Document:

First Supplemnetal Indenture Dated March 29, 2006

 Exhibit 4.2 
 EXECUTION COPY 
 TIME WARNER TELECOM INC. 
 and 
 WELLS FARGO BANK,

 NATIONAL ASSOCIATION, 
 As Trustee 
  

 FIRST SUPPLEMENTAL INDENTURE 
 Dated as of March 29, 2006 
  

 Supplemental to Indenture

 Dated as of March 29, 2006 
  

 Creating a Series of Securities 
 designated 
 2.375% Convertible Senior Debentures due 2026 

 TABLE OF CONTENTS 
  

			
	 	  	Page
	ARTICLE I
	Definitions
	 SECTION 1.01. Definitions
	  	2
	
	ARTICLE II
	The Debentures
		
	 SECTION 2.01. Designation of Debentures; Establishment of Form
	  	8
	 SECTION 2.02. Issue Price
	  	8
	 SECTION 2.03. Ranking
	  	8
	 SECTION 2.04. Amount
	  	8
	 SECTION 2.05. Stated Maturity
	  	8
	 SECTION 2.06. Interest
	  	8
	 SECTION 2.07. Place of Payment
	  	9
	 SECTION 2.08. Redemption and Repurchase; Sinking Fund
	  	9
	 SECTION 2.09. Form and Denomination; Currency
	  	9
	 SECTION 2.10. Conversion
	  	9
	 SECTION 2.11. No Defeasance or Discharge
	  	9
	 SECTION 2.12. Security Registrar; Paying Agent; Conversion Agent
	  	9
	
	ARTICLE III
	Amendments to the Base Indenture
		
	 SECTION 3.01. Provisions Applicable Only to Debentures
	  	10
	 SECTION 3.02. Additional Events of Default
	  	10
	 SECTION 3.03. Amendments; Waiver
	  	11
	 SECTION 3.04. Modification and Waiver
	  	12
	
	ARTICLE IV
	Conversion of Debentures
		
	 SECTION 4.01. Conversion Privilege
	  	12
	 SECTION 4.02. Settlement Upon Conversion; Conversion Procedure
	  	14
	 SECTION 4.03. Adjustment of Conversion Rate
	  	20
	 SECTION 4.04. Shares to Be Fully Paid
	  	29
	 SECTION 4.05. Effect of Reclassification, Consolidation, Merger or Sale
	  	29
	 SECTION 4.06. Certain Covenants
	  	31
	 SECTION 4.07. Responsibility of Trustee
	  	31
	 SECTION 4.08. Notice to Holders Prior to Certain Actions
	  	32
	 SECTION 4.09. Shareholder Rights Plans
	  	33

			
	ARTICLE V
	Redemption and Repurchase
		
	 SECTION 5.01. Redemption of Debentures at the Option of the Company
	  	33
	 SECTION 5.02. Notice of Optional Redemption; Selection of Debentures
	  	33
	 SECTION 5.03. Payment of Debentures Called for Redemption by the Company
	  	35
	 SECTION 5.04. [Reserved]
	  	36
	 SECTION 5.05. Repurchase at Option of Holders Upon a Designated Event
	  	36
	 SECTION 5.06. Repurchase of Debentures by the Company at Option of the Holders
	  	39
	 SECTION 5.07. Procedures for the Repurchase of Debentures
	  	40
	 SECTION 5.08. Effect of Repurchase Notice
	  	41
	 SECTION 5.09. Deposit of Reurchase Price
	  	42
	 SECTION 5.10. Debentures Repurchased in Part
	  	42
	 SECTION 5.11. Repayment to the Company
	  	42
	
	ARTICLE VI
	Miscellaneous
		
	 SECTION 6.01. Integral Part
	  	43
	 SECTION 6.02. Adoption, Ratification and Confirmation
	  	43
	 SECTION 6.03. Counterparts
	  	43
	 SECTION 6.04. Governing Law
	  	43
	 SECTION 6.05. Conflict of Any Provision of Indenture with Trust Indenture Act
	  	43
	 SECTION 6.06. Effect of Headings
	  	43
	 SECTION 6.07. Separability Clause
	  	43
	 SECTION 6.08. Successors and Assigns
	  	43
	 SECTION 6.09. Benefit of Supplemental Indenture
	  	43
	 SECTION 6.10. Acceptance by Trustee
	  	44

 Annex A: Form of Debenture 
  

 ii 

 THIS FIRST SUPPLEMENTAL INDENTURE, dated as of March 29, 2006 (this “First Supplemental
Indenture”), between TIME WARNER TELECOM INC., a corporation organized and existing under the laws of Delaware (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the
“Trustee”). 
 RECITALS OF THE COMPANY 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of March 29, 2006 (the “Base Indenture”), providing for the issuance from time to time of its debt
securities in one or more series; 
 WHEREAS, Section 901(6) of the Base Indenture provides that the Company and the Trustee may from
time to time enter into one or more indentures supplemental thereto to establish the form or terms of Securities of any series as permitted by Sections 201 and 301 thereof; 
 WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its 2.375% Convertible Senior Debentures due 2026, in an
initial aggregate principal amount of $325,000,000 (or $373,750,000 to the extent that the Underwriters’ over-allotment option pursuant to the Underwriting Agreement is exercised in full); 
 WHEREAS, the Company proposes by this First Supplemental Indenture to supplement and amend in certain respects the Base Indenture insofar as it will
apply only to the Debentures (and not to any other series of Securities, including, without limitation, any Bearer Securities) to provide for the form, terms and other provisions of the Debentures as a separate series of Securities to be issued
under the Indenture; 
 WHEREAS, all acts and things necessary to duly authorize and reserve for issuance shares of Common Stock issuable
upon the conversion of the Debentures have been done and performed; and 
 WHEREAS, all acts and things necessary to make the Debentures,
when executed by the Company and authenticated and delivered by the Trustee, the valid, binding and legal obligations of the Company, and to constitute this First Supplemental Indenture a valid agreement according to its terms, have been done and
performed, and the execution of this First Supplemental Indenture and the issuance hereunder of the Debentures have in all respects been duly authorized. 
 NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH: 
 In consideration of the premises provided for
herein, the Company and the Trustee mutually covenant and agree for the equal and proportionate benefit of all Holders of the Debentures as follows: 

 ARTICLE I 
 Definitions 
 SECTION 1.01. Definitions. For all purposes of the Base Indenture and this First
Supplemental Indenture relating to the series of Securities, consisting of the Debentures created hereby, except as otherwise expressly provided or unless the context otherwise requires, (i) the terms defined in this Section 1.01 have the
meanings assigned to them in this Section 1.01, (ii) any term that is defined in both the Base Indenture and this First Supplemental Indenture shall have the meaning assigned to such term in this First Supplemental Indenture,
(iii) any capitalized term that is used in this First Supplemental Indenture but not defined herein shall have the meaning specified in the Base Indenture and (iii) as used in this First Supplemental Indenture, the terms
“herein,” “hereof,” “hereunder” and other words of similar import refer to this First Supplemental Indenture. 
 “Additional Debentures” has the meaning specified in Section 2.04 hereof. 
 “Additional
Shares” has the meaning specified in Section 4.01(c) hereof. 
 “Authorized Officer” means any executive
officer of the Company authorized by the Company to issue the Debentures and to give notices for the Company and otherwise act for the Company under or in connection with the Indenture or the Debentures. 
 “Base Indenture” has the meaning specified in the recitals hereof. 
 “Capital Stock” means, for any entity, all shares, interests, rights to purchase, warrants, options, participations or other equivalents
of or interests in (however designated) stock issued by such entity. 
 “Cash Settlement Averaging Period” means, in respect
of a Conversion Date, the twenty consecutive Trading Day period: 
  

	 	(1)	with respect to any Conversion Date during the period beginning on, and including, the date that the Company issues a notice of redemption with respect to the Debentures, and ending
on, and including, the Business Day immediately preceding the corresponding Redemption Date, the twenty consecutive Trading Day period beginning on, and including, the 22nd Business Day immediately preceding such Redemption Date;

  

	 	(2)	with respect to any Conversion Date during the period beginning on, and including, the 25th Business Day immediately preceding the Stated Maturity and ending on, and including, the
Business Day immediately preceding the Stated Maturity, the twenty consecutive Trading Day period beginning on, and including, the 22nd Business Day immediately preceding the Stated Maturity; and 

  

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	 	(3)	in all other cases, the twenty consecutive Trading Day period beginning on, and including, the third Trading Day immediately following the relevant Conversion Date.

 “close of business” means 5 p.m. (New York City time). 
 “Common Stock” means, subject to Section 4.05 hereof, shares of Class A common stock of the Company, par value $0.01 per
share, at the date of this First Supplemental Indenture or shares of any class or classes resulting from any reclassification or reclassifications thereof and that have no preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Company and that are not subject to redemption by the Company; provided that if at any time there shall be more than one such resulting class, the shares of each such
class then so issuable upon conversion shall be substantially in the proportion that the total number of shares of such class resulting from all such reclassifications bears to the total number of shares of all such classes resulting from all such
reclassifications. 
 “Company” has the meaning specified in the first paragraph of this First Supplemental Indenture.

 “Company Repurchase Notice” has the meaning specified in Section 5.07(c) hereof. 
 “Company Repurchase Notice Date” has the meaning specified in Section 5.07(b) hereof. 
 “Conversion Agent” means any Person authorized by the Company to deliver shares of Common Stock (or other property into which the
Debentures may be converted) upon conversion of any Debenture, on behalf of the Company. 
 “Conversion Date” has the
meaning specified in Section 4.02(h) hereof. 
 “Conversion Notice” has the meaning specified in Section 4.02(h)
hereof. 
 “Conversion Obligation” has the meaning specified in Section 4.01(a) hereof. 
 “Conversion Price” as of any date will equal to $1,000, divided by the Conversion Rate as of such date. 
 “Conversion Rate” has the meaning specified in Section 4.01(a) hereof. 
 “Conversion Value” per $1,000 principal amount of Debentures will be an amount equal to the sum of the Daily Conversion Value Amounts
for the Trading Day in the Cash Settlement Averaging Period. 
 “Cut-off Date” has the meaning specified in
Section 4.02(f) hereof. 
  

 3 

 “Daily Conversion Value Amount” means, for each Trading Day of the Cash Settlement
Averaging Period and for each $1,000 principal amount of Debentures, the amount equal to the Last Reported Sale Price of the Common Stock on such Trading Day multiplied by the Conversion Rate in effect on such Trading Day, divided by
20. 
 “Debentures” has the meaning specified in Section 2.01 hereof and includes any Global Debenture. 

A “Designated Event” will be deemed to have occurred upon the occurrence of a Fundamental Change or a Termination of Trading.

 “Designated Event Expiration Time” has the meaning specified in Section 5.05(b) hereof. 
 “Designated Event Notice” has the meaning specified in Section 5.05(b) hereof. 
 “Designated Event Repurchase Date” has the meaning specified in Section 5.05(a) hereof. 
 “Designated Event Repurchase Notice” has the meaning specified in Section 5.05(c) hereof. 
 “Designated Event Repurchase Price” has the meaning specified in Section 5.05(a) hereof. 
 “Distributed Property” has the meaning specified in Section 4.03(c) hereof. 
 “Effective Date” has the meaning specified in Section 4.01(c)(ii) hereof. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Ex-Dividend Date” solely for purposes of Article Four hereof, has the meaning specified in Section 4.03(f) hereof. 
 “First Supplemental Indenture” has the meaning specified in the first paragraph of this First Supplemental Indenture. 
 A “Fundamental Change” means any transaction or event, whether by means of an exchange offer, liquidation, tender offer, consolidation,
merger, combination, reclassification, recapitalization or otherwise, in connection with which 50% or more of the Common Stock is exchanged for, converted into, acquired for or constitutes solely the right to receive, consideration which is not at
least 90% common stock that (x) is listed on, or immediately after the transaction or event will be listed on, a U.S. national securities exchange, or (y) is approved, or immediately after the transaction or event will be approved, for
quotation on the Nasdaq National Market (at a time when the Nasdaq National Market is not a U. S. national securities exchange). 
  

 4 

 “Fundamental Change Notice” has the meaning set forth in Section 4.01(b) hereof.

 “Holder” or other similar terms (but excluding the term “beneficial holder”), as applied to any
Debenture, means any Person in whose name at the time a particular Debenture is registered in the Security Register. 
 “Indenture” means the Base Indenture, as amended and supplemented by this First Supplemental Indenture and, if further amended or supplemented as herein provided, as so amended or supplemented. 
 “Interest Payment Date” has the meaning set forth in the Base Indenture and, with respect to the Debentures only, means April 1st
and October 1st of each year, commencing October 1, 2006. 
 “Last Reported Sale Price” means with respect to the
Common Stock or any other security for which the Last Reported Sale Price is to be determined, on any date, the closing sale price per share (or, if no closing sale price is reported, the average of the bid and ask prices or, if more than one in
either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. securities exchange on which the Common Stock or such other security is traded or, if the Common Stock
or such other security is not listed on a U.S. national or regional securities exchange, and the Nasdaq National Market is not a U.S. national securities exchange, as reported by the Nasdaq National Market. If the Common Stock or such other security
is not listed for trading on a U.S. national or regional securities exchange and not reported by the Nasdaq National Market (at a time when the Nasdaq National Market is not a U.S. national securities exchange) on the relevant date, the “Last
Reported Sale Price” will be the last quoted bid price for the Common Stock or such other security in the over-the-counter market on the relevant date as reported by the National Quotation Bureau or similar organization. If the Common Stock or
such other security is not so quoted, the Last Reported Sale Price will be the average of the mid-point of the last bid and ask prices for the Common Stock or such other security on the relevant date from each of at least three nationally recognized
independent investment banking firms selected by the Company for this purpose. The Last Reported Sale Price will be determined without reference to extended or after hours trading. 
 “Market Disruption Event” means, with respect to the Common Stock or any other security, the occurrence or existence for more than a
one-half hour period in the aggregate on any scheduled Trading Day for the Common Stock or such other security of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or
otherwise) in the Common Stock or such other security or in any options, contracts or future contracts relating to the Common Stock or such other security, and such suspension or limitation occurs or exists at any time before 1:00 p.m. (New
York City time) on such day. 
 “Merger Event” has the meaning specified in Section 4.05(a). 
  

 5 

 “Net Share Settlement” has the meaning specified in Section 4.02(e)(i) hereof.

 “Optional Redemption” has the meaning specified in Section 5.01 hereof. 
 “Prospectus Supplement” means the Prospectus Supplement of the Company describing the terms of the Debentures issued March 23, 2006
to the Prospectus of the Company dated March 17, 2006. 
 “Record Date”, solely for purposes of Article Four hereof,
has the meaning specified in Section 4.03(f) hereof. 
 “Redemption Date” has the meaning specified in
Section 5.02 hereof. 
 “Redemption Price” has the meaning specified in Section 5.01 hereof. 
 “Reference Property” has the meaning specified in Section 4.05(b) hereof. 
 “Regular Record Date” has the meaning set forth in the Base Indenture and with respect to the Debentures only shall mean March 15th
with respect to the Interest Payment Date on April 1st and September 15th with respect to the Interest Payment Date on October 1st. 
 “Repurchase Date” has the meaning specified in Section 5.06 hereof. 
 “Repurchase Price” has
the meaning specified in Section 5.06 hereof. 
 “Repurchase Notice” has the meaning specified in Section 5.06
hereof. 
 “Significant Subsidiary” means, at any date of determination, any Subsidiary of the Company that, together with
its Subsidiaries, (i) for the most recent fiscal year of the Company accounted for more than 10% of the consolidated revenues of the Company and its Subsidiaries, or (ii) as of the end of such fiscal year, was the owner of more than 10% of
the consolidated assets of the Company and its Subsidiaries, all as set forth on the most recently available consolidated financial statements of the Company for such fiscal year. 
 “Specified Dollar Amount” has the meaning specified in Section 4.02(d)(iii)(A) hereof. 
 “Specified Percentage” has the meaning specified in Section 4.02(d)(iii)(A) hereof. 
 “Spin-Off” has the meaning specified in Section 4.03(c) hereof. 
 “Stated Maturity” has the meaning specified in Section 2.05 hereof. 
 “Stock Price” means the price paid per share of Common Stock in connection with a Fundamental Change pursuant to which Additional Shares
shall be added to the Conversion Rate as set forth in Section 4.01(c) hereof, which shall be equal to (i) if holders 
  

 6 

 of Common Stock receive only cash in such Fundamental Change, the cash amount paid per share of Common Stock and
(ii) in all other cases, the average of the Last Reported Sale Prices of the Common Stock over the five consecutive Trading Day period ending on the Trading Day immediately preceding the Effective Date of such Fundamental Change. 
 “Subsidiary” of any Person means (i) any corporation more than 50% of whose stock of any class or classes having by the terms of
such stock ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall have or might have voting power by reason of the happening
of any contingency) is at the time owned by such Person and/or by one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person and (ii) any partnership, association, limited liability company, joint
venture or other entity in which such Person and/or one or more Subsidiaries of such Person or such Person and one or more Subsidiaries of such Person has more than a 50% equity interest at the time. 
 A “Termination of Trading” will be deemed to have occurred if the Common Stock, or other common stock into which the Debentures are then
convertible, is neither listed for trading on a U.S. national securities exchange nor approved for trading on the Nasdaq National Market (at a time when the Nasdaq National Market is not a U.S. national securities exchange). 
 “Trading Day” means, with respect to the Common Stock or any other security, a day during which (a) trading in the Common Stock or
such other security generally occurs, (b) there is no Market Disruption Event and (c) a Last Reported Sale Price for the Common Stock or such other security (other than a Last Reported Sale Price referred to in the next to last sentence of
such definition) is available for such day; provided that if the Common Stock or such other security is not admitted for trading or quotation on or by any exchange, bureau or other organization referred to in the definition of Last Reported
Sale Price (excluding the next to last sentence of that definition), Trading Date will mean any Business Day. 
 “Trigger
Event” has the meaning specified in Section 4.03(c) hereof. 
 “Trustee” has the meaning specified in the
first paragraph of this First Supplemental Indenture. 
 “Underwriters” means Morgan Stanley & Co. Incorporated,
Wachovia Capital Markets, LLC and Deutsche Bank Securities Inc., as underwriters of the public offering of the Debentures issued on the date hereof pursuant to the Underwriting Agreement. 
 “Underwriting Agreement” means the Underwriting Agreement dated March 23, 2006 among the Company and the Underwriters relating to
the public offering of the Debentures issued on the date hereof. 
  

 7 

 ARTICLE II 
 The Debentures 
 SECTION 2.01. Designation of Debentures; Establishment of Form. There shall
be a series of Securities designated “2.375% Convertible Senior Debentures due 2026” of the Company (referred to herein as the “Debentures”), and the form thereof shall be substantially as set forth in Annex A
hereto, which is incorporated into and shall be deemed a part of this First Supplemental Indenture, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have such
letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers of the Company
executing such Debentures, as evidenced by their execution of the Debentures. 
 SECTION 2.02. Issue Price. The Debentures to be
issued to the Underwriters pursuant to the Underwriting Agreement shall be issued at the price set forth in the Underwriting Agreement. Any Additional Debentures shall be issued at prices determined by an Authorized Officer. 
 SECTION 2.03. Ranking. The Debentures shall constitute unsecured, unsubordinated obligations of the Company. 
 SECTION 2.04. Amount. The Trustee shall initially authenticate and deliver Debentures for original issue in an aggregate principal amount of up to
$325,000,000 (or initially up to $373,750,000 to the extent that the Underwriters’ over-allotment option pursuant to the Underwriting Agreement is exercised in full) upon a Company Order for the authentication and delivery of Debentures,
without any further action by the Company. The Company may, without the consent of the Holders of the Debentures, issue additional Debentures (“Additional Debentures”) under the Indenture with the same terms, CUSIP number and other
provisions as the Debentures initially issued under the Indenture in an unlimited principal amount, provided that no Additional Debentures shall be issued unless fungible with the Debentures initially issued under the Indenture for U.S.
federal income tax purposes. 
 SECTION 2.05. Stated Maturity. The date on which the principal of the Debentures is due and payable,
unless earlier converted, accelerated, redeemed or repurchased pursuant to the Indenture, shall be April 1, 2026 (the “Stated Maturity”). 
 SECTION 2.06. Interest. Outstanding Debentures shall bear interest at the rate of 2.375% per annum from the most recent Interest Payment Date to which interest has been paid or duly provided for, or if no
interest has been paid, from March 29, 2006, payable semiannually in arrears on each Interest Payment Date, to the Persons in whose names the Debentures are registered in the Security Register at the close of business on the Regular Record
Date, as the case may be, next preceding such Interest Payment Date. Interest on the Debentures will be computed on the basis of a 360-day year comprised of twelve 30-day months. Any payment required to be made on any day that is not a Business Day
shall be made on the next succeeding Business Day. 
  

 8 

 SECTION 2.07. Place of Payment. The Place of Payment for the Debentures and the place or places
where the Debentures may be surrendered for registration of transfer, exchange, repurchase, redemption or conversion and where notices may be given to the Company in respect of the Debentures is at its Corporate Trust Office; provided,
however, that payment of interest may be made at the option of the Company (i) by check mailed to the registered address of such Holder (provided that a Holder of Debentures with an aggregate principal amount in excess of $2,000,000
shall, at the written election (timely made and containing appropriate wire transfer information) of such Holder, be paid by wire transfer of immediately available funds), or (ii) by transfer to an account maintained by such Holder located in
the United States; and provided further, however, that payments to the Depositary will be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. 
 SECTION 2.08. Redemption and Repurchase; Sinking Fund. (a) The Company, at its option, may redeem the Debentures in accordance with the
provisions set forth in the Debentures and the provisions of this First Supplemental Indenture, including, without limitation, Article Five hereof. 
 (b) The Debentures shall be repurchased by the Company, at the option of the Holders, in accordance with the provisions set forth in the Debentures and this First Supplemental Indenture, including, without limitation, Article Five hereof.

 (c) There shall be no sinking fund for the retirement of the Debentures. 
 SECTION 2.09. Form and Denomination; Currency. (a) The Debentures shall be Registered Securities and initially be issued in global form as
Global Securities without interest coupons. 
 (b) Each Debenture shall be in the denomination of $1,000 or any integral multiple thereof.

 (c) All obligations of the Company in respect of principal, interest or any other amount owing shall be payable in United States dollars.

 SECTION 2.10. Conversion. The Debentures shall be convertible in accordance with the provisions set forth in the Debentures and this
First Supplemental Indenture, including, without limitation, Article Four hereof. 
 SECTION 2.11. No Defeasance or Discharge. Article
Four and Article Fifteen of the Base Indenture shall not apply to the Debentures. 
 SECTION 2.12. Security Registrar; Paying Agent;
Conversion Agent. The Company initially appoints the Trustee as Security Registrar, Paying Agent and Conversion Agent. The Company may appoint one or more additional Security Registrars, one or more additional Paying Agents and one or more
additional Conversion Agents in accordance with 
  

 9 

 the Indenture. The Security Register shall be maintained at the Corporate Trust Office. The Company shall maintain an
office or agency where Debentures may be presented for purchase or payment (which shall be the office of the Paying Agent) and an office or agency where Debentures may be presented for conversion (which shall be the office of the Conversion Agent).

