Document:

Form of Stock Option Agreement

 Exhibit 10.12 
 2011 EQUITY INCENTIVE PLAN OF 
 BUCCANEER HOLDINGS, INC. 

STOCK OPTION AGREEMENT 
 GRANT NOTICE 
 Unless otherwise defined herein, the terms defined in the 2011 Equity
Incentive Plan of Buccaneer Holdings, Inc. (the “Plan”) shall have the same defined meanings in this Stock Option Agreement, which includes the terms in this Grant Notice (the “Grant Notice”) and Appendix A
attached hereto (collectively, the “Agreement”). 
 You have been granted an Option to purchase Common Stock of the Company,
subject to the terms and conditions of the Plan and this Agreement, as follows: 
  

			
	Name of Optionee:	  	
		
	Total Number of Shares Subject to the Option:	  	
		
	Grant Date:	  	
		
	 Type of Option:
	  	Nonqualified Stock Option
		
	 Final Expiration Date:
	  	
		
	 Vesting Schedule:
	  	This Option will vest and become exercisable in accordance with the vesting schedule set forth in Appendix A
		
	 Exercise Price per Share:
	  	$ per Share
		
	 Total Exercise Price on Grant Date:
	  	$

 Your signature below indicates your agreement and understanding that this Option is subject to all of the terms
and conditions contained in the Agreement (including this Grant Notice and Appendix A to the Agreement) and the Plan. ACCORDINGLY, PLEASE BE SURE TO READ ALL OF APPENDIX A, WHICH CONTAINS THE SPECIFIC TERMS AND CONDITIONS OF THIS
OPTION. 
  

									
	BUCCANEER HOLDINGS, INC.	 		 	OPTIONEE
					
	By	 	 	 		 		 	 
		 	Name: James A. Attwood, Jr.	 		 		 	
		 	Title: Chairman	 		 		 	

  
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 APPENDIX A TO STOCK OPTION AGREEMENT 

ARTICLE I.  
 GRANT OF OPTION 
 Section 1.1 Grant of Option. The Company hereby
grants to the Optionee the Option to purchase any part or all of an aggregate of the Shares set forth in the Grant Notice pursuant to which this Appendix is attached, upon the terms and conditions set forth in the Plan and this Agreement (including
the Grant Notice and this Appendix A). The Optionee hereby agrees that except as required by law, he or she will not disclose to any Person other than the Optionee’s spouse and/or tax or financial advisor (if any) the grant of the Option or any
of the terms or provisions hereof without the prior approval of the Administrator, and the Optionee agrees that, in the discretion of the Administrator, the Option shall terminate and any unexercised portion of such Option (whether or not then
exercisable) shall be forfeited if the Optionee violates the non-disclosure provisions of this Section 1.1. In connection with the grant of the Option, the Optionee shall cause his or her spouse, if any, to execute the consent attached hereto
as Exhibit A as soon as practicable following the Grant Date. 
 Section 1.2 Option Subject to Plan. The Option
granted hereunder is subject to the terms and provisions of the Plan, including without limitation, Article V and Article VIII thereof. 

Section 1.3 Exercise Price. The Exercise Price of a Share covered by the Option shall be the Exercise Price per Share as set forth in
the Grant Notice (without commission or other charge). 
 ARTICLE II.  

VESTING SCHEDULE; EXERCISABILITY 
 Section 2.1 Commencement of Exercisability. 
 (a) Subject to
Section 2.1(d) and Section 2.3, 75% of the shares covered by the Option shall become vested and exercisable in five equal and cumulative installments provided that the Optionee remains continuously employed in active service by the Company
or any of its Subsidiaries from the Grant Date through such date as follows: 
 (i) The first installment shall
consist of 15% of the shares covered by the Option and shall become vested and exercisable on December 31, 20    ; 
 (ii) The second installment shall consist of 15% of the shares covered by the Option and shall become vested and exercisable on December 31, 20    ; 

(iii) The third installment shall consist of 15% of the shares covered by the Option and shall become vested and
exercisable on December 31, 20    ; 
 (iv) The fourth installment shall consist
of 15% of the shares covered by the Option and shall become vested and exercisable on December 31, 20    ; and 
 (v) The fifth installment shall consist of 15% of the shares covered by the Option and shall become vested and exercisable on December 31, 20    . 

  
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 (b) Subject to Section 2.1(d) and Section 2.3, 25% of the shares covered by the
Option shall become vested and exercisable in five equal and cumulative installments provided that the Optionee remains continuously employed in active service by the Company or any of its Subsidiaries from the Grant Date through the applicable date
of determination as to whether the respective EBITDA Targets or Cumulative EBITDA Targets have been met as follows: 
 (i) An installment consisting of 5% of the shares covered by the Option shall become vested and exercisable on a date on or within 90 days following December 31 of each calendar year
20     through 20     if, as of such date, the Committee has determined that the EBITDA as of such December 31 equals or exceeds the applicable EBITDA Target for such year. 

(ii) If the EBITDA as of the end of any calendar year 20     through
20     is less than the applicable EBITDA Target with respect to such year, that portion of the Option that was subject to vesting and exercisability pursuant to Section 2.1(b)(i) with respect to such year shall
become vested and exercisable on a date on or within 90 days following the first December 31 thereafter if, as of such date, the Committee has determined that (A) the EBITDA as of such December 31 equals or exceeds the applicable
EBITDA Target for such year and (B) the Cumulative EBITDA equals or exceeds the applicable Cumulative EBITDA Target through such December 31. 
 (c) The Committee shall make the determination as to whether the respective EBITDA Targets and Cumulative EBITDA Targets have been met, and shall determine the extent, if any, to which the Option has
become vested and exercisable, on any such date as the Committee in its sole discretion shall determine; provided, however, that, with respect to each calendar year, such date shall not be later than the 90th day following
December 31 of such calendar year. 
 (d) The Shares covered by the Option shall become vested and exercisable in the event
of termination of service without Cause within the twelve (12)-month period immediately following a Change in Control. 
 (e)
The Administrator in its sole discretion may accelerate the vesting and/or exercisability of any portion of the Option that does not otherwise become vested or exercisable pursuant to Section 2.1. Notwithstanding anything to the contrary in
this Agreement, any portion of the Option that has not become vested or exercisable pursuant to Section 2.1 on or prior to the date of the Optionee’s termination of service as a Service Provider shall be forfeited and shall not thereafter
become vested or exercisable. 
 Section 2.2 Duration of Exercisability. The installments provided for in Section 2.1 are
cumulative. Each such installment which becomes exercisable pursuant to Section 2.1 shall remain exercisable until it becomes unexercisable under Section 2.3. Once the Option becomes unexercisable, it shall be forfeited immediately.

 Section 2.3 Expiration of Option. 
 (a) The Option may not be exercised to any extent by anyone after the first to occur of the following events: 
 (i) The Final Expiration Date; 

  
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 (ii) In the event that the Company or any Principal Stockholder(s) provides
a Repurchase Notice (defined below) to Optionee following the Optionee’s termination of service as a Service Provider for any reason other than Cause, death or Disability, sixty (60) days following the date of the Optionee’s
termination of service as a Service Provider; 
 (iii) Except as the Administrator may otherwise approve, the
date of (A) the Optionee’s termination of service as a Service Provider for Cause or (B) the Optionee’s material breach of any of the restrictive covenants set forth herein or in any other written agreement by and between the
Company (or any of its Affiliates) and the Optionee; or 
 (iv) In the event that the Company or any Principal
Stockholder(s) provides a Repurchase Notice to Optionee (or, if deceased, his or her applicable representative) following the Optionee’s termination of service as a Service Provider by reason of the Optionee’s death or Disability, six
(6) months following the Optionee’s termination of service as a Service Provider. 
 Section 2.4 Partial Exercise.
Subject to Section 5.2 of the Plan, any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes
unexercisable. 
 Section 2.5 Exercise of Option. The exercise of the Option shall be governed by the terms of this Agreement
and the terms of the Plan, including, without limitation, the provisions of Article V of the Plan. 
 Section 2.6 Manner of
Exercise; Tax Withholding. 
 (a) Unless determined otherwise by the Administrator, as a condition to the exercise of the
Option, the Optionee shall (i) notify the Company at least thirty (30) days prior to exercise and no earlier than ninety days prior to exercise that the Optionee intends to exercise, and (ii) concurrently with the exercise of the
Option, execute that certain Management Stockholders Agreement by and among Buccaneer Holdings, Inc., Carlyle Partners V, L.P., Carlyle Partners V-A, L.P., CP V Coinvestment A, L.P., CP V Coinvestment B, L.P., and each of the other stockholders who
become parties to such agreement from time to time, dated on or about the Grant Date (the “Management Stockholders Agreement”), unless the Optionee has already executed the Management Stockholders Agreement. This Section 2.6(a)
shall not apply if the Shares underlying the Option are registered on Form S-8. 
 (b) To the extent permitted by law or the
applicable listing rules, if any, the Optionee may pay for the Shares with respect to which such Option or portion of such Option is exercised through (i) payment in cash; (ii) with the consent of the Administrator, the delivery of Shares
which are owned by the Optionee, duly endorsed for transfer to the Company with a Fair Market Value on the date of delivery equal to the aggregate Exercise Price of the exercised portion of the Option; (iii) with the consent of the
Administrator, through the surrender of Shares then issuable upon exercise of the Option having a Fair Market Value on the date of the exercise of the Option equal to the aggregate Exercise Price of the exercised portion of the Option; or
(iv) with the consent of the Administrator, delivery of a notice that the Optionee has placed a market sell order with a broker with respect to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a
sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate Exercise Price; provided that payment of such proceeds is then made to the Company upon settlement of such sale. 

