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EXHIBIT 10.10  

 
 

FOURTH AMENDMENT
  TO THE
  ALLEGIANCE TELECOM, INC.
  1998 STOCK INCENTIVE PLAN    
  

        WHEREAS, the Allegiance Telecom, Inc. 1998 Stock Incentive Plan was adopted by the board of directors of Allegiance Telecom, Inc. ("Allegiance"). 

        WHEREAS,
Allegiance's board of directors is amending the Allegiance Telecom, Inc. 1998 Stock Incentive Plan in accordance with Section 16 of such plan. 

        RESOLVED,
that the number of shares of common stock available under the Allegiance Telecom, Inc. 1998 Stock Incentive Plan be increased by substituting the number "26,000,000" for
the number "24,000,000" in Section 4 of this plan (which 26,000,000 number shall be the aggregate number of shares available under the 1998 Stock Incentive Plan). Such amendment was approved by the
board of directors of Allegiance on November 13, 2001 and further ratified by the board of directors of Allegiance on February 21, 2002. 

        FURTHER
RESOLVED, that the officers of Allegiance be, and hereby are, authorized to take whatever actions are necessary to carry out the intent and purpose of the foregoing amendment. 

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EXHIBIT 10.15  

 
 

SECURED PROMISSORY NOTE    
  

	$250,000.00	 	December 6, 1999

        For
value received, G. Clay Myers ("Executive") promises to pay to the order of Allegiance Telecom, Inc., a Delaware corporation (the "Company"), at its offices at 1950 N.
Stemmons Freeway, Suite 3026, Dallas, Texas 75207, or such other place as designated in writing by the holder hereof, the aggregate principal sum of Two Hundred Fifty Thousand Dollars and No
Cents ($250,000.00). This Note shall be due and payable on December 6, 2002, or earlier as provided herein. 

        Interest
shall accrue annually on the outstanding principal amount of this Note at a rate equal to the lesser of (i) 5.74% per annum or (ii) the highest rate permitted by
applicable law, and shall be payable at such time as the principal of this Note becomes due and payable. 

        This
Note is secured by a pledge of option shares received upon exercise of Executive's Company stock options, in accordance with Executive's Pledge Agreement, a copy of which is
attached hereto. 

        In
the event that Executive shall resign from employment for any reason or be terminated by the Company for Cause, then this Note (including all accrued but unpaid interest) shall be
immediately due and payable. The term "Cause" means: (a) embezzlement or misappropriation of funds of the
Company; (b) use of illegal drugs or alcohol that materially impairs his ability to fulfill his duties as an employee; (c) willful disclosure of trade secrets or confidential information
of the Company; (d) dishonesty which results in substantial harm to the Company; or (e) conviction or confession of a criminal felony. 

        In
the event Executive fails to pay any amounts due hereunder when due, Executive shall pay to the holder hereof, in addition to such amounts due, all costs of collection, including
reasonable attorneys' fees. 

        Executive,
or his successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and nonpayment of this Note, and expressly
agrees that this Note, or any payment hereunder, may be extended from time to time and that the holder hereof may accept security for this Note or release security for this Note, all without in any
way affecting the liability of Executive hereunder. 

        This
Note shall be governed by the internal laws, not the laws of conflicts, of the State of Illinois. 

	

 	
 	

 	

By:	
 	

/s/  G. CLAY MYERS      
 G. Clay Myers
	

Witnessed By:	
 	

 	

 	
 	

 
	 	 	
	 	 	 
	

Printed Name:	
 	

 	

 	
 	

 
	 	 	
	 	 	 
	

Date:	
 	

 	

 	
 	

 
	 	 	
	 	 	 

  

 
 

AMENDED AND RESTATED PLEDGE AGREEMENT    
  

        THIS AMENDED AND RESTATED PLEDGE AGREEMENT is made as of June 7, 2001, between G. Clay Myers ("Pledgor"), and Allegiance Telecom, Inc., a Delaware
corporation (the "Company"). 

