Document:

ATC SOUTH AMERICAN HOLDING CORP STOCK OPTION PLAN

Table of Contents

 Exhibit 10.2 
  

  
 ATC SOUTH AMERICA HOLDING CORP. 
  
 2004 Stock Option Plan

  

  

Table of Contents

 
Table of Contents 
  

					
	 	  	 	  	Page

	 1.
	  	PURPOSE	  	1
			
	 2.
	  	ADMINISTRATION OF THE PLAN	  	1
			
	 3.
	  	OPTION SHARES	  	2
			
	 4.
	  	AUTHORITY TO GRANT OPTIONS	  	2
			
	 5.
	  	WRITTEN AGREEMENT	  	2
			
	 6.
	  	ELIGIBILITY	  	2
			
	 7.
	  	OPTION PRICE	  	3
			
	 8.
	  	DURATION OF OPTIONS	  	3
			
	 9.
	  	VESTING PROVISIONS	  	3
			
	 10.
	  	EXERCISE OF OPTIONS	  	3
			
	 11.
	  	TRANSFERABILITY OF OPTIONS	  	4
			
	 12.
	  	TERMINATION OF EMPLOYMENT OR INVOLVEMENT OF OPTIONEE WITH THE COMPANY	  	5
			
	 13.
	  	REQUIREMENTS OF LAW	  	5
			
	 14.
	  	NO RIGHTS AS STOCKHOLDER	  	6
			
	 15.
	  	EMPLOYMENT OBLIGATION	  	6
			
	 16.
	  	FORFEITURE AS A RESULT OF TERMINATION FOR CAUSE	  	6
			
	 17.
	  	CHANGES IN THE COMPANY’S CAPITAL STRUCTURE	  	7
			
	 18.
	  	AMENDMENT OR TERMINATION OF PLAN	  	8
			
	 19.
	  	CERTAIN RIGHTS OF THE COMPANY	  	8
			
	 20.
	  	GOVERNING LAW	  	10
			
	 21.
	  	EFFECTIVE DATE AND DURATION OF THE PLAN	  	10

  

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 ATC SOUTH AMERICA HOLDING CORP. 
  
 2004 STOCK OPTION PLAN 
  

	 	1.	PURPOSE 

  
 The purpose of this 2004 Stock Option Plan (the “Plan”) is to encourage directors, officers and employees of and consultants and other persons providing services to ATC South America Holding Corp. (the
“Company”) and its Affiliates (as hereinafter defined) to continue their association with the Company and its Affiliates, by providing opportunities for such persons to participate in the ownership of the Company and in its future growth
through the granting of stock options (the “Options”) which may be options designed to qualify as incentive stock options (within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”) (an
“ISO”), or Options not intended to qualify for any special tax treatment under the Code (a “NQO”). The term “Affiliate” as used in the Plan means a corporation or other business organization which owns in the Company,
or in which the Company or any such corporation or other business entity owns, directly or indirectly through an unbroken chain of ownership, fifty percent (50%) or more of the total combined voting power of all classes of stock. 
  

	 	2.	ADMINISTRATION OF THE PLAN 

  
 The Plan shall be administered by a committee (the “Committee”) consisting of two or more members of the Company’s Board of Directors (the
“Board”). The Committee shall from time to time determine to whom options or other rights shall be granted under the Plan, whether options granted shall be ISOs or NQOs, the terms of the options or other rights, and the number of shares
that may be granted under options. The Committee shall report to the Board the names of individuals to whom stock or options or other rights are to be granted, the number of shares covered, and the terms and conditions of each grant. The
determinations described in this Section 2 may be made by the Committee or by the Board, as the Board shall direct in its sole and absolute discretion, and references in the Plan to the Committee shall be understood to refer to the Board in any such
case. 
  
 The Committee shall select one of its members as
Chairman and shall hold meetings at such times and places as it may determine. A majority of the Committee shall constitute a quorum, and acts of the Committee at which a quorum is present, or acts reduced to or approved in writing by all the
members of the Committee, shall be the valid acts of the Committee. The Committee shall have the authority to adopt, amend, and rescind such rules and regulations as, in its opinion, may be advisable in the administration of the Plan. All questions
of interpretation and application of such rules and regulations, of the Plan and of Options, shall be subject to the determination of the Committee, which shall be final and binding. The Plan shall be administered in such a manner as to permit those
Options granted hereunder and specially designated under Section 5 as ISOs to qualify as incentive stock options as described in Section 422 of the Code. 
  
 For so long as Section 16 of the Securities Exchange Act of 1934, as amended from time to time (the “Exchange Act”), is applicable to the
Company, each member of the Committee shall be a “non-employee director” or the equivalent within the meaning of Rule 16b-3 under the Exchange Act, and, for so long as Section 162(m) of the Code is applicable to the Company, an
“outside director” within the meaning of Section 162 of the Code and the regulations thereunder. If, however, the Committee is not comprised of two or more “outside directors,” then, although the Committee may still administer
the Plan, the Compensation Committee of the Board of Directors of American Tower Corporation (“ATC”), so long as it is the parent of the Company, or such other committee that makes grants pursuant to the parent’s stock option or
similar plan, shall make grants of options or other rights under the Plan (if the Compensation Committee or such committee consists of two or more members who are “outside directors”). 

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 With respect to persons subject to Section 16 of the Exchange Act (“Insiders”), transactions
under the Plan are intended to comply with all applicable conditions of Rule 16b-3 or its successor under the Exchange Act. To the extent any provision of the Plan or action by the Committee fails to so comply, it shall be deemed to be modified so
as to be in compliance with such Rule, or, if such modification is not possible, it shall be deemed to be null and void, to the extent permitted by law and deemed advisable by the Committee. 
  

	 	3.	OPTION SHARES 

  
 The stock subject to Options under the Plan shall be shares of Common Stock, par value $.01 per share (the “Stock”). The total amount of the
Stock with respect to which Options may be granted (the “Option Pool”), shall not exceed in the aggregate 6,144 shares; provided, however, such aggregate number of shares shall be subject to adjustment in accordance with the provisions of
Section 17. If an outstanding Option shall expire for any reason or shall terminate by reason of the death or severance of employment of the Optionee, the surrender of any such Option, or any other cause, the shares of Stock allocable to the
unexercised portion of such Option may again be subject to an option under the Plan. The maximum number of shares of Stock subject to Options that may be granted to any Optionee in the aggregate in any calendar year shall not exceed 3,925 shares,
subject to adjustment in accordance with the provisions of Section 17. 
  

	 	4.	AUTHORITY TO GRANT OPTIONS 

  
 The Committee may determine, from time to time, which employees of the Company or any Affiliate or other persons shall be granted Options under the Plan,
the terms of the Options (including without limitation whether an Option shall be an ISO or a NQO), and the number of shares which may be purchased under the Option or Options. Without limiting the generality of the foregoing, the Committee may from
time to time grant: (a) to such employees (other than employees of an Affiliate which is not a corporation) as it shall determine an Option or Options to buy a stated number of shares of Stock under the terms and conditions of the Plan which Option
or Options will to the extent so designated at the time of grant constitute an ISO; and (b) to such eligible directors, employees or other persons as it shall determine an Option or Options to buy a stated number of shares of Stock under the terms
and conditions of the Plan which Option or Options shall constitute a NQO. Subject only to any applicable limitations set forth elsewhere in the Plan, the number of shares of Stock to be covered by any Option shall be as determined by the Committee.

  

	 	5.	WRITTEN AGREEMENT 

  
 Each Option granted hereunder shall be embodied in an option agreement (the “Option Agreement”) substantially in the form of Exhibit 1, which
shall be signed by the Optionee and by a duly authorized officer of the Company for and in the name and on behalf of the Company. An Option Agreement may contain such restrictions on exercisability and such other provisions not inconsistent with the
Plan as the Committee in its sole and absolute discretion shall approve. 
  

	 	6.	ELIGIBILITY 

  
 The individuals who shall be eligible for grant of Options under the Plan shall be employees (including officers who may be members of the Board), directors who are not employees and other individuals, whether or not
employees, who render services of special importance to the management, operation or development of the Company or an Affiliate, and who have contributed or may be expected to contribute to the success of the Company or an Affiliate. An employee,
director or other person to whom an Option has been granted pursuant to an Option Agreement is hereinafter referred to as an “Optionee.” 
  

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	 	7.	OPTION PRICE 

  
 The price at which shares of Stock may be purchased pursuant to an Option shall be specified by the Committee at the time the Option is granted, but shall
in no event be less than the par value of such shares and, in the case of an ISO, except as set forth in the following sentence, one hundred percent (100%) of the fair market value of the Stock on the date the ISO is granted. In the case of an
employee who owns (or is considered under Section 424(d) of the Code as owning) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Affiliate, the price at which shares of
Stock may be so purchased pursuant to an ISO shall be not less than one hundred and ten percent (110%) of the fair value of the Stock on the date the ISO is granted. 
  
 For purposes of the Plan, the “fair market value” of a share of Stock on any date specified herein, shall mean (a)
the last reported sales price, regular way, or, in the event that no sale takes place on such day, the average of the reported closing bid and asked prices, regular way, in either case (i) as reported on the New York Stock Exchange Composite Tape,
or (ii) if the Stock is not listed or admitted to trading on the New York Stock Exchange, on the principal national securities exchange on which such security is listed or admitted to trading, or (iii) if not then listed or admitted to trading on
any national securities exchange, on the NASDAQ National Market System; or (b) if the Stock is not quoted on such National Market System, (i) the average of the closing bid and asked prices on each such day in the over-the-counter market as reported
by NASDAQ, or (ii) if bid and asked prices for such security on each such day shall not have been reported through NASDAQ, the average of the bid and asked prices for such day as furnished by any New York Stock Exchange member firm regularly making
a market in such security selected for such purpose by the Committee; or (c) if the Stock is not then listed or admitted to trading on any national exchange or quoted in the over-the-counter market, the fair value thereof will be based on the
Company Value; provided, however, that any method of determining fair market value employed by the Committee with respect to an ISO shall be consistent with any applicable laws or regulations pertaining to “incentive stock options”.

  

	 	8.	DURATION OF OPTIONS 

  
 The duration of any Option shall be specified by the Committee in the Option Agreement, but no Option shall be exercisable after the expiration of ten
(10) years from the date such Option is granted. In the case of any employee who owns (or is considered under Section 424(d) of the Code as owning) stock possessing more than ten percent (10%) of the total combined voting power of all classes of
stock of the Company or any Affiliate, no ISO shall be exercisable after the expiration of five (5) years from the date such Option is granted. The Committee, in its sole and absolute discretion, may extend any Option theretofore granted.

  

	 	9.	VESTING PROVISIONS 

  
 Each Option may be exercised so long as it is valid and outstanding from time to time, in part or as a whole, in such manner and subject to such
conditions as the Committee, in its sole and absolute discretion, may provide in the Option Agreement. The Committee may, in its sole and absolute discretion, accelerate Options, in whole or in part, on such terms and conditions as the Committee
may, in its sole and absolute discretion, determine. 
  

	 	10.	EXERCISE OF OPTIONS 

  
 Options shall be exercised by the delivery of written notice to the Company setting forth the number of shares of Stock with respect to which the Option
is to be exercised, accompanied by payment 
  

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 of the option price of such shares, which payment shall be made, subject to the alternative provisions of this Section,
in cash or by such cash equivalents, payable to the order of the Company in an amount in United States dollars equal to the option price of such shares, as the Committee in its sole and absolute discretion shall consider acceptable. Such notice
shall be delivered in person to the Secretary of the Company or shall be sent by registered mail, return receipt requested, to the Secretary of the Company, in which case delivery shall be deemed made on the date such notice is deposited in the
mail. 
  
 Alternatively, if the Option Agreement so specifies, and
subject to such rules as may be established by the Committee, payment of the option price may be made through a so-called “cashless exercise” procedure, under which the Optionee shall deliver irrevocable instructions to a broker to sell
shares of Stock acquired upon exercise of the Option and to remit promptly to the Company a sufficient portion of the sale proceeds to pay the option price and any tax withholding resulting from such exercise. 
  
 Alternatively, payment of the option price may be made, in whole or in part,
in shares of Stock owned by the Optionee; provided, however, that the Optionee may not make payment in shares of Stock that he acquired upon the earlier exercise of any ISO (or other “incentive stock option”), unless and until he has held
the shares until at least two (2) years after the date the ISO (or such other incentive stock option) was granted and at least one (1) year after the date the ISO (or such other option) was exercised. If payment is made in whole or in part in shares
of Stock, then the Optionee shall deliver to the Company in payment of the option price of the shares with respect of which such Option is exercised (a) certificates registered in the name of such Optionee representing a number of shares of Stock
legally and beneficially owned by such Optionee, free of all liens, claims and encumbrances of every kind, and having a fair market value on the date of delivery of such notice equal to the option price of the shares of Stock with respect to which
such Option is to be exercised, such certificates to be accompanied by stock powers duly endorsed in blank by the record holder of the shares of Stock represented by such certificates; and (b) if the option price of the shares with respect to which
such Option is to be exercised exceeds such fair market value, cash or such cash equivalents payable to the order to the Company, in an amount in United States dollars equal to the amount of such excess, as the Committee in its sole and absolute
discretion shall consider acceptable. Notwithstanding the foregoing provisions of this Section, the Committee, in its sole and absolute discretion, (i) may refuse to accept shares of Stock in payment of the option price of the shares of Stock with
respect to which such Option is to be exercised and, in that event, any certificates representing shares of Stock which were delivered to the Company with such written notice shall be returned to such Optionee together with notice by the Company to
such Optionee of the refusal of the Committee to accept such shares of Stock and (ii) may accept, in lieu of actual delivery of stock certificates, an attestation by the Optionee substantially in the form attached herewith as Exhibit B or such other
form as may be deemed acceptable by the Committee that he or she owns of record the shares to be tendered free and clear of all liens, claims and encumbrances of every kind. 
  