 ARTICLE III 
 Amendments to
the Base Indenture 
 SECTION 3.01. Provisions Applicable Only to Debentures. The provisions contained in this First Supplemental
Indenture shall apply to the Debentures only and not to any other series of Security issued under the Base Indenture and any covenants provided herein are expressly being included solely for the benefit of the Debentures and not for the benefit of
any other series of Debt Securities issued under the Base Indenture. These amendments shall be effective for so long as there remain any Debentures Outstanding. Any provisions contained in the Base Indenture relating to any Bearer Security, insofar
as such provisions pertain to the Debentures, shall for purposes of the Indenture be deleted from the Indenture and have no force or effect herein. 
 SECTION 3.02. Additional Events of Default. In addition to the Events of Default set forth in Section 501 of the Base Indenture, subject to Section 3.01 hereof, an “Event of Default” with respect to the Debentures
shall also mean any of the following: 
  

	 	(a)	failure by the Company to satisfy the Conversion Obligation upon the exercise of a Holder’s conversion right; or 

  

	 	(b)	failure by the Company to pay the Redemption Price, the Repurchase Price, or the Designated Event Repurchase Price, when such payment becomes due and payable; or

  

	 	(c)	failure by the Company to provide on a timely basis of the Fundamental Change Notice or the Designated Event Repurchase Notice; or 

  

	 	(d)	failure by the Company to pay when due at maturity or a default that results in the acceleration of any indebtedness for borrowed money of the Company, Time Warner Telecom Holdings
Inc. or any Significant Subsidiary, in an aggregate amount of $20,000,000 or more, unless such failure is cured or such acceleration is rescinded, annulled, waived or extended within 30 days after written notice to the Company from the Trustee (or
to the Company and the Trustee from the Holders of at least 25% in principal amount of the Outstanding Debentures) has been received by the Company; or 

  

	 	(e)	failure to pay any final judgments for money (not covered by insurance) in excess of $20,000,000 in the aggregate by the Company, Time Warner Telecom Holdings Inc. or any
Significant Subsidiary and such judgments remain outstanding for a period of 30 days and are not discharged or paid or 

  

 10 

	 	  	stayed by reason of a pending appeal or otherwise within 15 days after written notice to the Company from the Trustee (or to the Company and the Trustee from Holders of at least 25%
in principal amount of the Outstanding Debentures) has been received by the Company; or 

  

	 	(f)	a court having jurisdiction in the premises enters a decree or order for (A) relief in respect of Time Warner Telecom Holdings Inc. or any Significant Subsidiary in an
involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (B) appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of Time Warner Telecom
Holdings Inc. or any Significant Subsidiary or for all or substantially all of the property and assets of Time Warner Telecom Holdings Inc. or any Significant Subsidiary or (C) the winding up or liquidation of the affairs of Time Warner Telecom
Holdings Inc. or any Significant Subsidiary, and, in each case, such decree or order shall remain unstayed and in effect for a period of 90 consecutive days; or 

  

	 	(g)	Time Warner Telecom Holdings Inc. or any Significant Subsidiary (A) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (B) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of Time Warner Telecom Holdings Inc. or any Significant Subsidiary or (C) effects any general assignment for the benefit of creditors. 

 SECTION 3.03. Amendments; Waiver. In addition to those matters set forth in Section 902 of the Base Indenture, subject to Section 3.01 hereof, with respect to the Debentures only, no amendment or
supplemental indenture shall without the consent of the Holders of each Outstanding Debenture affected thereby: 
 (i) make any change that
adversely affects the Holders of the Debentures to require the Company to purchase the Debentures at the option of the Holders or upon a Designated Event; 
 (ii) reduce the Redemption Price, the Repurchase Price or the Designated Event Repurchase Price; 
 (iii)
modify the ranking of the Debentures in a manner adverse to the Holders of the Debentures; or 
 (iv) make any change that adversely affects a
Holder’s right to convert its Debentures. 
 In addition, with respect to the Debentures, to the extent set forth in Section 513 of
the Base Indenture, subject to Section 3.01 hereof, the Holders of at least a majority in aggregate principal amount of the Outstanding Debentures may, by notice to the Trustee, waive an existing default or Event of Default and its
consequences, other than: (I) any default 
  

 11 

 or Event of Default arising or resulting from failure by the Company to pay the Redemption Price, the Repurchase Price,
or the Designated Event Repurchase Price, or (II) any default or Event of Default arising or resulting from the failure by the Company to satisfy the Conversion Obligation with respect to any Debenture in accordance with the Indenture. 

SECTION 3.04. Modification and Waiver. In addition to those matters set forth in Section 901 of the Base Indenture, subject to
Section 3.01 hereof, with respect to the Debentures only, the Company may, pursuant to Section 901 of the Base Indenture as modified hereby, enter into one or more supplemental indentures, in form satisfactory to the Trustee, without prior
notice to, or the consent of, any Holder of Debentures for any one or more of the following purposes: 
  

	 	(a)	to evidence the assumption of the Company’s obligations under the Indenture and the Debentures by a successor upon the Company’s consolidation or merger or conveyance,
transfer or lease of all or substantially all of the Company’s assets in accordance with the Indenture (to the extent not already addressed in Section 901 of the Base Indenture); or 

  

	 	(b)	to make adjustments in accordance with this First Supplemental Indenture to the right to convert the Debentures upon certain reclassifications or changes in the Common Stock and
certain consolidations, mergers and combinations and upon the sale or conveyance of all or substantially all of the Company’s assets; or 

  

	 	(c)	to make provision with respect to adjustments to the Conversion Rate as required by this Indenture or to increase the Conversion Rate in accordance with this Indenture; or

  

	 	(d)	to add to or modify any other provisions with respect to matters or questions arising under this Indenture that the Company and the Trustee may deem necessary or desirable and which
will not adversely affect the interests of the Holders of Debentures in any material respect; provided that any addition or modification made solely to conform the provisions of the Indenture to the description of the Debentures in the
Prospectus Supplement will not be deemed to adversely affect the interests of the Holders of the Debentures (to the extent not already addressed in Section 901 of the Base Indenture). 

 ARTICLE IV 
 Conversion of Debentures

 SECTION 4.01. Conversion Privilege. (a) Subject to and upon compliance with the provisions of this Article Four, a
Holder shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such Debenture at any time prior to the close of business on the
Business Day immediately preceding April 1, 2026, at a conversion rate (the “Conversion Rate”) equivalent to 53.6466 shares of Common Stock, per $1,000 principal 
  

 12 

 amount. Upon conversion, the Company shall pay or deliver to the converting Holder the consideration described in
Section 4.02 of this First Supplemental Indenture (the Company’s obligation to pay or deliver such consideration being herein called the “Conversion Obligation”). The Conversion Rate is subject to adjustment by the Company
as provided in Section 4.03. 
 (b) If a Fundamental Change occurs prior to April 1, 2013, a Holder surrendering Debentures for
conversion at any time from and after the 30th Business Day prior to the anticipated Effective Date of such Fundamental Change until the related Designated Event Repurchase Date shall be entitled to the increase in the Conversion Rate, if any,
specified in Section 4.01(c); provided that if a Holder converts its Debentures on or after the 30th Business Day prior to such anticipated Effective Date, and such Fundamental Change does not occur, such Holder will not be entitled to
an increased Conversion Rate as described in Section 4.01(c) in connection with such conversion. The Company shall give written notice (the “Fundamental Change Notice”) to all Holders and the Trustee of any such Fundamental
Change and issue a press release providing the same information no later than 30 Business Days prior to the anticipated Effective Date of any such Fundamental Change. 
 (c) (i) If a Holder elects to convert Debentures in connection with a Fundamental Change that occurs prior to April 1, 2013, the Conversion Rate applicable to each $1,000 principal amount of Debentures so
converted shall be increased by an additional number of shares of Common Stock (the “Additional Shares”) as specified in (ii) below. Settlement of Debentures so tendered for conversion shall be made in accordance with
Section 4.02(c). For purposes of this Section 4.01(c), a conversion shall be deemed to be “in connection” with a Fundamental Change to the extent that such conversion is effected during the time period specified in
Section 4.01(b). 
 (ii) The number of Additional Shares by which the Conversion Rate will be increased shall be determined by reference
to the table attached as Schedule A hereto, based on the date on which the Fundamental Change becomes effective (the “Effective Date”), and the Stock Price; provided, however, that if the actual Stock Price is between two
Stock Prices in the table or the Effective Date is between two Effective Dates in the table, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the next higher
and next lower Stock Prices and the two Effective Dates, as applicable, based on a 365-day year; and provided, further, however, that if (1) the Stock Price is greater than $70.00 per share of Common Stock (subject to adjustment in the
same manner as set forth in Section 4.03), no Additional Shares will be added to the Conversion Rate, and (2) the Stock Price is less than $14.62 per share (subject to adjustment in the same manner as set forth in Section 4.03), no
Additional Shares will be added to the Conversion Rate. Notwithstanding the foregoing, in no event will the total number of shares of Common Stock issuable upon conversion exceed 68.3994 per $1,000 principal amount of Debentures (subject to
adjustment in the same manner as set forth in Section 4.03). 
 (iii) The Stock Prices set forth in the first row of the table in
Schedule A hereto shall be adjusted as of any date on which the Conversion Rate is adjusted. The 
  

 13 

 adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such adjustment, multiplied by a
fraction, the numerator of which is the Conversion Rate in effect immediately prior to the adjustment giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional Shares
within the table in Schedule A hereto shall be adjusted in the same manner as the Conversion Rate as set forth in Section 4.03. 
 SECTION 4.02. Settlement Upon Conversion; Conversion Procedure. (a) Subject to Section 4.05 and except to the extent the Company has irrevocably elected Net Share Settlement upon conversion of the Debentures as set forth in
paragraph (e) below, in lieu of delivery of shares of Common Stock in satisfaction of the Conversion Obligation upon conversion of Debentures, the Company may elect to deliver cash or a combination of cash and shares of Common Stock in
satisfaction of such Conversion Obligation. 
 (b) (i) Except to the extent the Company has irrevocably elected Net Share Settlement
upon conversion of the Debentures as set forth in paragraph (e) below, the Company shall inform the Holders through the Trustee of the method the Company has chosen to satisfy its Conversion Obligation upon conversion, as follows: 

(A) if the Company has called the Debentures for redemption pursuant to Section 5.01, in the applicable notice of redemption;

 (B) in respect of Debentures converted during the period beginning twenty-five Business Days immediately preceding the
Stated Maturity and ending on the Business Day immediately preceding the Stated Maturity, twenty-six Business Days immediately preceding the Stated Maturity; and 
 (C) in all other cases, no later than two Trading Days following the conversion date. 
 (ii) Except to the extent the Company has irrevocably elected Net Share Settlement upon conversion of the Debentures as set forth in
paragraph (e) below, if the Company does not give any notice within the time periods described above in clause (i)(A), (i)(B) or (i)(C) above, as applicable, as to how it intends to settle the relevant Conversion Obligation, the Company shall
satisfy such Conversion Obligation solely with shares of Common Stock (and cash in lieu of fractional shares pursuant to paragraph (p)). If the Company has elected to satisfy a portion of the Conversion Obligation in cash (other than cash in lieu of
fractional shares pursuant to paragraph (p)), the Company, through the Trustee, will specify the amount to be satisfied in cash as a percentage of the Conversion Obligation or as a specified dollar amount. The Company shall treat all Holders
converting on the same day in the same manner. The Company shall not, however, have any obligation to settle Conversion Obligations arising on different days in the same manner. 
 (c) (i) If the Company elects to settle a Conversion of Debentures solely in shares of Common Stock, such settlement will occur as soon as
practicable after the Company, through the Trustee, notifies the converting Holder that the Company has elected this method of settlement, but in any event within three Trading Days of the relevant Conversion Date. 
  

 14 

 (ii) If the Company elects to settle a Conversion of Debentures entirely or partially in
cash (other than cash in lieu of fractional shares), such settlement shall occur on the third Business Day following the final Trading Day of the relevant Cash Settlement Averaging Period. 
 (d) Subject to Section 4.05, the amount payable or deliverable, as the case may be, by the Company to converting Holders in satisfaction of the
Company’s Conversion Obligation shall be computed as follows: 
 (i) If the Company elects to satisfy the entire
Conversion Obligation by delivering Common Stock, it shall deliver to the converting Holder a number of shares of Common Stock equal to (A) (I) the aggregate principal amount of Debentures to be converted divided by (II) $1,000
multiplied by (B) the Conversion Rate in effect on the applicable Conversion Date (provided that the Company shall deliver cash in lieu of fractional shares pursuant to paragraph (p)). 
 (ii) If the Company elects to satisfy the entire Conversion Obligation in cash, it shall pay to the converting Holder, for each $1,000
principal amount of Debentures to be converted, cash in an amount equal to the Conversion Value. 
 (iii) If the Company
elects to satisfy the Conversion Obligation with a combination of cash and Common Stock, it shall deliver to the converting Holder: 
 (A) the dollar amount per $1,000 principal amount of Debentures specified in the notice regarding the Company’s chosen method of settlement (the “Specified Dollar Amount”) or the percentage of the Conversion Obligation
specified in such notice (the “Specified Percentage”) multiplied by the amount of cash that would be paid pursuant to clause (ii) above, as the case may be; and 
 (B) a number of whole shares of Common Stock (plus cash in lieu of fractional shares pursuant to paragraph (p)) per $1,000
principal amount of Debentures equal to (a) the Conversion Rate on the last Trading Day of the Cash Settlement Averaging Period multiplied by (b) (i) 100% minus (ii) Y% (where Y% is equal to (i) in the case
that the Company’s notice to settle a portion of its Conversion Obligation in cash and Common Stock sets forth a Specified Percentage, such Specified Percentage, or (ii) in the case that the Company’s notice to settle a portion of its
Conversion Obligation in cash and Common Stock sets forth a Specified Dollar Amount, a percentage equal to (a) such Specified Dollar Amount per $1,000 principal amount of Debentures divided by the Conversion Value multiplied by
(b) 100). 
 (e) (i) At any time on or prior to the twenty-sixth Business Day immediately preceding the Stated Maturity, the
Company may irrevocably elect to satisfy its Conversion Obligation with respect to the Debentures to be converted after the date of such election with 
  

 15 

 a combination of cash and shares of Common Stock as set forth in clause (ii) below (“Net Share
Settlement”). Such election shall be at the Company’s sole discretion without prior notice to, or the consent of, the Holders of Debentures. If the Company makes such election, the Company shall notify the Trustee and the Holders of
Debentures at their addresses shown in the Security Register, and the Company shall issue a press release at the time of such election providing the same information. 
 (ii) If the Company elects Net Share Settlement, for each $1,000 principal amount of Debentures surrendered for conversion, the Company
shall pay or deliver, as the case may be, to converting Holders, the following consideration: 
 (A) if the Conversion Value
is less than or equal to $1,000, an amount in cash equal to such Conversion Value, or 
 (B) if the Conversion Value is
greater than $1,000, an amount computed as if the Company had elected to settle a portion of its Conversion Obligation with a combination of cash and Common Stock with a Specified Dollar Amount as described in clause (d)(iii)(A) above equal to
$1,000. 
 (f) If the Conversion Rate is increased by the Additional Shares pursuant to Section 4.01(c), and the Company does not
(x) elect to deliver cash to settle any portion of the Conversion Obligation (other than cash in lieu of fractional shares pursuant to paragraph (p)) or (y) irrevocably elect Net Share Settlement upon conversion pursuant to
Section 4.02(e), the Company shall satisfy the Conversion Obligation with respect to each $1,000 principal amount of Debentures tendered for conversion as follows: 
 (A) If the date on which Debentures are surrendered for conversion is prior to the third Business Day preceding the anticipated Effective
Date of the relevant Fundamental Change (the “Cut-off Date”), the Company shall satisfy the Conversion Obligation with respect to each $1,000 principal amount of Debentures tendered for conversion by delivering the number of shares
of Common Stock (based on the Conversion Rate without regard to the number of Additional Shares to be added to the Conversion Rate pursuant to Section 4.01(c)) on the third Business Day immediately following the Cut-off Date. In addition, as
soon as practicable following the Effective Date of the relevant Fundamental Change (but in any event within three business days of such Effective Date), the Company shall deliver the number of Additional Shares to be added to the Conversion Rate
pursuant to Section 4.01(c), if any, or the equivalent of such shares in Reference Property, as applicable. 
 (B) If the
date on which Debentures are surrendered for conversion is on or following the Cut-off Date, the Company shall satisfy the Conversion Obligation with respect to each $1,000 principal amount of Debentures tendered for conversion (based on the
Conversion Rate as increased by the Additional Shares pursuant to Section 4.01(c)) on the later to occur of (I) the Effective Date of the relevant Fundamental Change and (II) the third Business Day immediately following the Cut-off Date by
delivering the number of 
  

 16 

 shares of Common Stock (based on the Conversion Rate without regard to the number of Additional Shares to
be added to the Conversion Rate pursuant to Section 4.01(c)) plus the number of Additional Shares to be added to the Conversion Rate pursuant to Section 4.01(c), if any, or the equivalent of such shares in Reference Property, as
applicable. 
 (g) If the Conversion Rate is increased by the Additional Shares pursuant to Section 4.01(c), and the Company elects to
deliver cash in respect of all or a portion of the Conversion Obligation (other than cash in lieu of fractional shares pursuant to paragraph (p)) or the Company irrevocably elects Net Share Settlement upon conversion pursuant to
Section 4.02(e), the Company shall satisfy the Conversion Obligation with respect to each $1,000 principal amount of Debentures tendered for conversion as follows: 
 (A) If the last day of the applicable Cash Settlement Averaging Period related to Debentures surrendered for conversion is prior to the
Cut-off Date, the Company shall satisfy the Conversion Obligation with respect to each $1,000 principal amount of Debentures tendered for conversion by delivering the amount of cash and shares of Common Stock (based on the Conversion Rate, but
without regard to the number of Additional Shares to be added to the Conversion Rate pursuant to Section 4.01(c)) on the third Business Day immediately following the last day of the applicable Cash Settlement Averaging Period. In addition, as
soon as practicable following the Effective Date of the relevant Fundamental Change (but in any event within three Business Days of such Effective Date), the Company shall deliver the increase in such amount of cash and Reference Property
deliverable in lieu of shares of Common Stock, if any, as if the Conversion Rate had been increased by such number of Additional Shares during the related Cash Settlement Averaging Period (and based upon the relevant Last Reported Sale Prices during
such Cash Settlement Averaging Period). If such increased amount results in an increase to the amount of cash to be paid to Holders, the Company shall pay such increase in cash, and if such increased settlement amount results in an increase to the
number of shares of Common Stock, the Company shall deliver such increase by delivering Reference Property based on such increased number of shares. 
 (B) If the last day of the applicable Cash Settlement Averaging Period related to Debentures surrendered for conversion is on or following the Cut-off Date, the Company shall satisfy the Conversion Obligation with
respect to each $1,000 principal amount of Debentures tendered for conversion (based on the Conversion Rate as increased by the Additional Shares pursuant to Section 4.01(c) above) on the later to occur of (I) the Effective Date of the
relevant Fundamental Change and (II) the third Business Day immediately following the last day of the applicable Cash Settlement Averaging Period. 
 (h) Before any Holder of a Debenture shall be entitled to convert the same as set forth above, such Holder shall (1) in the case of a Global Debenture, comply with the procedures of the Depositary in effect at
that time and, if required, pay funds equal to interest 
  

 17 

 payable on the next Interest Payment Date to which such holder is not entitled as set forth in paragraph (n) below
and, if required, pay all taxes or duties, if any, and (2) in the case of a Debenture issued in certificated form, (A) complete and manually sign and deliver an irrevocable written notice to the Conversion Agent in the form on the reverse
of such certificated Debenture (or a facsimile thereof) (a “Conversion Notice”) at the office of the Conversion Agent and shall state in writing therein the principal amount of Debentures to be converted and the name or names (with
addresses) in which such Holder wishes the certificate or certificates for the shares of Common Stock, if any, to be delivered upon settlement of the Conversion Obligation to be registered, (B) surrender such Debentures, duly endorsed to the
Company or in blank (and accompanied by appropriate endorsement and transfer documents), at the office of the Conversion Agent, (C) if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not
entitled as set forth in paragraph (n) below, and (D) if required, pay all transfer or similar taxes, if any. A Debenture shall be deemed to have been converted immediately prior to the close of business on the date (the
“Conversion Date”) that the Holder has complied with the requirements set forth in this Section 4.02(h). 
 No
Conversion Notice with respect to any Debentures may be tendered by a Holder thereof if such Holder has also tendered a Repurchase Notice or Designated Event Repurchase Notice and not validly withdrawn such Repurchase Notice or a Designated Event
Repurchase Notice in accordance with the applicable provisions of Section 5.05 or 5.06, as the case may be. 
 If more than one
Debenture shall be surrendered for conversion at one time by the same Holder, the Conversion Obligation with respect to such Debentures, if any, that shall be payable upon conversion shall be computed on the basis of the aggregate principal amount
of the Debentures (or specified portions thereof to the extent permitted thereby) so surrendered. 
 (i) Delivery of the amounts owing in
satisfaction of the Conversion Obligation shall be made by the Company in no event later than the date specified in Section 4.02(c). The Company shall make such delivery by paying the cash amount owed to the Conversion Agent or to the Holder of
the Debenture surrendered for conversion, or such Holder’s nominee or nominees, and by issuing, or causing to be issued, and delivering to the Conversion Agent or to such Holder, or such Holder’s nominee or nominees, certificates or a
book-entry transfer through the Depositary for the number of full shares of Common Stock (or Reference Property) to which such Holder shall be entitled as part of such Conversion Obligation (together with any cash in lieu of fractional shares as
determined pursuant to paragraph (p) below). 
 (j) In case any Debenture shall be surrendered for partial conversion, the Company shall
execute and the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Debenture so surrendered, without charge to such Holder, a new Debenture or Debentures in authorized denominations in an aggregate principal
amount equal to the unconverted portion of the surrendered Debenture. 
  