(c) The Optionee shall make appropriate arrangements for the payment to the Company (or its Subsidiaries, as applicable) in cash of all
amounts which the Company (or its Subsidiaries, as applicable) is required to withhold under applicable law in connection with the exercise of the Option. Notwithstanding the prior sentence, with the consent of the Administrator and subject to any
applicable legal conditions or restrictions, the Company shall, upon the Optionee’s request, withhold from the Shares 

  
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otherwise issuable to the Optionee upon the exercise of the Option or any portion thereof a number of whole Shares having a Fair Market Value, determined as of the date of exercise, not in excess
of the minimum of tax required to be withheld by law (or such lower amount as may be necessary to avoid variable award accounting). Any adverse consequences to the Optionee arising in connection with the share withholding procedure set forth in the
preceding sentence shall be the sole responsibility of the Optionee. 
 (d) Notwithstanding anything to the contrary herein, if
the Company or any Principal Stockholder(s) provides written notice to Optionee of its desire to repurchase any or all of the Shares subject to the Option pursuant to the Management Stockholders Agreement (a “Repurchase Notice”) on
or within thirty (30) days following the Optionee’s termination of service as a Service Provider, (i) Optionee shall be required to exercise the Option with respect to such Shares prior to the expiration of such Option pursuant to
Section 2.3(a)(ii) or (iv), as applicable, (ii) notwithstanding anything to the contrary in Section 2.6(b), the Optionee shall be permitted to exercise the Option in the manner set forth in Section 2.6(b)(ii) or (iii),
(iii) notwithstanding anything to the contrary in Section 2.6(c), the Optionee shall be permitted to satisfy any applicable withholding tax due under applicable law in connection with the exercise of the Option by instructing the Company
to withhold that number of Shares having a Fair Market Value, determined as of the date of exercise, equal to the minimum of tax required to be withheld by law (rounded down to nearest whole number of Shares with a Fair Market Value not in excess of
the amount of tax required to be so withheld), and (iv) the Company or the Principal Stockholder(s) that provided the Repurchase Notice shall repurchase such Shares in accordance with the terms of the Management Stockholders Agreement as soon
as reasonably practicable following exercise, but in no event (A) prior to the day immediately following the six-month anniversary of the date on which such Shares were issued or (B) later than the thirtieth day following the six-month
anniversary of the date on which such Shares were issued; provided that, in no event, shall Optionee be required to exercise the Option pursuant to this Section 2.6(d) if the Exercise Price exceeds the Fair Market Value at all times
during the period beginning on the date of delivery of the Repurchase Notice and ending on the date of the expiration of the Option pursuant to Section 2.3(a)(ii) or (iv), as applicable. Notwithstanding anything to the contrary in the
Management Stockholders Agreement, to the extent the Company and/or any Principal Stockholder(s) do not provide the Repurchase Notice to the Optionee on or within thirty (30) days following the Optionee’s termination of service as a
Service Provider, the Company and/or any such Principal Stockholder(s), as applicable, waive all of its or their respective rights pursuant to Section 6 of the Management Stockholders Agreement to repurchase any Shares issued upon exercise of
the Option (other than in the event of the Optionee’s breach of any of the restrictive covenants set forth herein or in any other written agreement by and between the Company (or any of its Affiliates) and the Optionee in which case all rights
of the Company and/or the Principal Stockholder(s) to repurchase Shares pursuant to Section 6 of the Management Stockholders Agreement shall remain in full force and effect). 

ARTICLE III.  
 RESTRICTIVE COVENANTS 
 Section 3.1 Obligation to Maintain
Confidentiality. Optionee acknowledges that the confidential or proprietary information and data (including trade secrets) of the Company or any of its Subsidiaries or Affiliates obtained by Optionee while employed by or in the service of the
Company or any of its Subsidiaries or Affiliates (including, without limitation, prior to the date of this Agreement) (“Confidential Information”) are the property of the Company or such Subsidiaries or Affiliates, including
information concerning acquisition opportunities in or reasonably related to the Company’s, or such Subsidiaries’ or Affiliates’ business or industry of which Optionee becomes aware during the period of Optionee’s employment or
service. Therefore, Optionee agrees that he or she will not disclose to any unauthorized person, group or entity or use for Optionee’s own account any Confidential Information without the Company’s written consent, unless and to the extent
that the Confidential Information, (a)

  
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becomes generally known to and available for use by the public other than as a result of Optionee’s acts or omissions to act, (b) was known to Optionee prior to Optionee’s
employment or service with the Company or any of its Subsidiaries and Affiliates, or (c) is required to be disclosed pursuant to any applicable law or court order. Optionee shall use reasonable best efforts to deliver to the Company on the date
of his or her termination of employment, or at any other time the Company may request, all memoranda, notes, plans, records, reports, computer tapes, printouts and software and other documents and data (and copies thereof) relating to the
Confidential Information, Work Product (as defined below) or the business of the Company and its Subsidiaries and Affiliates (including, without limitation, all acquisition prospects, lists and contact information) which Optionee may then possess or
have under his or her control, but excluding financial information of the Company relating to Optionee’s ownership of Option Shares, which information will nonetheless continue to constitute Confidential Information. 

Section 3.2 Ownership of Property. Optionee acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements,
developments, methods, processes, programs, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any Confidential Information) and all registrations or applications related thereto,
all other proprietary information and all similar or related information (whether or not patentable) that relate to the Company’s or any of its Subsidiaries’ or Affiliates’ actual or anticipated business, research and development, or
existing or future products or services and that were or are conceived, developed, contributed to, made, or reduced to practice by Optionee (either solely or jointly with others) while employed by or in the service of the Company or any of its
Subsidiaries or Affiliates (including, without limitation, prior to the date of this Agreement) (including any of the foregoing that constitutes any proprietary information or records) (“Work Product”) belong to the Company or such
Subsidiary or Affiliate and Optionee hereby assigns, and agrees to assign, all of the above Work Product to the Company or to such Subsidiary or Affiliate. Any copyrightable work prepared in whole or in part by Optionee in the course of
Optionee’s work for any of the foregoing entities shall be deemed a “work made for hire” under the copyright laws, and the Company or such Subsidiary or Affiliate shall own all rights therein. To the extent that any such copyrightable
work is not a “work made for hire,” Optionee hereby assigns and agrees to assign to the Company or such Subsidiary or Affiliate all right, title, and interest, including without limitation, copyright in and to such copyrightable work.
Optionee shall as promptly as practicable under the circumstances disclose such Work Product and copyrightable work to the Company and perform all actions reasonably requested by the Company (whether during or after Optionee’s employment with
or service to the Company and its Subsidiaries and Affiliates) to establish and confirm the Company’s or such Subsidiary’s or Affiliate’s ownership (including, without limitation, assignments, consents, powers of attorney, and other
instruments). 
 Section 3.3 Third Party Information. Optionee understands that the Company and its Subsidiaries and
Affiliates will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s and its Subsidiaries and Affiliates’ part to maintain the confidentiality of
such information and to use it only for certain limited purposes. During the period of Optionee’s employment with or service to the Company or its Subsidiaries or Affiliates and thereafter, and without in any way limiting the provisions of
Section 3.1 above, Optionee will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than personnel and consultants of the Company or its Subsidiaries and Affiliates who need to know such information
in connection with their work for the Company or its Subsidiaries and Affiliates) or use, except in connection with Optionee’s work for the Company or its Subsidiaries and Affiliates, Third Party Information unless expressly authorized by the
Company in writing or unless and to the extent that the Third Party Information, (a) becomes generally known to and available for use by the public other than as a result of Optionee’s acts or omissions to act, (b) was known to
Optionee prior to Optionee’s employment with or service to the Company or any of its Subsidiaries and Affiliates, or (c) is required to be disclosed pursuant to any applicable law or court order. 

  
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 Section 3.4 Use of Information of Prior Employers. During Optionee’s employment or
service, Optionee will not improperly use or disclose any confidential information or trade secrets, if any, of any former employers or any other person to whom Optionee has an obligation of confidentiality, and will not bring onto the premises of
the Company, its Subsidiaries or Affiliates any unpublished documents or any property belonging to any former employer or any other person to whom Optionee has an obligation of confidentiality unless consented to in writing by the former employer or
person. Optionee will use in the performance of Optionee’s duties only information which is (a)(i) common knowledge in the industry or (ii) is otherwise legally in the public domain, (b) is otherwise provided or developed by the
Company, its Subsidiaries or Affiliates or (c) in the case of materials, property or information belonging to any former employer or other person to whom Optionee has an obligation of confidentiality, approved for such use in writing by such
former employer or person. 
 Section 3.5 Noncompetition and Nonsolicitation. Optionee acknowledges that, in the course of
Optionee’s employment, Optionee will become familiar with the Company’s and its Subsidiaries’ and Affiliates’ trade secrets and with other confidential information concerning the Company and its Subsidiaries and Affiliates and
that Optionee’s services will be of special, unique and extraordinary value to the Company and its Subsidiaries and Affiliates. Therefore, Optionee agrees that: 
 (a) Noncompetition. While employed by the Company or any of its Subsidiaries or Affiliates, and for a period beginning on the date of termination of Optionee’s employment for any reason and
ending on the first anniversary of such date of termination (the “Noncompete Period”), Optionee shall not, anywhere in the world where the Company or its Subsidiaries or Affiliates conduct or actively propose to conduct business
during Optionee’s employment, directly or indirectly own, manage, control, participate in, consult with, be employed by or in any manner engage in any business competing with the businesses of the Company or its Subsidiaries or Affiliates prior
to Optionee’s termination of employment with the Company and its Subsidiaries and Affiliates; provided, however, that Optionee may own up to 2% of any class of an issuer’s publicly traded securities. Nothing in this
Section 3.5(a) confers upon Optionee any right to receive severance or obligates the Company to pay any severance to Optionee in connection with his or her termination of employment for any reason. 

(b) Nonsolicitation. During the Noncompete Period, Optionee shall not directly or indirectly through another entity
(i) induce or attempt to induce any employee of the Company or its Subsidiaries or Affiliates to leave the employ of the Company or any of its Subsidiaries or Affiliates, or in any way interfere with the relationship between the Company or its
Subsidiaries or Affiliates and any employee thereof, and (ii) hire any person who was an employee of the Company or any of its Subsidiaries or Affiliates within 180 days prior to the time such employee was hired by Optionee, (iii) induce
or attempt to induce any customer, supplier, licensee or other business relation of the Company or its Subsidiaries or Affiliates to cease doing business with the Company or its Subsidiaries or Affiliates or in any way interfere with the
relationship between any such customer, supplier, licensee or business relation and the Company or its Subsidiaries or Affiliates or (iv) directly or indirectly acquire or attempt to acquire an interest in any business relating to the business
of the Company or its Subsidiaries or Affiliates and with which the Company, its Subsidiaries or Affiliates has entered into substantive negotiations or has requested and received confidential information relating to the acquisition of such business
by the Company, its Subsidiaries or Affiliates in the two-year period immediately preceding Optionee’s termination of employment with the Company or any of its Subsidiaries or Affiliates. 

