Document:

Exhibit
10.5

    

    FORBEARANCE
AGREEMENT

    

    This Forbearance Agreement (this
“Agreement”) is made and entered into this 11th day of November, 2010, by and
among LY Holdings, LLC, a Kentucky limited liability company (the “Borrower”) and Lightyear Network Solutions, Inc.
(f/n/a Libra Alliance Corporation) (the
“Lender“).

    

    WITNESSETH:

    

    WHEREAS, Borrower is currently
indebted to Lender in the principal amount of $5,149,980.00 pursuant to the Term
Note dated February 12, 2010, executed in favor of Lender in the principal
amount of $5,149,980.00 (the “Note”);

    

    WHEREAS, as of the date
hereof, a total of $5,149,980.00 of principal is currently outstanding under the
Note, of which $0 is past due;

    

    WHEREAS, as of the date
hereof, interest in the amount of $184,834.90 is currently accrued and
outstanding under the Note, of which $162,965.12 is past due and payable, which
may be deemed to constitute an event of default under the Note (“Past Due
Interest);

    

    WHEREAS, the Borrower desires
Lender to waive existing events of default and forbear from exercising his
rights and remedies to collect any Past Due Interest on the terms and conditions
set forth herein; and

    

    WHEREAS, Lender is willing to
presently provide a waiver and forbear from exercising its rights and remedies
to collect the Past Due Interest, on the terms and subject to the conditions
contained in this Agreement.

    

    NOW, THEREFORE, in
consideration of the foregoing, the mutual promises and understandings of the
parties hereto set forth herein and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, Lender and the Borrower
each hereby agree as set forth in this Agreement.

    

    1.           Use of Defined
Terms.  Except as expressly set forth in this Agreement, all
terms which have an initial capital letter where not required by the rules of
grammar are defined in the Note.

     

    2.           Waiver.  Lender
hereto waives any existing defaults under the Note.

     

    3.           Forbearance.  For
good and valuable consideration, Lender agrees to forbear from demanding payment
of Past Due Interest under the Note or commencing any action against the
Borrower with respect to the payment of Past Due Interest until December 31,
2010, or such other date agreed upon by the parties.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.           Authority to Execute this
Agreement.  The Borrower and the Lender represent and warrant
that it has the right, power and capacity and is duly authorized and empowered
to enter into, execute, deliver and perform this Agreement.

    

    5.           Reservation of
Rights.  Lender continues to reserve all of its rights and
remedies pursuant to this Agreement and the Credit Agreements, as well as any
rights and remedies at law, in equity or otherwise.  Nothing contained
in this Agreement shall be or be deemed a waiver of any hereafter arising or
occurring breach, default or event of default, including, nor shall preclude the
subsequent exercise of any of Lender’s rights or remedies, subject to Section 3
hereof.

    

    6.           Construction.

    

    A.           This
Agreement shall be interpreted, construed and governed by and under the laws of
the Commonwealth of Kentucky, without regard to its conflicts of law
doctrine.

    

    B.           Wherever
possible, each provision of this Agreement shall be interpreted in such manner
as to be valid and enforceable under applicable law, but if any provision of
this Agreement is held to be invalid or unenforceable by a court of competent
jurisdiction, such provision shall be served herefrom and such invalidity or
unenforceability shall not affect any other provision of this Agreement, the
balance of which shall remain in and have its intended full force and effect;
provided, however, if such provision may be reasonably modified so as to be
valid and enforceable as a matter of law, such provision shall be deemed to be
modified so as to be valid and enforceable to the maximum extent permitted by
law.

    

    C.           The
Paragraph headings contained in this Agreement are solely for the purpose of
reference, are not part of the agreement between the Borrower and Lender, and
shall not in any way affect the meaning or interpretation of this Agreement, any
Paragraph or provision thereof.

    

    D.           This
Agreement shall be binding on the Borrower and its respective successors and
heirs, and shall inure to the benefit of Lender, his successors, assigns,
affiliates, divisions and parent.

