Document:

Exhibit
10.1

 

 

FORM
OF LOCK-UP AGREEMENT

 

This LOCK-UP AGREEMENT (this “Agreement”)
is made and entered into as of [●], 2016 by and between Communications Sales & Leasing, Inc., a Maryland corporation
(“CS&L”), and [][1][,
a [] [] (the “Unitholder”).

 

RECITALS

 

WHEREAS, this Agreement is entered
into in connection with the closing (the “Closing”) of the transactions contemplated by the Agreement and Plan
of Merger, dated as of January 7, 2015 (the “Merger Agreement”), by and among CS&L, CSL Bandwidth Inc.,
a Delaware corporation and an indirect wholly owned Subsidiary (as defined in the Merger Agreement) of CS&L (“Purchaser”),
Penn Merger Sub, LLC, a Delaware limited liability company and wholly owned Subsidiary (as defined in the Merger Agreement) of
Purchaser, PEG Bandwidth Holdings, LLC, a Delaware Limited Liability Company (“PEG Holdings”), PEG Bandwidth,
LLC, a Delaware limited liability company, and PEG Holdings, as the Unitholders’ Representative thereunder;

 

WHEREAS, at the Closing, the Unitholder
received certain shares of convertible preferred stock of CS&L, par value $0.0001 per share, with the terms set forth on the
Certificate of Designations (as defined in the Merger Agreement) (the “Convertible Preferred Stock”), and shares
of CS&L’s common stock, par value $0.0001 per share (the “Common Stock”); and

 

WHEREAS, the parties hereto wish to provide
for certain arrangements with respect to the sale and transfer of (i) the Convertible Preferred Stock and Common Stock received
at the Closing, (ii) any Common Stock issued upon redemption, repurchase, conversion or any other physical settlement of the
Convertible Preferred Stock received at the Closing, pursuant to the terms of the Certificate of Designations, and (iii) any
other securities issued or issuable with respect to any of the securities described in clauses (i) and (ii) above by way of
a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation, amalgamation
and other reorganization (such Convertible Preferred Stock, Common Stock or other securities described in clauses (i), (ii)
and (iii), collectively, the “Subject Securities”), following the Closing.

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

 

 

1 Any party that receives a
portion of the Merger Consideration in the form of Convertible Preferred Stock or Common Stock will be required, as a condition
to receiving such consideration, to execute a lockup agreement substantially identical to this Agreement.

 

 

    A-1 

     

    

 

AGREEMENT

 

1. Defined Terms. Capitalized terms
used herein but not otherwise defined herein shall have the meanings ascribed to them in the Merger Agreement.

 

2. Restrictions on Transfers of Equity
Securities. (a) Subject to Section 4, from and after the date hereof until the second anniversary of the Closing, the Unitholder
agrees that it shall not, and agrees to cause any of its Affiliates to whom it (or any of its Affiliates) has Transferred Subject
Securities pursuant to the following proviso not to, directly or indirectly, Transfer any Subject Securities; provided that
such prohibition shall not apply to Transfers

 

(1) to Affiliates of such Unitholder
so long as such Affiliates are controlled Affiliates of such Unitholder or Associated Partners, L.P., a Guernsey limited partnership
(“AP”);

 

(2) to CS&L pursuant to any
right or obligation of CS&L to repurchase the Subject Securities from the Unitholder or any of its Affiliates to whom it (or
any of its Affiliates) has Transferred Subject Securities pursuant to clause (1),

 

(3) with the prior written consent
of CS&L,

 

(4) (A) that are a pledge
or hypothecation of any Subject Securities to a nationally recognized bank experienced in margin lending (a “Pledgee”)
for purposes of collateralizing a margin loan, or any entry into a contract, option or other arrangement or understanding with
respect thereto; (B) in which any Pledgee exercises its rights to foreclose upon and take ownership of any Subject Securities pledged
to it or (C) in which such Pledgee Transfers any Subject Securities that such Pledgee took ownership of in connection with exercise
of such Pledgee’s rights of foreclosure; provided that in the case of a Transfer pursuant to clause (4)(C), the Transfer
of such Subject Securities is not made to Persons who are (x) set forth on Exhibit A hereto or (y) identified on the most-recently
available “SharkWatch 50” list (or if such list does not exist, a nationally recognized, publicly available list of
activist investors) as of the date of such Transfer, provided, further, that, from time to time, CS&L may identify
additional Persons to be set forth on Exhibit A hereto subject to the consent of the Unitholder (such consent not to be unreasonably
withheld, conditioned or delayed),

 

(5) to a nominee or custodian
of a Person to whom Transfer would be permitted hereunder, provided that such nominee or custodian agrees to be bound in writing
by the restrictions set forth herein and in the Stockholders’ Agreement, and

 

(6) pursuant to any tender offer,
merger or other similar business combination transaction effected by CS&L or by any third Person which is recommended or approved
by the Board.

 

 

    A-2 

     

    

 

Notwithstanding the foregoing restrictions,
in the case of a Transfer pursuant to clause (4)(C), the Pledgee shall be permitted to sell Subject Securities (a) in a Broadly
Distributed Public Offering of the Subject Securities or (b) over an exchange or similar anonymous trading platform, provided,
in the case of clause (b), that the purchaser is not identifiable by the Pledgee using commercial reasonable efforts. “Broadly
Distributed Public Offering” means a public offering in which no one purchaser acquires greater than 5% of the Subject
Securities.

 

(b) Each Affiliate to which the Unitholder
transfers Subject Securities in accordance with Section 2(a)(1) hereof shall be required, at the time of and as a condition to
such Transfer, to become a party to this Agreement by executing and delivering to CS&L a joinder to this Agreement or an agreement
substantially identical to this Agreement.

 

(c) For purposes of this Agreement, “Transfer”
(including the terms “Transferring” and “Transferred”) means, directly or indirectly (including
by the direct or indirect transfer of the equity of a company or a parent company), in one transaction or a series of related transactions,
to sell, transfer, assign, pledge, or similarly dispose of or hypothecate, either voluntarily or involuntarily, or to enter into
any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge or similar disposition
or hypothecation of, any Subject Securities beneficially owned (for purposes of this definition, as calculated pursuant to Rule
13d-3 under the Exchange Act) by a Person or any interest in any Subject Securities beneficially owned by a Person (including any
arrangement to provide another Person the economic performance of all or any portion of such Subject Securities (including by means
of any option, swap, forward or other contract or arrangement the value of which is linked in whole or in part to the value of
such Subject Securities)).

 

3. Inconsistent Agreements: The Unitholder
represents and agrees that it has not and shall not, and its Affiliates have not and shall not, (1) grant any proxy with respect
to the Subject Securities, (2) enter into or agree to be bound by any voting trust or agreement with respect to the Subject Securities
or (3) enter into any agreement or arrangement of any kind with any Person, in each case if any such proxy, voting trust, agreement
or arrangement is inconsistent with the provisions of, or for the purpose or with the effect of denying or reducing the rights
of any party to, this Agreement.

 

4. Termination; Suspension. This
Agreement and the obligations and restrictions hereunder shall terminate in full on the earlier of (i) the second anniversary of
the Closing and (ii) the occurrence of a Change of Control (as defined in the Certificate of Designations). Notwithstanding the
foregoing, the obligations and restrictions set forth in this Agreement shall be suspended with respect to any holder of Convertible
Preferred Stock during the period beginning on, and including, the date on which CS&L would have been required to deliver shares
of Common Stock to such holder pursuant to the terms of the Certificate of Designations but is prohibited from delivering such
shares of Common Stock to such holder by a Stock Ownership Limit (as defined in the Certificate of Designations) or any other restriction
on ownership or transfer contained in the Charter (as defined in the Certificate of Designations) and ending on, and including,
the date on

 

 

    A-3 

     

    

 

which
CS&L delivers all shares of Common Stock that are due and deliverable pursuant to the terms of the Certificate of Designations.

