Document:

EX-10.36

 

Exhibit 10.36

TRANSLATION FROM SPANISH

[EXECUTION COPY]

TRUST AND MANDATE AGREEMENT ENTERED INTO BY AND BETWEEN, AS TRUSTOR AND TRUST BENEFICIARY IN SECOND
PLACE AND PRINCIPAL, MAXCOM TELECOMUNICACIONES, S.A. DE C.V., HEREINAFTER REFERRED TO AS “MAXCOM”,
REPRESENTED BY ITS AGENTS, MESSRS. ADRIAN AGUIRRE GOMEZ AND ALEJANDRO MARTINEZ ALVAREZ; AND BANCO
NACIONAL DE MEXICO, S.A., (INSTITUCION DE CREDITO) AS TRUSTEE, HEREINAFTER REFERRED TO AS THE
“TRUSTEE AND AGENT”, REPRESENTED BY ITS TRUST DELEGATES, MESSRS. GUADALUPE MUÑOZ RESENDES AND
GUSTAVO VOMEND ALVAREZ, ACCORDING TO THE FOLLOWING RECITALS AND CLAUSES:

R E C I T A L S

	1	 	MAXCOM, through its agents, represents:

	 	1.1	 	That it is a Mexican stock corporation, duly incorporated by means of public
deed number 86115, dated the 28th of February, 1996 issued by Mr. Ignacio Soto Borja,
Notary Public number 129 for the Federal District, Mexico, and recorded in the Public
Registry of Commerce for the Federal District under

 

 

	 	 	 	mercantile folio number 210,585.

	 	1.2	 	That by means of a resolution of its Board of Directors Meeting held on the
15th of May, 1998, ratified by the Stockholders Meeting held on the 21st of May, 1998,
and amended by resolution of the Board of Directors Meeting held on the 25th of
February, 1999, it has established a plan for the subscription of shares representing
its capital stock (hereinafter the PLAN), by certain persons, called BENEFICIARIES
(hereinafter the BENEFICIARIES) in order to create an incentive for improving the
interests and dedication of such BENEFICIARIES in the success of MAXCOM and the
improvement of its results.
	 
	 	1.3	 	That according to the plan referred to in Recital 1. 2) above, it wishes to
establish this TRUST, in order to attach the amounts and shares pending subscription
and payment which MAXCOM shall contribute to the TRUST for the purposes indicated
below.
	 
	 	1.4	 	That it has the authority to enter into this

 

 

	 	 	 	Agreement and bind itself in the terms hereof.

	 	1.5	 	That the terms defined in the PLAN shall have the same meanings in this TRUST
Agreement.

	2	 	The TRUSTEE, through its trust delegates, represents:

	 	2.1	 	That it is a Maxcom stock corporation duly authorized to act as a credit
institution and empowered to act as TRUSTEE pursuant to Articles 46 Section XV and 79
to 84 of the Mexican Law on Credit Institutions (Ley de Instituciones de Credito) and
Article 350 of the Mexican General Law on Credit Instruments and Operations (Ley
General de Titulos y Operaciones de Credito); and
	 
	 	2.2	 	That according to Article 80 of the Law on Credit Institutions, its trust
delegates have the authority to enter into this Agreement, and that such authority is
evidenced by means of public deed number 36,621 dated the 29th of March, 1996, granted
before Mr. Jose Manuel Gomez del Campo, Notary Public number 136 for the Federal
District, and entered in the Public Registry of Commerce for the

 

 

	 	 	 	Federal District under mercantile folio number 65,126 on the 29th of April, 1996.

Now therefore, and based on the above Recitals, the parties hereto agree pursuant to the following:

C L A U S E S

FIRST. The parties to this TRUST are:

TRUSTOR AND TRUST BENEFICIARY IN SECOND PLACE: Maxcom Telecomunicaciones, S.A. de C.V.

TRUSTEE: Banco Nacional de Mexico, S.A., Institucion de Banca Multiple, Division Fiduciaria.

TRUST BENEFICIARY IN FIRST PLACE: The BENEFICIARIES who participate in the PLAN which shall be
considered as an integral part of this Agreement as if inserted ad verbatim, and which is annexed
hereto as Attachment 1.

SECOND. MAXCOM hereby transfers to the TRUSTEE as a contribution to the TRUST and the TRUSTEE
receives, in trust and for the purposes provided hereunder, the initial sum of

 

 

$5,000.00 (Five thousand pesos, no cents, Mexican currency) which, together with the amounts that
MAXCOM shall transfer and deliver from time to time to the TRUSTEE, the amounts which the TRUST
BENEFICIARIES IN FIRST PLACE transfer and deliver to the TRUSTEE, and the stock certificate number
54 which represents 1,690,000 (one million six-hundred and ninety thousand) shares issued by
MAXCOM, pending subscription and payment, delivered to the TRUSTEE on this date, and those shares
which MAXCOM contributes in the future, shall constitute the funds of this TRUST and shall be used
for the purposes contained herein.

THIRD. This TRUST has the following purposes:

	a)	 	That the TRUSTEE keeps the shares representing the STOCK issued by MAXCOM in trust, under the
terms and conditions of the PLAN to be subscribed by the BENEFICIARIES at a later date, and
for the fulfillment of the other purposes of this TRUST mentioned hereinbelow;
	 
	b)	 	That the TRUSTEE, as irrevocable agent of MAXCOM, executes certain subscription option
agreements (OPTIONS) pursuant to which MAXCOM, through the TRUSTEE, is committed to allow the
BENEFICIARIES to subscribe shares

 

 

	 	 	issued by MAXCOM, under the terms and conditions described in the PLAN which is annexed
hereto as an integral part of this Agreement as Attachment 1;

	c)	 	That according to the terms and conditions contained in the PLAN, once the information
regarding the BENEFICIARIES who have earned shares has been received, the TRUSTEE shall
exercise the OPTIONS, and in performance thereof shall enter into the subscription agreements,
by means of which the BENEFICIARIES shall exercise the options and consequently subscribe the
number of MAXCOM shares which form part of the TRUST fund, with no other instructions from the
Technical Committee being required; and the certificates evidencing the Shares subscribed by
the BENEFICIARIES shall be issued thereto against payment of the corresponding price. A form
of the Subscription Option Agreement and a form of the Subscription Agreement are annexed
hereto as Attachment 2 and Attachment 3 respectively;
	 
	d)	 	That the TRUSTEE receives from the MAXCOM BENEFICIARIES, the proceeds of the subscription of
shares pursuant to the instructions of the Technical Committee, for their immediate delivery
to MAXCOM; provided, however that in

 