 18 

 (k) If a Holder submits a Debenture for conversion, the Company shall pay all stamp and other duties, if
any, which may be imposed by the United States or any political subdivision thereof or taxing authority thereof or therein with respect to the issuance of shares of Common Stock, if any, upon the conversion. However, the Holder shall pay any such
tax which is due because the Holder requests any shares of Common Stock (or Reference Property) to be issued in a name other than the Holder’s name. The Conversion Agent may refuse to deliver the certificates representing the shares of Common
Stock (or Reference Property) being issued in a name other than the Holder’s name until the Trustee receives a sum sufficient to pay any tax which will be due because the shares (or Reference Property) are to be issued in a name other than the
Holder’s name. Nothing herein shall preclude any tax withholding required by law or regulations. 
 (l) Except as provided in
Section 4.03, no adjustment shall be made for dividends on any shares issued upon the conversion of any Debenture as provided in this Article Four. 
 (m) Upon the conversion of an interest in a Global Debenture, the Trustee shall make a notation on such Global Debenture as to the reduction in the principal amount represented thereby. The Company shall notify the
Trustee in writing of any conversion of Debentures effected through any Conversion Agent other than the Trustee. 
 (n) Upon conversion, a
Holder will not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth below. The Company’s settlement of the Conversion Obligation as described above shall be deemed to satisfy its obligation to pay the
principal amount of the Debenture and accrued and unpaid interest, if any, to, but not including, the Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including, the Conversion Date shall be deemed to be paid in full
rather than cancelled, extinguished or forfeited. 
 Notwithstanding the preceding paragraph, if Debentures are converted after a Regular
Record Date but prior to the next succeeding Interest Payment Date, Holders of such Debentures at the close of business on such Regular Record Date will receive the interest payable on such Debentures on the corresponding Interest Payment Date
notwithstanding the conversion. Such Debentures, upon surrender for conversion, must be accompanied by funds equal to the amount of interest payable on the Debentures so converted; provided that no such payment need be made (1) if the
Company has specified a Redemption Date that is after such Regular Record Date and on or prior to the corresponding Interest Payment Date, (2) if the Company has specified a Designated Event Repurchase Date that is after such Regular Record
Date and on or prior to the corresponding Interest Payment Date or (3) to the extent any overdue interest exists at the time of conversion with respect to such Debenture. Except as described above, no payment or adjustment will be made for
accrued interest on converted Debentures. 
 (o) The Person in whose name the certificate for any shares of Common Stock issued upon
conversion is registered shall be treated as a stockholder of record (i) on the close of business on the Conversion Date (if the Company delivers solely shares of Common Stock in respect of its Conversion Obligation) or (ii) the close of
business on the 
  

 19 

 last Trading Day of the applicable Cash Settlement Averaging Period (if the Company delivers cash in respect of any
portion of its Conversion Obligation or if the Company has irrevocably elected Net Share Settlement upon conversion pursuant to Section 4.02(e)); provided, however, that in the case of clause (i), no surrender of Debentures on any date
when the stock transfer books of the Company shall be closed shall be effective to constitute the Person or Persons entitled to receive the shares of Common Stock upon such conversion as the record holder or holders of such shares of Common Stock on
such date, but such surrender shall be effective to constitute the Person or Persons entitled to receive such shares of Common Stock as the record holder or holders thereof for all purposes at the close of business on the next succeeding day on
which such stock transfer books are open, but such conversion shall be at the Conversion Rate in effect on the date that such Debentures shall have been surrendered for conversion, as if the stock transfer books of the Company had not been closed.
Upon conversion of Debentures, such Person shall no longer be a Holder. 
 (p) No fractional shares of Common Stock shall be issued upon
conversion of any Debenture or Debentures. If more than one Debenture shall be surrendered for conversion at one time by the same Holder, the number of full shares that shall be issued upon conversion thereof shall be computed on the basis of the
aggregate principal amount of the Debentures (or specified portions thereof) so surrendered. Instead of any fractional share of Common Stock that would otherwise be issued upon conversion of any Debenture or Debentures (or specified portions
thereof), the Company shall pay cash in lieu of fractional shares based on the Last Reported Sale Price of the Common Stock on the Trading Day prior to the Conversion Date (if the Company delivers solely shares of Common Stock to satisfy its
Conversion Obligation) or the Last Reported Sale Price of the Common Stock on the last Trading Day of the relevant Cash Settlement Averaging Period (if the Company delivers cash to satisfy a portion, but less than all, of its Conversion Obligation
or if the Company has irrevocably elected Net Share Settlement upon conversion pursuant to Section 4.02(e)). 
 SECTION 4.03.
Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the Company as follows: 
 (a) If the Company
shall issue shares of Common Stock as a dividend or distribution to all holders of the outstanding Common Stock, or if the Company effects a share split of the Common Stock into a greater number of shares of Common Stock or share combination of the
Common Stock into a lesser number of shares of Common Stock, the Conversion Rate will be adjusted based on the following formula: 
 

 
 where 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the Ex-Dividend Date for such dividend or distribution, or the effective date of such share split or share combination, as the case may
be;

  

 20 

					
	CR’	  	=	  	the Conversion Rate in effect immediately after the Ex-Dividend Date for such dividend or distribution, or the effective date of such share split or share combination, as the case may
be;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the Ex-Dividend Date for such dividend or distribution, or the effective date of such share split or share combination, as
the case may be; and
			
	OS’	  	=	  	the number of shares of Common Stock outstanding immediately after the Ex-Dividend Date for such dividend or distribution, or the effective date of such share split or share combination, as the
case may be.

 Such adjustment shall become effective immediately prior to 9:00 a.m., New York City time, on the
Ex-Dividend Date for such dividend or distribution or the effective date of such share split or share combination, as the case may be. If any dividend or distribution of the type described in this Section 4.03(a) is declared but not so paid or
made, or the outstanding shares of Common Stock are not subdivided or combined, as the case may be, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or
distribution, or subdivide or combine the outstanding shares of Common Stock, as the case may be, to the Conversion Rate that would then be in effect if such dividend, distribution, subdivision or combination had not been declared. 
 (b) If the Company shall distribute to all or substantially all holders of its outstanding shares of Common Stock any rights, warrants or convertible
securities entitling them for a period of not more than sixty (60) calendar days from the record date for such distribution to subscribe for or purchase shares of the Common Stock, at a price per share less than the Last Reported Sale Price of
the Common Stock on the Business Day immediately preceding the date of announcement of such distribution, the Conversion Rate shall be adjusted based on the following formula (provided that the Conversion Rate will be readjusted to the extent that
such rights, warrants or convertible securities are not exercised prior to their expiration): 
 

 
 where 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the Ex-Dividend Date for such distribution;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the Ex-Dividend Date for such distribution;

  

 21 

					
	OS0	  	=	  	the number of shares of the Common Stock that are outstanding immediately prior to the Ex-Dividend Date for such distribution;
			
	X	  	=	  	the total number of shares of Common Stock issuable pursuant to such rights, warrants or convertible securities; and
			
	Y	  	=	  	the number of shares of Common Stock equal to the aggregate price payable to exercise or convert such rights, warrants or convertible securities divided by the average of the Last Reported Sale
Prices of Common Stock over the ten consecutive Trading Day period ending on the Trading Day immediately preceding the Ex-Dividend Date relating to such distribution of such rights, warrants or convertible securities.

 Such adjustment shall be successively made whenever any such rights, warrants or convertible
securities are distributed and shall become effective immediately prior to 9:00 a.m., New York City time, on the Ex-Dividend Date for such distribution. The Company shall not issue any such rights, warrants or convertible securities in respect of
shares of the Common Stock held in treasury by the Company. To the extent that shares of the Common Stock are not delivered after the expiration of such rights, warrants or convertible securities, the Conversion Rate shall be readjusted to the
Conversion Rate that would then be in effect had the adjustments made upon the issuance of such rights, warrants or convertible securities been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such
rights, warrants or convertible securities are not so issued, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such Ex-Dividend Date for such distribution had not occurred. 
 In determining whether any rights, warrants or convertible securities entitle the holders to subscribe for or purchase shares of Common Stock at less
than such Last Reported Sale Price, and in determining the aggregate price payable for such shares of Common Stock, there shall be taken into account any consideration received by the Company for such rights, warrants or convertible securities and
any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors. 
 (c) If the Company shall, by dividend or otherwise, distribute to all or substantially all holders of the Common Stock shares of any class of its Capital Stock, evidences of its indebtedness or other assets or
property (including securities, but excluding (x) dividends or distributions and rights, warrants or convertible securities covered by Section 4.03(a) or Section 4.03(b), (y) dividends or distributions paid exclusively in cash,
and (z) Spin-Offs to which the provisions set forth below in this Section 4.03(c) shall apply) (any of such shares of Capital Stock, indebtedness, or other asset or property hereinafter in this Section 4.03(c) called the
“Distributed Property”), then, in each such case the Conversion Rate shall be adjusted based on the following formula: 
 

 
  

 22 

 where 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the Ex-Dividend Date for such distribution;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the Ex-Dividend Date for such distribution;
			
	SP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period ending on the Trading Day immediately preceding the Ex-Dividend Date for such
distribution; and
			
	FMV	  	=	  	the fair market value (as determined by the Board of Directors) of the Distributed Property distributed with respect to each outstanding share of the Common Stock on the Ex-Dividend Date for
such distribution.

 Such adjustment shall become effective immediately prior to 9:00 a.m., New York City time, on the
Ex-Dividend Date for such distribution; provided that if the then fair market value (as so determined) of the portion of the Distributed Property so distributed applicable to one share of Common Stock is equal to or greater than SP0 as set forth above, in lieu of the foregoing adjustment,
adequate provision shall be made so that each Holder of Debentures shall have the right to receive on the date on which the Distributed Property is distributed to holders of Common Stock, for each $1,000 principal amount of Debentures, the amount of
Distributed Property such Holder would have received had such Holder owned a number of shares of Common Stock equal to the Conversion Rate on the Record Date for such distribution. If such dividend or distribution is not so paid or made, the
Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. If the Board of Directors determines the fair market value of any distribution for purposes of
this Section 4.03(c) by reference to the actual or when issued trading market for any securities, it must in doing so consider the prices in such market over the same period used in determining SP0 above. 
 With respect to an adjustment
pursuant to this Section 4.03(c) where there has been a payment of a dividend or other distribution on the Common Stock in shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other
business unit of the Company (a “Spin-Off”), the Conversion Rate in effect immediately before 5:00 p.m., New York City time, on the tenth Trading Day immediately following, and including, the effective date of the Spin-Off will
be increased based on the following formula: 
 

 
  

 23 

 where 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the tenth Trading Day immediately following, and including, the effective date of the Spin-Off;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the tenth Trading Day immediately following, and including, the effective date of the Spin-Off;
			
	FMV0	  	=	  	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock over the first
ten consecutive Trading-Day period after (and including) the effective date of the Spin-Off; and
			
	MP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the first ten consecutive Trading-Day period after (and including) the effective date of the Spin-Off.

 The adjustment to the Conversion Rate pursuant to the immediately preceding paragraph shall occur
on the close of business on the tenth Trading Day immediately following, and including, the effective date of the Spin-Off; provided that in respect of any conversion within the ten Trading Days immediately following, and including, the
effective date of any Spin-Off, references within this paragraph to ten Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed between the effective date of such Spin-Off and the applicable Conversion Date in
determining the applicable Conversion Rate. 
 Rights or warrants distributed by the Company to all holders of Common Stock, entitling the
holders thereof to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events
(“Trigger Event”): (i) are deemed to be transferred with such shares of Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of Common Stock, shall be deemed not to have
been distributed for purposes of this Section 4.03(c) (and no adjustment to the Conversion Rate under this Section 4.03(c) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be
deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this Section 4.03(c). If any such rights or warrants, including any such existing rights or warrants distributed prior
to the date of this First Supplemental Indenture, are subject to events, upon the occurrence of which such rights or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the
occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights or warrants with such rights (and a termination or expiration of the existing rights or warrants without exercise by
any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in the preceding sentence) with respect thereto that was counted
for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate under this Section 4.03(c) was made, (1) in the case of 
  

 24 

 any such rights or warrants that shall all have been redeemed or repurchased without exercise by any holders thereof, the
Conversion Rate shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or repurchase price
received by a holder or holders of Common Stock with respect to such rights or warrants (assuming such holder had retained such rights or warrants), made to all holders of Common Stock as of the date of such redemption or repurchase, and (2) in
the case of such rights or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights and warrants had not been issued. 
 For purposes of this Section 4.03(c), Section 4.03(a) and Section 4.03(b), any dividend or distribution to which this Section 4.03(c)
is applicable that also includes shares of Common Stock to which Section 4.03(a) applies or rights or warrants to subscribe for or purchase shares of Common Stock to which Section 4.03(a) or Section 4.03(b) applies (or both), shall be
deemed instead to be (1) a dividend or distribution of the evidences of indebtedness, assets or shares of Capital Stock other than such shares of Common Stock or rights or warrants to which Section 4.03(b) applies (and any Conversion Rate
adjustment required by this Section 4.03(c) with respect to such dividend or distribution shall then be made) immediately followed by (2) a dividend or distribution of such shares of Common Stock or such rights or warrants (and any further
Conversion Rate adjustment required by Section 4.03(a) and Section 4.03(b) with respect to such dividend or distribution shall then be made), except (A) the Ex-Dividend Date of such dividend or distribution shall be substituted as
“the Ex-Dividend Date for such dividend or distribution” and “the Ex-Dividend Date for such distribution” within the meaning of Section 4.03(a) and Section 4.03(b) and (B) any shares of Common Stock included in
such dividend or distribution shall not be deemed “outstanding immediately prior to the Ex-Dividend Date for such dividend or distribution” within the meaning of Section 4.03(a) or “outstanding immediately prior to the
Ex-Dividend Date for such dividend or distribution” within the meaning of Section 4.03(b). 
 (d) If the Company shall pay a
dividend or make a distribution consisting exclusively of cash to all or substantially all holders of its Common Stock, the Conversion Rate shall be adjusted based on the following formula: 
 

 
 where 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the Ex-Dividend Date for such dividend or distribution;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the Ex-Dividend Date for such dividend or distribution;
			
	SP0	  	=	  	the Last Reported Sale Prices of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
			
	C	  	=	  	the amount in cash per share the Company dividends or distributes to holders of Common Stock.

  

 25 

 Such adjustment shall become effective immediately prior to 9:00 a.m., New York City time, on the Ex-Dividend Date for
such dividend or distribution; provided that if the portion of the cash so distributed applicable to one share of the Common Stock is equal to or greater than SP0
as set forth above, in lieu of the foregoing adjustment, adequate provision shall be made so that each Holder of
Debentures shall have the right to receive on the date on which such cash is distributed to holders of Common Stock, for each $1,000 principal amount of Debentures, the amount of cash such holder would have received had such holder owned a number of
shares of Common Stock equal to the Conversion Rate on the Record Date for such dividend or distribution. If such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then
be in effect if such dividend or distribution had not been declared. 
 (e) If the Company or any of its Subsidiaries makes a payment
in respect of a tender offer or exchange offer for the Common Stock, and if the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the Last Reported Sale Price of the Common Stock on the Trading
Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), the Conversion Rate shall be increased based on the following formula: 
 

 
 where 
  

					
	CR0	  	=	  	the Conversion Rate in effect on the date immediately following the date such tender or exchange offer expires;
			
	CR’	  	=	  	the Conversion Rate in effect on the second day immediately following the date such tender or exchange offer expires;
			
	AC	  	=	  	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares purchased in such tender or exchange offer;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires;
			
	OS’	  	=	  	the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires; and
			
	SP’	  	=	  	the Last Reported Sale Price of Common Stock on the Trading Day next succeeding the date such tender or exchange offer expires.

  

 26 

 Such adjustment to become effective immediately prior to the opening of business on the second day
immediately following the date such tender or exchange offer expires. If the Company is obligated to purchase shares pursuant to any such tender or exchange offer, but the Company is permanently prevented by applicable law from effecting all or any
such purchases or all or any portion of such purchases are rescinded, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such tender or exchange offer had not been made or had only been made in
respect of the purchases that had been effected. 
 (f) For purposes of this Section 4.03, (1) the term “Record
Date” shall mean, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock have the right to receive any cash, securities or other property or in which the Common Stock (or other
applicable security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of stockholders entitled to receive such cash, securities or other property (whether such date is fixed
by the Board of Directors or by statute, contract or otherwise) and (2) the term “Ex-Dividend Date” means the first date on which the shares of the Common Stock or any other applicable security trades on the applicable exchange
or in the applicable market, regular way, without the right to receive the issuance or distribution in question. 
 (g) Notwithstanding the
foregoing, to the extent that the Company elects to settle any conversion of Debentures by delivering solely Common Stock, for purposes of determining the relevant Conversion Rate for any such conversion, the words “Ex-Dividend Date” in
the definition of (i) CR0, CR’,
OS0 and OS’ in paragraph (a) of this
Section 4.03, (ii) CR0, CR’ and
OS0 in paragraph (b) of this Section 4.03,
(iii) CR0 and CR’ in paragraph
(c) of this Section 4.03 and (iv) CR0
and CR’ in paragraph (d) in this Section 4.03 shall be replaced, solely for purpose of such conversion with the words “Record Date.” 
 (h) Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of its Common Stock or any securities
convertible into or exchangeable for shares of its Common Stock or the right to purchase shares of its Common Stock or such convertible or exchangeable securities. 
 (i) In addition to those required by paragraphs (a), (b), (c), (d) and (e) of this Section 4.03, and to the extent permitted by applicable law and subject to the applicable rules of the Nasdaq
National Market, the Company from time to time may increase the Conversion Rate by any amount if the Board of Directors determines that such increase would be in the Company’s best interest. In addition, the Company may also (but is not
required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in connection with any dividend or distribution of shares (or rights to acquire shares) or similar event.
Whenever the Conversion Rate is increased pursuant to the preceding sentence, the Company shall mail to the Holder of each Debenture at its last address appearing on the Security Register a notice of the increase at least fifteen days prior to the
date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be in effect. 
 (j) The applicable Conversion Rate will not be adjusted: 
 (i) if (other than in connection
with a share combination) the application of the foregoing formulae set forth in paragraph (a), (b), (c), (d) or (e) of this Section 4.03 would result in a decrease in the Conversion Rate; 
  

 27 

 (ii) upon the issuance of any shares of the Common Stock pursuant to any present or
future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of the Common Stock under any plan; 
 (iii) upon the issuance of any shares of the Common Stock or options or rights to purchase those shares pursuant to any present or future
employee, director or consultant benefit plan or program of or assumed by the Company or any of the Company’s Subsidiaries; 
 (iv) upon the issuance of any shares of the Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in clause (iii) of this subsection and outstanding as of the date the
Debentures were first issued, including the conversion of the Company’s Class B common stock to Common Stock; 
 (v) for
a change in the par value of the Common Stock; 
 (vi) for accrued and unpaid interest, if any; or 
 (vii) if Holders of the Debentures participate, as a result of holding the Debentures, at the same time and in the same manner as holders
of the Common Stock, as if such Holders of the Debentures held a number of shares of Common Stock equal to the then-applicable Conversion Rate, in any of the transactions described in paragraph (a), (b), (c), (d) or (e) of this
Section 4.03 without having to convert their Debentures. 
 (k) All calculations and other determinations under this Article Four
shall be made by the Company and shall be made to the nearest cent or to the nearest one-ten thousandth (1/10,000) of a share, as the case may be. 
 (l) Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee and any Conversion Agent other than the Trustee an Officers’ Certificate setting forth the
Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. The Trustee and Conversion Agent may conclusively rely on the accuracy of the Conversion Rate adjustment provided by the Company.
Unless and until a Responsible Officer of the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last
Conversion Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which
each adjustment becomes effective and shall mail such notice of such adjustment of the Conversion Rate to the Holder of each Debenture at its last address appearing on the Security Register provided for in 
  

 28 

 Section 305 of the Base Indenture, within twenty (20) days of the effective date of such adjustment. Failure to
deliver such notice shall not affect the legality or validity of any such adjustment. 
 (m) For purposes of this Section 4.03, the
number of shares of Common Stock at any time outstanding shall not include shares held in the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock.

 SECTION 4.04. Shares to Be Fully Paid. The Company shall provide, free from preemptive rights, out of its authorized but unissued
shares or shares held in treasury, sufficient shares of Common Stock to provide for conversion of the Debentures from time to time as such Debentures are presented for conversion. 
 SECTION 4.05. Effect of Reclassification, Consolidation, Merger or Sale. (a) If any of the following events occur, namely (i) any
reclassification or change of the outstanding shares of Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a split, subdivision or combination), (ii) any
consolidation, merger or combination of the Company with another Person or (iii) any sale or conveyance of all or substantially all of the assets of the Company to any other Person, in each case as a result of which holders of Common Stock
shall be entitled to receive cash, securities or other property or assets with respect to or in exchange for such Common Stock (any such event a “Merger Event”), then the Company or the successor or purchasing Person, as the case
may be, shall execute with the Trustee a supplemental indenture (which shall comply with the Trust Indenture Act as in force at the date of execution of such supplemental indenture if such supplemental indenture is then required to so comply)
permitted under Section 901(1) of the Base Indenture providing for the conversion and settlement of the Debentures as set forth in the Indenture. Such supplemental indenture shall provide for adjustments which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Article Four and the Trustee may conclusively rely on the determination by the Company of the equivalency of such adjustments. If, in the case of any Merger Event, the Reference Property
includes shares of stock or other securities and assets of a corporation other than the successor or purchasing corporation, as the case may be, in such reclassification, change, consolidation, merger, combination, sale or conveyance, then such
supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders of the Debentures as the Board of Directors shall reasonably consider necessary by reason of
the foregoing, including to the extent required by the Board of Directors and practicable the provisions providing for the repurchase rights set forth in Article Five hereof. In the event the Company shall execute a supplemental indenture
pursuant to this Section 4.05, the Company shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefore, the kind or amount of cash, securities or property or asset that will constitute the Reference
Property after any such Merger Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly mail notice thereof to all Holders. 
  

 29 

 (b) Notwithstanding the provisions of Section 4.02, and subject to the provisions of
Section 4.01, at the effective time of such Merger Event, the right to convert each $1,000 principal amount of Debentures will be changed to a right to convert such Debenture by reference to the kind and amount of cash, securities or other
property or assets that a holder of a number of shares of Common Stock equal to the Conversion Rate immediately prior to such transaction would have owned or been entitled to receive (the “Reference Property”) such that from and
after the effective time of such transaction, the Conversion Obligation shall be settled: 
 (i) if the Company does not elect
to deliver cash in respect of any portion of its Conversion Obligation (other than cash in lieu of fractional shares pursuant to Section 4.02(p)) and the Company has not irrevocably elected Net Share Settlement upon conversion pursuant to
Section 4.02(e), Reference Property in an amount equal to the amount of Reference Property that a holder of a number of shares of Common Stock equal to the applicable Conversion Rate immediately prior to such Merger Event would have received at
the effective time of such Merger Event; or 
 (ii) if the Company elects to deliver cash in respect of any portion of its
Conversion Obligation (other than cash in lieu of fractional shares pursuant to Section 4.02(p)) or the Company has irrevocably elected Net Share Settlement upon conversion pursuant to Section 4.02(e), (A) cash in an amount equal to
the portion of the Company’s Conversion Obligation that it has elected to settle with cash (or up to the aggregate principal amount of Debentures to be converted if the Company has irrevocably elected Net Share Settlement upon conversion upon
conversion pursuant to Section 4.02(e)); and (B) in lieu of the shares of Common Stock otherwise deliverable, if any, Reference Property. 
 (c) If the Company elects to settle any conversion in whole or in part by delivering cash in respect of its Conversion Obligation or if the Company has irrevocably elected Net Share Settlement upon conversion upon conversion pursuant to
Section 4.02(e), the amount of cash and any Reference Property Holders receive upon Conversion will be based on the Daily Conversion Value Amounts of Reference Property and the applicable Conversion Rate, as described in Section 4.02;
provided that references in Section 4.02 to “Common Stock” or “a share(s) of Common Stock” shall instead be deemed references to “a unit of Reference Property composed of the kind and amount of shares of stock,
securities or other property or assets (including cash or any combination thereof) that a holder of one share of Common Stock immediately prior to such transaction would have owned or been entitled to receive” in such Merger Event or
“unit(s) of Reference Property composed of the kind and amount of shares of stock, securities or other property or assets (including cash or any combination thereof) that a holder of one share of Common Stock immediately prior to such
transaction would have owned or been entitled to receive” in such Merger Event, as the case may be. 
 (d) For purposes of determining
the constitution of Reference Property, the type and amount of consideration that a holder of Common Stock would have been entitled to in the case of reclassifications, consolidations, mergers, sales or conveyance of assets or other transactions
that cause the Common Stock to be converted into the right to receive 
  

 30 

 more than a single type of consideration (determined based in part upon any form of stockholder election) will be deemed
to be the weighted average of the types and amounts of consideration received by the holders of Common Stock that affirmatively make such an election. The Company shall not become a party to any such transaction unless its terms are consistent with
this paragraph (d). None of the foregoing provisions shall affect the right of a Holder of Debentures to convert its Debentures in accordance with the provisions of Article Four hereof prior to the effective date of the applicable Merger Event.