 

5. Notices. All notices, requests
and other communications to any party hereunder shall be in writing (including facsimile transmission and electronic mail “e-mail”)
and shall be given:

 

if to CS&L, to:

 

Communications Sales & Leasing, Inc.

10802 Executive Center Drive

Benton Building, Suite 300

Little Rock, AR 72211

 

Attention: Daniel L. Heard

Email: Daniel.Heard@cslreit.com

 

with a copy to:

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, New York 10017

Attention: H. Oliver Smith

Facsimile No.: (212) 701-5636

E-mail: oliver.smith@davispolk.com

 

if to the Unitholder, to:

[_________________]

[__________________]

Attention: [_________]

Facsimile No.: [______]

E-mail: [____________]

 

with a copy to:

 

[_________________]

[_________________]

Attention: [_________]

Facsimile No.: [______]

E-mail: [____________]

 

or, in each case, such other address, email
address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. All such
notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received
prior to 4:00 p.m. in the place of receipt and such day is a Business Day. Otherwise, any such notice, request or communication
shall be deemed not to have been received until the next succeeding business day in the place of receipt.

 

 

    A-4 

     

    

 

6. Governing Law. This Agreement
shall be governed by and construed in accordance with the law of the State of Delaware, without regard to the conflicts of law
rules of such state.

 

7. Jurisdiction. The parties hereto
agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection
with, this Agreement or the transactions contemplated hereby shall be brought in the Delaware Chancery Court or, if such court
shall not have jurisdiction, any federal court located in the State of Delaware or other Delaware state court, so long as one of
such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out
of this Agreement shall be deemed to have arisen from a transaction of business in the State of Delaware, and each of the parties
hereby irrevocably consents to the exclusive jurisdiction of such courts (and of the appropriate appellate courts therefrom) in
any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now
or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action
or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding
may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting
the foregoing, each party agrees that service of process on such party as provided in Paragraph 5 shall be deemed effective service
of process on such party.

 

8. WAIVER OF JURY TRIAL. EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

9. Counterparts; Effectiveness; Third
Party Beneficiaries. This Agreement may be signed in any number of counterparts (including by electronic means), each of which
shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement
shall become effective when each party hereto shall have received a counterpart hereof signed by all of the other parties hereto.
Until and unless each party has received a counterpart hereof signed by each other party hereto, this Agreement shall have no effect
and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).
No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations, or liabilities hereunder upon
any Person other than the parties hereto and their respective successors and assigns.

 

10. Entire Agreement. This Agreement
and the Stockholder’s and Registration Rights Agreement dated as of the date hereof by and between CS&L and AP constitute
the entire agreement between the parties with respect to the subject matter of this Agreement and supersede all prior agreements
and understandings, both oral and written, between the parties with respect to the subject matter of this Agreement.

 

11. Severability. If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction or other Governmental Authority to be

 

 

    A-5 

     

    

 

invalid,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in
an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest
extent possible.

 

12. Amendments and Waivers. Any provision
of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of
an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective.

 

 

 

[The remainder of this page has been
left blank intentionally.]

 

 

 

    	 

    	 

    

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed by their authorized representatives as of the date first above written.

 

	COMMUNICATIONS SALES & LEASING, INC.
	 
	 
	By:	 
	 	Name:
	 	Title:
	 	 

	[UNITHOLDER]
	 
	 
	By:	 
	 	Name:
	 	Title:

 

 

 

 

 

[Signature Page to
Lockup Agreement]Exhibit 10.2

 

 

 

 

 

 

FORM OF

 

STOCKHOLDERS’ AND REGISTRATION
RIGHTS AGREEMENT

 

dated
as of

 

[●]

 

by and
among

 

COMMUNICATIONS SALES & LEASING, INC.,

 

PEG BANDWIDTH HOLDINGS, LLC,

 

and

 

the other Unitholders set forth on Schedule
A hereto

 

 

 

 

 

 

 

     

     

    

TABLE
OF CONTENTS

 

 

Page

 

	Article
    1
	Definitions
	 
	Section 1.01.  Definitions	1
	Section 1.02.  Other Definitional and
    Interpretative Provisions	6
	 	 
	Article
    2
	Transfer
    Restrictions and other Covenants
	 
	Section 2.01.  Restrictions on Transfers
    of Equity Securities	6
	Section 2.02.  Legend	7
	Section 2.03.  Inconsistent Agreements	7
	 	 
	Article
    3
	Registration
    Rights
	 
	Section 3.01.  Shelf Registration	7
	Section 3.02.  Piggyback Registration	10
	Section 3.03.  Lock-Up Agreements	12
	Section 3.04.  Registration Procedures	12
	Section 3.05.  Indemnification	15
	Section 3.06.  Conduct of Indemnification
    Proceedings	17
	Section 3.07.  Participation in Public
    Offering	18
	Section 3.08.  Windstream Registration
    Rights Agreement	18
	 	 
	Article
    4
	Miscellaneous
	 
	Section 4.01.  Notices	18
	Section 4.02.  Amendments and Waivers	19
	Section 4.03.  Expenses	20
	Section 4.04.  Successors and Assigns	20
	Section 4.05.  Governing Law	20
	Section 4.06.  Jurisdiction	20
	Section 4.07.  WAIVER OF JURY TRIAL	20
	Section 4.08.  Counterparts; Effectiveness;
    Third Party Beneficiaries	21
	Section 4.09.  Entire Agreement	21
	Section 4.10.  Severability	21
	Section 4.11.  Specific Performance	21
	Section 4.12.  Termination	21
	Section 4.13.  Relationship to Lockup
    Agreement	22

 

Schedule A -- Unitholders

 

 

     i

     

    

 

STOCKHOLDERS’ AND REGISTRATION
RIGHTS AGREEMENT

 

This STOCKHOLDERS’ AND REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) dated as of [●] is made and entered into by and among Communications
Sales & Leasing, Inc., a Maryland corporation (“CS&L”), PEG Bandwidth Holdings, LLC, a Delaware limited
liability company (“PEG Holdings”) and the other Unitholders (as defined in the Merger Agreement (as defined
below)) set forth on Schedule A (collectively, with PEG Holdings, the “Stockholders”)1.

 

RECITALS:

 

WHEREAS, this Agreement is entered into
in connection with the closing (the “Closing”) of the transactions contemplated by the Merger Agreement, dated
as of January 6, 2016 (the “Merger Agreement”), by and among CS&L, CSL Bandwidth Inc., a Delaware corporation
and an indirect wholly owned Subsidiary (as defined in the Merger Agreement) of CS&L (“Purchaser”), Penn
Merger Sub, LLC, a Delaware limited liability company and wholly owned Subsidiary (as defined in the Merger Agreement) of Purchaser,
PEG Bandwidth, LLC, a Delaware limited liability company, and PEG Holdings, in its own capacity and in its capacity as the Unitholders’
Representative thereunder;

 

WHEREAS, at the Closing, each of the Stockholders
received Convertible Preferred Stock and Common Stock (each as defined below); and

 

WHEREAS, the parties hereto desire to enter
into this Agreement to establish certain arrangements with respect to ownership of Convertible Preferred Stock and Common Stock
and certain other matters related thereto.