        The
Pledgor has executed that certain Secured Promissory Note, dated as of December 6, 1999, pursuant to which the Pledgor has borrowed $250,000.00 from the Company (the "Note").
The Pledgor and the Company are parties to that certain Pledge Agreement dated as of December 6, 1999 relating to the Note (the "Original Pledge Agreement"). The Original Pledge Agreement
related to certain option shares issuable under an option agreement, dated as of the December 6, 1999. Such option agreement has now been terminated by Pledgor and the option issuable
thereunder have been cancelled. Pledgor and the Company wish to amend and restate the Original Pledge Agreement to have the Note secured by Pledgor's options to purchase 300,000 shares of the
Company's Common Stock, $.01 par value, at a price per share of $14.0156. These options (the "Options") where granted to Pledgor on November 30, 2000. The term "Pledged Shares" shall mean the
Company's Common Stock purchased upon exercise of any of the Options. 

        This
Pledge Agreement provides the terms and conditions upon which the Note is secured by a pledge to the Company of the Pledged Shares. 

        NOW,
THEREFORE, in consideration of the premises contained herein and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and in order to
induce the Company to loan $250,000.00 to the Pledgor, Pledgor and the Company hereby agree as follows: 

	1.
	Pledge.    Pledgor
hereby pledges to the Company, and grants to the Company a security interest in, the Pledged Shares as security for the prompt
and complete payment when due of the unpaid principal of and interest on the Note and full payment and performance of the obligations and liabilities of Pledgor hereunder.

	2.
	Delivery
of Pledged Shares.    Upon the exercise of any Options, Pledgor shall deliver to the Company the certificate(s) representing the Pledged
Shares, together with duly executed forms of assignment sufficient to transfer title thereto to the Company.

	3.
	Voting
Rights; Cash Dividends.    Notwithstanding anything to the contrary contained herein, during the term of this Pledge Agreement until such
time as there exists a default in the payment of principal or interest on the Note or any other default under the Note or hereunder, Pledgor shall be entitled to all voting rights with respect to the
Pledged Shares and shall be entitled to receive all cash dividends paid in respect of the Pledged Shares. Upon the occurrence of and during the continuance of any such default, Pledgor shall no longer
be able to vote the Pledged Shares and the Company shall retain all such cash dividends payable on the Pledged Shares as additional security hereunder.

	4.
	Stock
Dividends; Distributions, etc.    If, while this Pledge Agreement is in effect, Pledgor becomes entitled to receive or receives any
securities or other property in addition to, in substitution of, or in exchange for any of the Pledged Shares (whether as a distribution in connection with any recapitalization, reorganization or
reclassification, a stock dividend or otherwise), Pledgor shall accept such securities or other property on behalf of and for the benefit of the Company as additional security for Pledgor's
obligations under the Note and shall promptly deliver such additional security to the Company together with duly executed forms of assignment, and such additional security shall be deemed to be part
of the Pledged Shares hereunder. 

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	5.
	Default.    If
Pledgor defaults in the payment of the principal or interest under the Note when it becomes due (for any reason) or any other
event of default under the Note or this Pledge Agreement occurs (including the bankruptcy or insolvency of Pledgor), the Company may exercise any and all the rights, powers and remedies of any owner
of the Pledged Shares (including the right to vote the shares and receive dividends and distributions with respect to such shares) and shall have and may exercise without demand any and all the rights
and remedies granted to a secured party upon default under the Uniform Commercial Code of the State of Illinois or otherwise available to the Company under applicable law. Without limiting the
foregoing, the Company is authorized to sell, assign and deliver at its discretion, from time to time, all or any part of the Pledged Shares at any private sale or public auction, on not less than ten
days written notice to Pledgor, at such price or prices and upon such terms as the Company may deem advisable. Pledgor shall have no right to redeem the Pledged Shares after any such sale or
assignment. At any such sale or auction, the Company may bid for, and become the purchaser of, the whole or any part of the Pledged Shares offered for sale. In case of any such sale, after deducting
the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to the principal of and accrued interest on the Note; provided that after
payment in full of the indebtedness evidenced by the Note, the balance of the proceeds of sale then remaining shall be paid to Pledgor and Pledgor shall be entitled to the return of any of the Pledged
Shares remaining in the hands of the Company. Pledgor shall be liable for any deficiency if the remaining proceeds are insufficient to pay the indebtedness under the Note in full, including the fees
of any attorneys employed by the Company to collect such deficiency.