 As promptly as practicable after the receipt by the Company of (a) written notice from the Optionee setting forth the number
of shares of Stock with respect to which such Option is to be exercised and (b) payment of the option price of such shares in the form required by the foregoing provisions of this Section, the Company shall cause to be delivered to such Optionee
certificates representing the number of shares with respect to which such Option has been so exercised (less a number of shares equal to the number of shares as to which ownership was attested under the procedure described in clause (ii) of the
preceding paragraph). 
  

	 	11.	TRANSFERABILITY OF OPTIONS 

  
 Options shall not be transferable by the Optionee otherwise than by will or under the laws of descent and distribution, and shall be exercisable during
his or her lifetime only by the Optionee, except that the Committee may, subject to such conditions as it shall, in its sole and absolute discretion, determine, specify in an Option Agreement that pertains to an NQO that the Optionee may transfer
such NQO to a member of the Immediate Family of the Optionee, to a trust solely for the benefit of the 
  

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 Optionee and the Optionee’s Immediate Family, or to a partnership or limited liability company whose only partners
or members are the Optionee and members of the Optionee’s Immediate Family. “Immediate Family” shall mean, with respect to any Optionee, such Optionee’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships. 
  

	 	12.	TERMINATION OF EMPLOYMENT OR INVOLVEMENT OF OPTIONEE WITH THE COMPANY 

  
 For purposes of this Section, employment by or involvement with (in the case of an Optionee who is not an employee) an Affiliate shall be considered
employment by or involvement with the Company. Except as otherwise set forth in the Option Agreement, after the Optionee’s termination of employment with the Company other than by reason of death or disability, including his retirement in good
standing from the employ of the Company for reasons of age under the then established rules of the Company, the Option shall terminate on the earlier of the date of its expiration or three (3) months after the date of such termination or retirement.
After the death of the Optionee, his or her executors, administrators or any persons to whom his or her Option may be transferred by will or by the laws of descent and distribution shall have the right to exercise the Option to the extent to which
the Optionee was entitled to exercise the Option. The Committee may, subject to such conditions as it shall, in its sole and absolute discretion, determine, specify in an Option Agreement that, in the event that such termination is a result of
disability, the Optionee shall have the right to exercise the Option pursuant to its terms as if such Optionee continued as an employee. 
  
 Authorized leave of absence or absence on military or government service shall not constitute severance of the employment relationship between the Company
and the Optionee for purposes of the Plan, provided that either (a) such absence is for a period of no more than ninety (90) days or (b) the Employee’s right to re-employment after such absence is guaranteed either by law or by contract.

  
 For Optionees who are not employees of the Company, options
shall be exercisable for such periods following the termination of the Optionee’s involvement with the Company as may be set forth in the Option Agreement. 
  

	 	13.	REQUIREMENTS OF LAW 

  
 The Company shall not be required to sell or issue any shares of Stock upon the exercise of any Option if the issuance of such shares shall constitute or
result in a violation by the Optionee or the Company of any provisions of any law, statute or regulation of any governmental authority. Specifically, in connection with the Securities Act of 1933, as amended (the “Securities Act”), and any
applicable state securities or “blue sky” law (a “Blue Sky Law”), upon exercise of any Option the Company shall not be required to issue such shares unless the Committee has received evidence satisfactory to it to the effect that
the holder of such Option will not transfer such shares except pursuant to a registration statement in effect under the Securities Act and Blue Sky Laws or unless an opinion of counsel satisfactory to the Company has been received by the Company to
the effect that such registration and compliance is not required. Any determination in this connection by the Committee shall be final, binding and conclusive. The Company shall not be obligated to take any action in order to cause the exercise of
an Option or the issuance of shares of Stock pursuant thereto to comply with any law or regulations of any governmental authority, including, without limitation, the Securities Act or applicable Blue Sky Law. 
  
 Notwithstanding any other provision of the Plan to the contrary, the Company
may refuse to permit transfer of shares of Stock if in the opinion of its legal counsel such transfer would violate federal or state securities laws or subject the Company to liability thereunder. Any sale, assignment, transfer, pledge or other
disposition of shares of Stock received upon exercise of any Option (or any other shares or securities derived therefrom) which is not in accordance with the provisions of this Section shall be void and of no effect and shall not be recognized by
the Company. 
  

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 Legend on Certificates. The Committee may cause any certificate representing shares of Stock
acquired upon exercise of an Option (and any other shares or securities derived therefrom) to bear a legend to the effect that the securities represented by such certificate have not been registered under the Securities Act of 1933, as amended, or
any applicable state securities laws, and may not be sold, assigned, transferred, pledged or otherwise disposed of except in accordance with the Plan and applicable agreements binding the holder and the Company or any of its stockholders.

  

	 	14.	NO RIGHTS AS STOCKHOLDER 

  
 No Optionee shall have any rights as a stockholder with respect to shares covered by his or her Option until the date of issuance of a stock certificate
for such shares; except as otherwise provided in Section 17, no adjustment for dividends or otherwise shall be made if the record date therefor is prior to the date of issuance of such certificate. 
  

	 	15.	EMPLOYMENT OBLIGATION 

  
 The granting of any Option shall not impose upon the Company or any Affiliate any obligation to employ or continue to employ any Optionee, or to engage or
retain the services of any person, and the right of the Company or any Affiliate to terminate the employment or services of any person shall not be diminished or affected by reason of the fact that an Option has been granted to him or her. The
existence of any Option shall not be taken into account in determining any damages relating to termination of employment or services for any reason. 
  
 16. CERTAIN RIGHTS OF THE COMPANY 
  
 (a) Voluntary or Involuntary Transfers of Stock. The voluntary or involuntary transfer of shares of Stock acquired by an Optionee pursuant to the
exercise of an Option or Options granted under the Plan is subject to the provisions of the Stockholder Agreement. 
  
 (b) Termination of Employment or Involvement. If the Optionee’s employment by or involvement with the Company (including, for this purpose,
any Affiliate) shall terminate because of (x) the death or Disability of Optionee, (y) a Wrongful Termination, or (z) a Forfeiture Event, the Company shall have the assignable right to repurchase all but not less than all of the shares of Stock (or
other shares or securities derived therefrom) acquired pursuant to the exercise of an Option at a price equal to the Put/Call Price at the time of such repurchase. In addition, if at the time of such termination an Optionee holds an Option granted
under the Plan which is by its terms exercisable after such termination, the Company shall have the assignable right to repurchase all but not less than all of the shares of Stock acquired pursuant to the exercise of such Option, at the Put/Call
Price at the time of such repurchase. If the option price for any repurchased shares has been paid by the Optionee’s promissory note pursuant to Section 10, then the repurchase price for such shares of Stock shall be first applied to the
repayment of the outstanding amount, if any, due under such note in respect of the repurchased shares, and any accrued but unpaid interest thereon. The Company’s right to repurchase shares of Stock (or other shares or securities) may be
exercised at any time not earlier than one hundred and eighty (180) days following the exercise of the Option with respect to the shares of Stock (or other shares or securities) to be repurchased, and not later than three hundred and sixty-five
(365) days following the date of (i) the Optionee’s termination of employment or involvement or (ii) in the case of a repurchase of shares of Stock (or other shares or securities) acquired pursuant to the exercise of an Option subsequent to
such termination, such exercise. Any such shares of Stock (or other shares or securities) as to which the Company does not exercise its repurchase rights within such period shall thereafter be free of the foregoing restrictions, but subject,
however, to the provisions of the Stockholder Agreement. 
  

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	 	17.	CHANGES IN THE COMPANY’S CAPITAL STRUCTURE 

  
 The existence of outstanding Options shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all
adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business or any merger or consolidation of the Company or any issue of bonds, debentures, preferred or preference stock, whether or not
convertible into the Stock or other securities, ranking prior to the Stock or affecting the rights thereof, or warrants, rights or options to acquire the same, or the dissolution or liquidation of the Company or any sale or transfer of all or any
part of its assets or business or any other corporate act or proceeding, whether of a similar character or otherwise. 
  
 The number of shares of Stock in the Option Pool (less the number of shares theretofore delivered upon exercise of Options) and the number of shares of
Stock covered by any outstanding Option and the price per share payable upon exercise thereof (provided that in no event shall the option price be less than the par value of such shares) shall be proportionately adjusted for any increase or decrease
in the number of issued and outstanding shares of Stock resulting from any subdivision, split, combination or consolidation of shares of Stock or the payment of a dividend on the Stock in shares of Stock or other securities of the Company. The
decision of the Board as to the adjustment, if any, required by the provisions of this Section shall be final, binding and conclusive. 
  
 If the Company merges or consolidates with a wholly-owned subsidiary for the purpose of reincorporating itself under the laws of another jurisdiction, the
Optionees will be entitled to acquire shares of Stock of the reincorporated Company upon the same terms and conditions as were in effect immediately prior to such reincorporation (unless such reincorporation involves a change in the number of shares
or the capitalization of the Company, in which case proportional adjustments shall be made as provided above) and the Plan, unless otherwise rescinded by the Board, will remain the Plan of the reincorporated Company. 
  
 Except as otherwise provided in the preceding paragraph, if the Company is
merged or consolidated with another corporation, whether or not the Company is the surviving entity, or if the Company is liquidated or sells or otherwise disposes of all or substantially all of its assets to another entity while unexercised Options
remain outstanding under the Plan, or if other circumstances occur in which the Board in its sole and absolute discretion deems it appropriate for the provisions of this paragraph to apply (in each case, an “Applicable Event”), then (a)
each holder of an outstanding Option shall be entitled, upon exercise of such Option, to receive in lieu of shares of Stock, such stock or other securities or property as he or she would have received had he exercised such option immediately prior
to the Applicable Event; (b) the Board may, in its sole and absolute discretion, waive, generally or in one or more specific cases, any limitations imposed pursuant to Section 9 so that some or all Options from and after a date prior to the
effective date of such Applicable Event, specified by the Board, in its sole and absolute discretion, shall be exercisable in full or in part; (c) the Board may, in its sole and absolute discretion, cancel all outstanding and unexercised Options as
of the effective date of any such Applicable Event; (d) the Board may, in its sole discretion, convert some or all Options into options to purchase the stock or other securities of the surviving corporation pursuant to an Applicable Event; or (e)
the Board may, in its sole and absolute discretion, assume the outstanding and unexercised options to purchase stock or other securities of any corporation and convert such options into Options to purchase Stock, whether pursuant to this Plan or
not, pursuant to an Applicable Event; provided, however, in the case of any such cancellation pursuant to clause (c), (i) notice shall be given to each holder of an Option not less than thirty (30) days preceding the effective date of such
Applicable Event, and (ii) all such outstanding and unexercised Options shall immediately vest, to the extent that were not so vested so that such Options shall be exercisable in full during such thirty (30) day period. 
  
 Except as expressly provided herein, the issue by the Company of shares of
Stock or other securities of any class or series or securities convertible into or exchangeable or exercisable for shares of 
  

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 Stock or other securities of any class or series for cash or property or for labor or services either upon direct sale or
upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with
respect to, the number, class or price of shares of Stock then subject to outstanding Options. 
  

	 	18.	AMENDMENT OR TERMINATION OF PLAN 

  
 The Board may, in its sole and absolute discretion, modify, revise or terminate the Plan at any time and from time to time; provided, however, that
without the further approval of the holders of at least a majority of the outstanding shares of Stock, the Board may not change the aggregate number of shares of Stock which may be issued under Options pursuant to the provisions of the Plan either
to any one person or in the aggregate; or change the class of persons eligible to receive ISOs. Notwithstanding the preceding sentence, the Board shall in all events have the power and authority to make such changes in the Plan and in the
regulations and administrative provisions hereunder or in any outstanding Option as, in the opinion of counsel for the Company, may be necessary or appropriate from time to time to enable any Option granted pursuant to the Plan to qualify as an ISO
or such other stock option as may be defined under the Code, as amended from time to time, so as to receive preferential federal income tax treatment. 
  

	 	19.	CERTAIN TERMS 

  
 As used herein the following terms shall have the following respective meanings: 
  
 “ATC” shall mean American Tower Corporation, a Delaware corporation. 
  
 “Change of Control” shall mean the acquisition, directly or
indirectly, by any person, entity or group (as such term is used in Section 13(d)(3) of the Exchange Act), other than ATC or any of its subsidiaries or any person or entity who is, as of the date hereof, an executive officer, director or the holder
of five percent (5%) or more of the aggregate voting power of all classes of common stock of ATC, or any Affiliate of any such officer, director or holder, or any group of which any such officer, director, holder or Affiliate is a member, of more
than fifty percent (50%) of the Stock or more than fifty percent (50%) of the aggregate voting power of all classes of common stock of ATC. 
  
 “Company Value” shall mean the Holding Value as defined in and determined from time to time in accordance with the provisions of the
Stockholder Agreement. 
  
