Document:

exv10w29w1

 

Exhibit 10.29.1

CHOLESTECH CORPORATION

2000 STOCK INCENTIVE PROGRAM

NOTICE OF GRANT OF STOCK PURCHASE RIGHT

     Unless otherwise defined herein, the terms defined in the 2000 Stock Incentive Program will
have the same defined meanings in this Notice of Grant of Stock Purchase Right (the “Notice of
Grant”).

     Name:

     Address:

     You have been granted the right to purchase Common Stock of the Company, subject to the
Company’s Reacquisition Right (as described in the attached Restricted Stock Agreement), as
follows:

	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 
	

	 	Date of Grant
	 	

	 	 
	

	 	 	 	 	 	 	 	 
	

	 	Vesting Commencement Date
	 	

	 	 
	

	 	 	 	 	 	 	 	 
	

	 	Price Per Share
	 	$	0.00	 	 	 
	

	 	 	 	 	 	 	 	 
	

	 	Total Number of Shares Subject
	 	

	 	 
	

	 	to Stock Purchase Right	 	 	 	 	 	 

     By your signature and the signature of the Company’s representative below, you and the Company
agree that this Stock Purchase Right is granted under and governed by the terms and conditions of
the 2000 Stock Incentive Program and the Restricted Stock Agreement, attached hereto as Exhibit
A-1, both of which are made a part of this document. You further agree to execute the attached
Restricted Stock Agreement as a condition to receiving any Shares under this Stock Purchase Right.

	 	 	 
	GRANTEE

	 	CHOLESTECH CORPORATION
	 
	 	 
	 

	 	 
	Signature

	 	By
	 
	 	 
	 

	 	 
	Print Name

	 	Title

 

 

EXHIBIT A-1

CHOLESTECH CORPORATION

2000 STOCK INCENTIVE PROGRAM

RESTRICTED STOCK AGREEMENT

     Unless otherwise defined herein, the terms defined in the 2000 Stock Incentive Program (the
“Plan”) will have the same defined meanings in this Restricted Stock Agreement.

     WHEREAS, the individual named in the Notice of Grant, (the “Grantee”) is a Service Provider,
and the Grantee’s continued participation in the affairs of the Company is considered by the
Company to be important for the Company’s continued growth; and

     WHEREAS in order to give the Grantee an opportunity to acquire an equity interest in the
Company as an incentive for the Grantee to continue to participate in the affairs of the Company,
the Administrator has granted to the Grantee a Stock Purchase Right subject to the terms and
conditions of the Plan and the Notice of Grant, which are incorporated herein by reference, and
pursuant to this Restricted Stock Agreement (the “Agreement”).

     NOW THEREFORE, the parties agree as follows:

     1. Grant of Stock. The Company hereby grants to the Grantee as a separate incentive
in connection with his or her employment and not in lieu of any salary or other compensation for
his or her services, a number of shares of Common Stock (the “Restricted Stock”) as provided in the
Notice of Grant, subject to all of the terms and conditions in this Agreement and the Plan,
following the date the right to acquire the Restricted Stock vests as provided in Section 3, below.

     2. Reacquisition Right. In the event the Grantee ceases to be a Service Provider for
any or no reason (including death or Disability) before all of the Shares of Restricted Stock are
released from the Company’s Reacquisition Right (see Section 3), all such Shares will thereupon be
forfeited and automatically transferred to and reacquired by the Company at no cost to the Company
(the “Reacquisition Right”). The Grantee will not be entitled to a refund of the price paid for
any Shares of Restricted Stock returned to the Company pursuant to this Section 2. Upon such
termination, the Company will become the legal and beneficial owner of the Shares of Restricted
Stock being forfeited and reacquired by the Company and all rights and interests therein or
relating thereto, and the Company will have the right to retain and transfer to its own name the
number of Shares of Restricted Stock being reacquired by the Company.

     3. Release of Shares From Reacquisition Right.

          (a) Vesting Schedule. 25% of the Shares will vest after each successive one-year
anniversary following the Vesting Commencement Date, such that 100% of the Shares will be fully
vested on the four-year anniversary of the Vesting Commencement Date, provided that the Grantee
continues to be a Service Provider through each such date.

          (b) Unreleased Shares. Any of the Shares that have not yet been released from the
Reacquisition Right are referred to herein as “Unreleased Shares.”

 

 

     4. Restriction on Transfer. Except for the escrow described in Section 5 or the
transfer of the Shares to the Company contemplated by this Agreement, none of the Shares or any
beneficial interest therein will be transferred, encumbered or otherwise disposed of in any way
until such Shares are released from the Company’s Reacquisition Right in accordance with the
provisions of this Agreement. Any distribution or delivery to be made to the Grantee under this
Agreement will, if the Grantee is then deceased, be made to the Grantee’s designated beneficiary,
or if no beneficiary survives the Grantee, to the administrator or executor of the Grantee’s
estate. Any such transferee must furnish the Company with (a) written notice of his or her status
as transferee, and (b) evidence satisfactory to the Company to establish the validity of the
transfer and compliance with any laws or regulations pertaining to said transfer.

     5. Escrow of Shares.

          (a) All Shares of Restricted Stock will, upon execution of this Agreement, be delivered and
deposited with an escrow holder designated by the Company (the “Escrow Holder”). The Shares of
Restricted Stock and stock assignment will be held by the Escrow Holder until such time as the
Company’s Reacquisition Right expires or the date the Grantee ceases to be a Service Provider.

          (b) The Escrow Holder will not be liable for any act it may do or omit to do with respect to
holding the Unreleased Shares in escrow while acting in good faith and in the exercise of its
judgment.

