Document:

EXHIBIT 10.3

 Exhibit 10.3 
  
 VOTING AGREEMENT 
  
 THIS VOTING AGREEMENT (this “Agreement”) is made as of this 22nd day of April, 2005, by and among PaeTec Corp., a Delaware corporation (the “Corporation”); Arunas A. Chesonis (“Mr.
Chesonis”); Madison Dearborn Capital Partners III L.P., a Delaware limited partnership, Madison Dearborn Special Equity III, L.P., a Delaware limited partnership, and Special Advisors Fund I LLC, a Delaware limited liability company
(collectively, the “MDCP Group Stockholders”); and Blackstone CCC Capital Partners, L.P., a Delaware limited partnership, Blackstone CCC Offshore Capital Partners, L.P., a Cayman Islands limited partnership, and Blackstone Family
Investment Partnership III, L.P., a Delaware limited partnership (collectively, the “Blackstone Group Stockholders”). The MDCP Group Stockholders and the Blackstone Group Stockholders are hereinafter sometimes collectively referred
to as the “Investor Stockholders” and individually as an “Investor Stockholder.” Mr. Chesonis and the Investor Stockholders are hereinafter sometimes collectively referred to as the “Stockholders”
and individually as a “Stockholder.” 
  
 RECITALS 
  
 WHEREAS, the Corporation
wishes (a) to consummate a recapitalization (the “Recapitalization”) pursuant to which the Class A common stock, par value $0.01 per share, of the Corporation (the “Class A Common Stock”) and the Class B common
stock, par value $0.01 per share, of the Corporation shall be reclassified into a single class of common stock, par value $0.01 per share, of the Corporation (the “Common Stock”), and (b) immediately after the consummation of the
Recapitalization, to offer, issue and sell shares of the Common Stock in an underwritten initial public offering (the “IPO”) registered under the Securities Act of 1933, as amended; and 
  
 WHEREAS, the Corporation and the Stockholders wish to establish in this
Agreement certain terms and conditions concerning the corporate governance of the Corporation from and after the effectiveness of this Agreement; 
  
 NOW, THEREFORE, the Stockholders and the Corporation agree as follows: 
  
 1. Definitions. In addition to the definitions ascribed in the preamble, recitals and other sections of this Agreement to the
capitalized terms set forth in such other provisions of this Agreement, the following terms, as used in this Agreement shall have the following meanings: 
  
 1.1 “Affiliate” shall mean any Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or
is under common control with, any other Person, including, without limitation, any Affiliated Fund; provided that, for purposes of this Agreement, (a) the Corporation and any subsidiary of the Corporation shall not be treated as an
“Affiliate” of any other party hereto and (b) ”Affiliate” shall not include any 

  

 
Portfolio Company of any MDCP Group Stockholder, any Blackstone Group Stockholder or any Affiliate of any MDCP Group Stockholder or any Blackstone Group
Stockholder. 
  
 1.2 “Affiliated Fund” shall mean
each Person under common control with any Stockholder which is managed by an Affiliate of Madison Dearborn Capital Partners III, L.P. or Blackstone CCC Capital Partners, L.P. 
  
 1.3 “Beneficially own” has the meaning set forth in Rule 13d-3 under the Securities Exchange Act, as such
Rule is in effect on the date hereof; provided that, in determining beneficial ownership of shares of Common Stock for purposes of this Agreement, a Person shall not be deemed to be the beneficial owner of any shares of Common Stock solely because
such Person is a party to this Agreement if such Person would not be deemed to be the beneficial owner of such shares of Common Stock within the meaning of such Rule 13d-3 if such Person were not a party to this Agreement. 
  
 1.4 “Board” shall mean the Board of Directors of the
Corporation. 
  
 1.5 “Director Designation
Period” shall mean the period from and after the IPO Closing Time during which any Voting Stockholder has the right to designate a person for nomination for election or appointment to the Board pursuant to Section 3.1(i) or (ii).

  
 1.6 “Interdealer Quotation System” shall mean
(a) the Nasdaq National Market and (b) the Nasdaq SmallCap Market, unless Nasdaq shall be registered as a national securities exchange after the date hereof. 
  
 1.7 “IPO Closing Time” means the date and time of the initial closing of the IPO. 
  
 1.8 “Nasdaq” shall mean The Nasdaq Stock Market, Inc.

  
 1.9 “National Securities Exchange” shall mean
(a) The New York Stock Exchange, Inc. and (b) each other national securities exchange. 
  
 1.10 “Permitted Transferee” shall mean, with respect to Mr. Chesonis, any MDCP Group Stockholder and any Blackstone Group Stockholder, any of the following transferees of Securities of such
Stockholder: (a) any Affiliate of such Stockholder; (b) the spouse, lineal descendants (natural or adopted) or parents of such Stockholder or any Affiliate of such Stockholder; (c) with the prior consent of the Corporation, which consent shall not
be unreasonably withheld or delayed, the respective constituent partners or participants of such Stockholder or such partners’ or participants’ direct and indirect constituent partners, stockholders and Affiliates; (d) an inter
vivos trust for the benefit of any such Person; or, (e) in the case of the MDCP Group Stockholders, any other transferee of no more than two percent of the Common Stock (calculated on an as-converted basis and giving effect to the
reclassification of the Class A Common Stock into Common Stock in connection with the Recapitalization) in the aggregate held by the MDCP Group Stockholders as of February 4, 2000, so long as such transferee is designated by the MDCP Group
Stockholders in writing to the Corporation as a “Permitted Transferee” at or prior to the time of transfer. 
  

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 1.11 “Person” shall mean any individual, corporation, partnership (general or limited),
limited liability company, limited liability partnership, firm, trust, association or other entity. 
  
 1.12 “Portfolio Company” shall mean, with respect to any Stockholder, any Person (other than any Person registered under the Investment
Company Act of 1940, as amended) any of whose securities are held by such Stockholder solely as passive investments. 
  
 1.13 “Registration Effective Time” shall mean the time and date on which the registration of the Common Stock under Section 12 of the
Securities Exchange Act shall be effective. 
  
 1.14
“Securities” shall mean, collectively, Voting Securities and Voting Security Equivalents. 
  
 1.15 “Securities Exchange Act” shall mean the Securities Exchange Act of 1934, as in effect from time to time. 
  
 1.16 “Voting Securities” shall mean the Common Stock and any
other securities of the Corporation the holders of which are generally entitled to vote for members of the Board and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination,
or any reclassification, recapitalization, merger, consolidation, exchange or similar reorganization. 
  
 1.17 “Voting Security Equivalents” shall mean any warrants, options, rights or other securities convertible into, or exchangeable or
exercisable for, Voting Securities. 
  
 1.18 “Voting
Stockholder” shall mean each of (a) Mr. Chesonis, (b) each MDCP Group Stockholder and each Permitted Transferee of such MDCP Group Stockholder and (c) each Blackstone Group Stockholder and each Permitted Transferee of such Blackstone Group
Stockholder. 
  
 2. Effectiveness of Agreement and Termination of Voting
Obligations. 
  
 2.1 Effectiveness of Agreement.

  
 (a) This Agreement shall become effective at
the Registration Effective Time. 
  
 (b) If the
IPO shall not be consummated following the Registration Effective Time and the effectiveness of this Agreement, this Agreement shall be deemed to be null and void ab initio. 
  
 (c) Notwithstanding Sections 2.1(a) and 2.1(b), this Agreement shall not become effective and shall have no
force or effect if the Company shall not have entered into a definitive underwriting agreement with respect to the IPO on or before December 31, 2005. 
  

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 2.2 Termination of Obligations. The obligations of the Voting Stockholders and of their designees
to the Board pursuant to Section 3 shall cease to be effective, and such Stockholders shall cease to be Voting Stockholders for purposes of this Agreement, with respect to (a) Mr. Chesonis and his Permitted Transferees, at such time as the Director
Designation Period shall terminate or, if earlier, at such time as Mr. Chesonis shall cease to serve as the Chief Executive Officer of the Corporation, (b) the MDCP Group Stockholders and their Permitted Transferees, at such time as the MDCP Group
Stockholders and their Permitted Transferees shall cease to have the right pursuant to Section 3.1(i) to designate any person for nomination for election or appointment to the Board, and (c) the Blackstone Group Stockholders and their Permitted
Transferees, at such time as the Blackstone Group Stockholders and their Permitted Transferees shall cease to have the right pursuant to Section 3.1(ii) to designate any person for nomination for election or appointment to the Board. 
  
 3. Matters Concerning the Board of Directors. 
  
 3.1 Composition of the Board. From and after the effectiveness of this
Agreement and until the voting obligations of such Voting Stockholder and of their designees to the Board pursuant to Section 3 shall cease to be effective, (a) each Voting Stockholder shall vote (and use its reasonable best efforts to cause each of
its Affiliates that beneficially owns Voting Securities to vote), or to act by written consent in lieu of meetings (and use its reasonable best efforts to cause each of its Affiliates that beneficially owns Voting Securities to act by written
consent in lieu of meetings), and shall use its reasonable best efforts to take all other necessary or desirable actions (including, without limitation, attending all meetings in person or by proxy for purposes of enabling the Corporation to obtain
a quorum at any meeting of stockholders and executing all written consents in lieu of meetings), to cause all of the individuals specified below in this Section 3.1 to be appointed or designated for nomination or nominated for election, and to be
elected, to the Board following the IPO Closing Time, and (b) the Corporation shall use its reasonable best efforts to cause the appointment or election of each such individual to the Board following the IPO Closing Time, including, without
limitation, by nominating such individuals to be elected as members of the Board as provided herein and calling an annual or special meeting of stockholders in order to ensure that the composition of the Board shall be as set forth in this Section
3.1 and otherwise to give effect to the provisions of this Section 3.1: 
  

	 	(i)	MDCP Group Directors. 