    

    E.           This
Agreement may not be altered, changed, amended or modified, except by written
agreement signed by Lender or the Borrower.

    

    F.           Whenever
required by context, the masculine pronouns will include the feminine and neuter
genders, and the singular will include the plural, and vice versa.

    

    G.           This
Agreement constitutes the entire agreement between the Borrower and Lender with
regard to the subject matter hereof.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the Borrower and Lender have executed this Agreement as of the
date first set forth above.

    

    Lender:

    

    LIGHTYEAR
NETWORK SOLUTIONS, INC.

    

    
      
        
          	
                  By: 

                	
                  /s/ Elaine G. Bush, CFO

                
	 
      	
                  Elaine
      G. Bush, CFO

                
	 
      	 
      
	
                  Borrower:

                
	 
      
	
                  LY
      HOLDINGS, LLC

                
	 
	
                  By:

                	
                  /s/ J. Sherman Henderson,
    III

                
	
                  Title:
      J. Sherman Henderson, III,
CEO

                

        

      

    

    
      
         

      

      
        3Exhibit
10.6

    

    LIGHTYEAR
NETWORK SOLUTIONS, INC.

    2010 STOCK AND INCENTIVE COMPENSATION
PLAN

    

    Restricted
Stock Award Agreement

    

    Lightyear Network Solutions, Inc.
("LYNS") grants as of _________ __, 20__  (the "Grant Date") to
______________________________________ (the "Director" or "you") the number of
shares set forth below of the common stock of LYNS under the Lightyear Network
Solutions, Inc. 2010 Stock and Incentive Compensation Plan (the
"Plan").  A copy of the Plan is attached, and any capitalized terms
used but not defined in this Agreement shall have the meaning given them in the
Plan.

    

    Grant
of Award.  Subject
to the terms and conditions of this Agreement and the Plan, LYNS hereby grants
to you a Restricted Stock Award in the amount of _____ shares of Stock (the
"Shares").   These shares will be issued to you after you sign
this Agreement, but are subject to forfeiture upon your Termination of Service
with LYNS.

    

    Restriction
Period. The Restricted Stock vests in one installment on the first year
anniversary of the Grant Date stated above, provided that you have not incurred
a Termination of Service with LYNS before the applicable vesting
date.   However, your Restricted Stock will become 100% vested
upon your death or Disability before the vesting date if you have not already
incurred a Termination of Service.

    

    Taxation
of Award.   Your Restricted Stock will be taxable when it
vests, at the value on the vesting date.  See the attachment to this
Agreement explaining your alternative to include the value of the shares in
income within 30 days of the Grant Date.  You may only choose this
option if you make arrangements satisfactory to LYNS to pay any required
withholding taxes due now if the election is made.   Check below
if you wish to make this election:

    

    ___    I elect to
make an 83(b) tax election to include the value of Shares granted to me in
income now.

    

    Transfer
Restrictions.
Until such time as the
Shares become vested in accordance with provisions set forth above, the Shares
shall not be transferred, pledged or disposed of except by will or the laws of
descent and distribution, and are subject to forfeiture in accordance with this
Agreement and the Plan. 

    

    Acknowledgments.   By
signing below, you acknowledge that you have received a copy of the Plan, and
you hereby accept the Shares subject to all the terms and provisions of the
Plan.  Nothing contained in the Plan or this Agreement shall give you
any rights to continued service as a director of LYNS or interfere in any way
with the right of  LYNS to change your compensation at any
time.

    

    Stock
Power.   To effect the transfer to LYNS of the Shares upon
your Termination of Service, you hereby execute the following with your
signature below:  “By signing below, I hereby appoint the Secretary of
LYNS as my agent, authorized representative and attorney, to transfer the Shares
I receive under this Award to LYNS upon my Termination of Service prior to the
vesting date (other than on account of death or Disability), without
consideration therefore, and no further authorization or signature by me shall
be required.  Within five days after receipt of a written request from
LYNS, I hereby agree to provide such additional information and to execute and
deliver such additional documents as may reasonably be necessary to effect this
transfer.”