          (c) Upon the Grantee’s termination as a Service Provider for any reason, the Escrow Holder,
upon receipt of written notice of such termination, will take all steps necessary to accomplish the
transfer of the Unreleased Shares to the Company. The Grantee hereby appoints the Escrow Holder
with full power of substitution, as the Grantee’s true and lawful attorney-in-fact with irrevocable
power and authority in the name and on behalf of the Grantee to take any action and execute all
documents and instruments, including, without limitation, stock powers which may be necessary to
transfer the certificate or certificates evidencing such Unreleased Shares to the Company upon such
termination.

          (d) When a portion of the Shares has been released from the Reacquisition Right, upon request,
the Escrow Holder will take all steps necessary to accomplish the transfer of the Unreleased Shares
to the Grantee.

          (e) Subject to the terms hereof, the Grantee will have all the rights of a shareholder with
respect to the Shares while they are held in escrow, including without limitation, the right to
vote the Shares and to receive any cash dividends declared thereon.

          (f) In the event of any merger, reorganization, consolidation, recapitalization, separation,
liquidation, stock dividend, split-up, share combination, or other change in the corporate
structure of the Company affecting the Common Stock, the Shares of Restricted Stock will be
increased, reduced or otherwise changed, and by virtue of any such change the Grantee will in his
capacity as owner of Unreleased Shares that have been awarded to him be entitled to new or
additional or different shares of stock, cash or securities (other than rights or warrants to
purchase securities); such new or additional or different shares, cash or securities will thereupon
be considered to be Unreleased Shares and will be subject to all of the conditions and restrictions
which were applicable to the Unreleased Shares pursuant to this Agreement. If the Grantee receives
rights or warrants with respect to any Unreleased Shares, such rights or warrants may be held or
exercised by the Grantee, provided that until such exercise any such rights or warrants and after
such exercise any

-2-

 

shares or other securities acquired by the exercise of such rights or warrants will be
considered to be Unreleased Shares and will be subject to all of the conditions and restrictions
which were applicable to the Unreleased Shares pursuant to this Agreement. The Administrator in
its absolute discretion at any time may accelerate the vesting of all or any portion of such new or
additional shares of stock, cash or securities, rights or warrants to purchase securities or shares
or other securities acquired by the exercise of such rights or warrants.

          (g) The Company may instruct the transfer agent for its Common Stock to place a legend on the
certificates representing the Restricted Stock or otherwise note its records as to the restrictions
on transfer set forth in this Agreement.

     6. Withholding of Taxes. Notwithstanding any contrary provision of this Agreement, no
certificate representing the Shares of Restricted Stock may be released from the escrow established
pursuant to Section 5, unless and until satisfactory arrangements (as determined by the
Administrator) will have been made by the Participant with respect to the payment of income,
employment and other taxes which the Company determines must be withheld with respect to such
Shares. The Administrator, in its sole discretion and pursuant to such procedures as it may
specify from time to time, may permit the Participant to satisfy such tax withholding obligation,
in whole or in part by one or more of the following (without limitation): (a) paying cash, (b)
electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal
to the minimum amount required to be withheld, (c) delivering to the Company already vested and
owned Shares having a Fair Market Value equal to the amount required to be withheld, or (d) selling
a sufficient number of such Shares otherwise deliverable to Participant through such means as the
Company may determine in its sole discretion (whether through a broker or otherwise) equal to the
amount required to be withheld. If the Participant fails to make satisfactory arrangements for the
payment of any required tax withholding obligations hereunder at the time any applicable Shares
otherwise are scheduled to vest pursuant to Section 3 (but in no event more than five business days
from such date), the Participant will permanently forfeit such shares and the shares will be
returned to the Company at no cost to the Company.

     7. General Provisions.

          (a) This Agreement will be governed by the internal substantive laws, but not the choice of
law rules of California. This Agreement, subject to the terms and conditions of the Plan and the
Notice of Grant, represents the entire agreement between the parties with respect to the purchase
of the Shares by the Grantee. Subject to Section 18(c) of the Plan, in the event of a conflict
between the terms and conditions of the Plan and the terms and conditions of this Agreement, the
terms and conditions of the Plan will prevail. Unless otherwise defined herein, the terms defined
in the Plan will have the same defined meanings in this Agreement.

          (b) Any notice, demand or request required or permitted to be given by either the Company or
the Grantee pursuant to the terms of this Agreement will be in writing and will be deemed given
when delivered personally or deposited in the U.S. mail, First Class with postage prepaid, and
addressed to the parties at the addresses of the parties set forth at the end of this Agreement or
such other address as a party may request by notifying the other in writing.

               Any notice to the Escrow Holder will be sent to the Company’s address with a copy to the other
party hereto.

          (c) The rights of the Company under this Agreement will be transferable to any one or more
persons or entities, and all covenants and agreements hereunder will inure to the benefit

-3-

 

of, and be enforceable by the Company’s successors and assigns. The rights and obligations of
the Grantee under this Agreement may only be assigned with the prior written consent of the
Company.

          (d) Either party’s failure to enforce any provision of this Agreement will not in any way be
construed as a waiver of any such provision, nor prevent that party from thereafter enforcing any
other provision of this Agreement. The rights granted both parties hereunder are cumulative and
will not constitute a waiver of either party’s right to assert any other legal remedy available to
it.

          (e) The Grantee agrees upon request to execute any further documents or instruments necessary
or desirable to carry out the purposes or intent of this Agreement.

          (f) Grantee acknowledges and agrees that the vesting of Shares of Restricted Stock pursuant to
Section 3 hereof is earned only by continuing as a Service Provider at the will of the Company (and
not through the act of being hired or purchasing Shares hereunder). Grantee further acknowledges
and agrees that this Agreement, the transactions contemplated hereunder and the vesting schedule
set forth herein do not constitute an express or implied promise of continued engagement as a
Service Provider for the vesting period, for any period, or at all, and will not interfere with the
Grantee’s right or the Company’s right to terminate the Grantee’s relationship as a Service
Provider at any time, with or without cause.