 

NOW, THEREFORE, in consideration of the
mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

Article
1

Definitions

 

Section 1.01.Definitions. i)
Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to them in the Merger Agreement

 

(b)As used in this Agreement, the following
terms shall have the following meanings:

 

“Adverse Disclosure”
means public disclosure of material non-public information that, in the Board’s good faith judgment, after consultation with
counsel to

 

 

 

1 Any member of PEG Bandwidth,
LLC that receives Convertible Preferred Stock or Common Stock will be a party to this Agreement.

 

     

     

    

CS&L,
(i) would be required to be made in any Registration Statement filed with the SEC by CS&L and (ii) CS&L has a bona
fide business purpose for not disclosing publicly.

 

“Affiliate” means, with
respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person;
provided that (i) no securityholder of CS&L shall be deemed an Affiliate of any other securityholder solely by reason of
any investment in CS&L and (ii) CS&L, its Subsidiaries and any of CS&L’s other controlled Affiliates shall not
be deemed an Affiliate of any Stockholder Party. For purposes of this definition, “control” when used with respect
to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled”
have correlative meanings.

 

“AP” means Associated
Partners, L.P., a Guernsey limited partnership.

 

“Beneficial Owner” or
“Beneficially Own” has the meaning given in Rule 13d-3 under the Exchange Act and a Person’s beneficial
ownership of securities of any Person will be calculated in accordance with the provisions of that Rule, except that for purposes
of determining beneficial ownership, no Person will be deemed to beneficially own any security solely as a result of that Person’s
execution of this Agreement.

 

“Board” means the board
of directors of CS&L.

 

“Business Day” means
a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York, or Little Rock, Arkansas, are
authorized or required by Applicable Law to close.

 

“Common Stock” means
CS&L’s common stock, par value $0.0001 per share.

 

“Convertible Preferred Stock”
means the convertible preferred stock of CS&L, par value $0.0001 per share, with the terms set forth on the Certificate of
Designations, issued at Closing.

 

“Equity Securities” means
(i) the Common Stock, (ii) the Convertible Preferred Stock, (iii) securities convertible into or exchangeable for Common Stock,
(iv) any other equity or equity-linked security issued by CS&L and (v) options, warrants or other rights to acquire any of
the foregoing.

 

“Exchange Act” means
the U.S. Securities Exchange Act of 1934 and any successor thereto.

 

“FINRA” means the Financial
Industry Regulatory Authority.

 

“Governmental Authority”
means any transnational, domestic or foreign federal, state or local governmental, regulatory or administrative authority (including
self-regulatory authorities), department, court, agency or official, including any political subdivision thereof.

 

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“Permitted Transferee”
means any of a Stockholder’s controlled Affiliates or, in the case of PEG Holdings, any Affiliate of PEG Holdings so long
as such Affiliate is a controlled Affiliate of AP.

 

“Person” means an individual,
corporation, partnership, limited liability company, association, trust or other entity or organization, including a Governmental
Authority.

 

“Prospectus” means the
prospectus included in any Registration Statement (including any free writing prospectus), all amendments and supplements to such
prospectus, including post-effective amendments, and all other material incorporated by reference in such prospectus.

 

“Public Offering” means
an underwritten public offering of Registrable Securities pursuant to an effective Registration Statement under the Securities
Act, other than pursuant to a Registration Statement on Form S-4, Form S-8 or any similar or successor form.

 

“Registrable Securities”
means (a) the Common Stock received by a Stockholder Party pursuant to the Merger Agreement and any Common Stock issued upon redemption,
repurchase, conversion or any other physical settlement of the Convertible Preferred Stock received by a Stockholder Party pursuant
to the Certificate of Designations, and (b) any other securities issued or issuable with respect to any of the securities described
in clause (a) above by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization,
merger, consolidation, amalgamation and other reorganization; provided that the term “Registrable Securities”
shall exclude any security (i) the offering and sale of which has been registered effectively under the Securities Act and which
has been sold in accordance with an effective Registration Statement, (ii) that has been sold by a Stockholder Party in a transaction
or transactions exempt from the registration and prospectus delivery requirements of the Securities Act under Section 4(a)(1) thereof
(including transactions pursuant to Rule 144) and CS&L has delivered a new certificate or other evidence of ownership for such
security not bearing the legend required pursuant to this Agreement and such security is not subject to any stop-transfer order
or other restriction on transfer or (iii) that is eligible for sale by a Stockholder Party without limitation as to volume or manner
of sale pursuant to Rule 144.

 

“Registration Expenses”
means any and all expenses incident to the performance of or compliance with any registration of Registrable Securities pursuant
to this Agreement, including all (i) registration and filing fees, and all other fees and expenses payable in connection with the
listing of securities on any securities exchange or automated interdealer quotation system, (ii) fees and expenses of compliance
with any securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with “blue
sky” qualifications of the securities registered), (iii) expenses in connection with the preparation, printing, mailing and
delivery of any Registration Statements, Prospectuses and other documents in connection therewith and any amendments or supplements
thereto, (iv) security engraving and printing expenses, (v) internal expenses of CS&L (including all salaries and expenses
of its officers and employees performing legal or accounting duties), (vi) reasonable fees and disbursements

 

     3

     

    

of
counsel for CS&L and customary fees and expenses for independent certified public accountants retained by CS&L (including
the expenses relating to any comfort letters or costs associated with the delivery by independent certified public accountants
of any “cold comfort” letters requested pursuant to Section 3.04(h)), (vii) reasonable fees and expenses of any special
experts retained by CS&L in connection with such registration, (viii) reasonable fees, out-of-pocket costs and expenses of
the Stockholder Parties, including one counsel for all of the Stockholder Parties participating in the offering selected by the
Stockholder Parties holding the majority of the Registrable Securities to be sold for the account of all Registering Investors,
(ix) costs of printing and producing any “blue sky” or legal investment memoranda and any other documents in connection
with the offering of the Registrable Securities, (x) transfer agents’ and registrars’ fees and expenses and the fees
and expenses of any other agent or trustee appointed in connection with such offering and (xi) expenses relating to any analyst
or investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling
of the Registrable Securities. For the avoidance of doubt, no Selling Expenses shall be considered Registration Expenses.

 

“Registration Statement”
means any registration statement of CS&L filed with, or to be filed with, the SEC under the rules and regulations promulgated
under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including
pre- and post-effective amendments, and all exhibits attached to or incorporated in and all other material incorporated by reference
in such registration statement.

 

“Required Registration Date”
means (i) the second anniversary of the Closing and (ii) prior to the second anniversary of the Closing, each date on which the
obligations and restrictions contained in the Lock-Up Agreement dated as of the date hereof between CS&L and PEG Holdings (regardless
whether such agreement is in effect on such date) first terminate or are suspended (or would have terminated or been suspended)
pursuant to Section 4 thereof.

 

“Securities Act” means
the U.S. Securities Act of 1933 and any successor thereto.

 

“Selling Expenses” shall
mean all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of the Registrable Securities
being registered by the Stockholder Parties.

 

“Stockholder Parties”
means, to the extent each holds Registrable Securities, each Stockholder and those of its Permitted Transferees that have executed
and delivered to CS&L a joinder to this Agreement as contemplated by Section 4.04.

 

“Subsidiary” means, with
respect to any Person, any entity of which securities or other ownership interests having ordinary voting power to elect a majority
of the board of directors or other persons performing similar functions (of, if there are no such voting securities or voting interests,
of which at least a majority of the equity interests) is directly or indirectly owned or controlled by such Person. Unless context
otherwise

 

     4

     

    

requires,
the term Subsidiary as used in this Agreement shall relate to Subsidiaries of CS&L.