  
 (A) Until such date on which the MDCP Group Stockholders and their Permitted Transferees shall collectively own beneficially in the
aggregate a number of shares of Common Stock which represents less than either (1) one-third of the aggregate number of shares of Common Stock issuable upon conversion of all of the Series A Convertible Preferred Stock, par value $0.01
per share, of the Corporation (the “Series A Preferred”) acquired by the MDCP Group Stockholders on February 4, 2000 or (2) five percent of the Common Stock issued and outstanding in the aggregate, one person designated 

  

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for nomination for election or appointment by the MDCP Group Stockholders and their Permitted Transferees. 
  
 (B) At any time at which the total number of authorized
members of the Board is established at ten or greater and until such date on which the MDCP Group Stockholders and their Permitted Transferees shall collectively own beneficially in the aggregate a number of shares of Common Stock which represents
less than either (1) fifty percent of the aggregate number of shares of Common Stock issuable upon conversion of all of the Series A Preferred acquired by the MDCP Group Stockholders on February 4, 2000 or (2) five percent of the
Common Stock issued and outstanding in the aggregate, a second person designated for nomination for election or appointment by the MDCP Group Stockholders and their Permitted Transferees (any such designee of the MDCP Group Stockholders and their
Permitted Transferees pursuant to this Section 3.1(i), an “MDCP Director”). 
  
 (C) Board designations and other actions and determinations made by the MDCP Stockholders and their Permitted Transferees pursuant to
Section 3 shall be made by the MDCP Stockholders and their Permitted Transferees owning beneficially and of record a majority of the shares of Common Stock beneficially owned collectively by all of the MDCP Stockholders and their Permitted
Transferees at the time of such designation or other action or determination. 
  

	 	(ii)	Blackstone Group Directors. 

  
 (A) Until such date on which the Blackstone Group Stockholders and their Permitted Transferees collectively own beneficially in the
aggregate a number of shares of Common Stock which represents less than either (1) one-third of the aggregate number of shares of Common Stock issuable upon conversion of all of the Series A Preferred acquired by the Blackstone Group
Stockholders on February 4, 2000 or (2) five percent of the Common Stock issued and outstanding in the aggregate, one person designated for nomination for election or appointment by the Blackstone Group Stockholders and their Permitted Transferees
(any such designee of the Blackstone Group Stockholders and their Permitted Transferees pursuant to this Section 3.1(ii), a “Blackstone Director”). 
  
 (B) Board designations and other actions and determinations made by the Blackstone Group Stockholders and
their Permitted Transferees pursuant to Section 3 shall be made by the Blackstone Group Stockholders and their Permitted Transferees owning beneficially and of record a majority of the shares of Common 

  

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Stock beneficially owned collectively by all of the Blackstone Group Stockholders and their Permitted Transferees at the time of such designation or other
action or determination. 
  

	 	(iii)	Other Directors. Until the termination of the Director Designation Period, (A) the Chief Executive Officer of the Corporation, and (B) upon the written request of a majority
of the members of the Board who are not directors that were designated for nomination for election or appointment to the Board by the MDCP Group Stockholders and their Permitted Transferees or the Blackstone Group Stockholders and their Permitted
Transferees, such other persons nominated by the Board as may be required to maintain a Board that complies with applicable law and any applicable director independence and other Board membership rules or other requirements of any National
Securities Exchange or Interdealer Quotation System on which any of the Corporation’s securities are listed or traded (any such nominee pursuant to this Section 3.1(iii), an “Other Director”). 

  
 For purposes of determining pursuant to Sections 3.1(i) and (ii) the number
of shares of Common Stock issuable upon conversion of the Series A Preferred issued and outstanding on February 4, 2000, the Corporation and the Voting Stockholders shall adjust the number of shares of Class A Common Stock issued and outstanding on
such date to give effect to the reclassification of the Class A Common Stock into Common Stock in connection with the Recapitalization. 
  
 3.2 Removal and Vacancies; Other Actions. 
  
 (a) The MDCP Stockholder and their Permitted Transferees agree that, during the Director Designation Period, they shall not (and shall use
their reasonable best efforts to cause their Affiliates not to) take any action to cause the removal without “cause” of any director designated for nomination for election or appointment to the Board by the Blackstone Group Stockholders
and their Permitted Transferees. The Blackstone Group Stockholders and their Permitted Transferee agree that, during the Director Designation Period, they shall not (and shall use their reasonable best efforts to cause their Affiliates not to) take
any action to cause the removal without “cause” of any director designated for nomination for election or appointment to the Board by the MDCP Stockholders and their Permitted Transferees. For purposes of this Section 3.2(a),
“cause” shall mean the willful and continuous failure of a director to substantially perform such director’s duties to the Corporation or the willful engaging by a director in gross misconduct materially and demonstrably injurious to
the Corporation. 
  
 (b) Subject to Section
3.2(c), during the Director Designation Period, in the event that a vacancy in any directorship is created at any time by the death, disability, retirement, resignation or removal (with or without cause) of any director nominated for election or
appointment to the Board pursuant to Section 3.1, (i) if the director being replaced was nominated for election or appointment to the Board pursuant to Section 3.1(i), 

  

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the MDCP Group Stockholders and their Permitted Transferees exclusively shall have the right to designate a replacement to fill such vacancy, (ii) if the
director being replaced was nominated for election or appointment to the Board pursuant to Section 3.1(ii), the Blackstone Group Stockholders and their Permitted Transferees exclusively shall have the right to designate a replacement to fill such
vacancy, (iii) if the director being replaced is the Chief Executive Officer of the Corporation, the replacement for such director shall be the successor Chief Executive Officer of the Corporation and (iv) if the director being replaced is an Other
Director who is not the Chief Executive Officer of the Corporation, the replacement for such director shall be appointed or elected in accordance with the Corporation’s certificate of incorporation and bylaws. 
  
 (c) At such time as the MDCP Group Stockholders and their
Permitted Transferees or the Blackstone Group Stockholders and their Permitted Transferees, as the case may be, shall cease to be entitled pursuant to Section 3.1(i) or (ii), as applicable, to designate at least one person for nomination for
election or appointment to the Board, the MDCP Group Stockholders and their Permitted Transferees or the Blackstone Group Stockholders and their Permitted Transferees, as the case may be, shall, at the request of a majority of the members of the
Board who are not directors previously designated for nomination for election or appointment to the Board by the MDCP Group Stockholders and their Permitted Transferees or the Blackstone Group Stockholders and their Permitted Transferees, take all
necessary actions (including actions as stockholders of the Corporation) to cause the director or directors they have previously designated for nomination for election or appointment to the Board pursuant to such Section to resign or otherwise to be
removed from the Board as soon as reasonably practicable, so that, following such resignation or resignations or removal or removals, the number of directors who are serving on the Board pursuant to a designation by such Voting Stockholders is not
greater than the number of directors that the MDCP Group Stockholders and their Permitted Transferees or the Blackstone Group Stockholders and their Permitted Transferees, as the case may be, shall then be entitled to designate pursuant to Section
3.1(i) or (ii), as applicable. 
  
 (d) If, and so
long as, any of the MDCP Group Stockholders and their Permitted Transferees or the Blackstone Group Stockholders and their Permitted Transferees, as the case may be, shall fail to designate a person to fill a directorship pursuant to Section 3.1(i)
or (ii), as applicable, or this Section 3.2, the election or appointment of a person to such directorship shall be effectuated in accordance with the Corporation’s certificate of incorporation and bylaws. 
  
 3.3 Committees of the Board. 
  
 (a) During the Director Designation Period, the Corporation
shall use its reasonable best efforts to maintain, and, upon the written request of a majority of the members of the Board who are not directors that were designated for nomination for election or appointment to the Board by the MDCP Group
Stockholders and their Permitted Transferees or the Blackstone Group Stockholders and their Permitted Transferees, each Voting Stockholder shall support (and shall use its reasonable best efforts to cause each director serving on the Board pursuant
to a designation of such Voting Stockholder 

  

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pursuant to Section 3.1(i) or (ii) to support) the Corporation’s maintenance of an audit committee, a compensation committee and a nominating/corporate
governance committee that are constituted and operated in a manner that complies with applicable law (including, without limitation, Section 301 of the Sarbanes-Oxley Act of 2002) and any applicable director independence or other membership rules or
other requirements of any National Securities Exchange or Interdealer Quotation System on which any of the Corporation’s securities are listed or traded, without reliance on any “controlled company” exemption from such rules or other
requirements. 
  
 (b) Subject to, and without
limiting the application of Section 3.3(a), each of the Corporation and each Voting Stockholder shall use its reasonable best efforts to cause (and each Voting Stockholder shall use its reasonable best efforts to cause each director serving on the
Board pursuant to a designation of such Voting Stockholder pursuant to Section 3.1(i) or (ii) to cause) each committee of the Board referred to in Section 3.3(a) to include as members thereof at least one MDCP Director or one Blackstone Director.

  
 (c) The Corporation shall reimburse each MDCP
Director and each Blackstone Director for all reasonable out-of-pocket expenses borne by such directors in connection with the performance of their duties as directors of the Corporation and in connection with their attendance at any meeting of the
Board or any committee thereof. 
  
