Receivable Agreement,
and the Realized Tax Benefit under this Agreement plus the Realized Tax Benefit under the Virgin Tax Receivable Agreement exceeds the Overall Realized Tax Benefit to the Corporation as a result of the amortization of the Basis Adjustment
attributable to Exchanges or Section 732 Events under this Agreement and the utilization of any NOLs contributed by Virgin (as such terms are defined in the Virgin Tax Receivable Agreement), then for purposes of determining the Tax Benefit
Payments due under the Tax Receivable Agreements for such Taxable Year each party shall be entitled to a payment equal to the Overall Realized Tax Benefit for such taxable year multiplied by a fraction, the numerator of which is the Realized Tax
Benefit to the Corporation attributable to that party which would have been realized in such taxable year (disregarding any benefits contributed by the other party) (the “Available Benefit”) and the denominator of which is the sum
of the Available Benefits for that taxable year. 
 (b) In the event that, with respect to any Taxable Year, the Overall Realized Tax Benefit
for such Taxable Year exceeds the aggregate payments due from the Corporation with respect to such Taxable Year under this Agreement and the Virgin Tax Receivable Agreement, the Corporation shall pay to the Limited Partner an amount equal to the
lesser of the amount of such excess or the Deferred Tax Benefits Payments. 
 ARTICLE IV 
 TERMINATION 
 Section 4.01. Early Termination and Breach of Agreement. 
 (a)(i) Except as provided in paragraph (ii) below,
the Corporation may terminate this Agreement with respect to all of the Partnership Interests previously exchanged by the Limited Partner or any transferee by paying to the Limited Partner the Early Termination Payment. Upon payment of the Early
Termination Payments by the Corporation, neither the Limited Partner nor the Corporation shall have any further payment obligations under this Agreement in respect of the Limited Partner, other than any (a) Tax Benefit Payment agreed to by the
Corporation and the Limited Partner as due and payable but unpaid as of the Early Termination Notice, (b) Tax Benefit Payment due for a Taxable Year ending prior to, with or including the date of the Early Termination Notice (except to the
extent that the amount described in this clause (b) is included in the Early Termination Payment), (c) Early Termination Payment due with respect to any prior Early Termination Notice pursuant to this Section 4.01(a)(i) and
(d) Tax Benefit Payment attributable to an Exchange and resulting Basis Adjustment that occurs after the Corporation exercises its termination rights under this Section 4.01(a)(i). 
  

 12 

 (ii) In the event of a Change of Control, the Corporation may terminate this Agreement with respect to
all of the Partnership Interests held (or previously held and exchanged) by the Limited Partner or any transferee at any time by paying to the Limited Partner the Early Termination Payment. Upon payment of the Early Termination Payments by the
Corporation, neither the Limited Partner nor the Corporation shall have any further payment obligations under this Agreement in respect of the Limited Partner, other than for any (a) Tax Benefit Payment agreed to by the Corporation and the
Limited Partner as due and payable but unpaid as of the Early Termination Notice, (b) Tax Benefit Payment due for a Taxable Year ending prior to, with or including the date of the Early Termination Notice (except to the extent that the amount
described in this clause (b) is included in the Early Termination Payment) and (c) Early Termination Payment due with respect to any prior Early Termination Notice pursuant to Section 4.01(a)(i). If an Exchange or Section 732
Event occurs after the Corporation exercises its termination rights under this Section 4.01(a)(ii), the Corporation shall have no obligations under this Agreement with respect to such Exchange or Section 732 Event. 
 (b) In the event that the Corporation breaches any of its material obligations under this Agreement, whether as a result of failure to make any payment
when due, failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, then all obligations hereunder shall be
accelerated and such obligations shall be calculated pursuant to Section 4.01(a)(ii) as if an Early Termination Notice had been delivered on the date of such breach and shall include, but not be limited to, (1) the Early Termination
Payment calculated pursuant to Section 4.01(a)(ii) as if an Early Termination Notice had been delivered on the date of a breach, (2) any Tax Benefit Payment agreed to by the Corporation and the Limited Partner as due and payable but unpaid
as of the Early Termination Notice and (3) any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the date of a breach. Notwithstanding the foregoing, in the event that the Corporation breaches this Agreement, the
Limited Partner shall be entitled to elect to receive the amounts set forth in (1), (2) and (3) above or to seek specific performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this
Agreement within six months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered to be a breach of a material obligation
under this Agreement to make a payment due pursuant to this Agreement within six months of the date such payment is due, provided that in the event that payment is not made within six months of the date such payment is due, Sprint shall be required
to give written notice to the Corporation that the Corporation has breached its material obligations and so long as such payment is made within five Business Days of the delivery of such notice to the Corporation, the Corporation shall no longer be
deemed to be in material breach of its obligations under this Agreement. 
 Section 4.02. Early Termination Notice. If the
Corporation chooses to exercise its right of early termination under Section 4.01 above, the Corporation shall deliver to the Limited Partner notice of such intention to exercise such right (“Early Termination Notice”) and a
schedule (the “Early Termination Schedule”) specifying the Corporation’s intention to exercise such right and showing in reasonable detail the information required pursuant to Section 2.02 
  