 

“Transfer” (including
the terms “Transferring” and “Transferred”) means, directly or indirectly (including by the
direct or indirect transfer of the equity of a holding company or parent company), in one transaction or a series of related transactions,
to sell, transfer, assign, pledge, or similarly dispose of or hypothecate, either voluntarily or involuntarily, or to enter into
any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge or similar disposition
or hypothecation of, any Equity Securities Beneficially Owned by a Person or any interest in any Equity Securities Beneficially
Owned by a Person (including any arrangement to provide another Person the economic performance of all or any portion of such Equity
Securities (including by means of any option, swap, forward or other contract or arrangement the value of which is linked in whole
or in part to the value of such Equity Securities)).

 

“Voting Securities” means,
at any time, any class of Equity Securities that are then entitled to vote generally in the election of Directors.

 

(c)Each of the following terms is defined
in the Section set forth opposite such term:

 

	Term	Section
	Agreement	Preamble
	Closing	Recital
	CS&L	Preamble
	CS&L Public Sale	3.02(a)
	Demand	3.01(d)
	e-mail	4.01
	Effectiveness Date	3.01(a)
	Indemnified Party	3.06
	Indemnifying Party	3.06
	Inspectors	3.04(g)
	Loss or Losses	3.05(a)
	Maximum Offering Size	3.01(g)
	Merger Agreement	Recital
	Piggyback Registration	3.02(a)
	Purchaser	Recitals
	Registering Investors	3.01(d)
	Registration Request	3.01(d)
	Regular Self Suspension	3.01(c)
	Requesting Investor	3.01(d)
	SEC	3.01(a) 
	Shelf Period	3.01(b)
	Shelf Registration Statement	3.01(a)
	Shelf Suspension	3.01(c)
	Unusual Shelf Suspension	3.01(c)

 

 

     5

     

    

 

	Term	Section
	Windstream	3.01(g)(iii)
	Windstream Registration Rights Agreement	3.01(g)(iii)

 

Section 1.02.Other Definitional and
Interpretative Provisions. The words “hereof”, “herein” and “hereunder” and words of like
import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The
captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.
References to Articles, Sections and Schedules are to Articles, Sections and Schedules of this Agreement unless otherwise specified.
All Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth
in full herein. Any capitalized terms used in any Schedule but not otherwise defined therein, shall have the meaning as defined
in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular.
Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall
be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words
or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other
means of reproducing words (including electronic media) in a visible form. The word “will” shall be construed to have
the same meaning and effect as the word “shall.” The word “or” when used in this Agreement is not exclusive.
References to any Applicable Law shall be deemed to refer to such Applicable Law as amended from time to time and to any rules
or regulations promulgated thereunder. References to any agreement or contract are to that agreement or contract as amended, modified
or supplemented from time to time in accordance with the terms hereof and thereof. References to any Person include the successors
and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including
or through and including, respectively. The parties have participated jointly in the negotiation and drafting of this Agreement
and each has been represented by counsel of its choosing and, in the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as jointly drafted by the parties and no presumption or burden of proof shall arise favoring
or disfavoring any party by virtue of the authorship of any provision of this Agreement.

 

Article
2

Transfer Restrictions and other Covenants

 

Section 2.01.Restrictions on Transfers
of Equity Securities. a) The Stockholder Parties and their transferees shall be entitled to Transfer Equity Securities so
long as such Transfer complies in all respects with the Securities Act, and any other applicable securities or “blue sky”
laws.

 

(b)In furtherance of the foregoing,
it is understood and agreed that no Equity Securities may be Transferred (or offered to be Transferred) except (i) pursuant to
the registration provisions of the Securities Act and applicable securities or “blue sky” laws, or (ii) in any Transfer
for which registration under the Securities Act and applicable securities or “blue sky” laws is not required; provided
that, unless waived by CS&L,

 

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CS&L
receives a legal opinion in form and substance reasonably acceptable to CS&L, as well as such other documentation requested
by CS&L, that registration under such laws is not required in connection with such Transfer (or offer to Transfer).

 

(c)Any attempt to Transfer any Equity
Securities not in compliance with this Agreement shall be null and void, and CS&L shall not, and shall cause any transfer agent
not to, give any effect in CS&L’s stock records to such attempted Transfer.

 

Section 2.02.Legend. (a) The
Stockholder Parties agree that all certificates or other instruments representing Equity Securities subject to this Agreement will
bear a legend in substantially the following form:

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED, OR ANY NON-U.S. OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT IN COMPLIANCE THEREWITH.

 

(b)If any such Equity Securities cease
to be subject to any and all restrictions on Transfer set forth in this Agreement, CS&L, upon the written request of the holder
thereof, shall issue to such holder a new certificate evidencing such Equity Securities without the legend required by Section
2.02(a) endorsed thereon. Following the effective date of any registration statement pursuant to which Equity Securities are registered
for resale, CS&L shall, as soon as reasonably practicable, deliver or cause to be delivered to the holder of such Equity Securities
certificates representing such Equity Securities that are free from all restrictive legends, and cause all stop transfer or similar
instructions or restrictions relating to such Equity Securities to be terminated or removed.

 

Section 2.03.Inconsistent Agreements.
Each Stockholder Party represents and agrees that it has not and shall not, and its Permitted Transferees have not and shall not,
(i) grant any proxy with respect to Equity Securities, (ii) enter into or agree to be bound by any voting trust or agreement with
respect to Equity Securities or (iii) enter into any agreement or arrangement of any kind with any Person, in each case if any such
proxy, voting trust, agreement or arrangement is inconsistent with the provisions of, or for the purpose or with the effect of
denying or reducing the rights of any party to, this Agreement.

 

Article
3

Registration Rights

 

Section 3.01.Shelf Registration.
(a) On or prior to the Required Registration Date, CS&L shall file with the Securities and Exchange Commission (the “SEC”)
a registration statement on Form S-3 (which shall be an automatic shelf registration statement (as defined in Rule 405 under the
Securities Act) if CS&L is then a well-known seasoned issuer (as defined in Rule 405 under the Securities Act)) (a “Shelf
Registration Statement”) relating to the offer and sale of all Registrable Securities by the Stockholder

 

 

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Parties
from time to time in accordance with the methods of distribution elected by the Stockholder Parties and set forth in the Shelf
Registration Statement, and, if applicable, shall use its reasonable best efforts to cause such Shelf Registration Statement to
become effective under the Securities Act as promptly as practicable thereafter (the “Effectiveness Deadline”).

 

(b)CS&L shall use its reasonable
best efforts to keep such Shelf Registration Statement continuously effective under the Securities Act in order to permit the Prospectus
forming a part thereof to be usable by the Stockholder Parties until the date as of which there are no Registrable Securities outstanding
(such period, the “Shelf Period”). If CS&L does not pay the filing fee covering the Registrable Securities
at the time the Shelf Registration Statement is filed, CS&L agrees to pay such fee at such time or times as the Registrable
Securities are to be offered. If the Shelf Registration Statement has been outstanding for at least three (3) years and any Registrable
Securities remain outstanding, at the end of the third year CS&L shall refile a Shelf Registration Statement covering the Registrable
Securities. If, at any time when CS&L is required to re-evaluate its status as a well-known seasoned issuer, CS&L determines
that it is not a well-known seasoned issuer, CS&L shall use its reasonable best efforts to post-effectively amend such Shelf
Registration Statement to a Registration Statement on Form S-3, or refile the Shelf Registration Statement on Form S-3 or, if such
form is not available, Form S-1 and keep such Registration Statement effective during the Shelf Period.