 4. Joinder of Permitted
Transferees. Prior to the transfer by any Voting Stockholder of any Securities to any Permitted Transferee, and as a condition of the effectiveness of such transfer, such Voting Stockholder agrees (a) to cause such Permitted Transferee to agree
in writing with the Corporation to be bound by the terms and conditions of this Agreement and (b) that such Voting Stockholder shall remain directly liable for its own performance and the performance of such Permitted Transferee of all obligations
of it and such Permitted Transferee under this Agreement. If any Permitted Transferee of Mr. Chesonis, any MDCP Group Stockholder or any Blackstone Group Stockholder shall cease thereafter to be a Permitted Transferee of such Stockholder, such
Permitted Transferee shall automatically upon the occurrence of such event cease to be a Permitted Transferee for any purpose under this Agreement. 
  
 5. Injunctive Relief. Each of the Corporation and each Voting Stockholder acknowledges and agrees that the terms, covenants and obligations of this
Agreement relate to special, unique and extraordinary matters and that a violation of any of the terms, covenants or obligations of this Agreement shall cause the Corporation and each Voting Stockholder irreparable injury in an amount which would be
impossible to estimate or determine and for which adequate compensation could not be fashioned. Therefore, each of the Corporation and each Voting Stockholder agrees that the Corporation and/or the other Voting Stockholders (as applicable) shall be
entitled to an injunction, restraining order or other equitable relief as a matter of course, and without the necessity of proving irreparable harm or the inadequacy of a legal remedy or posting a bond, from any court, restraining the applicable
Voting Stockholders or the Corporation and any other Persons as the court may order from committing any violation or threatened violation of the terms, covenants or obligations in this Agreement. 
  

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 6. Miscellaneous. 
  
 6.1 Termination. 
  
 (a) Unless earlier terminated pursuant to Section 6.1(b), this Agreement shall terminate without any action of any party hereto effective
as of the first date on which all but one (or all) of the following three categories of Stockholders shall have ceased to be Voting Stockholders in accordance with, and for purposes of. this Agreement: (i) Mr. Chesonis and his Permitted Transferees;
(ii) the MDCP Group Stockholders and their Permitted Transferees; and (iii) the Blackstone Group Stockholders and their Permitted Transferees. 
  
 (b) Notwithstanding any other provision of this Agreement, this Agreement may be terminated at any time after its effective date and the
consummation of the IPO upon written notice of termination to the Corporation and the other Voting Stockholders by either (a) the MDCP Group Stockholders and their Permitted Transferees owning beneficially and of record a majority of the Common
Stock beneficially owned collectively by all of the MDCP Group Stockholders and their Permitted Transferees at the time of such written notice or (b) the Blackstone Group Stockholders and their Permitted Transferees owning beneficially and of record
a majority of the Common Stock beneficially owned collectively by all of the Blackstone Group Stockholders and their Permitted Transferees at the time of such written notice. 
  
 (c) If this Agreement is validly terminated pursuant to Section 6.1(a) or (b), this Agreement shall become
void and of no effect with no liability on the part of any party hereto, except that (a) termination of this Agreement shall be without prejudice to any rights any party hereto may have hereunder against any other party hereto for any willful breach
of this Agreement prior to such termination and (b) the agreements contained in Section 3.3(c), this Section 6.1(c) and the other provisions of this Section 6 shall survive the termination hereof. 
  
 6.2 Remedies Cumulative. All rights, powers and remedies provided
under this Agreement (including, without limitation, under Section 5) or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party
hereto shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party hereto. 
  
 6.3 Amendments; Waivers. No amendment or waiver of any provision of this Agreement, including this sentence, shall be effective against the
Corporation or any party hereto unless such amendment or waiver is approved in writing by the Corporation and such other party hereto; provided that (a) no modification or waiver shall require the approval of Mr. Chesonis and his Permitted
Transferees unless such amendment or waiver would materially and adversely increase the obligations of Mr. Chesonis and his Permitted Transferees under this Agreement, (b) any amendment or waiver which is approved by the MDCP Group Stockholders and
their Permitted Transferees owning beneficially and of record a majority of the Common Stock beneficially owned collectively by all of the MDCP Group Stockholders and their Permitted Transferees at the time of the proposed 

  

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amendment or waiver shall be effective against each MDCP Group Stockholder and each Person who is then or later becomes a Permitted Transferee of any MDCP
Group Stockholder, and (c) any amendment or waiver which is approved by the Blackstone Group Stockholders and their Permitted Transferees owning beneficially and of record a majority of the Common Stock beneficially owned collectively by all of the
Blackstone Group Stockholders and their Permitted Transferees at the time of the proposed amendment or waiver shall be effective against each Blackstone Group Stockholder and each Person who is then or later becomes a Permitted Transferee of any
Blackstone Group Stockholder. 
  
 6.4 Notices. All notices,
demands and other communications called for or required by this Agreement shall be in writing and shall be addressed to the Corporation and the Voting Stockholders at their respective addresses stated below or to such other address as a party may
subsequently designate by written notice to the other parties. Communications hereunder shall be deemed to have been received (a) upon delivery in person, (b) five days after such communication is mailed by U.S. certified mail, return receipt
requested and postage prepaid, (c) the first business day after such communication is deposited with a commercial overnight carrier which provides written verification of delivery, or (d) the day of transmission of such communication if sent before
2:00 p.m. recipient’s time by facsimile transmission (with confirmation of receipt), and otherwise on the next succeeding day. 
  
 If to the Corporation to: 
  
 PaeTec Corp. 
 One PAETEC Plaza 

600 Willowbrook Office Park 
 Fairport,
New York 14450 
 Attention: President and Chief Executive Officer 
 Telecopier: (585) 340-2547 
  
 with a copy (which shall not constitute notice) to: 
  
 Hogan & Hartson L.L.P. 
 8300 Greensboro Drive 
 McLean, Virginia 22102 
 Attention: Richard J. Parrino 
 Telecopier:
(703) 610-6200 
  
 or at such other address and to the attention of such other
person as the Corporation may designate by written notice to the Voting Stockholders. Notices to Mr. Chesonis shall be addressed to: 
  
 Arunas A. Chesonis 
 c/o PaeTec Corp.

 One PAETEC Plaza 
 600
Willowbrook Office Park 
 Fairport, New York 14450 
 Telecopier: (585) 340-2547 
  

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 or at such other address and to the attention of such other person as Mr. Chesonis may designate by written notice to the
Corporation. Notices to any MDCP Group Stockholder and any Permitted Transferee thereof shall be addressed to: 
  
 c/o Madison Dearborn Capital Partners 
 Three First National Plaza, Suite 3800 
 Chicago, Illinois 60670 

			
	 Attention:
	  	 James N. Perry, Jr.

	 	  	 Paul Finnegan

	 Telecopier:
	  	 (312) 895-1001

  
 with
a copy (which shall not constitute notice) to: 
  
 Kirkland
& Ellis 
 200 East Randolph Drive 
 Chicago, IL 60601 

			
	 Attention:
	  	 Jeffrey Seifman

	 Telecopier:
	  	 (312) 861-2200

  
 or at such other address and to the
attention of such other person as the MDCP Group Stockholders may designate by written notice to the Corporation and the other Voting Stockholders. Notices to any Blackstone Group Stockholder and any Permitted Transferee thereof shall be addressed
to: 
  
 c/o The Blackstone Group 
 345 Park Avenue 
 New York, New York 10154

			
	 Attention:
	  	 Lawrence H. Guffey

	 	  	 Michael S. Chae

	 Telecopier:
	  	 (212) 583-5722

  
 with
a copy (which shall not constitute notice) to: 
  
 Simpson
Thacher & Bartlett 
 425 Lexington Ave. 
 New York, New York 10017-3954 

			
	 Attention:
	  	 Wilson Neely

	 Telecopier:
	  	 (212) 455-2502

  
 or at such other address and to the
attention of such other person as the Blackstone Group Stockholders may designate by written notice to the Corporation and the other Voting Stockholders. 
  
 6.5 Binding Effect and Assignment. This Agreement, and the rights and duties under it, shall be binding upon and inure to the benefit of (a) the
Corporation and its successors and assigns, and (b) each Stockholder and its successors and permitted assigns. 

  

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No Voting Stockholder may assign any of its rights hereunder (except to any Permitted Transferee in accordance with this Agreement) or delegate any of its
duties hereunder (except to any Permitted Transferee in accordance with this Agreement) without the prior written consent of the Corporation. 
  
 6.6 Governing Law; Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
Delaware without giving effect to principles of conflicts of law. Each of the Corporation and each Voting Stockholder hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the courts of the State of New York and
of the United States of America, in each case located in the County of New York, for any action, proceeding or investigation in any court or before any governmental authority (“Litigation”) arising out of or relating to this
Agreement and the transactions contemplated hereby and further agrees that service of any process, summons, notice or document by U.S. registered mail to its respective address set forth in this Agreement shall be effective service of process for
any Litigation brought against it in any such court, and each of such parties hereto hereby irrevocably and unconditionally waives any objection to the laying of venue of any Litigation arising out of this Agreement or the transactions contemplated
hereby in the courts of the State of New York or the United States of America, in each case located in the County of New York, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such
Litigation brought in any such court has been brought in an inconvenient forum. EACH OF THE CORPORATION AND EACH VOTING STOCKHOLDER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHTS TO
TRIAL BY JURY IN CONNECTION WITH ANY LITIGATION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  
 6.7 Captions. Captions to the various Sections in this Agreement are for the convenience of the parties only and shall not affect the meaning or
interpretation of this Agreement. 
  