 

	 	 	its capacity as TRUST BENEFICIARY IN SECOND PLACE and until such delivery is made, it shall
manage the corresponding funds in securities as instructed by the Technical Committee of
the TRUST;

	e)	 	That in fulfillment of the established purposes mentioned above, and specifically in order to
subscribe any option agreements and subscription agreements, and to issue the certificates
evidencing the shares subscribed by the BENEFICIARIES, the TRUSTEE shall have a broad and
unlimited special and irrevocable power of attorney, in the terms of the first three
paragraphs of Article 2554 of the Civil Code for the Federal District, Mexico City on local
matters and for the United Mexican States on federal matters, and its correlative provisions
contained in the Codes of the other States of the United Mexican States, as well as a power of
attorney for subscription of credit instruments and exchange in the terms of Article Ninth of
the General Law on Credit Instruments and Operations. This power of attorney and the implicit
mandate between MAXCOM and the TRUSTEE, shall be irrevocable as such authority guarantees the
due performance of the obligations incurred by MAXCOM with and for the BENEFICIARIES, in the
terms of the PLAN;

 

 

	f)	 	That the TRUSTEE invests, according to the instructions given thereto by the Technical
Committee of the TRUST, the amounts which constitute the initial TRUST fund and the sums which
MAXCOM contributes in the future and delivers to the TRUST, as well as the interest and net
returns earned through the investments made in fixed-income securities or in investment
Companies in debt instruments authorized by the Mexican National Banking and Securities
Commission (Comision Nacional Bancaria y de Valores);
	 
	g)	 	That the TRUSTEE collects all interest, returns or proceeds of the securities in which the
TRUST fund is invested and that the TRUSTEE keeps them in TRUST;
	 
	h)	 	That the TRUSTEE in any event not provided for in this Agreement, acts regarding the TRUST
fund and the entrusted amounts and securities, according to the instructions received from the
Technical Committee, including, where applicable, in the event of defense of the TRUST fund.

FOURTH. The TRUSTEE shall not be responsible to MAXCOM for

 

 

any facts or action of third parties which impede or hinder the execution of the TRUST, nor for any
of its actions performed in accordance with the instructions received from the Technical Committee
of the TRUST, as long as such instructions do not infringe the purposes referred to in Clause third
above.

In the event of any proceeding or defense related to the TRUST fund, the TRUSTEE shall only grant
powers of attorney to the person or persons instructed by the Technical Committee or, as the case
may be, to MAXCOM, so that they may take over the defense thereof, provided, however that the
TRUSTEE shall not be responsible in any way for the results of such defense.

However, in case of emergency, the TRUSTEE may carry out any action which required for the
preservation of the TRUST fund and the rights derived therefrom, notwithstanding the obligation to
appoint an agent as referred to above.

FIFTH. In order for the TRUSTEE to carry out the acts mentioned in the PLAN and Clause THIRD above,
it shall act according as follows:

	5.1	 	Every time that the BOARD makes an ASSIGNMENT, the

 

 

	 	 	TRUSTEE shall receive a confirmation from the Secretary of the BOARD with the following
information:

	5.1.1	 	The names of each BENEFICIARY in the PLAN, who according to the ASSIGNMENT is entitled to
enter into an OPTION agreement with the TRUSTEE.
	 
	5.1.2	 	The number of shares representing the STOCK that the TRUSTEE shall promise for subscription
by the BENEFICIARIES, once the latter may EXERCISE the OPTIONS.
	 
	5.1.3	 	The price of subscription per share of the STOCK established in the OPTION agreements which
the TRUSTEE enters into with each of the BENEFICIARIES entitled to the shares representing the
STOCK according to the PLAN.
	 
	5.1.4	 	Any other special issue necessary or convenient, pursuant to the resolution of the BOARD,
for fulfillment of the purposes of the PLAN and of this TRUST.

	 	 	The Secretary shall proceed to issue a confirmation to each BENEFICIARY entitled to the
shares representing the

 

 

	 	 	STOCK corresponding to the EARNED RIGHT.

	5.2	 	Once the confirmation has been received by the TRUSTEE, within a period not exceeding 30
(thirty) calendar days following the date on which notice from the Secretary of the BOARD has
been received, the TRUSTEE shall enter into the OPTION agreements with the corresponding
BENEFICIARIES.
	 
	5.3	 	As a condition precedent for the TRUSTEE to enter into the OPTION agreements, the TRUSTEE
shall keep enough shares certificates evidencing the STOCK, pending subscription and payment,
which allow the TRUSTEE to deliver to the BENEFICIARIES the corresponding certificates, once
the RELEASE has occurred and the BENEFICIARIES (or their successors pursuant to the PLAN) have
EXERCISED the OPTIONS.
	 
	 	 	The TRUSTEE shall deliver a copy of each OPTION Agreement to the Secretary of the BOARD.
	 
	5.4	 	Once the RELEASE of the OPTIONS has occurred, the BENEFICIARY may, within the term mentioned
in the PLAN, EXERCISE his right to subscribe the shares representing

 

 

	 	 	the STOCK by means of a written notice sent to the TRUSTEE and a copy to MAXCOM. In such
event, the TRUSTEE, within 30 (THIRTY) calendar days following the reception of such
notice, shall execute the corresponding Subscription Agreement and deliver to the
BENEFICIARY the share certificates once the subscription price has been paid.

	 	 	The TRUSTEE shall send a copy of each Subscription Agreement and of each share certificate
to the Secretary of the BOARD for its due recording in the stockholders registry of MAXCOM.
	 
	5.5	 	In order to comply with the provisions of this CLAUSE, the TRUSTEE shall keep a Registry of
the OPTIONS signed by the TRUSTEE, their RELEASE periods and, if applicable, as well as any
OPTION EXERCISE, and the information regarding the PARTICIPANT thereto and the number of
shares of the STOCK subscribed by such PARTICIPANT.
	 
	5.6	 	In the event of death or permanent disability or retirement of any BENEFICIARY in terms of
the PLAN, the Secretary of the BOARD shall inform the TRUSTEE the name of the respective
BENEFICIARY and the date of death,

 

 

	 	 	disability or retirement occurred, and the TRUST shall take note of the new RELEASE period
and any EXERCISE of the OPTIONS so as to proceed according to the terms of the PLAN.

	5.7	 	In the event of a Change of Control in MAXCOM, as provided in clause 11 of the PLAN, the
Secretary of the BOARD shall inform the TRUSTEE in connection therewith so that the TRUSTEE
may record the advanced RELEASE of the OPTIONS.
	 
	5.8	 	In the event of any variation to the capital stock of MAXCOM as provided in the PLAN, the
Secretary of the BOARD shall inform the TRUSTEE, so that the TRUSTEE may proceed to comply
with the Resolution of the BOARD Meeting in order to secure that the rights of the
BENEFICIARIES remain unaffected.
	 
	5.9	 	In the event that an EXPATRIATE loses part of his/her right to subscribe the shares
representing the STOCK as provided in the PLAN, or that a BENEFICIARY loses part of his/her
rights pursuant to the PLAN, the Secretary of the BOARD shall inform the TRUSTEE so that it
may act accordingly and inform the affected BENEFICIARY.