	6.
	Costs
and Attorneys' Fees.    All costs and expenses (including reasonable attorneys' fees) incurred in exercising any right, power or remedy
conferred by this Pledge Agreement or in the enforcement thereof, shall become part of the indebtedness secured hereunder and shall be paid by Pledgor or repaid from the proceeds of the sale of the
Pledged Shares hereunder.

	7.
	Payment
of Indebtedness and Release of Pledged Shares.    Upon payment in full of the indebtedness evidenced by the Note, the Company shall
surrender the Pledged Shares to Pledgor together with all forms of assignment.

	8.
	No
Other Liens; No Sales or Transfers.    Upon exercise of any Options and delivery of the certificate representing the Pledged Shares, Pledgor
shall represent and warrant that he has good and valid title to all of the Pledged Shares, free and clear of all liens, security interests and other encumbrances. Pledgor hereby covenants that, until
such time as all of the outstanding principal of and interest on the Note has been repaid, Pledgor shall not (i) create, incur, assume or suffer to exist any pledge, security interest,
encumbrance, lien or charge of any kind against the Pledged Shares or Pledgor's rights or a holder thereof, other than pursuant to this Agreement, or (ii) sell or otherwise transfer any Pledged
Shares or any interest therein.

	9.
	Further
Assurances.    Pledgor agrees that at any time and from time to time upon the written request of the Company, Pledgor shall execute and
deliver such further documents (including UCC financing statements) and do such further acts and things as the Company may reasonably request in order to effect the purposes of this Pledge Agreement.

	10.
	Severability.    Any
provision of this Pledge Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 

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	11.
	No
Waiver; Cumulative Remedies.    The Company shall not by any act, delay, omission or otherwise be deemed to have waived any of its rights or
remedies hereunder, and no waiver shall be valid unless in writing, signed by the Company, and then only to the extent therein set forth. A waiver by the Company of any right or remedy hereunder on
any one occasion shall not be construed as a bar to any right or remedy which the Company would otherwise have on any future occasion. No failure to exercise nor any delay in exercising on the part of
the Company, any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein
provided are cumulative and may be exercised singly or concurrently, and are not exclusive of any rights or remedies provided by law.

	12.
	Waivers,
Amendments; Applicable Law.    None of the terms or provisions of this Pledge Agreement may be waived, altered, modified or amended
except by an instrument in writing, duly executed by the parties hereto. This Agreement and all obligations of the Pledgor hereunder shall together with the rights and remedies of the Company
hereunder, inure to the benefit of the Company, its subsidiaries
and their successors and assigns. This Pledge Agreement shall be governed by, and be construed and interpreted in accordance with, the laws of the State of Illinois. 

*
* * * * 

        IN
WITNESS WHEREOF, this Pledge Agreement has been executed as of the date first above written. 

	 	 	ALLEGIANCE TELECOM, INC.
	

 	
 	

By:	
 	

/s/  MARK B. TRESNOWSKI      
 Mark B. Tresnowski, Senior Vice President,

Secretary and General Counsel
	

 	
 	

By:	
 	

/s/  G. CLAY MYERS      
 G. Clay Myers, PLEDGOR

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SECURED PROMISSORY NOTE

AMENDED AND RESTATED PLEDGE AGREEMENT

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