 “Disability” shall
mean a condition (mental or physical or both) which, in the good faith judgment of the Board of Directors of the Company, renders Optionee, in his capacity as an officer of or employee of the Company, and by reason of incapacity (mental or physical
or both) unable to perform properly his duties as such officer or employee for a period of not less than six (6) months during any twenty-four (24) month period. 
  
 “Forfeiture Event” shall mean any of the following acts (other than as a result of the death or Disability
of Optionee) committed by Optionee: 
  
 (a) any
willful or gross failure or refusal to perform, or any willful or gross misconduct in the performance of, any significant portion of his obligations, duties and responsibilities as an officer or employee of the Company, the effect of which has been
or reasonably could be expected to materially and adversely affect the business of ATC or any of its Affiliates, as determined in good faith by the ATC Board of Directors, and that (i) is incapable of cure, or (ii) has not been cured or remedied as
promptly as is reasonably possible (and in any event within thirty (30) days) after written notice from the Board of Directors of the Company to Optionee specifying in reasonable detail the nature of such failure, refusal or misconduct, or

  

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 (b) material breach of the provisions of Section 2, 3 or 4 of the Noncompetition
Agreement heretofore executed by the Optionee which (i) is incapable of cure, or (ii) has not been cured or remedied promptly (and in any event within thirty (30) days) after written notice from the Board of Directors of the Company to Optionee
specifying in reasonable detail the nature of such breach, or 
  
 (c) Optionee is convicted of, pleads guilty or nolo contendero to any act of fraud, embezzlement or misappropriation or other crime involving moral turpitude in connection with his employment by the
Company or any of its Affiliates intended by Optionee to result in substantial personal enrichment and which adversely affects the business of ATC or any of its Affiliates, all as determined in good faith by the ATC Board of Directors. 

 
 “Good Reason” shall mean: 
  
 (a) the assignment to Optionee of any duties inconsistent in
any negatively material respect with his position, authority, duties or responsibilities as of the time of the grant of an Option to him or her or any other action by the Company or its Affiliates that results in a diminution, in any material
respect, in such position, authority, duties or responsibilities; or 
  
 (b) a Change of Control; or 
  
 (c) a material reduction in Optionee’s compensation or other benefits (taking into account the compensation and other benefits from all Affiliates of the Company from whom he or she may, from time to time,
receive compensation), the result of which is to place Optionee in a materially less favorable position as to such compensation and benefits compared to other employees of the Company and its Affiliates of similar stature and position; or

  
 (d) any failure by the Company to comply in
any material respect with any material provision of this Agreement or the Plan; 
  
 that (i) is incapable of cure, or (ii) has not been cured or remedied promptly (and in any event within thirty (30) days) after written notice to the Board from Optionee specifying in reasonable detail the nature of such assignment, action,
reduction or failure. 
  
 “Put/Call Price” shall
mean, with respect to Common Stock owned by any Optionee, the amount derived by multiplying (i) the Company Value by (ii) a fraction (x) the numerator of which is the number of shares of Common Stock held by such Optionee and (y) the denominator of
which is the aggregate number of shares of Common Stock at the time outstanding. 
  
 “Stockholder Agreement” shall mean the Stockholder/Optionee Agreement, dated as of January 1, 2004, by and among the Company, ATC, the Optionee and certain other parties, as from time to time
amendment, modified, supplemented, extended and restated. 
  
 “Wrongful Termination” shall mean the termination by (a) Optionee of his employment with the Company other than a termination for Good Reason following a Change of Control, or (b) the Company of Optionee’s employment
as a result of (i) a Forfeiture Event or (ii) a material breach by Optionee of any material provision of the Stockholder Agreement, which (x) is incapable of cure, or (y) has not been cured or remedied promptly (and in any event within thirty (30)
days) after written notice from the Board of Directors of the Company to Optionee, specifying in reasonable detail the nature of such breach. 
  

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	 	20.	GOVERNING LAW 

  
 The Plan shall be governed by and construed and enforced in accordance with the applicable laws of the United States of America and the law (other than
the law governing conflict of law questions) of the State of Delaware except to the extent the laws of any other jurisdiction are mandatorily applicable. 
  

	 	21.	EFFECTIVE DATE AND DURATION OF THE PLAN 

  
 The Plan shall become effective and shall be deemed to have been adopted on January 1, 2004. Unless the Plan shall have terminated earlier, the Plan shall
terminate on the tenth (10th) anniversary of its effective date, and no Option shall be granted pursuant to the Plan after the day preceding the tenth (10th) anniversary of its effective date. 
  

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 ATC SOUTH AMERICA HOLDING CORP. 2004 STOCK OPTION PLAN 
  
 NOTICE OF GRANT OF STOCK OPTIONS  
  
 Option Certificate: No. M- 
  
 SPECIFIC TERMS OF THE OPTION 
  
 Subject to the terms and conditions hereinafter set forth and the terms and
conditions of the ATC South America Holding Corp. 2004 Stock Option Plan (the “Plan”), ATC South America Holding Corp., a Delaware corporation (the “Company” which term shall include, unless the context otherwise clearly
requires, all Affiliates (as defined in the Plan) of the Company), hereby grants the following option to purchase shares of Common Stock, par value $.01 per share (the “Stock”) of the Company: 
  

									
	 1.
	  	Name of Person to Whom the Option is granted (the “Optionee”):
					
	 2.
	  	Date of Grant of Option:	  	 	  	 	  	 
					
	 3.
	  	Number of shares of Stock:	  	and type of Option:	  	Incentive	  	Nonqualified
		
	 4.
	  	Option Exercise Price (per share): $
		
	 5.
	  	Term: Subject to Section 9, this Option expires at 5:00 p.m. Eastern Time on

  

									
			
	 6.
	  	  Exercisability:	  	Provided that the Optionee is still employed by the Company at the time of vesting or, if the Optionee is not employed by the Company the Optionee is still actively involved in
the Company (as determined by the Committee), the Option will, subject to the satisfaction of the conditions set forth in Section 9, become exercisable in its entirely on July 1, 2006 or earlier as provided in Section 9 below.

  
 ATC South America Holding Corp.

  

							
	 By:
	 	  

	 	  

	 Title:
	 	  

	 	    (Signature of Optionee)
				
	 	 	 	 	Date:	 	  

  
 Optionee’s Address: 

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 ATC SOUTH AMERICA HOLDING CORP. 2004 STOCK OPTION PLAN 
  
 OPTION AGREEMENT 
  
 OTHER TERMS OF THE OPTION 
  
 WHEREAS, the Board of Directors (the “Board”) has authorized the
grant of stock options upon certain terms and conditions set forth in the Plan and herein; and 
  
 WHEREAS, the Committee (as defined in the Plan) has authorized the grant of this stock option pursuant and subject to the terms of the Plan, a copy of which is available from the Company and is hereby incorporated
herein; 
  
 NOW, THEREFORE, in consideration of the premises and
the mutual covenants and agreements herein contained, the Company and the Optionee, intending to be legally bound, covenant and agree as set forth on the first page hereof and as follows: 
  
 7. Grant. Pursuant and subject to the Plan, the Company does hereby
grant to the Optionee a stock option (the “Option”) to purchase from the Company the number of shares of Stock set forth in Section 3 on the first page hereof upon the terms and conditions set forth in the Plan and upon the additional
terms and conditions contained herein. If so provided in Section 4 on the first page hereof, this Option is an incentive stock option and is intended to qualify for special federal income tax treatment as an “incentive stock option”
pursuant to Section 422 of the Code. 
  
 8. Option Price.
This Option may be exercised at the option price per share of Stock set forth in Section 4 on the first page hereof, subject to adjustment as provided herein and in the Plan. 
  
 9. Term and Exercisability of Option. This Option shall expire on the date determined pursuant to Section 5 on first
page hereof and shall be exercisable prior to that date in accordance with and subject to the conditions set forth in this Section 9 and the Plan. This Option shall become exercisable in its entirety upon the soonest to occur of (a) the exercise by
or on behalf of J. Michael Gearon, Jr. of his rights set forth in Section 6(a) of the Stockholder Agreement, (b) the exercise by ATC of its rights pursuant to the provisions of Section 6(b)(i) of the Stockholder Agreement, or (c) a Change of
Control. 
  
 If before this Option has been exercised in full the
Optionee ceases to be an employee of or ceases to provide services for the Company or an Affiliate for any reason other than a termination for a reason specified in Section 16 of the Plan, the Optionee may exercise this Option to the extent that he
or she might have exercised it on the date of termination of his or her employment (or provision of services), but only during the period ending on the earlier of (a) the date on which the Option expires in accordance with Section 5 of the first
page hereof or (b) three (3) months after the date of termination of the Optionee’s employment with or provision of services for the Company or an Affiliate. However, if the Optionee dies before the date of expiration of this Option and while
in the employ of or during the course of providing services for the Company or an Affiliate, or during the three month period described in the preceding sentence, or in the event of the retirement of the Optionee for reasons of disability (within
the meaning of Code §22(e)(3)), the Option shall remain exercisable until its expiration in accordance with Section 5 on the first page hereof or, in the case of an Option designated as an incentive stock option, the earlier of one year from
the date of such death or retirement or the date of its expiration. If the Optionee dies before this Option has been exercised in full, the executor, administrator or personal representative of the estate of the Optionee may exercise this Option as
set forth in the preceding sentence. 
  

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 10. Method of Exercise. To the extent that the right to purchase shares of Stock has accrued
hereunder, this Option may be exercised from time to time by written notice to the Company substantially in the form attached hereto as Exhibit A, stating the number of shares with respect to which this Option is being exercised, and accompanied by
payment in full of the option price for the number of shares to be delivered, by means of payment acceptable to the Company in accordance with Section 10 of the Plan. As soon as practicable after its receipt of such notice, the Company shall,
without transfer or issue tax to the Optionee (or other person entitled to exercise this Option), deliver to the Optionee (or other person entitled to exercise this Option), at the principal executive offices of the Company or such other place as
shall be mutually acceptable, a certificate or certificates for such shares out of theretofore authorized but unissued shares or reacquired shares of its Stock as the Company may elect; provided, however, that the time of such delivery may be
postponed by the Company for such period as may be required for it with reasonable diligence to comply with any applicable requirements of law. Payment of the option price may be made in cash or cash equivalents or, in accordance with the terms and
conditions of Section 10 of the Plan in whole or in part in shares of Common Stock of the Company, whether or not through the attestation procedure in the Plan; provided, however, that the Board reserves the right upon receipt of any written notice
of exercise from the Optionee to require payment in cash with respect to the shares contemplated in such notice if the receipt of the shares of Common Stock would result in a compensation expense to the Company or any Affiliate of the Company for
financial reporting purposes. If the Optionee (or other person entitled to exercise this Option) fails to pay for and accept delivery of all of the shares specified in such notice upon tender of delivery thereof, the right to exercise this Option
with respect to such shares not paid for may be terminated by the Company. 
  
 11. Nonassignability of Option Rights. This Option shall not be assignable or transferable by the Optionee except by will or by the laws of descent and distribution and shall be exercisable during the life of
the Optionee only by the Optionee; provided, however, that the Option may transfer this Option with the consent of the Committee to a person or entity identified in Section 11 of the Plan. 
  
 12. Compliance with Securities Act. The Company shall not be obligated
to sell or issue any shares of Stock or other securities pursuant to the exercise of this Option unless the shares of Stock or other securities with respect to which this Option is being exercised are at that time effectively registered or exempt
from registration under the Securities Act of 1933, as amended, and applicable state securities laws. In the event shares or other securities shall be issued which shall not be so registered, the Optionee hereby represents, warrants and agrees that
the shares or other securities received will be held for investment and not with a view to their resale or distribution, and he or she will execute an appropriate investment letter satisfactory to the Company and its counsel. 
  
 13. Legends. The Optionee hereby acknowledges that the stock
certificate or certificates evidencing shares of Stock or other securities issued pursuant to any exercise of this Option will bear a legend setting forth the restrictions on their transferability described in Section 12 hereof and to the
restrictions on transfer set forth in the Stockholder Agreement. 
  
 14. Rights as Stockholder. The Optionee shall have no rights as a stockholder with respect to any shares of Stock or other securities covered by this Option until the date of issuance of a certificate to him or her for such shares or
other securities. No adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued. 
  
 15. Withholding Taxes. The Optionee hereby agrees, as a condition to any exercise of this Option, to provide to the Company an amount sufficient to
satisfy its obligation to withhold federal, state, local, Mexican and other applicable taxes arising by reason of such exercise (the “Withholding Amount”) by (a) authorizing the Company to withhold the Withholding Amount from his or her
cash compensation, 
  

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 or (b) remitting the Withholding Amount to the Company in cash; provided, however, that to the extent that the
Withholding Amount is not provided by one or a combination of such methods, the Company in its sole and absolute discretion may refuse to issue such shares of Stock or may withhold from the shares of Stock delivered upon exercise of this Option that
number of shares having a Fair Market Value, on the date of exercise, sufficient to eliminate any deficiency in the Withholding Amount; and provided, further, that the Fair Market Value of shares withheld shall not exceed an amount in excess of the
minimum required withholding. 
  
 16. Notice of Disqualifying
Disposition. If this Option is an incentive stock option, the Optionee agrees to notify the Company promptly in the event that he sells, transfers, exchanges or otherwise disposes of any shares of Stock issued upon exercise of the Option, before
the later of (a) the second anniversary of the date of grant of the Option and (b) the first anniversary of the date the shares were issues upon his exercise of the Option. 
  