 

 

SIXTH. According to the provisions of third paragraph of Article 80 of the Law on Credit
Institutions, a Technical Committee of the TRUST is hereby established, which shall be referred to
in this Agreement as the “Technical Committee” of the TRUST. Such Technical Committee shall operate
according to the following terms and conditions:

	6.1	 	Powers and Authority: The Technical Committee shall have the following powers:

	 	 	a). To instruct the TRUSTEE regarding the terms under which the
shares or securities that become part of the TRUST fund shall be
voted in the corresponding Stockholders or Security-holders
Meetings, including those shares representing the capital stock
of investment companies in connection with any debt instruments
in which cash funds pertaining to the TRUST fund have been
invested, or regarding the person or persons who the TRUSTEE
should appoint as agents to represent and vote for such shares or
securities;
	 
	 	 	b). To instruct the TRUSTEE regarding the form, certificates or
instruments in which it should temporarily invest the

 

 

	 	 	TRUST fund; and,

	 	 	c). To give the TRUSTEE any instructions which are foreseen in this
Agreement, as well as any other instruction that the Technical
Committee deems convenient for carrying out the purposes of the
TRUST contained in Clause Third of this Agreement, or which it
considers necessary with regards to the administration of the
TRUST fund.
	 
	6.2	 	Members: The Technical Committee of the TRUST shall be formed by 3 (three) permanent
members, who shall be appointed by the Board of Directors of MAXCOM. Initially and until they
are removed from office, the following persons shall integrate the Technical Committee:

Adrian Aguirre Gomez

Jacques Gliksberg

Salvatore Grasso

	 	 	The specimen of the signatures of the above members are contained in Attachment “4” hereto.
	 
	6.3	 	Chairman and Secretary: The Committee shall initially be chaired by Mr. Adrian
Aguirre Gomez and assisted by a

 

 

	 	 	Minutes Secretary who does not necessarily have to be a member of the Committee, and who
must attend all the Meetings of the Committee. Initially, Mr. Alejandro Martinez Alvarez
shall act as Minutes Secretary. The Technical Committee shall be empowered to appoint other
Chairman for such body from among the members of such Committee, as well as to remove such
Chairman and appoint and remove the Minutes Secretary.

	6.4	 	Attendance and Voting: In order for the Technical Committee to validly act and take
decisions, in any meeting duly convened by means of a first or later call notice, the presence
of at least 2 (two) of its members shall be required and its resolutions shall be taken by the
vote of at least 2 (two) of its members. Each member shall have the right to one vote. The
advisors who are deemed convenient, as well as the representative or agent of the TRUSTEE may
attend the meetings of the Technical Committee, who shall have the right to speak but not to
vote.
	 
	6.5	 	Meeting Minutes: The minutes for each Meeting of the Technical Committee shall
contain the instructions for the TRUSTEE approved by the Technical Committee, and such

 

 

	 	 	minutes must be signed by all members who attended the Meeting and shall be kept by the
TRUSTEE, which must issue any copies thereof to any members of the Committee who request
them.

	6.6	 	Meeting Calls: The calls for the meetings of the Technical Committee shall be made by
the Secretary of the Committee or by the TRUSTEE, at the written request of any of the members
thereof, by means of a written notice to the members of the Committee at least 5 (five)
business days in advance of the date determined for the meeting, to the addresses advised to
the TRUSTEE upon their appointment; provided, however that such notice shall indicate the
place, date and time of the meeting and the matters to be dealt with therein. In those cases
in which the meeting cannot be held and notwithstanding any provision otherwise contained in
this Agreement, the Technical Committee may take decisions and adopt resolutions with the
consent of at least two of its members expressed in writing to the TRUSTEE.
	 
	 	 	Any member of the Technical Committee shall have the right to include matters in the
Agenda. The Technical Committee shall have the authority to decide on matters

 

 

	 	 	which are not included in the Agenda, as long as such decision is taken by the unanimous
vote of the members of the Committee.

	6.7	 	Temporary Absences: In the event of resignation, disability, death, or any other
event which leads to the permanent absence of any of the members the Technical Committee, the
remaining members thereof shall temporarily, and until the BOARD of MAXCOM appoints another
member, elect a person to perform the office of the absentee, and the Technical Committee must
inform the TRUSTEE in writing of such substitution, expressly stating the name of the new
member.

SEVENTH. The TRUSTEE shall inform the Technical Committee and MAXCOM in writing and on a monthly
basis regarding the status of the TRUST fund.

EIGHTH. According to the provisions of item b), Section XIX of Article 106 of the Law on Credit
Institutions, the TRUSTEE hereby represents that it has clearly explained the legal implications
and consequences of such provisions to MAXCOM which reads as follows:

 

 

“ARTICLE 106. Credit institutions shall be prohibited from:

XIX. In the performance of those transactions mentioned in Section XV of Article 46 of this
Law:

a) ...

b) Respond to the trustors, principals or constituents, for the non-performance of the
debtors, regarding the credits granted hereby, or the issuers, for the securities acquired,
except when such non-performance is due to their fault, as defined in the final part of
Article 356 of the Mexican General Law on Credit Instruments and Operations, or to
guarantee the transfer of returns on the funds whose investment is entrusted thereto. If
upon the termination of the TRUST, mandate or commission established for the granting of
credits, these have not been paid by the debtors, the credit institution must transfer them
to the trustors or trust beneficiaries, as the case may be, and shall not pay them to the
principal or constituent. Any agreement contrary to that provided in the above two
paragraphs shall not have any legal effects. The paragraphs above shall be expressly
inserted in the TRUST, mandate or commission agreements, in addition to a statement by the
TRUSTEE

 

 

insofar as it unquestionably explained the content thereof to the parties from whom assets
have been received for investment purposes”.

The final part of Article 356 (three-hundred and fifty-six) of the General Law on Credit
Instruments and Operations, binds the TRUSTEE to comply with its duties pursuant to the
provisions of the corresponding agreements, acting as a good pater familiaes, being
responsible for any losses or damages to the assets or rights due to its fault or
negligence.

NINTH. In consideration of its participation in this TRUST, MAXCOM shall pay the TRUSTEE the fees
referred to in Attachment 5 hereto.

TENTH. For everything related to this Agreement, the parties hereto establish the following
conventional mailing address:

	 	 	 
	TRUSTEE:

	 	Banco Nacional de Mexico, S.A.
	 

	 	Institucion de Banca Multiple,
	 

	 	Division Fiduciaria,
	 

	 	Bosques de Duraznos 75 — PH

 

 

	 	 	 
	 

	 	Col. Bosques de las Lomas,
	 

	 	Mexico 11700, D.F.
	 

	 	MEXICO.
	 

	 	 
	MAXCOM:

	 	Maxcom Telecomunicaciones, S.A. DE C.V.
	 

	 	Magdalena 211
	 

	 	Col. Del Valle,
	 

	 	Mexico 03100, D.F.
	 

	 	MEXICO.
	 