 6.8 Enforceability and
Interpretation. It is the desire and intent of the parties to this Agreement that the terms, provisions, conditions, covenants, representations, warranties, and remedies contained in this Agreement shall be enforceable to the fullest extent
permitted by law. If any term, provision, condition, covenant, representation, warranty, or remedy of this Agreement or the application thereof to any Person or circumstances shall, to any extent, be construed to be illegal, invalid, or
unenforceable, in whole or in part, then such terms, provisions, condition, covenant, representation, warranty, or remedy shall be construed in a manner so as to permit its enforceability under the applicable law to the fullest extent permitted by
such law. In any case, the remaining terms, provisions, conditions, covenants, representations, warranties, and remedies of this Agreement or the application thereof to any Person or circumstance, except those which have been held illegal, invalid,
or unenforceable, shall remain in full force and effect. 
  

 12 

 6.9 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original, but together they shall constitute one and the same instrument. 
  
 6.10 Additional Documents. Each Stockholder (including, without limitation, each Stockholder referred to in Section 6.14) agrees to execute any and all documents, instruments, certificates and communications
deemed to be necessary or advisable by the Corporation to effectuate or reconfirm the applicability of this Agreement to any and all future transactions affecting the Corporation, the Securities or any Stockholder. 
  
 6.11 Obligations Imposed By Law. Any obligation imposed upon the
Corporation or any Voting Stockholder hereunder shall not be exclusive of, or otherwise relieve such party of, any obligation imposed upon the Corporation or such Voting Stockholder by the laws of the State of Delaware. 
  
 6.12 Entire Agreement. Except as otherwise expressly set forth herein,
upon effectiveness of this Agreement in accordance with Section 2.1, this Agreement and the documents referenced herein embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersede
and preempt (to the extent that such agreements are inconsistent with this Agreement) any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way
(including, without limitation, the Existing Voting Agreement). All such understandings, agreements or representations shall no longer be of any further force or effect (except in the case of any Voting Stockholder who is a party to or otherwise
bound by any other understanding, agreement or representation not to transfer such Voting Stockholder’s Securities, but only with respect to such understandings, agreements or representations relating only to the transfer of Securities), and,
upon effectiveness of this Agreement in accordance with Section 2.1, each Stockholder expressly waives all of such Stockholder’s rights under such understandings, agreements or representations. 
  
 6.13 No Transfer Restrictions. No provision of this Agreement shall be
deemed to restrict the ability of any Stockholder (subject to applicable law and any applicable agreements to which such Stockholder is a party) to transfer any securities of the Company to any other Person. 
  
 [signature pages follow] 
  

 13 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Voting Agreement with full force
and effect as of the day and year first written above. 
  

					
	THE CORPORATION:
		
	 	 	PAETEC CORP.
			
	 	 	By:	 	/s/    ARUNAS A.
CHESONIS        
	 	 	 Its:
	 	 
	
	MDCP GROUP STOCKHOLDERS:
		
	 	 	MADISON DEARBORN CAPITAL PARTNERS III, L.P.
			
	 	 	By:	 	 Madison Dearborn Partners III, L.P.

	 	 	 Its:
	 	 General Partner

			
	 	 	By:	 	 Madison Dearborn Partners, LLC

	 	 	 Its:
	 	 General Partner

			
	 	 	By:	 	/s/
	 	 	 Its:
	 	Managing Director
		
	 	 	MADISON DEARBORN SPECIAL EQUITY III, L.P.
			
	 	 	By:	 	 Madison Dearborn Partners III, L.P.

	 	 	 Its:
	 	 General Partner

			
	 	 	By:	 	 Madison Dearborn Partners, LLC

	 	 	 Its:
	 	 General Partner

			
	 	 	By:	 	/s/
	 	 	 Its:
	 	Managing Director
		
	 	 	SPECIAL ADVISORS FUND I, LLC
			
	 	 	By:	 	 Madison Dearborn Partners III, L.P.

	 	 	 Its:
	 	 Manager

			
	 	 	By:	 	 Madison Dearborn Partners, LLC

	 	 	 Its:
	 	 General Partner

			
	 	 	By:	 	/s/
	 	 	 Its:
	 	Managing Director

  
 [Signature
Page to Voting Agreement] 
  

					
	BLACKSTONE GROUP STOCKHOLDERS:
		
	 	 	BLACKSTONE CCC CAPITAL PARTNERS L.P.
			
	 	 	By:	 	Blackstone Management Associates III L.L.C.

					
			
	 	 	By:	 	/s/    MICHAEL CHAE        
			
	 	 	 Name:
	 	Michael Chae
			
	 	 	 Title:
	 	Member
		
	 	 	BLACKSTONE CCC OFFSHORE CAPITAL PARTNERS L.P.
			
	 	 	By:	 	Blackstone Management Associates III L.L.C.

					
			
	 	 	By:	 	/s/    MICHAEL CHAE        
			
	 	 	 Name:
	 	Michael Chae
			
	 	 	 Title:
	 	Member
		
	 	 	BLACKSTONE FAMILY INVESTMENT PARTNERSHIP III L.P.
			
	 	 	By:	 	Blackstone Management Associates III L.L.C.

					
			
	 	 	By:	 	/s/    MICHAEL CHAE        
			
	 	 	 Name:
	 	Michael Chae
			
	 	 	 Title:
	 	Member
		
	 	 	/s/    ARUNAS A.
CHESONIS        
	 	 	Arunas A. Chesonis

  
 [Signature
Page to Voting Agreement] 
  

 15EXHIBIT 10.5

 Exhibit 10.5 
  
 FOUNDING STOCKHOLDERS’ AGREEMENT 
  
 THIS FOUNDING STOCKHOLDERS’ AGREEMENT (this “Agreement”), dated as of April 22, 2005, is made by and
among PaeTec Corp., a Delaware corporation (the “Company”), PaeTec Communications, Inc., a Delaware corporation and wholly owned subsidiary of the Company (the “Subsidiary”), Arunas A. Chesonis, Algimantas K.
Chesonis, Joseph D. Ambersley, Timothy J. Bancroft, John Baron, Bradford M. Bono, Edward J. Butler, Jr., Richard E. Ottalagana, Richard J. Padulo and Daniel J. Venuti. The foregoing individuals are sometimes referred to in this Agreement
collectively as the “Stockholders” and individually as a “Stockholder.” 
  
 W I T N E S S E T H : 
  
 WHEREAS, each Stockholder is the beneficial owner of the number of shares of the Class A common stock, par value $0.01 per share, of the Company (the
“Class A Common Stock”) and Class B common stock, par value $0.01 per share, of the Company (the “Class B Common Stock”) set forth opposite the name of such Stockholder on Schedule 1 attached hereto;

  
 WHEREAS, each Stockholder, other than Arunas A. Chesonis and
Algimantas K. Chesonis, is a party to a Stock Rights Agreement between the Company and such Stockholder (as amended from time to time, “Stock Rights Agreements”); 
  
 WHEREAS, Arunas A. Chesonis is a party to a Stock Purchase Agreement, dated as of July 17, 1998, among the Company, the
Subsidiary and such Stockholder (the “Arunas Chesonis Stock Purchase Agreement”); 
  
 WHEREAS, Algimantas K. Chesonis is a party to a Stock Purchase Agreement, dated as of July 20, 1998, among the Company, Arunas A. Chesonis and Algimantas
K. Chesonis (together with the Arunas Chesonis Stock Purchase Agreement, the “Chesonis Stock Purchase Agreements”); 
  
 WHEREAS, Arunas A. Chesonis is a “Majority Stockholder” under the Stockholders’ Agreement, dated as of September 9, 1999, as amended as of
February 4, 2000, among the Company, Arunas A. Chesonis, Christopher Edgecomb, Trustee of the Christopher E. Edgecomb Living Trust dated April 25, 1998, Jeffrey P. Sudikoff and the CCS Group Stockholders (the “CCS Group
Stockholders”) set forth on the signature pages thereof (the “Campuslink Stockholders’ Agreement”); 
  
 WHEREAS, the Company wishes (i) to consummate a recapitalization (the “Recapitalization”) in which, among other transactions, the Class A
common stock and the Class B common stock, par value $0.01 per share, of the Company will be reclassified into a single class of common stock, par value $0.01 per share, of the Company (the “New Common Stock”) and (ii) immediately
after the consummation of the Recapitalization, to offer, issue and sell shares of the New Common Stock in an 

  

 
underwritten initial public offering (the “IPO”) registered under the Securities Act of 1933, as amended (the “Securities
Act”); 
  
 WHEREAS, if the IPO constitutes a
“Qualified Public Offering,” as defined in Section 11 of Article VI (the “QPO Provision”) of the Restated Certificate of Incorporation of the Company in effect as of the date hereof (the “Certificate of
Incorporation”), the Company may require the holders of the Series A Convertible Preferred Stock, par value $0.01 per share, of the Company (the “Series A Preferred Stock”) to convert all, and not less than all, of the
then-outstanding shares of the Series A Preferred Stock into common stock of the Company in connection with the closing of the IPO; 
  
 WHEREAS, the existing definition of a “Qualified Public Offering” requires the Company to (i) issue and sell “Common Stock” (as such
term is defined in the QPO Provision) pursuant to a “Public Offering” (as such term is defined in the QPO Provision) at a price per share of Common Stock paid to the Company which equals or exceeds (x) 1.5 times (y) the conversion price of
the Series A Preferred Stock in effect immediately prior to the consummation of such Public Offering (the “Series A Conversion Price”) and (ii) receive gross proceeds of such Public Offering which equal or exceed $50 million;

