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EXHIBIT 10.32  

 
  REGISTRATION RIGHTS AGREEMENT    
  

        THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of February 26, 2003, by and among
UbiquiTel Inc., a Delaware corporation (the "Company"), and the individuals and entities listed on the signature page(s) hereto as Warrant
Holders (the "Warrant Holders"). 

 
 

RECITALS    
  

        A.    The Company and the Warrant Holders are parties to that certain Note Purchase Agreement among the Company and the Warrant Holders of even date
herewith ("Note Purchase Agreement") pursuant to which the Warrant Holders acquired warrants to purchase shares of the Company's Common Stock; and 

        B.    The
Company and Warrant Holders desire to provide for the rights of the Warrant Holders to register the shares issued upon the exercise of the Warrants. 

        NOW,
THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration the receipt and sufficiency of which is hereby
acknowledged, the parties hereby agree as follows: 

        1.    Registration Rights.    The Company covenants and agrees as follows: 

        1.1.    Definitions.    For purposes of this Section 1: 

        (a)    The
term "Act" means the Securities Act of 1933, as amended. 

        (b)    The
term "Black Out Period" means a period during which the Company shall not be required to amend or supplement the
Mandatory Registration Statement, any related prospectus or any document incorporated therein by reference, for a period not to exceed, for so long as this Agreement is in effect, an aggregate of
60 days in any calendar year, in the event that (i) an event occurs and is continuing as a result of which the Mandatory Registration Statement, any related prospectus or any document
incorporated therein by reference as then amended or supplemented would, in the Company's good faith judgment, contain an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and (ii) the Board of Directors of the Company determines in its good faith
judgment that either (x) the disclosure of such event at such time would have a material adverse effect on the business, operations or prospects of the Company or (y) the disclosure
otherwise relates to a material business transaction which has not yet been publicly disclosed and such disclosure would materially adversely affect the likelihood of consummating such transaction;  provided that such Black Out Period shall be extended for any period, not to exceed any aggregate of 30 days in any calendar year, during which
the SEC is reviewing any proposed amendment or supplement to the Mandatory Registration Statement, any related prospectus or any document incorporated therein by reference which has been filed by the
Company. 

        (c)    The
term "Common Stock" means the Company's common stock, par value $0.0005 per share. 

        (d)    The
term "Form S-3" means such form under the Act as in effect on the date hereof or any successor
registration form under the Act subsequently adopted by the SEC. 

        (e)    The
term "Holder" means any person owning or having the right to acquire Registrable Securities or any assignee thereof
in accordance with Section 1.9 hereof. 

        (f)    The
term "1934 Act" means the Securities Exchange Act of 1934, as amended. 

 

        (g)    The
terms "register," "registered," and
"registration" refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the
declaration or ordering of effectiveness of such registration statement or document. 

        (h)    The
term "Registrable Securities" means the Warrant Shares and shares attributable to stock splits or dividends thereon. 

        (i)    The
term "SEC" means the Securities and Exchange Commission. 

        (j)    The
term "Warrants" means the warrants to purchase shares of Common Stock of the Company issued to the Warrant Holders
pursuant to the Note Purchase Agreement. 

        (k)    The
term "Warrant Shares" means shares of Common Stock issued or issuable to the Warrant Holders upon the exercise of the
Warrants. 

        1.2.    Mandatory Registration.    The Company shall prepare promptly and file with the SEC as soon as practicable,
but in no event later than the sixtieth (60th) day following the date hereof (the "Filing Date"), a Registration Statement on
Form S-3 (or, if Form S-3 is not then available for use by the Company, on such form of Registration Statement as is then available for use by the Company to
effect a registration of all of the Registrable Securities) covering the resale of the Registrable Securities (the "Mandatory Registration Statement").
The Mandatory Registration Statement filed hereunder, to the extent allowable under the Securities Act and the Rules promulgated thereunder (including Rule 416), shall state that such Mandatory
Registration Statement also covers such indeterminate number of additional shares of Common Stock as may become issuable upon exercise of the Warrants to prevent dilution resulting from stock splits,
stock dividends or similar transactions. The Mandatory Registration Statement required by this Section 1.2 (and each amendment or supplement thereto, and each request for acceleration of
effectiveness thereof) shall be provided to (and subject to the reasonable approval of) the Purchasers' legal counsel (such counsel being one law firm designated by Purchasers holding a majority of
the Registrable Securities) prior to its filing or other submission. The Company shall cause the Mandatory Registration Statement required to be filed pursuant to this Section 1.2 to become
effective as soon as practicable, but in no event later than 120 days following the date hereof (the "Effectiveness Date"). At the time of
effectiveness, the Company shall ensure that such Mandatory Registration Statement covers all of the Registrable Securities issuable pursuant to the Warrants. If (a) on or prior to the Filing
Date, the Mandatory Registration Statement has not been filed with the SEC; or (b) on or prior to the Effectiveness Date, the Mandatory Registration Statement has not been declared effective by
the SEC; or (c) after the Mandatory Registration Statement has been declared effective, such Mandatory Registration Statement ceases to be effective or usable at any time after the expiration
of a Black Out Period in connection with resales of the Registrable Securities in accordance with and during the periods specified herein (each such event in clauses (a) through (c), a
"Registration Default"), then the Company shall be liable to pay damages to the Holders of Registrable Securities as follows (the
"Partial Damages"): (i) an aggregate of $1,250 per day for so long as the Registration Default continues during the 90-day period
immediately following such Registration Default (the "First Default Period"); (ii) an aggregate of $2,500 per day for so long as the Registration
Default continues during the period that is 91 to 120 days following such Registration Default; (iii) an aggregate of $3,750 per day for so long as the Registration Default continues
during the period that is 121 to 150 days following such Registration Default; and (iv) an aggregate of $5,000 per day for so long as the Registration Default continues during the period
that is 151 or more days following such Registration Default. The Partial Damages shall be paid to the Holders of Registrable Securities pro rata based
upon the number of Warrant Shares held by each such Holder of Registrable Securities. The Partial Damages provided to the Holders of Registrable Securities herein shall not be deemed the exclusive
remedies or damages of the Holders of Registrable Securities; provided, that any Holder 