	 	Attn: Secretary of the Board.

Any notices, instructions and communications of any kind shall be in writing and considered as
valid when sent to the aforementioned addresses, unless any party has previously notified the other
party in writing of any change thereof.

ELEVENTH. This Agreement and the TRUST established hereby shall be in full force and effect for a
term of up to 30 (thirty) years counted from the date of execution thereof and shall be cancelled
due to any of the events established in Article 357 of the General Law on Credit Instruments and
Operations, or by agreement of the Technical Committee due to the expiration of the PLAN; provided,
however, that it may not be terminated whilst the subscription price of the shares

 

 

which have been subscribed remains unpaid; or any rights are pending exercise in favor of the
BENEFICIARIES.

TWELFTH. For everything related to the interpretation, execution and performance of this Agreement,
the parties hereto submit to the applicable laws and jurisdiction of the competent courts in Mexico
City, Federal District, expressly waiving any rights to any other jurisdiction that could have
thereto due to their present or future domiciles.

THIRTEENTH. Each of the parties agrees and acknowledges the legal capacity and status of the other
party, as well as the authority of their representatives and agents to enter into this Agreement.

LIST OF ATTACHMENTS:

	 	 	 
	ATTACHMENT 1

	 	TEXT OF THE PLAN
	ATTACHMENT 2

	 	FORM OF THE SUBSCRIPTION OPTION AGREEMENT
	ATTACHMENT 3

	 	FORM OF THE SUBSCRIPTION AGREEMENT
	ATTACHMENT 4

	 	SIGNATURES SPECIMENS OF THE MEMBERS OF THE TRUST’S TECHNICAL
COMMITTEE
	ATTACHMENT 5

	 	FEES OF THE TRUSTEE

 

 

This Agreement and the Attachments thereto are signed in two counterparts by the parties hereto in
Mexico City, Federal District, on the 31st of May, 1999.

MAXCOM TELECOMUNICACIONES, S.A. DE C.V.

	 	 	 
	 
	 	 
	Mr.Adrian Aguirre Gomez
	 	Mr.Alejandro Martinez Alvarez

“TRUSTEE”

BANCO NACIONAL DE MEXICO, S.A.

 

 

TRANSLATION FROM SPANISH

ATTACHMENT “1”

STOCK SUBSCRIPTION PLAN

OF

MAXCOM TELECOMUNICACIONES, S.A. DE C.V.

(Adopted by the Board of Directors of

MAXCOM TELECOMUNICACIONES, S.A. de C.V. in its meeting held

on the 15th of May, 1998 and amended in its meeting held

on the 25th of February, 1999)

LIST OF ATTACHMENTS

	 	 	 
	1

	 	BENEFICIARY PLAN
	2

	 	Summary of the obligations of Series N stockholders
	3

	 	OPTION Agreement
	4

	 	STOCK Subscription Agreement

 

 

STOCK SUBSCRIPTION PLAN GRANTED BY “MAXCOM TELECOMUNICACIONES, S.A. DE C.V.” FOR THE SUBSCRIPTION
OF COMPANY SHARES.

	1	 	BACKGROUND

	 	1.1	 	Maxcom Telecomunicaciones, S.A. de C.V. was incorporated by means of Public
Deed number 86,115 dated on the 28th of February, 1996, issued by Notary Public number
129 for the Federal District, Mexico, City, Mr. Ignacio Soto Borja, recorded in the
Public Registry of Commerce for the Federal District under mercantile folio number
210,585 on the 11th of June, 1996.
	 
	 	1.2	 	According to the commitments adopted by the stockholders of Maxcom
Telecomunicaciones, S.A. de C.V., it has been agreed to offer to certain persons
determined by its Board, the opportunity to subscribe shares issued by Maxcom
Telecomunicaciones, S.A. de C.V. according to this PLAN.
	 
	 	1.3	 	This PLAN was approved by Maxcom Telecomunicaciones, S.A. de C.V., by means
of a resolution of its Board

 

 

	 	 	 	of Directors adopted in the meeting thereof held on the 15th of May, 1998, ratified
by the Stockholders Meeting held on the 21st of May, 1998 and amended by resolution
of its Board of Directors adopted at the meeting thereof held on the 25th of
February, 1999.

	2	 	DEFINITIONS

In this PLAN, the following words shall have the following meanings:

“MAXCOM” means the corporation, incorporated pursuant to the laws of Mexico under the corporate
name Maxcom Telecomunicaciones, S.A. de C.V.

“STOCK” means a Series N shares which represent the capital stock of MAXCOM.

“PLAN” means this legal instrument, along with its Attachments and any amendments hereto or
thereto.

“BOARD” means the Board of Directors of MAXCOM.

“BENEFICIARY” means any person who the BOARD has appointed to

 

 

participate in this PLAN due to the fact that his/her activity contributes or may substantially
contribute to the success of the operations of MAXCOM.

“SUBSTITUTE BENEFICIARY” means any person appointed by the BENEFICIARIES in the OPTION agreements.

“BENEFICIARY PLAN” means the set of definitions required to regulate the SHARES subscription plan
in favor of a specific BENEFICIARY (Attachment 1).

“EXPECTED RESULT” is defined in section 4.7 hereof.

“INCOME” means any income resulting from its calculation in Mexican Pesos based on generally
accepted Mexican accounting practices and converting it into US Dollars at the exchange rate
published to such effect in the Official Gazette (Diario Oficial) on the date of each transaction
which forms such INCOME.

“EARNED STOCK”, is defined in Attachment 1 of this PLAN.

“RELEASABLE STOCK”, is defined in Attachment 1 of this PLAN.

 

 

“RELEASE DATE”, is defined in Attachment 1 of this PLAN.

“EFFECTIVE PERCENTAGE OF THE PERIOD”, is defined in section 5.1 of this PLAN.

“OPTION” means the shares of the STOCK subscription option agreement, in substantially the form of
Attachment 3 hereto, executed by and between the TRUSTEE of the TRUST, as agent of MAXCOM, and a
BENEFICIARY. The new OPTIONS which a BENEFICIARY enters into when others are still pending total or
partial EXERCISE, shall also be understood to be OPTIONS.

“EARNED RIGHT” means the right of the BENEFICIARY to enter into an OPTION with the TRUSTEE of the
TRUST in as much as such BENEFICIARY has complied with the conditions of his/her BENEFICIARY PLAN.

“RELEASE” means the right of the BENEFICIARY to sign the STOCK subscription agreement, in
substantially the form of Attachment 4, and according to the OPTION, considering the fact that the
periods contained in such OPTION have expired.

“EXERCISE” means the act which the BENEFICIARY performs by subscribing certain shares pursuant to
the STOCK subscription

 

 

agreement entered into with the TRUSTEE of the TRUST.

“TRUST” means the trust agreement entered into with a trust institution which is duly authorized to
act as such and which enters into the OPTION agreements and the STOCK subscription agreements with
the BENEFICIARIES.