-4-Exhibit 10.1
                                                     ------------

                        CHANGE IN CONTROL SEVERANCE PLAN
             FOR CERTAIN COVERED EXECUTIVES (DIRECTOR AND ABOVE) OF
                             XO COMMUNICATIONS, INC.

          WHEREAS, the Compensation Committee of the Board of Directors of XO
Communications, Inc. (the "Committee") recognizes that the possibility of a
Change in Control (as hereinafter defined) exists and that the threat, or the
occurrence, of a Change in Control can result in significant distraction of its
personnel because of the uncertainties inherent in such a situation;

          WHEREAS, the Compensation Committee of the Board has determined that
it is essential and in the best interest of the Company (as hereinafter defined)
and its stockholders to retain the services of the employees (the
"Participants") (as hereinafter defined) in the event of a threat, or
occurrence, of a Change in Control and to ensure the Participants' continued
dedication and efforts in such event without undue concern for the Participants'
personal financial and employment security; and

          WHEREAS, in order to induce the Participants to remain in the employ
of the Company, particularly in the event of a threat, or the occurrence, of a
Change in Control, the Company desires to establish this Change in Control
Severance Plan for Certain Covered Executives (Director and Above) of XO
Communications, Inc. (the "Plan") to provide the Participants with certain
benefits in the event of certain terminations of their employment in connection
with a Change in Control.

          NOW, THEREFORE, the Company does hereby establish the Plan, in
accordance with the following terms:

1. Term of Plan; Affect on Other Plans. This Plan shall become effective on the
Effective Date (as hereinafter defined) and remain in effect until the second
anniversary thereof. This Plan shall not apply upon any termination of
employment of the Participant which occurs prior to a Change in Control except
as provided in Section 4(a)(ii) hereof. For purposes of this Plan, the foregoing
provision shall constitute the "Term" of this Plan. The termination of the
Participant's employment with any Employer (as hereinafter defined) shall not be
deemed to be a termination of employment for purposes of this Plan if the
Participant continues thereafter to be employed by any other Employer. This Plan
supercedes any other severance plan applicable to Particpants in this Plan. This
Plan does not affect any other severance plan applicable to employees who are
not Participants in this Plan.

2. Participants Covered. This Plan shall apply to the Participants (as
hereinafter defined) who are employed by the Company immediately prior to a
Change in Control or involuntarily terminated without Cause in anticipation of a
Change in Control.

3. Definitions. For purposes of this Plan, the following definitions shall
apply:

          "Participant" shall mean the Chief Executive Officer, Chief Operating
Officer, Senior Vice Presidents, Vice Presidents, and Directors of any employer.
<PAGE>

          "Cause" shall mean the termination of a Participant due to:

          (i)       the willful and continued failure of the Participant to
                    perform all of his or her duties with an Employer (as
                    hereinafter defined) (other than any such failure resulting
                    from an incapacity due to physical or mental illness), after
                    a written demand for substantial performance is delivered to
                    such Participant by the Board or the Participant's manager,
                    co-signed by the Vice President, Human Resources (or if such
                    position is unoccupied, such other executive who has
                    responsibility for the Human Resources function), which
                    specifically identifies the manner in which the Board or the
                    Participant's manager believes that the Participant has not
                    substantially performed his or her duties, and failure to
                    cure such non-performance within thirty (30) days after
                    receipt of such written demand; or

              (ii)  the willful engaging by the Participant in gross misconduct
                    (including, without limitation, fraud or embezzlement) while
                    with the Company; or

              (iii) the conviction of, or plea of guilty or nolo contendere to,
                    a felony while with the Company.

          For the purposes of this Agreement, the term "Change in Control" shall
mean any of the following:

              (i)   the closing of a sale or conveyance of all or substantially
                    all of the assets or business of the Company and/or its
                    subsidiaries, directly or indirectly, whether through the
                    sale of stock of, or other equity interests in,
                    subsidiaries, sale of assets, merger, consolidation, other
                    business combination, or any combination thereof; or

              (ii)  the closing of a sale or conveyance of assets of the Company
                    and/or its subsidiaries (directly or indirectly, whether
                    through the sale of stock of, or other equity interests in,
                    subsidiaries, sale of assets, merger, consolidation, other
                    business combination or any combination thereof)
                    representing 50% of more of (x) the total book value of the
                    consolidated total assets of the Company and its
                    subsidiaries, exclusive of cash and marketable securities as
                    of the last month-end prior to the execution of the written
                    contract providing for the actions described in this
                    paragraph (the "Contract"), or (y) to which 50% or more of
                    the consolidated total revenues of the Company and its
                    subsidiaries from operations during the 12-month period
                    ending on the last month-end prior to the execution of the
                    Contract are attributable; or

              (iii) any merger, liquidation, business combination or
                    consolidation transaction in which shares of the Company's
                    common stock are converted into the right to receive cash
                    and/or securities of an acquiring person or any other entity
                    or issuer; or

                                      -2-
<PAGE>

              (iv)  the effective time of any merger, share exchange,
                    consolidation or other reorganization or business
                    combination of the Company if immediately after such
                    transaction persons who hold a majority of the outstanding
                    voting securities entitled to vote generally in the election
                    of directors of the surviving entity are not persons who
                    held voting capital stock of the Company immediately prior
                    to such transaction; or

              (v)   any other transaction or series of related transactions
                    having an economic effect substantially equivalent to any of
                    the foregoing; provided, however, that any transaction
                    entered into solely among the Company and other Affiliates
                    of Mr. Carl Icahn shall not be deemed a Change of Control
                    hereunder. For purposes of this definition, the term
                    "Affiliate" shall mean any person or entity, directly or
                    indirectly, controlling, controlled by, or under common
                    control with, Mr. Carl Icahn.

          provided, however , that, for purposes of the Plan, the following
          acquisitions shall not constitute a Change in Control: (y) any
          acquisition by the Company; or (z) any acquisition by any employee
          benefit plan (or related trust) sponsored or maintained by the Company
          or any corporation controlled by the Company.