  
 WHEREAS, the Company has proposed to amend the definition of
“Qualified Public Offering” in the QPO Provision to provide that a “Qualified Public Offering” will occur even if the public offering price per share of Common Stock in the IPO does not equal or exceed the minimum price specified
in the QPO Provision, but that the Series A Conversion Price will be reduced in such event according to a formula specified in such amendment (such amendment in the form specified in this Agreement, the “QPO Amendment”); 

 
 WHEREAS, in connection with the IPO, the Company will file with the
Secretary of State of the State of Delaware (the “Delaware Secretary of State”) (i) a certificate of amendment to the Certificate of Incorporation containing the QPO Amendment and additional amendments to the Certificate of
Incorporation, which shall be effective prior to the closing of the IPO (the “Certificate of Amendment”), and (ii) an amended and restated certificate of incorporation of the Company, which shall be effective from and after the
closing of the IPO (the “Restated Certificate of Incorporation”); 
  
 WHEREAS, to facilitate the consummation of the IPO, the Company proposes to enter into an agreement (the “Series A Stockholder Agreement”) with the holders of the Series A Preferred Stock pursuant to
which such holders will consent to and approve the QPO Amendment and other matters related to the Recapitalization and the IPO; 
  
 WHEREAS, upon consummation of the IPO, in partial consideration of various consents, approvals and other actions by certain Campuslink Stockholders (as
defined herein) and certain other stockholders of the Company, the Company proposes to sell shares of the New Common Stock to certain Campuslink Stockholders and such other 

  

 2 

 
stockholders if the Series A Conversion Price is reduced pursuant to the QPO Amendment; 
  
 WHEREAS, in connection with the IPO, the Company proposes to take other actions pursuant to agreements referred to herein
with the Campuslink Stockholders and other stockholders, all dated as of the date hereof; and 
  
 WHEREAS, following a recommendation of a committee of the Board of Directors of the Company (the “Board of Directors”) composed exclusively of disinterested directors, the Board of Directors has
reviewed the transactions contemplated by this agreement and determined that this Agreement is in the best interests of the Company and its stockholders; 
  
 NOW, THEREFORE, in consideration of the premises and the mutual representations, warranties, covenants and agreements set forth in this Agreement, the
parties hereto agree as follows: 
  
 ARTICLE I 
  
 APPROVALS, CONSENTS AND WAIVERS 
  
 1.1. Approval of Charter Amendments. Concurrently with the execution
and delivery of this Agreement, each Stockholder, in such Stockholders’ capacity as owner of record or trustee, general partner, managing member, attorney-in-fact or other authorized signatory of an owner or owners of record of the shares of
Class A Common Stock and Class B Common Stock set forth opposite the name of such Stockholder on Schedule 1 attached hereto, acting with respect to all of such shares of Class A Common Stock and Class B Common Stock so owned of record, has
delivered to the Company, as applicable, one or more duly executed counterparts of a written consent in lieu of a meeting of stockholders of the Company, in the form attached hereto as Exhibit A, approving and consenting to various matters,
including each of the following: 
  

	 	(i)	the Certificate of Amendment in the form attached to such written consent; 

  

	 	(ii)	the Restated Certificate of Incorporation in the form attached to such written consent; and 

  

	 	(iii)	the Amended and Restated Bylaws of the Company in the form attached to such written consent (the “Restated Bylaws”). 

  
 The Company shall file the Certificate of Amendment with the Delaware
Secretary of State, and the Certificate of Amendment shall become effective under the General Corporation Law of the State of Delaware (the “Delaware General Corporation Law”), prior to the IPO Closing Time. The Restated 

  

 3 

 
Certificate of Incorporation and the Restated Bylaws shall become effective under the Delaware General Corporation Law as of the IPO Closing Time or as soon
as reasonably practicable thereafter and shall continue in effect thereafter until amended in accordance with their respective terms and the Delaware General Corporation Law. 
  
 1.2. Termination of Stock Rights Agreements and Chesonis Stock Purchase Agreements. Each of the Stock Rights
Agreements and each of the Chesonis Stock Purchase Agreements shall automatically terminate and be of no further force or effect as of the IPO Closing Time without the necessity of any further action by any party to any of such Stock Rights
Agreement. To the extent that the execution, delivery and performance of this Agreement by any of the parties hereto shall be deemed to be, or to require, a modification or an amendment to any of the Stock Rights Agreements or either of the Chesonis
Stock Purchase Agreements, this Agreement shall constitute a “written consent” within the meaning of Section 11 such Stock Rights Agreement and the applicable provisions of each Chesonis Stock Purchase Agreement necessary for this
Agreement to constitute such a modification or amendment and for such modification or amendment to be a valid and binding obligation of each party to such Stock Rights Agreement and such Chesonis Stock Purchase Agreement. 
  
 1.3. Execution of Other Agreements; Other Matters. 
  
 1.3.1. Concurrently with the execution and delivery of this
Agreement, Arunas A. Chesonis has delivered to the Company a duly executed counterpart of each of the following agreements: 
  

	 	(i)	the Voting Agreement, dated as of the date hereof, among the Company and the Stockholders (as such term is defined therein); 

  

	 	(ii)	the Termination Agreement, dated as of the date hereof, among the Company and the Stockholders (as such term is defined therein), with respect to the termination of the Preferred
Stockholders’ Agreement; 

  

	 	(iii)	the Termination Agreement, dated as of the date hereof, among the Company, the Majority Stockholders (as such term is defined therein) and the CCS Group Stockholders, with respect
to the termination of the Campuslink Stockholders’ Agreement; and 

  

	 	(iv)	Termination Agreement, dated as of the date hereof, among the Company and the Stockholders (as such term is defined therein), with respect to the termination of the Voting
Agreement, dated February 4, 2000, among the Company and the Stockholders (as such term is defined therein). 

  
 1.3.2. To the extent that the execution, delivery and performance of the Campuslink Stock Purchase Agreement by the parties thereto or of this Agreement
by 

  

 4 

 
any of the parties hereto shall be deemed to be, or to require, an amendment to the Campuslink Stockholders’ Agreement approved by Arunas A. Chesonis,
or a waiver by Arunas A. Chesonis of his rights, if any, under the Campuslink Stockholders’ Agreement, this Agreement shall constitute a “written agreement” within the meaning of Section 8.2 and a “writing” within the
meaning of Section 8.3 of the Campuslink Stockholders’ Agreement necessary for this Agreement to constitute such an amendment and waiver and for such amendment and waiver to be a valid and binding obligation of Arunas A. Chesonis, enforceable
against him. 
  
 1.4. Waiver of Registration Rights;
Lock-up. 
  
 1.4.1. Each Stockholder hereby
waives, from and after the commencement of the Lock-up Period until expiration of the Lock-up Period, exercise of such Stockholders’ piggyback registration rights pursuant to (as applicable) the Stock Rights Agreements, the Chesonis Stock
Purchase Agreements and the letter dated September 30, 1998 from the Company to the “Investors in the PaeTec $10,000,000 Offering,” in each case, whether in connection with the IPO and the IPO Registration Statement or otherwise.

  
 1.4.2. Concurrently with the execution and
delivery of this Agreement, each Stockholder has delivered to the Company a duly executed counterpart of a Lock-up Letter with respect to all of the shares of the Company’s common stock and other securities specified therein held by such
Stockholder, which shall be effective for the period specified therein (the “Lock-up Period”). Each Stockholder further agrees that, as soon as reasonably practicable (and in no event later than the date on which the marketing
efforts with respect to the IPO shall commence), such Stockholder shall cause each of such Stockholders’ controlled Affiliates that beneficially owns capital stock of the Company to execute a Lock-up Letter with respect to all of the shares of
the Company’s common stock and other securities specified therein held by such controlled Affiliate, which shall be effective for the Lock-up Period. 
  
 1.5. Piggyback Registration Rights. 
  
 1.5.1. Upon the expiration of the Lock-up Period, each Stockholder shall be entitled to the piggyback registration rights set forth on
Appendix A with respect to the New Common Stock then held by such Stockholder. 
  
 1.5.2. The piggyback registration rights granted to each Stockholder pursuant to this Section 1.5 shall expire upon the terms and
conditions specified in paragraph (j) of Appendix A. 
  

 5 

  
 ARTICLE II 
  
 MANAGEMENT COMPENSATION 
  
 2.1. Compensation. In consideration of their continued employment by
the Company, each Stockholder set forth on Schedule 2, as a condition to the obligations of such Stockholder hereunder, shall receive as soon as reasonably practicable following the IPO Closing Time compensation substantially in the form set
forth opposite the name of such Stockholder on Schedule 2. 
  
 2.2. Several Rights and Obligations. The rights and obligations of each Stockholder under this Agreement are several and not joint with the rights and obligations of any other Stockholder, and no Stockholder shall be responsible for
the performance of the obligations hereunder, or entitled to enforce the rights hereunder, of any other Stockholder. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 OF THE
STOCKHOLDERS 
  
 Each Stockholder, severally and not
jointly, represents and warrants to the Company as of the date hereof that: 
  
 3.1. Due Authorization. This Agreement has been duly and validly executed and delivered by such Stockholder. Assuming due authorization, execution and delivery by all other parties to this Agreement, this
Agreement constitutes a valid and binding agreement of such Stockholder enforceable against such Stockholder in accordance with its terms, except as such enforcement is limited by bankruptcy, insolvency and other similar Laws affecting the
enforcement of creditors’ rights generally and for limitations imposed by general principles of equity. Such Stockholder has not transferred any of such Stockholders’ rights under any agreement to which the Company is a party to any other
Person, including any Affiliate of such Stockholder, and no Affiliate of such Stockholder has any rights thereunder. 
  