 (e) The Company shall cause notice of the execution of such supplemental indenture to be mailed to each Holder, at its address appearing
on the Security Register, within twenty (20) days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 
 (f) The above provisions of this Section 4.05 shall similarly apply to successive Merger Events. 
 SECTION 4.06. Certain Covenants. (a) Before taking any action which would cause an adjustment reducing the Conversion Rate below the then par
value, if any, of the shares of Common Stock issuable upon conversion of the Debentures, the Company will take all corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue shares
of such Common Stock at such adjusted Conversion Rate. 
 The Company covenants that all shares of Common Stock issued upon conversion of
Debentures will be fully paid and non-assessable by the Company and free from all taxes, liens and changes with respect to the issue thereof. 
 (b) The Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Debentures hereunder require registration with or approval of any governmental authority under any federal or state law before
such shares may be validly issued upon conversion, the Company will in good faith and as expeditiously as possible, to the extent then permitted by the rules and interpretations of the Commission (or any successor thereto), endeavor to secure such
registration or approval, as the case may be. 
 (c) The Company further covenants that if at any time the Common Stock shall be listed on
any national securities exchange or automated quotation system the Company will, if permitted and required by the rules of such exchange or automated quotation system, list and keep listed, so long as the Common Stock shall be so listed on such
exchange or automated quotation system, all Common Stock issuable upon conversion of the Debentures. 
 SECTION 4.07. Responsibility of
Trustee. The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine the Conversion Rate or whether any facts exist which may require any adjustment of the Conversion Rate, or
with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any 
  

 31 

 supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion Agent shall not
be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities or property, which may at any time be issued or delivered upon the conversion of any Debenture; and the Trustee and any
other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock or stock certificates or
other securities or property or cash upon the surrender of any Debenture for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article Four. 
 Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the
correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 4.05 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Holders upon the
conversion of their Debentures after any event referred to in such Section 4.05 or to any adjustment to be made with respect thereto, but, subject to the provisions of Sections 601 and 603 of the Base Indenture, may accept as conclusive
evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officers’ Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with
respect thereto. 
 SECTION 4.08. Notice to Holders Prior to Certain Actions. In case: 
 (a) the Company shall declare a dividend (or any other distribution) on its Common Stock that would require an adjustment in the Conversion Rate pursuant
to Section 4.03; or 
 (b) the Company shall authorize the granting to all of the holders of its Common Stock of rights or warrants to
subscribe for or purchase any share of any class or any other rights or warrants; or 
 (c) of any reclassification of the Common Stock of
the Company (other than a subdivision or combination of its outstanding Common Stock, or a change in par value, or from par value to no par value, or from no par value to par value), or of any consolidation or merger to which the Company is a party
and for which approval of any shareholders of the Company is required, or of the sale or transfer of all or substantially all of the assets of the Company; or 
 (d) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company; 
 the Company shall cause to be
filed with the Trustee and to be mailed to each Holder at his address appearing on the Security Register as promptly as possible but in any event at least twenty days prior to the applicable date specified in clause (x) or (y) below, as
the case may be, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution or grant of rights or warrants, or, if a record is not to be taken, the date 
  

 32 

 as of which the holders of Common Stock of record to be entitled to such dividend, distribution or rights are to be
determined, or (y) the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of which it is expected that holders of Common
Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up. Failure to give such notice, or
any defect therein, shall not affect the legality or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up. 
 SECTION 4.09. Shareholder Rights Plans. To the extent that the Company has a rights plan in effect upon conversion of the Debentures, the Holders
of the Debentures shall receive, in addition to any shares of Common Stock issuable upon such conversion, the rights under the rights plan, unless prior to any conversion the rights have separated from the Common Stock, in which case the Conversion
Rate will be adjusted at the time of separation as if the Company distributed to all holders of Common Stock, shares of the Company’s Capital Stock, evidences of indebtedness or assets as described in Section 4.03(c), subject to
readjustment in the event of the expiration, termination or redemption of such rights. 
 ARTICLE V 
 Redemption and Repurchase 
 SECTION
5.01. Redemption of Debentures at the Option of the Company. The Company may not redeem any Debentures prior to April 6, 2013. At any time on or after April 6, 2013, the Debentures may be redeemed at the option of the Company (an
“Optional Redemption”), in whole or in part, upon notice as set forth in Section 5.02 hereof, at a price equal to 100% of the principal amount of the Debentures to be redeemed, together with accrued and unpaid interest, if any,
to, but excluding, the Redemption Date (the “Redemption Price”); provided, however, that if the Redemption Date falls after a Regular Record Date and on or prior to the corresponding Interest Payment Date, then the full
amount of interest due on such Interest Payment Date shall be paid on such Interest Payment Date to the Holders of record of such Debentures on the applicable Regular Record Date instead of the Holders surrendering such Debentures for redemption and
the Redemption Price payable will be 100% of the principal amount of such Debenture and will not include any interest. 
 SECTION 5.02.
Notice of Optional Redemption; Selection of Debentures. In case the Company exercises its right to redeem all or, as the case may be, any part of the Debentures pursuant to Section 5.01 hereof, it shall fix a date for redemption (each, a
“Redemption Date”) and it or, at its written request received by the Trustee not fewer than forty-five (45) days prior (or such shorter period of time as may be acceptable to the Trustee) to the Redemption Date, the Trustee in
the name of and at the expense of the Company, shall mail or cause to be mailed a notice of such redemption not fewer than thirty-five (35) nor more than sixty (60) days prior to the Redemption Date to each Holder of Debentures so to be
redeemed as a whole or in part at its last address as the same appears on the Security Register; provided, however, that if the Company shall give such notice, it shall also give written notice of the Redemption Date to the Trustee. Such
mailing shall be by first class 
  

 33 

 mail. The notice, if mailed in the manner herein provided, shall be conclusively presumed to have been duly given,
whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Debenture designated for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Debenture. Concurrently with the mailing of any such notice of redemption, the Company shall issue a press release announcing such redemption, the form and content of which press release shall be
determined by the Company in its sole discretion. The failure to issue any such press release or any defect therein shall not affect the validity of the redemption notice or any of the proceedings for the redemption of any Debenture called for
redemption. 
 Each such notice of redemption shall specify (i) the aggregate principal amount of Debentures to be redeemed,
(ii) the CUSIP number or numbers of the Debentures being redeemed, (iii) the Redemption Date (which shall be a Business Day), (iv) the Redemption Price at which Debentures are to be redeemed, (v) the place or places of payment
and that payment will be made upon presentation and surrender of such Debentures, (vi) that interest accrued and unpaid to, but excluding, the Redemption Date will be paid as specified in said notice, and that on and after said date interest
thereon or on the portion thereof to be redeemed will cease to accrue, (vii) that the Holder has a right to convert the Debentures called for redemption, (viii) the Conversion Rate on the date of such notice, (ix) whether the Company
has elected to settle its Conversion Obligation during the period beginning on, and including, the date on which Company issues the relevant notice of redemption, and ending on, and including, the Business Day immediately preceding the corresponding
Redemption Date in cash or a combination of cash and shares of Common Stock in lieu of delivering solely shares of Common Stock, and, in the event the Company has elected to settle all or a portion of its Conversion Obligation during the period
beginning on, and including, the date on which Company issues the relevant notice of redemption, and ending on, and including, the Business Day immediately preceding the corresponding Redemption Date in cash or the Company has irrevocably elected
Net Share Settlement upon conversion pursuant to Section 4.02(e), the date on which the Cash Settlement Averaging Period will begin, (x) the method of calculating the number of shares and/or the amount of cash to be delivered to the Holder
upon conversion pursuant to Article Four of this First Supplemental Indenture with respect to any conversions made prior to the Redemption Date and (xi) that the Company will pay cash for fractional interests in shares of Common Stock, if any,
as provided in this First Supplemental Indenture with respect to any conversions made prior to the Redemption Date. If fewer than all the Debentures are to be redeemed, the notice of redemption shall identify the Debentures to be redeemed (including
CUSIP numbers, if any). In case any Debenture is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that, on and after the Redemption Date, upon surrender of
such Debenture, a new Debenture or Debentures in principal amount equal to the unredeemed portion thereof will be issued. 
 On or prior to
the Redemption Date specified in the notice of redemption given as provided in this Section 5.02, the Company will deposit with the Trustee or with one or more Paying Agents (or, if the Company is acting as the Paying Agent, set aside,
segregate and hold in trust as provided in Section 1003 of the Base Indenture) an amount of money in immediately available funds sufficient to redeem on the Redemption Date all the Debentures 
  

 34 

 (or portions thereof) so called for redemption (other than those theretofore surrendered for conversion into Common
Stock) at the Redemption Price; provided, however, that if such payment is made on the Redemption Date it must be received by the Trustee or Paying Agent, as the case may be, by 10:00 a.m. New York City time on such date. The Company shall be
entitled to retain any interest, yield or gain on amounts deposited with the Trustee or any Paying Agent pursuant to this Section 5.02 in excess of amounts required hereunder to pay the Redemption Price. If any Debenture called for redemption
is converted pursuant hereto prior to such Redemption Date, any money deposited with the Trustee or any Paying Agent or so segregated and held in trust for the redemption of such Debenture shall be paid to the Company upon its written request, or,
if then held by the Company, shall be discharged from such trust. Whenever any Debentures are to be redeemed pursuant to Section 5.01 hereof, the Company will give the Trustee written notice in the form of an Officers’ Certificate not
fewer than forty-five (45) days (or such shorter period of time as may be acceptable to the Trustee) prior to the Redemption Date as to the aggregate principal amount of Debentures to be redeemed. 
 If less than all of the outstanding Debentures are to be redeemed, the Trustee shall select the Debentures or portions thereof of the Global Debenture or
the Debentures in certificated form to be redeemed (in principal amounts of $1,000 or multiples thereof) by lot, on a pro rata basis or by another method the Trustee deems fair and appropriate. If any Debenture selected for partial redemption
is submitted for conversion in part after such selection, the portion of such Debenture submitted for conversion shall be deemed (so far as may be possible) to be the portion selected for redemption. 
 Upon any redemption of less than all of the outstanding Debentures, the Company and the Trustee may (but need not), solely for purposes of determining
the pro rata allocation among such Debentures as are unconverted and outstanding at the time of redemption, treat as Outstanding any Debentures surrendered for conversion during the period of fifteen (15) days next preceding the mailing of a
notice of redemption and may (but need not) treat as Outstanding any Debenture authenticated and delivered during such period in exchange for the unconverted portion of any Debenture converted in part during such period. 
 SECTION 5.03. Payment of Debentures Called for Redemption by the Company. If notice of redemption has been given as provided in Section 5.02,
the Debentures or portion of Debentures with respect to which such notice has been given shall, unless converted into Common Stock (or a combination of cash and shares of Common Stock if the Company elects Net Share Settlement) pursuant to the terms
hereof, become due and payable on the Redemption Date and at the place or places stated in such notice at the applicable Redemption Price and on and after said date (unless the Company shall default in the payment of such Debentures at the
Redemption Price) interest on the Debentures or portion of Debentures so called for redemption shall cease to accrue and the Debentures shall cease to be entitled to any benefit or security under the Indenture, and the Holders thereof shall have no
right in respect of such Debentures except the right to receive the Redemption Price thereof. On presentation and surrender of such Debentures at a place of payment specified in said notice, such Debentures or the specified portions thereof shall be
paid and redeemed by the Company at the applicable Redemption Price. 
  

 35 

 Upon presentation of any Debenture redeemed in part only, the Company shall execute and the Trustee shall
authenticate and make available for delivery to the Holder thereof, at the expense of the Company, a new Debenture or Debentures, of authorized denominations, in principal amount equal to the unredeemed portion of the Debentures so presented.

 Notwithstanding the foregoing, the Company may not redeem the Debentures if the Company has failed to pay any interest on the Debentures
and such failure to pay is continuing, or if the principal amount of the Debentures has been accelerated, and such acceleration has not been rescinded, on or prior to the applicable Redemption Date. 
 SECTION 5.04. [Reserved]  
 SECTION
5.05. Repurchase at Option of Holders Upon a Designated Event. (a) If there shall occur a Designated Event at any time prior to the Stated Maturity, then each Holder shall have the right, at such Holder’s option, to require the
Company to repurchase all of such Holder’s Debentures for cash, or any portion thereof that is a multiple of $1,000 principal amount, on the date (the “Designated Event Repurchase Date”) that is not fewer than twenty
(20) nor more than thirty-five (35) days after the date of the Designated Event Notice (as defined in Section 5.05(b)) for such Designated Event at a purchase price equal to 100% of the principal amount thereof, together with accrued
and unpaid interest, if any, to, but excluding, the Designated Event Repurchase Date; provided, however, that if such Designated Event Repurchase Date (the “Designated Event Repurchase Price”) falls after a Regular Record
Date and on or prior to the corresponding Interest Payment Date, then the full amount of interest due on such Interest Payment Date shall be paid on such Interest Payment Date to the Holders of record of the Debentures on the Regular Record Date
instead of the Holders surrendering the Debentures for repurchase and the Designated Event Repurchase Price payable will be 100% of the principal amount of such Debenture and will not include any interest. 
 Upon presentation of any Debenture repurchased in part only, the Company shall execute and, upon the Company’s written direction to the Trustee, the
Trustee shall authenticate and make available for delivery to the Holder thereof, at the expense of the Company, a new Debenture or Debentures, of authorized denominations, in aggregate principal amount equal to the unpurchased portion of the
Debentures presented. 
 (b) On or before the tenth day after the occurrence of a Designated Event, the Company or at its written request
(which must be received by the Trustee at least five (5) Business Days prior to the date the Trustee is requested to give notice as described below, unless the Trustee shall agree in writing to a shorter period), the Trustee, in the name of and
at the expense of the Company, shall mail or cause to be mailed to all Holders of record on the date of the Designated Event a notice (the “Designated Event Notice”) of the occurrence of such Designated Event and of the repurchase
right at the option of the Holders arising as a result thereof. Such notice shall be mailed in the manner and with the effect set forth in the first paragraph of Section 5.02 (without regard for the time limits set forth therein). 

 

 36 

 If the Company shall give such notice, the Company shall also deliver a copy of the Designated Event
Notice to the Trustee at such time as it is mailed to Holders. Concurrently with the mailing of any Designated Event Notice, the Company shall publish such notice in a newspaper of general circulation in The City of New York or publish the
information on the Company’s website or through such other medium as the Company may use at that time. The failure to publish such notice, or any defect therein, shall not affect the validity of the Designated Event Notice or any proceedings
for the repurchase of any Debenture which any Holder may elect to have the Company repurchase as provided in this Section 5.05. 
 Each
Designated Event Notice shall specify the circumstances constituting the Designated Event, the Designated Event Repurchase Date, the Designated Event Repurchase Price, that the Holder must exercise the repurchase right on or prior to the close of
business on the Designated Event Repurchase Date (or, if such day is not a Business Day, the next succeeding Business Day)(the “Designated Event Expiration Time”), that the Holder shall have the right to withdraw any Debentures
surrendered prior to the Designated Event Expiration Time, a description of the procedure which a Holder must follow to exercise such repurchase right and to withdraw any surrendered Debentures, the place or places where the Holder is to surrender
such Holder’s Debentures, the amount of interest accrued on each Debenture to (but excluding) the Designated Event Repurchase Date and the CUSIP number or numbers of the Debentures (if then generally in use). 
 No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of
the proceedings for the repurchase of the Debentures pursuant to this Section 5.05. 
 (c) For a Debenture to be so repurchased at the
option of the Holder pursuant to this Section 5.05, (i) the Company must receive at the office or agency of the Company maintained for that purpose pursuant to Section 2.07 hereof the Holder’s duly completed repurchase notice in
the form set forth on the reverse of the Debenture entitled “Option to Elect Repayment Upon A Designated Event” (a “Designated Event Repurchase Notice”) on or before the Designated Event Expiration Time and
(ii) delivery or book-entry transfer of the Debentures to the Trustee (or other Paying Agent appointed by the Company) must have occurred at any time after delivery of the applicable Designated Event Repurchase Notice and prior to the
Designated Event Expiration Time (together with all necessary endorsements) at the office of the Trustee (or other Paying Agent appointed by the Company), such delivery being a condition to receipt by the Holder of the Designated Event Repurchase
Price; provided, however, that such Designated Event Repurchase Price shall be so paid pursuant to this Section 5.05 only if the Debenture so delivered to the Trustee (or other Paying Agent appointed by the Company) shall conform in all
respects to the description thereof in the related Designated Event Repurchase Notice. 
 The Company shall purchase from the Holder thereof,
pursuant to this Section 5.05, a portion of a Debenture, if the principal amount of such portion is $1,000 or an integral multiple of $1,000. Provisions of the Indenture that apply to the purchase of all of a Debenture also apply to the
purchase of such portion of such Debenture. 
  

 37 

 Any purchase by the Company contemplated pursuant to the provisions of this Section 5.05 shall be
consummated by the delivery of the consideration to be received by the holder promptly following the later of the Designated Event Repurchase Date and the time of the book-entry transfer or delivery of the Debenture. 
 Notwithstanding anything herein to the contrary, any Holder delivering to the Trustee (or other Paying Agent appointed by the Company) the completed form
entitled “Option to Elect Repurchase Upon a Designated Event” contemplated by this Section 5.05 shall have the right to withdraw such election at any time prior to the close of business on the Designated Event Repurchase Date by means
of a written notice of withdrawal delivered to the Corporate Trust Office of the Trustee (or other Paying Agent appointed by the Company) in accordance with the Designated Event Repurchase Notice at any time prior to the close of business on the
Designated Event Repurchase Date, specifying: 
 (i) the principal amount of the Debenture with respect to which such notice
of withdrawal is being submitted, 
 (ii) the certificate number, if any, of the Debenture in respect of which such notice of
withdrawal is being submitted, or the appropriate Depositary information if the Debenture in respect of which such notice of withdrawal is being submitted is represented by a Global Security, and 
 (iii) the principal amount, if any, of such Debenture which remains subject to the original election and which has been or will be
delivered for purchase by the Company. 
 The Trustee (or other Paying Agent appointed by the Company) shall promptly notify the Company of
the receipt by it of any Repurchase Notice or written notice of withdrawal thereof. 
 (d) On or prior to the Designated Event Repurchase
Date, the Company will deposit with the Trustee or with one or more Paying Agents (or, if the Company is acting as the Paying Agent, set aside, segregate and hold in trust as provided in Section 1003 of the Base Indenture) an amount of money
sufficient to repurchase on the Designated Event Repurchase Date all the Debentures to be repurchased on such date at the appropriate Designated Event Repurchase Price; provided, however, that if such payment is made on the Designated Event
Repurchase Date it must be received by the Trustee or Paying Agent, as the case may be, by 10:00 a.m. New York City time, on such date. Payment for Debentures surrendered for repurchase (and not withdrawn) prior to the Designated Event Expiration
Time will be made promptly (but in no event more than three (3) Business Days) following the Designated Event Repurchase Date. If the Trustee or other Paying Agent appointed by the Company, or the Company, if the Company is acting as the Paying
Agent, on the Business Day following the Designated Event Repurchase Date, holds cash sufficient to pay the aggregate Designated Event Repurchase Price of all the Debentures, or portions thereof, that are to be repurchased as of the Designated Event
Repurchase Date, on or after the Designated Event Repurchase Date (i) the Debentures will cease to be outstanding, (ii) interest on the Debentures will cease to accrue, and (iii) all other rights of the Holders of such 
  

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 Debentures will terminate, whether or not book-entry transfer of the Debentures has been made or the Debentures have been
delivered to the Trustee or other Paying Agent, other than the right to receive the Designated Event Repurchase Price, upon delivery of the Debentures. 
 (e) Notwithstanding the foregoing, no Debentures may be repurchased by the Company upon the occurrence of a Designated Event on the relevant Designated Event Repurchase Date if the principal amount of the Debentures
has been accelerated, and such acceleration has not been rescinded, on or prior to such Designated Event Repurchase Date. 
 (f) The Company
will comply with the provisions of Rule 13e-4 and any other tender offer rules under the Exchange Act to the extent then applicable in connection with the repurchase rights of the Holders of Debentures in the event of a Designated Event. 

SECTION 5.06. Repurchase of Debentures by the Company at Option of the Holders. Debentures shall be purchased by the Company for cash pursuant
to the terms of the Debentures at the option of the Holder thereof on April 1, 2013, April 1, 2016 and April 1, 2021 (each, a “Repurchase Date”), at a price of 100% of the principal amount thereof, subject to the
provisions of Section 5.07 hereof, together with accrued and unpaid interest, if any, to, but excluding, the relevant Repurchase Date (the “Repurchase Price”); provided, however, that any such accrued and unpaid
interest will be paid not to the Holder submitting the Debenture for repurchase on the relevant Repurchase Date but instead to the Holder of record at the close of business on the immediately preceding Regular Record Date. Repurchases of Debentures
under this Section 5.06 shall be made, at the option of the Holder thereof, upon: 
 (i) delivery to the Trustee (or
other Paying Agent appointed by the Company) by a holder of a duly completed Repurchase Notice (a “Repurchase Notice”) in the form set forth on the reverse of the Debenture during the period beginning at any time from the opening of
business on the date that is 20 Business Days prior to the applicable Repurchase Date until the close of business on the Business Day immediately preceding such Repurchase Date stating: 
 (1) the principal amount of the Debentures with respect to which such Repurchase Notice is being provided, 
 (2) the certificate number, if any, of the Debenture in respect of which such Repurchase Notice is being provided, or the appropriate
Depositary information if the Debenture in respect of which such Repurchase Notice is being provided is represented by a Global Security, and 
 (3) that such Debentures are to be repurchased by the Company pursuant to the applicable provisions of this Indenture. 
 (ii) delivery or book-entry transfer of the Debentures to the Trustee (or other Paying Agent appointed by the Company) at any time after delivery of the applicable Repurchase Notice and prior to the close of business
on the Business Day immediately preceding the applicable Repurchase Date (together with all necessary endorsements) at the office of the Trustee (or other Paying Agent appointed by the 
  

 39 

 Company), such delivery being a condition to receipt by the holder of the Repurchase Price; provided,
however, that such Repurchase Price shall be so paid pursuant to this Section 5.06 only if the Debenture so delivered to the Trustee (or other Paying Agent appointed by the Company) shall conform in all respects to the description thereof
in the related Repurchase Notice. The Company shall purchase from the holder thereof, pursuant to this Section 5.06, a portion of a Debenture, if the principal amount of such portion is $1,000 or an integral multiple of $1,000. Provisions of
the Indenture that apply to the purchase of all of a Debenture also apply to the purchase of such portion of such Debenture. 
 Any purchase
by the Company contemplated pursuant to the provisions of this Section 5.06 shall be consummated by the delivery of the consideration to be received by the Holder promptly following the later of the Repurchase Date and the time of the
book-entry transfer or delivery of the Debenture. 
 Notwithstanding anything herein to the contrary, any holder delivering to the Trustee
(or other Paying Agent appointed by the Company) the Repurchase Notice contemplated by this Section 5.06 shall have the right to withdraw such Repurchase Notice at any time prior to the close of business on the Business Day immediately
preceding the Repurchase Date by delivery of a written notice of withdrawal to the Trustee (or other Paying Agent appointed by the Company) in accordance with Section 5.08 hereof. 
 The Trustee (or other Paying Agent appointed by the Company) shall promptly notify the Company of the receipt by it of any Repurchase Notice or written
notice of withdrawal thereof. 
 Notwithstanding the foregoing, the Company shall not repurchase any Debentures on any Repurchase Date if the
principal amount of the Debentures has been accelerated, and such acceleration has not been rescinded, on or prior to such Repurchase Date. 
 SECTION 5.07. Procedures for the Repurchase of Debentures. (a) At least three Business Days before each Company Repurchase Notice Date, the Company shall deliver an Officers’ Certificate to the Trustee specifying:

 (i) the information required by Section 5.07(c) in the Company Repurchase Notice, and 
 (ii) whether the Company desires the Trustee to give the Company Repurchase Notice required by Section 5.07(c). 
 (b) The Company Repurchase Notice, as provided in Section 5.07(c), shall be sent to Holders at their addresses shown in the Security Register and to
beneficial owners of the Debentures, as required by applicable law, not less than 20 Business Days prior to such Repurchase Date (the “Company Repurchase Notice Date”). 
 (c) In connection with any repurchase of Debentures, the Company shall, no less than 20 Business Days prior to each Repurchase Date, give notice to
Holders and, if applicable, to beneficial owners of the Debentures (with a copy to the Trustee) setting forth information specified in this Section 5.07(c) (the “Company Repurchase Notice”). 
  