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    

    
      
        	 
      	 
      	
                LIGHTYEAR
      NETWORK SOLUTIONS, INC.

              
	 
      	 
      	 
      	 
      
	
                  

              	 
      	
                By:

              	
                  

              
	
                Director

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                Date:

              	
                  

              	 
      	
                Date:

              	
                  

              

      

    

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

    

    Important
Information about Section 83(b) Election

    to
Include Value of Restricted Stock Grant in Income at Grant Date:

    

    As a
recipient of a restricted stock grant under Lightyear Network Solutions, Inc.
2010 Stock and Incentive Compensation Plan, you may make an election
(called an "83(b) election") to recognize compensation income when the stock is
granted, even though the stock is then subject to a risk of forfeiture
(vesting).  Making an 83(b) election causes current taxation of the
fair market value of the stock granted.

    

    By making
an 83(b) election, any later appreciation in the stock will be taxed as capital
gain income, and your holding period for capital gain purposes will begin on the
date of taxation.  An 83(b) election must be
made, if at all, within 30 days after the transfer of the stock to
you.

    

    The
downside of making an 83(b) election is that the election is
irrevocable.  Also, if you forfeit the stock, you will not receive any
deduction for the amount previously included in income.

    

    To the
extent an 83(b) election is not made, LYNS will
be treated as the owner of the stock that continues to be subject to restriction
for tax purposes, so any dividends will be treated as compensation paid to you
by LYNS, and may therefore be subject to withholding and FICA and Medicare
taxes.

    
      
         

      

      
        A-3

        
          

        

      

      
         

      

    

    

    ELECTION
TO INCLUDE VALUE

    OF
RESTRICTED STOCK AWARD IN GROSS INCOME

    PURSUANT
TO SECTION 83(b) OF THE INTERNAL REVENUE CODE

      

    __________________________
[insert date]

    

    The undersigned hereby elects, under
IRC Section 83(b) to include in gross income, as compensation for services, the
excess of the fair market value at the time of transfer of the property
described below over the amount paid for such property.

    

    The following information is supplied
in accordance with Treasury Regulation §1.83-2(e):

    

    1.           The
name, address and social security number of the undersigned:

    

    Name:
__________________________________

    

    Address:
________________________________________________________

    

    ________________________________________________________________

    

    _________________________________________________________________

    

    SSN:
__________________________________________

    

    2.           The
property with respect to which the election is being made is common stock of
Lightyear Network Solutions, Inc.

    

    3.           The
property was transferred on _____________________________ [insert
date].  The taxable year for which election is made is calendar year
20____.

    

    4.           The
nature of the restrictions or risks of forfeiture to which the property is
subject is that if the undersigned ceases to be a director of Lightyear Network
Solutions, Inc. or any of its subsidiaries, the unvested portion of the
undersigned's restricted stock will be forfeited.   The
undersigned vests in the property in one installment on the first year
anniversary of the date of grant, or upon earlier death or
disability.

    

    5.           The
fair market value of property at the time of transfer (determined without regard
to any lapse restriction) was $_____________.

    

    6.           The
taxpayer received the property solely for the performance of
services.

    

    7.           Copies
of this statement have been have been furnished, as required by Reg 1.83-2(d),
to Lightyear Network Solutions, Inc. and its subsidiary for which the services
were performed.

    
      
         

      

      
        A-4

        
          

        

      

      
         

      

    

    

    Signature:__________________________________________

    

    Printed
Name:____________________________

    

    Date:___________________________________

     

    Instructions
for Filing:   File this statement within 30 days from the
Grant Date with IRS at the address you will use to file your 1040 for the tax
year involved as stated in item 3 above, AND file it with your tax return for
that year.

    
      
         

      

      
        A-5

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