 3.2. No Violations; Consents. Neither the execution, delivery or performance by such Stockholder of this Agreement, nor the consummation of the
transactions contemplated hereby, will (i) conflict with or constitute, with or without notice or the passage of time or both, a breach, violation or default by such Stockholder under (A) any Law applicable to such Stockholder or (B) any provision
of any agreement or other instrument binding upon such Stockholder or any of its assets or properties, except for conflicts, breaches, violations and defaults, which, individually or in the aggregate, would not materially adversely affect the
ability of such Stockholder to perform its other 

  

 6 

 
obligations under this Agreement; or (ii) require any Consents, Approvals and Filings on the part of such Stockholder. 
  
 3.3. Litigation. There is no Litigation pending or, to the knowledge
of such Stockholder, threatened against such Stockholder or any of its controlled Affiliates or involving any of its properties or assets by or before any court, arbitrator or other Governmental Entity which in any manner challenges or seeks to
prevent, enjoin, alter or materially delay the transactions contemplated by this Agreement. 
  
 ARTICLE IV 
  
 REPRESENTATIONS AND
WARRANTIES OF THE COMPANY 
  
 The Company represents and warrants
to the Stockholders as of the date hereof that: 
  
 4.1. Due
Authorization. The Company has the requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby to be consummated by the Company. The
execution, delivery and performance by the Company of this Agreement, and the compliance by the Company with each of the provisions of this Agreement (i) are within the corporate power and authority of the Company and (ii) except as expressly
provided herein, have been duly authorized by all necessary corporate action of the Company. This Agreement has been duly and validly executed and delivered by the Company and constitutes a valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency and other similar Laws affecting the enforcement of creditors’ rights generally and for limitations imposed by general
principles of equity. 
  
 4.2. No Violations;
Consents. Neither the execution, delivery or performance by the Company of this Agreement, nor the consummation of the transactions contemplated hereby, will (i) conflict with, or result in a breach or a violation of, any provision of the
Certificate of Incorporation or the bylaws of the Company as in effect on the date hereof; (ii) conflict with or constitute, with or without notice or the passage of time or both, a breach, violation or default by the Company under (A) any Law
applicable to the Company or (B) any provision of any agreement or other instrument binding upon the Company or any of its assets or properties, except for conflicts, breaches, violations and defaults, which, individually or in the aggregate, would
not materially adversely affect the ability of the Company to perform its other obligations under this Agreement; or (iii) require any Consents, Approvals and Filings on the part of the Company, except for (A) Consents, Approvals and Filings
expressly contemplated by this Agreement (B) and other Consents, Approvals and Filings that, if not made or received, would not materially adversely affect the ability of the Company to perform its other obligations under this Agreement. 

 

 7 

 4.3. Litigation. There is no Litigation pending or, to the knowledge of the Company, threatened
against the Company or involving any of the properties or assets of the Company by or before any court, arbitrator or other Governmental Entity which in any manner challenges or seeks to prevent, enjoin, alter or materially delay the transactions
contemplated by this Agreement. 
  
 ARTICLE V 
  
 COVENANTS 
  
 5.1. Commercially Reasonable Efforts. Except as otherwise expressly provided in this Agreement, each party hereto
shall use its commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws to consummate the Transactions. In furtherance and not in
limitation of the other covenants of the parties contained in this Agreement, if any administrative or judicial action or proceeding, including any proceeding by a private party, is instituted (or threatened to be instituted) challenging any
transaction contemplated by this Agreement, each party shall cooperate in all respects with each other party and use its commercially reasonable efforts to contest and resist any such action or proceeding and to have vacated, lifted, reversed or
overturned any decree, judgment, injunction or other order, whether temporary, preliminary or permanent, that is in effect and that prohibits, prevents or restricts the consummation of the transactions contemplated by this Agreement. Notwithstanding
anything to the contrary in this Section 5.1, nothing in this Section 5.1 or in Section 5.2 shall require any party to take or refrain from taking any action or to consent to any matter that would materially restrict such party’s business
assets or activities or the transactions contemplated by this Agreement, or materially impair the contemplated benefits of this Agreement to such party. 
  
 5.2. Further Assurances. Subject to the last sentence of Section 5.1, at any time and from time to time after the date of this Agreement, each
party shall cooperate with each other party hereto and, at the request of any other party, shall execute and deliver any further instruments or documents and shall take all such further action, whether as a stockholder of the Company (in the case of
any Stockholder) or otherwise, as such other party may reasonably request in order to evidence or effectuate the consummation of the Transactions and otherwise to carry out the intent of the parties under this Agreement. 
  
 5.3. Confidentiality. In the event any Stockholder (including the
officers, employees, counsel, accountants, internal and external auditors, partners, agents and other authorized representatives of such Stockholder or its Affiliates (collectively, the “Representatives”)) obtains from the Company
or its representatives any Confidential Information, such Stockholder (i) shall treat all such Confidential Information as confidential, (ii) shall use such Confidential Information only for the purpose of evaluating the Transactions, (iii) shall
protect such Confidential Information with the same degree of care as such Stockholder uses to protect its own proprietary information 

  

 8 

 
against public disclosure, but in no case with less than reasonable care, and (iv) shall not disclose such Confidential Information to any third party except
to its Representatives who need to know such Confidential Information for the purpose of effectuating the transactions contemplated by this Agreement (or for enforcing any rights or remedies of such party under this Agreement) and who have been
informed of and have agreed to protect the confidential nature of such Confidential Information (and such Stockholder shall be responsible for compliance with this Section 5.3 by the Representatives of such Stockholder). 
  
 5.4. Public Statement. No Stockholder shall issue any press release or
make any public statement with respect to this Agreement or the transactions contemplated hereby without the prior written consent of the Company. 
  
 ARTICLE VI 
  
 TERMINATION 
  
 6.1. Termination. This Agreement may be terminated by the Company and any Stockholder as follows: 
  
 (a) at any time, by mutual written agreement of the Company and such Stockholder; 
  
 (b) by either the Company, on the one hand, or such
Stockholder, on the other hand, by notice hereunder if the Company shall not have become bound by the IPO Purchase Agreement on or before December 31, 2005 (provided that the right to terminate this Agreement under this Section 6.1(b) shall not be
available to such Stockholder if the failure by such Stockholder to fulfill any of its obligations hereunder has been the cause of, or resulted in, the failure of the Company to become bound by the IPO Purchase Agreement on or before such date);

  
 (c) by such Stockholder by notice hereunder
if any Other Stockholder Agreement is amended without the prior written consent of such Stockholder in a manner which adversely affects in any material respect the contemplated benefits of this Agreement to such Stockholder; and 
  
 (d) by the Company, if it shall not have sufficient funds to
pay the Series A Dividend Floor Amount, as defined in the Series A Stockholder Agreement (provided that the right to terminate this Agreement under this Section 6.1(c) shall not be available if the Company’s failure to have sufficient funds to
pay the Series A Dividend Floor Amount has resulted from the Company’s failure to use commercially reasonable efforts to secure, or to cause one or more of its subsidiaries to secure, an amount of subordinated indebtedness or other
indebtedness, the proceeds of which may be used to pay the Series A Dividend Floor Amount). 
  

 9 

 6.2. Effect of Termination. If this Agreement is terminated by the Company or any Stockholder
pursuant to Section 6.1, this Agreement shall forthwith become void ab initio with respect to such Stockholder and there shall be no further obligations on the part of such Company or such Stockholder under this Agreement with respect to such
Stockholder except for the provisions of Sections 5.3 and 5.4, this Section 6.2 and Article VII, which shall survive any termination of this Agreement with respect to any Stockholder, provided that nothing in this Section 6.2 shall relieve any party
from liability for any breach of this Agreement. 
  
 ARTICLE VII

  
 MISCELLANEOUS 
  
 7.1. Definitions. In addition to the definitions ascribed in the
preamble, recitals and other Articles of this Agreement to the capitalized terms set forth in such other provisions of this Agreement, the following terms, as used in this Agreement, shall have the following meanings: 
  
 “Affiliate” shall have the meaning
specified in Rule 405 under the Securities Act. 
  
 “Beneficially own” shall have the same meaning as in Rule 13d-3 promulgated under the Exchange Act, as such Rule is in effect on the date hereof. 
  
 “Business Day” shall mean any day except Saturday, Sunday and any legal holiday or a day on
which banking institutions located in New York, New York are required by Law or other governmental actions to close. 
  
 “Campuslink Stock Purchase Agreement” shall mean the Campuslink Stock Purchase Agreement, dated as of the date hereof and
as amended from time to time, among the Company and the Persons identified as “Campuslink Stockholders” and “Other Stockholders” on the signature pages thereof. 
  
 “Campuslink Stockholders” shall mean, collectively, the Persons identified as
“Campuslink Stockholders” and “Other Stockholders” on the signature pages of the Campuslink Stock Purchase Agreement. 
  
