Document:

Terms Document dated October 4, 2012

 Exhibit 4.1 
 CITIBANK CREDIT CARD ISSUANCE TRUST 
 Citiseries 

Class 2012-A1 Notes 
 Issuer Certificate 
 Pursuant to Sections 202 and 301(h) of the Indenture

 Reference is made to the Amended and Restated Indenture dated as of September 26, 2000, as amended and restated as
of August 9, 2011, between Citibank Credit Card Issuance Trust (the “Issuer”) and Deutsche Bank Trust Company Americas, as trustee (as so amended and restated, the “Indenture”). Capitalized terms used herein that are not
otherwise defined have the meanings set forth in the Indenture. All references herein to designated Sections are to the designated Sections of the Indenture. 
 Section 301(h) provides that the Issuer may from time to time create a tranche of Notes either by or pursuant to an Issuer Certificate setting forth the principal terms thereof. Pursuant to this
Issuer Certificate, there is hereby created a tranche of Notes having the following terms: 
 Series Designation: Citiseries. This series
is included in Group 1. 
 Tranche Designation: $500,000,000 0.55% Class 2012-A1 Notes of October 2015 (Legal Maturity Date October 2017)
(hereinafter, the “Class 2012-A1 Notes”) 
 Currency: The Class 2012-A1 Notes will be payable, and denominated, in Dollars.

 Denominations: The Class 2012-A1 Notes will be issuable in minimum denominations of $100,000 and multiples of $1,000 in excess of that
amount. 
 Issuance Date: October 4, 2012 
 Initial Principal Amount: $500,000,000 
 Issue Price: 99.94341% 

Interest Rate: per annum, calculated on the basis of a 360 day year of twelve 30 day months. 

Scheduled Interest Payment Dates: The 7th day of each April and October, beginning April 2013. 

Each payment of interest on the Class 2012-A1 Notes will include all interest accrued from and including the preceding Interest Payment Date — or,
for the first interest period, from and including the Issuance Date — to and including the day preceding the current Interest Payment Date, plus any interest accrued but not previously paid. 

 The first deposit targeted to be made to the Interest Funding sub-Account for the Class 2012-A1 Notes will
be on the November 6, 2012 Interest Deposit Date and in an amount equal to $252,083.33. 
 Expected Principal Payment Date:
October 7, 2015 
 Legal Maturity Date: October 10, 2017 
 Monthly Principal Date: For the month in which the Expected Principal Payment Date occurs, October 7, 2015, and for each other month, the 7th day of such month, or if such day is not a
Business Day, the next following Business Day. 
 Required Subordinated Amount of Class B Notes: $29,914,550. 

Required Subordinated Amount of Class C Notes: $39,886,050. 
 Controlled Accumulation Amount: $41,666,667. 
 Form of Notes: The Class 2012-A1
Notes will be issued as Global Notes. The Global Notes will initially be registered in the name of Cede & Co., as nominee of The Depository Trust Company, and will be exchangeable for individual Notes only in accordance with the provisions
of Section 204(c). 
 Additional Issuances of Class 2012-A1 Notes: The Issuer may at any time and from time to time issue additional
Class 2012-A1 Notes, subject to the satisfaction of (i) the conditions precedent set forth in Section 311(a) and (ii) the following conditions: 
  

	 	(a)	The Issuer has obtained written confirmation from each Rating Agency that there will be no Ratings Effect with respect to the then outstanding Class 2012-A1 Notes as a
result of the issuance of such additional Class 2012-A1 Notes; 

  

	 	(b)	As of the date of issuance of the additional Class 2012-A1 Notes, all amounts due and owing to the Holders of the then outstanding Class 2012-A1 Notes have been paid
and there is no Nominal Liquidation Amount Deficit with respect to the then outstanding Class 2012-A1 Notes; 

  

	 	(c)	The additional Class 2012-A1 Notes will be fungible with the original Class 2012-A1 Notes for federal income tax purposes; 

 

	 	(d)	If Holders of the then outstanding Class 2012-A1 Notes have benefit of a Derivative Agreement, the Issuer will have obtained a Derivative Agreement for the benefit of
the Holders of the additional Class 2012-A1 Notes; and 

  

	 	(e)	The ratio of the Controlled Accumulation Amount to the Initial Dollar Principal Amount of the Class 2012-Aa Notes, including the additional Class 2012-A1 Notes, will be
equal to the ratio of the Controlled Accumulation Amount (before giving effect to the additional issuance) to the Initial Dollar Principal Amount of the Class 2012-A1 Notes, excluding the additional Class 2012-A1 Notes. 