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of Registrable Securities covered by the Mandatory Registration Statement may, on behalf of itself, irrevocably waive, by notifying the Company in writing on or before the thirtieth (30th) day of the
First Default Period, the right to receive its pro rata portion of Partial Damages for such Registration Default which might otherwise be payable on and after the date of such written notice, in which
case the Company shall thereafter be permanently relieved of its obligations to pay future Partial Damages to such Holder of Registrable Securities for such Registration Default and such Holder shall
then be entitled to exercise any rights, remedies, powers and privileges of such Holder at law or in equity; provided,  further, that the Company shall be
automatically and permanently discharged of its obligations to pay Partial Damages for a Registration Default as of
the date on which more than 90% of the unsold Registrable Securities (excluding those held by "affiliates" of the Company (as such term is defined under
Rule 144 of the Securities Act)) covered by the Mandatory Registration Statement are eligible for resale under Rule 144(k) of the Securities Act. Notwithstanding anything to the contrary
set forth herein or elsewhere in this Agreement, the Company shall be permanently relieved of its obligations to pay Partial Damages to the extent a Registration Default is caused, or, if already
pending, is extended, by reason of the SEC not being open for business because there shall have occurred, among other things, any attack on, outbreak or escalation of hostilities or acts of terrorism
involving the United States, any declaration of war by the United States Congress or any other national or international calamity or emergency. 

        1.3.    Company Registration.    If (but without any obligation to do so) the Company proposes to register (including
for this purpose a registration effected by the Company for stockholders other than the Holders) for its own account any of its Common Stock under the Act in connection with the public offering of
such securities solely for cash (other than a registration relating solely to either the sale of Common Stock to participants in a Company stock plan, or sale of Common Stock, the net proceeds of
which will be used to fund a single or series of related acquisitions), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each
Holder given within thirty (30) days after mailing of such notice by the Company in accordance with Section 3.5, the Company shall, subject to the provisions of this Section 1,
cause to be registered under the Act all of the Registrable Securities that each such Holder has requested to be registered. The number of Registrable Securities and other securities proposed to be
included in such offering shall be included in the following order: 

        (a)    First, the Common Stock proposed to be included by the Company; 

        (b)    Second, any shares of Common Stock proposed to be included by holders of superior registration rights granted by the
Company prior to the date hereof; 

        (c)    Third, the Registrable Securities held by the Holders of Registrable Securities, pro rata based upon the number of
Registrable Securities owned by each Holder at the time of such registration; and 

        (d)    Fourth, other securities not referred to in (a) and (b) above. 

        Notwithstanding
the foregoing, in the event the managing underwriter advises the Company in writing that the inclusion of Registrable Securities proposed to be included by the Holders in
such registration may adversely affect the offering and sale (including price) of all securities to be included in such registration, the number of shares of Registrable Securities proposed to be
included by the Holders may be cut back disproportionately relative to the Common Stock and other securities to be included in such offering, and pro rata based upon the number of Registrable
Securities owned by each such affected Holder. 

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        1.4.    Obligations of the Company.    Whenever required under this Section 1 to effect the registration of any
Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

        (a)    Prepare
and file with the SEC a registration statement with respect to such Registrable Securities and use its best efforts to cause such registration statement to
become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred
twenty (120) days or until the distribution contemplated in the Registration Statement has been completed; provided,  however, that (i) such
120-day period shall be extended for a period of time equal to the period the Holder refrains from selling any
Registrable Securities owned by such Holder and included in such registration following the receipt of any notice given by the Company pursuant to  Section 1.3(f) or at the request of an underwriter
of Common Stock (or other securities) of the Company; and (ii) in the case of any
registration of Registrable Securities pursuant to Section 1.2 or any registration on Form S-3 and which are intended to be
offered on a continuous or delayed basis, such 120-day period shall be extended to keep the registration statement effective until all such Registrable Securities are sold. 

        (b)    Prepare
and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as
may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement. 

        (c)    Furnish
to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Act, and such other
documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them and give such Holders reasonable time to review and comment on such documents. 

        (d)    Use
its best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as
shall be reasonably requested by the Holders; provided, that the Company shall not be required in connection therewith or as a condition thereto to
qualify to do business or to file a general consent to service of process in any such states or jurisdictions. 

        (e)    In
the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing
underwriter of such offering. 

        (f)    (i)    Notify
each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be
delivered under the Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and 

                (ii)    (A)    use
its best efforts to prevent the issuance of any stop order or obtain its withdrawal at the earliest possible moment,
and 

                  (B)    prepare
and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may
be necessary so that, as thereafter delivered to the offerees of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact 

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required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. 