          "Company" shall mean XO Communications, Inc., a Delaware corporation,
and any successors-in-interest thereto.

          "Disability" shall mean the Participant's absence from the full-time
performance of the Participant's duties (as such duties existed immediately
prior to such absence) for 180 consecutive business days, when the Participant
is disabled as a result of incapacity due to physical or mental illness.

          "Effective Date" shall mean the date on which a Change of Control (as
previously defined) occurred.

          "Employer" shall mean the Company or any subsidiary thereof, or any
successors in interest thereto or acquiror thereof.

          "Good Reason" shall mean the occurrence, during the Term of this Plan,
of any of the following without the Participant's express written consent:

                    (i) a reduction in Participant's title or the assignment of
          Participant to duties which result in a substantial diminution of
          Participant's position, duties or responsibilities as in existence
          prior to the Change in Control, excluding an isolated and/or
          inadvertent action which is remedied by Employer within thirty (30)
          days after written notice of the same is given by Participant to
          Employer or a temporary or occasional assignment (not to exceed 90
          business days) by the Board or the Participant's management made for
          reasons of business necessity in the good faith judgment of the Board
          or the Participant's management;

                                      -3-
<PAGE>

                    (ii) any reduction of more than 10% in the Participant's
          annual base salary or cash bonus percentage target from the annual
          base salary or cash bonus percentage target in effect prior to the
          Change in Control;

                    (iii) any requirement that Participant be based at a
          location more than 50 miles from the location at which the Participant
          was based prior to the Change in Control;

                  (iv) any failure by the Company to obtain from any successors
         in interest to, or acquiror of, the Company a written agreement
         reasonably satisfactory to the Participant to assume and perform this
         Plan, as contemplated by Section 13(a) hereof; and

                  (v) any violation of a material term of this Plan by Employer
         or Employer's successors in interest.

         In no event will failure by a Participant to claim that an event
         meeting any of the elements of the foregoing definition be deemed to be
         a waiver of the Participant's right to terminate his or her employment
         for Good Reason, unless that claim is not filed within one year of the
         Effective Date, as previously defined, of a Change of Control.

          "Notice of Termination" shall mean a written notice which shall
indicate the specific termination provision in this Plan relied upon and shall
set forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Participant's employment under the provisions so
indicated.

          "Retirement" shall mean a voluntary termination of employment by the
Participant pursuant to late, normal or early retirement under a qualified
pension plan (which may include a defined benefit plan or a defined contribution
plan) sponsored by an Employer, as defined in such plan, but only if such
retirement occurs prior to a termination by an Employer without Cause or by the
Participant for Good Reason.

4. Termination of Employment; Compensation Upon Termination of Employment.

          (a) Termination without Cause by the Company or for Good Reason by the
Participant. (i) The Participant shall be entitled to the compensation provided
for in Section 4(b) hereof, if, within twelve months after the Effective Date of
a Change in Control, the Participant's employment by an Employer shall be
terminated (A) by an Employer for any reason other than the Participant's
Disability or Retirement, the Participant's death, or for Cause, or (B) by the
Participant with Good Reason.

                    (ii) In addition, the Participant shall be entitled to the
          compensation provided for in Section 4(b) hereof, if the following
          events occur: (A) an agreement is signed which, if consummated, would
          result in a Change in Control, (B) the Participant is terminated
          without Cause by an Employer or terminates employment with Good Reason
          prior to the anticipated Change in Control, and (C) such termination
          (or the action leading to the termination of employment in the case of
          Good Reason) is at the request or suggestion of the Board, acquiror,
          or merger partner or otherwise in connection with the anticipated
          Change in Control.

                                      -4-
<PAGE>

          (b) Compensation Upon Termination of Employment upon a Change in
Control. If, during the Term of this Plan, the Participant's employment by an
Employer shall be terminated in accordance with Section 4(a) (the
"Termination"), the Participant shall be entitled to all of the following
payments and benefits:

                    (i) Severance. The Company shall pay or cause to be paid to
          the Participant a cash severance, calculated using a multiplier in
          accordance with the chart below:

Job Title/Job Category                        Grade         Severance Multiplier
----------------------                        -----         --------------------
Director, Sales & Non-Sales                E7,E8, S7,S8          Six Months
Vice President, Sales & Non-Sales            EX1, S9            Twelve Months
Senior Executive                     EX2, EX1A, S9 (Sales
                                      Channel Presidents)      Eighteen Months
Chief Operating Officer                        EX3             Eighteen Months
Chief Executive Officer                        EX4             Eighteen Months

          The severance amount equals the applicable multiplier times the sum of
          (A) the Executive's highest annual rate of base salary in effect for
          Executive within the twelve (12) month period immediately preceding
          the Effective Date of the Change in Control and (B) the Participant's
          maximum annual target bonus in effect upon the date of the Change in
          Control under the Company's bonus plan OR the Participant's actual
          earned commission incentive for the last two quarters, which will be
          annualized, prior to the Change in Control, not to exceed the target
          at 100% of achievement as defined in the Company's Sales Incentive
          Plan in effect upon the date of the Change in Control. For purposes of
          this Plan, the Carrier and Indirect Sales Presidents shall have a
          bonus target calculated at 40% of base salary and the Commercial Sales
          President shall have a bonus target calculated at 55% of base salary.
          This cash severance amount shall be payable in a lump sum calculated
          without any discount.

                           (ii) Additional Payments and Benefits. The
          Participant shall also be entitled to:

                           (A) a lump sum cash payment equal to the sum of (I)
                  the Participant's accrued but unpaid annual base salary
                  through the date of Termination, and (II) any accrued, unused
                  vacation pay, in each case, in full satisfaction of
                  Participant's rights thereto.

                           (B) Participant and his/her dependents shall then be
                  eligible to receive medical coverage under COBRA in accordance
                  with the terms of COBRA coverage offered to the Company's
                  employees. The Company or successors shall not be responsible
                  for a Participant's failure to elect COBRA coverage in
                  accordance with the materials distributed to the Participant.