(c) Enforcement. If, at the time of enforcement of Section 3.5(a) or (b), a court holds that the restrictions stated herein
are unreasonable under circumstances then existing, the parties hereto agree that the maximum duration, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area and that the court shall
be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by law. Optionee agrees that 

  
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because his or her services are unique and Optionee has access to confidential information, money damages would be an inadequate remedy for any breach of Article III. Optionee agrees that the
Company, its Subsidiaries and Affiliates, in the event of a breach or threatened breach of this Article III, may seek injunctive or other equitable relief in addition to any other remedy available to them in a court of competent jurisdiction without
posting bond or other security. 
 (d) Non-disparagement. Optionee agrees that at no time during his employment by the
Company or any of its Subsidiaries or Affiliates or thereafter, shall he make, or cause or assist any other person to make, any statement or other communication to any third party which impugns or attacks, or is otherwise critical of, in any
material respect, the reputation, business or character of the Company or any of its Subsidiaries or Affiliates or any of their respective directors, officers or employees; provided that Optionee shall not be required to make any untruthful
statement or to violate any law; and provided, further, that Optionee may make any truthful statement or communication to any third party which clarifies or corrects any statement or other communication by or on behalf of the Company
or any of its Subsidiaries or Affiliates or any of their respective directors, officers or employees which impugns or attacks, or is otherwise critical of, in any material respect, the reputation, business or character of Optionee. 

(e) Acknowledgments. Optionee acknowledges that the provisions of this Article III are (i) in addition to, and not in
limitation of, any obligation of Optionee’s under the terms of any employment agreement with the Company or any of its Subsidiaries or Affiliates, (ii) in consideration of (A) employment with the Company or any of its Subsidiaries or
Affiliates, (B) the issuance of the Option by the Company and (C) additional good and valuable consideration as set forth in this Agreement. In addition, Optionee agrees and acknowledges that the restrictions contained in Article III do
not preclude Optionee from earning a livelihood, nor do they unreasonably impose limitations on Optionee’s ability to earn a living. In addition, Optionee acknowledges that (x) the business of the Company and its Subsidiaries and
Affiliates will be international in scope and without geographical limitation, (y) notwithstanding the state of incorporation or principal office of the Company or its Subsidiaries or Affiliates, or any of their respective executives or
employees (including the Optionee), it is expected that the Company and its Subsidiaries and Affiliates will have business activities and have valuable business relationships within its industry throughout the world, and (z) as part of
Optionee’s responsibilities, Optionee will be traveling and conducting business throughout the world in furtherance of the Company’s and/or its Subsidiaries’ and Affiliates’ business and their respective relationships. Optionee
agrees and acknowledges that the potential harm to the Company or its Subsidiaries or Affiliates of the non-enforcement of this Article III outweighs any potential harm to Optionee of its enforcement by injunction or otherwise. Optionee acknowledges
that he or she has carefully read this Agreement and has given careful consideration to the restraints imposed upon Optionee by this Agreement, and is in full accord as to their necessity for the reasonable and proper protection of confidential and
proprietary information of the Company, and its Subsidiaries and Affiliates now existing or to be developed in the future. Optionee expressly acknowledges and agrees that each and every restraint imposed by this Agreement is reasonable with respect
to subject matter, time period and geographical area. 
 ARTICLE IV.  

OTHER PROVISIONS 

Section 4.1 Optionee Representation; Not a Contract of Service. The Optionee hereby represents that the Optionee’s execution of
this Agreement and participation in the Plan is voluntary and that the Optionee has in no way been induced to enter into this Agreement in exchange for or as a requirement of the expectation of service with the Company or any of its Subsidiaries.
Nothing in this Agreement or in the Plan shall confer upon the Optionee any right to continue as a Service Provider or shall interfere with or restrict in any way the rights of the Company or its Subsidiaries, which are hereby expressly reserved, to
discharge the Optionee at any time for any reason whatsoever, with or without Cause except pursuant to an employment or consulting agreement executed by and between the Company and the Optionee and approved by the Board. 

  
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 Section 4.2 Shares Subject to Plan and Management Stockholders Agreement; Restrictions on the
Transfer of Options and Common Stock. The Optionee acknowledges that this Option and any Shares acquired upon exercise of the Option are subject to the terms of the Plan and the Management Stockholders Agreement including, without limitation,
the restrictions set forth in Sections 5.6 and 5.7 of the Plan. In the event of a conflict between the terms of this Agreement and the Plan, the terms of the Plan shall control. 
 Section 4.3 Construction. This Agreement shall be administered, interpreted and enforced under the laws of the state of Delaware, without regard to conflicts of law principles of any
jurisdiction. 
 Section 4.4 Conformity to Securities Laws. The Optionee acknowledges that the Plan is intended to conform to
the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission, including without limitation Rule 16b-3. Notwithstanding
anything herein to the contrary, the Plan, the Management Stockholders Agreement and this Agreement shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations. To
the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 
 Section 4.5 Amendment, Suspension and Termination. The Option may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the
Administrator or the Board; provided that, except as provided by Section 8.1 of the Plan, neither the amendment, modification, suspension nor termination of this Agreement (including the Grant Notice) shall, without the consent of the
Optionee, materially alter or impair any rights or obligations under the Option. 
 Section 4.6 Adjustments in EBITDA
Targets. The EBITDA Targets and the Cumulative EBITDA Targets specified in Exhibit B are based upon certain revenue and expense assumptions about the future business of the Company as of the Grant Date. Accordingly, in the event that,
after the Grant Date, the Committee determines, in its reasonable discretion, that any acquisition or disposition of any business by the Company or any dividend or other distribution (whether in the form of cash, Common Stock, other securities or
other property), recapitalization, reclassification, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Common Stock or other securities of the Company, issuance of
warrants or other rights to purchase Common Stock or other securities of the Company, any unusual or nonrecurring transactions or events affecting the Company, or the financial statements of the Company, or change in applicable laws, regulations, or
accounting principles occurs such that an adjustment is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to
the Option, then the Committee shall, in good faith and in such manner as it may deem equitable, adjust the amounts set forth on Exhibit B to reflect the projected effect of such transaction(s) or event(s) on EBITDA and Cumulative EBITDA,
subject to Section 8.1 of the Plan. 
 Section 4.7 Data Privacy Consent. As a condition of the Option grant, the
Optionee explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data as described in this paragraph by and among, as applicable, the Company and its Subsidiaries and Affiliates for the
exclusive purpose of implementing, administering and managing the Optionee’s participation in 

  
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the Plan. The Optionee understands that the Company and its Subsidiaries and Affiliates hold certain personal information about the Optionee, including the Optionee’s name, home address and
telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all restricted stock or any other entitlement to Shares
awarded, canceled, exercised, vested, unvested or outstanding in the Optionee’s favor, for the purpose of implementing, managing and administering the Plan (the “Data”). The Optionee further understands that the Company and its
Subsidiaries and Affiliates may transfer the Data amongst themselves as necessary for the purpose of implementation, administration and management of the Optionee’s participation in the Plan, and that the Company and its Subsidiaries and
Affiliates may each further transfer the Data to any third parties assisting the Company in the implementation, administration and management of the Plan. The Optionee understands that these recipients may be located in the Optionee’s country,
or elsewhere, and that the recipient’s country may have different data privacy laws and protections than the Optionee’s country. The Optionee understands that he or she may request a list with the names and addresses of any potential
recipients of the Data by contacting his or her local human resources representative. The Optionee authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing,
administering and managing the Optionee’s participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Optionee may elect to deposit any Shares. The Optionee
understands that the Data will be held only as long as is necessary or appropriate to implement, administer, and manage the Optionee’s participation in the Plan. The Optionee understands that he or she may, at any time, view the Data, request
additional information about the storage and processing of the Data, require any necessary amendments to the Data, or refuse or withdraw the consents herein in writing, in any case without cost, by contacting his or her local human resources
representative. The Optionee understands that refusal or withdrawal of consent may affect the Optionee’s ability to participate in the Plan. For more information on the consequences of refusal to consent or withdrawal of consent, the Optionee
understands that he or she may contact his or her local human resources representative. 
 ARTICLE V.  

DEFINITIONS 
 Whenever the following terms are used in this Agreement (including the Grant Notice), they shall have the meaning specified below unless the context clearly indicates to the contrary. Capitalized terms
used in this Agreement and not defined below shall have the meaning given such terms in the Plan. The singular pronoun shall include the plural, where the context so indicates. 
 Section 5.1 “Change in Control” shall mean any transaction or series of transactions pursuant to which any Person or group of related Persons other than the Carlyle Entities
and their respective Affiliates in the aggregate acquire(s) (a) beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of equity securities of the Company possessing the voting power (other than voting rights accruing
only in the event of a default, breach or event of noncompliance that has not yet occurred) to elect a majority of the Board (whether by merger, consolidation, reorganization, combination, sale or transfer of the Company’s equity,
securityholder or voting agreement, proxy, power of attorney or otherwise) or (b) all or substantially all of the Company’s assets determined on a consolidated basis; provided that a Public Offering shall not constitute a Change in
Control; provided, further, that any transaction or series of transactions shall only constitute a Change in Control if such transaction or series of transactions constitutes a “change in control event” within the meaning of
Section 409A of the Code. 
 Section 5.2 “Company” shall mean Buccaneer Holdings, Inc., a Delaware
corporation. 

  
 10 

 Section 5.3 “EBITDA” shall mean “EBITDA” as defined in that certain
Confidential Offering Circular of Buccaneer Merger Sub, Inc. for 9.125% Senior Notes due 2019, dated as of December 16, 2010. 

Section 5.4 “EBITDA Target” and “Cumulative EBITDA Target” for a given period shall be as set forth in
Exhibit B of this Agreement, subject to the provisions of Section 4.6. 
 Section 5.5 “Exercise Price” shall
mean the exercise price per Share set forth in the Grant Notice. 
 Section 5.6 “Final Expiration Date” shall mean
the final expiration date set forth in the Grant Notice. 
 Section 5.7 “Grant Date” shall be the grant date set
forth in the Grant Notice. 
 Section 5.8 “Grant Notice” shall mean the Grant Notice referred to in
Section 1.1 of this Agreement, which Grant Notice is for all purposes a part of the Agreement. 
 Section 5.9
“Option” shall mean the option to purchase Common Stock granted under this Agreement. 
 Section 5.10
“Optionee” shall be the Person designated as such in the Grant Notice. 
 Section 5.11 “Plan”
shall have the meaning set forth in the Recitals hereto. 
 Section 5.12 “Public Offering” shall mean the sale in
an underwritten public offering registered under the Securities Act of equity securities of the Company or a corporate successor to the Company. 
 * * * * * 

  
 11 

 EXHIBIT A 

CONSENT 
 As the
undersigned spouse of Optionee, I hereby acknowledges that I have read that certain Stock Option Agreement and that certain Grant Notice, each by and between my spouse and the Company and dated as of April 6, 2011 (collectively, the
“Agreement”), and that I understand their contents. I am aware that the Agreement provides for the repurchase of the Shares subject to my spouse’s Option under certain circumstances and imposes other restrictions on the
transfer of such Shares. I agree that my spouse’s interest in the Option and the Shares subject to such Option are subject to the Agreement and any interest I may have in such Option and the Shares subject to such Option shall be irrevocably
bound by the Agreement and further that my community property interest, if any, shall be similarly bound by the Agreement. 
 I am aware that
the legal, financial and other matters contained in the Agreement are complex and I am free to seek advice with respect thereto from independent counsel. I have either sought such advice or determined after carefully reviewing the Agreement and the
Plan that I will waive such right. 
 Capitalized terms used in this consent and not defined herein shall have the meanings given to such terms
in the Agreement. 
  