        (g)    Cause
all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which the same securities issued by the Company are then
listed, if any. 

        (h)    Provide
a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case
not later than the effective date of such registration. 

        (i)    Use
its best efforts to obtain from its counsel an opinion or opinions in customary form for delivery to the Holders. 

        1.5.    Furnish Information.    

        (a)    It
shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 1 with respect to the Registrable Securities of
any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities
including the information specified in Item 507 or 508 of Regulation S-K, as applicable, as shall be reasonably requested to effect the registration of such Holder's Registrable
Securities. The Holders shall promptly furnish additional information required to be disclosed in order to make the information previously furnished by the Holders not materially misleading. 

        (b)    The
Company shall have no obligation with respect to any registration requested pursuant to Section 1.9 if the number of shares or the anticipated aggregate
offering price of the Registrable Securities to be included in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger
the Company's obligation to initiate such registration as specified in subsection 1.9(b)(2), whichever is applicable. 

        1.6.    Expenses of Form S-3 Registration.    All expenses other than underwriting discounts and
commissions relating to Registrable Securities incurred in connection with registrations, filings or qualifications pursuant to this Agreement, including (without limitation) all registration, filing
and qualification fees, printers' and accounting fees, fees and disbursements of one counsel for the Holders of Registrable Securities included in such registration, shall be borne by the Company. 

        1.7.    Expenses of Company Registration.    The Company shall bear and pay all expenses incurred in connection with
any registration, filing or qualification of Registrable Securities with respect to the registrations pursuant to this Section 1 for each Holder (which right may be assigned to the extent
provided in Section 1.10), including (without limitation) all registration, filing, and qualification fees, printers, legal and accounting fees relating or apportionable thereto, but excluding
underwriting discounts and commissions relating to Registrable Securities. 

        1.8.    Indemnification.    In the event any Registrable Securities are included in a registration statement under
this Section 1: 

        (a)    To
the extent permitted by law, the Company will indemnify and hold harmless each Holder, such Holder's members, officers, directors, partners, shareholders and
employees, any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Act or the 1934 Act, against any losses,
claims, damages, or liabilities (joint or several) to which they may become subject under the Act, or the 1934 Act or other federal or state law, insofar as such losses, claims, damages, or
liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a
"Violation"): (i) any untrue statement or 

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alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any
violation or alleged violation by the Company of the Act, the 1934 Act, any state securities law or any rule or regulation promulgated under the Act, or the 1934 Act or any state securities law; and
the Company will pay to each such Holder, underwriter or controlling person, upon final determination, any legal or other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity
agreement contained in this subsection 1.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if
such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), and such settlement includes an unconditional release of all claims relating thereto
and does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of the Company, nor shall the Company be liable to any Holder, underwriter or
controlling person in any such case for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in
conformity with written information relating to such Holder, underwriter or controlling person furnished expressly for use in connection with such registration by such Holder, underwriter or
controlling person. 

        (b)    To
the extent permitted by law, each selling Holder will, severally, and not jointly and severally, indemnify and hold harmless the Company, each of its directors, each
of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Act, any underwriter, any other Holder selling securities in such
registration statement and any controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons
may become subject, under the Act, or the 1934 Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon
any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information relating to such Holder, underwriter or
controlling person furnished by such Holder expressly for use in connection with such registration; and each such Holder will pay, as finally determined, any legal or other expenses reasonably
incurred by any person intended to be indemnified pursuant to this subsection 1.8(b), in connection with investigating or defending any such loss,
claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this  subsection 1.8(b)
 shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Holder, and such settlement includes an unconditional release of all claims relating thereto and does not include a statement as to or an admission of fault, culpability or
a failure to act by or on behalf of such Holder, which consent shall not be unreasonably withheld; provided, that, in no event shall any indemnity under
this subsection 1.8(b) exceed the lesser of such Holder's allocable share of such indemnity payment and the gross proceeds from the offering received by
such Holder. 

        (c)    Promptly
after receipt by an indemnified party under this Section 1.8 of notice of the commencement of any action
(including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this  Section 1.8, deliver to the indemnifying
party a written notice of the commencement thereof and the indemnifying party shall have the right to
participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to such indemnifying parties; 

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 provided, however, that an indemnified party (together with all other indemnified parties which may be represented without
conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the
counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such
proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall
relieve such indemnifying party of liability to the indemnified party under this Section 1.8 to the extent, and only to the extent, prejudiced
thereby, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this  Section 1.8. 

        (d)    If
the indemnification provided for in this Section 1.8 is held by a court of competent jurisdiction to be
unavailable to an indemnified party with respect to any loss, liability, claim, damage, or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party
hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the
relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage,
or expense as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the
parties' relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 

        (e)    The
obligations of the Company and Holders under this Section 1.8 shall survive the completion of any offering of
Registrable Securities in a registration statement under this Section 1, and otherwise. 