 17. Termination or Amendment of Plan. The Board may in its sole and absolute discretion at any time terminate or from
time to time modify and amend the Plan, but no such termination or amendment will affect rights and obligations under this Option. 
  
 18. Effect Upon Employment. Nothing in this Option or the Plan shall be construed to impose any obligation upon the Company to employ or retain in
its employ, or continue its involvement with, the Optionee. 
  
 19. Time for Acceptance. Unless the Optionee shall evidence acceptance of this Option by executing the Notice of Grant of Stock Options, which forms a part of this Agreement, and returning it to the Company within thirty (30) days
after its delivery, the Option and this Agreement shall be voidable by the Company in its sole and absolute discretion. 
  
 20. General Provisions. 
  
 (a) Amendment; Waivers. This Agreement, including the Plan, contains the full and complete understanding and agreement of the
parties hereto as to the subject matter hereof and, except as otherwise permitted by the express terms of the Plan and this Agreement, it may not be modified or amended, nor may any provision hereof be waived, except by a further written agreement
duly signed by each of the parties; provided, however, that a modification or amendment that does not materially diminish the rights of the Optionee hereunder, as they may exist immediately before the effective date of the modification or amendment,
shall be effective upon notice of its provisions to the Optionee. The waiver by either of the parties hereto of any provision hereof in any instance shall not operate as a waiver of any other provision hereof or in any other instance. 
  
 (b) Binding Effect. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and, to the extent provided herein and in the Plan, their respective heirs, executors, administrators, representatives, successors and assigns. 
  
 (c) Construction. This Agreement is to be construed in
accordance with the terms of the Plan. In case of any conflict between the Plan and this Agreement, the Plan shall control. The titles of the sections of this Agreement and of the Plan are included for convenience only and shall not be construed as
modifying or affecting their provisions. The masculine gender shall include both sexes; the singular shall include the plural and the plural the singular unless the context otherwise requires. Capitalized terms not defined herein shall have the
meanings given to them in the Plan 
  

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 (d) Governing Law. This Agreement shall be governed by and construed and enforced
in accordance with the applicable laws of the United States of America and the law (other than the law governing conflict of law questions) of the State of Delaware except to the extent the laws of any other jurisdiction are mandatorily applicable.

  
 (e) Notices. Any notice in connection
with this Agreement shall be deemed to have been properly delivered if it is in writing and is delivered in hand or sent by registered mail to the party addressed as follows, unless another address has been substituted by notice so given:

  

			
	 To the Optionee:
	  	To his or her address as
	 	  	listed on the books of the Company
		
	 To the Company:
	  	ATC South America Holding Corp.
	 	  	c/o American Tower Corporation
	 	  	116 Huntington Avenue
	 	  	Boston, MA 02116
	 	  	Attention: Chief Financial Officer
		
	 	  	with a copy to
		
	 	  	American Tower Corporation
	 	  	116 Huntington Avenue
	 	  	Boston, MA 02116
	 	  	 Attention: Chief Financial Officer and
                     General Counsel

  

 - 5 - 

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 EXHIBIT A 
  

[NOTICE OF EXERCISE ] 
  
                             [Date] 
  
 ATC South America Holding Corp. 
 c/o American
Tower Corporation 
 116 Huntington Avenue 
 Boston, Massachusetts
02116 
  

	 	RE:	Exercise of Option under ATC South America Holding Corp. 2004 Stock Option Plan 

  
 The Compensation Committee: 
  
 The undersigned hereby elects to exercise the stock option granted
to                             (the “Optionee”) pursuant and subject to the terms and conditions of
the Notice of Grant of Stock Options and Stock Option Agreement between the Optionee and ATC South America Holding Corp. (the “Company”) dated as of             , 200   
(together, the “Option Agreement”) by and to the extent of purchasing shares of Common Stock, par value $.01 per share, of the Company for the option price of $             per
share. 
  
 Payment for the shares is made as follows [check/complete as
appropriate]: 
  
  ̈ Check (make payable to “ATC South America Holding Corp.”) 
  
  ̈ Surrender of shares (attach certificate or
attestation form). If the undersigned is making payment of any part of the purchase price by delivery of shares of Common Stock of the Company, he or she hereby confirms that he or she has investigated and considered the possible income tax
consequences to him or her of making such payments in that form. 
  
  ̈ Other (explain: _________________________________________________) 
  
 Upon completion of payment, shares shall be delivered to [check/complete as appropriate]:

  
  ̈ The undersigned 
  
  ̈ The following brokerage account 
  

					
	 	  	 Brokerage firm:
                                        
                                        
                                        
       

	 	  	 Federal tax id. #:
                                        
                                        
                                        
      

	 	  	 DTC #:
                                        
                                        
                                        
                      

	 	  	 Account #:
                                        
                                        
                                        
               

	 	  	 Broker:
                                        
                                        
    Phone: (        )
        -                        

  
 The undersigned hereby agrees to
provide the Company an amount sufficient to satisfy the obligation of the Company to withhold certain taxes, as provided in Section 15 of the Option Agreement. The undersigned hereby specifically confirms to the Company that he or she is acquiring
said shares for investment and not with a view to their sale or distribution, and that said shares shall be held subject to all of the terms and conditions of the Option Agreement, the Plan and the Stockholder Agreement referred to in the Plan.

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	 Very truly yours,
  

	

	 (Signed by the Optionee or other
 party duly exercising option)
  

	 Address: ______________________

	
	 Telephone number: (        )
        -        

  

 - 2 - 

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 EXHIBIT B 
  

ATTESTATION FORM 
  
 Pursuant to the Notice of Exercise submitted herewith, I have elected to purchase              shares
of Common Stock, par value $.01 per share (the “Common Stock”) of ATC South America Holding Corp. (the “Company”) at $             per share, as stated in the
Stock Option Agreement dated             . I hereby attest to ownership of the shares under the certificate(s) listed below and hereby tender such shares in full or partial payment
of the total Option Price of $            . 
  
 I also certify that I either (a) have held the shares I am tendering for at least one year after acquiring such shares through the exercise of an incentive stock option, or (b) have not obtained such shares through
the exercise of an incentive stock option. 
  
 I represent that I, with the
consent of the joint owner (if any) of the shares, have full power to deliver and convey the certificates to the Company. The joint owner of the shares, by signing this form, consents to the above representations and the exercise of the stock option
by this notice. 
  

							
	 Common Stock
 Certificate(s)

	 	 No. of Shares
 Represented

	 	 Acquired by
 Stock Option
 Plan Exercise
 (Yes/No)

	  	 Date of
 Acquisition

  
  
 You are hereby instructed to apply toward the Option Price: [check/complete as appropriate]: 
  

	 	 ̈	The maximum number of whole shares necessary to pay the Option Price, or, if fewer, the total number of shares represented by the listed certificate(s), with any remaining amount to
be paid by attached check, payable to the Company, in the amount of $ for the balance of the Option Price.. 

  

	 	 ̈	             of the listed shares, with any remaining amount to be paid by attached check, payable to the Company,
in the amount of $              for the balance of the Option Price.. 

  
 Date: 
  

			
	

	 Print name:
  

	

	 Print name of Joint Owner, if any:STOCKHOLDER/OPTIONEE AGREEMENT

 Exhibit 10.3 
  
 STOCKHOLDER/OPTIONEE AGREEMENT 
  
 AGREEMENT made and entered into, as of January 1, 2004, by and among ATC South America Holding Corp., a Delaware corporation (“Holding”),
American Tower Corporation, a Delaware corporation (“ATC”), American Tower International, Inc., a Delaware corporation (“ATC International”), J. Michael Gearon, Jr., an individual residing in Atlanta, Georgia (“Gearon”)
and the Persons who from time to time execute a counterpart of this Agreement (individually a “Stockholder” and collectively the “Stockholders” which terms shall include Gearon in his capacity as such). 
  
 W I T N E S S E
T H: 
  
 WHEREAS, ATC and Gearon desire to provide
for the organization, funding and management of Holding; 
  
 WHEREAS, the Stockholders other than Gearon will be acquiring from Holding, and Holding will issue to such Stockholders, pursuant to a 2004 Stock Option Plan (the “Plan”) to be adopted pursuant to the provisions of Section 8, an
option (individually an “Option” and collectively the “Options”) to acquire shares of Holding Common Stock; and 
  
 WHEREAS, Holding is unwilling to grant the Options, or to permit their exercise, without the assurances with respect to its ability to acquire the Option
and/or Common Stock on the terms and conditions of this Agreement and with respect to investment intent provided herein; and 
  
 WHEREAS, the Stockholders are unwilling to accept or exercise, as the case may be, the Option without assurances of the ability to dispose of the Holding
Securities on the terms and conditions of this Agreement; 
  
 WHEREAS, it is in the best interests of Holding and of all of the owners of shares of Holding Common Stock to ensure the business success of Holding through the preservation and encouragement of harmonious relationships within Holding; and

  
 WHEREAS, the parties agree that these goals will be furthered
by providing for certain restrictions as to the transferability of the shares of Holding Common Stock owned by the holders thereof and by providing for succession of ownership thereof; 
  
 NOW, THEREFORE, in consideration of the premises, of the mutual covenants hereinafter set forth, as a condition to the grant
and/or exercise of the Options, and other valuable consideration, the receipt, adequacy and sufficiency whereof are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby covenant and agree as follows: 
  
 Section 1. Definitions. As used herein, unless the context otherwise
requires, the terms used herein which are not defined herein and are defined in Appendix A shall have the respective meanings set forth in Appendix A. Terms defined in the singular shall have a comparable meaning when used in the plural, and vice
versa, and the reference to any gender shall be deemed to include all genders. Unless otherwise defined or the context otherwise clearly requires, terms for which meanings are provided in this Agreement shall have such meanings when used in each
document or other instrument executed or required to be executed pursuant hereto or thereto or otherwise delivered, from time to time, pursuant hereto or thereto. References to “hereof,” “herein” or similar terms are intended to
refer to this Agreement as a whole and not a particular section, and references to “this Section” are intended to refer to the entire section and not a particular subsection thereof. 

 Section 2. Representations and Warranties of Parties. Each of the parties represents and warrants
as follows: 
  
 (a) Authority to Execute and
Perform Agreements. Such party (if an Entity) has been duly organized and is validly existing as an Entity in good standing in its jurisdiction of organization as indicated in the preamble of this Agreement and has all requisite power and
authority (corporate, partnership, limited liability company, and other) and has in full force and effect all governmental authorizations and private authorizations necessary to enable it to execute and deliver, and to perform its obligations under,
this Agreement. The execution and delivery of this Agreement by such party (if an Entity) have been duly authorized by all requisite corporate, partnership, limited liability company, or other organizational action, if any, on the part of such
party. This Agreement has been duly executed and delivered and constitutes the legal, valid and binding obligation of such party enforceable against such party in accordance with its terms, except as (i) the enforceability thereof may be limited by
bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability. 
  
 (b) No Conflict; Required Filings and Consents.
Neither the execution and delivery by such party of this Agreement, nor the consummation of the transactions contemplated by this Agreement, nor compliance with the terms, conditions and provisions hereof by such party: 
  
 (i) will conflict with, or result in a breach or violation
of, or constitute a default under, any applicable Law, or will conflict with, or result in a breach or violation of, or constitute a default under, or permit the acceleration of any obligation or liability in, or but for any requirement of the
giving of notice or passage of time or both would constitute such a conflict with, breach or violation of, or default under, or permit any acceleration in, any organization document (in the case of an Entity), governmental authorization or material
agreement of such party; 
  
 (ii) will result in
or permit the creation or imposition of any Lien upon any property or asset of such party; or 
  
 (iii) will require any approval or action of, or filing with, any governmental authority. 
  
 Section 3. Funding Covenants of ATC and Gearon. ATC and Gearon
covenant and agree as follows: 
  
 (a) ATC
Additional Common Stock Investments. If ATC and/or its Affiliates have not, on or prior to the date hereof, invested an aggregate of US$88,000,000 in Holding, ATC will, at such time and from time to time as required to finance the business and
operations of Holding, cause ATC International (or another Affiliate of ATC) to invest additional amounts in Holding Common Stock; provided, however, that in no event shall ATC and its Affiliates be required or, without the written consent of
Gearon, permitted to invest more than an aggregate of US$88,000,000 in Holding Common Stock. Payment for all such investments shall be in the form of wire transfer of immediately available funds. 
  

 - 2 - 

 (b) Additional Gearon Investments. If Gearon has not, on or prior to the date
hereof, invested an aggregate of US$1,680,000 in Holding, he will, simultaneously with ATC making additional investments in Holding Common Stock, make additional investments in Holding Common Stock such that Gearon shall on each such occasion
contribute one hundred sixty eight-eight thousand eight hundredth (168/8,800th) of the amount being invested or
contributed by ATC; provided, however, that in no event shall Gearon be required to invest more than an aggregate of US$1,680,000 in Holding Common Stock or to make any other investment in Holding; provided further, that the initial funding required
to be made by Gearon shall occur no later than March 31, 2004. For the avoidance of doubt, this means that Gearon shall invest $190.91 in Holding for each $10,000 invested by ATC in Holding, subject to the limitations contained in this Section 3(b)
and in Section 3(a). Payment for all such investments shall be in the form of wire transfer of immediately available funds. 
  