“EBITDA” means the concept defined as such in the Stockholders Agreement of MAXCOM dated the 21st
of May, 1998. This amount is calculated in Mexican Pesos based on generally accepted Mexican
accounting practices and converted into US Dollars at the exchange rate published to such effect in
the Official Gazette (Diario Oficial) on the date of each transaction part of such EBITDA.

“EXPATRIATE” means a BENEFICIARY who is an individual, who collaborates with MAXCOM through others
and who was not residing in Mexico at the time such collaboration commenced.

“PERIOD” is defined in section 4.3.

Terms defined above and anywhere else in this Plan, shall have the same meaning wherever used in
capital letters herein.

 

 

	3	 	OBJECTIVES OF THE PLAN

The target of MAXCOM is:

	 	3.1	 	To attract highly skilled and motivated personnel.
	 
	 	3.2	 	To retain truly capable and skilled people.
	 
	 	3.3	 	To unify any interests of the executives with those of the stockholders.

	4	 	ADMINISTRATION OF THE PLAN

	 	4.1	 	The Stockholders Meeting of MAXCOM has resolved:

	 	4.1.1	 	That the BOARD shall be the manager of this PLAN;
	 
	 	4.1.2	 	That the BOARD has enough powers and authority to interpret
and apply this PLAN;
	 
	 	4.1.3	 	That the BOARD has enough powers and authority to enter into
the agreements related to the PLAN, as well as to decide on the

 

 

	 	 	 	price and terms applicable to the shares representing the STOCK to
be subscribed and paid;

	 	4.1.4	 	That the BOARD is responsible for appointing the
BENEFICIARIES of this PLAN;
	 
	 	4.1.5	 	That the BOARD is responsible for establishing the formula,
basis or conditions to determine the subscription value of the shares
representing the STOCK covered by an OPTION so that it reflects the fair
market price;
	 
	 	4.1.6	 	That the BOARD is responsible for establishing the
objectives of the business plan of MAXCOM which must be reached to have an
EARNED RIGHT; and
	 
	 	4.1.7	 	That the BOARD may not, in any case, approve amendments
which reduce the rights which may have already been earned in favor of the
BENEFICIARIES or their successors or heirs. Any amendment to the PLAN must be

 

 

	 	 	 	adopted by the Stockholders Meeting.

	 	4.2	 	At the appropriate time, the BOARD shall voluntarily, discretionally and
unilaterally appoint the BENEFICIARIES of this PLAN.

	 	4.3	 	Three periods are calculated (PERIODS):

	 	4.3.1	 	PERIOD 1: From January 1 to December 31, 1998
	 
	 	4.3.2	 	PERIOD 2: From January 1 to December 31, 1999
	 
	 	4.3.3	 	PERIOD 3: From January 1 to December 31, 2000

	 	4.4	 	The shares evidencing the STOCK shall constitute an EARNED RIGHT on the 1st
of April of the calendar year following the PERIOD.
	 
	 	4.5	 	The shares evidencing the STOCK are subscribed at the following prices:

	 	4.5.1	 	US$8.70 dollars for those shares considered an EARNED RIGHT
during PERIOD 1.

 

 

	 	4.5.1	 	US$10.45 dollars for those shares of the STOCK considered an
EARNED RIGHT during PERIOD 2.
	 
	 	4.5.1	 	US$12.55 dollars for those shares of the STOCK considered
on EARNED RIGHT during PERIOD 3.

	 	4.6	 	The price thus defined may not be altered against the interests of the
BENEFICIARIES for any reason.
	 
	 	4.7	 	On the date on which the BOARD approves the budget for each PERIOD, the BOARD
shall combine the INCOME and the EBITDA reflected in such budget (the “EXPECTED
INCOME” and the “EXPECTED EBITDA”) to calculate the “EXPECTED RESULT OF THE PERIOD”
using the following formula:
	 
	 	 	 	EXPECTED RESULT OF THE PERIOD = EXPECTED RESULT multiplied by 0.50 (zero point
fifty) plus the EXPECTED EBITDA multiplied by 0.50 (zero point fifty).
	 
	 	4.8	 	The BOARD assigns the BENEFICIARIES and establishes

 

 

	 	 	 	the PLAN OF EACH BENEFICIARY in the terms of Attachment 1.

	4.9	 	Only the shares representing the STOCK subscribed (i.e., after EXERCISE of
the OPTION) according to the PLAN shall have ownership and corporate rights.

	5	 	PROCESS TO EARN SHARES REPRESENTING STOCK

	 	5.1	 	At the end of each PERIOD, the BOARD shall calculate the “EFFECTIVE
PERCENTAGE OF THE PERIOD” using the following formula:

A = Efective INCOME obtained during the PERIOD divided by the INCOME reflected in
the budget for such PERIOD, stated as a percentage, and multiplied by 0.50 (ZERO
POINT FIFTY).

B = EBITDA obtained during the PERIOD divided by the EBITDA reflected in the budget
for such PERIOD, stated as a percentage, and multiplied by 0.50 (ZERO POINT FIFTY).

EFFECTIVE PERCENTAGE OF THE PERIOD = A + B

 

 

	 	5.2	 	Once the “EFFECTIVE PERCENTAGE OF THE PERIOD” has been calculated, the BOARD
shall instruct the TRUSTEE of the TRUST to sign and execute an OPTION with each
BENEFICIARY stating therein:

	 	5.2.1	 	That the total number of shares representing the STOCK is
equal to the shares of the STOCK considered as an EARNED RIGHT by the
BENEFICIARY during the PERIOD.
	 
	 	5.2.2	 	That the dates and amounts of shares representing the STOCK
which can be subscribed are the same as the RELEASE DATES and RELEASABLE STOCK
of each BENEFICIARY for such PERIOD in the terms of Attachment 1 of this PLAN.

	 	5.3	 	Once the TRUSTEE of the TRUST has been instructed, the BOARD shall inform the
BENEFICIARY in writing regarding:

	 	5.3.1	 	The number of shares of the STOCK considered as an EARNED
RIGHT and the number of

 

 

	 	 	 	RELEASABLE STOCK, as well as the RELEASE DATES, in terms of
Attachment 1;

	 	5.3.2	 	A copy of the notice sent to the TRUSTEE of the TRUST
mentioned above.

	 	5.4	 	Once effectively received such notice from the BOARD, the TRUSTEE of the
TRUST, as agent of MAXCOM, shall enter into an OPTION agreement with each BENEFICIARY
pursuant to the terms and conditions described in Attachment 3 hereto.
	 
	 	5.5	 	In order to execute the OPTION agreements:

	 	5.5.1	 	The TRUSTEE of the TRUST must physically have the share
certificates representing the capital stock pending subscription and payment,
covered by such OPTION and already issued by MAXCOM; and
	 
	 	5.5.2	 	The TRUSTEE of the TRUST must have a special power of
attorney, as broad and unlimited to (A) enter into the OPTION and Stock
Subscription agreements, and (B) issue the

 

 

	 	 	 	shares certificates representing the STOCK subscribed at the
appropriate time by the BENEFICIARIES once duly paid for.