	
	
	
	Spouse

  

	
	
	Witness

  
 12Management Stockholders Agreement

 Exhibit 10.13 
 MANAGEMENT STOCKHOLDERS AGREEMENT 
 OF 

BUCCANEER HOLDINGS, INC. 
 This MANAGEMENT STOCKHOLDERS AGREEMENT (“Agreement”), dated as of April 6, 2011 is entered into by and among Buccaneer Holdings, Inc., a Delaware corporation (the
“Company”), Carlyle Partners V, L.P., a Delaware limited partnership (“CP V”), Carlyle Partners V-A, L.P., a Delaware limited partnership (“CP V-A”), CP V Coinvestment A, L.P., a Delaware limited
partnership (“CP V Coinvestment A”), CP V Coinvestment B, L.P., a Delaware limited partnership (“CP V Coinvestment B”), and Carlyle Syniverse Coinvestment, L.P., a Delaware limited partnership (“Syniverse
Coinvestment” and, together with CP V, CP V-A, CP V Coinvestment A, and CP V Coinvestment B, the “Carlyle Entities”) and each of the individual stockholders who become parties hereto from time to time in accordance with the
terms hereof (the “Management Holders”). 
 RECITALS 

WHEREAS, pursuant to that certain Merger Agreement, dated as of October 28, 2010, by and among the Company, Syniverse Holdings,
Inc., a Delaware corporation (“Syniverse”), and Buccaneer Merger Sub, Inc., a Delaware corporation (“Merger Sub” and such Merger Agreement, the “Merger Agreement”), Merger Sub merged with and into
Syniverse, with Syniverse surviving as a wholly-owned subsidiary of the Company; 
 WHEREAS, the Carlyle Stockholders (as
defined herein) currently own all of the equity interests in the Company. 
 WHEREAS, the Company may hereafter issue shares of
Common Stock and/or options to purchase shares of Common Stock to certain directors, employees and consultants of the Company, Syniverse and their Affiliates pursuant to a stock option plan, stock purchase plan or other employee benefit plan of the
Company; and 
 WHEREAS, the Parties desire to promote the interests of the Company and the mutual interests of the Holders (as
defined herein) by establishing herein certain terms and conditions upon which the Equity Securities (as defined herein) will be held, including provisions restricting the transfer of such, and providing for other matters. 

AGREEMENT 

NOW, THEREFORE, in order to implement the foregoing and in consideration of the mutual covenants and agreements contained herein and for
other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties (as defined herein) agree as follows: 

 Section 1. Certain Definitions. 

(a) As used in this Agreement, the following terms shall have the meanings set forth below. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or
under common control with such Person. For purposes of this definition, “control” (and its derivatives) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether by contract, through the ownership of voting securities, as trustee or executor, or otherwise. 

“Board” means the Board of Directors of the Company. 

“Carlyle Stockholders” means (i) the Carlyle Entities, (ii) any Affiliate of the Carlyle Entities that is
issued any Shares after the date hereof and (iii) any subsequent transferee of the Shares held by the Persons listed in clause (i) or clause (ii) above. 
 “Cause” shall mean: 
 (i) the Board’s
determination that (A) the Management Holder failed to substantially perform his or her duties (other than any such failure resulting from the Management Holder’s Disability) which is not remedied within thirty (30) days after receipt
of written notice from the Company or one of its Subsidiaries specifying such failure, or (B) the Management Holder failed to carry out or comply with any lawful and reasonable directive of the Board or the Management Holder’s immediate
supervisor which is not remedied within thirty (30) days after receipt of written notice from the Company or one of its Subsidiaries specifying such failure; or 

(ii) the Management Holder’s (A) commission, conviction, plea of no contest, plea of nolo contendere, or
imposition of unadjudicated probation for any felony, indictable offence or crime involving moral turpitude, (B) unlawful use (including being under the influence) or possession of illegal drugs on the Company’s or any of its
Affiliate’s premises or while performing the Management Holder’s duties and responsibilities, or (C) breach of any applicable restrictive covenant set forth in any written agreement by and between the Company (or any of its
Affiliates) and the Management Holder or commission of an act of fraud, embezzlement, misappropriation, willful misconduct or breach of fiduciary duty against the Company or one of its Affiliates. 

Notwithstanding the foregoing, if the Management Holder is a party to a written employment or consulting agreement with
the Company or one of its Subsidiaries, as applicable, then “Cause” shall be as such term is defined in the applicable written employment or consulting agreement. 

  
 2 

 “Change in Control” means any transaction or series of transactions
pursuant to which any Person or group of related Persons other than the Carlyle Entities and their respective Affiliates in the aggregate acquire(s) (i) beneficial ownership (within the meaning of Rule 13d-3 under the Securities Exchange Act of
1934, as amended) of equity securities of the Company possessing the voting power (other than voting rights accruing only in the event of a default, breach or event of noncompliance that has not yet occurred) to elect a majority of the Board
(whether by merger, consolidation, reorganization, combination, sale or transfer of the Company’s equity, securityholder or voting agreement, proxy, power of attorney or otherwise) or (ii) all or substantially all of the Company’s
assets determined on a consolidated basis; provided that a Public Offering shall not constitute a Change in Control; provided, further, that any transaction or series of transactions shall only constitute a Change in Control if
such transaction or series of transactions constitutes a “change in control event” within the meaning of Section 409A of the Code. 
 “Common Stock” means the common stock, par value $0.01 per share, of the Company and any other capital stock into which such Common Stock may hereafter be converted or exchanged.

 “Convertible Securities” means any option, warrant, right or other security convertible into, or exercisable
or exchangeable for, shares of Common Stock or any other securities that are convertible into, or exercisable or exchangeable for, shares of Common Stock; provided, however, that Convertible Securities shall not include the Vested
Options and any unvested options to purchase shares of Common Stock. 
 “Disability” shall mean, with respect
to an individual, where such individual is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to
last for a continuous period of not less than 12 months. 
 “Equity Securities” means the Shares, any Vested
Options, and any Convertible Securities. 
 “Fair Market Value” means, with respect to a given date, the fair
market value of the applicable Equity Securities as determined by the Board using a reasonable valuation method consistently applied. 
 “Holders” means the Carlyle Stockholders and the Management Holders collectively (and shall not include the Company). 

“Immediate Family” means, with respect to an individual, the spouse, domestic partner designated in good faith by such
individual, lineal descendants or antecedents of such individual, adopted child or grandchild or a trust, partnership or limited liability company for the benefit of such individual and/or any of the foregoing persons. 

“Party” means any of the parties to this Agreement. 

“Person” means any individual, corporation, partnership, limited partnership, limited liability company, syndicate,
trust, association or other entity. 

  
 3 

 “Public Offering” means the sale in an underwritten public offering
registered under the Securities Act of 1933, as amended, of equity securities of the Company or a corporate successor to the Company. 
 “Same Terms and Conditions” means the same price and otherwise on the same terms and conditions; provided, however, that (i) any price paid for options to purchase
shares of Common Stock or other Convertible Securities will be subject to reduction for the applicable exercise price, (ii) the form of consideration paid to the holders of Equity Securities participating in the transactions may be different so
long as the different forms of consideration have the same Fair Market Value as of the date of approval by the Board of the applicable definitive agreement, (iii) the Carlyle Stockholders may receive, even if not offered to the Management
Holders, rights to appoint members of the board of directors or similar governing body of the Third Party Purchaser or any of its Affiliates, or any other governance rights (including board observer rights), (iv) no Management Holder will be
required to make any representations and warranties in connection with any such transaction other than those subject to a common escrow or representations and warranties as to (A) such Management Holder’s ownership of his, her or its
Equity Securities to be Transferred free and clear of all liens or other encumbrances, (B) such Management Holder’s power and authority to effect such Transfer and to Transfer valid right, title and interest in such Equity Securities, and
(C) the absence of conflicts with any applicable laws, contracts or other restrictions pertaining to such Management Holder or such Management Holder’s Equity Securities (provided that, for the avoidance of doubt, the foregoing shall not
limit any indemnity obligations in connection with representations and warranties made by the Company), (v) no Management Holder shall have any liability to the acquirer, the Company or any other Holder for any breaches of the representations,
warranties or covenants of any other Holder (other than to the extent subject to a common escrow) or the fraud of any other Person, (vi) a Management Holder may be required to enter into a non-compete, non-solicitation or no-hire provision in
connection with a Change in Control, (vii) subject to adjustment due to the terms of any liquidation preference provisions, any indemnity obligations of the Holders shall be pro rata with other Holders based on the consideration payable to such
Holders in such transaction (other than any such obligations that relate specifically to a particular Holder’s Equity Securities) and shall in no event exceed the actual proceeds and assets received by such Management Holder in such
transaction, (viii) to the extent that Holders are jointly and severally liable in connection with any applicable transaction, the Holders shall enter into a customary contribution agreement and (ix) to the extent that any Holder may be
liable for any breach of a representation or warranty of another Holder related specifically to such breaching Holder’s ownership of his/her/its Equity Securities, all Holders shall enter into a customary contribution agreement that provides
that the breaching Holder shall reimburse the other Holders in connection with the losses related to such breach. 

“Shares” means any shares of Common Stock currently issued and outstanding or that are hereafter issued. 

“Subsidiary” of any Person means any other Person of which such first Person (either alone or through or together with
any other Subsidiary) owns, directly or indirectly, more than fifty percent (50%) of the stock or other equity securities of such other Person, the holders of which are generally entitled to vote for the election of the board of directors or
other governing body of, or otherwise control the business and affairs of, such other Person. 