 (c) ATC Other Investments. ATC shall have the right, but not the obligation, to provide, or to cause ATC International (or another
Affiliate of ATC) to provide, additional funds as are required, from time to time, to finance the business and operations of Holding. If ATC elects, in its sole discretion, to provide (or cause to be provided) such funds, they shall be invested in
either 10% subordinated notes (which shall be prepayable at any time by Holding and shall be nonrecourse to Gearon and the other Stockholders) or nonconvertible preferred stock (bearing dividends at 10% of its purchase price), at ATC’s option.
The other terms and conditions of the subordinated notes or preferred stock shall be commercially reasonable under the circumstances at the time of issuance. Payment for all such investments shall be in the form of wire transfer of immediately
available funds. 
  
 (d) Third Party
Investments/Equity Investments. ATC and Gearon will consider, from time to time, the possibility of issuing and/or selling shares of Holding Common Stock or other forms of equity participation to individuals involved solely in the business,
management and operation of Holding in South America (and not in the business, management or operations of any Affiliate of Holding other than those doing business solely in South America) it being the understanding of the parties that any such
participation would dilute, on a pro rata basis, the interests of ATC and Gearon. 
  
 Section 4. Designation of Directors; Voting Agreement; Corporate Governance. Each of the parties covenants and agrees with the other parties as follows: 
  
 (a) The Board of Directors of Holding (the “Holding
Board”) shall be composed at all times of three (3) persons. ATC International shall be entitled to designate for nomination for election, and have elected, to the Holding Board two persons who shall be the Chief Executive Officer and the Chief
Financial Officer of ATC, unless the Board of Directors of ATC International shall otherwise determine. Gearon shall be entitled to designate for nomination for election, and have elected, to the Holding Board one person who shall be Gearon, unless
Gearon shall otherwise determine with the prior approval of ATC, such approval not to be unreasonably withheld, delayed or conditioned. 
  
 (b) Holding shall provide ATC International and Gearon with at least twenty (20) days’ prior notice in writing of any intended
mailing of notice to stockholders for a meeting at which directors are to be elected. ATC and Gearon shall notify Holding in writing within ten (10) days of actual receipt of such notice of the person designated by him as nominee for election as a
director. In the absence of any notice from ATC International or Gearon, as the case may be, the director or directors then serving and previously designated by him shall be deemed to have been redesignated. 
  

 - 3 - 

 (c) Any director designated by ATC International or Gearon shall be subject to removal
for cause by the vote of (i) the directors of Holding to the extent permitted by applicable Law or (ii) the stockholders of Holding in accordance with applicable Law. ATC International and Gearon shall also be entitled to require that any member of
the Holding Board so designated by it or him pursuant to this Section be removed or replaced by it or him. 
  
 (d) In the event any designee for nomination of ATC International or Gearon as director shall cease for any reason to serve as a director,
including without limitation removal pursuant to the preceding paragraph or resignation, ATC International or Gearon, as the case may be, shall have the right to designate a replacement to fill such vacancy upon notice to Holding. Holding shall,
unless Holding Board shall have elected such designee to Holding Board, solicit stockholder approval for the election of such nominee as a director in accordance with the provisions of this Section. 
  
 (e) ATC International and Gearon covenant and agree that so
long as the other has the right to nominate a director to Holding Board in accordance with the provisions of this Agreement, at any meeting of the stockholders of Holding, however called, and at every adjournment thereof, and in any action by
written consent of the stockholders of Holding, to vote all of the shares of capital stock of Holding entitled to vote thereon then owned or controlled by such Person in favor of the election of the nominee or nominees of the other pursuant to the
provisions of this Section. 
  
 (f) ATC
International covenants and agrees that, until the occurrence of a Forfeiture Event or the earlier termination by Gearon of his employment with Holding, whether with or without Good Reason, it will cause its nominees as directors to vote for the
election of Gearon as president of Holding. It is also the understanding of the parties, that Gearon’s compensation shall, taking into account the compensation to be paid to him by Other Holding, ATC and its subsidiaries, be determined annually
by the Holding Board, all of which (other than US$100,000 (subject to proportionate increased based on future increases for other ATC senior management), which is to be paid by ATC) shall be paid by Holding or Other Holding. 
  
 Section 5. Restrictions on Transfers of Holding Securities. Without
the written consent of ATC, except in accordance with the provisions of Section 6 or pursuant to a Permitted Transfer, neither Gearon nor any other Stockholder shall Transfer all or any part of the Holding Securities at the time held by it to any
Person (a) prior to July 1, 2006 and (b) thereafter except in accordance with the provisions of Section 7. 
  
 Section 6. Put and Call; Tagalong Right. 
  
 (a) Gearon Put. Gearon may, at any time after the soonest to occur of (i) December 31, 2004, (ii) an ATC Change of Control, (iii) a Holding Change
of Control, (iv) his death or Disability, or (v) termination by Gearon of his employment for Good Reason, or (vi) termination by ATC of Gearon’s employment for any reason not involving a Forfeiture Event, require ATC to purchase at the Put/Call
Price for the Holding Securities of all but not less than all of the Holding Securities then owned by him. Any such election (which may not, in any event, be made prior to the date that is six (6) months and one (1) day after the date of this
Agreement) shall be made by written notice from Gearon to ATC (the “Put Notice”) of its election to that effect. Gearon shall send a copy of the Put Notice to each of the other Stockholders. In such event, each of the other Stockholders
shall have the right, exercised by written notice to ATC delivered within twenty (20) days of the mailing of the Put Notice to him, to require ATC to purchase at the Put/Call Price for the Holding Securities to be sold by such Stockholder (an
“Electing Put Stockholder”) all but not less than all of the Holding Securities then owned by each Electing Put Stockholder. For purposes of this Section 6(a), the Put/Call Price shall be determined as of the later of 
  

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 December 31, 2004 or the date of the Put Notice; provided, however, with respect to each Electing Put Stockholder who has
not held the Holding Securities proposed to be sold by him for a period of at least six (6) months and one (1) day as of the date of the Put Notice, the Put/Call Price shall be determined as of the date such Holding Securities were held by him for a
period of at least six (6) months and one (1) day. 
  
 The closing
pursuant to this Section shall occur at 10:00 a.m., local time, on the later of December 31, 2004 or the sixtieth (60th) day (or, if such day is not a Business Day, the next succeeding Business Day) following the date of receipt by ATC of the Put Notice, at the principal executive offices of ATC, or such other time, date and place as ATC and Gearon
shall reasonably agree (notice of which shall be given by ATC to each Electing Put Stockholder); provided, however, notwithstanding the foregoing, if, on the proposed closing date, any Electing Stockholder has not held the Holding Securities
proposed to be sold by him for a period of at least six (6) months and one (1) day, then the closing with respect to those Holding Securities shall occur at 10:00 a.m., local time, on the tenth (10th) day (or, if such day is not a Business Day, the next succeeding Business Day) following the expiration of such six (6) months and one (1) day. Each of the
following (unless and except to the extent waived by ATC and Gearon) shall be a condition of the obligation of ATC, Gearon and each Electing Put Stockholder to proceed with any such purchase and sale: (i) ATC and Gearon shall have obtained all
lender and other third-party consents, if any, required in connection with such purchase and sale, (ii) there shall be no suit, action or proceeding pending on the date of closing before or by any court or other governmental authority seeking to
restrain or prohibit, or material damages or other relief in connection with, the purchase and sale, and (iii) ATC, Gearon and the Electing Put Stockholders shall have entered into a securities purchase agreement in form, scope and substance
customary in comparable transactions and reasonably satisfactory to ATC and Gearon, including representations and warranties, covenants, closing certificates and opinions, and indemnities. 
  
 (b) ATC Call. ATC may, at any time after (i) December 31, 2005,
require Gearon to sell at the Put/Call Price and each other Stockholder to sell at the Put/Call Price for the Holding Securities to be sold by him all but not less than all of the Holding Securities then owned by him, or (ii) the soonest to occur of
(x) the death or Disability of Gearon, (y) a Gearon Termination Event, or (z) a Forfeiture Event require each member of the Gearon Group to sell at the Put/Call Price all but not less than all of the Holding Securities then owned by him. Any such
election (which may not, in any event, be made prior to the date that is six (6) months and one (1) day after the date of this Agreement) shall be made by written notice from ATC to Gearon and, as applicable, each other Stockholder (the “Call
Notice”) of his election to that effect. For purposes of this Section 6(b), the Put/Call Price shall be determined as of the later of December 31, 2005 or the date of the Call Notice; provided, however, with respect to each other Stockholder
who has not held the Holding Securities proposed to be sold by him for a period of at least six (6) months and one (1) day as of the date of the Call Notice, the Put/Call Price shall be determined as of the date such Holding Securities were held by
him for a period of at least six (6) months and one (1) day. The closing pursuant to this Section shall occur at 10:00 a.m., local time, on the later of December 31, 2005 or the sixtieth (60th) day (or, if such day is not a Business Day, the next succeeding Business Day) following the date of receipt by Gearon and, as applicable, the other
Stockholders of the Call Notice, at the principal executive offices of ATC, or such other time, date and place as ATC and Gearon shall reasonably agree (notice of which shall be given by ATC to each other Stockholder); provided, however,
notwithstanding the foregoing, if, on the proposed closing date, any other Stockholder has not held the Holding Securities proposed to be sold by him for a period of at least six (6) months and one (1) day, then the closing with respect to those
Holding Securities shall occur at 10:00 a.m., local time, on the tenth (10th) day (or, if such day is not a Business
Day, the next succeeding Business Day) following the expiration of such six (6) months and one(1) day. Each of the following (unless and except to the extent waived by ATC and Gearon) shall be a condition of the obligation of ATC, Gearon and, as
applicable, the other Stockholders to proceed with any such purchase and sale: (i) ATC and Gearon shall have obtained 
  

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 all lender and other third-party consents, if any, required in connection with such purchase and sale, (ii) there shall
be no suit, action or proceeding pending on the date of closing before or by any court or other governmental authority seeking to restrain or prohibit, or material damages or other relief in connection with, the purchase and sale, and (iii) ATC,
Gearon and, as applicable, the other Stockholders shall have entered into a securities purchase agreement in form, scope and substance customary in comparable transactions and reasonably satisfactory to ATC and Gearon, including representations and
warranties, covenants, closing certificates and opinions, and indemnities. 
  
 (c) Closing. At the closing Gearon and, as applicable, the Electing Put Stockholders or the other Stockholders shall convey the Holding Securities to be sold by it, properly endorsed for transfer, free of all
Liens, and the applicable Put/Call Price shall be paid by wire transfer of immediately available funds or, at the election of ATC, shares of ATC Common Stock, or any combination thereof. If any shares of ATC Common Stock are so delivered, they shall
be (i) valued at Fair Market Value as of the applicable closing date and (ii) entitled to the benefit of the ATC Registration Rights Agreement. At the election of ATC, the Holding Securities to be purchased may be acquired in the name of one or more
nominees, including without limitation Holding (whether or not any such nominee is an Affiliate of ATC); provided, however, that any such nominee is designated by written notice given at least five (5) days prior to the date of closing. 

 
 (d) Gearon and Other Stockholder Tagalong Right. In addition to the
rights of Gearon and the other Stockholders set forth in Section 6(a), if a Holding Change of Control is likely to occur, ATC shall give prompt written notice (the “Holding Change of Control Notice”) of the likelihood of such occurrence to
Gearon and the other Stockholders, which notice shall describe, in reasonable detail, the material terms and conditions of such transaction (the “Holding Change of Control Transaction”). As a condition to the consummation of any Transfer
by ATC in connection with a Holding Change of Control Transaction, Gearon and each other Stockholder shall have the right, exercised by written notice to ATC within ten (10) business days of its receipt of the Holding Change of Control Notice, to
participate in the Holding Change of Control Transaction on the same terms and conditions as ATC (i.e., to sell or otherwise transfer the same relative proportion of its holdings as is ATC for the same type and per share amount of consideration). If
Gearon or any other Stockholder elects to participate in a Holding Change of Control Transaction, it shall be required to execute and deliver all of the documents executed and delivered by ATC and to be bound by all of the same terms and conditions.
The failure of Gearon or any other Stockholder to give timely notice of its election to participate in a Holding Change of Control Transaction in accordance with this Section 6(d) shall be deemed to be an irrevocable election by it not to so
participate.  
  
 Section 7. Right of First Refusal on
Holding Securities. If at any time on or after July 1, 2006 (prior to which time any such Transfer is prohibited pursuant to the provisions of Section 5), Gearon or any other Stockholder (an “Electing Offering Stockholder”) desires to
Transfer any Holding Securities to any Third Party (the “Proposed Transfer”), it shall, prior to committing to the Proposed Transfer to any such Third Party, offer to sell such Holding Securities in accordance with the procedures,
and upon the terms, set forth below. 
  