	 	5.6	 	The TRUSTEE of the TRUST shall confirm compliance and performance of this
authority to the BOARD, in order for it to make the corresponding notations in the
corporate books of MAXCOM.
	 
	 	5.7	 	The power of attorney referred to above and the inherent mandate attached
thereto are irrevocable. This power of attorney shall be formalized by means of a
public deed and in the Trust Agreement.

	6	 	RELEASE OF SHARES REPRESENTING THE STOCK

	 	6.1	 	On the RELEASE DATE, the BOARD shall inform the TRUSTEE of the TRUST that as
from such date the BENEFICIARY has the right to request the making of a Subscription
Agreement for a number of shares equal to the STOCK RELEASABLE by the BENEFICIARY on
such RELEASE DATE in the terms of section hereof 7 and pursuant to the BENEFICIARY
PLAN of each one.

 

 

	 	6.2	 	Once the TRUSTEE of the TRUST has been duly informed, the BOARD shall advise
the BENEFICIARY in writing regarding:

	 	6.2.1	 	The number of RELEASED STOCK.
	 
	 	6.2.2	 	A copy of the notice sent to the TRUSTEE of the TRUST
mentioned above.

	7	 	EXERCISE OF AN OPTION

	 	7.1	 	The BENEFICIARY may EXERCISE the OPTION during a non-extended period
commencing on the RELEASE DATE and ending 10 (ten) years thereafter.
	 
	 	7.2	 	If within such period the BENEFICIARY does not EXERCISE the OPTION, then
he/she shall lose and cease to have any right to EXERCISE such RELEASED STOCK.
	 
	 	7.3	 	In order to EXERCISE an OPTION, the BENEFICIARY or his/her testamentary or
legitimate heirs must notify thereof the TRUSTEE in writing.

 

 

	 	7.4	 	Once such notice has been delivered, the BENEFICIARY or his/her testamentary
or legitimate heirs, shall have thirty calendar days counted from the date of
execution of the subscription agreement to fully pay the subscription price of the
shares representing the STOCK.
	 
	 	7.5	 	The TRUSTEE of the TRUST shall confirm the performance and exercise of this
order to the BOARD, so that the corresponding notations may be made in the corporate
books of MAXCOM.
	 
	 	7.6	 	The rights of the BENEFICIARY to acquire shares representing the STOCK by
means of an OPTION which he/she has as EARNED RIGHT, shall be strictly personal and
non-transferable; therefore such rights may not be assigned to others under any title
whatsoever, except for the provisions of this PLAN in case of death of the
BENEFICIARY.
	 
	 	7.7	 	The BENEFICIARIES accept that the OPTION and Subscription agreements shall
contain a commitment whereunder they shall assume the obligations and be subject to
the terms of the Stockholders Agreement

 

 

	 	 	 	dated the 21st of May, 1998, related to the assignment of the shares representing
the STOCK. The BOARD, with deciding vote pursuant to the stockholders agreement
dated the 21st of May, 1998, may partially or totally waive such obligations.
Attachment 2 hereto contains such obligations.

	8	 	CANCELLATION OF TREASURY STOCKS DEPOSITED WITH THE TRUSTEE OF THE TRUST

	 	8.1	 	MAXCOM shall substitute the shares representing the STOCK which have been
canceled, and the OPTION shall remain in effect as originally assumed.
	 
	 	8.2	 	The TRUSTEE of the TRUST shall only deliver the share certificates evidencing
the STOCK against delivery by MAXCOM of the share certificates replacing them.

	9	 	LOSS OF SHARES REPRESENTING THE STOCK CONSIDERED AS AN EARNED RIGHT

	 	9.1	 	Except for the exceptions referred to below, if the BENEFICIARY ceases to
collaborate in favor of

 

 

	 	 	 	MAXCOM, due to the fact that he/she has ceased to work for the company that
provides services to MAXCOM, then, the right of the BENEFICIARY to EXERCISE the
OPTION that he/she has obtained as an EARNED RIGHT but pending RELEASE on the
termination date of the services rendered by the BENEFICIARY, shall automatically
and immediately terminate. In such event, the BENEFICIARY may EXERCISE the OPTION
of shares representing the STOCK which he/she has obtained as an EARNED RIGHT which
the period for their RELEASE has already expired within the term provided in the
OPTION. The BOARD shall report this fact to the TRUSTEE of the TRUST and to the
BENEFICIARY.

	 	9.2	 	Under the following circumstances, the BENEFICIARY shall retain the right to
EXERCISE the OPTION of shares representing the STOCK he/she has obtained as an EARNED
RIGHT and which are pending RELEASE or EXERCISE upon the termination date of his/her
services, within the period provided in the OPTIONS:

	 	9.2.1	 	In the event that upon death of a BENEFICIARY there were
shares of the STOCK pending

 

 

	 	 	 	RELEASE or EXERCISE pursuant to an OPTION. Only in such event shall
the right to EXERCISE and subscribe the number of shares of the
STOCK which such BENEFICIARY had obtained as an EARNED RIGHT on the
date of his/her death shall be passed on to the testamentary or
legitimate heirs. Consequently, all the shares of the STOCK
regarding the OPTIONS considered as an EARNED RIGHT by the
BENEFICIARY shall be RELEASED in advance in favor of the legitimate
or testamentary heirs, notwithstanding the fact that the required
time for their RELEASE has not elapsed. The RELEASED STOCK which
had not been EXERCISED on the date of death, may be EXERCISED by
the testamentary or legitimate heirs only and exclusively within
the period provided for in the corresponding OPTION. The STOCK
RELEASED in advance of the date of death, may be EXERCISED by the
testamentary or legitimate heirs within a term of ten years
following the date of death of the

 

 

BENEFICIARY. The BENEFICIARY may appoint one person, resident in
the country, so that the BOARD may send him/her, in the event
referred to above, a confirmation of the rights enjoyed by the
heirs according to this PLAN. The BOARD shall comply with the above
by sending such confirmation via certified mail and acknowledgement
of receipt requested, or by courier service to the registered
address of the BENEFICIARY.

	 	9.2.2	 	In the event of disappearance or presumed death as provided
by law, such circumstance shall be understood and interpreted as an event of
death.
	 