 “Confidential Information” shall mean technical and business information relating to the Company’s intellectual
property rights, trade secret processes or devices, techniques, data, formula, inventions (whether or not patentable) or products, research and development (including research subjects, methods and results), operating systems, computer software,
costs, profit or margin information, pricing policies, confidential market information, budget and finances, customers, distribution, sales, marketing and production, business strategy and future business plans and any other information of a
“confidential” nature, specifically including any information that is identified orally or in writing by the Company to be confidential, or that a Stockholder should reasonably 

  

 10 

 
understand under the circumstances to be a trade secret or information of a similar nature, provided that Confidential Information shall not include any such
information which (i) was in the public domain on the date hereof or comes into the public domain other than through the fault or negligence of such Stockholder, (ii) was lawfully obtained by such Stockholder from a third party without breach of
this Agreement and otherwise not in violation of the Company’s rights, (iii) was known to such Stockholder at the time of disclosure of such Confidential Information to such Stockholder by the Company, provided that such Stockholder was not, at
such time, subject to any confidentiality obligation with respect thereto, or (iv) was independently developed by such Stockholder without making use of any Confidential Information. 
  
 “Consents, Approvals and Filings” shall mean any material consent, order, approval or
authorization of, notification or submission to, filing with, license or permit from, or exemption or waiver by, any Governmental Entity or any other Person, including any of the foregoing pursuant to the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended, and the rules and regulations thereunder. 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any successor federal statute, in each case as the same shall be in effect at the time. 
  
 “Governmental Entity” shall mean any United
States federal, state or local judicial, legislative, executive, administrative or regulatory body or authority. 
  
 “Initial Investors’ Stock Purchase Agreement” shall mean the Initial Investors’ Stock Purchase Agreement, dated
as of the date hereof and as amended from time to time, among the Company and the Persons identified as “Stockholders” on the signature pages thereof. 
  
 “IPO Closing Time” shall mean the time and date of the closing of the IPO. 
  
 “IPO Purchase Agreement” shall mean the
Purchase Agreement to be entered into by the Company, the selling stockholders named therein (if any) and the representatives of the Underwriters with respect to the issuance, offering and sale by the Company and/or selling stockholders named
therein (if any) of New Common Stock in the IPO. 
  
 “IPO Registration Statement” shall mean any registration statement on Form S-1 filed by the Company with the Securities and Exchange Commission with respect to the IPO. 
  
 “Laws” shall mean all United States
federal, state and local laws, statutes, ordinances, rules, regulations, orders and decrees. 
  
 “Litigation” shall mean any claim, action, suit, investigation or proceeding. 
  

 11 

 “Lock-up Letter” shall mean a letter agreement in substantially the form
attached hereto as Exhibit B, with such changes thereto, if any, as shall be authorized by the Underwriters, provided that no changes shall extend the duration of the Lock-up Period. 
  
 “Other Stockholder Agreements” shall mean
collectively the Campuslink Stock Purchase Agreement, the Series A Stockholder Agreement and the Initial Investors’ Stock Purchase Agreement, as amended from time to time. 
  
 “Person” shall mean an individual, firm, corporation, partnership, limited liability
company, association, trust, company or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof, and shall include any successor (by merger or otherwise) of such Person. 
  
 “Preferred Stockholders’ Agreement”
shall mean the Stockholders’ Agreement, dated as of February 4, 2000, as amended from time to time, among the Company, the Series A Stockholders, Arunas A. Chesonis, Christopher E. Edgecomb, Trustee of the Christopher E. Edgecomb Living Trust
dated April 25, 1998, and Jeffrey Sudikoff. 
  
 “Transactions” shall mean collectively (i) the Recapitalization, (ii) the offering, issuance and sale of New Common Stock in the IPO and all agreements and arrangements in connection therewith, (iii) the approval and, where
applicable, filing with the Delaware Secretary of State of the Certificate of Amendment, the Restated Certificate of Incorporation and the Restated Bylaws, (iv) the transactions contemplated by the Other Stockholder Agreements, (v) the transactions
contemplated by the agreements referred to in Section 1.3 and (vi) the transactions contemplated by this Agreement, including with respect to the agreements set forth in clauses (iv), (v) and (vi), the schedules, appendices and final forms of
agreements and other exhibits which are attached thereto. 
  
 “Underwriters” shall mean the underwriters of the IPO. 
  
 7.2. Survival of Representations and Warranties. Except as provided in Article VI, all representations and warranties set forth in this Agreement
or in any writing delivered by any party pursuant to this Agreement shall survive the transactions contemplated by this Agreement to be consummated at the Closing (regardless of any investigation, inquiry or examination made by any party or on its
behalf or any knowledge of any party or the acceptance by any party of any certificate or opinion) until the first anniversary of the date on which the IPO Closing Time shall occur. 
  
 7.3. Fees and Expenses. Each party to this Agreement shall be responsible for the payment of the fees and expenses of
its own advisers, counsel, accountants, investment banks and other experts, if any, and all other expenses incurred by such 

  

 12 

 
party in connection with the negotiation, preparation, execution, delivery and performance of this Agreement. 
  
 7.4. Specific Enforcement. The parties hereto agree that (i)
irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific intent or were otherwise breached and (ii) the parties shall be entitled to an injunction or injunctions to
prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, in addition to any other remedy to which they may be entitled by law or equity. 
  
 7.5. Successors and Assigns. Except as otherwise expressly provided
herein, (i) all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto, whether so expressed or not, (ii)
the Company may not assign or delegate all or any portion of its rights, obligations or liabilities under this Agreement with respect to any Stockholder without the prior written consent of such Stockholder and (iii) no Stockholder may assign or
delegate all or any portion of its rights, obligations or liabilities under this Agreement without the prior written consent of the Company. 
  
 7.6. Entire Agreement. This Agreement, together with the Schedules and Exhibits attached hereto, constitutes the entire agreement among the parties
hereto and thereto with respect to the subject matter hereof and thereof and supersedes all prior agreements and understandings, both oral and written, among some or all of the parties hereto and thereto with respect to such subject matter.

  
 7.7. Notices. All notices, demands, requests, consents
or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when (i) delivered personally to the recipient, (ii) telecopied to the recipient (with
hard copy, (which shall not constitute notice) sent to the recipient by reputable overnight courier service (charges prepaid) that same day) if telecopied before 5:00 p.m. New York City time, on a Business Day, and otherwise on the next Business
Day, or (iii) one Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid). Such notices, demands, requests, consents and other communications shall be sent to the following Persons at the following
addresses: 
  

	 	(i)	if to the Company, to: 

  
 PaeTec Corp. 
 One Northern Concourse

 North Syracuse, NY 13212 
 Attention: Daniel J. Venuti 
 Facsimile: (315) 454-0690 
  

 13 

 with a copy (which shall not constitute notice) to: 
  
 Hogan & Hartson L.L.P. 
 Columbia Square 
 555 Thirteenth St., N.W.

 Washington, D.C. 20004-1109 
 Attention: Charles E. Sieving 
 Facsimile: (202) 637-5910 
  

	 	(ii)	if to any Stockholder, to the address of such Stockholder set forth in the stock record books of the Company from time to time; 

  
 or to such other address or to the attention of such other Person as the recipient party has
specified by prior written notice to the sending party. 
  
 7.8.
Business Days. If any time period for giving notice or taking action hereunder expires on a day which is not a Business Day, the time period shall automatically be extended to the Business Day immediately following such day. 
  
 7.9. Amendments; Waivers. The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented, with respect to any Stockholder, without the written consent of such Stockholder and, with respect to the Company, without the written consent of the Company; provided
that no such amendment, modification or supplement that adversely affects the rights or duties of any party to this Agreement shall be effective without the written consent of such party. Each party hereto may waive any of such party’s rights
hereunder or lack of performance by another party hereto, but any such waiver shall not be effective with respect to any other party hereto that does not consent to such waiver. 
  
 7.10. Counterparts. This Agreement may be executed simultaneously in two or more counterparts, any one of which need
not contain the signatures of more than one party, but all of which taken together shall constitute one and the same Agreement. 
  
 7.11. Descriptive Headings; Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted for convenience only
and do not constitute a substantive part of this Agreement. Whenever required by context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns, pronouns, and verbs
shall include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof and, if applicable,
hereof. The use of the words “include” or “including” in this Agreement shall be by way of example rather than by limitation. The parties to this Agreement have participated jointly in the negotiation and drafting of this
Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and 

  

 14 

 
no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.
 
  
 7.12. Governing Law. Except to the extent
that the Delaware General Corporation Law shall, by its terms, apply to the subject matter of this Agreement, this Agreement shall be governed by and construed in accordance with the laws of the State of New York (without giving effect to the
provisions thereof relating to conflicts of law). 
  
 7.13.
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be invalid or unenforceable in any
respect, such invalidity or unenforceability shall not render invalid or unenforceable any other provision of this Agreement. 
  
 7.14. Delivery by Facsimile and Electronic Means. This Agreement, the agreements referred to herein, and each other agreement or instrument entered
into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine, electronic mail or other electronic means, shall be treated in all
manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such
agreement or instrument, each other party hereto or thereto shall reexecute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine, electronic
mail or other electronic means to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine, electronic mail or other electronic means as a defense to the
formation or enforceability of a contract, and each such party forever waives any such defense. 
  
 7.15. Acknowledgement. The parties acknowledge that the consummation of the IPO remains subject to significant conditions and that this Agreement
does not represent a commitment by any party hereto or by the Company or any other Person to consummate, or to use any level of efforts to consummate, the IPO. The Company may determine in its sole discretion not to pursue the IPO and, in such
event, no party hereto shall incur any liability to any other party hereto as a result of such determination or the non-consummation of the IPO. 
  
 [signature pages follow] 
  

 15 

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

			
	The Company:
	
	 PAETEC CORP.

		
	By:	 	/s/    ARUNAS A.
CHESONIS        
	 Name:
	 	 
	 Title:
	 	 
	
	The Subsidiary:
	
	 PaeTec Communications, Inc.