 13 

 
and the calculation of the Early Termination Payment. The Early Termination Schedule shall become final and binding on all parties unless the Limited
Partner, within thirty calendar days after receiving the Early Termination Schedule thereto provides the Corporation with notice of a material objection to such Schedule made in good faith (“Material Objection Notice”). If the
parties, for any reason, are unable to successfully resolve the issues raised in such notice within thirty calendar days after receipt by the Corporation of the Material Objection Notice, the Corporation and the Limited Partner shall employ the
Reconciliation Procedures as described in Section 7.09 of this Agreement. 
 Section 4.03. Payment upon Early
Termination. (a) Within three Business Days after agreement between the Limited Partner and the Corporation of the Early Termination Schedule, the Corporation shall pay to the Limited Partner an amount equal to the Early Termination
Payment. Such payment shall be made by wire transfer of immediately available funds to a bank account designated by the Limited Partner or as otherwise agreed by the Corporation and the Limited Partner. 
 (b) The “Early Termination Payment” as of the date of the delivery of an Early Termination Schedule shall equal with respect to the
Limited Partner the amount of any Deferred Tax Benefit Payments plus the present value, discounted at the Early Termination Rate as of such date, of all Tax Benefit Payments that would be required to be paid by the Corporation to the Limited Partner
beginning from the Early Termination Date assuming the Valuation Assumptions are applied and assuming that, (i) in the case of a payment pursuant to Section 4.01(a)(i), Tax Benefit Payments would be required to be paid only with respect to
Partnership Interests that have been exchanged as of such date, and (ii) in the case of a payment pursuant to Section 4.01(a)(ii), Tax Benefit Payments would be required to be paid with respect to all of the Partnership Interests held (or
previously held and exchanged) by the Limited Partner or any transferee. For purposes of calculating the present value pursuant to this Section 4.03(b) of all Tax Benefits Payments that would required to be paid, it shall be assumed that absent
the Early Termination Notice all Tax Benefit Payments would be paid on the due date (without extensions) for filing the Corporation Return with respect to Taxes for each Taxable Year. 
 ARTICLE V 
 LATE PAYMENTS 
 Section 5.01. Late Payments by the Corporation. The amount of all or any portion of any Tax Benefit Payment or Early Termination Payment
required to be made by the Corporation to the Limited Partner under this Agreement (an “Exchange Payment”), not made to the Limited Partner when due under the terms of this Agreement shall be payable together with any interest
thereon, computed at the Default Rate and commencing from the date on which such Exchange Payment was due and payable. 
  