 (a)
Gearon or the Electing Offering Stockholder shall send a written notice (a “Transfer Notice”) to Gearon (in the case of an Electing Offering Stockholder), Holding and ATC, which Transfer Notice shall state that Gearon or the Electing
Offering Stockholder intends to effect a Proposed Transfer and shall specify the number and class or type of Holding Securities (the “Offered Securities”) subject to the Proposed Transfer, the name and address of the Third Party or Third
Parties to whom such Transfer is proposed to be made (or if no particular Third Party is identified, then the general class of Persons to whom the Transfer is proposed to be made), a price per share which shall be the minimum price at which Gearon
or the Electing Offering Stockholder 
  

 - 6 - 

 proposes to effect the Proposed Transfer (the “Minimum Price”) and the other material
terms and conditions (including, without limitation, representations and warranties to be made and any indemnification to be provided) on which Gearon or the Electing Offering Stockholder proposes to Transfer the Offered Securities. The Transfer
Notice shall contain an affirmation by Gearon or the Electing Offering Stockholder that it has a reasonable expectation of being able to effect a Transfer of the Offered Securities at the Minimum Price and on such other terms and conditions to such
Third Party or Third Parties (or class of Persons), and shall recite the basis for such expectation. The Transfer Notice shall constitute an offer (the “First Refusal Offer”) to Transfer the Offered Securities to Gearon (in the case
of a proposed Transfer by an Electing Offering Stockholder), Holding (in the case of a proposed Transfer by Gearon and, to such extent, if any, that the First Refusal Offer is not accepted by Gearon, by an Electing Offering Stockholder), and, to
such extent, if any, that the First Refusal Offer is not accepted by Holding, to Transfer the Offered Securities to ATC, in each case in accordance with this Section, for a cash price equal to one hundred percent (100%) of the Minimum Price and on
other terms and conditions, if any, no less favorable to Gearon (in the case of a proposed Transfer by an Electing Offering Stockholder), Holding and ATC than those proposed to be offered to such Third Party or Third Parties (or class of Persons).
If any portion of the consideration to be paid to Gearon or an Electing Offering Stockholder in the Proposed Transfer shall consist of assets other than cash, in determining the price the Offered Securities are to be offered to Gearon (in the case
of a proposed Transfer by an Electing Offering Stockholder), Holding and ATC, the fair cash value of such assets shall be considered. 
  
 (b) Subject to Section 7(f), in the case of a proposed Transfer by an Electing Offering Stockholder, the right of first refusal may be
exercised by Gearon by delivery of a written notice to such Electing Offering Stockholder, Holding and to ATC within twenty (20) days after receipt by Gearon of the Transfer Notice (the “Gearon Notice Period”), which notice shall
state the number of Offered Securities Gearon intends to purchase pursuant to this paragraph (b). If Gearon fails to respond to an Electing Offering Stockholder within the Gearon Notice Period, the failure shall be deemed a rejection by Gearon of
the First Refusal Offer. 
  
 (c) Subject to
Section 7(f), the right of first refusal may be exercised by Holding by delivery of a written notice to Gearon or an Electing Offering Stockholder and to ATC within twenty (20) days after receipt by Holding of the Transfer Notice (the “Holding
Notice Period”), which notice shall state the number of Offered Securities Holding intends to purchase pursuant to this paragraph (c). If Holding fails to respond to Gearon or an Electing Offering Stockholder within the Holding Notice
Period, the failure shall be deemed a rejection by Holding of the First Refusal Offer. 
  
 (d) Subject to Section 7(f), to the extent Holding rejects the First Refusal Offer or exercises the right of first refusal with respect to
fewer than all of the Offered Securities, ATC may exercise the First Refusal Offer within ten (10) days after the rejection by Holding of its right of first refusal pursuant to Section 7(c) (the “ATC Notice Period”), by delivery of a
written notice to Gearon or an Electing Offering Stockholder within the ATC Notice Period with respect to the balance or all of the Offered Securities, as applicable. If ATC fails to respond to Gearon or an Electing Offering Stockholder within the
ATC Notice Period, the failure shall be deemed a rejection of the First Refusal Offer. 
  
 (e) If the First Refusal Offer is accepted in its entirety by Gearon, Holding and/or ATC, the purchase of the Offered Securities by
Gearon, Holding and/or ATC pursuant to this Section shall take place at 10:00 a.m., local time, at the principal executive offices of ATC, on such date within thirty (30) days after the expiration of the Holding Notice Period as Gearon, 

 

 - 7 - 

 Holding and/or ATC shall notify Gearon or an Electing Offering Stockholder of in writing at least five
(5) days prior to such closing, on the terms and conditions of the Proposed Transfer, and Gearon, Holding and/or ATC and Gearon or an Electing Offering Stockholder shall enter into a securities purchase agreement containing the Minimum Price and the
other terms and conditions set forth in the Proposed Transfer. The Minimum Price for the Offered Securities purchased by Gearon, Holding and ATC shall be paid by wire transfer to Gearon or an Electing Offering Stockholder against receipt of a
certificate or certificates representing all Offered Securities so purchased, properly endorsed for transfer, free and clear of all Liens. At the election of ATC, the Holding Securities, if any, to be purchased by it may be acquired in the name of
one or more nominees (whether or not any such nominee is an Affiliate of ATC); provided, however, that any such nominee is designated by written notice given at least five (5) days prior to the date of closing. 
  
 (f) Any purchase of the Offered Securities by Gearon,
Holding and/or ATC pursuant to this Section shall be conditioned (by Gearon or an Electing Offering Stockholder) upon Gearon, Holding and/or ATC exercising in the aggregate the right of first refusal with respect to all of the Offered Securities.

  
 (g) Notwithstanding anything to the contrary
contained herein, if Gearon, Holding and/or ATC have not exercised the right of first refusal with respect to all of the Offered Securities pursuant to this Section, then Gearon or an Electing Offering Stockholder may, subject to the provisions of
Section 5, Transfer to the Third Party or Third Parties specified in the Notice (or to a member of the class of Persons described in the Notice) (the “Third Party Transferee”) on the terms and conditions of the Proposed Transfer all
but not less than all of the Offered Securities; provided, however, that such sale is consummated within ninety (90) days from the expiration of the Holding Notice Period; and provided further, however, that such Third Party Transferee shall agree,
in writing, in advance with Gearon, Holding and ATC to be bound by and to comply with all applicable provisions of this Agreement to the same extent as if such Third Party Transferee were Gearon or an Electing Offering Stockholder, as applicable. If
such sale is not consummated within such ninety (90)-day period, the restrictions provided for in this Section shall again become effective, and no Transfer of such Offered Securities may be made thereafter without again offering the same to Gearon,
Holding and ATC in accordance with the terms and conditions of this Agreement. Any reduction in the Minimum Price or any material change in any of the other material terms and conditions of the Proposed Transfer favorable to the Third Party
Transferee shall constitute a new Proposed Transfer and shall require Gearon or an Electing Offering Stockholder to comply with all of the provisions of this Section. 
  
 (h) The provisions of this Section shall not apply to any Transfer by Gearon or an Electing Offering
Stockholder pursuant to Section 6. 
  
 Section 8. Holding Stock
Option Plan. Holding and ATC, jointly and severally, covenant and agree that Holding will, as soon as reasonably practicable, adopt the Plan which will contain terms and conditions comparable to those of the 1997 Stock Option Plan, as amended,
of ATC, except as follows: 
  
 (a) Number of
Shares. The Plan will cover a number of shares of Holding Common Stock equal to ten and thirty-two one-hundredths percent (10.32%) of the number of shares of Holding Common Stock to be outstanding on a pro forma basis assuming all shares covered
by the Plan were issued and outstanding. 
  
 (b)
Prospective Optionees. Options will be granted from time to time to such individuals as may, from time to time, be an officer, employee or independent consultant or adviser to Holding and are approved by the Holding Board. ATC hereby approves
the individuals listed in Schedule A attached hereto and made a part hereof as eligible to acquire Options. 
  

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 (c) Certain Option Terms. Options will not, except as hereinafter provided, vest
prior to July 1, 2006, at which time they will vest in their entirety, but will be subject to earlier vesting under certain circumstances, including the exercise by Gearon of the put pursuant to the provisions of Section 6(a) or the exercise by ATC
of the call pursuant to the provisions of Section 6(b)(i), and will be cancelled in its entirety upon the termination of the optionee for cause or his terminating his employment other than for good reason. 
  
 (d) Noncompetition Agreements. It will be a condition
of any grant of Options under the Plan that the optionee execute and deliver to Holding, a noncompetition agreement substantially in the form of the Gearon Noncompetition Agreement, modified, to the extent deemed reasonably necessary by Holding, to
ensure compliance with applicable law. 
  
 Section 9.
Miscellaneous Provisions. 
  
 (a) Termination. This
Agreement shall continue until, and shall terminate immediately upon, (a) execution of a written agreement of termination by (i) ATC and (ii) Gearon, so long as he or any member of the Gearon Group owns any Holding Common Stock, or, at such time as
no member of the Gearon Group owns any Holding Common Stock, a majority in interest of the other Stockholders (on a fully diluted basis) or (b) ATC (and/or its Affiliates) owning all of the outstanding shares of Holding Common Stock. 
  
 (b) Expenses. Whether or not the transactions contemplated hereby
shall be consummated, each party will pay all of its respective expenses in connection with such transactions and in connection with any amendments or waivers (whether or not the same become effective) under or in respect of this Agreement.

  
 (c) Assignment; Successors and Assigns. This Agreement
shall not be assignable by any party and any such assignment shall be null and void, except that it shall inure to the benefit of and be binding upon any successor to any party by operation of Law, including by way of merger, consolidation or sale
of all or substantially all of its assets, and any of the parties may assign its rights and remedies hereunder to any bank or other financial institution that has loaned funds or otherwise extended credit to it or any of its Affiliates. This
Agreement shall be binding upon and inure solely to the benefit of the parties and their permitted successors and assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any person any right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement, except as otherwise provided in this Section. 
  
 (d) Notices and Communications. All notices and other communications which by any provision of this Agreement are required or permitted to be given
shall be given in writing and shall be effective (i) five (5) days after being mailed by first-class, express mail, postage prepaid, (ii) the next day when sent by overnight by a nationally recognized overnight mail courier service, (iii) upon
confirmation when sent by telegram, telecopy or other similar form of rapid transmission, confirmed by mailing (by first class or express mail, postage prepaid, or nationally recognized overnight mail courier service) written confirmation at
substantially the same time as such rapid transmission, or (iv) upon delivery personally delivered to the receiving party (if an individual) or an officer or other responsible individual of the receiving party. All such communications shall be
mailed, set or delivered as set forth below or at such other addresses as the party entitled thereto shall have designated by notice as herein provided. 
  

 - 9 - 

 (i) if to Holding or ATC, at 116 Huntington Avenue, Boston, Massachusetts 02116
Attention: Chief Executive Officer and Chief Financial Officer, Telecopier No.: (617) 375-7575 with a copy (which shall not constitute notice to ATC or Holding) to Sullivan & Worcester LLP, One Post Office Square, Boston, Massachusetts 02109,
Attention: William J. Curry, Esq., Telecopier No.: (617) 338-2880); 
  
 (ii) if to Gearon, at 3200 Cobb Galleria Parkway, Suite 205, Atlanta, Georgia 30339, Telecopier No: (770) 952-4999 with a copy (which shall not constitute notice to Gearon) to Jack Hardin, 229 Peachtree Street NE,
Atlanta, Georgia 30303-1601, Telecopier No: (404) 525-2224; and 
  
 (iii) if to any other Stockholder, at his address as it appears on the stock register of Holding. 
  
 (e) Amendments and Waivers. Changes in or additions to this Agreement may be made, or compliance with any term, covenant, agreement, condition or
provision set forth herein may be omitted or waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the consent in writing of the parties hereto. No delay on the part of any party at any
time or times in the exercise of any right or remedy shall operate as a waiver thereof. Any consent may be given subject to satisfaction of conditions stated therein. The failure to insist upon the strict provisions of any covenant, term, condition
or other provision of this Agreement or to exercise any right or remedy thereunder shall not constitute a waiver of any such covenant, term, condition or other provision thereof or default in connection therewith. The waiver of any covenant, term,
condition or other provision thereof or default thereunder shall not affect or alter this Agreement in any other respect, and each and every covenant, term, condition or other provision of this Agreement shall, in such event, continue in full force
and effect, except as so waived, and shall be operative with respect to any other then existing or subsequent default in connection therewith. 
  
 (f) Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by, and construed in accordance
with, the applicable Laws of the United States of America and the Laws of the State of Delaware applicable to contracts made and performed in such State and, in any event, without giving effect to any choice or conflict of laws provision or rule
that would cause the application of domestic substantive laws of any other jurisdiction. 
  
 (g) Entire Agreement. This Agreement (including the Exhibits) constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior agreements,
arrangements, covenants, promises, conditions, understandings, inducements, representations and negotiations, expressed or implied, oral or written, between them as to such subject matter. 
  
 (h) Specific Performance; Other Rights and Remedies. Each party
recognizes and agrees that in the event any other party should refuse to perform any of its obligations under this Agreement, the remedy at law would be inadequate and agrees that for breach of such provisions, each party shall be entitled to
injunctive relief and to enforce its rights by an action for specific performance to the extent permitted by Applicable Law. Each party hereby waives any requirement for security or the posting of any bond or other surety in connection with any
temporary or permanent award of injunctive, mandatory or other equitable relief. Nothing herein contained shall be construed as prohibiting each party from pursuing any other remedies available to it pursuant to the provisions of, and subject to the
limitations contained in, this Agreement for such breach or threatened breach. 
  

 - 10 - 

 (i) Saturdays, Sundays, Holidays, etc. If the last or appointed day for taking of any action
required or permitted hereby shall be a day other than a Business Day, then such action may be taken on the next succeeding Business Day. 
  
 (j) Headings; Counterparts. The headings contained in this Agreement are for reference purposes only and shall not limit or otherwise affect the
meaning of any provision of this Agreement. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument, binding upon all of the parties hereto. In
pleading or proving any provision of this Agreement, it shall not be necessary to produce more than one of such counterparts. 
  