        1.9.    Form S-3 Registration.    In case the Company shall receive from any Holder or Holders a
written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable
Securities owned by such Holder or Holders, and the Company is then eligible to register the Registrable Securities on Form S-3, the Company will: 

        (a)    promptly
give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and 

        (b)    as
soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and
distribution of all or such portion of such
Holder's or Holders' Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as
are specified in a written request given within 15 days after receipt of such written notice from the Company; provided,  however, that the Company
shall not be obligated to effect any such registration, qualification or compliance, pursuant to this
Section 1.9: (1) if Form S-3 is not available for such offering by the Holders; (2) if the Holders, together
with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to
the public (net of any underwriters' discounts or commissions) of less than $500,000; (3) if the Company shall furnish to the Holders a 

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certificate signed by the President of the Company stating that in the good faith judgment of the Board of Directors of the Company, to effect such a Form S-3 Registration would
(i) require the disclosure of a material transaction or other matter and such disclosure would be disadvantageous to the Company or (ii) adversely affect a material financing,
acquisition, disposition of assets or stock, merger, or other comparable transaction, in which case the Company shall have the right to defer the filing of the Form S-3 registration
statement for a period of not more than sixty (60) days after receipt of the request of the Holder or Holders under this Section 1.9;  provided,
however, that the Company shall not utilize this right more than once in any twelve month
period; (4) if the Company has, within the twelve (12) month period preceding the date of such request, already effected one registration on Form S-3 for the Holders
pursuant to this Section 1.9; or (5) in any particular jurisdiction in which the Company would be required to qualify to do business or to
execute a general consent to service of process in effecting such registration, qualification or compliance. 

        (c)    Subject
to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered
as soon as practicable after receipt of the request or requests of the Holders. All expenses incurred in connection with a registration requested pursuant to  Section 1.9, including (without
limitation) all registration, filing, qualification, printer's and accounting fees and the reasonable fees and
disbursements of one counsel for the selling Holder or Holders and counsel for the Company, shall be borne by the Company. 

        1.10.    Assignment of Registration Rights.    

        (a)    The
rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but
only with all related obligations) by a Holder to a transferee or assignee of such securities if (x) such transfer involves all the Registrable Securities held by the Holder in compliance with
the transfer and assignment provisions of the Note Purchase Agreement and such transfer is not to more than five Persons, or (y) a transfer by a Holder which is a corporation to any affiliate,
officer, director, partner, member, or employee of such Holder and, a transfer by a Holder which is a partnership to a partner of such partnership or a retired partner of such partnership who retires
after the date hereof, or to the estate of any such partner or retired partner, or a transfer by a Holder which is a limited liability company to a member of such limited liability company or a
retired member who resigns after the date hereof or to the estate of any such member or retired member; or a transfer by a Holder which is an individual to a member of the immediate family of such
individual or to a trust solely for the benefit of such individual or the members of the immediate family of such individual or to the estate of such individual;  provided, that all such assignees who
would not qualify individually for assignment of registration rights under  subsection 1.9(a) shall have a single attorney-in-fact for the
purpose of exercising any rights, receiving notices or taking any action under this Section 1 and shall provide a power of attorney to that
effect if requested by the Company. 

        (b)    No
assignment or transfer pursuant to this Section 1.10 shall be effective unless (i) the Company is,
within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are
being assigned; and (ii) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement. Additionally, such assignment shall be effective
only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act. 

        1.11.    "Market Stand-Off" Agreement.    All Holders of more than 5% of the outstanding common stock of
the Company at the time of the filing of the registration statement for the 

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applicable offer hereby agree that, during the period of duration specified by the Company and an underwriter of common stock or other securities of the Company, following the effective date of a
registration statement of the Company filed under the Act, they shall not, to the extent requested by the Company and such underwriter, directly or indirectly sell, offer to sell, contract to sell
(including, without limitation, any short sale), grant any option to purchase or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) any securities of the Company
held by them at any time during such period except Common Stock included in such registration; provided, however, that: 

        (a)    all
executive officers and directors of the Company enter into similar agreements; and 

        (b)    such
market stand-off time period shall not exceed one hundred and eighty (180) days. 

        In
order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable Securities of Holders (and the shares or
securities of every other person subject to the foregoing restriction) until the end of such period. 

        Notwithstanding
the foregoing, the obligations described in this Section 1.11 shall not apply to a registration relating solely to
employee benefit plans on Form S-8 or similar forms which may be promulgated in the future, or a registration relating solely to a SEC Rule 145 transaction on
Form S-4 or similar forms which may be promulgated in the future. 

        1.12.    Termination of Registration Rights.    No Holder shall be entitled to exercise any right provided for in this
Section 1 after the date on which all Registrable Securities held by such Holder are saleable under Rule 144(k). 

        2.    Covenants of the Company.    

        2.1.    Exchange Act Compliance.    The Company shall comply with all of the reporting requirements of the 1934 Act
and shall comply with all other public information reporting requirements of the SEC which are conditions to the availability of Rule 144 for the sale of common stock. The Company shall
cooperate with each Holder in supplying such information as may be necessary for such Holder to complete and file any information reporting forms presently or hereafter required by the SEC as a
condition to the availability of Rule 144. 

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        3.    Miscellaneous.    

        3.1.    Successors and Assigns.    Except as otherwise provided herein, the terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including permitted transferees of any shares of Registrable Securities). Nothing in this
Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or
by reason of this Agreement, except as expressly provided in this Agreement. 

        3.2.    Governing Law.    This Agreement shall be governed by and construed under the laws of the State of Delaware as
applied to agreements entered into and to be performed entirely within Delaware. 

        3.3.    Counterparts; Signatures.    This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be executed by facsimile signature. 

        3.4.    Titles and Subtitles.    The titles and subtitles used in this Agreement are used for convenience only and are
not to be considered in construing or interpreting this Agreement. 