  
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 As of the date of issuance of additional Class 2012-A1 Notes, the Outstanding Dollar Principal Amount and
Nominal Liquidation Amount of the Class 2012-A1 Notes will be increased to reflect the Initial Dollar Principal Amount of the additional Class 2012-A1 Notes. 
 Any outstanding Class 2012-A1 Notes and any additional Class 2012-A1 Notes will be equally and ratably entitled to the benefits of the Indenture without preference, priority or distinction. 

Optional Redemption Provisions other than Section 1202 “Clean-Up Call”: None 

Additional Early Redemption Events or changes to Early Redemption Events: None 
 Additional Events of Default or changes to Events of Default: None 
 Business Day:
means any day other than (a) a Saturday or Sunday or (b) any other day on which national banking associations or state banking institutions in New York, New York or South Dakota, or any other state in which the principal executive offices
of any Additional Seller are located, are authorized or obligated by law, executive order or governmental decree to be closed. 
 Securities
Exchange Listing: None. 

  
 3 

 The Class 2012-A1 Notes shall have such other terms as are set forth in the form of Note
attached hereto as Exhibit A. Pursuant to Section 202, the form of Note attached hereto has been approved by the Issuer. 
  

			
	CITIBANK CREDIT CARD ISSUANCE TRUST
	By	 	    Citibank, N.A.,
		 	    as Managing Beneficiary

 

	
	 /s/ Douglas C. Morrison

	      Douglas C. Morrison
	Vice President     

 Dated: October 4, 2012 

  
 4 

 Citiseries 
 Class 2012-A1 Notes 
 Reference is made to the resolutions adopted by the
Board of Directors of Citibank, N.A. on July 19, 2011. The resolutions authorize Citibank, N.A. from time to time to issue and sell, or to arrange for or participate in the issuance and sale of, one or more series and/or classes of pass-through
certificates, participation certificates, commercial paper, notes, bonds or other securities representing ownership interests in, or backed or secured by, pools of credit card receivables or interests therein (the “Receivables”) in an
aggregate principal amount such that up to $100,000,000,000 of such certificates, commercial paper, notes, bonds or other securities are outstanding at any one time and to sell, transfer, convey, assign or pledge or grant a security interest in all
or any portion of its Receivables to Citibank Credit Card Master Trust I, Citibank Omni Trust or any direct or indirect subsidiaries of Citibank, N.A., affiliates of Citigroup Inc., additional trusts or other entities or trustees in connection
therewith on such terms as to be determined by the Citibank, N.A. Securitization Pricing and Loan Committee (the “Pricing and Loan Committee”). 
 The undersigned, a duly authorized member of the Pricing and Loan Committee, on behalf of such Pricing and Loan Committee, does hereby certify that the preceding Issuer Certificate, the terms of the
tranche of Notes set forth in and to be created by the Issuer Certificate and the increase in the Invested Amount of the Collateral Certificate resulting from the issuance of such Notes have been approved by such Pricing and Loan Committee. In
addition, the following underwriting/selling agent terms with respect to this tranche of Notes have been approved by such Pricing and Loan Committee: 
 Issue Price: 99.94341% 
 Underwriting Commission: 0.250% 

Proceeds to Issuer: 99.69341% 
 Representative of the Underwriters: Citigroup Global Markets Inc. 
 The preceding
Issuer Certificate and this certification of Pricing and Loan Committee approval shall be, continuously from the time of their execution, official records of Citibank, N.A. 

 

	
	 /s/ Douglas C. Morrison

	Douglas C. Morrison
	Member of the Securitization Pricing and Loan Committee
	Citibank, N.A.