 40 

 Each Company Repurchase Notice shall: 
 (1) state the Repurchase Price and the Repurchase Date to which the Company Repurchase Notice relates; 
 (2) include a form of Repurchase Notice; 
 (3) state the name and address of the Trustee (or other Paying Agent appointed by the Company); 
 (4) state that Debentures must be surrendered to the Trustee (or other Paying Agent appointed by the Company) to collect the Repurchase Price; 
 (5) state that Debentures as to which a Repurchase Notice has been given may be converted only if the Repurchase Notice is withdrawn in accordance with the terms of this First Supplemental Indenture; and 

(6) state the CUSIP number of the Debentures. 
 Company Repurchase Notices may be given by the Company or, at the Company’s request, the Trustee shall give such Company Repurchase
Notice in the Company’s name and at the Company’s expense. 
 (d) The Company will comply with the provisions of Rule 13e-4 and any
other tender offer rules under the Exchange Act to the extent then applicable in connection with the repurchase rights of the Holders of Debentures. 
 SECTION 5.08. Effect of Repurchase Notice. Upon receipt by the Trustee (or other Paying Agent appointed by the Company) of the Repurchase Notice specified in Section 5.06 hereof, the Holder of the
Debenture in respect of which such Repurchase Notice was given shall (unless such Repurchase Notice is validly withdrawn) thereafter be entitled to receive solely the Repurchase Price with respect to such Debenture. Such Repurchase Price shall be
paid to such Holder, subject to receipt of funds and/or Debentures by the Trustee at its Corporate Trust Office (or other Paying Agent appointed by the Company), on the later of (x) the Repurchase Date with respect to such Debenture (provided
the Holder has satisfied the conditions in Section 5.06) and (y) the time of delivery of such Debenture to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by Section 5.06.
Debentures in respect of which a Repurchase Notice has been given by the Holder thereof may not be converted pursuant to Article Four hereof on or after the date of the delivery of such Repurchase Notice unless such Repurchase Notice has first been
validly withdrawn. 
 A Repurchase Notice may be withdrawn by means of a written notice of withdrawal delivered to the Corporate Trust Office
of the Trustee (or other Paying Agent appointed by the Company) in accordance with the Repurchase Notice at any time prior to the close of business on the Business Day immediately preceding the Repurchase Date, specifying: 
 (1) the principal amount of the Debenture with respect to which such notice of withdrawal is being submitted, 
  

 41 

 (2) the certificate number, if any, of the Debenture in respect of which such notice of
withdrawal is being submitted, or the appropriate Depositary information if the Debenture in respect of which such notice of withdrawal is being submitted is represented by a Global Debenture, and 
 (3) the principal amount, if any, of such Debenture which remains subject to the original Repurchase Notice and which has been or will be
delivered for purchase by the Company. 
 SECTION 5.09. Deposit of Reurchase Price. (a) Prior to 10:00 a.m. (New York City Time)
on the Repurchase Date, the Company shall deposit with the Trustee (or other Paying Agent appointed by the Company; or, if the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 1003 of the Base
Indenture) an amount of cash (in immediately available funds if deposited on such Business Day) sufficient to pay the aggregate Repurchase Price of all the Debentures or portions thereof that are to be purchased as of the Repurchase Date.

 (b) If the Trustee or other Paying Agent appointed by the Company, or the Company or a subsidiary or affiliate of either of them if such
entity is acting as the Paying Agent, holds cash sufficient to pay the aggregate Repurchase Price of all the Debentures, or portions thereof that are to purchased as of the Repurchase Date, on or after the Repurchase Date (i) the Debentures
will cease to be outstanding, (ii) interest on the Debentures will cease to accrue, and (iii) all other rights of the Holders of such Debentures will terminate, whether or not book-entry transfer of the Debentures has been made or the
Debentures have been delivered to the Trustee or other Paying Agent, other than the right to receive the Repurchase Price, as and to the extent provided in Section 5.08 hereof, upon delivery of the Debentures. 
 SECTION 5.10. Debentures Repurchased in Part. Upon presentation of any Debenture repurchased only in part, the Company shall execute and the
Trustee shall authenticate and make available for delivery to the Holder thereof, at the expense of the Company, a new Debenture or Debentures, of any authorized denomination, in aggregate principal amount equal to the unrepurchased portion of the
Debentures presented. 
 SECTION 5.11. Repayment to the Company. The Trustee (or other Paying Agent appointed by the Company) shall
return to the Company any cash that remains unclaimed, together with interest, if any, thereon, held by them for the payment of the Repurchase Price; provided, however, that to the extent that the aggregate amount of cash deposited by the
Company pursuant to Section 5.09 hereof exceeds the aggregate Repurchase Price of the Debentures or portions thereof which the Company is obligated to purchase as of the Repurchase Date, then, unless otherwise agreed in writing with the
Company, promptly after the Business Day following the Repurchase Date, the Trustee shall return any such excess to the Company together with interest, if any, thereon. 
  

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 ARTICLE VI 
 Miscellaneous 
 SECTION 6.01. Integral Part. This First Supplemental Indenture constitutes an
integral part of the Base Indenture with respect to the Debentures only as provided in Section 3.01 hereof. 
 SECTION 6.02.
Adoption, Ratification and Confirmation. The Base Indenture, as supplemented and amended by this First Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed, and this First Supplemental Indenture shall be deemed
part of the Base Indenture in the manner and to the extent herein and therein provided. The provisions of this First Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the Base Indenture to the extent the
Indenture is inconsistent herewith. 
 SECTION 6.03. Counterparts. This First Supplemental Indenture may be executed in any number of
counterparts, each of which when so executed shall be deemed an original; and all such counterparts shall together constitute but one and the same instrument. 
 SECTION 6.04. Governing Law. THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 6.05. Conflict of Any Provision of Indenture with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another
provision hereof which is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 
 SECTION 6.06. Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 
 SECTION 6.07. Separability Clause. In case any provision in this First Supplemental Indenture or in the Debt Securities or any coupons shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 6.08. Successors and Assigns. All covenants and agreements in this First Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 
 SECTION 6.09. Benefit of Supplemental Indenture. Nothing in this First Supplemental Indenture, express or implied, shall give to any Person, other
than the parties hereto, any Security Registrar, any Paying Agent, any Conversion Agent and their successors hereunder, and the Holders of the Debentures, any benefit or any legal or equitable right, remedy or claim under this First Supplemental
Indenture. 
  

 43 

 SECTION 6.10. Acceptance by Trustee. The Trustee accepts the amendments to the Base Indenture
effected by this First Supplemental Indenture and agrees to execute the trusts created by the Indenture as hereby amended, but only upon the terms and conditions set forth in this First Supplemental Indenture and the Indenture. Without limiting the
generality of the foregoing, the Trustee assumes no responsibility for the correctness of the recitals contained herein, which shall be taken as the statements of the Company and except as provided in the Indenture the Trustee shall not be
responsible or accountable in any way whatsoever for or with respect to the validity or execution or sufficiency of this First Supplemental Indenture and the Trustee makes no representation with respect thereto. 
 [Remainder of page intentionally left blank.] 
  

 44 

 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed
as of the day and year first written above. 
  

			
	TIME WARNER TELECOM INC., as Issuer
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 SCHEDULE A 
 Stock Price 
  

																															
	 Effective Date
	  	$14.62	  	$15.00	  	$16.00	  	$17.00	  	$18.00	  	$19.00	  	$20.00	  	$22.50	  	$25.00	  	$27.50	  	$30.00	  	$40.00	  	$50.00	  	$60.00	  	$70.00
	 March 29, 2006
	  	14.7528	  	14.0824	  	12.5250	  	11.2179	  	10.1101	  	9.1656	  	8.3519	  	6.7566	  	5.6014	  	4.7370	  	4.0713	  	2.4927	  	1.7058	  	1.2387	  	0.9305
	 April 1, 2007
	  	14.6572	  	13.9452	  	12.2986	  	10.9260	  	9.7709	  	8.7933	  	7.9573	  	6.3393	  	5.1892	  	4.3439	  	3.7037	  	2.2299	  	1.5203	  	1.1048	  	0.8315
	 April 1, 2008
	  	14.5279	  	13.7682	  	12.0194	  	10.5724	  	9.3644	  	8.3506	  	7.4912	  	5.8527	  	4.7145	  	3.8962	  	3.2890	  	1.9429	  	1.3216	  	0.9629	  	0.7270
	 April 1, 2009
	  	14.3599	  	13.5390	  	11.6599	  	10.1189	  	8.8452	  	7.7875	  	6.9010	  	5.2446	  	4.1291	  	3.3514	  	2.7909	  	1.6116	  	1.0969	  	0.8038	  	0.6103
	 April 1, 2010
	  	14.1660	  	13.2614	  	11.2042	  	9.5360	  	8.1748	  	7.0609	  	6.1418	  	4.4732	  	3.3999	  	2.6859	  	2.1939	  	1.2363	  	0.8483	  	0.6284	  	0.4810
	 April 1, 2011
	  	13.9286	  	12.9005	  	10.5803	  	8.7268	  	7.2425	  	6.0545	  	5.0985	  	3.4439	  	2.4611	  	1.8599	  	1.4777	  	0.8230	  	0.5785	  	0.4356	  	0.3366
	 April 1, 2012
	  	13.6924	  	12.4399	  	9.6371	  	7.4468	  	5.7514	  	4.4550	  	3.4681	  	1.9435	  	1.2054	  	0.8440	  	0.6569	  	0.3967	  	0.2908	  	0.2220	  	0.1729
	 April 1, 2013
	  	14.7528	  	13.0201	  	8.8534	  	5.1769	  	1.9090	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000

 ANNEX A 
 [Include only for Global Debentures:] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK) (THE “DEPOSITARY”, WHICH TERM INCLUDES ANY SUCCESSOR DEPOSITARY FOR THE CERTIFICATES) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREIN IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 TIME WARNER TELECOM INC. 
 2.375% CONVERTIBLE
SENIOR DEBENTURE DUE 2026 
  

			
	 CUSIP: No.
	 	$                    

 Time Warner Telecom Inc., a corporation duly organized and validly existing under the laws of the
State of Delaware (herein called the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to
[            ] or its registered assigns, [the principal sum of                     
DOLLARS] [the principal sum as set forth in the Schedule of Increases or Decreases In Debenture attached hereto, which shall not exceed $325,000,000 (or $373,750,000 to the extent that the Underwriters’ over-allotment option pursuant to the
Underwriting Agreement is exercised in full)] on April 1, 2026 at the office or agency of the Company maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the United States of America as at the
time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semiannually on April 1 and October 1 of each year, commencing October 1, 2006, on said principal sum at said office or agency, in
like coin or currency, at the rate per annum of 2.375%, from the most recent Interest Payment Date to which interest has been paid or duly provided for, unless no interest has been paid or duly provided for on the Debentures, in which case from
March 29, 2006 until payment of said principal sum has been made or duly provided for. Except as otherwise provided in the Indenture, the interest payable on the Debenture pursuant to the Indenture on any Interest Payment Date will be paid to
the Person entitled thereto as it appears in the Security Register at the close of business on the Regular Record Date, which shall be the March 15 or September 15 (whether or not a Business Day) next preceding such Interest Payment Date,
as provided in the Indenture; provided, however, that any such interest not punctually paid or duly provided for shall be payable as provided in the Indenture. Interest on the Debentures shall be computed on the basis of a 360-day year of
twelve 30-day months. Interest may, at the option of the Company, be paid either (i) by 
  

 A-1 

 
check mailed to the registered address of such Holder (provided that the Holder of Debentures with an aggregate principal amount in excess of
$2,000,000 shall, at the written election (timely made and containing appropriate wire transfer information) of such Holder, be paid by wire transfer of immediately available funds) or (ii) by transfer to an account maintained by such Holder
located in the United States; provided that payments to the Depositary will be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. 
 Payments of principal and, to the extent permitted by applicable law, interest on the Debenture that are not made when due will accrue interest at the
annual rate equal to the then applicable interest rate from the required payment date. Such interest shall be payable on demand. 
 Reference
is made to the further provisions of this Debenture set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Debenture shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with,
and governed by, the laws of the State of New York. 
 This Debenture shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been manually signed by the Trustee or a duly authorized authenticating agent under the Indenture. 
  

 A-2 

 IN WITNESS WHEREOF, the Company has caused this Debenture to be duly executed. 
  

					
	[SEAL]	 	TIME WARNER TELECOM INC.
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

			
	Attest:
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 A-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Debt Securities of the series designated therein referred to in the within-named Indenture. 
 Dated:                      
  

			
	 WELLS FARGO BANK,
 NATIONAL
ASSOCIATION,

	    as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	Authorized Officer

  

 A-4 

 FORM OF REVERSE OF DEBENTURE 
 TIME WARNER TELECOM INC. 
 2.375% CONVERTIBLE SENIOR DEBENTURE DUE 2026 
 This Debenture is one of a duly authorized issue of a series of Debt Securities of the Company, designated as its 2.375% Convertible Senior Debentures
Due 2026 (herein called the “Debentures”), issued and to be issued under and pursuant to an Indenture dated as of March 29, 2006 (the “Base Indenture”), as amended and supplemented by a First Supplemental
Indenture dated as of March 29, 2006 (the “First Supplemental Indenture”; and the Base Indenture, as so amended and supplemented, herein called the “Indenture”), each between the Company and Wells Fargo Bank,
National Association, as trustee (herein called the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Company and the Holders of the Debentures. 
 The Debentures are issuable in fully registered form,
without coupons, in denominations of $1,000 principal amount and any multiple of $1,000. Upon due presentment for registration of transfer of this Debenture at the office or agency of the Company maintained for that purpose in accordance with the
terms of the Indenture, a new Debenture or Debentures of authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange thereof, subject to the limitations provided in the Indenture, without charge
except for any tax, assessment or other governmental charge imposed in connection therewith. 
 At any time on or after April 6, 2013
and prior to the Stated Maturity, the Company may redeem the Debentures, in whole or in part, in accordance with the terms of the Indenture. 
 The Debentures are not subject to redemption through the operation of any sinking fund. 
 If a Designated Event occurs at any time
prior to the Stated Maturity, the Holders of Debentures, at their option, can require the Company to repurchase all or a portion of their Debentures on a Designated Event Redemption Date in accordance with the terms of the Indenture. 
 The Holders of Debentures can require the Company to repurchase all or a portion of their Debentures on each Repurchase Date in accordance with the terms
of the Indenture. 
 The Debentures shall be convertible at the option of the Holders thereof prior to the close of business on the Business
Day immediately preceding the Stated Maturity into cash, shares of Common Stock or a combination thereof as set forth in the Indenture. 
 The Conversion Rate of the Debentures shall be adjusted as provided in the Indenture upon the occurrence of certain specified events. 
  

 A-5 

 Subject to the provisions of the Indenture, if a Holder elects to convert Debentures in connection with a
Fundamental Change that occurs prior to April 1, 2013, the Company will increase the number of shares of Common Stock issuable upon conversion of the Debentures by a number of additional shares of Common Stock as set forth in the Indenture.

 No reference herein to the Indenture and no provision of this Debenture or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and interest on this Debenture at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 
 The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Security Registrar may deem and treat the registered
Holder hereof as the absolute owner of this Debenture (whether or not this Debenture shall be overdue and notwithstanding any notation of ownership or other writing hereon made by anyone other than the Company or any Security Registrar) for the
purpose of receiving payment hereof, or on account hereof, for the conversion hereof and for all other purposes, and neither the Company nor the Trustee nor any other authenticating agent nor any Paying Agent nor other Conversion Agent nor any
Security Registrar shall be affected by any notice to the contrary. All payments made to or upon the order of such registered Holder shall, to the extent of the sum or sums paid, satisfy and discharge liability for monies payable on this Debenture.

 Notwithstanding anything to the contrary in other provision of this Indenture, so long as the Debentures are in the form of Global
Securities, the parties to the Indenture and the Holders of such Debentures will be bound at all times by the applicable procedures of the Depositary. 
 Terms used in this Debenture and defined in the Indenture are used herein as therein defined. 
  

 A-6 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription of the face of this Debenture, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

			
	“TEN COM” - as tenants in common	 	 “UNIF GIFT MIN ACT”          Custodian
        
 (Cust)    (Minor)
  
 under Uniform Gifts to Minors Act

	“TEN ENT” - as tenant by the entireties	 
	 “JT TEN” - as joint tenants with right of
 survivorship and not as tenants in common
	 
		 	  

		 	(State)

 Additional abbreviations may also be used though not in the above list. 
  

 A-7 

 CONVERSION NOTICE 
  

	TO:	TIME WARNER TELECOM INC. 

	    	WELLS FARGO BANK, NATIONAL ASSOCIATION 

 The undersigned registered owner
of this Debenture hereby irrevocably exercises the option to convert this Debenture, or the portion thereof (which is $1,000 or a multiple thereof) below designated, in accordance with the terms of the Indenture referred to in this Debenture, and
directs that the cash payable and/or the shares of Common Stock issuable and deliverable upon such conversion and any Debentures representing any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof unless a
different name has been indicated below. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture. If shares of Common Stock or any portion of this Debenture not converted are to be issued in the
name of a Person other than the undersigned, the undersigned will provide the appropriate information below and pay all transfer taxes payable with respect thereto. Any amount required to be paid by the undersigned on account of interest accompanies
this Debenture. 
  

			
	Dated:
		
		 	 Name of Holder or underlying
 participant of
Depository

		
		 	  

		
		 	  

		 	Signature(s)

 Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
 Signature
Guarantee 
  

 A-8 

 Fill in the registration of shares of Common Stock, if any, to be issued, and Debentures, if any, to be delivered, and
the Person to whom cash, if any, is to be made, if other than to and in the name of the registered Holder: 
  

	
	  

	 (Name)

	
	  

	 (Street Address)

	
	  

	 (City, State and Zip Code)
  

Please print name and address
  

	
	 Principal amount to be converted
 (if less than all):
  

	 $                    
  

	 Social Security or Other Taxpayer
 Identification Number:
                                        
    

  

 A-9 

 OPTION TO ELECT REPURCHASE 
 UPON A DESIGNATED EVENT 
  

	TO:	TIME WARNER TELECOM INC. 

	    	WELLS FARGO BANK, NATIONAL ASSOCIATION 

 The undersigned registered owner
of this Debenture hereby irrevocably acknowledges receipt of a notice from Time Warner Telecom Inc. (the “Company”) as to the occurrence of a Designated Event with respect to the Company and requests and instructs the Company to
repurchase the entire principal amount of this Debenture, or the portion thereof (which is $1,000 or a multiple thereof) below designated, in accordance with the terms of the Indenture referred to in this Debenture at the price of 100% of such
entire principal amount or portion thereof, together with accrued but unpaid interest to, but excluding, the Designated Event Redemption Date, to the registered Holder hereof. Capitalized terms used herein but not defined shall have the meanings
ascribed to such terms in the Indenture. 
  

			
	Dated:                     
		
		 	  

		
		 	  

		 	Signature(s)

 NOTICE: The above signatures of the Holder(s) hereof must correspond with the name as written upon the face of the
Debenture in every particular without alteration or enlargement or any change whatever. 
 Principal amount to be repaid (if less than all):
$                      
 Social
Security or Other Taxpayer Identification Number:                      
  

 A-10 

 REPURCHASE NOTICE 
  

	TO:	TIME WARNER TELECOM INC. 

	    	WELLS FARGO BANK, NATIONAL ASSOCIATION 

 The undersigned registered owner
of this Debenture hereby irrevocably acknowledges receipt of a notice from Time Warner Telecom Inc. (the “Company”) regarding the right of Holders to elect to require the Company to repurchase the Debentures and requests and
instructs the Company to repay the entire principal amount of this Debenture, or the portion thereof (which is $1,000 or an integral multiple thereof) below designated, in accordance with the terms of the Indenture at the price of 100% of such
entire principal amount to the registered Holder hereof. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture. The Debentures shall be repurchased by the Company as of the Repurchase Date
pursuant to the terms and conditions specified in the Indenture. 
  

			
	Dated:                     
		
		 	  

		
		 	  

		 	Signature(s)

 NOTICE: The above signatures of the Holder(s) hereof must correspond with the name as written upon the face of the
Debenture in every particular without alteration or enlargement or any change whatever. 
 Debenture Certificate Number (if applicable):
                     
 Principal amount to be
repurchased (if less than all): $                     
 Social Security or Other Taxpayer Identification Number:                      
  

 A-11 

 ASSIGNMENT 
 For value received
                                        
                                        
             hereby sell(s) assign(s) and transfer(s) unto [            ] (please insert Social Security
[            ] or other Taxpayer Identification Number [            ] of assignee) the within Debenture, and hereby irrevocably
constitutes and appoints attorney to transfer said Debenture on the books of the Company, with full power of substitution in the premises. 
 Dated: 
 Signature(s) 
 Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer
Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, al in accordance with the Securities Exchange Act
of 1934, as amended. 
 Signature Guarantee 
 NOTICE: The signature on the Conversion Notice, the Option to Elect Redemption Upon a Designated Event, the Repurchase Notice or the Assignment must correspond with the name as written upon the face of the Debenture
in every particular without alteration or any change whatever. 
  

 A-12 

 [Include Schedule I only for a Global Debenture] 
 SCHEDULE OF INCREASES OR DECREASES IN DEBENTURE 
 The initial principal amount
of this Global Debenture is [    ] DOLLARS ($[    ]). The following increases or decreases in part of this Debenture have been made: 
  

									
	 Date
	 	 Amount of
 Increase in
 Principal
 Amount of
 this
 Debenture
	 	 Amount of
 Decrease in
 Principal
 Amount of
 this
Debenture
	 	 Principal
 Amount of this
 Debenture
 following such
 Increase
or
 Decrease
	 	 Signature of Authorized
 Officer or Trustee

  

 B-1Underwriting Agreement Dated March 23, 2006

 Exhibit 10.1 
 EXECUTION COPY 
 TIME WARNER TELECOM INC. 
 CLASS A COMMON STOCK 
 UNDERWRITING
AGREEMENT 
 March 23, 2006 

 March 23, 2006 
 Deutsche Bank Securities Inc. 
 Morgan Stanley & Co. Incorporated 
 J.P. Morgan Securities Inc. 
 Wachovia Capital Markets, LLC 
  

	c/o	Deutsche Bank Securities Inc. 

 60 Wall Street 

New York, NY 10005 
 Ladies and Gentlemen: 
 Certain stockholders of the Time Warner Telecom Inc., a Delaware corporation (the
“Company”) named in Schedule III hereto (the “Selling Stockholders”) severally propose to sell to Deutsche Bank Securities Inc. (“Deutsche Bank”), Morgan Stanley & Co. Incorporated
(“Morgan Stanley”), Wachovia Capital Markets, LLC and J.P. Morgan Securities Inc. (the “Underwriters”) an aggregate of 19,400,000 shares (the “Firm Shares”) of the Class A Common Stock, par
value $.01 per share, of the Company (the “Class A Common Stock”), each Selling Stockholder selling the amount set forth opposite such Selling Stockholder’s name in Schedule III hereto. The Selling Stockholders also propose to
sell to the several Underwriters not more than an additional aggregate of 2,910,000 shares of the Class A Common Stock (the “Additional Shares”) if and to the extent that Deutsche Bank and Morgan Stanley shall have determined
to exercise, on behalf of the Underwriters, the right to purchase such Additional Shares (or any portion thereof) granted in Section 3 hereof. The Firm Shares and the Additional Shares are hereinafter collectively referred to as the
“Shares.” 
 The Company has filed with the Securities and Exchange Commission (the “Commission”) a
registration statement, including a prospectus (the file number of which is set forth in Schedule I hereto) on Form S-3, relating to securities (the “Shelf Securities”), including the Shares, for registration under the
Securities Act of 1933, as amended (the “Securities Act”), of such Shelf Securities and the offering thereof from time to time in accordance with Rule 415. The registration statement as amended to the date of this Agreement,
including the information (if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule 430A or Rule 430B under the Securities Act, is hereinafter referred to as the “Registration
Statement,” and the related prospectus covering the Shelf Securities dated March 17, 2006 in the form first used to confirm sales of the Shares (or in the form first made available to the Underwriters by the Company to meet requests of
purchasers pursuant to Rule 173 under the Securities Act) is hereinafter referred to as the “Basic Prospectus.” The Basic Prospectus, as supplemented by the prospectus supplement specifically relating to the Shares in the form first
used to confirm sales of the Shares (or in the form first made available to the Underwriters by the Company to meet 

 
requests of purchasers pursuant to Rule 173 under the Securities Act), is hereinafter referred to as the “Prospectus,” and the term
“preliminary prospectus” means the Basic Prospectus as supplemented by the preliminary prospectus supplement dated March 17, 2006. For purposes of this Agreement, “free writing prospectus” has the meaning set
forth in Rule 405 under the Securities Act and “Time of Sale Prospectus” means the preliminary prospectus together with the free writing prospectuses, if any, each identified in Schedule I hereto. As used herein, the terms
“Registration Statement,” “Basic Prospectus,” “preliminary prospectus,” “Time of Sale Prospectus” and Prospectus shall include the documents, if any, incorporated by reference therein. The terms
“supplement,” “amendment,” and “amend” as used herein with respect to the Registration Statement, the Basic Prospectus, the Time of Sale Prospectus, any preliminary prospectus or free writing
prospectus shall include all documents subsequently filed by the Company with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are deemed to be incorporated by reference therein.