  
 4 

 “Termination of Employment” shall mean the time when the employee-employer
relationship between a Management Holder and the Company or one of its Subsidiaries, as applicable, is terminated for any reason, with or without Cause, including, but not by way of limitation, a termination by resignation, discharge, death or
retirement, but excluding a termination where there is a simultaneous reemployment or reengagement by the Company or one of its Subsidiaries, as applicable. 
 “Transfer” means any direct or indirect sale, transfer, assignment, conveyance, pledge or other encumbrance or disposition. 

“Vested Options” means the options to purchase shares of Common Stock that have become vested and exercisable in
accordance with their respective terms. In connection with any Transfer of Equity Securities or Change in Control, the term “Vested Options” shall include options that would become vested and exercisable upon or as a result of consummation
of such Transfer or Change in Control. 
 (b) The following terms have the meaning set forth in the Sections set forth below:

  

			
	 Defined Term
	  	 Location of Definition

	 Agreement
	  	Preamble
	 Bring-Along Notice
	  	Section 3(b)
	 Bring-Along Right
	  	Section 3(a)
	 Call Notice
	  	Section 6(a)
	 Company Call Right
	  	Section 6(a)
	 Company
	  	Preamble
	 Carlyle Entities
	  	Preamble
	 Management Holder
	  	Preamble
	 Merger Agreement
	  	Recitals
	 Merger Sub
	  	Recitals
	 Permitted Transfer
	  	Section 5
	 Permitted Transferee
	  	Section 5
	 Purchase Price
	  	Section 6(b)
	 Repurchase Deadline
	  	Section 6(a)
	 Sale Notice
	  	Section 4(b)
	 Securities Act
	  	Section 2
	 Syniverse
	  	Recitals
	 Tag-Along Notice
	  	Section 4(b)
	 Tag-Along Right
	  	Section 4(a)
	 Tagging Stockholder
	  	Section 4(a)
	 Third Party Purchaser
	  	Section 3(a)
	 Third Party Terms
	  	Section 3(b)

  
 5 

 Section 2. Restrictions on Transfer. 

Except for (a) Transfers effected by any Management Holder pursuant to the exercise of Bring-Along Rights pursuant to
Section 3 by the Carlyle Stockholders; (b) Transfers effected by any Carlyle Stockholder pursuant to the exercise of Tag-Along Rights pursuant to Section 4 by any Management Holder; (c) any Transfers pursuant to the
exercise of Company Call Right or Carlyle Call Right pursuant to Section 6 by the Company or a Carlyle Stockholder (or its designee); and (d) any Permitted Transfer, no Management Holder shall Transfer any Equity Securities or
unvested options to purchase shares of Common Stock without the prior written approval of the Carlyle Stockholders. Each Management Holder further agrees that in connection with any Transfer permitted hereby, such Management Holder shall, if
requested by the Company, deliver to the Company an opinion of counsel, in form and substance reasonably satisfactory to the Company and counsel for the Company, to the effect that such Transfer is not in violation of the registration requirements
of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”), or the registration or qualification requirements of the securities laws of any applicable state. Any purported
Transfer in violation of the provisions of this Section 2 shall be null and void and shall have no force or effect. It shall be a condition to any Permitted Transfer or any Transfer by any Management Holder approved by the Carlyle
Stockholders that the transferee shall (i) agree to become a Party to this Agreement as a “Management Holder” and (ii) execute a signature page in the form attached as Exhibit A hereto (or such other form as
determined by the Board in its good faith discretion) acknowledging that such transferee agrees to be bound by the terms hereof. 
 Section 3. Bring-Along Rights. 
 (a) If one or more Carlyle
Stockholders, in one transaction or a series of related transactions, propose to Transfer Equity Securities to one or more Persons (other than any of the Carlyle Stockholders or their Affiliates) (each such Person, a “Third Party
Purchaser”), then such Carlyle Stockholder(s) shall have the right (a “Bring-Along Right”), but not the obligation (subject to Section 4 hereof), to require each Management Holder to sell to the Third Party
Purchaser(s), on the Same Terms and Conditions as apply to the Carlyle Stockholders exercising their Bring-Along Right, that number of Equity Securities equal to (i) the total number of Equity Securities held by such Management Holder
multiplied by (ii) a fraction, (A) the numerator of which is the total number of Equity Securities to be sold by the Carlyle Stockholders in connection with such transaction or series of related transactions and (B) the
denominator of which is the total number of the then-outstanding Equity Securities collectively held by the Carlyle Stockholders. For purposes of this Section 3, Section 4 and Section 5 hereof, the phrase
“number of Equity Securities” held by any Person or group of Persons shall mean the number of Shares held by such Person or group of Persons plus the number of shares of Common Stock issuable upon exercise, exchange or conversion of
Vested Options or Convertible Securities held by such Person or group of Persons (other than Vested Options or Convertible Securities that have an exercise, exchange or conversion price per share of Common Stock greater than the price per share of
Common Stock to be paid by the applicable Third Party Purchaser). 

  
 6 

 (b) Any Carlyle Stockholders exercising their Bring-Along Right under this Section 3
shall deliver a written notice (a “Bring-Along Notice”) to each Management Holder. The Bring-Along Notice shall set forth: (i) the name of the Third Party Purchaser(s) and the number of Equity Securities proposed to be sold
by such Carlyle Stockholder(s) to such Third Party Purchaser(s); (ii) the proposed amount and form of consideration and material terms and conditions of payment offered to the Management Holder by the Third Party Purchaser(s) and a summary of
any other material terms pertaining to the Transfer (“Third Party Terms”); and (iii) the number of Equity Securities that such Management Holder shall be required to sell in such Transfer (as determined in accordance with
Section 3(a) above). The Bring-Along Notice shall be given at least ten (10) business days before the closing of the proposed Transfer. 
 (c) Upon a Management Holder’s receipt of a Bring-Along Notice, such Management Holder shall be obligated to sell such number of Equity Securities as is set forth in the Bring-Along Notice on the
Third Party Terms. 
 (d) At the closing of the Transfer to any Third Party Purchaser(s) pursuant to this Section 3,
the Third Party Purchaser(s) shall remit to each Management Holder (i) the consideration (calculated in the manner set forth above) for the total sales price of the Equity Securities held by such Management Holder sold pursuant hereto,
minus (ii) such Management Holder’s pro rata portion of any consideration to be placed in escrow or otherwise held back in accordance with the Third Party Terms (provided that, in no circumstances, shall such pro rata portion exceed
the total sales price to be paid to such Management Holder), minus (iii) the aggregate exercise, exchange or conversion price of any Vested Options and Convertible Securities being Transferred by such Management Holder to such Third
Party Purchaser(s), against transfer of such Equity Securities, free and clear of all liens and encumbrances, by delivery by such Management Holder of (A) certificates for the Shares subject to the Bring-Along Right, duly endorsed for Transfer
or with duly executed stock powers reasonably acceptable to the Company and such Third Party Purchaser(s) and/or (B) an instrument evidencing the Transfer or the cancellation of the Vested Options and Convertible Securities subject to the
Bring-Along Right reasonably acceptable to the Company and such Third Party Purchaser(s), and the compliance by such Management Holder with any other conditions to closing generally applicable to the Carlyle Stockholders and all Management Holders
selling Equity Securities in such transaction. In the event that the proposed Transfer of Equity Securities to such Third Party Purchaser(s) is not consummated within one hundred twenty (120) days following receipt of the Bring-Along Notice by
the Management Holder, the obligation of such Management Holder shall cease. In the event that any Carlyle Stockholders shall once again desire to Transfer Equity Securities to the same or a different Third Party Purchaser(s), such Carlyle
Stockholders exercising their Bring-Along Right under this Section 3 shall once again be obligated to deliver a new Bring-Along Notice to each Management Holder in accordance with this Section 3. 

(e) In the event that (i) any Carlyle Stockholders exercise their rights pursuant to this Section 3 or (ii) a
Change in Control is approved by the Board and the holders of at least fifty percent (50%) of the then-outstanding Shares, each Management Holder shall consent to and raise no objections against such transaction, and if any such transaction is
structured as a sale 

  
 7 

 
of Equity Securities, each Management Holder shall take all actions that the Board and/or the applicable Carlyle Stockholders reasonably deem necessary or desirable in connection with the
consummation of such transaction; provided that the acquisition of the Equity Securities held by each Management Holder in connection with such transaction shall be on the Same Terms and Conditions as the acquisition of the Equity Securities
held by the Carlyle Stockholders in connection with such transaction. Without limiting the generality of the foregoing, each Management Holder agrees that he, she or it shall (A) consent to and raise no objections against such transaction;
(B) execute any purchase agreement, merger agreement or other agreement in connection with such transaction setting forth the terms and conditions of such transaction and any ancillary agreement with respect thereto (including executing such
agreements and instruments requested by the Company providing for cancellation of such Management Holder’s Vested Options and Convertible Securities in connection with such Change in Control in exchange for consideration having a Fair Market
Value equal to (x) the consideration to be received in connection with such Change in Control in respect of the number of shares of Common Stock issuable upon exercise, exchange or conversion of such Vested Options and Convertible Securities on
the date of consummation of such Change in Control minus (y) the aggregate exercise, exchange or conversion price of such Vested Options and Convertible Securities); (C) vote all Shares held by such Management Holder in favor of
such transaction (including, without limitation, executing a written consent of stockholders approving such transaction); and (D) refrain from the exercise of appraisal rights with respect to such transaction. 

(f) If the Company or any Carlyle Stockholder enters into any transaction for which Rule 506 (or any similar rule then in effect)
promulgated under the Securities Act may be available (including, without limitation, a merger, consolidation or other reorganization), each Holder that is not an accredited investor shall, if requested by the Company, appoint a purchaser
representative (as such term is defined in Rule 501 of the Securities Act) reasonably acceptable to the Company. If such purchaser representative was designated by the Company, the Company shall pay the fees and expenses of such purchaser
representative, but if any Holder appoints another purchaser representative, such Holder shall be responsible for the fees and expenses of the purchaser representative so appointed. 