                           (C) all other accrued or vested benefits in
                  accordance with the terms of the applicable plan (i.e., the
                  401(k) plan), which shall be vested as of the date of
                  Termination.

                                      -5-
<PAGE>

          (iii) All lump sum payments under Section 4(b) shall be paid as soon
     as administratively possible but no later than 21 business days after
     Participant's executed, written release is received, processed, and becomes
     binding on Participant and Company.

          (c) Withholding. Payments and benefits provided pursuant to Section
4(b) shall be subject to any applicable payroll and other taxes required to be
withheld.

          (d) In order to be eligible to receive benefits under the Plan, a
Participant must execute a general waiver and release containing the substance
of the forms attached hereto as Exhibit A or Exhibit B, as applicable.

5. Compensation Upon Termination for Death, Disability or Retirement. If a
Participant's employment is terminated by reason of death, Disability or
Retirement prior to any Termination, and not in anticipation of a Change in
Control, Participant will receive:

          (a) the sum of (i) Participant's accrued but unpaid base salary
through the date of termination of employment, and (ii) any accrued, unused
vacation pay; and

          (b) other accrued or vested benefits in accordance with the terms of
the applicable plan.

6. Notice of Termination.

          (a) Termination for Cause. Termination of the Participant for Cause
shall be made by delivery to the Participant of a Notice of Termination (as
defined above), given to the Participant after the Participant has been given
thirty (30) days prior written notice of the Company's intent to terminate the
Participant for Cause, specifying the basis for such termination and the
particulars thereof. The Notice of Termination shall state that, in the
reasonable judgment of the Company, the conduct or event set forth in any of
clauses (i) through (iii) of the definition of Cause set forth in Section 3
above has occurred and that such occurrence warrants the Participant's
termination of employment for Cause.

          (b) Termination for Good Reason. In the event that the Participant
provides the Company with a Notice of Termination (as defined above) referencing
the definition of Good Reason set forth in Section 3 above, the Company shall
have thirty (30) days after receipt of written notice to resolve the
circumstances alleged to constitute Good Reason. The Participant's written
notice must specify the particular circumstances alleged to constitute Good
Reason and Participant's intention to terminate his or her employment unless
circumstances giving rise to such Good Reason are cured within such thirty (30)
day period.

          (c) Miscellaneous. Any purported termination of the Participant's
employment (other than on account of Participant's death) with an Employer shall
be communicated by a Notice of Termination to the Participant, if such
termination is by an Employer, or to an Employer, if such termination is by the

                                      -6-
<PAGE>

Participant. For purposes of this Plan, no purported termination of
Participant's employment with an Employer shall be effective without such a
Notice of Termination having been given.

7. Confidentiality, No Solicitation; Non-Disparagement.

          (a) The Participant shall retain in confidence any and all
confidential information concerning the Employer and its respective businesses
which is now known or hereafter becomes known to the Participant, except as
otherwise required by law and except information (i) ascertainable or obtained
from public information, (ii) received by the Participant at any time after the
Participant's employment by the Employer shall have terminated, from a third
party not employed by or otherwise affiliated with the Employer or (iii) which
is or becomes known to the public by any means other than a breach of this
Section 7.

          (b) The Participant acknowledges and recognizes the highly competitive
nature of the businesses of the Employer and its affiliates and, accordingly,
agrees that, without the Company's prior written consent, the Participant shall
not, directly or indirectly, at any time during the twelve (12) month period
following the date of Termination, offer unsolicited employment to any person
who has been employed by the Company or any of its subsidiaries at any time
during the three months immediately preceding the date of Termination. This
provision remains in effect for the time frame after termination equal to the
severance calculation multiplier referenced in section 4(B)(i).

          (c) The Participant shall not in any way publicly disparage the
Employer or any shareholders, directors, officers, or employees thereof at any
time; provided, that in the event of any such occurrence, Employer shall be
entitled to immediately cease any payments and benefits to which the Participant
would otherwise be entitled pursuant to this Plan. For purposes of this Section
7(c), the commencement or continuation of any legal proceedings involving
matters such as Participant's performance, conduct, etc., shall not constitute
"disparagement."

          (d) The provisions of this Section 7 are supplemental to, and do not
supercede, any other obligations the Participant has to the Company.

8. Non-Exclusivity of Rights. Nothing in this Plan shall prevent or limit the
Participant's continuing or future participation in any benefit, bonus,
incentive or other plan or program provided by the Company or any of its
subsidiaries and for which the Participant may qualify, nor shall anything
herein limit or reduce such rights as the Participant may have under any written
agreements with the Company or any of its subsidiaries (although any such
severance benefits reduce the severance payable under this Plan). Amounts which
are vested benefits or which the Participant is otherwise entitled to receive
under any plan or program of the Company or any of its subsidiaries shall be
payable in accordance with such plan or program, except as explicitly modified
by this Plan.

9. Third Party Beneficiary; Joint and Several Liability.

          (a) Each Participant covered under this Plan shall have third party
beneficiary rights with respect to the Participant's rights and entitlements
hereunder and may file suit on his or her behalf in a court of competent
jurisdiction to enforce such rights and entitlements.

                                      -7-
<PAGE>

          (b) Each entity included in the definition of "Employer" and any
successors or assigns shall be jointly and severally liable with the Company
under this Plan.

10. Governing Law; Venue. This Plan shall be governed by and construed in
accordance with the laws of the Commonwealth of Virginia, without giving effect
to principles of conflicts of law, provided that matters of corporate law,
including issuance of shares of common stock of the Company, shall be governed
by Delaware General Corporation Law. Any suit with respect hereto will be
brought in the federal or state courts in the districts, which include Reston,
of Virginia, and the parties hereby agree and submit to the personal
jurisdiction and venue thereof.