 1. Representations and Warranties. The Company represents and warrants to and agrees with each of the Underwriters that:

 (a) The Registration Statement has become effective; no stop order suspending the effectiveness of the Registration Statement is in
effect, and no proceedings for such purpose are pending before or, to the knowledge of the Company, threatened by the Commission. If the Registration Statement is an automatic shelf registration statement as defined in Rule 405 under the Securities
Act, the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) eligible to use the Registration Statement as an automatic shelf registration statement and the Company has not received notice that the Commission
objects to the use of the Registration Statement as an automatic shelf registration statement. 
 (b) (i) Each document, if any, filed or to
be filed pursuant to the Exchange Act and incorporated by reference in the Time of Sale Prospectus or the Prospectus complied or will comply when so filed in all material respects with the Exchange Act and the applicable rules and regulations of the
Commission thereunder, (ii) each part of the Registration Statement, when such part became effective, did not contain, and each such part, as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (iii) the Registration Statement as of the date hereof does not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading, (iv) the Registration Statement and the Prospectus comply, and as amended or supplemented, if applicable, will comply in all
material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder, (v) the Time of Sale Prospectus does not, and at the time of each sale of the Shares in connection with the offering when the
Prospectus is not yet 

  

 2 

 
available to prospective purchasers and at the Closing Date (as defined in Section 5), the Time of Sale Prospectus will not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (vi) each broadly available road show, if any, when considered together
with the Time of Sale Prospectus, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and
(vii) the Prospectus does not contain and, as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to statements or omissions in the Registration Statement, the Time of Sale Prospectus or the Prospectus
based upon information relating to any Underwriter furnished to the Company in writing by such Underwriter expressly for use therein. 
 (c)
The Company is not an “ineligible issuer” in connection with the offering pursuant to Rules 164, 405 and 433 under the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the
Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed,
or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or behalf of or used or referred to by the Company complies or will comply in all material respects with the requirements of the Securities Act and the
applicable rules and regulations of the Commission thereunder. Except for the free writing prospectuses, if any, identified in Schedule I hereto, and electronic road shows, if any, each furnished to the Underwriters before first use, the Company has
not prepared, used or referred to, and will not, without your prior consent, prepare, use or refer to, any free writing prospectus. 
 (d)
The Company has been duly incorporated, is validly existing as a corporation in good standing under the laws of the State of Delaware, has the corporate power and authority to own its property and to conduct its business as described in the Time of
Sale Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure
to be so qualified or be in good standing would not have a material adverse effect on the Company and its subsidiaries, taken as a whole. For the purposes of this Agreement, the term “subsidiary” refers to all direct and indirect
subsidiaries of the Company. 
 (e) Each subsidiary of the Company has been duly incorporated or, in the case of partnerships or limited
liability companies, duly organized, is validly existing as a corporation, a partnership or a limited liability company, as the case 

  

 3 

 
may be, in good standing under the laws of the jurisdiction of its incorporation or organization, has the corporate power or power as a partnership or
limited liability company, as applicable, and authority to own its property and to conduct its business as described in the Time of Sale Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which the
conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the Company and its
subsidiaries, taken as a whole; all of the issued shares of capital stock of each subsidiary of the Company that is a corporation have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or
indirectly by the Company, free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim (collectively, “Liens”) except for any Liens securing indebtedness of the Company or its subsidiaries for borrowed
money (including pursuant to its credit agreement or indentures) or as described in the Time of Sale Prospectus or Registration Statement, and all of the partnership interests or limited liability company membership interest in each of the
Company’s subsidiaries that is a partnership or a limited liability company, as the case may be, are owned directly or indirectly by the Company, free and clear of all Liens except for any Liens securing indebtedness of the Company or its
subsidiaries for borrowed money (including pursuant to its credit agreement or indentures) or as described in the Time of Sale Prospectus or Registration Statement. 
 (f) This Agreement has been duly authorized, executed and delivered by the Company. 
 (g) The authorized
capital stock of the Company conforms as to legal matters in all material respects to the description thereof contained in the Prospectus. 
 (h) The outstanding shares of capital stock of the Company (including the Shares of Class B Common Stock held by the Selling Stockholders) have been duly authorized and are validly issued, fully paid and non-assessable. 
 (i) The execution and delivery by the Company of, and the performance by the Company of its obligations under, this Agreement and the Shares and will not
contravene any provision of applicable law or the certificate of incorporation or by-laws of the Company or any of its subsidiaries or any agreement or other instrument binding upon the Company or any of its subsidiaries that is material to the
Company and its subsidiaries, taken as a whole (including, without limitation, all agreements and indentures listed as Exhibits to the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2005), or any judgment,
order or decree of any governmental body, agency or court having jurisdiction over the Company or any of its subsidiaries, and no consent, approval, authorization or order of, or qualification with, any governmental body or agency is required for
the performance by the Company of its obligations under this Agreement and the Shares, except such as have been 

  

 4 

 
obtained under the Securities Act and the Exchange Act and as set forth in the Time of Sale Prospectus or such as may be required by the securities or Blue
Sky laws of the various states in connection with the offer and sale of the Shares. 
 (j) There has not occurred any material adverse
change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time
of Sale Prospectus. 
 (k) There are no legal or governmental proceedings pending or, to the knowledge of the Company, threatened to which
the Company or any of its subsidiaries is a party or to which any of the properties of the Company or any of its subsidiaries is subject (i) other than proceedings accurately described in all material respects in the Time of Sale Prospectus and
proceedings that would not have a material adverse effect on the Company and its subsidiaries, taken as a whole, or on the power or ability of the Company to perform its obligations under this Agreement or the Shares or to consummate the
transactions contemplated by the Prospectus or (ii) that are required to be described in the Registration Statement or the Prospectus and are not so described; and there are no statutes, regulations, contracts or other documents that are
required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement that are not described or filed as required. 
 (l) The Company is not, and after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as described in the
Prospectus will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 
 (m) The Company and its subsidiaries (i) are in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment
or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their
respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or approval, except where such noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals
or failure to comply with the terms and conditions of such permits, licenses or approvals would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole. 
 (n) There are no costs or liabilities associated with Environmental Laws (including, without limitation, any capital or operating expenditures required
for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties) which would, singly or in 

  

 5 

 
the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole. 
 (o) There are no contracts, agreements or understandings between the Company and any person granting such person the right to require the Company to file
a registration statement under the Securities Act with respect to any of the securities of the Company (except as otherwise disclosed in the Registration Statement) or to require the Company to include such securities with the Shares registered
pursuant to the Registration Statement. 
 (p) Subsequent to the date as of which information is given in the Time of Sale Prospectus,
(i) the Company has not incurred any material liability or obligation, direct or contingent, nor entered into any material transaction, in each case, not in the ordinary course of business; (ii) the Company has not purchased any of its
outstanding capital stock, nor declared, paid or otherwise made any dividend or distribution of any kind on its capital stock other than ordinary and customary dividends; and (iii) there has not been any material change in the capital stock,
short-term debt or long-term debt of the Company and its subsidiaries, taken as a whole, except in each case as described in the Time of Sale Prospectus or the Registration Statement. 
 (q) The Company and its subsidiaries have good and marketable title in fee simple to all real property and good and marketable title to all personal
property owned by them, free and clear of all Liens except for any Liens securing indebtedness of the Company or its subsidiaries for borrowed money (including pursuant to its credit agreement or indentures) or Liens permitted under its credit
agreement or indentures or for such as are described in the Time of Sale Prospectus or the Registration Statement or such as do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such
property by the Company and its subsidiaries; and any real property and buildings held under lease by the Company and its subsidiaries are held by it under valid, subsisting and enforceable leases with such exceptions as do not interfere with the
use made and proposed to be made of such property and buildings by the Company and its subsidiaries or such as do not, singly or in the aggregate, have or could not result in a material adverse effect on the Company and its subsidiaries, taken as a
whole, except in each case as described in or contemplated by the Time of Sale Prospectus. 
 (r) Except as described in the Time of Sale
Prospectus, the Company and its subsidiaries own or possess, or can acquire on reasonable terms, all patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or
confidential information, systems or procedures), trademarks, service marks and trade names, currently employed by them in connection with the business now operated by them, except where the failure to own or possess or to have the right to acquire
any of the foregoing, singly or in the aggregate, does not have a material adverse effect on the Company and its subsidiaries, taken as a whole, and neither the 

  

 6 

 
Company nor any of its subsidiaries has received any notice of infringement of or conflict with asserted rights of others with respect to any of the
foregoing which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a material adverse effect on the Company and its subsidiaries, taken as a whole. 
 (s) Except as described in the Time of Sale Prospectus, no material labor dispute with the employees of the Company exists or, to the knowledge of the
Company, is imminent, except for disputes that do not or would not have a material adverse effect on the Company and its subsidiaries, taken as a whole; and the Company is not aware, but without any independent investigation or inquiry, of any
existing, threatened or imminent labor disturbance by the employees of any of its principal suppliers, manufacturers or contractors that could have a material adverse effect on the Company and its subsidiaries, taken as a whole. 
 (t) The Company and its subsidiaries are insured by insurers that the Company reasonably believes to be of recognized financial responsibility against
such losses and risks and in such amounts as are customary in the businesses in which it is engaged; and neither the Company nor any of its subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as
and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a material adverse effect on the Company and its subsidiaries, taken as a whole, except as
described in or contemplated by the Time of Sale Prospectus. 
 (u) (i) The Company and its subsidiaries possess all permits, licenses,
rights of way, approvals, consents and other authorizations (collectively issued by the appropriate federal, state or local regulatory agencies or bodies, (including the Federal Communications Commission (the “FCC”), the public
utilities commission, or any equivalent body, of each state in which the Company and its subsidiaries do business and any other relevant state or local governmental department, commission, board, bureau, agency, court or other authority thereof (the
“Local Authorities”)) required for the conduct of the telecommunications business now operated by the Company and its subsidiaries (collectively, the “Governmental Licenses”), except where the failure to possess any
such Governmental Licenses would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole; the Company and its subsidiaries are in compliance with the terms and conditions of all such
Governmental Licenses, except where the failure so to comply would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole; all of the Governmental Licenses are valid and in full force,
except where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as
a whole; there is no outstanding adverse judgment, decree or order that has been issued by the FCC or any of the Local Authorities against the Company or any of its subsidiaries and which, singly or in the aggregate, would 

  

 7 

 
have a material adverse effect of the Company and its subsidiaries, taken as a whole; and neither the Company nor any of its subsidiaries has received any
notice of or is not aware of proceedings relating to the revocation or modification of any such Governmental Licenses or, except as set forth in the Time of Sale Prospectus, that would otherwise affect the operations of the Company or its
subsidiaries and which, singly or in the aggregate, would have a material adverse effect on the Company and its subsidiaries, taken as a whole. 
 (v) There is, and has been, no failure on the part of the Company or its subsidiaries, or any of their directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes Oxley Act of
2002 and the rules and regulations promulgated in connection therewith including, without limitation, Section 402 related to loans and Sections 302 and 906 related to certifications. 
 (w) The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in
accordance with management’s general or specific authorizations in all material respects, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
and to maintain asset accountability and (iii) access to assets is permitted only in accordance with management’s general or specific authorization in all material respects, and (iv) the recorded accountability for assets is compared
with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
 (x) Ernst &
Young LLP, who reported on the annual consolidated financial statements of the Company incorporated by reference in the Registration Statement and the Prospectus, are independent accountants as required by the Securities Act. 
 2. Representations and Warranties of the Selling Stockholders. Each Selling Stockholder represents and warrants to, solely as to itself and not as
to any other Selling Stockholder, and agrees with each of the Underwriters and the Company that: 
 (a) This Agreement has been duly
authorized, executed and delivered by or on behalf of such Selling Stockholder. 
 (b) The execution and delivery by such Selling Stockholder
of, and the performance by such Selling Stockholder of its obligations under, this Agreement, will not contravene any provision of applicable law, or the certificate of incorporation or by-laws of such Selling Stockholder, or any agreement or other
instrument binding upon such Selling Stockholder that is material to such Selling Stockholder or any judgment, order or decree of any governmental body, agency or court having jurisdiction over such Selling Stockholder, and no consent, approval,
authorization or order of, or qualification with, any governmental body 

  

 8 

 
or agency is required for the performance by such Selling Stockholder of its obligations under this Agreement, except such as may be required by the
securities or Blue Sky laws of the various states in connection with the offer and sale of the Shares. 
 (c) Such Selling Stockholder has,
and on the Closing Date will have, valid title to, or a valid “security entitlement” within the meaning of Section 8-501 of the New York Uniform Commercial Code in respect of, the Shares to be sold by such Selling Stockholder free and
clear of all security interests, claims, liens, equities or other encumbrances and the legal right and power, and all authorization and approval required by law, to enter into this Agreement and to sell, transfer and deliver the Shares to be sold by
such Selling Stockholder or a security entitlement in respect of such Shares. 
 (d) Upon payment for the Shares to be sold by such Selling
Stockholder pursuant to this Agreement, delivery of such Shares, as directed by the Underwriters, to Cede & Co. (“Cede”) or such other nominee as may be designated by the Depository Trust Company (“DTC”),
registration of such Shares in the name of Cede or such other nominee and the crediting of such Shares on the books of DTC to securities accounts of the Underwriters (assuming that neither DTC nor any such Underwriter has notice of any adverse claim
(within the meaning of Section 8-105 of the New York Uniform Commercial Code (the “UCC”)) to such Shares), (A) DTC shall be a “protected purchaser” of such Shares within the meaning of Section 8-303 of the
UCC, (B) under Section 8-501 of the UCC, the Underwriters will acquire a valid security entitlement in respect of such Shares and (C) no action based on any “adverse claim”, within the meaning of Section 8-102 of the
UCC, to such Shares may be asserted against the Underwriters with respect to such security entitlement; for purposes of this representation, such Selling Stockholder may assume that when such payment, delivery and crediting occur, (x) such
Shares will have been registered in the name of Cede or another nominee designated by DTC, in each case on the Company’s share registry in accordance with its certificate of incorporation, bylaws and applicable law, (y) DTC will be
registered as a “clearing corporation” within the meaning of Section 8-102 of the UCC and (z) appropriate entries to the accounts of the several Underwriters on the records of DTC will have been made pursuant to the UCC.

 (e) (i) The Registration Statement, when it became effective, did not contain, and, as amended or supplemented, if applicable, will not,
as of the Closing Date, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) the Time of Sale Prospectus and the
Prospectus do not contain and, as amended or supplemented, if applicable, will not contain, as of the Closing Date, any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph are limited to statements or omissions based 

  

 9 

 
upon information relating to such Selling Stockholder furnished to the Company in writing by such Selling Stockholder expressly for use in the Registration
Statement, the Time of Sale Prospectus and the Prospectus or any amendments or supplements thereto (such information, the “Selling Stockholder Information”). 
 3. Agreements to Sell and Purchase. Each Selling Stockholder, severally and not jointly, hereby agrees to sell to the several Underwriters the
number of Firm Shares set forth opposite its name on Schedule III hereto and each Underwriter, upon the basis of the representations and warranties herein contained, but subject to the conditions hereinafter stated, agrees, severally and not
jointly, to purchase from the Selling Stockholders the respective number of Firm Shares set forth in Schedule II hereto opposite its name at a purchase price of $13.99865 per share (the “Purchase Price”). 
 On the basis of the representations and warranties contained in this Agreement, and subject to its terms and conditions, each Selling Stockholder,
severally and not jointly, agrees to sell to the Underwriters the number of Additional Shares set forth opposite its name on Schedule III hereto, and the Underwriters shall have the right to purchase, severally and not jointly, up to an aggregate of
2,910,000 Additional Shares. You may exercise these rights on behalf of the Underwriters in whole or from time to time in part by giving written notice of each election to exercise the option not later than 30 days after the date of this
Agreement. Any exercise notice shall specify the number of Additional Shares to be purchased by the Underwriters and the date on which such securities are to be purchased. Each purchase date must be at least one business day after the written notice
is given and may not be earlier than the Closing Date for the Firm Shares nor later than ten business days after the date of such notice. On each day, if any, that Additional Shares are to be purchased (each, an “Option Closing
Date”), each Underwriter agrees, severally and not jointly, to purchase the number of Additional Shares (subject to such adjustments to eliminate fractional securities as you may determine) that bears the same proportion to the total number
of Additional Shares to be purchased on such Option Closing Date as the number of Firm Shares set forth in Schedule II hereto opposite the name of such Underwriter bears to the total number of Firm Shares. 
 To the extent the Underwriters elect to purchase less than the full number of Additional Shares, such shares shall be sold pro rata, subject to rounding,
based on the ratio that the number of Additional Shares set forth opposite the name of such Selling Stockholder bears to 2,910,000; provided, however, that solely for the purposes of allocating the sale of such Additional Shares as between American
Television and Communications Corporation (“ATC”) and TW/TAE, Inc. (“TW/TAE” and, together with ATC, the “Time Warner Selling Stockholders”), such Additional Shares shall be sold first by ATC and,
only after ATC shall have sold all of its Additional Shares, then by TW/TAE. 
 The Company and each Selling Stockholder hereby agrees that,
without the written consent of the Underwriters listed on Schedule IV hereto on behalf of 

  

 10 

 
the Underwriters, it will not, during the period ending 90 days after the date of the Prospectus, (i) offer, pledge, sell, contract to sell, sell
any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Class A Common Stock or any securities
convertible into or exercisable or exchangeable for Class A Common Stock, (ii) file any registration statement with the Commission relating to the offering of any shares of Class A Common Stock or (iii) enter into any swap or
other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Class A Common Stock, whether any such transaction described in clause (i), (ii) or (iii) above is to be
settled by delivery of Class A Common Stock or such other securities, in cash or otherwise. 
 The foregoing sentence shall not apply to
(i) the Shares to be sold hereunder, (ii) the issuance by the Company of shares of Class A Common Stock upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof and as described in the
Prospectus (or filing a registration statement with the Commission related to the issuance or resale of such Class A Common Stock), (iii) the issuance by the Company of any shares of Class A Common Stock, options or other securities
to or for the benefit of employees of the Company on or after the date hereof pursuant to the Company’s employee stock ownership plan or equity incentive plans as described in the Time of Sale Prospectus or the Registration Statement and the
issuance by the Company of shares of Class A Common Stock upon the exercise of any such options (or filing a registration statement with the Commission related to the issuance or resale of such Class A Common Stock), (iv) direct or
indirect transfers or disposals by any of the Selling Stockholders of shares of the Company’s Common Stock or any security convertible into or exercisable or exchangeable for Common Stock of the Company, provided that each transferee shall
enter into a written agreement accepting the restrictions set forth in the preceding paragraph and this paragraph as if it were a Selling Stockholder, (v) the tender by any of the Selling Stockholders of shares of the Company’s common
stock into a tender offer for all of the shares of the Company’s common stock or the indirect transfer or disposal of share of the Company’s common stock or any security convertible into or exercisable or exchangeable for the
Company’s common stock as part of a business combination transaction involving the Company, and (vi) transactions by the Selling Stockholders relating to shares of common stock or other securities acquired in open market transactions after
the completion of the Offering. 
 In addition, each Selling Stockholder, agrees that, without the prior written consent of the Underwriters
listed on Schedule IV hereto on behalf of the Underwriters, it will not, during the period ending 90 days after the date of the Prospectus, make any demand for, or exercise any right with respect to, the registration of any shares of Class A
Common Stock or any security convertible into or exercisable or exchangeable for Class A Common Stock. Each Selling Stockholder consents to the entry of stop transfer instructions with the Company’s 

  

 11 

 
transfer agent and registrar against the transfer of any Shares held by such Selling Stockholder except in compliance with the foregoing restrictions.