 

(c)If the continued use of such Shelf
Registration Statement at any time would require CS&L to make an Adverse Disclosure, CS&L may, upon giving at least ten
days’ prior written notice of such action to each Stockholder Party, suspend use of the Shelf Registration Statement (a “Unusual
Shelf Suspension”); provided that CS&L shall not be permitted to exercise an Unusual Shelf Suspension (i)
more than two times during any twelve-month period and (ii) for a period exceeding 30 days on any one occasion. In addition, CS&L
may, upon giving at least ten days’ prior written notice to each Stockholder Party, suspend the use of the Shelf Registration
Statement during the regular quarterly period during which directors and officers of CS&L are not permitted to trade under
the insider trading policy of CS&L then in effect until the expiration of such quarterly period (a “Regular Shelf
Suspension,” together with an Unusual Shelf Suspension, a “Shelf Suspension”); provided that
the right of CS&L to cause a Shelf Suspension shall not be applicable to holders of Registrable Securities for more than a
total of 120 days during any twelve-month period. In the case of a Shelf Suspension, the Stockholder Parties agree to suspend use
of the applicable Prospectus in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities,
upon receipt of the notice referred to above. CS&L shall immediately notify each Stockholder Party upon the termination of
any Shelf Suspension, amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement or omission
and furnish to each Stockholder Party such numbers of copies of the Prospectus as so amended or supplemented as such Stockholder
Party may reasonably request. CS&L shall, if necessary, supplement or make amendments to the Shelf Registration Statement,
if required by the registration form used by CS&L for the Shelf Registration or by the instructions applicable to such registration
form or by the Securities Act.

 

     8

     

    

(d)Following the Required Registration
Date, if CS&L shall receive a request (a “Registration Request”) from the Stockholder Parties holding the
majority of the Registrable Securities (the “Requesting Investor”) that CS&L effect an underwritten offering
of all or any portion of the Stockholder Parties’ Registrable Securities (all such Stockholder Parties together with the
Requesting Investor, as well as any Stockholder Parties participating in a Piggyback Registration pursuant to Section 3.02, the
“Registering Investors”), then CS&L shall use its reasonable best efforts to effect promptly the offering
and sale under an effective Registration Statement of (each such registration shall be referred to herein as a “Demand”)
all Registrable Securities which the Requesting Investor has requested to offer and sell under this Section 3.01; provided
that subject to Section 3.01(c) and Section 3.01(e), (1) CS&L shall not be obligated to effect more than two Demands in
any calendar year and (2) CS&L shall not be obligated to effect a Demand unless the aggregate proceeds expected to be received
from the sale of the Registrable Securities requested to be included in such Demand equals or exceeds $25,000,000; provided
that, if the aggregate proceeds expected to be received from the sale of all Registrable Securities outstanding are less than
such amount, the amount of Registrable Securities requested to be included in such Demand shall be all of the outstanding Registrable
Securities.

 

(e)At any time prior to the launch
of the offering relating to a Demand, the Requesting Investor may revoke its Registration Request, without liability to any of
the other Registering Investors, by providing a notice to CS&L revoking such Registration Request. A request so revoked shall
be considered to be a Demand unless (i) such revocation arose out of the fault of CS&L (in which case CS&L shall be obligated
to pay all Registration Expenses in connection with such revoked request), or (ii) the Requesting Investor reimburses CS&L for
all Registration Expenses of such revoked request.

 

(f)Unless the Requesting Investor elects
to reimburse CS&L for Registration Expenses as described in Section 3.01(e) above, CS&L shall be liable for and pay all
Registration Expenses in connection with any Demand, regardless of whether such registration is effected, and in connection with
a Shelf Registration.

 

(g)If the managing underwriter advises
CS&L and the Registering Investors that, in its view, the number of shares of Registrable Securities requested to be included
in such registration (including any securities that CS&L proposes to be included that are not Registrable Securities) exceeds
the largest number of shares that can be sold without having an adverse effect on such offering, including the price at which such
shares can be sold (the “Maximum Offering Size”), CS&L shall include in such registration, in the priority
listed below, up to the Maximum Offering Size:

 

(i)first, all Registrable
Securities requested to be registered by the Registering Investors (allocated, if necessary for the offering not to exceed the
Maximum Offering Size, pro rata among such Registering Investors on the basis of the relative number of shares of Registrable
Securities so requested to be included in such registration by each such Registering Investor);

 

(ii)second, any Equity
Securities proposed to be registered by CS&L;

 

     9

     

    

(iii)third, all Equity
Securities held by Windstream Holdings, Inc. (“Windstream”) or its Affiliates and registered under that certain
Stockholder’s and Registration Rights Agreement by and between Windstream Services, LLC and CS&L (the “Windstream
Registration Rights Agreement”); and

 

(iv)fourth, any Equity
Securities proposed to be registered for the account of any other Persons, with such priorities among them as CS&L shall determine;

 

provided that, if such registration
involves a Public Offering, CS&L, Windstream and all other Persons registering Equity Securities in connection therewith must
sell their Equity Securities to the underwriters selected as provided in Section 3.04(f)(ii) on the same terms and conditions as
apply to the Registering Investors.

 

(h)Notwithstanding the foregoing, it
is agreed and understood that the Stockholder Parties shall not be entitled to exercise a Demand Registration if substantially
simultaneously therewith Windstream or its Affiliates has exercised their “Demand Registration” rights under the Windstream
Registration Rights Agreement, in which case Section 3.02 shall apply.

 

Section 3.02.Piggyback Registration.
(a) If following the Required Registration Date, CS&L proposes file a Registration Statement pursuant to such Registration Statement
with respect to any offering of Equity Securities for its own account and/or for the account of any Person (other than (i) a registration
under Section 3.01, (ii) a registration pursuant to a Registration Statement on Form S-8 or on Form S-4 or similar form that relates
to a transaction subject to Rule 145 under the Securities Act, (iii) in connection with any dividend reinvestment or similar plan,
(iv) for the sole purpose of offering Equity Securities to another entity or its security holders in connection with the acquisition
of assets or securities of such entity or any similar transaction or (v) a registration in which the only Common Stock being registered
is Common Stock issuable upon conversion of debt securities that are also being registered) (each, a “CS&L Public
Sale”), then, as soon as practicable but in any event not less than 15 days prior to the anticipated filing date of the
Registration Statement, CS&L shall give written notice of such proposed filing to each Stockholder Party, which notice shall
set forth such Stockholder Party’s rights under this Section 3.02 and shall offer such Stockholder Party the opportunity
to include in the offering subject to such Registration Statement the number of Registrable Securities of the same class or series
as those proposed to be registered as such Stockholder Party may request in writing (a “Piggyback Registration”),
subject to the provisions of Section 3.02(b). CS&L shall use its reasonable best efforts to include in the offering subject
to such Registration Statement with respect to a CS&L Public Sale all Registrable Securities that are requested to be included
therein within five Business Days after the receipt of any such notice; provided that (1) if such registration involves
a Public Offering, all such Registering Investors must sell their Registrable Securities to the underwriters selected as provided
in Section 3.04(f)(i) on the same terms and conditions as apply to CS&L, and (2) if, at any time after giving notice of its
intention to register any Equity Securities pursuant to this Section 3.02(a) and prior to the effective date of the Registration
Statement filed in 

 

     10

     

    

connection
with such registration, CS&L shall determine for any reason not to register such securities, CS&L shall give notice to
all such Registering Investors and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection
with such registration.