11. Successors and Assignment.

          (a) This Plan shall be binding upon and shall inure to the benefit of
the Company, its successors and assigns, and the Company shall explicitly
require any successor or assign to expressly assume and agree to maintain this
Plan and to perform under this Plan to the same extent that the Company would be
required to perform under the Plan if no such succession or assignment had taken
place. As used in this Plan, "Company" shall mean (i) the Company as
hereinbefore defined, and (ii) any successor to all the stock of the Company or
to all or substantially all of the Company's business or assets (other than with
respect to sales of assets in the ordinary course of business, securitization
and whole loan sales provided by the Company's interim and permanent financing
arrangements) which executes and delivers an agreement provided for in this
Section 113(a) or which otherwise becomes bound by all the terms and provisions
of this Plan by operation of law, including any parent or subsidiary of such a
successor.

          (b) This Plan shall inure to the benefit of and be enforceable by the
Participant's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If the Participant
should die while any amount would be payable to the Participant hereunder if the
Participant had continued to live, all such amounts, unless otherwise provided
herein, shall be paid in accordance with the terms of this Plan to the
Participant's estate or designated beneficiary. Neither this Plan nor any right
arising hereunder may be assigned or pledged by the Participant.

12. Severability. The provisions of this Plan shall be deemed severable, and the
invalidity or unenforceability of any provision hereof shall not affect the
validity or enforceability of the other provisions hereof.

13. Right to Interpret Plan; Amendment or Termination.

          (a) Exclusive Discretion. The Plan Administrator shall have the
exclusive and final discretion and authority to establish rules, forms, and
procedures for the administration of the Plan, and to construe and interpret the
Plan and to decide any and all questions of fact, interpretation, definition,
computation or administration arising in connection with the operation of the
Plan, including, but not limited to, the eligibility to participate in the Plan
and amount of benefits paid under the Plan. The rules, interpretations,
computations and other actions of the Plan Administrator shall be binding and
conclusive on all persons.

                                      -8-
<PAGE>

          (b) Amendment or Termination. The Company also reserves the right to
amend or discontinue this Plan or the benefits provided hereunder at any time.
However, this Plan may not be amended or terminated during the period commencing
on the date of a Change in Control and ending on the twelfth month following the
Change in Control. In addition, no such amendment or termination after the
inception of this Plan shall affect the right to any unpaid benefit of any
Eligible Employee whose termination date has occurred prior to amendment or
termination of the Plan. Any action amending or terminating the Plan shall be in
writing and executed by the Chief Executive Officer or Chief Financial Officer
of the Company.

14. No Implied Employment Contract. The Plan shall not be deemed (i) to give any
employee or other person any right to be retained in the employ of the Company
or (ii) to interfere with the right of the Company to discharge any employee or
other person at any time and for any reason, which right is hereby reserved.

15. Legal Construction. This Plan is intended to be governed by and shall be
construed in accordance with the Employee Retirement Income Security Act of 1974
("ERISA") and, to the extent not preempted by ERISA, the laws of the
Commonwealth of Virginia.

16. Claims, Inquiries and Appeal.

          (a) Applications for Benefits and Inquiries. Any application for
benefits, inquiries about the Plan or inquiries about present or future rights
under the Plan must be submitted to the Plan Administrator in writing. The Plan
Administrator will make a decision in its sole discretion. The Plan
Administrator is: the Compensation Committee of the Board of Directors of XO
Communications, Inc. Inquiries to the Plan Administrator should be addressed to:

                    XO Communications, Inc.
                    11111 Sunset Hills Road
                    Reston, Virginia 20190
                    Attention: Vice President, Human Resources

          (b) Denial of Claims. In the event that any application for benefits
is denied in whole or in part, the Plan Administrator must notify the applicant,
in writing, of the denial of the application, and of the applicant's right to
review the denial. The written notice of denial will be set forth in a manner
designed to be understood by the employee, and will include specific reasons for
the denial, specific references to the Plan provision upon which the denial is
based, a description of any information or material that the Plan Administrator
needs to complete the review and an explanation of the Plan's review procedure.

          This written notice will be given to the employee within 90 days after
the Plan Administrator receives the application, unless special circumstances
require an extension of time, in which case, the Plan Administrator has up to an
additional 90 days for processing the application. If an extension of time for
processing is required, written notice of the extension will be furnished to the
applicant before the end of the initial 90-day period. In the event that the
claim relates to a Participant's benefits payable due to Disability under the
Plan, the time periods in this section shall be replaced with a 45 day initial
period and a 30 day extension period.

                                      -9-
<PAGE>

          This notice of extension will describe the special circumstances
necessitating the additional time and the date by which the Plan Administrator
is to render its decision on the application. If written notice of denial of the
application for benefits is not furnished within the specified time, the
application shall be deemed to be denied. The applicant will then be permitted
to appeal the denial in accordance with the Review Procedure described below.

          (c) Request for a Review. Any person (or that person's authorized
representative) for whom an application for benefits is denied (or deemed
denied), in whole or in part, may appeal the denial by submitting a request for
a review to the Plan Administrator within sixty (60) days after the application
is denied (or deemed denied). The Plan Administrator will give the applicant (or
his or her representative) an opportunity to review pertinent documents in
preparing a request for a review. A request for a review shall be in writing and
shall be addressed to:

                    XO Communications, Inc.
                    11111 Sunset Hills Road
                    Reston, Virginia 20190
                    Attention: Vice President, Human Resources

A request for review must set forth all of the grounds on which it is based, all
facts in support of the request and any other matters that the applicant feels
are pertinent. The Plan Administrator may require the applicant to submit
additional facts, documents or other material as it may find necessary or
appropriate in making its review.