(g) Each Holder shall bear its pro rata share of the costs of any Change in Control or other transaction (pursuant to this Agreement or
otherwise) in which he, she or it sells Equity Securities, which will be paid from the proceeds of the Change in Control or such other transaction; provided, however, that in no event shall the pro rata share of the costs of any Change
in Control or such other transaction applicable to a Holder exceed the total sales price paid to such Holder. 
 Section 4.
Tag-Along Rights. 
 (a) In the event that any Carlyle Stockholder proposes, in accordance with the terms of this
Agreement, to Transfer Equity Securities to a Third Party Purchaser (other than any Permitted Transfer) that is not an Affiliate of such Carlyle Stockholder (it being understood that the Company will not constitute a Third Party Purchaser for the
purposes of this Section 4), then 

  
 8 

 
each Management Holder shall have the right (the “Tag-Along Right”), but not the obligation (other than pursuant to Section 3 hereof), to request that the proposed
Third Party Purchaser purchase from such Management Holder (each a “Tagging Stockholder”) up to the number of whole Equity Securities that equals the total number of Equity Securities that the proposed Third Party Purchaser has
agreed or committed to purchase multiplied by a fraction, the numerator of which is the total number of Equity Securities held by such Tagging Stockholder, and the denominator of which is the aggregate number of Equity Securities issued and
outstanding and held by all holders of Equity Securities. Any Equity Securities purchased from the Tagging Stockholders pursuant to this Section 4(a) shall be purchased on the Same Terms and Conditions as such proposed Transfer by the
Carlyle Stockholder. 
 (b) The Carlyle Stockholder shall notify each Management Holder in writing in the event such Carlyle
Stockholder proposes to make a Transfer or series of Transfers giving rise to the Tag-Along Right at least ten (10) business days prior to the date on which such Carlyle Stockholder expects to consummate such Transfer (the “Sale
Notice”), which notice shall specify the number of shares of Common Stock, Vested Options and Convertible Securities which the Third Party Purchaser intends to purchase in such Transfer and the Third Party Terms with respect thereto. The
Tag-Along Right may be exercised by any Management Holder by delivery of a written notice to the Carlyle Stockholder (the “Tag-Along Notice”) within seven (7) business days following receipt of the Sale Notice from such Carlyle
Stockholder. The Tag-Along Notice shall state the number of Equity Securities that the Tagging Stockholder proposes to include in such Transfer to the proposed Third Party Purchaser (not to exceed the number of Equity Securities set forth
Section 4(a) above). In the event that the proposed Third Party Purchaser does not purchase the specified number of Equity Securities from the Tagging Stockholders on the Same Terms and Conditions as such proposed Transfer by the Carlyle
Stockholder, then the Carlyle Stockholder shall not be permitted to sell any Equity Securities to the proposed Third Party Purchaser unless such Carlyle Stockholder (or an Affiliate thereof) purchases from the Tagging Stockholders such specified
number of Equity Securities on the Same Terms and Conditions as specified in such Sale Notice. In the event that the Third Party Terms change in any material respect from the Third Party Terms described in the Sale Notice, (i) the Tag-Along
Notice received in response to such Sale Notice shall be void, (ii) the Carlyle Stockholder shall provide the Management Holder with notice of the changed Third Party Terms and (iii) the Management Holder shall have ten (10) days from
receipt of the notice of changed Third Party Terms to notify the Carlyle Stockholder through a new Tag-Along Notice of whether the Management Holder desires to exercise his or her Tag-Along Rights. 

(c) At the closing of the Transfer to any Third Party Purchaser pursuant to this Section 4, the Third Party Purchaser shall
remit to each Tagging Stockholder exercising his, her or its rights under this Section 4, (i) the consideration (calculated in the manner set forth above) for the total sales price of the Equity Securities held by such Tagging
Stockholder sold pursuant hereto, minus (ii) the aggregate exercise, exchange or conversion price of any Vested Options and Convertible Securities being Transferred by such Tagging Stockholder to such Third Party Purchaser, minus
(iii) such Tagging Stockholder’s pro rata portion of any such consideration to be placed in escrow or otherwise held back in accordance with the Third Party Terms, against transfer of such Equity Securities, free and clear of all liens and
encumbrances, by delivery by 

  
 9 

 
such Tagging Stockholder of (A) certificates for the Shares subject to the Tag-Along Right, duly endorsed for Transfer or with duly executed stock powers reasonably acceptable to the Company
and such Third Party Purchaser, and/or (B) an instrument evidencing the Transfer or the cancellation of the Vested Options and Convertible Securities subject to the Tag-Along Right reasonably acceptable to the Company and such Third Party
Purchaser, and the compliance by such Tagging Stockholder with any other conditions to closing generally applicable to the Carlyle Stockholder and all other holders of Equity Securities selling Equity Securities in such transaction. In the event
that the proposed Transfer of Equity Securities to such Third Party Purchaser(s) pursuant to this Section 4 is not consummated within one hundred twenty (120) days of the receipt of the Tag-Along Notice from the Management Holder,
such Tag-Along Notice shall be void. In the event that any Carlyle Stockholders shall still desire to Transfer Equity Securities to the same or a different Third Party Purchaser(s), such Carlyle Stockholders shall once again be obligated to deliver
a Sale Notice to each Management Holder in accordance with this Section 4. 
 Section 5. Permitted
Transfers. 
 (a) Notwithstanding, anything herein to the contrary, the restrictions set forth in the first sentence of
Section 2, Section 3, and Section 4 shall not apply to: (i) any Transfer of Shares by a Holder that is an individual by gift to, or for the benefit of, any member or members of his or her Immediate Family;
provided, however, that such Holder shall retain sole and exclusive control over the voting and disposition of such Shares until the first to occur of the termination of this Agreement or the death or incapacity of such Holder; (ii) any
Transfer of Shares by a Holder that is an individual to the heirs, executors, personal representatives or legatees of such Holder by operation of law upon the death or incapacity of such Holder; (iii) any Transfer of Shares by a Holder that is
not a natural person to an Affiliate of such Holder; (iv) any Transfer of Shares by a Carlyle Stockholder to (A) any partner or member of such Carlyle Stockholder or (B) any officer, employee, director or consultant of the Company or
its Affiliates; or (v) any Transfer of Shares by Carlyle Stockholder(s) (A) which occur on or before the first anniversary of the date of the consummation of the transactions contemplated by the Merger Agreement, and (B) which, in the
aggregate, do not Transfer a number of Shares exceeding 15% of the aggregate number of Shares (including Shares subject to Equity Securities) held by the Carlyle Stockholders immediately following the consummation of the transactions contemplated by
the Merger Agreement (each of the Transfers referenced in clauses (i), (ii), (iii), (iv) and (v) above being referred to herein as a “Permitted Transfer”); provided, however, that, in each case, such Transfer is effected in
compliance with all of the provisions of Section 2 hereof (other than the restrictions contained in the first sentence of Section 2 hereof) and the recipient agrees in writing to be bound by the terms of this Agreement. The
recipient of any Shares pursuant to the foregoing shall be referred to herein as a “Permitted Transferee”; the recipient of a Permitted Transfer from a Management Holder shall be deemed a “Management Holder” for all purposes of
this Agreement; and the recipient of a Permitted Transfer from a Carlyle Stockholder shall be deemed a “Carlyle Stockholder” for all purposes of this Agreement. 

  
 10 

 Section 6. Rights to Repurchase Shares. 

(a) During the period beginning on the date of Termination of Employment of a Management Holder and ending on the first anniversary
following the later of (i) the date of such Termination of Employment or (ii) the date of the exercise of any Vested Option held by such Management Holder as of the date of such Termination of Employment (the “Repurchase
Deadline”), the Company shall have the option to repurchase the Shares held by the terminated Management Holder and/or his or her Permitted Transferees (collectively, the “Company Call Right”); provided that the
Company may not repurchase any Shares pursuant to this Section 6(a) prior to the day immediately following the six-month anniversary of the date on which such Shares (A) became vested, as it relates to Shares that were not
received as a result of the exercise of options or Convertible Securities, or (B) were issued, as it relates to Shares that were received as a result of the exercise of options and Convertible Securities. The Company Call Right may be exercised
more than once and for some or all of the applicable Management Holder’s Shares. The Company Call Right shall be exercised by written notice (a “Call Notice”) to such Management Holder on or prior to the Repurchase Deadline.

 (b) In the event that the Company elects not to exercise its Company Call Right under Section 6(a), (i) the
Company shall provide written notice to the Carlyle Stockholders on or at any time prior to the Repurchase Deadline of (A) its decision not to purchase all of the Shares then held by a Management Holder or his or her Permitted Transferees, and
(B) the number of such Shares, and (ii) the Carlyle Stockholders (or any of their respective Affiliates designated thereby) shall have the option to purchase such Shares (the “Carlyle Call Right”) at the Purchase Price;
provided that the Carlyle Stockholders (or their designee) may not repurchase any Shares pursuant to this Section 6(b) prior to the day immediately following the six-month anniversary of the date on which such Shares
(A) became vested, as it relates to Shares that were not received as a result of the exercise of options or Convertible Securities, or (B) were issued, as it relates to Shares that were received as a result of the exercise of options and
Convertible Securities. The Carlyle Call Right shall be exercised by a Call Notice to the applicable Management Holder on or prior to the later of (x) the six-month anniversary after the receipt by the Carlyle Stockholders of the written notice
under clause (i) above, or (y) the Repurchase Deadline. 
 (c) The purchase price payable for Shares by the Company
upon exercise of the Company Call Right or by a Carlyle Stockholder (or its designee) upon exercise of the Carlyle Call Right (in each case, the “Purchase Price”) shall be as follows: 

(i) in the event of any Termination of Employment other than a Termination of Employment by the Company or any of its
Subsidiaries, as applicable, for Cause, the Fair Market Value of the Shares subject to the Company Call Right or Carlyle Call Right on the date of the applicable Call Notice, less any applicable withholding taxes, not in excess of the minimum of tax
required to be withheld by law; and 