 

(b)If a Piggyback Registration involves
a Public Offering (other than a Demand, in which case the provisions with respect to priority of inclusion in such offering set
forth in Section 3.01(g) shall apply) and the managing underwriter advises CS&L that, in its view, the number of shares of
Common Stock or other Equity Securities that CS&L and the Registering Investors intend to include in such registration exceeds
the Maximum Offering Size, CS&L shall include in such registration, in the following priority, up to the Maximum Offering Size:

 

(i)first, those Equity
Securities proposed to be registered for the account of CS&L and any other Persons (other than CS&L’s executive officers
and directors) for whom CS&L is effecting the registration, as the case may be, as would not cause the offering to exceed the
Maximum Offering Size;

 

(ii)second, to the
extent Windstream and its Affiliates under the Windstream Registration Rights Agreement are not the requesting party, those Equity
Securities requested to be included in such Registration by Windstream and its Affiliates under the Windstream Registration Rights
Agreement as would not cause the offering to exceed the Maximum Offering Size (allocated, if necessary for the offering not to
exceed the Maximum Offering Size, pro rata among such holders on the basis of the relative number of shares of Registrable
Securities so requested to be included in such registration by each such holder);

 

(iii)third, the number
of securities of executive officers and directors of CS&L for whom CS&L is effecting the registration, as the case may
be, with such number to be allocated pro rata among the executive officers and directors pursuant to the Windstream Registration
Rights Agreement;

 

(iv)fourth, all Registrable
Securities requested to be included in such registration by any Registering Investor (allocated, if necessary for the offering
not to exceed the Maximum Offering Size, pro rata among such Registering Investors on the basis of the relative number of
shares of Registrable Securities so requested to be included in such registration by each such Registering Investor); and

 

(v)fifth, any securities
proposed to be registered for the account of any other Persons with such priorities among them as CS&L shall determine.

 

(c)No registration effected under this
Section 3.02 shall relieve CS&L of its obligations to effect a registration to the extent required by Section 3.01. CS&L
shall be liable for and pay all Registration Expenses in connection with any Piggyback Registration, regardless of whether such
registration is effected.

 

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Section 3.03.Lock-Up Agreements.
If any registration of Registrable Securities shall be effected in connection with a Public Offering, neither CS&L nor any
Stockholder Party shall effect any public sale or distribution, including any sale pursuant to Rule 144, of any Equity Securities
(except as part of such Public Offering) during the 90-day period beginning 14 days prior to the offering date and ending 90 days
after the offering date, unless CS&L and the lead managing underwriter shall mutually agree to a shorter period.

 

Section 3.04.Registration Procedures.
In connection with CS&L’s registration obligations under Sections 3.01 and 3.02, subject to the provisions of such Sections,
CS&L shall effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition
thereof, and, in connection therewith:

 

(a)CS&L shall as expeditiously
as possible prepare and file with the SEC a Registration Statement on any form for which CS&L then qualifies or that counsel
for CS&L shall deem appropriate and which form shall be available for the sale of the Registrable Securities to be registered
thereunder in accordance with the intended method of distribution thereof, and cause such filed Registration Statement to become
and remain effective.

 

(b)Prior to filing a Registration Statement
(including any Prospectus or amendment or supplement thereto), CS&L shall, if requested, furnish to each Registering Investor
and each underwriter, if any, of the Registrable Securities covered by such Registration Statement copies of such Registration
Statement as proposed to be filed, and thereafter CS&L shall furnish to such Registering Investor and underwriter, if any,
such number of copies of such Registration Statement, each amendment and supplement thereto (in each case including all exhibits
thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each
preliminary Prospectus and any summary Prospectus) and any other Prospectus filed under Rule 424 or Rule 430A under the Securities
Act and such other documents as such Registering Investor or such underwriter may reasonably request in order to facilitate the
disposition of the Registrable Securities owned by such Registering Investor. CS&L shall give the Registering Investor on whose
behalf such Registrable Securities are to be registered, the underwriter in a Public Offering and their respective counsel and
accountants the opportunity to participate in the preparation of any Registration Statement or Prospectus, or any amendment or
supplement thereto. Each Registering Investor shall have the right to request that CS&L modify any information contained in
such Registration Statement or Prospectus, or any amendment and supplement thereto, pertaining to such Registering Investor, and
CS&L shall use its reasonable best efforts to comply with such request; provided, however, that CS&L shall
not have any obligation to modify any information if CS&L reasonably expects that so doing would cause the Registration Statement
to contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading.

 

(c)After the filing of the Registration
Statement, CS&L shall (i) cause the related Prospectus to be supplemented by any required Prospectus supplement, and, as so
supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with

 

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the provisions of the Securities Act and
the Exchange Act with respect to the disposition of all Registrable Securities covered by such Registration Statement during the
applicable period in accordance with the intended methods of disposition by the Registering Investors thereof set forth in such
Registration Statement and (iii) promptly notify each Registering Investor of any stop order issued or threatened by the SEC or any
state securities commission and take all reasonable actions required to prevent the entry of such stop order or to remove it if
entered.

 

(d)CS&L shall (i) register or qualify
the Registrable Securities covered by such Registration Statement under such other securities or “blue sky” laws of
such jurisdictions in the United States as any Registering Investor reasonably (in light of such Registering Investor’s intended
plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other Governmental
Authorities as may be necessary by virtue of the business and operations of CS&L and do any and all other acts and things that
may be reasonably necessary or advisable to enable such Registering Investor to consummate the disposition of the Registrable Securities
owned by such Registering Investor; provided that CS&L shall not be required to (A) qualify generally to do business
in any jurisdiction where it would not otherwise be required to qualify but for this Section 3.04(d), (B) subject itself to taxation
in any such jurisdiction, (C) consent to general service of process in any such jurisdiction or (D) cause any Registrable Securities
to be registered in any jurisdiction where it is reasonably unlikely that the proceeds of sales of such Registrable Securities
in such jurisdiction will exceed the registration costs.

 

(e)CS&L shall immediately notify
each Registering Investor with respect to Registrable Securities covered by such Registration Statement, at any time when a Prospectus
relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring the preparation
of a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities,
such Prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading and promptly prepare and make available to each Registering
Investor and file with the SEC any such supplement or amendment.

 

(f)(i) CS&L shall have the right,
in its sole discretion, to select an underwriter or underwriters in connection with any Public Offering pursuant to Section 3.02
and (ii) the Requesting Investor shall have the right, in its sole discretion, to select an underwriter or underwriters in connection
with any Public Offering pursuant to Section 3.01; provided, however, that such underwriter or underwriters shall be nationally
recognized investment banking firms and, in the case of clause (ii), reasonably acceptable to CS&L. In connection with any
Public Offering, CS&L shall enter into customary agreements (including an underwriting agreement in customary form) and take
all other actions as are required in order to expedite or facilitate the disposition of such Registrable Securities in any such
Public Offering, including the engagement of a “qualified independent underwriter” in connection with the qualification
of the underwriting arrangements with FINRA.

 

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(g)CS&L shall make available for
inspection by any Registering Investor and any underwriter participating in any disposition pursuant to a Registration Statement
being filed by CS&L pursuant to this Section 3.04 and any attorney, accountant or other professional retained by any such Registering
Investor or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate
documents and properties of CS&L and its Subsidiaries as shall be reasonably necessary to enable them to exercise their due
diligence responsibility, and cause CS&L’s officers, directors, employees and independent accountants to supply all information
reasonably requested by any Inspectors in connection with such Registration Statement; provided that any access by any Registering
Investor, underwriter or other Inspector to information furnished pursuant to this Section 3.04(g) shall be subject to a customary
confidentiality obligation.