          (d) Decision on Review. The Plan Administrator will act on each
request for review within sixty (60) days after receipt of the request, unless
special circumstances require an extension of time (not to exceed an additional
sixty (60) days), for processing the request for a review. If an extension for
review is required, written notice of the extension will be furnished to the
applicant within the initial 60-day period. In the event that the appeal relates
to a Participant's benefits payable due to a Disability under the Plan, the 60
day time periods in this section will be replaced with 45 day periods. The Plan
Administrator will make a decision in its sole and final discretion and give
prompt, written notice of its decision to the applicant. In the event that the
Plan Administrator confirms the denial of the application for benefits in whole
or in part, the notice will outline, in a manner calculated to be understood by
the applicant, the specific Plan provisions upon which the decision is based.

          (e) Rules and Procedures. The Plan Administrator will establish rules
and procedures, consistent with the Plan and with ERISA, as necessary and
appropriate in carrying out its responsibilities in reviewing benefit claims.
The Plan Administrator may require an applicant who wishes to submit additional
information in connection with an appeal from the denial (or deemed denial) of
benefits to do so at the applicant's own expense.

          (f) Exhaustion of Remedies. No legal action for benefits under the
Plan may be brought until the claimant (i) has submitted a written application
for benefits in accordance with the procedures described by Section 16(a) above,
(ii) has been notified by the Plan Administrator that the application is denied
(or the application is deemed denied due to the Plan Administrator's failure to
act on it within the established time period), (iii) has filed a written request
for a review of the application in accordance with the appeal procedure
described in Section 16(c) above and (iv) has been notified in writing that the
Plan Administrator has denied the appeal.

                                      -10-
<PAGE>

17. Basis Of Payments To And From Plan. All benefits under the Plan shall be
paid by the Company. The Plan shall be unfunded, and benefits hereunder shall be
paid only from the general assets of the Company.

18. Other Plan Information.

          (a) Employer and Plan Identification Numbers. The Employer
Identification Number assigned to the Company (which is the "Plan Sponsor" as
that term is used in ERISA) by the Internal Revenue Service is 91-1738221. The
Plan Number assigned to the Plan by the Plan Sponsor pursuant to the
instructions of the Internal Revenue Service is 508

          (b) Ending Date for Plan's Fiscal Year. The date of the end of the
fiscal year for the purpose of maintaining the Plan's records is December 31,
2005, and December 31 of every calendar year thereafter.

          (c)Agent for the Service of Legal Process. The agent for the service
of legal process with respect to the Plan is:

                    CSC
                    Beverly L. Crump, Esq.
                    11 South 12th Street
                    Richmond, VA 23219

          (d) Plan Sponsor and Administrator. The "Plan Sponsor" and the "Plan
Administrator" of the Plan is the Compensation Committee of the Board of
Directors of XO Communications, Inc. Inquiries to the Plan Administrator should
be addressed to:

                    XO Communications, Inc.
                    11111 Sunset Hills Road
                    Reston, Virginia 20190
                    Attention: Vice President, Human Resources

The Plan Administrator is the named fiduciary charged with the responsibility
for administering the Plan.

19. Statement Of ERISA Rights.

          Participants in this Plan (which is a welfare benefit plan sponsored
by Network Access Solutions Corporation) are entitled to certain rights and
protections under ERISA. If you are an Eligible Employee, you are considered a
participant in the Plan and, under ERISA, you are entitled to:

          (a) Examine, without charge, at the Plan Administrator's office and at
other specified locations, such as work sites, all documents governing the Plan
and copies of all documents filed by the Plan with the U.S. Department of Labor,
such as detailed annual reports;

                                      -11-
<PAGE>

          (b) Obtain copies of all Plan documents and Plan information upon
written request to the Plan Administrator. The Administrator may make a
reasonable charge for the copies;

          (c) Receive a summary of the Plan's annual financial report, in the
case of a plan which is required to file an annual financial report with the
Department of Labor. (Generally, all pension plans and welfare plans with 100 or
more participants must file these annual reports.) The Plan Administrator is
required by law to furnish each Participant with a copy of this summary annual
report.

          In addition to creating rights for Plan participants, ERISA imposes
duties upon the people responsible for the operation of the employee benefit
plan. The people who operate the Plan, called "fiduciaries" of the Plan, have a
duty to do so prudently and in the interest of you and other Plan participants
and beneficiaries.

          No one, including your employer or any other person, may fire you or
otherwise discriminate against you in any way to prevent you from obtaining a
Plan benefit or exercising your rights under ERISA

          If your claim for a Plan benefit is denied in whole or in part, you
must receive a written explanation of the reason for the denial. You have the
right to have the Plan review and reconsider your claim.

     Under ERISA, there are steps you can take to enforce the above rights. For
instance, if you request materials from the Plan and do not receive them within
thirty (30) days, you may file suit in a federal court. In such a case, the
court may require the Plan Administrator to provide the materials and pay you up
to $110 a day until you receive the materials, unless the materials were not
sent because of reasons beyond the control of the Plan Administrator. If you
have a claim for benefits that is denied or ignored, in whole or in part, you
may file suit in a state or federal court. If it should happen that the Plan
fiduciaries misuse the Plan's money, or if you are discriminated against for
asserting your rights, you may seek assistance from the U.S. Department of
Labor, or you may file suit in a federal court. The court will decide who should
pay court costs and legal fees. If you are successful, the court may order the
person you have sued to pay these costs and fees. If you lose, the court may
order you to pay these costs and fees, for example, if it finds your claim is
frivolous.

          If you have any questions about the Plan, you should contact the Plan
Administrator. If you have any questions about your rights under ERISA, you
should contact the nearest office of the Pension and Welfare Benefits
Administration, U.S. Department of Labor, listed in your telephone directory or
the Division of Technical Assistance and Inquiries, Employee Benefits Security
Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W.,
Washington, DC 20210.

20. Execution.

          To record the adoption of the Plan as set forth herein, effective as
of June 8, 2005, has caused its duly authorized officer to execute this Plan
document this 8th day of June, 2005.