 (k) Severability. If any provision of this Agreement shall be held or deemed to be, or shall in fact be, invalid, inoperative, illegal or
unenforceable as applied to any particular case in any jurisdiction or jurisdictions, or in all jurisdictions or in all cases, because of the conflict of any provision with any constitution or statute or rule of public policy or for any other
reason, such circumstance shall not have the effect of rendering the provision or provisions in question invalid, inoperative, illegal or unenforceable in any other jurisdiction or in any other case or circumstance or of rendering any other
provision or provisions herein contained invalid, inoperative, illegal or unenforceable to the extent that such other provisions are not themselves actually in conflict with such constitution, statute or rule of public policy, but this Agreement
shall be reformed and construed in any such jurisdiction or case as if such invalid, inoperative, illegal or unenforceable provision had never been contained herein and such provision reformed so that it would be valid, operative and enforceable to
the maximum extent permitted in such jurisdiction or in such case. Notwithstanding the foregoing, in the event of any such determination the effect of which is to affect materially and adversely any party, the parties shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable Law in an acceptable manner to the end that the transactions contemplated by this Agreement are
fulfilled and consummated to the maximum extent possible. 
  
 (l)
Further Acts. Each party agrees that at any time, and from time to time, before and after the consummation of the transactions contemplated by this Agreement, it will do all such things and execute and deliver all such other agreements,
instruments and documents and other assurances, as any other party or its counsel reasonably deems necessary or desirable in order to carry out the terms and conditions of this Agreement and the transactions contemplated hereby or to facilitate the
enjoyment of any of the rights created hereby or to be created hereunder. Without limiting the generality of the foregoing, ATC agrees to use its reasonable business efforts to secure all consents and approvals required from its lenders or others
holding its debt instruments to the extent necessary to enable it to perform its obligations under this Agreement, including without limitation any purchase of the Holding Securities from Gearon or any other Stockholder. 
  
 (l) Legend on Certificate. Each party acknowledges that no Transfer of
any of the shares of Holding Common Stock held by it may be made except in compliance with applicable federal and state securities laws. All the certificates or other instruments representing any of such shares that are now or hereafter held by such
party shall be subject to the terms of this Agreement and shall have endorsed in writing, stamped or printed, thereon the following legend: 
  
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND
MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THOSE LAWS. THE SECURITIES ARE ALSO SUBJECT TO CERTAIN RIGHTS AND RESTRICTIONS, INCLUDING BUT NOT LIMITED TO 
  

 - 11 - 

 RESTRICTIONS ON TRANSFER, SET FORTH IN AN AGREEMENT AMONG THE HOLDER, THE CORPORATION AND CERTAIN
STOCKHOLDERS AND OPTIONEES OF THE CORPORATION, AS AMENDED FROM TIME TO TIME, A COPY OF WHICH IS ON FILE WITH AND AVAILABLE FROM THE SECRETARY OF THE CORPORATION UPON WRITTEN REQUEST.” 
  
 (m) Effectiveness of Transfers. Any Holding Securities transferred by
any party to this Agreement shall be held by the transferee thereof pursuant to this Agreement. Such transferee shall, except as otherwise expressly stated herein, have all the rights and be subject to all of the obligations of its transferor
(including in the case of a Gearon Holder all of those of Gearon) under this Agreement automatically and without requiring any further act by such transferee or by any parties to this Agreement. Without affecting the preceding sentence, if such
transferee is not a party to this Agreement on the date of such Transfer, then such transferee, as a condition to such Transfer, shall confirm such transferee’s obligations hereunder in accordance with Section 9(n). No Transfer of Holding
Securities shall be recorded on Holding’s books and records, and no such Transfer shall be otherwise effective, unless such Transfer is made in accordance with the terms and conditions of this Agreement, and Holding is hereby authorized by all
of the parties to enter appropriate stop transfer notations on its transfer records to give effect to this Agreement. No actual or purported Transfer of any Holding Securities (or any portion thereof), nor any right thereto, whether voluntary or
involuntary, direct or indirect, which is in violation of any provision of this Agreement shall be valid or effective to grant any Person any right, title or interest in or to such Holding Securities (or portion thereof) or any rights as a
stockholder of Holding. Anything in this Section or elsewhere in this Agreement to the contrary notwithstanding, (i) no ATC Holder other than ATC shall have any obligation under Section 3 or 6, it being the intent of the parties that any such ATC
Holder shall be obligated only under Sections 4 and 9, but any such ATC Holder may, except as it may have otherwise agreed in writing with ATC (or any other ATC Holder), exercise the rights of ATC (or any such ATC Holder) set forth in this
Agreement, and (ii) ATC shall remain obligated, to the greatest extent applicable, under all Sections of this Agreement notwithstanding any Transfer of all or any part of the Holding Securities owned by it or any of its Affiliates. 
  
 (n) Additional Stockholders. Any Person acquiring any shares of
Holding capital stock shall on or before the Transfer or issuance to it of such shares, sign a counterpart signature page hereto in form reasonably satisfactory to Holding, Gearon and ATC and shall thereby become a party to this Agreement. Holding
shall require each Person acquiring any shares of capital stock of Holding or an option, warrant or other right to purchase shares of capital stock of Holding under any option or other equity participation plan to execute a counterpart signature
page hereto. 
  
 (o) Power of Attorney. Gearon and each
other Stockholder hereby appoints ATC as its agent and attorney-in-fact, which appointment is coupled with an interest, and is irrevocable, for purposes of executing and delivering all such agreements, instruments and documents necessary or
desirable in order to effectuate the provisions of this Agreement, including without limitation the right and power to transfer the Holding Securities of Gearon and such other Stockholder to ATC in accordance with the provisions of Sections 6 and 7.
Notwithstanding the foregoing, if Gearon or any other Stockholder shall have given a good faith written notice to ATC specifying in reasonable detail that a bona fide dispute exists between the parties relating to the potential exercise of such
power of attorney, ATC shall not be entitled to exercise it until further written notice from Gearon or such other Stockholder or a final, nonappealable judicial order or decision. 
  
 (p) Mutual Drafting. This Agreement is the result of the joint efforts of the parties, and each provision hereof has
been subject to the mutual consultation, negotiation and agreement of the parties and there shall be no construction against any party based on any presumption of that party’s involvement in the drafting thereof. Each of the parties is a
sophisticated legal entity or individual that was advised by experienced counsel and, to the extent it deemed necessary, other advisors in connection with this Agreement. 
  

 - 12 - 

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

			
	 ATC South America Holding Corp.

		
	 By:
	 	 /s/

	 Name:
	 	 
	 Title:
	 	 
	
	 American Tower Corporation

		
	 By:
	 	 /s/ James Taiclet., Jr.

	 Name:
	 	 James Taiclet, Jr.

	 Title:
	 	 President and CEO

	
	 American Tower International, Inc.

		
	 By:
	 	 /s/ James Taiclet., Jr.

	 Name:
	 	 James Taiclet, Jr.

	 Title:
	 	 President and CEO

		
	 	 	 /s/ J. Michael Gearon, Jr.

	 	 	 J. Michael Gearon, Jr.

  

 - 13 - 

 APPENDIX A 
  

“Adjusted EBITDA” shall mean the excess of (a) the earnings before taxes, interest, and depreciation and amortization of Holding over
(b) a reasonable allocation of administrative overhead of ATC and its subsidiaries, to the extent (i) ATC actually provides administrative services to Holding and (ii) expenses related to such services are not already deducted from earnings.
Adjusted EBITDA shall, unless ATC and Gearon agree on the amount, be determined by the independent accountants of Holding, whose determination shall, unless objected to in writing by Gearon within ten (10) Business Days of the delivery of such
determination, be binding and conclusive on all of the Parties. If Gearon shall so timely object, it shall have the right to submit the matter to an independent accounting firm reasonably acceptable to ATC and Gearon whose determination shall be
binding and conclusive on all of the Parties and whose expenses shall be paid by Gearon unless its determination of Adjusted EBITDA is more than five percent (5%) greater than that determined by Holding’s independent accountants in which event
they shall be paid by ATC. 
  
 “Affiliate”, when
used with respect to any Person, shall mean (a) any other Person at the time directly or indirectly controlling, controlled by or under direct or indirect common control with such Person, (b) any other Person of which such Person at the time owns,
or has the right to acquire, directly or indirectly, five percent (5%) or more on a consolidated basis of the equity or beneficial interests, (c) any other Person which at the time owns, or has the right to acquire, directly or indirectly, five
percent (5%) or more of any class of the capital stock or beneficial interests of such Person, (d) any executive officer or director of such Person, and (e) when used with respect to an individual, shall include a spouse, any ancestor or descendant,
or any other relative (by blood, adoption or marriage), within the third degree of such individual. A Person shall be deemed to be “controlled by” any other Person if such other Person possesses, directly or indirectly, power to direct or
cause the direction of the management or policies of such Person or the disposition of its assets or properties, whether by stock, equity or other ownership, by contract, arrangement or understanding, or otherwise. 
  
 “ATC” shall have the meaning given to it in the preamble.

  
 “ATC Change of Control” shall mean the
acquisition, directly or indirectly, by any Person or group (as such term is used in Section 13(d)(3) of the Exchange Act), other than any Person who is, as of the date hereof, an executive officer, director or the holder of five percent (5%) or
more of the aggregate voting power of all classes of common stock of ATC, or any Affiliate of any such officer, director or holder, or any group of which any such officer, director, holder or Affiliate is a member, of more than fifty percent (50%),
of the aggregate voting power of all classes of common stock of ATC. 
  
 “ATC Common Stock” shall mean the Class A Common Stock, par value $.01 per share, of ATC or any publicly traded class of common stock into which such stock shall have been converted or exchanged pursuant to any
recapitalization, reorganization, merger, consolidation or similar event. 
  
 “ATC Holder(s)” shall mean ATC, ATC International, any Affiliate of ATC or ATC International to whom any Holding Securities may from time to time be transferred and any other Person deriving its
interest, directly or indirectly, in any Holding Securities from any of the foregoing, other than any Gearon Holder or other Stockholder. 
  
 “ATC International” shall have the meaning given to it in the preamble. 
  

 - 14 - 

 “ATC Registration Rights Agreement” shall mean the Amended and Restated Registration
Rights Agreement dated February 25, 1999, as heretofore and hereafter amended. 
  
 “Authority” shall mean any governmental or quasi-governmental authority, whether administrative, executive, judicial, legislative or other, or any combination thereof, including without limitation any
federal, state, territorial, county, municipal or other government or governmental or quasi-governmental agency, arbitrator, authority, board, body, branch, bureau, or comparable agency or Entity, commission, corporation, court, department,
instrumentality, mediator, panel, system or other political unit or subdivision or other Entity of any of the foregoing, whether domestic or foreign. 
  
 “Business Day” shall mean any day, other than a Saturday, Sunday or legal holiday, on which banks in Atlanta, Georgia and Boston,
Massachusetts are permitted to be open for business. 
  
 “Call Notice” shall have the meaning given to it in Section 6(b). 
  
 “Core Business” shall mean the ownership, operation, construction, leasing and management of telecommunications towers and related businesses such as site acquisition and zoning activities, but shall
exclude, without limitation, (a) marketing and sale of equipment and components, (b) providing integrated satellite and fiber network access services (i.e., teleports), and (c) engineering services, such as wireless broadband and wireless network
design and implementation; radio frequency network design; drive testing; performance engineering; technical planning for spectrum license holders; upgrading networks to 3G; transport engineering; and interconnection and microwave services.

  
 “Disability” shall mean a condition (mental
or physical or both) which, in the good faith judgment of the Holding Board, renders Gearon, in his capacity as an executive officer of Holding, and by reason of incapacity (mental or physical or both) unable to perform properly his duties as such
executive officer for a period of not less than six (6) months during any twenty-four (24) month period. 
  
 “Electing Offering Stockholder” shall have the meaning given to it in Section 6(a). 
  
 “Electing Put Stockholder” shall have the meaning given to
it in Section 6(a). 
  
 “Entity” shall mean any
corporation, partnership, limited liability company, trust, unincorporated association, government or any agency or political subdivision thereof. 
  
 “Fair Market Value” shall mean, with respect to the ATC Common Stock, (a) the average of the high and low reported sales prices, regular
way, or, in the event that no sale takes place on any day, the average of the reported high and low bid and asked prices, regular way, in either case as reported on the principal stock exchange on which such stock is listed, or, if not so listed, on
the Nasdaq National Market System; or (b) if such stock is not so listed, (i) the average of the high and low bid and high and low asked prices on each such day in the over-the-counter market as reported by Nasdaq, or (ii) if bid and asked prices
for such security on any day shall not have been reported through Nasdaq, the average of the bid and asked prices for such day as furnished by any New York Stock Exchange member firm regularly making a market in such security selected for such
purpose by ATC; in each case for the twenty (20) trading days ending five business days prior to the date as of which such Fair Market Value is being determined. 
  
 “First Refusal Offer” shall have the meaning given to it in Section 7(a). 
  