 14 

 ARTICLE VI 
 NO DISPUTES; CONSISTENCY; COOPERATION 
 Section 6.01. Limited Partner Participation in
the Corporation and Partnership Tax Matters. Except as otherwise provided herein, the Corporation shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporation and the Partnership, including without
limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes, subject to a requirement that the Corporation act in good faith in connection with its control of any matter which
is reasonably expected to affect the Limited Partner’s rights and obligations under this Agreement. Notwithstanding the foregoing, the Corporation shall notify the Limited Partner of, and keep the Limited Partner reasonably informed with
respect to, the portion of any audit of the Corporation and the Partnership by a Taxing Authority the outcome of which is reasonably expected to affect the Limited Partner’s rights and obligations under this Agreement, and shall give the
Limited Partner reasonable opportunity to provide information and participate in the applicable portion of such audit; provided, however, that the Corporation and the Partnership shall not be required to take any action that is
inconsistent with any provision of the Partnership Agreement. 
 Section 6.02. Consistency. Except upon the written advice
of an Advisory Firm, the Corporation and the Limited Partner agree to report and cause to be reported for all purposes, including federal, state, local and foreign Tax purposes and financial reporting purposes, all Tax-related items (including
without limitation the Basis Adjustment and each Tax Benefit Payment) in a manner consistent with that specified by the Corporation in any Schedule required to be provided by or on behalf of the Corporation under this Agreement. Any dispute
concerning such advice shall be subject to the terms of Section 7.09; provided, however, that only the Limited Partner shall have the right to object to such advice pursuant to this Section 6.02. In the event that an Advisory Firm is
replaced with another firm acceptable to the Corporation and the Limited Partner pursuant to the definition of Advisory Firm, such replacement Advisory Firm shall be required to perform its services under this Agreement using procedures and
methodologies consistent with those utilized by the previous Advisory Firm, unless otherwise required by law or the Corporation and the Limited Partner agree to the use of other procedures and methodologies. 
 Section 6.03. Cooperation. Each of the Corporation and the Limited Partner shall (a) furnish to the other party in a timely manner
such information, documents and other materials as the other party may reasonably request for purposes of making or approving any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or
defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to the other party and its representatives to provide explanations of documents and materials and such other information as the requesting
party or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and the requesting party shall reimburse the other
party for any reasonable third-party costs and expenses incurred pursuant to this Section. 
  

 15 

 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01. Notices. All notices, requests, claims, demands and
other communications hereunder shall be in writing and shall be deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s fax machine if sent on a
Business Day (or otherwise on the next Business Day) or (b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or pursuant
to such other instructions as may be designated in writing by the party to receive such notice: 
 If to the Corporation, to: 
 Virgin Mobile USA, Inc. 
 10 Independence
Boulevard 
 Warren, NJ 07059 
 Attention: General Counsel 
 Telecopy: (908) 607-4017 
 Confirmation: (908) 607-4078 
 with a
copy to (which shall not constitute notice): 
 Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New York, New York
10017 
 (T) (212) 455-2000 
 (F) (212) 455-2502 
 Attention:    Alan M. Klein 
                     Joseph A. Kaufman 
 If to the Limited Partner, to: 
 Sprint
Ventures, Inc. 
 c/o Sprint Nextel Corporation 
 6200 Sprint Parkway 
 KSOPHF0302-3B651 
 Overland Park, Kansas 66251 
 Attention: Vice
President, Tax 
 Telecopy: (913) 794-0153 
 Confirmation: (913) 794-1510 
 with a copy to (which shall not constitute notice): 
 King & Spalding LLP 
 1180 Peachtree
St. NE 
 Atlanta, GA 30309 
 Attention: James H. Lokey, Jr. 
 Telecopy: (404) 572-5130 
 Confirmation: (404) 572-4927 
  

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 The address and facsimile number set forth in the records of the Partnership. 
 Any party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner set forth above.