                                      -12-
<PAGE>

                                        By: /s/ Carl J. Grivner
                                            ------------------------------------
                                             Name:  Carl J. Grivner
                                             Title: Chief Executive Officer

                                        By: /s/ William Garrahan
                                            ------------------------------------
                                             Name:  William Garrahan
                                             Title: Senior Vice President and
                                                    Acting Chief Financial
                                                    Officer

                                      -13-
<PAGE>

                                    Exhibit A

                                     RELEASE
                            (Individual Termination)

     I understand and agree completely to the terms set forth in the Change in
Control Severance Plan for Certain Covered Executives (Director and Above) (the
"Plan").

          Except as otherwise set forth in this Release, in consideration of
benefits I will receive under the Plan, I hereby release, acquit and forever
discharge the Company, its parents and subsidiaries, and their officers,
directors, agents, servants, employees, shareholders, successors, assigns and
affiliates, of and from any and all claims, liabilities, demands, causes of
action, costs, expenses, attorneys' fees, damages, indemnities and obligations
of every kind and nature, in law, equity, or otherwise, known and unknown,
suspected and unsuspected, disclosed and undisclosed (other than any claim for
indemnification I may have as a result of any third party action against me
based on my employment with the Company), arising out of or in any way related
to agreements, events, acts or conduct at any time prior to and including the
date I execute this Release, including but not limited to: all such claims and
demands directly or indirectly arising out of or in any way connected with my
employment with the Company or the termination of that employment, including but
not limited to, claims of intentional and negligent infliction of emotional
distress, any and all tort claims for personal injury, claims or demands related
to salary, bonuses, commissions, stock, stock options, or any other ownership
interests in the Company, vacation pay, fringe benefits, expense reimbursements,
severance pay, or any other form of compensation; claims pursuant to any
federal, state or local law or cause of action including, but not limited to,
the federal Civil Rights Act of 1964, as amended; the federal Age Discrimination
in Employment Act of 1967, as amended ("ADEA"); the federal Americans with
Disabilities Act of 1990; any state or local fair employment laws; tort law;
contract law; wrongful discharge; discrimination; fraud; defamation; emotional
distress; and breach of the implied covenant of good faith and fair dealing.

[For employees over 40 years old: I acknowledge that I am knowingly and
voluntarily waiving and releasing any rights I may have under ADEA. I also
acknowledge that the consideration given for the waiver and release in the
preceding paragraph hereof is in addition to anything of value to which I was
already entitled. I further acknowledge that I have been advised by this
writing, as required by the ADEA, that: (a) my waiver and release do not apply
to any rights or claims that may arise after I execute this Release; (b) I have
the right to consult with an attorney prior to executing this Release; (c) I
have twenty-one (21) days to consider this Release (although I may choose to
voluntarily execute this Release earlier); (d) I have seven (7) days following
the execution of this Release to revoke the Agreement; and (e) this Release
shall not be effective until the date upon which the revocation period has
expired, which shall be the eighth (8th) day after I execute this Release.]

                                               [Name of Employee]

Date:
       ---------------                         ---------------------------------

                                      -14-
<PAGE>

                                    Exhibit B
                                     RELEASE
                               (Group Termination)

     I understand and agree completely to the terms set forth in the Change in
Control Severance Plan for Certain Covered Executives (Director and Above) (the
"Plan").

          Except as otherwise set forth in this Release, in consideration of
benefits I will receive under the Plan, I hereby release, acquit and forever
discharge the Company, its parents and subsidiaries, and their officers,
directors, agents, servants, employees, shareholders, successors, assigns and
affiliates, of and from any and all claims, liabilities, demands, causes of
action, costs, expenses, attorneys' fees, damages, indemnities and obligations
of every kind and nature, in law, equity, or otherwise, known and unknown,
suspected and unsuspected, disclosed and undisclosed (other than any claim for
indemnification I may have as a result of any third party action against me
based on my employment with the Company), arising out of or in any way related
to agreements, events, acts or conduct at any time prior to and including the
date I execute this Release, including but not limited to: all such claims and
demands directly or indirectly arising out of or in any way connected with my
employment with the Company or the termination of that employment, including but
not limited to, claims of intentional and negligent infliction of emotional
distress, any and all tort claims for personal injury, claims or demands related
to salary, bonuses, commissions, stock, stock options, or any other ownership
interests in the Company, vacation pay, fringe benefits, expense reimbursements,
severance pay, or any other form of compensation; claims pursuant to any
federal, state or local law or cause of action including, but not limited to,
the federal Civil Rights Act of 1964, as amended; the federal Age Discrimination
in Employment Act of 1967, as amended ("ADEA"); the federal Americans with
Disabilities Act of 1990; any state or local fair employment laws; tort law;
contract law; wrongful discharge; discrimination; fraud; defamation; emotional
distress; and breach of the implied covenant of good faith and fair dealing.

[For employees over 40 years old: I acknowledge that I am knowingly and
voluntarily waiving and releasing any rights I may have under ADEA. I also
acknowledge that the consideration given for the waiver and release in the
preceding paragraph hereof is in addition to anything of value to which I was
already entitled. I further acknowledge that I have been advised by this
writing, as required by the ADEA, that: (a) my waiver and release do not apply
to any rights or claims that may arise after I execute this Release; (b) I have
the right to consult with an attorney prior to executing this Release; (c) I
have forty-five (45) days to consider this Release (although I may choose to
voluntarily execute this Release earlier); (d) I have seven (7) days following
the execution of this Release to revoke the Agreement; and (e) this Release
shall not be effective until the date upon which the revocation period has
expired, which shall be the eighth (8th) day after I execute this Release; and
(f) I have received with this Release a detailed list of the job titles and ages
of all employees who were terminated in this group termination and the ages of
all employees of the Company in the same job classification or organizational
unit who were not terminated.]

                                               [Name of Employee]

Date:
       ---------------                         ---------------------------------

                                      -15-

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