  
 11 

 (ii) in the event of any Termination of Employment by the Company or any of
its Subsidiaries, as applicable, for Cause, the lesser of (A) the Fair Market Value of the Shares subject to the Company Call Right or Carlyle Call Right on the date of the applicable Call Notice, less any applicable withholding taxes, not in
excess of the minimum of tax required to be withheld by law, and (B) the aggregate purchase price paid for such Shares, if any, by the Management Holder; 
 provided, that in the event of a Management Holder’s breach of the any restrictive covenants set forth in any written agreement by and between the Company (or any of its Affiliates) and such
Management Holder, the Purchase Price shall be determined as if there was a Termination of Employment by the Company or any of its Subsidiaries, as applicable, for Cause; provided, further, that, if the Company and/or the Carlyle
Stockholders (or any of their respective Affiliates designated thereby) have exercised the Company Call Right and/or the Carlyle Call Right prior to the Company’s attainment of knowledge of a Management Holder’s breach of the any
restrictive covenants set forth in any written agreement by and between the Company (or any of its Affiliates) and such Management Holder, such Management Holder shall be obligated to reimburse the Company and/or the Carlyle Stockholders (or any of
their respective Affiliates designated thereby) for the excess, if any, of the aggregate amount previously paid for any Shares held by such Management Holder and/or his or her Permitted Transferees purchased by the Company and/or the Carlyle
Stockholders (or any of their respective Affiliates designated thereby) pursuant to the Company Call Right and/or Carlyle Call Right over the lesser of (x) the Fair Market Value of the Shares subject to the Company Call Right or Carlyle
Call Right on the date of the applicable Call Notice, less any applicable withholding taxes, not in excess of the minimum of tax required to be withheld by law, and (y) the aggregate purchase price paid for such Shares, if any, by the
Management Holder. The Company is entitled to offset any payment(s) to be made to a Management Holder pursuant to this Agreement or otherwise due to such Management Holder from the Company or any of its Affiliates by the amount of any reimbursement
required pursuant to this Section 6(c). 
 (d) The repurchase of Shares pursuant to the exercise of the Company Call
Right and/or the Carlyle Call Right shall take place on a date specified by the Company or the applicable Carlyle Stockholder (or its designee), as applicable, but in no event later than sixty (60) days following the date of the exercise of
such Company Call Right or Carlyle Call Right, as applicable, or, if later, within ten (10) days following the receipt by the Company or the applicable Carlyle Stockholder (or its designee) of all necessary governmental approvals. On such date,
such Management Holder shall transfer the Shares subject to the Call Notice to the Company or the applicable Carlyle Stockholder (or its designee), as applicable, free and clear of all liens and encumbrances, by delivering to the Company or the
applicable Carlyle Stockholder (or its designee), as applicable, the certificates or other documents representing the Shares to be purchased, duly endorsed for transfer to the Company or the applicable Carlyle Stockholder (or its designee), as
applicable, or accompanied by a stock power duly executed in blank or such other instrument of conveyance or cancellation of such Shares, in each case reasonably acceptable to the Company or the applicable Carlyle Stockholder (or its designee), as
applicable, and the Company or the applicable Carlyle Stockholder (or its designee), as applicable, shall pay to such Management Holder the Purchase Price in cash or by bank or cashier’s check, subject to Section 6(e). 

  
 12 

 (e) Repurchase Disability. 

(i) Notwithstanding anything to the contrary herein, except as otherwise provided by Section 6(e)(iii), the
Company shall not be permitted to purchase any Shares held by any Management Holder upon exercise of the Company Call Right if the Board determines that (A) the purchase of Shares would render the Company or its Subsidiaries unable to meet
their obligations in the ordinary course of business taking into account any pending or proposed transactions, capital expenditures or other budgeted cash outlays by the Company and its Subsidiaries, including, without limitation, any proposed
acquisition of any other entity by the Company or any of its Subsidiaries; (B) the Company is prohibited from purchasing the Shares by applicable law restricting the purchase by a corporation of its own shares; or (C) the purchase of
Shares would constitute a breach of, default, or event of default under, or is otherwise prohibited by, the terms of any loan agreement or other agreement or instrument to which the Company or any of its Subsidiaries is a party (the
“Financing Documents”) or the Company is not able to obtain the requisite consent of any of its senior lenders to the purchase of the Shares. The events described in (A) through (C) above each constitute a
“Repurchase Disability.” 
 (ii) Except as otherwise provided by Section 6(e)(iii),
in the event of a Repurchase Disability, the Company shall notify in writing the Management Holder with respect to whom the Company Call Right has been exercised (a “Disability Notice”). The Disability Notice shall specify the
nature of the Repurchase Disability. The Company shall thereafter repurchase the Shares described in the Call Notice as soon as reasonably practicable after all Repurchase Disabilities cease to exist (or the Company may elect, but shall have no
obligation, to cause its nominee to repurchase the Shares while any Repurchase Disabilities continue to exist). In the event the Company suspends its obligations to repurchase the Shares pursuant to a Repurchase Disability: (A) the Company
shall provide written notice to each applicable Management Holder as soon as practicable after all Repurchase Disabilities cease to exist (the “Reinstatement Notice”); (B) the Fair Market Value of the Shares subject to the Call
Notice shall be determined as of the date the Reinstatement Notice is delivered to the Management Holder, which Fair Market Value shall be used to determine the Purchase Price in the manner described above; and (C) the repurchase shall occur on
a date specified by the Company within ten (10) days following the determination of the Fair Market Value of the Shares to be repurchased as provided in clause (B) above. 

(iii) Notwithstanding Sections 6(e)(i) and 6(e)(ii), in the event of a Repurchase Disability, then, in
the sole discretion of the Board, the Company may purchase the Shares subject to the Company Call Right and, in lieu of cash consideration, issue a promissory note to such Management Holder in the amount of the Purchase Price, the terms of which
promissory note shall be acceptable to the Company’s senior lenders and shall not result in a breach or violation of any of the Financing Documents. The promissory note shall (A) bear simple interest at the prime rate as published in
The Wall Street Journal on the date such payment is due and owing from such date to the date such payment is made and (B) have such other reasonable terms and conditions as may be determined by the Company. All payments of interest
accrued under the promissory note shall be paid only at the date of payment by the Company of the principal amount of such promissory note. 

  
 13 

 Section 7. Preemptive Rights; Lock-Up. 

(a) Prior to an IPO (as defined below), and subject to the terms and conditions specified in this Section 7, the Company
hereby grants to each Management Holder a right of first offer with respect to future sales by the Company of Company Securities (as defined below). 
 (b) Each time the Company proposes to offer for sale any shares of, or securities convertible into or exercisable for, Common Stock (“Company Securities”) to any one or more of the
Carlyle Stockholders and their respective Affiliates, partners or subsidiaries (together, the “Carlyle Group”), the Company shall first make an offering of a pro rata portion of such Company Securities to each Management Holder in
accordance with the following provisions: 
 (i) The Company shall deliver a notice (“First Offer
Notice”) to the Management Holder stating (A) its bona fide intention to offer such Company Securities, (B) the number of such Company Securities to be offered, and (C) the price and terms, if any, upon which it proposes to
offer such Company Securities. 
 (ii) Within 15 days after receipt of the First Offer Notice, the Management
Holder may elect to purchase or obtain, at the price and on the terms specified in the First Offer Notice, up to that portion of such Company Securities which equals the proportion that (A) the total number of Shares issued and held by the
Management Holder bears to (B) the total number of Shares outstanding or otherwise subject to outstanding Company Securities (as determined on a fully-diluted basis) (such portion, the “Management Holder Offeree Company
Securities”). The Company shall be entitled to sell the remaining Company Securities to any one or more members of the Carlyle Group on terms not more favorable to the Carlyle Group than those contained in the First Offer Notice.

 (iii) The Company may, during the 45-day period following the expiration of the period provided in
Section 7(b)(ii), offer the remaining unsubscribed portion of the Management Holder Offeree Company Securities to the Carlyle Group at a price not less than that, and upon terms no more favorable to the Carlyle Group than those,
specified in the First Offer Notice. 
 (iv) Notwithstanding the foregoing, the Company may issue and sell
Company Securities to the Carlyle Group without first complying with the terms of Sections 7(b) and 7(c), provided that with five (5) business days following such sale the purchasers of such Management Holder Offeree Company
Securities shall offer to sell the portion of such Company Securities that would have constituted “Management Holder Offeree Company Securities” had the Company complied with Sections 7(b) and 7(c) to each Management Holder
on terms no less favorable to the Management Holder than those applicable to the Carlyle Group, using a process substantially similar to that set forth in Sections 7(a) and 7(b). 

  
 14 

 (c) Notwithstanding anything to the contrary herein, for purposes of this
Section 7, the term “Company Securities” shall not include (i) securities offered to the public generally pursuant to a registration statement under the Securities Act, (ii) Common Stock (or options therefor)
issued or issuable to employees, consultants and directors, pursuant to plans or agreements approved by the Board for the primary purpose of soliciting or retaining their services, (iii) securities issued or issuable pursuant to the conversion
or exercise of convertible or exercisable securities that are outstanding as of the date hereof or that are issued in compliance with this Section 7, (iv) securities issued or issuable to the selling parties in connection with a
bona fide, arms-length business acquisition of or by the Company, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, approved by the Board, (v) securities issued or issuable in arms-length transactions to
financial institutions, landlords or lessors in connection with commercial credit arrangements, real estate transactions, equipment financings or similar transactions, (vi) securities issued or issuable pursuant to a stock split, stock
dividend, combination or like event, or (vii) securities issued or issuable to a Person which is not then a stockholder of the Company or an Affiliate thereof, pursuant to a bona fide strategic alliance or partnering arrangement entered into
primarily for non-capital raising purposes and approved by the Board. 
 (d) If the Company proposes to register Shares under
the Securities Act pursuant to an initial Public Offering (an “IPO”), each Management Holder hereby agrees that if so requested by any representative of the underwriters (the “Managing Underwriter”), such Management
Holder shall execute a customary “lock-up” agreement. Such “lock-up” agreement shall provide that, subject to customary exceptions, such Management Holder shall not Transfer any Shares for a period of up to 180 days following the
consummation of such IPO; provided that the Management Holders shall only be bound by such restrictions to the extent that the Carlyle Stockholders are so bound. 
 (e) The Company shall use commercially reasonable efforts to, as soon as reasonably practicable (and in any event within ninety days) following the consummation of an IPO, register under the Securities
Act shares of Common Stock then available for issuance under the 2011 Equity Incentive Plan of Buccaneer Holdings, Inc. on a Form S-8 Registration Statement. 
 Section 8. Termination. 
 This Agreement, and the respective rights
and obligations of the Parties, shall terminate upon the earlier of the (a) consummation of a Change in Control and (b) execution of a written agreement of each Party (other than the Management Holders) to terminate this Agreement;
provided, however, that Sections 2, 3, 4, and 6 hereof shall terminate upon the closing of an initial Public Offering. 

  
 15 

 Section 9. Miscellaneous. 