 - 15 - 

 “Forfeiture Event” shall mean any of the following acts (other than as a result of the
death or Disability of Gearon) committed by Gearon: 
  
 (a) any willful or gross failure or refusal to perform, or any willful or gross misconduct in the performance of, any significant portion of his obligations, duties and responsibilities as an executive officer of Holding, the effect of
which has been or reasonably could be expected to materially and adversely affect the business of ATC or any of its Affiliates, as determined in good faith by the ATC Board of Directors, and that (i) is incapable of cure, or (ii) has not been cured
or remedied as promptly as is reasonably possible (and in any event within thirty (30) days) after written notice from the Holding Board to Gearon specifying in reasonable detail the nature of such failure, refusal or misconduct, or 
  
 (b) material breach of the provisions of Section 2, 3 or 4
of the Gearon Noncompetition Agreement which (i) is incapable of cure, or (ii) has not been cured or remedied promptly (and in any event within thirty (30) days) after written notice from the Holding Board to Gearon specifying in reasonable detail
the nature of such breach, or 
  
 (c) Gearon is
convicted of, pleads guilty or nolo contendero to any act of fraud, embezzlement or misappropriation or other crime involving moral turpitude in connection with his employment by Holding or any of its Affiliates intended by Gearon to
result in substantial personal enrichment and which adversely affects the business of ATC or any of its Affiliates, all as determined in good faith by the ATC Board of Directors. 
  
 “Gearon” shall have the meaning given to it in the preamble and shall, to the extent applicable, include
his heirs, legal representatives and trustees. 
  
 “Gearon
Holder(s)” shall mean any member of the Gearon Group, any Affiliate of any of the foregoing or any other Person deriving its interest, directly or indirectly, from any member of the Gearon Group or any Affiliate of any of the foregoing,
other than any ATC Holder. 
  
 “Gearon Group”
shall mean (a) Gearon, (b) any spouse, ancestor or descendant, or other relative (by blood, adoption or marriage, past or present), within the third degree of Gearon, (c) any Affiliate of any of the individuals included within clause (a) or (b), and
(d) any trust for the benefit of any of the Persons included within clause (a), (b) or (c). 
  
 “Gearon Notice Period” shall have the meaning given to it in Section 7(b). 
  
 “Gearon Noncompetiton Agreement” shall mean the agreement, of even date, by and among, Holding, Other Holding, ATC and Gearon.

  
 “Gearon Termination Event” shall mean the
termination by (a) Gearon of his employment with Holding other than a termination for Good Reason following an ATC Change of Control or a Holding Change of Control, or (b) Holding of Gearon’s employment as a result of (i) a Forfeiture Event or
(ii) a material breach by Gearon of any material provision of this Agreement, or any of the Related Documents which (x) is incapable of cure, or (y) has not been cured or remedied promptly (and in any event within thirty (30) days) after written
notice from the Holding Board to Gearon, specifying in reasonable detail the nature of such breach. 
  
 “Good Reason” shall mean: 
  
 (a) the assignment to Gearon of any duties inconsistent in any material respect with his position, authority, duties or responsibilities
as contemplated in Section 4(f) or any other action by Holding, Other Holding or their Affiliates that results in a diminution, in any material respect, in such position, authority, duties or responsibilities; or 
  

 - 16 - 

 (b) an ATC Change of Control or a Holding Change of Control; or 
  
 (c) a material reduction in Gearon’s compensation or
other benefits (taking into account the compensation and other benefits from all Affiliates of Holding from whom he may, from time to time, receive compensation), the result of which is to place Gearon in a materially less favorable position as to
such compensation and benefits compared to other employees of Holding and its Affiliates of similar stature and position; or 
  
 (d) any other failure by Holding or ATC to comply in any material respect with any material provision of this Agreement or by Other Holding or ATC to comply in any
material respect with any material provision of the Other Agreement; 
  
 that (i)
is incapable of cure, or (ii) has not been cured or remedied promptly (and in any event within thirty (30) days) after written notice to the Holding Board and ATC from Gearon specifying in reasonable detail the nature of such assignment, action,
reduction or failure. 
  
 “Holding” shall have
the meaning given to it in the preamble 
  
 “Holding
Board” shall have the meaning given to it in Section 4(a). 
  
 “Holding Change of Control” shall mean the acquisition, directly or indirectly, by any Person or group (as such term is used in Section 13(d)(3) of the Exchange Act), other than ATC or any of its subsidiaries or any Person
who is, as of the date hereof, an executive officer, director or the holder of five percent (5%) or more of the ATC Common Stock, or any Affiliate of any such officer, director or holder, or any group of which any such officer, director, holder or
Affiliate is a member, of more than fifty percent (50%), of the voting power of all classes of common stock of Holding. 
  
 “Holding Change of Control Notice” shall have the meaning given to it in Section 6(d). 
  
 “Holding Change of Control Transaction” shall have the
meaning given to it in Section 6(d). 
  
 “Holding Common
Stock” shall mean all shares of Common Stock, par value $.01 per share, of Holding. 
  
 “Holding Notice Period” shall have the meaning given to it in Section 7(c). 
  
 “Holding Securities” shall mean all shares of Holding Common Stock from time to owned by Gearon or any other Person other than the ATC
Holders. 
  
 “Holding Value” shall mean the fair
market value of the Holding Common Stock, determined in accordance with this definition. The parties agree that the fair market value of the Holding Common Stock shall mean the price at which a willing seller would sell and a willing buyer would buy
a comparable business as an ongoing business in an arm’s length transaction (as a sale of the stock or, if applicable, other equity interests), determined as if Holding were a public company and the Holding Common Stock were publicly traded on
a securities exchange in the United States of America and widely held at the time of such determination and without consideration of any restrictions or encumbrances or contractual rights relating to the equity securities thereof, and assuming all
of the outstanding stock or, if applicable, other equity interests are to be sold in a single transaction. The Board of Directors of ATC 
  

 - 17 - 

 has determined, and Gearon agrees, that the fair market value of the Holding Common Stock would be an amount equal to the
excess, if any, of (a) fifteen (15) times the Adjusted EBITDA of Holding for the four fiscal quarters ended prior to the date of determination over (b) the sum of (i) the aggregate principal amount and accrued and unpaid interest on all Indebtedness
for Money Borrowed of Holding, and (ii) the aggregate liquidation preference and accrued and unpaid dividends on all preferred stock of Holding, in each case as of the last day of such four fiscal quarters. The parties agree that the Board of
Directors of ATC shall, from time to time, determine whether the foregoing valuation methodology is an appropriate one for determining Holding Value. If the ATC Board of Directors determines, after consultation with Gearon, that such valuation
methodology no longer reflects the fair market value of the Holding Common Stock, it shall (a) determine such fair market value, (b) establish new valuation methodology, or (c) establish other means for determining it, including without limitation
by the appointment of an investment banking firm knowledgeable in the business in which Holding is engaged and reasonably acceptable to Gearon or, in the event they are unable to agree upon a single investment banking firm, each shall appoint one
such firm and the two firms thus appointed shall select a third firm whose determination of such fair market value shall be binding and conclusive on the parties. Any such investment banking firm shall determine such fair market value based on the
then existing facts and circumstances, including the existing business plan and projections of Holding. Holding shall pay all costs and expenses of any investment banking firm appointed pursuant to these provisions. ATC shall promptly advise Gearon
of its determination. If the ATC Board of Directors makes a determination or establishes a new valuation methodology and such determination or valuation methodology results in a lower Holding Value than the valuation methodology set forth in this
definition, Gearon shall have the right to have an independent investment banking firm appointed in accordance with the foregoing provisions of this definition. Anything in this definition to the contrary notwithstanding, for purposes of determining
the fair market value of the Holding Common Stock, it shall be assumed that, and the valuation shall be based on the assumption that, the only business conducted by Holding was the Core Business. Without limiting the generality of the foregoing,
there shall be excluded from the revenues and expenses of Holding for purposes of determining Holding Value all revenues and expenses (including without limitation any increased administrative costs, incremental taxes, and exchange rate
fluctuations) attributable to any business that is not a Core Business and, to the extent that any item of revenue or expense is not specifically related to a Core or non-Core Business (e.g., revenue and expenses attributable to a
“bundled” agreement), it shall be equitably allocated to each in accordance with generally accepted accounting principles. 
  
 “Indebtedness for Money Borrowed” shall mean money borrowed and indebtedness represented by notes payable and drafts accepted
representing extensions of credit, all obligations evidenced by bonds, debentures, notes or other similar instruments, the maximum amount currently or at any time thereafter available to be drawn under all outstanding letters of credit issued for
the account of such Person, all indebtedness upon which interest charges are customarily paid by such Person, and all indebtedness (including capitalized lease obligations) issued or assumed as full or partial payment for property or services,
whether or not any such notes, drafts, obligations or indebtedness represent Indebtedness for Money Borrowed, but shall not include (a) trade payables, (b) expenses accrued in the ordinary course of business, or (c) customer advance payments and
customer deposits received in the ordinary course of business. 
  
 “Law” shall mean any (a) administrative, judicial, legislative or other action, code, consent decree, constitution, decree, directive, enactment, finding, law, injunction, interpretation, judgment, order, ordinance, policy
statement, proclamation, promulgation, regulation, requirement, rule, rule of law, rule of public policy, settlement agreement, statute, or writ of any Authority, domestic or foreign; or (b) the common law, or other legal precedent. 
  

 - 18 - 

 “Lien” shall mean any of the following: mortgage, lien (statutory or other), or other
security agreement, arrangement or interest; hypothecation, pledge or other deposit arrangement; assignment; charge; levy; executory seizure; attachment; garnishment; encumbrance (including any easement, exception, reservation or limitation, right
of way, and the like); conditional sale, title retention or other similar agreement, arrangement, device or restriction; preemptive or similar right; any financing lease involving substantially the same economic effect as any of the foregoing; the
filing of any financing statement under the Uniform Commercial Code or comparable law of any jurisdiction; restriction on sale, transfer, assignment, disposition or other alienation; or any option, equity, claim or right of or obligation to, any
other Person, of whatever kind and character. 
  
 “Minimum
Price” shall have the meaning given to it in Section 7(a). 
  
 “Noncompetition Agreement” shall mean the noncompetition agreement, dated as of the date hereof, in the form of Exhibit A hereto. 
  
 “Offered Securities” shall have the meaning given to it in Section 7(a). 
  
 “Option(s)” shall have the meaning given to it in the second Whereas paragraph. 
  
 “Other Agreement” shall mean the agreement, dated as of
October 11, 2001, by and among Other Holding, ATC, ATC International, and Gearon. 
  
 “Other Holding” shall mean ATC Mexico Holding Corp., a Delaware corporation owned by ATC and Gearon. 
  
 “Other Note” shall mean the note attached to the Other Agreement as Exhibit A. 
  
 “Other Pledge Agreement” shall mean the pledge agreement
attached to the Other Agreement as Exhibit B. 
  
 “Permitted Transfer” shall mean: 
  
 (a) a Transfer of any Holding Securities (other than an Option) by Gearon or any other Stockholder who is a natural person and such Person’s spouse, children, parents or siblings (whether natural, step or by
adoption) or to a trust solely for the benefit of one or more of any of such Persons, so long as such Person is the sole trustee of such trust; 
  
 (b) a Transfer of Holding Securities between or among the Stockholders ; and 
  
 (c) a Transfer of Holding Securities between Gearon or any
other Stockholder who is a natural person and such Person’s legal representatives, guardians or conservators. 
  
 No Permitted Transfer shall be effective unless and until the transferee of the Holding Securities so transferred executes and delivers to Holding an executed counterpart
of this Agreement pursuant to the provisions of Section 9(n). 
  
 “Permitted Transferee” shall mean any Person who shall have acquired and who shall hold any Holding Securities pursuant to a Permitted Transfer, and shall include the Persons listed on Schedule A attached hereto so long as
they are employees of Holding or any Affiliate of Holding. 
  
 “Person” means an individual or Entity. 
  

 - 19 - 

 “Plan” shall have the meaning given to it in the second Whereas paragraph. 

 
 “Proposed Transfer” shall have the meaning given to it in
Section 7. 
  
 “Put/Call Price” shall mean, with
respect to Holding Securities owned by any Stockholder, the amount derived by multiplying (i) the Holding Value by (ii) a fraction (x) the numerator of which is the number of shares of Holding Common Stock represented by the Holding Securities held
by such Stockholder and (y) the denominator of which is the aggregate number of shares of Holding Common Stock at the time outstanding. 
  
 “Put Notice” shall have the meaning given to it in Section 5(a). 
  
 “Related Documents” shall mean the Other Agreement, the Other Note, the Noncompetition Agreement, and the
Other Pledge Agreement. 
  
 “Stockholder(s)”
shall have the meaning given to it in the preamble. 
  
 “Third Party” means any Person other than Holding or ATC (or any of its Affiliates). 
  
 “Third Party Transferee” shall have the meaning given to it in Section 7(g). 
  
 “Transfer” shall mean to transfer, issue, sell, assign,
pledge, hypothecate, give, grant or create a security interest in or lien on, place in trust (voting or otherwise), assign an interest in or in any other way encumber or dispose of, directly or indirectly and whether or not by operation of law or
for value, any of the Holding Securities. 
  
 “Transfer
Notice” shall have the meaning given to it in Section 7(a). 
  

 - 20 - 

 SCHEDULE A 
  

J. Michael Gearon, Jr. 
 William H. Hess 
 Guy Hamilton Eargle 
 Murillo Penchel 
 Kevin Corrigan 
 Lawrence Gleason 
 Dan Brooks 
 Alexandre Braga 
 Michael Bucey 
 Jeff Smith 
  

 - 21 -

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