        3.5.    Notices.    Unless otherwise provided, any notice required or permitted under this Agreement shall be given in
writing and shall be deemed effectively given by fax or upon personal delivery to the party to be notified or upon delivery by recognized overnight courier service, and addressed to the party to be
notified at the address indicated for such party on the signature page(s) hereof, or at such other address as such party may designate by ten (10) days' advance written notice to the other
parties. 

        3.6.    Expenses.    If any action at law or in equity is necessary to enforce or interpret the terms of this
Agreement, the prevailing party shall be entitled to reasonable attorneys' fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

        3.7.    Amendments and Waivers.    Any term of this Agreement may be amended and the observance of any term of this
Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and Holders of ninety percent (90%) of
the Registrable Securities then outstanding. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each Holder of any Registrable Securities, each future holder of
all such Registrable Securities, and the Company. 

        3.8.    Severability.    If one or more provisions of this Agreement are held to be unenforceable under applicable
law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its
terms. 

        3.9.    Aggregation of Stock.    All shares of Registrable Securities held or acquired by affiliated entities or
persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

        3.10.    Entire Agreement.    This Agreement constitutes the full and entire understanding and agreement between the
parties with regard to the subject hereof. 

[Signature
page(s) follow.] 

10

 

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

	 	 	UBIQUITEL INC.
	

 	
 	
By:	

 
	 	 	 	
 Name: Donald A. Harris

Title: President and CEO
	

 	
 	
WARRANT HOLDERS:
	

 	
 	

BRU HOLDING CO., LLC
	

 	
 	
By:	

 
	 	 	 	
 Name: Bruce E. Toll

Title: Member
	

 	
 	

Address:  3103 Philmont Avenue

                  Huntingdon Valley, PA 19006
	

 	
 	
CBT WIRELESS INVESTMENTS, L.L.C.
	

 	
 	
By:	

 
	 	 	 	
 Name: Peter Lucas

Title: General Manager
	

 	
 	

Address:  1733 H Street, #330-141

                  Blaine, WA 98230
	

 	
 	

By:	

 
	 	 	 	
 JOSEPH N. WALTER
	

 	
 	

Address:  516 36th Avenue East

                  Seattle, WA 98112

11

 

	

 	
 	
BALLYSHANNON PARTNERS, L.P.
	

 	
 	
By:	

 
	 	 	 	
 Name: Bruce E. Terker

Title: President of Ballyshannon Partners, Inc., General Partner
	

 	
 	

Address:  325 Bryn Mawr Avenue

                  Bryn Mawr, PA 19010
	

 	
 	
TRELLUS PARTNERS, L.P.
	

 	
 	
By:	

 
	 	 	 	
 Name: Adam Usdan

Title: President of Trellus Management Company, LLC, General Partner
	

 	
 	

Address:  350 Madison Avenue, 9th Floor

                  New York, NY 10017
	

 	
 	
PORTER PARTNERS, L.P.
	

 	
 	
By:	

 
	 	 	 	
 Name: Jeffrey H. Porter

Title: General Partner
	

 	
 	

Address:  300 Drakes Landing Road, Suite 175

                  Greenbrae, CA 94904
	

 	
 	
TALKOT CROSSOVER FUND, L.P.
	

 	
 	
By:	

 
	 	 	 	
 Name: Thomas B. Akin

Title: Managing General Partner
	

 	
 	

Address:  2400 Bridgeway, Suite 200

                  Sausalito, CA 94965

12

 

	

 	
 	
EXPRESS MARINE, INC.
	

 	
 	
By:	

 
	 	 	 	
 Name: Richard C. Walling, Jr.

Title: Vice President
	

 	
 	

Address:  1150 First Avenue, Suite 600A

                  King of Prussia, PA 19406
	

 	
 	
305 INVESTMENTS, L.P.
	

 	
 	
By:	

 
	 	 	 	
 Name: Richard C. Walling, Jr.

Title: Managing Partner
	

 	
 	

Address:  1150 First Avenue, Suite 600A

                  King of Prussia, PA 19406
	

 	
 	

By:	

 
	 	 	 	
 RICHARD C. WALLING, JR.
	

 	
 	

Address:  1150 First Avenue, Suite 600A

                  King of Prussia, PA 19406
	

 	
 	
RUSSELL INVESTMENTS
	

 	
 	
By:	

 
	 	 	 	
 Name: John Russell

Title: CEO
	

 	
 	

Address:  1021 Troublesome Creek Lane

                  Greensboro, GA 30642

13

 

	

 	
 	
BALLYSHANNON FAMILY PARTNERSHIP, L.P.
	

 	
 	
By:	

 
	 	 	 	
 Name: Bruce E. Terker

Title: President of Ballyshannon Partners, Inc., General Partner
	

 	
 	

Address:  325 Bryn Mawr Avenue

                  Bryn Mawr, PA 19010

14

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REGISTRATION RIGHTS AGREEMENT

RECITALSQuickLinks
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EXHIBIT 10.33  

 
 

ESCROW AGREEMENT    
  

        THIS ESCROW AGREEMENT (this "Agreement") is entered into as of February 14, 2003 by and among UbiquiTel Operating Company, a Delaware corporation (the
"Company"), the parties identified on the execution pages hereof as the "Purchasers" and Greenberg Traurig LLP, a limited liability partnership, as escrow agent (the "Escrow Agent"), pursuant to
Section 1.3 of a Note Purchase Agreement amongst, inter alia, the same parties dated of even date herewith ("Purchase Agreement"). All capitalized terms set forth herein and not otherwise
defined shall have the meanings as defined in the Purchase Agreement. 