 

(h)In connection with any Public Offering
of Registrable Securities, CS&L shall enter into such customary agreements and take all such other actions in connection therewith
(including those requested by a majority in interest of the Registering Investors) in order to expedite or facilitate the disposition
of such Registrable Securities, and in such connection, (i) to the extent possible make such representations and warranties to
the underwriters of such Registrable Securities with respect to the business of CS&L and its Subsidiaries, the Registration
Statement, Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, with respect to such
underwritten offering, in each case, in form, substance and scope as are customarily made by issuers to underwriters in similar
underwritten offerings and confirm the same if and when requested, (ii) provide indemnities to the effect and to the extent provided
in Section 3.05, (iii) obtain opinions of counsel to CS&L and “10b-5” letters (which counsel and opinions and letters,
in form, scope and substance, shall be reasonably satisfactory to the underwriters and their counsel) addressed to each underwriter
of Registrable Securities and, in the case of legal opinions only, each Registering Investor, covering the matters customarily
covered in opinions and “10b-5” letters requested in similar underwritten offerings, (iv) obtain “cold comfort”
letters dated as of the pricing date and the closing date for such offering of Registrable Securities from the independent certified
public accountants of CS&L (and, if necessary, any other certified public accountant of any Subsidiary of CS&L, or of any
business acquired by CS&L for which financial statements and financial data are or are required to be included in the Registration
Statement) addressed to each underwriter of Registrable Securities and each Registering Investor, such letters to be in customary
form and covering matters of the type customarily covered in “cold comfort” letters in connection with similar underwritten
offerings, (v) deliver such documents and certificates as may be reasonably requested by the underwriters, and which are customarily
delivered in similar underwritten offerings, to evidence the continued validity of the representations and warranties of CS&L
made pursuant to clause (i) above and to evidence compliance with any customary conditions contained in an underwriting agreement
and (vi) cause its senior management to participate in “road shows” and other information meetings organized by the
underwriters.

 

(i)CS&L may require each Registering
Investor promptly to furnish in writing to CS&L such information regarding the distribution of the Registrable Securities as

 

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CS&L
may from time to time reasonably request and such other information as may be legally required in connection with such registration.

 

(j)Each Registering Investor agrees
that, upon receipt of any notice from CS&L of the happening of any event of the kind described in Section 3.04(e), such Registering
Investor shall forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such
Registrable Securities until such Registering Investor’s receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 3.04(e), and, if so directed by CS&L, such Registering Investor shall deliver to CS&L all copies,
other than any permanent file copies then in such Registering Investor’s possession, of the most recent Prospectus covering
such Registrable Securities at the time of receipt of such notice. If CS&L shall give such notice, CS&L shall extend the
period during which such Registration Statement shall be maintained effective (including the period referred to in Section 3.04(a))
by the number of days during the period from and including the date of the giving of notice pursuant to Section 3.04(e) to the
date when CS&L shall make available to each such Registering Investor a Prospectus supplemented or amended to conform with
the requirements of Section 3.04(e).

 

(k)CS&L shall list all Registrable
Securities covered by such Registration Statement on any securities exchange or quotation system on which any similar securities
of CS&L are then listed or traded.

 

(l)CS&L shall cooperate with any
Registering Investor and any underwriter participating in any disposition pursuant to a Registration Statement being filed by CS&L
pursuant to this Section 3.04 and their respective counsel in connection with any filings required to be made with FINRA.

 

(m)Each Registering Investor agrees
that in connection with any offering pursuant to this Agreement, except as provided by CS&L, it will not prepare or use or
refer to, any “free writing prospectus” (as defined in Rule 405 of the Securities Act) without the prior written authorization
of CS&L (which authorization shall not be unreasonably withheld), and will not distribute any written materials in connection
with the offer or sale of the Registrable Securities pursuant to any Registration Statement hereunder other than the Registration
Statement, the related Prospectus and any such free writing prospectus so authorized.

 

Section 3.05.Indemnification.

 

(a)CS&L agrees to indemnify and
hold harmless, to the full extent permitted by law, each Registering Investor, its officers, directors, agents, advisors, employees
and each Person, if any, who controls (within the meaning of the Section 15 of the Securities Act or Section 20 of the Exchange
Act) such Registering Investor from and against any and all losses, claims, damages, liabilities (or actions or proceedings in
respect thereof, whether or not such indemnified party is a party thereto) and expenses (including reasonable costs of investigation
and legal expenses) (each, a “Loss” and collectively “Losses”) arising out of or based upon:

 

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(i)any untrue or alleged
untrue statement of a material fact contained or incorporated by reference in any Registration Statement under which the offering
and sale of such Registrable Securities was registered under the Securities Act (including any final or preliminary Prospectus
contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein); or

 

(ii)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;

 

provided, that with respect to any untrue statement or
omission or alleged untrue statement or omission made in any Prospectus, the indemnity agreement contained in this paragraph shall
not apply to the extent that any such liability results from or arises out of (A) the fact that a current copy of a Prospectus
was not sent or given to the Person asserting any such liability at or prior to the written confirmation of the sale of the Registrable
Securities if CS&L had provided such Prospectus to the Registering Investor and it was the responsibility of such Registering
Investor or its agents to provide such Person with a copy of the Prospectus and such copy of the Prospectus would have cured the
defect giving rise to such liability, (B) the use of any Prospectus by or on behalf of any Registering Investor after CS&L
has notified such Person (x) that such Prospectus contains or incorporates by reference an untrue statement of a material fact
or omits to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, (y) that a stop order has been issued by the SEC with respect to a Registration
Statement or (z) that a Shelf Suspension has occurred, or (C) information furnished in writing by such Registering Investor or
on such Registering Investor’s behalf, in either case for use in the applicable Registration Statement or Prospectus. CS&L
also agrees to indemnify any underwriters of Registrable Securities, their officers, directors, agents, advisors, employees and
each Person, if any, who controls (within the meaning of the Section 15 of the Securities Act or Section 20 of the Exchange Act)
such underwriter on substantially the same basis as that of the indemnification of the Registering Investors pursuant to this Section
3.05(a).

 

(b)Each Registering Investor agrees
(severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, CS&L, its directors, officers,
agents, advisors, employees and each Person, if any, who controls (within the meaning of Section 15 of the Securities Act) CS&L
from and against any and all Losses arising out of or based upon information furnished in writing by such Registering Investor
or on such Registering Investor’s behalf to CS&L, in either case for use in a Registration Statement, Prospectus or related
filing.

 

(c)Each Registering Investor also agrees
to indemnify any underwriters of Registrable Securities, their officers, directors, agents, advisors, employees and each Person,
if any, who controls (within the meaning of the Section 15 of the Securities Act or Section 20 of the Exchange Act) such underwriter
on substantially the same basis as that of the indemnification of CS&L pursuant to this Section 3.05(b). No Registering

 

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Investor
shall be liable under this Section 3.05(b) for any Losses in excess of the net proceeds realized by such Registering Investor
in the sale of Registrable Securities of such Registering Investor to which such Losses relate.

 

(d)If for any reason the indemnification
provided for in Section 3.05(a) or Section 3.05(b) is unavailable to an Indemnified Party (as defined below) or insufficient to
hold such Person harmless as contemplated by Section 3.05(a) or Section 3.05(b), then the Indemnifying Party (as defined below)
in lieu of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or payable by the Indemnified Party
as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one
hand and the Indemnified Party on the other hand. The relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Indemnifying Party or the Indemnified Party and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such untrue statement or omission. For the avoidance of doubt, the establishment
of such relative fault, and any disagreements or disputes relating thereto, shall be subject to Section 4.06. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation.