 Section 7.02. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered
one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. Delivery of an
executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 
 Section 7.03. Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the
parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is
intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 Section 7.04. Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of New York. 
 Section 7.05. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this
Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or
other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order
that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 
 Section 7.06. Successors; Assignment; Amendments; Waivers. The Limited Partner may not assign this Agreement to any person without the prior written consent of the Corporation; provided, however, (i) that, to the
extent Partnership Interests are effectively transferred in accordance with the terms of the Partnership Agreement and any other agreements the Limited Partner may have entered into with the Corporation and/or the General Partner, the Limited
Partner shall have the option to assign to the transferee of such Partnership Interests the Limited Partner’s rights under this Agreement with respect to such transferred Partnership Interests, as long as such transferee has executed and
delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory to the Corporation, agreeing to become a “Limited Partner” for all purposes of this 

  

 17 

 
Agreement, except as otherwise provided in such joinder, and (ii) that, once an Exchange has occurred, any and all payments that may become payable to
the Limited Partner pursuant to this Agreement with respect to such Exchange may be assigned to any Person or Persons, as long as any such Person has executed and delivered, or, in connection with such assignment, executes and delivers, a joinder to
this Agreement, in form and substance reasonably satisfactory to the Corporation, agreeing to be bound by all provisions of this Agreement and acknowledging specifically the last sentence of the next paragraph. 
 No provision of this Agreement may be amended unless such amendment is approved in writing by the Corporation, on behalf of itself and the Partnership,
and by the Limited Partner. No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective. 
 All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and
their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporation shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Corporation, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such
succession had taken place. 
 Section 7.07. Titles and Subtitles. The titles of the sections and subsections of this
Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
 Section 7.08. Resolution of Disputes. 
 (a) Any and all disputes which cannot be settled amicably, including any
ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this
arbitration provision) shall be finally settled by arbitration conducted by a single arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the dispute fail to
agree on the selection of an arbitrator within thirty calendar days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator shall be a lawyer and shall conduct the proceedings
in the English language. 
 Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings.

 (b) Notwithstanding the provisions of paragraph (a), the Corporation may bring an action or special proceeding in any court of competent
jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), the Limited Partner
(i) expressly consents to the application of paragraph (c) of this Section 7.08 to 

  

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any such action or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would
be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the Corporation as the Limited Partner’s agent for service of process in connection with any such action or proceeding and agrees that
service of process upon such agent, who shall promptly advise the Limited Partner of any such service of process, shall be deemed in every respect effective service of process upon the Limited Partner in any such action or proceeding. 
 (c)(i) THE LIMITED PARTNER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL
PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS SECTION 7.08, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such
ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the fora
designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 
 (ii) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought
in any court referred to in paragraph (c) (i) of this Section 7.08 and such parties agree not to plead or claim the same. 
 Section 7.09. Reconciliation. In the event that the Corporation and the Limited Partner are unable to resolve a disagreement with respect to the matters governed by Sections 2.04, 4.02 and 6.02 within the relevant period
designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement
mutually acceptable to both parties. The Expert shall be a partner in a nationally recognized accounting firm or a law firm (other than the Advisory Firm), and the Expert shall not, and the firm that employs the Expert shall not, have any material
relationship with the Corporation or the Limited Partner or other actual or potential conflict of interest. If the parties are unable to agree on an Expert within fifteen calendar days of receipt by the respondent(s) of written notice of a
Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve any matter relating to the Basis Adjustment Schedule or an amendment thereto or the Early Termination
Schedule or an amendment thereto within thirty calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen calendar days or as soon thereafter as is reasonably practicable, in each case after
the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement is due or any Tax Return reflecting the subject of a
disagreement is due, such payment shall be made on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporation, subject to adjustment or amendment upon resolution. The costs and expenses relating to the
engagement of such Expert or amending any Tax Return shall be borne by the Corporation; except as provided in the next sentence. Each of the Corporation 

  