(a) Legends. Each physical certificate representing the securities issued by the Company and held by a Holder will bear the
following legend (or one to substantially similar effect): 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR STATE SECURITIES LAWS AND CANNOT BE OFFERED, SOLD, OR TRANSFERRED IN THE ABSENCE OF REGISTRATION OR EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS AND REGULATIONS PROMULGATED THEREUNDER. THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED BY THE REGISTERED OWNER HEREOF FOR INVESTMENT AND NOT WITH A VIEW TO OR FOR SALE IN CONNECTION WITH ANY
DISTRIBUTION THEREOF IN VIOLATION OF THE SECURITIES ACT. THE SHARES MAY NOT BE SOLD, PLEDGED, TRANSFERRED OR ASSIGNED EXCEPT IN A TRANSACTION WHICH IS EXEMPT FROM REGISTRATION UNDER THE PROVISIONS OF THE SECURITIES ACT OR ANY APPLICABLE STATE
SECURITIES LAWS, OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR IN A TRANSACTION OTHERWISE IN COMPLIANCE WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS.” 
 “ANY SALE OR OTHER TRANSFER, PLEDGE OR HYPOTHECATION (“TRANSFER”) OF THIS SECURITY IS RESTRICTED BY THE TERMS OF THE MANAGEMENT STOCKHOLDERS AGREEMENT DATED APRIL 6, 2011, AS AMENDED OR
AMENDED AND RESTATED AND IN EFFECT, BY AND AMONG THE COMPANY AND THE OTHER PARTIES THERETO AND MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH.” 
 (b) Successors, Assigns and Transferees. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective legal representatives, heirs, legatees, successors and
assigns and any other transferee and shall also apply to any securities acquired by a Holder after the date hereof. 
 (c)
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to the conflict or choice of law provisions thereof or any other jurisdiction that would give rise
to the application of the domestic substantive law of any other jurisdiction. 

  
 16 

 (d) Specific Performance; Submission to Jurisdiction. The Parties agree that
irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an
injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in a state or federal court sitting in Wilmington, Delaware, this being in addition to any other remedy to which
such party is entitled at law or in equity. In addition, each of the Parties (i) consents to submit itself to the personal jurisdiction of the federal and state courts located in Wilmington, Delaware in the event any dispute arises out of this
Agreement or any of the transactions contemplated by this Agreement; (ii) agrees that he, she or it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court; (iii) agrees that he,
she or it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the federal or state courts located in Wilmington, Delaware; and (iv) to the fullest extent
permitted by law, consents to service being made through the notice procedures set forth in Section 9(f). Each Party hereby agrees that, to the fullest extent permitted by law, service of any process, summons, notice or document by U.S.
registered mail to the respective addresses set forth in Section 9(f) shall be effective service of process for any suit or proceeding in connection with this Agreement or the transactions contemplated hereby. Each Party waives any right
to a trial by jury in any such suit or proceeding. 
 (e) Interpretation. The headings contained in this Agreement are
for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 (f)
Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by courier service, by
cable, by facsimile, by telegram, by telex or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice
given in accordance with this Section 9(f)). 
  

	 	(i)	if to any Carlyle Stockholder, addressed to such Carlyle Stockholder: 

 c/o The Carlyle Group 
 520 Madison Avenue 

New York, NY 10022 
 Attention: James A. Attwood, Jr. 
 Facsimile: (212) 813-4845 

with a copy to: 

Latham & Watkins LLP 

  
 17 

 885 Third Avenue 
 New York, NY 10022 
 Attention: Ted Sonnenschein 

Bradd L. Williamson 
 Facsimile No.: (212) 751-4864 
  

	 	(ii)	if to any Management Holder, addressed to such Holder, at the address set forth on such Party’s signature page hereto. 

 

	 	(iii)	if to the Company: 

 Buccaneer
Holdings, Inc. 
 520 Madison Avenue 
 New York, NY 10022 
 Attention: James A. Attwood, Jr. 

Facsimile: (212) 813-4845 
 with a copy to: 
 Latham & Watkins LLP 

885 Third Avenue 
 New York, NY 10022 
 Attention: Ted Sonnenschein 

Bradd L. Williamson 
 Facsimile No.: (212) 751-4864 
 (g) Recapitalization, Exchange, Etc.
Affecting the Company’s Capital Stock. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all Equity Securities and all of the shares of capital stock of the Company or any successor or
assign of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for, or in substitution of such Equity Securities, and shall be appropriately adjusted for any stock dividends,
splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof. 
 (h)
Counterparts. This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Any facsimile copies hereof
or signature hereon shall, for all purposes, be deemed originals. 
 (i) Attorney’s Fees. In the event of any
litigation or other legal proceeding involving the interpretation of this Agreement or enforcement of the rights or obligations of the Parties, the prevailing Party or Parties shall be entitled to recover reasonable attorneys’ fees and expenses
in addition to any other available remedy. 

  
 18 

 (j) Severability. In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions
contained herein shall not be in any way impaired thereby. 
 (k) Amendment. Any provision of this Agreement may be
amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only by the written consent of the Company and the Carlyle Stockholders whose rights hereunder are adversely
affected by such amendment or waiver. Notwithstanding the foregoing but subject to the other terms of this Agreement, the Company may add subsequent Holders as parties to this Agreement without the consent of any other Party. Any amendment or waiver
effected in accordance with this Section 9(k) shall be binding upon the Company, the Carlyle Stockholders and their successors and assigns and the Management Holders and their successors and assigns. 

(l) Tax Withholding. The Company shall be entitled to require payment in cash or deduction from other compensation payable to any
Holder of any sums required by federal, state, local, or foreign tax law to be withheld with respect to the issuance, vesting, exercise, repurchase or cancellation of any Equity Securities. 

(m) Entire Agreement. This Agreement constitutes the entire agreement of the Parties with respect to the subject matter hereof.

 [Signature page follows] 

  
 19 

 IN WITNESS WHEREOF, the Parties have hereby executed this Agreement as of the date first
above written. 
  

			
	BUCCANEER HOLDINGS, INC.
		
	By:	 	/s/ James A. Attwood, Jr.
		 	Name: James A. Attwood, Jr.
		 	Title: Chairman of the Board
	
	CARLYLE PARTNERS V, L.P.
		
	By:	 	TC Group V, L.P., its General Partner
	By:	 	 TC Group V Managing GP, L.L.C., its
 General Partner

	By:	 	TC Group, L.L.C., its sole member
		
	By:	 	/s/ James A. Attwood, Jr.
		 	Name: James A. Attwood, Jr.
		 	Title: Managing Director
	
	CARLYLE PARTNERS V-A, L.P.
		
	By:	 	TC Group V, L.P., its General Partner
	By:	 	 TC Group V Managing GP, L.L.C., its
 General Partner

	By:	 	TC Group, L.L.C., its sole member
		
	By:	 	/s/ James A. Attwood, Jr.
		 	Name: James A. Attwood, Jr.
		 	Title: Managing Director

 Signature Page to Management Stockholders Agreement of Buccaneer Holdings, Inc. 

  

 
			
	CP V COINVESTMENT A, L.P.
		
	By:	 	TC Group V, L.P., its General Partner
	By:	 	 TC Group V Managing GP, L.L.C., its
 General Partner

	By:	 	TC Group, L.L.C., its sole member
		
	By:	 	/s/ James A. Attwood, Jr.
		 	Name: James A. Attwood, Jr.
		 	Title: Managing Director
	
	CP V COINVESTMENT B, L.P.
		
	By:	 	TC Group V, L.P., its General Partner
	By:	 	 TC Group V Managing GP, L.L.C., its
 General Partner

	By:	 	TC Group, L.L.C., its sole member
		
	By:	 	/s/ James A. Attwood, Jr.
		 	Name: James A. Attwood, Jr.
		 	Title: Managing Director
	
	CARLYLE SYNIVERSE COINVESTMENT, L.P.
		
	By:	 	TC Group V, L.P., its General Partner
	By:	 	 TC Group V Managing GP, L.L.C., its
 General Partner

	By:	 	TC Group, L.L.C., its sole member
		
	By:	 	/s/ James A. Attwood, Jr.
		 	Name: James A. Attwood, Jr.
		 	Title: Managing Director

 Signature Page to Management Stockholders Agreement of Buccaneer Holdings, Inc. 

  

 EXHIBIT A 
 SIGNATURE PAGE 
 TO 

MANAGEMENT STOCKHOLDERS AGREEMENT 
 By execution of this signature page, [Name] hereby agrees to become a Party to, and to be bound by the obligations of, and receive the benefits of, that certain Management Stockholders Agreement, dated as
of April 6, 2011, by and among Buccaneer Holdings, Inc., a Delaware corporation, Carlyle Partners V, L.P., a Delaware limited partnership, Carlyle Partners V-A, L.P., a Delaware limited partnership, CP V Coinvestment A, L.P., a Delaware limited
partnership, and CP V Coinvestment B, L.P., a Delaware limited partnership, Carlyle Syniverse Coinvestment, L.P., a Delaware limited partnership, and certain other parties named therein, as amended from time to time thereafter, as a “Management
Holder” under such agreement. 
  

	
	  
	[Name]
	
	Notice Address:
	
	 
	
	 

  

			
	Accepted:
	
	Buccaneer Holdings, Inc.
		
	By:	 	 
		 	Name: James A. Attwood, Jr.
		 	Title: Chairman of the Board

 Signature Page to Management Stockholders Agreement for Management Stockholder 

  

			
	Carlyle Partners V, L.P.
		
	By:	 	TC Group V, L.P., its General Partner
	By:	 	TC Group V Managing GP, L.L.C., its General Partner
	By:	 	TC Group, L.L.C., its sole member
		
	By:	 	 
		 	Name: James A. Attwood, Jr.
		 	Title: Managing Director
	
	Carlyle Partners V-A, L.P.
		
	By:	 	TC Group V, L.P., its General Partner
	By:	 	TC Group V Managing GP, L.L.C., its General Partner
	By:	 	TC Group, L.L.C., its sole member
		
	By:	 	 
		 	Name: James A. Attwood, Jr.
		 	Title: Managing Director
	
	CP V Coinvestment A, L.P.
		
	By:	 	TC Group V, L.P., its General Partner
	By:	 	TC Group V Managing GP, L.L.C., its General Partner
	By:	 	TC Group, L.L.C., its sole member
		
	By:	 	 
		 	Name: James A. Attwood, Jr.
		 	Title: Managing Director
	
	CP V Coinvestment B, L.P.
		
	By:	 	TC Group V, L.P., its General Partner
	By:	 	TC Group V Managing GP, L.L.C., its General Partner
	By:	 	TC Group, L.L.C., its sole member
		
	By:	 	 
		 	Name: James A. Attwood, Jr.
		 	Title: Managing Director

 Signature Page to Management Stockholders Agreement for Management Stockholder 

  

			
	Carlyle Syniverse Coinvestment, L.P.
		
	By:	 	TC Group V, L.P., its General Partner
	By:	 	TC Group V Managing GP, L.L.C., its General Partner
	By:	 	TC Group, L.L.C., its sole member
		
	By:	 	 
		 	Name: James A. Attwood, Jr.
		 	Title: Managing Director

 Signature Page to Management Stockholders Agreement for Management Stockholder

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