 4. Public Offering. The Selling Stockholders and the Company are advised by the Underwriters that the Underwriters propose to make
a public offering of their respective portions of the Shares as soon after the Registration Statement and this Agreement have become effective as in their judgment is advisable. The Selling Stockholders and the Company are further advised by the
Underwriters that the Shares are to be offered to the public upon the terms set forth in the Prospectus. 
 5. Payment and Delivery.
Payment for the Firm Shares shall be made to each Selling Stockholder in Federal or other funds immediately available in New York City against delivery of such Firm Shares for the respective accounts of the several Underwriters on the date and time
set forth in Schedule I hereto, or at such other time on the same or such other date, not later than the fifth business day thereafter, as may be designated by you in writing. The time and date of such payment are hereinafter referred to as the
“Closing Date.” 
 Payment for any Additional Shares shall be made to the Selling Stockholders in Federal or other funds
immediately available in New York City against delivery of such Additional Shares for the respective accounts of the several Underwriters at 10:00 a.m., New York City time, on the date specified in the corresponding notice described in
Section 3 or at such other time on the same or on such other date, in any event not later than May 8, 2006, as shall be designated in writing by you. The time and date of such payment are hereinafter referred to as the “Option
Closing Date.” 
 The Firm Shares and Additional Shares shall be registered in such names and in such denominations as you shall
request in writing not later than one full business day prior to the Closing Date or the Option Closing Date, as the case may be. The Firm Shares and Additional Shares shall be delivered to you on the Closing Date or the Option Closing Date, as the
case may be, with any transfer taxes payable in connection with the transfer of the Shares to you duly paid, against payment of the Purchase Price therefor. 
 6. Conditions to the Underwriters’ Obligations. The several obligations of the Underwriters are subject to the following conditions: 
 (a) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date 
 (i) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any
review for a possible change that does not indicate the direction of the possible change, in the rating accorded the Company or any of the securities of the Company or any of its subsidiaries or in the rating outlook 

  

 12 

 
for the Company by any “nationally recognized statistical rating organization,” as such term is defined for purposes of Rule 436(g)(2) under
the Securities Act; and 
 (ii) there shall not have occurred any change, or any development involving a prospective change,
in the financial condition or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus that, in your judgment, is material and adverse and that makes it, in
your judgment, impracticable to market the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus. 
 (b) The
Underwriters shall have received on the Closing Date a certificate, dated the Closing Date and signed by an executive officer of the Company, to the effect set forth in Section 6(a)(i) above and to the effect that the representations and
warranties of the Company contained in this Agreement are true and correct in all material respects as of the Closing Date and that the Company has complied in all material respects with all of the agreements and satisfied all of the conditions on
its part to be performed or satisfied hereunder on or before the Closing Date. 
 The officer signing and delivering such certificate may
rely upon the best of his or her knowledge as to proceedings threatened. 
 (c) The Underwriters shall have received on the Closing Date an
opinion of Faegre & Benson LLP, outside counsel for the Company, dated the Closing Date, to the effect that: 
 (i)
to such counsel’s knowledge, (A) there are not any pending or threatened governmental proceedings before any court or governmental agency or authority or any arbitrator to which the Company is a party or to which any of the properties of
the Company is subject of a character required to be disclosed in the Time of Sale Prospectus which are not disclosed as required, and (B) there is no contract, indenture, mortgage, loan agreement, note, lease or other document of a character
required to be described in the Time of Sale Prospectus which is not described as required; 
 (ii) the outstanding shares of
capital stock of the Company (including the Shares to be sold by the Selling Stockholders) have been duly authorized and are validly issued and fully paid and non-assessable; 
 (iii) the Shares conform in all material respects to the description thereof contained in the Time of Sale Prospectus; 
 (iv) this Agreement has been duly authorized, executed and delivered by the Company; 
  

 13 

 (v) the execution and delivery by the Company of, and the performance by the Company of
its obligations under, this Agreement and the Shares will not contravene any provision of applicable law or the certificate of incorporation or by-laws of the Company or, to the best of such counsel’s knowledge, any agreement or other
instrument binding upon the Company or any of its subsidiaries that is material to the Company and its subsidiaries, taken as a whole, or, to the best of such counsel’s knowledge, any judgment, order or decree of any governmental body, agency
or court having jurisdiction over the Company or any subsidiary, and no consent, approval, authorization or order of, or qualification with, any governmental body or agency is required for the performance by the Company of its obligations under this
Agreement and the Shares except such as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Shares and as for such as may be required by the FCC or Local Authorities, as to which such
counsel expresses no opinion; 
 (vi) the statements relating to legal matters, documents or proceedings included in
(A) the Time of Sale Prospectus and the Prospectus under the captions “Description of Capital Stock,” insofar as relevant to the offering of the Shares, “Underwriters” (except relating to price, stabilization, short
positions and passive market making activities, as to which such counsel need not express an opinion) “Description of the Debt Securities,” and “Description of Common Stock” and (B) the Registration Statement in
Item 15, in each case insofar as such statements constitute summaries of the legal matters, documents or proceedings referred to therein fairly summarize in all material respects such matters, documents or proceedings; 
 (vii) such counsel does not know of any legal or governmental proceedings pending or threatened to which the Company or any of its
subsidiaries is a party or to which any of the properties of the Company or any of its subsidiaries is subject that are required to be described in the Registration Statement or the Prospectus and are not so described or of any statutes,
regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement that are not described or filed as required, except for such
statutes, regulations, contracts or other documents relating to telecommunications law, the FCC or Local Authorities, as to which such counsel expresses no opinion; 
 (viii) the Company is not, and after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as
described in the Prospectus will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended; 
  

 14 

 (ix) (A) in the opinion of such counsel (1) each document filed pursuant to the
Exchange Act and incorporated by reference in the Registration Statement and the Prospectus (except for the financial statements and financial schedules and other financial and statistical data included therein, as to which such counsel need not
express any opinion) appeared on its face to be appropriately responsive as of its filing date in all material respects to the requirements of the Exchange Act and the applicable rules and regulations of the Commission thereunder, and (2) the
Registration Statement and the Prospectus (except for the financial statements and financial schedules and other financial and statistical data included therein) appear on their face to be appropriately responsive in all material respects to the
requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder, and (B) nothing has come to the attention of such counsel that causes such counsel to believe that (1) any part of the Registration
Statement, when such part became effective, (except for the financial statements and financial schedules and other financial and statistical data included therein) contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, (2) the Registration Statement or the Prospectus (except for the financial statements and financial schedules and other financial and statistical data
included therein) on the date of this Agreement contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (3) the Time of Sale
Prospectus (except for the financial statements and financial schedules and other financial and statistical data included therein, as to which such counsel need not express any belief) as of the date of this Agreement or as amended or supplemented,
if applicable, as of the Closing Date contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made not misleading
or (4) the Prospectus (except for the financial statements and financial schedules and other financial and statistical data included therein, as to which such counsel need not express any belief) as amended or supplemented, if applicable, as of
the Closing Date contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made not misleading; and 
 (d) The Underwriters shall have received on the Closing Date an opinion of Paul B. Jones, Esq., Senior Vice President and General Counsel of Company,
dated the Closing Date, to the effect that: 
 (i) the Company has been duly incorporated, is validly existing as a
corporation in good standing under the laws of the State of Delaware, has the corporate power and authority to own its property and to conduct its business as described in the Time of Sale Prospectus and is 

  

 15 

 
duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property
requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the Company and its subsidiaries, taken as a whole; 
 (ii) each subsidiary of the Company has been duly incorporated, or, in the case of partnerships or limited liability companies, duly
organized, is validly existing as a corporation, a partnership or a limited liability company, as the case may be, has the corporate power and authority to own its property and to conduct its business as described in the Time of Sale Prospectus and
is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or
be in good standing would not have a material adverse effect on the Company and its subsidiaries, taken as a whole; 
 (iii)
except as otherwise disclosed in the Time of Sale Prospectus, all of the issued shares of capital stock of each subsidiary of the Company that is a corporation have been validly authorized and issued, are fully paid and non-assessable and are owned
directly by the Company free and clear of all Liens except for any Liens securing indebtedness of the Company or its subsidiaries for borrowed money (including pursuant to its credit agreement or indentures) or as described in the Time of Sale
Prospectus or Registration Statement; and all of the partnership interests and membership interests in each of the subsidiaries of the Company that is a partnership or a limited liability company, are owned directly by the Company free and clear of
all Liens except for any Liens securing indebtedness of the Company or its subsidiaries for borrowed money (including pursuant to its credit agreement or indentures) or as described in the Time of Sale Prospectus or Registration Statement;

 (iv) the authorized capital stock of the Company conforms as to legal matters in all material respects to the description
thereof contained in the Time of Sale Prospectus; 
 (v) the statements contained in the Time of Sale Prospectus under the
captions “Risk Factors – Several customers account for a significant portion of our revenue, and some of our customers’ purchases may not continue due to customer consolidations, financial difficulties or other factors,”
“Risk Factors – We have experienced reductions in switched access and reciprocal compensation revenue as a result of regulatory rate reform, and we may experience further such reductions in the future,” “Risk Factors – Risks
Relating to Our Business – We may be adversely affected by changes in the regulation of special access services,” “Risk Factors – Risks Relating to Our Business – We must obtain access 

  

 16 

 
to rights-of-way and pole attachments on reasonable terms and conditions,” “Risk Factors – Risks Relating to Our Business – Our revolving
credit facility and term loan B and the indentures relating to each outstanding series of our senior notes contain restrictive covenants that may limit our flexibility, and breach of those covenants may cause us to be in default under those
agreements,” “Risk Factors – Risks Relating to Our Ownership Structure – We are controlled by the Class B Stockholders,” “Risk Factors – Risks Relating to Our Ownership Structure – Time Warner Inc. can sell
control of us at any time, and sales by the Class B stockholders could adversely affect us,” “Risk Factors – Risks Relating to Our Ownership Structure – Each of the Class B stockholders has veto rights over certain actions”;
and, except as updated in the Prospectus or in any later document incorporated by reference into the Prospectus, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2005 under the captions “Item 1.
Business—Services— Limitation on Residential and Content Services,” “Item 1. Business—Competition,” “Item 1. Business—Government Regulation,” “Item 1A. Risk Factors—Risks Relating to Our
Business—Several customers account for a significant proportion of our revenue, and some of our customers’ purchases may not continue due to customer consolidations, financial difficulties or other factors,” “Item 1A. Risk
Factors—Risks Relating to Our Business—We must obtain access to rights-of-way and pole attachments on reasonable terms and conditions,” “Item 1A. Risk Factors—Risks Relating to Our Business—We have experienced
reductions in switched access and reciprocal compensation revenue as a result of regulatory rate reform, and we may experience further such reductions in the future,” “Item 1A. Risk Factors—Risks Relating to Our Business—We may
be adversely affected by changes in the regulation of special access services,” “Item 1A. Risk Factors—Risks Relating to Our Business—We may be adversely affected by changes to the Communications Act,” “Item 1A. Risk
Factors—Risks Relating to Our Ownership Structure—We are controlled by the Class B Stockholders,” “Item 1A. Risk Factors—Risks Relating to Our Ownership Structure—Each of the Class B Stockholders has veto rights over
certain actions,” “Item 1A. Risk Factors—Risks Relating to Our Ownership Structure—Time Warner Inc. can sell control of us at any time, and sales by the Class B Stockholders could adversely affect us,” “Item 3. Legal
Proceedings” and “Item 13. Certain Relationships and Related Transactions” and except as updated in the Time of Sale Prospectus or in any later document incorporated by reference in the Time of Sale Prospectus , in the Company’s
definitive proxy statement for the Company’s Annual Meeting of Stockholders held on June 16, 2005 as filed with the Commission under the caption “Certain Relationships and Related Transactions,” in each case insofar as such
statements constitute a summary of the legal or regulatory matters or legal or regulatory proceedings referred to therein, are correct in 

  

 17 

 
all material respects and do not omit a material fact necessary to make the statements contained therein not misleading; 
 (vi) to such counsel’s knowledge, the Company possesses the governmental licenses required by federal or state telecommunications
regulatory bodies necessary for the Company’s existing services (the “Communications Licenses”) and the Company is in compliance with the terms and conditions of all such Communications Licenses, except where the failure to so
comply would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole, and such Communications Licenses are valid and in full force and effect, except where the invalidity of such
Communications Licenses to be in full force and effect would not have a material adverse effect on the Company and its subsidiaries, taken as a whole; 
 (vii) there is no outstanding adverse judgment, decree or order that has been issued by the FCC or any state telecommunications regulatory body against the Company and its subsidiaries which, singly or in the
aggregate, would have a material adverse effect on the Company and its subsidiaries, taken as a whole; and, to the best of such counsel’s knowledge, neither the Company nor any of its subsidiaries is the subject of, or threatened by, any
proceedings relating to the revocation or modification of any such Communications Licenses or, except as set forth in the Time of Sale Prospectus, that would otherwise adversely affect the operation of the Company and its subsidiaries, taken as a
whole, which singly or in the aggregate, would have a material adverse effect on the Company and its subsidiaries, taken as a whole; 
 (viii) the execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated herein, the issuance and sale of the Shares, and the use of proceeds from the sale of the Shares to the extent expressly
described in the Time of Sale Prospectus under the caption “Use of Proceeds,” and compliance by the Company with their obligations under this Agreement and the Shares do not and will not, whether with or without the giving of notice or
lapse of time or both, result in any violation of any applicable law, statute, rule, regulation, judgment, order, writ or decree, known to such counsel, of any federal or state telecommunications regulatory body having jurisdiction over the Company
except for such violations that would not have a material adverse effect on the Company and its subsidiaries, taken as a whole; 
 (ix) to such counsel’s knowledge, there are no telecommunications statutes or regulations that are required to be described in the Time of Sale Prospectus that are not described as required; and 
  

 18 

 (x) the execution and delivery by the Company of, and the performance by the Company of
their obligations under, this Agreement and the Shares will not contravene any agreement or other instrument binding upon the Company or any of its subsidiaries that is material to the Company (including, without limitation, all agreements and
indentures listed as Exhibits to the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2005). 
 (e) The
Underwriters shall have received on the Closing Date an opinion of Cravath, Swaine & Moore LLP, counsel for the Time Warner Selling Stockholders to the effect that: 
 (i) this Agreement has been duly authorized, executed and delivered by or on behalf of such Time Warner Selling Stockholder; 

(ii) upon payment for the Shares to be sold by such Time Warner Selling Stockholder pursuant to this Agreement, delivery of such
Shares, as directed by the Underwriters, to Cede or such other nominee as may be designated by DTC, registration of such Shares in the name of Cede or such other nominee and the crediting of such Shares on the books of DTC to securities accounts of
the Underwriters (assuming that neither DTC nor any such Underwriter has notice of any adverse claim within the meaning of Section 8-105 of the UCC to such Shares), (A) DTC shall be a “protected purchaser” of such Shares within
the meaning of Section 8-303 of the UCC, (B) under Section 8-501 of the UCC, the Underwriters will acquire a valid security entitlement in respect of such Shares and (C) no action based on any “adverse claim” (within
the meaning of Section 8-102 of the UCC) to such Shares may be asserted against the Underwriters with respect to such security entitlement; in giving this opinion, counsel for such Time Warner Selling Stockholder may assume that when such
payment, delivery and crediting occur, (x) such Shares will have been registered in the name of Cede or another nominee designated by DTC, in each case on the Company’s share registry in accordance with its certificate of incorporation,
bylaws and applicable law, (y) DTC will be registered as a “clearing corporation” within the meaning of Section 8-102 of the UCC and (z) appropriate entries to the accounts of the several Underwriters on the records of DTC
will have been made pursuant to the UCC; and 
 (iii) the execution and delivery by each Time Warner Selling Stockholder of,
and the performance by each Time Warner Selling Stockholder of its obligations under this Agreement will not conflict with, or constitute a default under the laws of the state of New York. 
  

 19 

 (f) The Underwriters shall have received on the Closing Date an opinion of Brenda Karickhoff, Esq.,
Senior Vice President and Deputy General Counsel of Time Warner Inc., to the effect that: 
 (i) the execution and delivery by
each Time Warner Selling Stockholder of, and the performance by each Time Warner Selling Stockholder of its obligations under this Agreement will not conflict with, or constitute a default under, (a) any provision of the certificate of
incorporation or by-laws of such Time Warner Selling Stockholder, (b) to such counsel’s knowledge, any of the terms or provisions of any agreement or other instrument binding upon such Time Warner Selling Stockholder that is material to
such Time Warner Selling Stockholder, (c) to such counsel’s knowledge, any judgment, order or decree of any governmental body, agency or court having jurisdiction over such Time Warner Selling Stockholder or (d) the corporate laws of
the State of Delaware or federal law or regulation (other than federal and state securities or Blue Sky laws or the rules and regulations of the FCC); 
 (ii) no consent, approval, authorization or order of, or qualification with, any federal, New York or Delaware governmental body or agency is required for the performance by any Time Warner Selling Stockholder of its
obligations under this Agreement, except such as may be required by the securities or Blue Sky laws of the various states in connection with offer and sale of the Shares; and 
 (iii) each Time Warner Selling Stockholder has valid title to, or a valid security entitlement in respect of, the Shares to be sold by
such Time Warner Selling Stockholder free and clear of all security interests, claims, liens, equities and other encumbrances, and such Time Warner Selling Stockholder has the legal right and power, and all authorization and approval required by
law, to enter into this Agreement and to sell, transfer and deliver the Shares to be sold by such Time Warner Selling Stockholder or a security entitlement in respect of such Shares. 
 (g) The Underwriters shall have received on the Closing Date an opinion of Sabin, Bermant & Gould LLP, counsel for Advance Telecom Holdings
Corp. and Samuel I. Newhouse Foundation Inc. (together, the “A/N Selling Stockholders”), each to the effect that: 
 (i) this Agreement has been duly authorized, executed and delivered by or on behalf of each of the A/N Selling Stockholders; 
 (ii) the execution and delivery by each A/N Selling Stockholder of, and the performance by such A/N Selling Stockholder of its obligations under, this Agreement will not contravene any provision of applicable law, or
the certificate of incorporation or by-laws of such A/N Selling Stockholder, or, to the best of such counsel’s knowledge, any agreement or other instrument binding upon such A/N Selling Stockholder or, to the best of such counsel’s
knowledge, any judgment, order or decree of any governmental body, agency or court having jurisdiction over such A/N Selling Stockholder, and no consent, approval, authorization or order 

  

 20 

 
of, or qualification with, any governmental body or agency is required for the performance by such A/N Selling Stockholder of its obligations under this
Agreement, except such as may be required by the securities or Blue Sky laws of the various states in connection with offer and sale of the Shares; 
 (iii) each of the A/N Selling Stockholders has valid title to, or a valid security entitlement in respect of, the Shares to be sold by such A/N Selling Stockholder free and clear of all security interests, claims,
liens, equities and other encumbrances, and each of the A/N Selling Stockholders has the legal right and power, and all authorization and approval required by law, to enter into this Agreement and to sell, transfer and deliver the Shares to be sold
by such A/N Selling Stockholder or a security entitlement in respect of such Shares; and 
 (iv) upon payment for the Shares
to be sold by the A/N Selling Stockholders pursuant to this Agreement, delivery of such Shares, as directed by the Underwriters, to Cede or such other nominee as may be designated by DTC, registration of such Securities in the name of Cede or such
other nominee and the crediting of such Shares on the books of DTC to securities accounts of the Underwriters (assuming that neither DTC nor any such Underwriter has notice of any adverse claim within the meaning of Section 8-105 of the UCC to
such Shares), (A) DTC shall be a “protected purchaser” of such Securities within the meaning of Section 8-303 of the UCC, (B) under Section 8-501 of the UCC, the Underwriters will acquire a valid security entitlement in
respect of such Securities and (C) no action based on any “adverse claim” (within the meaning of Section 8-102 of the UCC) to such Shares may be asserted against the Underwriters with respect to such security entitlement; in
giving this opinion, counsel for the A/N Selling Stockholders may assume that when such payment, delivery and crediting occur, (x) such Shares will have been registered in the name of Cede or another nominee designated by DTC, in each case on
the Company’s share registry in accordance with its certificate of incorporation, bylaws and applicable law, (y) DTC will be registered as a “clearing corporation” within the meaning of Section 8-102 of the UCC and
(z) appropriate entries to the accounts of the several Underwriters on the records of DTC will have been made pursuant to the UCC. 
 (h) The Underwriters shall have received on the Closing Date an opinion of Shearman & Sterling LLP, counsel for the Underwriters, dated the Closing Date, in the form and substance reasonably satisfactory to them. 
 (i) The Underwriters shall have received, on each of the date hereof and the Closing Date, a letter dated the date hereof or the Closing Date, as the
case may be, in form and substance satisfactory to the Underwriters, from Ernst & Young LLP, independent public accountants, containing statements and 

  

 21 

 
information of the type ordinarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and
certain financial information contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus; provided that the letter delivered on the Closing Date shall use a “cut-off date” not earlier than the date
hereof. 
 (g) The “lock-up” agreements, each substantially in the form of Exhibit A hereto, between the Underwriters and
substantially all of the executive officers and directors of the Company listed on Schedule V hereto, and between the Underwriters and Time Warner Companies, Inc. and Warner Communications Inc., relating to sales and certain other dispositions
of shares of Class A Common Stock or certain other securities, delivered to the Underwriters on or before the date hereof, shall be in full force and effect on the Closing Date. 
 (h) The Underwriters shall have received on the Closing Date such documents as they may reasonably request with respect to the good standing of the
Company, the due authorization and issuance of the Shares and other matters related to the issuance of the Shares. 
 The several obligations
of the Underwriters to purchase Additional Shares hereunder are subject to the delivery to you on the applicable Option Closing Date of each of the documents referred to above (other than any lock-up agreement referenced in Section 6(g)) dated
as of the Option Closing Date (except that insofar as any documents relate to Shares, they may be limited to covering only Additional Shares). 
 7. Covenants of the Company. The Company covenants with each Underwriter as follows: 
 (a) To furnish to you, without
charge, a signed copy of the Registration Statement (including exhibits thereto and documents incorporated by reference) and to deliver to each of the Underwriters during the period mentioned in Section 7(e) or 7(f) below, as many copies of the
Time of Sale Prospectus, the Prospectus, any documents incorporated therein by reference therein and any supplements and amendments thereto or to the Registration Statement as you may reasonably request. 
 (b) Before amending or supplementing the Registration Statement, the Time of Sale Prospectus or the Prospectus, to furnish to you a copy of each such
proposed amendment or supplement and not to file any such proposed amendment or supplement to which you reasonably object. 
 (c) To furnish
to you a copy of each proposed free writing prospectus to be prepared by or on behalf of, used by, or referred to by the Company and not to use or refer to any proposed free writing prospectus to which you reasonably object. 
  

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 (d) Not to take any action that would result in an Underwriter or the Company being required to file with
the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required to file thereunder. 
 (e) If the Time of Sale Prospectus is being used to solicit offers to buy the Shares at a time when the Prospectus is not yet available to prospective
purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus in order to make the statements therein, in the light of the circumstances, not misleading, or if any
event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained in the Registration Statement then on file, or if, in the opinion of counsel for the Underwriters, it is necessary to
amend or supplement the Time of Sale Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon request, either amendments or supplements to
the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus as so amended or supplemented will not, in the light of the circumstances when delivered to a prospective purchaser, be misleading or so that the Time of Sale
Prospectus, as amended or supplemented, will no longer conflict with the Registration Statement, or so that the Time of Sale Prospectus, as amended or supplemented, will comply with applicable law. 
 (f) If, during such period after the first date of the public offering of the Shares as in the reasonable opinion of counsel for the Underwriters the
Prospectus (or in lieu thereof the notice referred to in Rule 173(a) under the Securities Act) is required by law to be delivered in connection with sales by an Underwriter or dealer, any event shall occur or condition exist as a result of which it
is necessary to amend or supplement the Prospectus in order to make the statements therein, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) under the Securities Act) is delivered to a
purchaser, not misleading, or if, in the reasonable opinion of counsel for the Underwriters, it is necessary to amend or supplement the Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own
expense, to the Underwriters and to the dealers (whose names and addresses you will furnish to the Company) to which Shares may have been sold by you on behalf of the Underwriters and to any other dealers upon request, either amendments or
supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) under the Securities Act)
is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law. 
 (g) To
endeavor to qualify the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as you shall reasonably request. 
  

 23 

 (h) To make generally available to the Company’s security holders and to you as soon as practicable
an earning statement covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy the provisions of Section 11(a) of the Securities Act and the
rules and regulations of the Commission thereunder. 
 (i) Whether or not the transactions contemplated in this Agreement are consummated or
this Agreement is terminated, to pay or cause to be paid all expenses incident to the performance of its obligations under this Agreement, including: (i) the fees, disbursements and expenses of the Company’s counsel, the Company’s
accountants and one counsel for the Selling Stockholders (the fees, disbursement and expenses of any additional counsel for the Selling Stockholders must be paid for by the Selling Stockholders) in connection with the registration and delivery of
the Shares under the Securities Act and all other fees or expenses in connection with the preparation and filing of the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, any free writing prospectus
prepared by or on behalf of, used by, or referred to by the Company and amendments and supplements to any of the foregoing, including the filing fees payable to the Commission relating to the Shares (within the time required by Rule 456 (b)(1), if
applicable), all printing costs associated therewith, and the mailing and delivering of copies thereof to the Underwriters and dealers, in the quantities hereinabove specified, (ii) all costs and expenses related to the transfer and delivery of
the Shares to the Underwriters, including any transfer or other taxes payable thereon, (iii) the cost of printing or producing any Blue Sky or legal investment memorandum in connection with the offer and sale of the Shares under state
securities laws and all expenses in connection with the qualification of the Shares for offer and sale under state securities laws as provided in Section 7(g) hereof, including filing fees and the reasonable fees and disbursements of counsel
for the Underwriters in connection with such qualification and in connection with the Blue Sky or legal investment memorandum, (iv) all filing fees and the reasonable fees and disbursements of counsel to the Underwriters incurred in connection
with the review and qualification of the offering of the Shares by the National Association of Securities Dealers, Inc., (v) any fees charged by the rating agencies for the rating of the Shares, (vi) the cost of the preparation, issuance
and delivery of the Shares, (vii) the costs and charges of any trustee, transfer agent, registrar or depositary, and (viii) all other costs and expenses incident to the performance of the obligations of the Company hereunder for which
provision is not otherwise made in this Section. It is understood, however, that except as provided in this Section, Section 9 entitled “Indemnity and Contribution,” and the last paragraph of Section 11 below, the Underwriters
will pay all of their costs and expenses, including fees and disbursements of their counsel, transfer taxes payable on resale of any of the Shares by them and any advertising expenses connected with any offers they may make. 
  