 Dated: October 4, 2012 

  
 5 

 Exhibit A 
 FORM OF 
 CITISERIES 

0.55% CLASS 2012-A1 NOTES OF OCTOBER 2015 
 (Legal Maturity Date October 2017) 
  

			
	$500,000,000	  	REGISTERED
	CUSIP No. 17305E EW1	  	No. R-

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH
HEREIN AND IN THE INDENTURE REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 CITIBANK CREDIT CARD ISSUANCE TRUST 
 CITISERIES 

0.55% CLASS 2012-A1 NOTES OF OCTOBER 2015 
 (Legal Maturity Date October 2017) 
 CITIBANK CREDIT CARD ISSUANCE TRUST, a trust formed and
existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal amount of FIVE HUNDRED MILLION DOLLARS
($500,000,000). The Expected Principal Payment Date for this Note is October 7, 2015. The Legal Maturity Date for this Note is October 10, 2017. 
 The Issuer hereby promises to pay interest on this Note at the rate of 0.55% per annum on the 7th day of each April and October, beginning April 2013, until the principal of this Note is paid or made
available for payment, subject to certain limitations set forth in the Indenture. Interest will accrue on the principal amount of this Note outstanding on the preceding Interest Payment Date 

 
(after giving effect to any payments of principal made on the preceding Interest Payment Date), or with respect to the first Interest Payment Date, the initial principal amount of this Note.
Interest will accrue from October 4, 2012 and be computed on the basis of a 360-day year of twelve 30-day months. 
 If any Interest
Payment Date or Principal Payment Date of this Note falls on a day that is not a Business Day, the required payment of interest or principal will be made on the following Business Day. 
 This Note is one of the Citiseries, Class 2012-A1 Notes issued pursuant to the Amended and Restated Indenture dated as of September 26, 2000, as amended and restated as of August 9, 2011 (as
amended and otherwise modified from time to time, the “Indenture”) between the Issuer and Deutsche Bank Trust Company Americas, as Trustee. For purposes of this Note, the term “Indenture” includes any supplemental indenture or
Issuer Certificate relating to the Citiseries, Class 2012-A1 Notes. This Note is subject to all of the terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture will have the
meanings assigned to them therein. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. 
 Reference is made to the further provisions of
this Note set forth on the reverse hereof, which will have the same effect as though fully set forth on the face of this Note. 
 Unless the
certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note will not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by an
Issuer Authorized Officer. 
  

					
	CITIBANK CREDIT CARD ISSUANCE TRUST
		
	By:	 	CITIBANK, N.A.,
		 	as Managing Beneficiary of
		 	Citibank Credit Card Issuance Trust
			
		 	By:	 	  

		 		 	Douglas C. Morrison
		 		 	Vice President           

 Dated: October 4, 2012 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and
referred to in the within mentioned Indenture. 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	as Trustee under the Indenture
		
	By:	 	  

		 	Authorized Signatory

 Dated: October 4, 2012 

 REVERSE OF NOTE 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Citiseries 0.55% Class 2012-A1 Notes of October 2015 (Legal Maturity Date October 2017) (herein called the
“Notes”), all issued under an Indenture, to which Indenture reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. 

This Note ranks pari passu with all other Class A Notes of the same series, as set forth in the Indenture. This Note is secured to the extent, and
by the collateral, described in the Indenture. 
 The Issuer will pay interest on overdue interest as set forth in the Indenture to the extent
lawful. 
 Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a beneficial interest
in this Note, agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Trustee on the Notes, against the Issuer, the Issuer Trustee, Citibank, N.A., the Trustee or any affiliate, officer,
employee or director of any of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder of this Note will be subject to Article V of the Indenture. 

Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a beneficial interest in this Note, agrees
that this Note is intended to be debt of Citibank, N.A. for federal, state and local income and franchise tax purposes, and agrees to treat this Note accordingly for all such purposes, unless otherwise required by a taxing authority. 

Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a beneficial interest in this Note, agrees
that it will not at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceedings under any United States federal or
state bankruptcy or similar law in connection with any obligations relating to this Note, the Indenture or any Derivative Agreement. 
 This
Note and the Indenture will be construed in accordance with and governed by the laws of the State of New York. 
 Certain amendments may be made
to the Indenture without the consent of the Holder of this Note. This Note must be surrendered for final payment of principal and interest. 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of
assignee:                                 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 
  
  

 
  
  

(name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                         
                   , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

  

					
		  		  	 *

	Dated:                     	  		  	Signature Guaranteed:

  
  

	*	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular without
alteration, enlargement or any change whatsoever.Employment Agreement dated October 1, 2012

 Exhibit 10.1 
 NEUTRAL TANDEM, INC. 
 EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is entered into as of October 1, 2012, by and between
David Zwick, an individual resident of Chicago, Illinois (the “Executive”), and Neutral Tandem, Inc. d/b/a Inteliquent, a Delaware corporation (the “Company”). 

WHEREAS, the Company desires to employ the Executive and the Executive is willing to accept such employment upon the terms and
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein,
the parties agree as follows: 
 1. Employment by the Company. 

1.1 Effective Date. The effective date of this Agreement shall be October 1, 2012 (the “Effective
Date”) and this Agreement shall have an initial term that expires on September 30, 2015 unless terminated sooner pursuant to Section 5. At the expiration of the initial term and each anniversary thereof, the term of this
Agreement shall automatically renew for an additional period of one year unless either party provides written notice (a “Notice of Non-Renewal”) to the other of its or his intent not to renew this Agreement at least thirty
(30) days prior to the end of the initial term or any renewal term. 
 1.2 Position. Subject to terms set
forth herein, the Company agrees to employ Executive in the positions of Chief Financial Officer and Executive Vice President and Executive hereby accepts such positions. During the term of his employment with the Company, Executive will devote his
best efforts and all of his business time and attention (except for vacation periods as set forth herein, reasonable periods of illness or other incapacities permitted by the Company’s general employment policies) to the business of the
Company. 
 1.3 Duties. Executive shall perform such duties as are customarily associated with his then current
titles and as assigned to the Executive by the Company’s Board of Directors (the “Board”). The Board has the right to assign and change the Executive’s duties at any time, provided, however, that certain assignments and changes
in Executive’s duties hereunder may trigger certain rights and remedies of Employee as set forth elsewhere herein. At the request of the Board, the Executive shall serve as a member of the Board and any subsidiary of the Company without
compensation other than that provided in this Agreement. 
 1.4 Other Employment Policies. The employment
relationship between the parties shall also be governed by the general employment policies and practices of the Company, including those relating to protection of confidential information and assignment of inventions, except that when the terms of
this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control. 

  
 1 

 2. Compensation. 

2.1 Salary. Executive shall receive for all services rendered under this Agreement an annualized base salary of $280,000,
subject to federal and state withholding requirements, payable in accordance with the Company’s usual payroll practices. Such salary shall be adjusted no less than annually at the discretion of the Compensation Committee of the Board, but in no
event will the base salary be reduced. 
 2.2 Bonus. The Executive will be eligible to receive an annual bonus in
respect of each calendar year during the term of this Agreement in the form of a cash payment of forty (40%) of Executive’s base salary in the applicable calendar year (or such greater percentage as the Board may determine). Any bonus will
be based on the extent to which Executive achieves performance goals to be established by the Board from time to time in consultation with the Executive. The Company will pay Executive’s bonus, if any, no later than March 15 in the
calendar year following the calendar year to which the bonus relates. No bonus shall be deemed to have been earned by Executive for any calendar year in which the Executive is not actively employed as of December 31 of the calendar year to
which the bonus relates. 
 2.3 Benefits. 

(a) Executive shall be eligible to participate in all benefits plans and programs that the Company may offer to its employees
generally from time to time, under the terms and conditions of such plans or programs. Executive shall be entitled to four weeks paid vacation, to be earned in accordance with the Company’s policy or practice. 

(b) During the term of this Agreement, the Company will provide Executive with a cell phone and laptop computer, which shall be
returned promptly by the Executive to the Company upon termination of his employment. 
 3. Expense
Reimbursement. The Company will reimburse Executive for reasonable and customary business expenses, including monthly cell phone/PDA charges, in accordance with the Company’s standard reimbursement policies in effect from time to time.