  

Section 3.06.Conduct of Indemnification
Proceedings. If any proceeding (including any investigation by any Governmental Authority) shall be instituted involving any
Person in respect of which indemnity may be sought pursuant to Section 3.05, such Person (an “Indemnified Party”)
shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing
and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such
Indemnified Party, and shall assume the payment of all reasonable fees and expenses; provided that the failure of any Indemnified
Party to notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder except to the extent
that the Indemnifying Party is actually prejudiced by such failure. In any such proceeding, any Indemnified Party shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless
(14) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel, (15) in the
reasonable judgment of such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to
actual or potential differing interests between them or (16) if counsel chosen by the Indemnifying Party requests a conflict
waiver or other waiver from the Indemnified Party with respect to such matter. It is understood that, in connection with any proceeding
or related proceedings in the same jurisdiction, the Indemnifying Party shall not be liable for the reasonable fees and expenses
of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and
that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified
Parties, such firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be liable for any
settlement of any proceeding effected without its written consent, but if settled with such 

 

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consent, or if there be a final judgment
for the plaintiff, the Indemnifying Party shall indemnify
and hold harmless such Indemnified Parties from and against any Losses (to the extent stated above) by reason of such settlement
or judgment. Without the prior written consent of the Indemnified Party, no Indemnifying Party shall effect any settlement of
any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could
have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified
Party from all liability arising out of such proceeding and does not include any statement as to or any admission of fault, culpability
or a failure to act by or on behalf of any Indemnified Person.

 

Section 3.07.Participation in Public
Offering. No Stockholder Party may participate in any Public Offering hereunder unless such Stockholder Party (a) agrees to
sell its Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder
to approve such arrangements, (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements
and other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement
in respect of registration rights and (c) agrees to pay all Selling Expenses related to the sale of the Registrable Securities.

 

Section 3.08.Windstream Registration
Rights Agreement. The rights granted to Stockholder Parties hereunder are subject in all respects to the rights granted to
Windstream and its Affiliates under the Windstream Registration Rights Agreement. Notwithstanding anything to the contrary in this
Agreement, the rights so granted to the Stockholder Parties hereunder shall not limit or restrict the rights of Windstream or its
Affiliates under the Windstream Registration Rights Agreement.

 

Article
4

Miscellaneous

 

Section 4.01.Notices. All notices,
requests and other communications to any party hereunder shall be in writing (including facsimile transmission and electronic mail
(“e-mail”) transmission) and shall be given:

 

if to CS&L, to:

 

Communications Sales & Leasing, Inc.

10802 Executive Center Drive

Benton Building, Suite 300

Little Rock, AR 72211

Attention: Daniel L. Heard

Email: Daniel.Heard@cslreit.com

 

with a copy to:

 

 

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	 	Davis Polk & Wardwell LLP
	 	450 Lexington Avenue
	 	New York, New York 10017
	 	Attention: 	Michael Kaplan
	 	 	H. Oliver Smith

	 	Facsimile No.: 	(212) 701-5111
		 	(212) 701-5636

	 	E-mail: 	michael.kaplan@davispolk.com
	 	 	oliver.smith@davispolk.com

  

if to the Stockholder Parties to:

 

Associated Partners, L.P.

c/o Associated Partners GP Limited

3 Bala Plaza East, Suite 502

Bala Cynwyd, Pennsylvania 19004

Attention: Scott Bruce

Facsimile No.: (610) 660-4920

E-mail: SBruce@agrp.com

 

with copies to:

 

Jay Birnbaum, Esquire

8004 Split Oak Drive

Bethesda, Maryland 20817

Tel. No.: (301) 469-4930

E-mail: JBirnbaum@agrp.com

 

Cravath Swaine & Moore LLP

Worldwide Plaza

825 Eighth Avenue

New York, New York 10014

Attention: Thomas E. Dunn

Facsimile No.: (212) 474–3700

E-mail: tdunn@cravath.com

 

or, in each case, to such other address or
facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. All such notices, requests
and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 4:00 p.m.
in the place of receipt and such day is a Business Day. Otherwise, any such notice, request or communication shall be deemed not
to have been received until the next succeeding business day in the place of receipt.

 

Section 4.02.Amendments and Waivers.
(a) Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is

 

     19

     

    

signed,
in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver
is to be effective.

 

(a)No failure or delay by any party
in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies provided by Applicable Law.

 

Section 4.03.Expenses. Except
as otherwise provided herein, all costs and expenses incurred in connection with this Agreement shall be paid by the party incurring
such cost or expense.

 

Section 4.04.Successors and Assigns.
The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns; provided that no party may assign, delegate or otherwise transfer any of its rights or obligations under this
Agreement without the consent of each other party hereto; provided, further, that any Stockholder Party may assign its rights,
interests and obligations under this Agreement, in whole or in part, to one or more Permitted Transferees that execute a joinder
to this Agreement in form and substance reasonably satisfactory to CS&L.

 

Section 4.05.Governing Law. This
Agreement shall be governed by and construed in accordance with the law of the State of Delaware, without regard to the conflicts
of law rules of such state.

 

Section 4.06.Jurisdiction. The
parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out
of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the Delaware Chancery Court
or, if such court shall not have jurisdiction, any federal court located in the State of Delaware or other Delaware state court,
so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of
action arising out of this Agreement shall be deemed to have arisen from a transaction of business in the State of Delaware, and
each of the parties hereby irrevocably consents to the exclusive jurisdiction of such courts (and of the appropriate appellate
courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection
that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any
such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit,
action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.
Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 4.01 shall be deemed
effective service of process on such party.

 

Section 4.07.WAIVER OF JURY TRIAL.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY

 

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IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 4.08.Counterparts; Effectiveness;
Third Party Beneficiaries. This Agreement may be signed in any number of counterparts (including by electronic means), each
of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This
Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of the other parties
hereto. Until and unless each party has received a counterpart hereof signed by each other party hereto, this Agreement shall have
no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or
other communication). No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations, or liabilities
hereunder upon any Person other than the parties hereto and their respective successors and assigns.

 

Section 4.09.Entire Agreement.
This Agreement and the Lockup Agreements entered into between the Stockholder Parties and CS&L constitute the entire agreement
between the parties with respect to the subject matter of this Agreement and supersede all prior agreements and understandings,
both oral and written, between the parties with respect to the subject matter of this Agreement.

 

Section 4.10.Severability. If
any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other Governmental
Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination,
the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the fullest extent possible.

 

Section 4.11.Specific Performance.
The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance
with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement
or to enforce specifically the performance of the terms and provisions hereof in the courts set forth in Section 4.06, in addition
to any other remedy to which they are entitled at law or in equity.

 

Section 4.12.Termination. This
Agreement shall terminate with respect to each Stockholder Party at the time at which such Stockholder Party ceases to own any
Equity Securities, except that such termination shall not affect (a) the rights perfected or the obligations incurred by such Stockholder
Party under this Agreement prior to such termination (including any liability for breach of this Agreement), (b) the obligations
expressly stated to survive termination hereof, (c) Section 4.05 and (d) this Article 4.

 

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Section 4.13.Relationship to Lockup
Agreement. To the extent that any provision of this Agreement conflicts with any obligation of any Stockholder Party under
its Lockup Agreement, the terms of this Agreement shall control.

 

 

[The remainder of
this page has been left blank intentionally.]

 

 

 

 

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IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed by their authorized representatives as of the date first above written.

 

	COMMUNICATIONS SALES & LEASING, INC.
	 
	 
	By:	 
	 	Name:
	 	Title:
	 	 

	[PEG BANDWIDTH HOLDINGS, LLC]
	 
	 
	By:	 
	 	Name:
	 	Title:
	 	 

	[OTHER UNITHOLDERS]
	 
	 
	By:	 
	 	Name:
	 	Title:

 

 

 

[Signature Page to Stockholders’
and Registration Rights Agreement]

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