 24 

 The provisions of this Section shall not supersede or otherwise affect any agreement that the Company and
the Selling Stockholders may otherwise have for the allocation of such expenses among themselves. 
 (j) If the third anniversary of the
initial effective date of the Registration Statement occurs before all the Shares have been sold by the Underwriters, prior to the third anniversary to file a new shelf registration statement and to take any other action necessary to permit the
public offering of the Shares to continue without interruption; references herein to the Registration Statement shall include the new registration statement declared effective by the Commission; 
 (k) During the period beginning on the date hereof and continuing to and including the Closing Date, not to offer, sell, contract to sell or otherwise
dispose of any debt securities of the Company or warrants to purchase or otherwise acquire debt securities of the Company substantially similar to the Shares (other than (i) the Shares, (ii) commercial paper issued in the ordinary course
of business or (iii) securities or warrants permitted with the prior written consent of the Underwriters identified in Schedule IV with the authorization to release this lock-up on behalf of the Underwriters). 
 8. Covenants of the Underwriters. Each Underwriter severally covenants with the Company not to take any action that would result in the Company
being required to file with the Commission under Rule 433(d) a free writing prospectus prepared by or on behalf of such Underwriter that otherwise would not be required to be filed by the Company thereunder, but for the action of the Underwriter.
The Underwriters further covenant with the Company to pay or cause to be paid the costs and expenses of the Company relating to investor presentations on any “road show” undertaken in connection with the marketing of the offering of the
Shares. 
 9. Indemnity and Contribution. (a) The Company agrees to indemnify and hold harmless each Underwriter, each person, if
any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each affiliate of any Underwriter within the meaning of Rule 405 under the Securities Act from and
against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) caused by any untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, the preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus that the Company has filed, or is required to file,
pursuant to Rule 433(d) of the Securities Act, any electronic roadshow or the Prospectus or any amendment or supplement thereto, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the circumstances in which they were made, except insofar as such losses, claims, damages or liabilities are caused 

  

 25 

 
by any such untrue statement or omission or alleged untrue statement or omission based upon information relating to any Underwriter furnished to the Company
in writing by such Underwriter through you expressly for use therein. 
 (b) The Company agrees to indemnify and hold harmless each Selling
Stockholder, each person, if any, who controls any Selling Stockholder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of any Selling Stockholder within the meaning of
Rule 405 under the Securities Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or
claim) caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, the preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus that the
Company has filed, or is required to file, pursuant to Rule 433(d) of the Securities Act, any electronic road show or the Prospectus (if used within the period set forth in paragraph (f) of Section 7 hereof and as amended or supplemented
if the Company shall have furnished any amendments or supplements thereto), or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in
light of the circumstances in which they were made, except for losses, claims, damages or liabilities with respect to Selling Stockholder Information provided by such Selling Stockholder. 
 (c) Each Selling Stockholder agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers who sign the
Registration Statement, each Underwriter, each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of any Underwriter within the
meaning of Rule 405 under the Securities Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such
action or claim) caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, the preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus
that the Company has filed, or is required to file, pursuant to Rule 433(d) of the Securities Act, or the Prospectus (if used within the period set forth in paragraph (f) of Section 7 hereof and as amended or supplemented if the Company
shall have furnished any amendments or supplements thereto), or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the
circumstances in which they were made but only with respect to the Selling Stockholder Information provided by such Selling Stockholder. The liability of each Selling Stockholder under the indemnity agreement contained in this paragraph shall be
limited to an amount equal to the net proceeds received by such Selling Stockholder from the sale of Shares by it under this Agreement. 
  

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 (d) Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, each
Selling Stockholder, the directors and officers of the Company and each Selling Stockholder who sign the Registration Statement and each person, if any, who controls the Company or any Selling Stockholder within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or
investigating any such action or claim) caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, the preliminary prospectus, the Time of Sale Prospectus, any
other free writing prospectus that the Company has filed or is required to file pursuant to Rule 433(d) of the Securities Act or the Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto),
or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made, but only with reference to
information relating to such Underwriter furnished to the Company in writing by you on behalf of such Underwriter expressly for use in the Registration Statement, the preliminary prospectus, the Time of Sale Prospectus, any other free writing
prospectus that the Company has filed or is required to file pursuant to Rule 433(d) of the Securities Act or the Prospectus or any amendment or supplement thereto. 
 (e) In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section 9(a), 9(b), 9(c) or 9(d), such person
(the “indemnified party”) shall promptly notify the person against whom such indemnity may be sought (the “indemnifying party”) in writing and the indemnifying party, upon request of the indemnified party, shall
retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the reasonable fees and disbursements of such counsel related to
such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the
indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of
both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with
any proceeding or related proceedings in the same jurisdiction, be liable for (i) the fees and expenses of more than one separate firm (in addition to any local counsel) for all Underwriters and all persons, if any, who control any Underwriter
within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act or who are affiliates of any Underwriter within the meaning of 

  

 27 

 
Rule 405 under the Securities Act, (ii) the fees and expenses of more than one separate firm (in addition to any local counsel) for the Company,
its directors, its officers who sign the Registration Statement and each person, if any, who controls the Company within the meaning of either such Section and (iii) the fees and expenses of more than one separate firm (in addition to any local
counsel) for all Selling Stockholders and all persons, if any, who control any Selling Stockholder within the meaning of either such Section, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such
separate firm for the Underwriters and such control persons and affiliates of any Underwriters, such firm shall be designated in writing by the Underwriters authorized to appoint counsel under this Section set forth in Schedule IV hereto. In the
case of any such separate firm for the Company, and such directors, officers and control persons of the Company, such firm shall be designated in writing by the Company. In the case of any such separate firm for the Selling Stockholders and such
control persons of the Selling Stockholders, such firm shall be designated in writing by the Time Warner Selling Stockholders. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but
if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. No indemnifying party
shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder
by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding. 
 (f) To the extent the indemnification provided for in Section 9(a), 9(b), 9(c) or 9(d) is unavailable to an indemnified party in respect of any
losses, claims, damages or liabilities referred to under such paragraph, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages or liabilities (i) if the indemnifying party is the Company (other than as set forth in clause 9(f)(iii) below) or the Selling Stockholders, in such proportion as is appropriate to reflect the
relative benefits received by the indemnifying party or parties on the one hand and the indemnified party or parties on the other hand from the offering of the Shares, (ii) if the indemnifying person is an Underwriter, in such proportion as is
appropriate to reflect the relative fault of such Underwriter on the one hand and the indemnified party or parties on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities
(iii) if the indemnifying person is the Company and the indemnified party is any Selling Stockholder, in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and such Selling Stockholder on the other
hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, or (iv) if the allocation provided by clause 9(f)(i), 9(f)(ii) or 9(f)(iii) above is not permitted by applicable law, in such
proportion as 

  

 28 

 
is appropriate to reflect not only the relative benefits referred to in clause 9(f)(i) above or the relative fault referred to in clause 9(f)(ii) and
9(f)(iii) but also the relative fault (in cases covered by clause 9(f)(i)) or such relative benefits (in cases covered by clause 9(f)(ii) and 9(f)(iii)) of the indemnifying party or parties on the one hand and of the indemnified party or parties on
the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company or the Selling
Stockholders on the one hand and the Underwriters on the other hand in connection with the offering of the Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Shares (before deducting
expenses) received by the Selling Stockholders and the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate public offering price of
the Shares. The relative fault of the Company or the Selling Stockholders on the one hand and the Underwriters on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Selling Stockholders or by the Underwriters and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Underwriters’ respective obligations to contribute pursuant to this Section 9 are several in proportion to the respective number of Shares they have purchased hereunder, and
not joint. The liability of any Selling Stockholder under the contribution agreement contained in this paragraph shall be limited to an amount equal to the net proceeds received by such Selling Stockholder from the sale of Shares by it under this
Agreement. 
 (g) The Company, the Selling Stockholders and the Underwriters agree that it would not be just or equitable if contribution
pursuant to this Section 9 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations
referred to in Section 9(f). The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section 9(f) shall be deemed to include, subject to the limitations set forth above,
any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 9, no Underwriter shall be required to contribute
any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 9 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

  

 29 

 (h) The indemnity and contribution provisions contained in this Section 9 and the representations,
warranties and other statements of the Company and the Selling Stockholders contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by
or on behalf of any Underwriter, any person controlling any Underwriter or any affiliate of any Underwriter, by or on behalf of any Selling Stockholder, the officers or directors of any Selling Stockholder or any person controlling any Selling
Stockholder, or by or on behalf of the Company, its officers or directors or any person controlling the Company and (iii) acceptance of and payment for any of the Shares. 
 10. Termination. The Underwriters may terminate this Agreement by notice given by you to the Company and the Selling Stockholders, if after the
execution and delivery of this Agreement and prior to the Closing Date (i) trading generally shall have been suspended or materially limited on, or by, as the case may be, any of the New York Stock Exchange or the Nasdaq National Market,
(ii) trading of any securities of the Company shall have been suspended on any exchange or in any over-the-counter market, (iii) a material disruption in securities settlement, payment or clearance services in the United States shall have
occurred, (iv) any moratorium on commercial banking activities shall have been declared by Federal or New York State authorities or (v) there shall have occurred any outbreak or escalation of hostilities, or any change in financial markets
or any calamity or crisis that, in your judgment, is material and adverse and which, singly or together with any other event specified in this clause (v), makes it, in your judgment, impracticable or inadvisable to proceed with the offer, sale
or delivery of the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus or the Prospectus. 
 11.
Effectiveness; Defaulting Underwriters. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto. 
 If, on the Closing Date, any one or more of the Underwriters shall fail or refuse to purchase Firm Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of Firm Shares which such defaulting
Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate number of the Firm Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the
number of Firm Shares set forth opposite their respective names in Schedule II bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as you may specify, to
purchase the Firm Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that in no event shall the number of Firm Shares that any Underwriter has agreed to purchase on such
date pursuant to this Agreement be increased pursuant to this Section 11 by an amount in excess of one-ninth of such number of Firm Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters
shall fail or refuse to purchase 

  

 30 

 
Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Shares to be
purchased, and arrangements satisfactory to you, the Company and the Selling Stockholders for the purchase of such Firm Shares are not made within 36 hours after such default, this Agreement shall terminate without liability on the part of any
non-defaulting Underwriter, the Company or the Selling Stockholders. In any such case either you or the Selling Stockholders shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required
changes, if any, in the Registration Statement, in the Time of Sale Prospectus, in the Prospectus or in any other documents or arrangements may be effected. Any action taken under this paragraph shall not relieve any defaulting Underwriter from
liability in respect of any default of such Underwriter under this Agreement. If, on an Option Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Additional Shares and the aggregate number of Additional Shares with
respect to which such default occurs is more than one-tenth of the aggregate number of Additional Shares to be purchased on such Option Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation
hereunder to purchase the Additional Shares to be sold on such Option Closing Date or (ii) purchase not less than the number of Additional Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such
default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. 
 If this Agreement shall be terminated by the Underwriters, or any one of them, because of any failure or refusal on the part of the Company or the
Selling Stockholders to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company or the Selling Stockholders shall be unable to perform their obligations under this Agreement, the Company or the
Selling Stockholders as the case may be will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of their
counsel) reasonably incurred by such Underwriters in connection with this Agreement or the offering contemplated hereunder. 
 12. Entire
Agreement. (a) This Agreement, together with any contemporaneous written agreements and any prior written agreements (to the extent not superseded by this Agreement) that relate to the offering of the Shares, represents the entire agreement
between the Company and the Selling Stockholders, on the one hand, and the Underwriters, on the other, with respect to the preparation of any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, the conduct of the offering, and the
purchase and sale of the Shares. 
 (b) The Company acknowledges that in connection with the offering of the Shares: (i) the
Underwriters have acted at arms length, are not agents of, and owe no fiduciary duties to, the Company or any other person, (ii) the Underwriters owe the Company only those duties and obligations set forth in this 

  

 31 

 
Agreement and prior written agreements (to the extent not superseded by this Agreement), if any, and (iii) the Underwriters may have interests that
differ from those of the Company. The Company waives to the full extent permitted by applicable law any claims it may have against the Underwriters arising from an alleged breach of fiduciary duty in connection with the offering of the Shares.

 13. Counterparts. This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument. 
 14. Applicable Law. This Agreement shall be governed
by and construed in accordance with the internal laws of the State of New York. 
 15. Headings. The headings of the sections of this
Agreement have been inserted for convenience of reference only and shall not be deemed a part of this Agreement. 
 16. Notices. All
communications hereunder shall be in writing and effective only upon receipt and if to the Underwriters shall be delivered, mailed or sent to you at the address set forth in Schedule IV hereto; if to the Company shall be delivered, mailed or
sent to the address set forth in Schedule IV hereto; and if to the Selling Stockholders shall be delivered, mailed or sent to the address set forth in Schedule IV hereto. 
  

 32 

					
	 Very truly yours,

	
	 TIME WARNER TELECOM INC.

		
	By:	 	 /s/ Paul B. Jones

		 	 Name:
	 	 Paul B. Jones

		 	 Title:
	 	 Senior Vice President,
 General Counsel &
Regulatory Policy

	
	AMERICAN TELEVISION AND COMMUNICATIONS CORPORATION
		
	By:	 	 /s/ Edward B. Ruggiero

		 	 Name:
	 	 Edward B. Ruggiero

		 	 Title:
	 	Vice President
	
	TW/TAE, INC.
		
	By:	 	 /s/ Brenda C. Karickhoff

		 	 Name:
	 	 Brenda C. Karickhoff

		 	 Title:
	 	Senior Vice President

					
	
	 ADVANCE TELECOM HOLDINGS CORP.

		
	By:	 	 /s/ S.I. Newhouse, Jr.

		 	 Name:
	 	 S.I. Newhouse, Jr.

		 	 Title:
	 	Vice President
	
	 SAMUEL I. NEWHOUSE FOUNDATION INC.

		
	By:	 	 /s/ S.I. Newhouse, Jr.

		 	 Name:
	 	 S.I. Newhouse, Jr.

		 	 Title:
	 	Vice President

  

					
	 DEUTSCHE BANK SECURITIES INC.
 MORGAN STANLEY
& CO. INCORPORATED
 WACHOVIA CAPITAL MARKETS, LLC
 J.P.
MORGAN SECURITIES INC.

	
	 Acting severally on behalf of themselves and the several Underwriters named in Schedule II hereto

		
	By:	 	 Deutsche Bank Securities Inc.

		
	By:	 	 /s/ David T. Pearson

		 	 Name:
	 	 David T. Pearson

		 	 Title:
	 	 Managing Director

 SCHEDULE I 
  

			
	 Term Sheet
 To prospectus dated March 17,
2006,
 prospectus supplement dated March 17, 2006
	  	 Term Sheet to
 Prospectus Supplement
 Registration Statement No. 333-132504
 Dated March 17, 2006
 Rule 433

 Time Warner Telecom Inc. 
 19,400,000 Shares 
 Class A Common Stock 
 In the event of an inconsistency between this Term Sheet and the preliminary Prospectus Supplement dated March 17, 2006, you should rely on the information in this
Term Sheet. 
  

			
	Issuer:	  	Time Warner Telecom Inc.
	Common stock symbol:	  	TWTC
	Title of securities:	  	Class A Common Stock
	Number of shares offered:	  	19,400,000
	Price to public:	  	$14.62
	Class A Common Stock outstanding after the offering*:	  	71,834,233 shares
	Over-allotment option:	  	2,910,000 shares
	Selling shareholders:	  	 American Television Communications Corporation TW/TAE, Inc.
 Advance Telecom Holdings Corp.
 Samuel I. Newhouse Foundation Inc.

	Aggregate underwriting compensation:	  	$12,054,190 (excluding exercise of over-allotment option)
	Trade date:	  	March 23, 2006
	Settlement date:	  	March 29, 2006
	Underwriters:	  	 Deutsche Bank Securities Inc.
 Morgan Stanley & Co.
Incorporated (Deal Coordinator)
 J.P. Morgan Securities Inc.
 Wachovia Capital Markets, LLC

  

	*	Based on the number of shares of Class A Common Stock outstanding as of February 28, 2006. 

 The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send to you the prospectus if you request it by calling, if you are a retail investor, toll-free 1-800-584-6837 or if you are an institutional investor by calling toll-free
1-866-718-1649. 
 ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW OR ELSEWHERE WITHIN THE EMAIL ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD
BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM. 
  

 I-1 

 SCHEDULE II 
  

			
	 Underwriter
	  	Number of Shares
To Be Purchased
	 Deutsche Bank Securities Inc.
	  	7,760,000
	 Morgan Stanley & Co. Incorporated
	  	6,790,000
	 J.P. Morgan Securities Inc. .
	  	3,880,000
	 Wachovia Capital Markets, LLC.
	  	970,000
		  	 
	 Total
	  	19,400,00
		  	 

  

 II-1 

 SCHEDULE III 
  

					
	 Selling Stockholder
	  	 Number of Firm
Shares
 To Be Sold
	  	 Number of
Additional Shares
 To Be Sold

	 American Television and Communications Corporation
	  	14,818,108	  	651,307
	 TW/TAE, Inc.
	  	0	  	1,571,409
	 Advance Telecom Holdings Corp.
	  	1,671,080	  	687,284
	 Samuel I. Newhouse Foundation Inc.
	  	2,910,812	  	0
		  	 	  	 
	 Total:
	  	19,400,000	  	2,910,000
		  	 	  	 

  

 III-1 

 SCHEDULE IV 
  

			
	Underwriters authorized to release lock-up under Section 3:	  	For Time Warner Telecom Inc.:
		
		  	 Deutsche Bank Securities Inc.
 Morgan Stanley &
Co. Incorporated

		
		  	For American Television and Communications Corporation and TW/TAE, Inc.:
		
		  	Deutsche Bank Securities Inc. Morgan Stanley & Co. Incorporated
		
		  	For Advance Telecom Holdings Corp. and Samuel I. Newhouse Foundation Inc.:
		
		  	Morgan Stanley & Co. Incorporated J.P. Morgan Securities Inc.
		
	Underwriters authorized to appoint counsel under Section 9(d):	  	 Deutsche Bank Securities Inc.
 Morgan Stanley &
Co. Incorporated

		
	Address for Notices to Underwriters:	  	 Deutsche Bank Securities Inc.
 60 Wall
Street
 New York, New York 10005

		
	Address for Notices to the Company:	  	 Time Warner Telecom Inc.
 Attn: General
Counsel
 10475 Park Meadows Drive
 Littleton, Colorado
80124

		
	Address for Notices to American Television and Communications Corporation, Inc. and TW/TAE, Inc.:	  	 c/o Time Warner Inc.
 One Time Warner
Center
 New York, New York 10019
 Attn: General
Counsel
 fax: 212-484-7167
  
 with copies to:
  
 Ray Murphy
 Senior Vice President and Treasurer
 Time Warner Inc.
 One Time Warner Center
 New York, New York 10019
  
 and

  

 IV-1 

			
		
		  	 Cravath, Swaine & Moore LLP
 Worldwide
Plaza
 825 Eighth Avenue New York,
 New York 10019
 Attn: Faiza J. Saeed, Esq.

		
	Address for Notices to Advance Telecom Holdings Corp. and Samuel I. Newhouse Foundation Inc. :	  	 Advance Telecom Holdings Corp.
 5000 Campuswood
Drive
 East Syracuse, New York 13057
  
 Samuel I. Newhouse Foundation Inc.
 Four Time Square
 New York, New York 10036

  

 I-2 

 SCHEDULE V 
 PARTIES TO LOCK-UP AGREEMENTS 
 Larissa L. Herda 
 Olaf Olafsson 
 Richard J. Davies 
 Spencer B. Hays 
 Robert D. Marcus 
 George S. Sacerdote 
 Roscoe C. Young, II 
 Kevin W. Mooney 
 Mark D. Hernandez 
 Time Warner Companies, Inc. 
 Warner Communications Inc. 
 Mark A. Peters 
 Paul B. Jones 
 John T. Blount 
 Catherine A. Hemmer 
 Michael A. Rouleau 
 Julie A. Rich 
 Robert W. Gaskins 
 Jill R. Stuart 
  

 V-1 

 EXHIBIT A 
 Deutsche Bank Securities Inc. 
 Morgan Stanley & Co. Incorporated 
 J.P. Morgan Securities Inc. 
 Wachovia Capital Markets, LLC 
  

	c/o	Deutsche Bank Securities Inc. 

 60 Wall Street 

New York, NY 10005 
 Dear
Sirs and Mesdames: 
 The undersigned understands that Deutsche Bank Securities Inc., Morgan Stanley & Co. Incorporated, J.P. Morgan
Securities Inc. and Wachovia Capital Markets, LLC (the “Underwriters”) severally propose to enter into an Underwriting Agreement (the “Underwriting Agreement”) with Time Warner Telecom Inc., a Delaware
corporation (the “Company”), and certain selling stockholders of the Company (the “Selling Stockholders”) providing for the public offering by the Underwriters of some of the Selling Stockholders’ shares of
Class A common stock, par value $.01 per share of the Company (the “Securities”) (such offering referred to as the “Offering”). 
 To induce the Underwriters that may participate in the Offering to continue their efforts in connection with the Offering, the undersigned hereby agrees that, without the prior written consent of Deutsche Bank
Securities Inc. and Morgan Stanley & Co. Incorporated on behalf of the Underwriters, he or she will not, during the period commencing on the date hereof and ending 90 days after the date of the final prospectus supplement relating to
the Offering (the “Prospectus”), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise
transfer or dispose of, directly or indirectly, any shares of common stock of the Company or any securities convertible into or exercisable or exchangeable for common stock, or (2) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of the common stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of common stock or such other securities,
in cash or otherwise. The foregoing sentence shall not apply to (i) sales of shares of Class A Common Stock through existing Rule 10b5-1 plans as in effect on March 16, 2006, (ii) the transfer by a bona fide gift of Class A
Common Stock, provided that (a) the transferee shall enter into a written agreement accepting the restrictions set forth in the preceding sentence and (b) no filing of a registration statement with the Commission or other filing with the
Commission, including under Section 16(a) 

  

 A-1 

 
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), shall be required or shall be voluntarily made in respect of the
transfer during the 90-day restricted period, and (iii) transactions relating to shares of Class A Common Stock or other securities of the Company acquired in open market transactions after the completion of the Offering, provided that no
filing under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made during the 90-day restricted period in connection with subsequent sales of Class A Common Stock or other securities of the Company acquired
in such open market transactions. 
 In addition, the undersigned agrees that, without the prior written consent of Deutsche Bank Securities
Inc. and Morgan Stanley & Co. Incorporated on behalf of the Underwriters, he or she will not, during the period commencing on the date hereof and ending 90 days after the date of the Prospectus, make any demand for or exercise any
right with respect to, the registration of any shares of Class A Common Stock or any security convertible into or exercisable or exchangeable for Class A Common Stock. The undersigned also agrees and consents to the entry of stop transfer
instructions with the Company’s transfer agent and registrar against the transfer of the undersigned’s shares of Class A Common Stock except in compliance with the foregoing restrictions. 
 If: 
 (1) during the last 17 days of the
90-day restricted period the Company issues a earnings release or material news or a material event relating to the Company occurs; or 
 (2)
prior to the expiration of the 90-day restricted period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the restricted period; and in each case 
 (3) at the end of the 90-day restricted period, (i) the Company’s shares are not “actively traded securities” as such term is defined
in Regulation M under the Securities Act or (ii) the Underwriters are not able to publish or distribute research reports concerning the Company or its industry pursuant to Rule 139 of the Securities Act, 
 then the restrictions imposed by this agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or
the occurrence of the material news or material event. 
 The undersigned understands that the Company, the Selling Stockholders and the
Underwriters are relying upon this Lock-Up Agreement in proceeding toward consummation of the Offering. The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal
representatives, successors and assigns. 
  

 A-2 

 The undersigned understands that whether or not the Offering actually occurs depends on a number of
factors, including market conditions. The Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters. 
  

	
	 Very truly yours,

	
	   
	 (Name)

	
	  
	 (Address)

  

 A-3

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