	 	9.2.3	 	In event of permanent working disability, either due to
professional or non-professional risk or illness, of a BENEFICIARY, occurred
within the term of any OPTION considered as an EARNED RIGHT, or in event of
regular (not advanced) retirement, according to a pensions plan

 

 

	 	 	 	and if the shares representing STOCK pending RELEASE or EXERCISE
pursuant to an OPTION were to exist, and only in such event, the
BENEFICIARY may EXERCISE and subscribe the shares representing the
STOCK which he/she has obtained as an EARNED RIGHT to the date of
his/her disability or retirement. Consequently, all the shares
representing the STOCK regarding the OPTIONS which have been
obtained as an EARNED RIGHT by the BENEFICIARY shall be RELEASED in
advance in favor of the SUBSTITUTE BENEFICIARIES or their
legitimate or testamentary heirs, irrespective of the fact that the
time required for their RELEASE has not elapsed. The RELEASED STOCK
which have not been EXERCISED on the date of disability or
retirement, may be EXERCISED within the RELEASE DATE contemplated
in the corresponding OPTION. The shares representing the STOCK
RELEASED in advance of the date of disability or retirement may be
EXERCISED within a term of ten

 

 

	 	 	 	years following the date of disability or retirement of the
BENEFICIARY.

	10	 	EXPATRIATE BENEFICIARIES

If the BENEFICIARY is an EXPATRIATE, upon expiration of the term of his/her relationship, MAXCOM
may offer such BENEFICIARY the opportunity to continue his/her collaboration (through the entity in
which the EXPATRIATE provides his/her services) for an additional period of up to 12 months. If
such BENEFICIARY were not to accept such proposal, then, he/she shall lose the right to EXERCISE
50% (fifty percent) of the shares representing STOCK considered as an EARNED RIGHT to that date and
which have not been RELEASED.

The request of MAXCOM may only be proposed on one single occasion.

The BOARD shall inform this fact to the TRUSTEE of the TRUST and the BENEFICIARY.

	11	 	CHANGE OF CONTROL OF MAXCOM

	 	11.1	 	In the event that according to any legal action or

 

 

	 	 	 	resolution, the control of MAXCOM were to change, the shares representing the STOCK
covered by the OPTIONS shall be RELEASED in advance as from the date such change of
control is publicly known, and which shall not be later than that date on which the
General Stockholders Meeting adopted such change and/or altered the structure and
integration of the BOARD.

	 	11.2	 	Change of control shall mean any transaction or series of transactions having
any of the following results: (1) that a third party who is not a stockholder or an
affiliate of MAXCOM acquires at least 51% of the total outstanding shares representing
the capital stock of MAXCOM, and (2) that there is a change of control in the
management of MAXCOM.
	 
	 	11.3	 	The BOARD shall confirm that a change of control of MAXCOM has occurred to
the TRUSTEE of the TRUST and to the BENEFICIARIES.

	12	 	VARIATION TO THE CAPITAL STOCK OF MAXCOM

 

 

	 	12.1	 	If during the term of any OPTION a variation is made to the capital stock of
MAXCOM or to the par value (if any) of its shares, then the BOARD or the Stockholders
Meeting of MAXCOM shall adopt any action so that when such variations are approved the
rights actually existing in favor of the BENEFICIARIES according to this PLAN are not
reduced or damaged.
	 
	 	12.2	 	In the event the capital stock of MAXCOM is increased and the new shares
issued are paid in cash or in kind with funds not belonging to MAXCOM or its
subsidiaries, then the total number of shares representing the STOCK provided for in
an OPTION shall not increase.
	 
	 	12.3	 	In the event the capital stock of MAXCOM is increased and the new shares
issued are paid with funds belonging to MAXCOM or its subsidiaries, the total number
of shares representing the STOCK in certain OPTION shall be adjusted in order to
assure the same economic and legal rights of the BENEFICIARIES.

 

 

	 	12.4	 	In the event that, whether or not an increase or reduction in the capital
stock of MAXCOM shall exist, the number of shares which represent the capital stock of
MAXCOM were to be changed such as in the case of any split of the capital stock, the
number of shares representing the STOCK covered by the OPTIONS shall be automatically
adjusted, as shall the subscription price established in such OPTIONS, so that the
number of shares representing the STOCK covered by an OPTION continues to represent
the same percentage in the number of shares issued by MAXCOM that such shares
represented prior to such change, and, if applicable, so that the subscription price
per share representing the STOCK established in the OPTIONS is amended proportionally
to the variation to the number of shares.
	 
	 	12.5	 	The BOARD shall confirm any adjustments made in accordance with this section
to the TRUSTEE of the TRUST and to the BENEFICIARIES.

	13	 	NO LOANS TO THE BENEFICIARIES

 

 

It is expressly established that neither MAXCOM nor any affiliate or subsidiary company thereof may
advance any amounts to the BENEFICIARIES, either directly or indirectly, so that such BENEFICIARIES
may be able to subscribe the shares representing the STOCK.

	14	 	TERM OF THIS PLAN

This PLAN shall have no established term and shall commence on the 31st of March, 1999 and end on
the date on which MAXCOM, after resolution by its BOARD, agrees to terminate it; provided, however
that upon termination of this PLAN, the OPTIONS which have been made prior to the date of such
termination shall remain in full force and effect.

 

     This Stock Subscription Plan is attached to, and forms part of the notice delivered by the BOARD to
each BENEFICIARY on the date on which they have been designated as BENEFICIARIES both of the OPTION
and the Subscription Agreements entered into by and between MAXCOM and/or the TRUSTEE of the TRUST
and/or the BENEFICIARY; and the parties expressly represent that they know this PLAN and that they
expressly accept each and all of

 

 

the terms, conditions and other provisions established herein.

	 	 	 	 	 
	The BENEFICIARY

	 	 
	 	The BOARD
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	By:
	 

	 	 	 	Title:

PLAN AUTHORIZED BY “MAXCOM TELECOMUNICACIONES, S.A. DE C.V.”

FOR SUBSCRIPTION OF SHARES REPRESENTING THE CAPITAL STOCK OF

THE CORPORATION

ATTACHMENT 1: PLAN FOR EACH BENEFICIARY (ONLY AS A WAY OF AN EXAMPLE)

BENEFICIARY: JOHN DOE

PERIOD 1

SHARES OF THE STOCK TO BE CONSIDERED AS AN EARNED RIGHT

	 	 	 
	REQUIREMENTS TO BE MET

	 	EARNED STOCK
	 
	 	 
	TO CONTINUE PROVIDING PROFESSIONAL SERVICES TO MAXCOM OR ANY
OF ITS SUBSIDIARIES ON APRIL 1, 1999, OR TO HAVE COMPLETED HIS LABOR AGREEMENT WITH THE COMPANY AND WHICH HAS NOT BEEN
RENEWED BY MAXCOM

	 	2,500 

 

 

SHARES OF THE STOCK TO BE RELEASED

	 	 	 
	RELEASE DATE

	 	RELEASABLE STOCK (SHARES)
	 