 4. Executive Obligations. 
 4.1 Proprietary Information and Inventions Agreement. Executive agrees to abide by the terms and conditions of the Proprietary Information and Inventions Agreement between the Company and
Executive with an effective date of August 1, 2011. 
 4.2 Non-Competition Obligations. 

(a) Executive and the Company acknowledge that (i) the Company has developed and will continue to develop goodwill, going
concern value, customer and client relationships and confidential information that are valuable property rights of the Company and that Executive will have access to and knowledge concerning such rights, which if used other than for the benefit of
the Company could significantly injure the Company; and (ii) the Company is engaged in the operation of telecommunication hubs and switching systems, transmission and switching of voice, data, audio, video and information via telephone,
wireless and cable networks, and IP 

  
 2 

 
peering (the “Business”). Accordingly, and in consideration of the mutual promises contained herein, Executive covenants that, during the period commencing on the
Effective Date and terminating on the first anniversary of the Executive’s termination of employment (the “Restrictive Period”), he shall not, without the prior written consent of the Company, directly or indirectly, in
his individual capacity or on behalf of any other individual, partnership, corporation, limited liability company or any other entity (collectively “Person”), Compete with the Company or any of its respective successors or
assigns. 
 (b) For purposes of this Agreement, “Compete” shall mean: (i) to engage in
business activities identical or substantially similar to the Business as engaged in by the Company, or any entity controlling, under common control or controlled by the Company (collectively, the “Neutral Tandem Group”), at
any time during the one (1)-year period preceding the date of termination of Executive’s employment (a “Competitive Business”) hereunder within the geographic limits of those standard metropolitan statistical areas in
the United States within which the Neutral Tandem Group has engaged in the Business during the one (1)-year period preceding the date of termination of Executive’s employment or within which the Company contemplates engaging in or has developed
plans to engage in (based on its then-current business plan, operating plan, or similar document) the Business during the one (1)-year period following the date of termination of Executive’s employment (the “Territory”);
(ii) to assist any Person (whether in a financial, managerial, employment, advisory or other capacity or as a stockholder or owner, or by the provision of information) to engage in a Competitive Business within the Territory; or (iii) to
own any interest in or to organize a corporation, partnership or other business or organization which engages in a Competing Business within the Territory. Notwithstanding the foregoing, Executive’s ownership of or investment in an otherwise
Competing Business shall not be a violation of Section 4.2 if (a) the stock of such business is publicly traded, (b) Executive’s equity interest in such business does not exceed five percent (5%) of the aggregate outstanding
equity interests of such business, and (c) Executive does not otherwise participate in the management or operational affairs of such business, including as an advisor or consultant or in any other capacity. 

(c) The Executive acknowledges and agrees that the covenants contained in this Section 4.2 are reasonable in scope, geographic
application and duration, in view of the benefits to the Executive hereunder, and that the provisions of this Section 4.2 are both necessary and reasonable for the protection of the Company. 

5. Termination Of Employment.  
 5.1 General. Executive’s employment by the Company may be terminated by the Company or the Executive at any time, with or without Cause (as defined below). Upon termination of Executive’s
employment, the Company’s obligations to pay Executive’s base compensation shall be limited as provided in Sections 5.2 and 5.3 below. 
 5.2 Termination Without Cause, Etc. If Executive’s employment hereunder is terminated: 
 (a) by the Company without Cause; 

  
 3 

 (b) by the Executive for Good Reason; 

(c) by the Executive for any reason after the Company’s delivery of a Notice of Non-Renewal; or 