 
 

RECITALS    
  

        The Purchasers have agreed, severally but not jointly, to purchase the Series B Notes in the principal amount of $15,000,000 for an aggregate purchase
price of $11,250,000, and Warrants to purchase 11,250,000 Shares. Schedule I sets forth the Purchase Price for each Purchaser. Each Purchaser has agreed, severally and not jointly, to deposit
its Purchase Price in escrow, subject to the terms of this Agreement. 

        NOW,
THEREFORE, the parties agree as follows: 

	1.
	Appointment of Escrow Agent.    The Purchasers, and the Company appoint and designate the Escrow Agent to receive, hold and
distribute, as Escrow Agent, the Purchase Price deposited by the Purchasers, and the Escrow Agent accepts such appointment and designation.

	2.
	Deposits into Escrow.

	(a)
	Immediately
following the execution of this Agreement and the Purchase Agreement by all Purchasers, as notified to the Purchasers by the Company, each Purchaser, severally and not
jointly, shall deposit an amount equal to its Purchase Price with the Escrow Agent, pursuant to the wire transfer instructions set forth on Exhibit A hereto. The amounts so deposited, together
with all interest and other earnings thereon, constitute the "Escrow Fund". The parties acknowledge that, subject to the terms of this Agreement and the Purchase Agreement, the Escrow Funds belong
proportionately to each Purchaser, and not to the Company or the Escrow Agent.

	(b)
	Not
later than two days prior to the Closing, the Company shall deposit into escrow with the Escrow Agent a Series B Note in the name of each Purchaser, in the principal amount
to which such Purchaser is entitled on the Closing Date pursuant to the Purchase Agreement, and the Warrant to which such Purchaser is entitled on the Closing Date pursuant to the Purchase Agreement,
registered in the name of such Purchaser. The Escrow Agent shall not disburse the Escrow Fund or any part thereof to the Company unless and until such deposits as are required under this
Section 2(b) have been made. 

	3.
	Disbursement of Escrow Fund.

	(a)
	On
the Closing Date, when the conditions to Closing set forth in Section 10 of the Purchase Agreement have been satisfied, the Company shall so notify each Purchaser. Upon
being notified by Purchasers holding not less than twenty-five percent (25%) of the aggregate Adjusted Purchase Price for the Series B Notes and Warrants being purchased on the
Closing Date that such Purchasers concur that the conditions to Closing have been satisfied, and provided that no Purchaser has informed the Escrow Agent that such Purchaser believes such conditions
have not been met, and pursuant to Section 2.2 of the Purchase Agreement, the Escrow Agent (i) shall disburse to the Company an amount equal to the aggregate Purchase Price for the
Series B Notes being purchased at the Closing, as it may be adjusted pursuant to Section 1.4 of the Purchase Agreement, and (ii) shall disburse to each Purchaser the
Series B 

 

Notes
and Warrants to which such Purchaser is entitled. Any funds not disbursed pursuant to this Section 3(a) shall remain in escrow and continue to be part of the Escrow Fund. 

	(b)
	Upon
being notified by the Company that the Exchange Offer will not be consummated, or if the Exchange Offer has not been consummated as of the Termination Date, the Escrow Agent
shall disburse to each Purchaser the Purchase Price deposited by such Purchaser and all interest accrued thereon. The Escrow Agent shall also disburse to each Purchaser on the Termination Date such
Purchaser's share of the Escrow Fund remaining in the Escrow Fund following purchases of Series B Notes and Warrants pursuant to Sections 1.5.

	(c)
	If
and to the extent any Series B Notes and Warrants are purchased pursuant to Section 1.5, the Company shall in each case deposit with the Escrow Agent a
Series B Note in the name of each Purchaser, in the principal amount to which such Purchaser is entitled pursuant to such Section, and the Warrant to which such Purchaser is entitled pursuant
to such Section, registered in the name of such Purchaser, and the Escrow Agent shall (i) disburse to the Company from the Escrow Fund an amount equal to the aggregate Purchase Price of the
Series B Notes and Warrants so purchased, and (ii) disburse to each Purchaser the Series B Notes and Warrants to which such Purchaser is entitled. 

	4.
	Investment of Escrow Fund.    During the term of this Agreement, the Escrow Agent shall maintain the Escrow Fund in its
interest-bearing client fund account. All income earned on the Escrow Fund shall be taxable to the Purchasers and each Purchaser's social security number and/or taxpayer identification number as set
forth below such Purchaser's signature on the execution pages hereof shall be used on all accounts and investments of the Escrow Agent.

	5.
	Escrow Agent.

	(a)
	Duties.    The Escrow Agent undertakes to perform the specific duties which are set forth herein.

	(b)
	Indemnification.

	(i)
	The
Escrow Agent may rely on and shall be protected in acting or refraining from acting on any written notice, instruction or request furnished to it
hereunder and believed by it to be genuine and authorized and may assume that any person giving any written notice, request, advice or instruction in connection with or relating to this Agreement has
been fully authorized to do so, and that the signature of such person is genuine.

	(ii)
	The
Escrow Agent shall not be liable for any action taken by it in good faith and without gross negligence or willful misconduct, and believed by it to
be authorized or within the rights or powers conferred on it by this Agreement, and may consult with counsel of its own choice (which may consist of attorneys employed by the Escrow Agent) and shall
have full and complete authorization and protection for any action taken or suffered by it hereunder in good faith and in accordance with the opinion of such counsel.