		
	By:	 	/s/    ARUNAS A.
CHESONIS        
	 Name:
	 	 
	 Title:
	 	 
	
	The Stockholders:
	
	/s/    ARUNAS A.
CHESONIS        
	Arunas A. Chesonis
	
	/s/    ALGIMANTAS K.
CHESONIS        
	Algimantas K. Chesonis
	
	/s/    JOSEPH D.
AMBERSLEY        
	Joseph D. Ambersley
	
	/s/    TIMOTHY J.
BANCROFT        
	Timothy J. Bancroft
	
	/s/    JOHN
BARON        
	John Baron

  

 16 

			
	
	/s/    BRADFORD M.
BONO        
	Bradford M. Bono
	
	/s/    EDWARD J. BUTLER,
JR.        
	Edward J. Butler, Jr.
	
	/s/    RICHARD E.
OTTALAGANA        
	Richard E. Ottalagana
	
	/s/    RICHARD J.
PADULO        
	Richard J. Padulo
	
	/s/    DANIEL J.
VENUTI        
	Daniel J. Venuti

  

 17 

  
 SCHEDULE 1

  

			
	 Stockholder Name and Address

	  	Outstanding Shares of Common Stock
Beneficially Owned

	 Arunas A. Chesonis
 18 Buckthorn Run Victor,

New York 14564
	  	3,003,620
		
	 Bradford M. Bono
 5 Bromley Court
 Voorhees, New Jersey 08043
	  	600,000
		
	 John Baron
 116 Selborne Chase
 Fairport, New York 14450
	  	350,000
		
	 Daniel J. Venuti
 106 Huntshill Road
 Solvay, New York 13209
	  	295,500
		
	 Joseph D. Ambersley
 6805 Tidewater Drive
 Navarre, Florida 32566
	  	310,000
		
	 Edward J. Butler, Jr.
 8570 Lakemont Drive
 East Amherst, New York 14051
	  	304,000
		
	 Richard J. Padulo
 5730 Pinewood Drive
 Building 424 B-2
 Lake Worth, Florida 33463
	  	256,376
		
	 Richard E. Ottalagana
 965 Strong Road
 Victor, New York 14564
	  	317,500
		
	 Algimantas K. Chesonis
 17 Clarkes Crossing
 Fairport, New York 14450
	  	56,000
		
	 Timothy J. Bancroft
 35 Little Spring Run
 Fairport, New York 14450
	  	51,653

  

 18 

  
 Schedule 2

  

						
	 	  	Cash

	  	Restricted
Shares (1)

	 Arunas Chesonis
	  	$	3,350,000	  	490,000
			
	 Bradford M. Bono
	  	$	700,000	  	106,000
			
	 Edward J. Butler, Jr.
	  	$	350,000	  	53,000
			
	 John Baron
	  	$	150,000	  	56,000
			
	 Daniel J. Venuti
	  	$	150,000	  	56,000
			
	 Joseph D. Ambersley
	  	$	150,000	  	56,000
			
	 Richard J. Padulo
	  	$	150,000	  	53,000
	 	  	
	
	  	

			
	 	  	$	5,000,000	  	870,000

	1.	Represents restricted shares of New Common Stock, assuming a reclassification ratio of one share of Class A common Stock into one share of New Common Stock. If the reclassification
ratio is other than one share of Class A common Stock into one share of New Common Stock, the number of restricted shares to which each Stockholder is entitled shall be equitably adjusted. These shares shall vest according to a reasonable time-based
vesting schedule determined by the Board of Directors. The restricted shares are not transferable until vested. Each Stockholder is responsible for taxes arising out of the compensation shown. 

  

 19 

  
 Appendix A

  
 Piggy-Back Registration Rights of Each Stockholder

  
 (a) If at any time or from time to time the Company shall
determine to register any of its equity securities, either for its own account or the account of a security holder or holders (other than a registration of securities relating solely to employee benefit plans or to effect a merger or other
reorganization), the Company will promptly give to the Stockholder written notice thereof and, upon the written request of such Stockholder, include in such registration (and any related qualification under blue sky laws or other compliance), and in
any underwriting involved therein, all of the shares of New Common Stock that are entitled to participate in such registration pursuant to this Agreement (the “Registrable Shares”) that are specified in the written request made
within 10 days after receipt of such written notice from the Company. 
  
 (b) If the registration of which the Company gives notice is for a registered public offering involving an underwriting, the Company shall so advise the Stockholder as a part of the written notice given to the Stockholder. In such event,
the right of the Stockholder to registration pursuant to this Agreement shall be conditioned upon such Stockholders’ participation in such underwriting, and the inclusion of Registrable Shares in the underwriting shall be limited to the extent
provided herein. The Stockholder (together with the Company and the other holders distributing their securities through such underwriting) shall enter into an underwriting agreement in customary form with the managing underwriter selected for such
underwriting by the Company. Notwithstanding any other provision of this Agreement, if the managing underwriter advises in writing the Company and such Stockholders that marketing factors require a limitation of the number of shares of common stock
to be underwritten and sold in such offering, the managing underwriter may exclude some or all of the shares of common stock to be sold in such offering from such registration, and the shares to be included in such registration shall be allocated
pro rata among the holders of shares participating in the offering pursuant to registration rights granted by the Company (including demand and piggyback registration rights), based on the number of shares of common stock requested to
be included by each holder in such registration. If the Stockholder disapproves of the terms of any such underwriting, such Stockholder may elect to withdraw therefrom by written notice to the Company and the managing underwriter. Any securities
excluded or withdrawn from such underwriting shall be withdrawn from such registration, and shall continue to be subject to the terms of this Agreement. 
  

(c) The Company shall have the right to terminate or withdraw any registration initiated by it under this Agreement prior to the effectiveness of such
registration whether or not the Stockholder has elected to include securities in such registration. 
  
 (d) All expenses associated with the registration (including, without limitation, registration, qualification and filing fees, printing expenses, blue sky
fees, and fees and disbursements of counsel and accountants for the Company) shall be borne 

  

 20 

 
by the Company. Underwriters’ discounts and related charges shall be borne by the Stockholder pro rata in proportion to the number of securities being
registered. 
  
 (e) In the case of each registration under this
Agreement, the Company will: 
  
 (i) prepare and
file a registration statement with respect to such securities and use its best efforts to cause such registration statement to become and remain effective for at least 45 days or until the distribution described in the registration statement has
been completed, whichever first occurs; 
  
 (ii)
furnish to the Stockholder such reasonable number of copies of the registration statement, preliminary prospectus, final prospectus and such other documents as such Stockholder may reasonably request in order to facilitate the public offering of the
Registrable Shares; and 
  
 (iii) use its best
efforts to register and qualify the securities covered by such registration statement under such other securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Stockholder, provided that the Company shall not be
required in connection therewith or as a condition thereto to qualify as a foreign corporation or as a dealer in securities or to file a general consent to service of process in any such states or jurisdictions in which it has not already done so
and except as may be required by the Securities Act. 
  
 (f) The
Company will indemnify the Stockholder against all expenses, claims, losses, damages or liabilities (or actions in respect thereof), arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any
registration statement, prospectus, offering circular or other document, or any amendment or supplement thereto, incident to any such registration, or based on any omission (or alleged omission) to state therein a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of the Securities Act of 1933, the Securities Exchange Act of 1934, state securities law or
any rule or regulation promulgated under such laws applicable to the Company in connection with any such registration, qualification or compliance, and the Company will reimburse the Stockholder for any legal and any other expenses reasonably
incurred, as such expenses are incurred, in connection with investigating, preparing or defending any such claim, loss, damage, liability or action, provided that the Company will not be liable in any such case to the extent that any such claim,
loss, damage, liability or expense arises out of or is based on any untrue statement or omission, or alleged untrue statement or omission, made in reliance upon and in conformity with written information relating to such Stockholder furnished to the
Company by an instrument duly executed by such Stockholder. 
  
 (g) the Stockholder will, if Registrable Shares held by such Stockholder are included in the securities as to which such registration is being effected, indemnify the Company, each of its directors and officers, and each underwriter, if
any, 

  

 21 

 
of the Company’s securities covered by such a registration statement against all claims, losses, damages and liabilities (or actions in respect thereof)
arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such registration statement, prospectus, offering circular or other document, or 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, and will reimburse the Company, such Stockholder, such directors, officers, persons, underwriters or control persons for any legal or any other
expenses reasonably incurred, as such expenses are incurred, in connection with investigating or defending any such claim, loss, damage, liability or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged
untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information relating to such Stockholder furnished to the
Company by an instrument duly executed by such Stockholder and stated to be specifically for use therein, provided that in no event shall any indemnity under this paragraph (g) exceed the net proceeds from the offering received by such Stockholder.

  
 (h) the Stockholder shall furnish to the Company such
information regarding such Stockholder, the Registrable Shares held by such Stockholder, and the distribution proposed by such Stockholder as the Company may reasonably request in writing and as shall be reasonably required in connection with any
registration referred to in this Agreement. 
  
 (j) The
registration rights granted to the Stockholder in this Agreement shall expire at such time (if ever) as such Stockholder is free to sell the Registrable Shares under Rule 144 promulgated under the Securities Act (or any successor thereto) without
limitation as to volume or manner of sale restrictions. 
  

 22 

  
 Exhibit A

  
 Written Consent of Stockholders 
  
 Omitted 
  

 23 

  
 Exhibit B

  
 Lock-up Letter 
  
 Omitted 
  

 24

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