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and the Limited Partner shall bear their own costs and expenses of such proceeding, unless the Limited Partner has a prevailing position that is more than
10% of the payment at issue, in which case the Corporation shall reimburse the Limited Partner for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning
of this Section 7.09 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.09 shall be binding on the Corporation and the Limited
Partner and may be entered and enforced in any court having jurisdiction. 
 Section 7.10. Withholding. The Corporation
shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state,
local or foreign tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporation, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Limited
Partner. The Corporation shall provide evidence of such payment to the Limited Partner, to the extent that such evidence is available. 
 Section 7.11. Affiliated Corporations; Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets. 
 (a) If the Corporation is or becomes a member of an affiliated or consolidated group of corporations that files a consolidated income tax return pursuant to Sections 1501 et seq. of the Code or any corresponding
provisions of state, local or foreign law, then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments shall be computed with reference to the consolidated taxable income
of the group as a whole. 
 (b) If any Person the income of which is included in the income of the Corporation’s affiliated or
consolidated group transfers one or more assets to a corporation with which such entity does not file a consolidated tax return pursuant to Section 1501 of the Code, for purposes of calculating the amount of any Exchange Payment (e.g.,
calculating the gross income of the Corporation’s affiliated or consolidated group and determining the Realized Tax Benefit) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such
contribution. The consideration deemed to be received by such entity shall be equal to the fair market value of the contributed asset, plus (i) the amount of debt to which such asset is subject, in the case of a contribution of an encumbered
asset or (ii) the amount of debt allocated to such asset, in the case of a contribution of a partner interest. 
 (c) Prior to agreeing
to engage in any business combination, sale or purchase of assets, reorganization or similar transaction outside the ordinary course of its business which would not constitute a Change of Control for purposes of this Agreement and which could
adversely affect the expected value of the benefits payable to Sprint under this Agreement, the Corporation shall obtain the consent of Sprint, such consent not to be unreasonably withheld, it being understood that such consent may be conditioned
upon the Company’s agreement to make a make-whole payment or payments to Sprint at the time of such transaction or thereafter to compensate for such reduction in benefits. 
  

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 Section 7.12. Confidentiality. The Limited Partner and each of its assignees
acknowledges and agrees that the information of the Corporation is confidential and, except in the course of performing any duties as necessary for the Corporation and its Affiliates, as required by law or legal process or to enforce the terms of
this Agreement, shall keep and retain in the strictest confidence and not to disclose to any Person all confidential matters, acquired pursuant to this Agreement, of the Corporation or the Limited Partner. This clause 7.12 shall not apply to
(i) any information that has been made publicly available by the Corporation or any of its Affiliates, becomes public knowledge (except as a result of an act of the Limited Partner in violation of this Agreement) or is generally known to the
business community and (ii) the disclosure of information to the extent necessary for the Limited Partner to prepare and file its Tax returns, to respond to any inquiries regarding the same from any taxing authority or to prosecute or defend
any action, proceeding or audit by any Taxing Authority with respect to such Tax returns. Notwithstanding anything to the contrary herein, the Limited Partner (and each employee, representative or other agent of the Limited Partner) may disclose to
any and all Persons, without limitation of any kind, the tax treatment and tax structure of (x) the Corporation and (y) any of its transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to
the Limited Partner relating to such tax treatment and tax structure. 
 If the Limited Partner or assignee commits a breach, or threatens to
commit a breach, of any of the provisions of this Section 7.12, the Corporation shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive relief or otherwise by any court of competent
jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporation or any of its Subsidiaries and the accounts and funds
managed by the Corporation and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity.

 Section 7.13. Partnership Agreement. This Agreement shall be treated as part of the partnership agreement of the
Partnership as described in Section 761(c) of the Internal Revenue Code of 1986, as amended, and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. 
 Section 7.14. Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
 [Signatures on following pages] 
  

 21 

 IN WITNESS WHEREOF, the Corporation, the Limited Partner and the Partnership have duly executed this
Agreement as of the date first written above. 
  

			
	VIRGIN MOBILE USA, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SPRINT VENTURES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	VIRGIN MOBILE USA, L.P.
		
	By:	 	  

	Name:	 	
	Title:	 	

 Signature Page to Tax Receivable Agreement 
  

 22

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