	(iii)
	The
Company agrees to indemnify and hold harmless the Escrow Agent for, and against, any loss, liability, cost, claim, demand or expense incurred
without gross negligence or willful misconduct or bad faith on the part of the Escrow Agent, arising out of, or in connection with this Agreement or carrying out the Escrow Agent's duties hereunder,
including, without limitation, costs and expenses of defending the Escrow Agent against any claim of liability with respect thereto.

	(iv)
	The
Escrow Agent's duties hereunder are purely ministerial in nature and the Escrow Agent shall have no implied obligations or responsibilities
hereunder, nor shall it have any obligation or responsibility to collect funds or seek the deposit of money or property, nor is the Escrow Agent a party to any other agreement entered into between the
Company and the Purchasers. 

2

 

	(c)
	Other Matters.    The Escrow Agent (and any successor escrow agent or agents) reserves the right to resign as Escrow Agent at
any time, provided thirty (30) days' prior written notice is given to the Company and the Purchasers and provided, further, that a mutually acceptable successor agent(s) has been designated by
the Company and the Purchasers. Neither the Company nor the Purchasers will unreasonably withhold consent to appointment of a successor escrow agent. In the event that the Company and the Purchasers
are not able to agree to a successor escrow agent(s) within this thirty (30) day period, the Escrow Agent may petition a court to designate a successor Escrow Agent. The resignation of the
Escrow Agent (and any successor escrow agent or agents) shall be effective on delivery of the Escrow Fund to the successor escrow agent(s). The Company and the Purchasers reserve the right jointly to
remove the Escrow Agent at any time, provided three (3) days' prior written notice is given to the Escrow Agent. In the event of litigation or dispute by the Company and the Purchasers in which
the performance of the duties of the Escrow Agent is at issue, the Escrow Agent shall take no action until such action has been agreed to in writing by the Company and the Purchaser, or until receipt
of an order of a court having jurisdiction directing Escrow Agent with respect to the action which is the subject of such litigation or dispute. 

	6.
	Termination.    This Agreement shall terminate upon the disbursement of all amounts in the Escrow Fund pursuant to
Section 3.

	7.
	Representation of the Company.    Each Purchaser acknowledges that the Escrow Agent is counsel to the Company and,
notwithstanding this Agreement and the Escrow Agent's services hereunder, the Escrow Agent will continue to represent the Company in all matters, including matters adverse to such Purchaser arising
under this Agreement and the Note Purchase Agreement and all transactions contemplated thereby. To the extent that any such representation requires a waiver on the part of Purchasers, each Purchaser
by its signature below hereby grants such waiver.

	8.
	Notices.    All notices, demands, requests or other communications which may be or are required to be given, served or sent by
any party pursuant to this Agreement shall be in writing and shall be given in the manner set forth in Section 19 of the Purchase Agreement, except that, if to the Escrow Agent, to: 

Greenberg
Traurig, LLP

1750 Tysons Boulevard, Suite 1200

McLean, VA 22102

Attn:    Lee R. Marks, Esquire.

Fax Number 703 749 1301 

	9.
	Expenses of Escrow Agent.    If a suit is commenced against the Escrow Agent with respect to this Agreement or the Escrow
Fund, then the Escrow Agent may answer by way of interpleader in any court having jurisdiction and name the Company and the Purchasers as additional parties to such action, and the Escrow Agent may
tender the Escrow Fund into such court for determination of the respective rights, titles and interest of the Company and the Purchasers therein. On such tender, the Escrow Agent shall be paid by the
Company its reasonable attorneys' fees and expenses incurred in connection with any such interpleader action. If and when the Escrow Agent shall so interplead such parties, or any of them, and deliver
the Escrow Fund to the clerk of such court all of its duties hereunder shall cease, and it shall have no further obligation under this Agreement. Nothing herein shall prejudice any other right or
remedy of the Escrow Agent or the other parties to this Agreement.

	10.
	Benefit and Assignment.    This Agreement shall be binding on and shall inure to the benefit of the parties and their
respective successors and assigns as permitted hereunder. No person or entity, other than the parties, is or shall be entitled to bring any action to enforce any provision of this 

3

 

Agreement
against any of the parties, and the covenants and agreements set forth in this Agreement shall be solely for the benefit of, and shall be enforceable only by, the parties or their
respective successors and assigns as permitted hereunder. No party to this Agreement may assign this Agreement or any rights hereunder without the prior written consent of the other parties. 

	11.
	Governing Law.    This Agreement shall be governed by and construed under and in accordance with the laws of the State of New
York, without giving effect to principles of conflicts of laws.

	12.
	Signatures in Counterparts.    This Agreement may be executed in separate counterparts, none of which need contain the
signatures of all parties, each of which shall be deemed to be an original, and all of which taken together shall constitute one and the same instrument. It shall not be necessary in making proof of
this Agreement to produce or account for more, than the number of counterparts containing the respective signatures of, or on behalf of, all parties hereto. 

(Signature
Pages Attached) 

4

 

        This
Escrow Agreement is executed by the parties as of the date first above written. 