(d) within twelve (12) months following a Change of Control (as defined below) (A) by the Company without Cause or (B) by
Executive for Good Reason or for any reason after the Company’s delivery of a Notice of Non-Renewal; then 
 the Company will pay Executive
subject to his compliance with the agreements referred to or set forth in Section 4: 
 (x) any unpaid base salary through
the date of termination, and any accrued vacation pay; and 
 (y) severance pay equal to twelve (12) months’ base
salary at the salary rate in effect on the date of termination; provided, however, that in the case of a termination pursuant to Section 5.2(d), such severance pay shall be equal to twenty-four (24) months’ base salary at the rate in
effect on the date of termination. 
 Subject to the provisions of Section 6.10(b), any severance payable pursuant to this Section 5.2
shall be paid in equal installments in accordance with the Company’s payroll payment schedule in effect on the date Executive’s employment terminates, provided that any such payment that would (absent this proviso) be made less than sixty
(60) days after the date Executive’s employment terminates shall instead be paid on the sixtieth (60th) day after the date Executive’s employment terminates. It is a condition precedent to the Company’s obligation to make
any severance payments to Executive pursuant to this Section 5.2 that Executive executes a general release, in form and substance acceptable to the Board, in favor of the Company, the members of the Board and its other affiliates releasing all
claims arising out of Executive’s employment and his termination of employment, and that such release shall be executed (and no longer subject to revocation, if applicable) within sixty (60) days following the date Executive’s
employment terminates. 
 5.3 Other Termination Events. In the event that Executive dies, becomes Disabled (as defined
below), or Executive’s employment terminates or is terminated for any other reason other than as described in Section 5.2(a) through 5.2(d), the Company will only be obligated to pay Executive (a) any unpaid base salary through the
date of termination, (b) any unused vacation accrued through the date of termination, and (c) any unreimbursed business expenses. 
 5.4 Certain Definitions. For purposes of this Agreement: 
 (a) The
term “Cause” shall mean any of the following: (i) Executive’s willful misconduct in the performance of his duties for the Company, or Executive’s willful failure to abide by or comply with any legal policy or
directive of the Board, (ii) conviction of or plea of guilty or any other plea other than “not guilty” to a felony, or any crime involving dishonesty or moral turpitude; (iii) the violation by Executive of any material provision
of this Agreement which either is not cured within ten (10) days after written notice is given to Executive by the Company or constitutes a habitual breach; or (iv) Executive’s dishonesty, misappropriation or fraud with regard to the
business or affairs of the Company or its affiliates. 

  
 4 

 (b) The term “Change of Control” of the Company shall mean
any transaction or series of related transactions whether by consolidation, merger, sale or issuance of equity securities, or sale or transfer of all or substantially all of the Company’s assets, or otherwise, in which any one person, or more
than one person acting as a group, (i) acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the
Company or (ii) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than forty
(40) percent of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions (excluding any asset transferred to (A) shareholder of the Company (immediately before the asset
transfer) in exchange for or with respect to its stock, (B) an entity, fifty (50) percent or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (C) a person, or more than one person
acting as a group, that owns, directly or indirectly, fifty (50) percent or more of the total value or voting power of all the outstanding stock of the Company, or (D) an entity, at least 50 percent of the total value or voting power of
which is owned, directly or indirectly, by a person described in clause (ii)(C) of this definition. This definition is intended to comply with the definitions of “change in ownership” of a corporation and “change in ownership of a
substantial portion of the assets” of a corporation set forth in the Treasury Regulations issued under section 409A(a)(2)(A)(v) of the Internal Revenue Code and shall be interpreted in a manner consistent with such intention. 

(c) The term “Disability” shall mean Executive is prevented, by illness, accident, disability or any other
physical or mental condition (to be determined by means of a written opinion of a competent medical doctor chosen by mutual agreement of the Company and Executive or Executive’s personal representative(s)) from substantially performing
Executive’s duties and responsibilities hereunder for one (1) or more periods totaling ninety (90) days in any twelve (12)-month period. 
 (d) The term “Good Reason” shall mean without Executive’s written consent: (i) a material adverse change in Executive’s title or the duties assigned to
Executive or (ii) any material failure by the Company to comply with its obligations under this Agreement, but in each such case only if Executive has provided notice to the Company of the existence of the condition described in clause
(i) or (ii) of this definition within ninety (90) days following of the initial existence of the condition, and the Company has not remedied such condition within thirty (30) days after receiving such notice. 

  
 5 

 6. General Provisions. 

6.1 Notices. Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of delivery,
if by hand or by facsimile (with confirmed receipt), one (1) business day after deposit with a reputable overnight courier service, or three (3) business days after mailing by first class mail, to the Company at its primary office location
and to Executive at his address as listed on the Company payroll. 
 6.2 Severability. Whenever possible, each
provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule
in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provisions had never been contained herein. 
 6.3 Waiver. If either party should waive any breach of
any provisions of this Agreement, he or it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 
 6.4 Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company with respect to the subject matter contained herein. This Agreement supersedes any
prior oral discussions or written communications and agreements, including the prior employment agreement between Executive and Company. This Agreement is entered into without reliance on any promise or representation other than those expressly
contained herein, and it cannot be modified or amended except in writing signed by an authorized officer of the Company and Executive. 
 6.5 Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will
constitute one and the same Agreement. 
 6.6 Headings. The headings of the sections hereof are inserted for
convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 
 6.7
Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may
not assign any of his duties hereunder and he may not assign any of his rights hereunder without the written consent of the Company, which shall not be withheld unreasonably. 
 6.8 Attorney Fees. Each of the Company and Executive shall be responsible for their own respective costs and expenses (including, without limitation, attorneys’ fees and costs) in
connection with any action brought by any party to enforce its rights hereunder or any other legal action involving this Agreement or any party’s performance hereunder. 

  
 6 

 6.9 Choice of Law. All questions concerning the construction, validity and
interpretation of this Agreement will be governed by the law of the internal, substantive laws of the State of Delaware, without reference to the conflict of laws provisions thereof. Executive expressly consents to the jurisdiction of the state and
federal courts of Cook County, Illinois, for all actions arising out of or relating to this Agreement. 
 6.10 Section 409A
Compliance. 
 (a) It is the intention of the parties that no payment or entitlement pursuant to this Agreement will
give rise to any adverse tax consequences to any person pursuant to Internal Revenue Code Section 409A. This Agreement shall be interpreted to that end, and no effect shall be given to any provision herein in a manner that reasonably could be
expected to give rise to adverse tax consequences under said 409A. Should either party determine that there is a reasonable possibility that the text of this Agreement could give rise to such adverse tax consequences, the parties agree to negotiate
in good faith to amend the Agreement to obviate the possibility of such consequences. 
 (b) If at
any time, the Company or any successor obligated to make any payment hereunder (the “Employer”) has a class of stock that is publicly traded on an established securities market or otherwise, then the Employer shall from time
to time compile a list of “Specified Employees” as defined in and pursuant to, section 1.409A-1(i) of the Treasury Regulations or any successor regulation. Notwithstanding any other provision of this Agreement, if the Executive is a
Specified Employee on the date of termination of his employment within the meaning of section 1.409A-1(h)(1)(ii) of the Treasury Regulations or any successor regulation (his “Termination of Employment”), no payment of
compensation shall be made to the Executive under any provision of this Agreement (including Section 5.2) during the period ending six (6) months from the date of his Termination of Employment unless the Employer determines that there is
no reasonable basis for believing that making such payment would cause the Executive to suffer any adverse tax consequences pursuant to Section 409A of the Internal Revenue Code. If any payment to the Executive is delayed pursuant to the
provisions of this Section 6.10(b), such payment instead shall be made on the first (1st) business day following the expiration of the six (6)-month period referred to herein, together with a compensatory amount in the nature of interest computed at the “Prime Rate” as of the
date of Termination of Employment (as reported in The Wall Street Journal) plus two percent (2%). For purposes of Section 409A of the Internal Revenue Code, Executive’s right to receive any installment payments pursuant to this Agreement
shall be treated as a right to receive a series of separate and distinct payments. 
 7. Former
Employment.  
 7.1 No Conflict with Existing Obligations. Executive represents that his performance of
all the terms of this Agreement and as an employee of the Company does not and will not breach any agreement or obligation of any kind made prior to his employment by the Company, including agreements or obligations he may have with prior employers
or entities for which he has provided services. Executive has not entered into, and agrees he will not enter into, any agreement or obligation either written or oral in conflict herewith. 

  
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 IN WITNESS WHEREOF, the parties have executed this Employment Agreement on the
day and year first above written. 
  

			
	 NEUTRAL TANDEM, INC. D/B/A
 INTELIQUENT

		
	By:	 	/s/ G. Edward Evans
		 	Name: G. Edward Evans
		 	Title: Chief Executive Officer

 Accepted and agreed as of the Effective Date 

 

	
	/s/ David Zwick
	David Zwick

  
 8

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