	 	 	UBIQUITEL OPERATING COMPANY
	

 	
 	

By:	

 
	 	 	 	

	 	 	Donald A. Harris, President and CEO
	

 	
 	

ESCROW AGENT:
	

 	
 	

GREENBERG TRAURIG LLP
	 	 	By:	 
	 	 	 	

	 	 	Lee R. Marks, Shareholder
	

 	
 	

PURCHASERS:
	

 	
 	

BRU HOLDING CO., LLC
	 	 	By:	 
	 	 	 	

	 	 	Name: Bruce E. Toll

Title: Member

Fax Number: (215) 938-8019

Subscription Amount: $3,000,000

SSN/ Fed. Tax ID No.

	 	 	Address:	 	3103 Philmont Avenue

Huntingdon Valley, PA 19006

5

 

        This Escrow Agreement is executed by the parties as of the date first above written. 

	 	 	PURCHASERS:
	 	 	CBT WIRELESS INVESTMENTS, L.L.C.
	

 	
 	

By:	

 
	 	 	 	

	 	 	Name: Peter Lucas

Title: Member

Fax Number: (604) 576-4855

Subscription Amount: $500,000

SSN/ Fed. Tax ID No.

	

 	
 	

Address:	
 	

1733 H Street, #330-141

Blaine, WA 98230

	 	 	By:	 
	 	 	 	

	 	 	JOSEPH N. WALTER

Fax Number: (206) 328-0815

Subscription Amount: $250,000

SSN/ Fed. Tax ID No.

	

 	
 	

Address:	
 	

516 36th Avenue East

Seattle, WA 98112

	 	 	BALLYSHANNON PARTNERS, L.P.
	

 	
 	

By:	

 
	 	 	 	

	 	 	Name: Bruce E. Terker

Title: President of Ballyshannon Partners,

Inc., General Partner

Fax Number: (610) 525-4591

Subscription Amount: $1,400,000

SSN/ Fed. Tax ID No.

	

 	
 	

Address:	
 	

325 Bryn Mawr Avenue

Bryn Mawr, PA 19010

6

 

        This Escrow Agreement is executed by the parties as of the date first above written. 

	 	 	PURCHASERS:
	

 	
 	

TRELLUS PARTNERS, L.P.
	 	 	By:	 
	 	 	 	

	 	 	Name: Adam Usdan

Title: President of Trellus Management Company,

LLC, General Partner

Fax Number: (212) 245-4139

Subscription Amount: $2,000,000

SSN/ Fed. Tax ID No.

	

 	
 	

Address:	
 	

350 Madison Avenue, 9th Floor

New York, NY 10017

	

 	
 	

PORTER PARTNERS, L.P.
	

 	
 	

By:	

 
	 	 	 	

	 	 	Name: Jeffrey H. Porter

Title: General Partner

Fax Number: (415) 461-4405

Subscription Amount: $1,000,000

SSN/ Fed. Tax ID No.

	

 	
 	

Address:	
 	

300 Drakes Landing Road, Suite 175

Greenbrae, CA 94904

	

 	
 	

TALKOT CROSSOVER FUND, L.P.
	 	 	By:	 
	 	 	 	

	 	 	Name: Thomas B. Akin

Title: Managing General Partner

Fax Number: (847) 655-6054

Subscription Amount: $1,000,000

SSN/ Fed. Tax ID No.

	

 	
 	

Address:	
 	

2400 Bridgeway, Suite 200

Sausalito, CA 94965

7

 

        This Escrow Agreement is executed by the parties as of the date first above written. 

	 	 	PURCHASERS:
	

 	
 	

EXPRESS MARINE, INC.
	

 	
 	

By:	

 
	 	 	 	

	 	 	Name: Richard C. Walling, Jr.

Title: Vice President

Fax Number: (610) 354-8388

Subscription Amount: $500,000

SSN/ Fed. Tax ID No.

	

 	
 	

Address:	
 	

1150 First Avenue, Suite 600A

King of Prussia, PA 19406

	 	 	305 INVESTMENTS, L.P.
	

 	
 	

By:	

 
	 	 	 	

	 	 	Name: Richard C. Walling, Jr.

Title: Managing Partner

Fax Number: (610) 354-8388

Subscription Amount: $500,000

SSN/ Fed. Tax ID No.

	

 	
 	

Address:	
 	

1150 First Avenue, Suite 600A

King of Prussia, PA 19406

	 	 	By:	 
	 	 	 	

	 	 	RICHARD C. WALLING, JR.

Fax Number: (610) 354-8388

Subscription Amount: $100,000

SSN/ Fed. Tax ID No.

	

 	
 	

Address:	
 	

1150 First Avenue, Suite 600A

King of Prussia, PA 19406

8

 

        This Escrow Agreement is executed by the parties as of the date first above written. 

	 	 	PURCHASERS:
	

 	
 	

RUSSELL INVESTMENTS
	

 	
 	

By:	

 
	 	 	 	

	 	 	Name: John Russell

Title: CEO

Fax Number: (706) 467-0829

Subscription Amount: $560,000

SSN/ Fed. Tax ID No.

	

 	
 	

Address:	
 	

1021 Troublesome Creek Lane

Greensboro, GA 30642

	 	 	BALLYSHANNON FAMILY PARTNERSHIP, L.P.
	

 	
 	

By:	

 
	 	 	 	

	 	 	Name: Bruce E. Terker

Title: President of Ballyshannon Partners,

Inc., General Partner

Fax Number: (610) 525-4591

Subscription Amount: $100,000

SSN/ Fed. Tax ID No.

	

 	
 	

Address:	
 	

325 Bryn Mawr Avenue

Bryn Mawr, PA 19010

9

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ESCROW AGREEMENT

RECITALS

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