	 	 
	APRIL 1, 1999

	 	500 
	APRIL 1, 2000

	 	500 
	APRIL 1, 2001

	 	500 
	APRIL 1, 2002

	 	500 
	APRIL 1, 2003

	 	500 

PERIOD 2

PROGRAM 1: SHARES OF THE STOCK TO BE CONSIDERED AS AN EARNED RIGHT

	 	 	 
	REQUIREMENTS TO BE MET

	 	EARNED STOCK
	 
	 	 
	TO CONTINUE PROVIDING PROFESSIONAL SERVICES TO MAXCOM OR ANY
OF ITS SUBSIDIARIES ON APRIL 1, 2000 OR TO HAVE COMPLETED HIS
LABOR AGREEMENT WITH THE COMPANY AND WHICH HAS NOT BEEN
RENEWED BY MAXCOM

	 	2,500 

 

 

PROGRAM 1: SHARES OF THE STOCK TO BE RELEASED

	 	 	 
	RELEASE DATE

	 	RELEASABLE STOCK (SHARES)
	 
	 	 
	APRIL 1, 2000

	 	500 
	APRIL 1, 2001

	 	500 
	APRIL 1, 2002

	 	500 
	APRIL 1, 2003

	 	500 
	APRIL 1, 2004

	 	500 

PROGRAM 2: SHARES OF THE STOCK TO BE CONSIDERED AS AN EARNED RIGHT

	 	 	 
	REQUIREMENTS TO BE MET: THAT THE 1999 EFFECTIVE PERCENTAGE
FALLS WITHIN THE FOLLOWING RANGES:

	 	EARNED STOCK
	 
	 	 
	From 100.00% to 114.99%

	 	5,000 
	From 115.00% to 129.99%

	 	12,500 
	Greater than or equal to 130.00%

	 	27,500 

 

 

PROGRAM 2: SHARES OF THE STOCK TO BE RELEASED

	 	 	 
	RELEASE DATE

	 	RELEASABLE STOCK (SHARES)
	 
	 	 
	APRIL 1, 2000

	 	20% of SHARES OF THE STOCK
	APRIL 1, 2001

	 	20% of SHARES OF THE STOCK
	APRIL 1, 2002

	 	20% of SHARES OF THE STOCK
	APRIL 1, 2003

	 	20% of SHARES OF THE STOCK
	APRIL 1, 2004

	 	20% of SHARES OF THE STOCK

PERIOD 3

PROGRAM 1: SHARES OF THE STOCK TO BE CONSIDERED AS AN EARNED RIGHT

	 	 	 
	REQUIREMENTS TO BE MET

	 	EARNED STOCK
	 
	 	 
	TO CONTINUE PROVIDING PROFESSIONAL SERVICES TO MAXCOM OR ANY
OF ITS SUBSIDIARIES ON APRIL 1, 2001 OR TO HAVE COMPLETED HIS
LABOR AGREEMENT WITH THE COMPANY AND WHICH HAS NOT BEEN
RENEWED BY MAXCOM

	 	2,000 

PROGRAM 1: SHARES OF THE STOCK TO BE RELEASED

	 	 	 
	RELEASE DATE

	 	RELEASABLE STOCK (SHARES)
	 
	 	 
	APRIL 1, 2001

	 	400 
	APRIL 1, 2002

	 	400 
	APRIL 1, 2003

	 	400 
	APRIL 1, 2004

	 	400 
	APRIL 1, 2005

	 	400 

PROGRAM 2: SHARES OF THE STOCK TO BE CONSIDERED AS AN EARNED RIGHT

	 	 	 
	REQUIREMENTS TO BE MET: THAT THE 2000 EFFECTIVE PERCENTAGE 

FALLS WITHIN THE FOLLOWING RANGES:

	 	EARNED STOCK
	 
	 	 
	From 100.00% to 114.99%

	 	4,000 
	From 115.00% to 129.99%

	 	10,000 
	Greater than or equal to 130.00%

	 	22,000 

 

 

PROGRAM 2: SHARES OF THE STOCK TO BE RELEASED

	 	 	 
	RELEASE DATE

	 	RELEASABLE STOCK (SHARES)
	 
	 	 
	APRIL 1, 2001

	 	20% of SHARES OF THE STOCK
	APRIL 1, 2002

	 	20% of SHARES OF THE STOCK
	APRIL 1, 2003

	 	20% of SHARES OF THE STOCK
	APRIL 1, 2004

	 	20% of SHARES OF THE STOCK
	APRIL 1, 2005

	 	20% of SHARES OF THE STOCK

 

 

TRANSLATION FROM SPANISH

ATTACHMENT “2”

[EXECUTION COPY]

SUBSCRIPTION OPTION AGREEMENT ENTERED INTO BY AND BETWEEN, AS PROMISOR, BANCO NACIONAL DE MEXICO,
S.A., INSTITUCION DE BANCA MULTIPLE, DIVISION FIDUCIARIA, REPRESENTED HEREIN BY ITS TRUST
DELEGATES, MESSRS. [                ] AND [                ],
HEREINAFTER THE “TRUSTEE”, AND MR. [                ], ON HIS/HER OWN BEHALF,
HEREINAFTER THE “BENEFICIARY”, ACCORDING TO THE FOLLOWING RECITALS AND CLAUSES:

R E C I T A L S

	I THE TRUSTEE, THROUGH ITS TRUST DELEGATES, REPRESENTS:

	 	A)	 	That it is a stock corporation (Sociedad Anonima) duly authorized to provide
banking and credit services, acting in this Agreement as TRUSTEE in the terms of
Articles 46 Section XV and 79 to 84 of the Mexican Law on Credit Institutions (Ley de
Instituciones de Credito) and Article 350 of the Mexican General Law on Credit
Instruments and

 

 

                  Operations (Ley General de Titulos y Operaciones de Credito).

	 	B)	 	That as provided in i) the Trust Agreement entered into on the 31st of May,
1999 (hereinafter the TRUST), and as agent of MAXCOM TELECOMUNICACIONES, S.A. de C.V.
it has decided to enter into an OPTION Agreement regarding [                ]
Series N SHARES, pending subscription and payment, issued by MAXCOM
TELECOMUNICACIONES, S.A. de C.V., (hereinafter MAXCOM), with the BENEFICIARY. The
share certificates representing the STOCK are deposited with the TRUSTEE. This OPTION
Agreement is executed in compliance with the STOCK Subscription PLAN adopted by the
Board of Directors of MAXCOM, in its meeting held on the 15th of May, 1998, ratified
by the Stockholders Meeting held on the 21st of May, 1998, and amended by resolution
of the Board of Directors in its meeting held on the 25th of February, 1999,
(hereinafter the PLAN). A copy of the PLAN is annexed to this Agreement as Attachment
1, forming an integral part hereof as if inserted ad verbatim herein.

 

 

	 	C)	 	That the terms defined in the PLAN shall have the same meanings in this
Agreement.
	 
	 	D)	 	That its representatives have enough authority to enter into this Agreement
and that such powers have not been limited or revoked in any way.

	 	II.	 	THE BENEFICIARY REPRESENTS:

	 	A)	 	That he/she has acted as advisor to MAXCOM. Consequently, on this date he/she
enters into this OPTION Agreement regarding [                ] Series N SHARES,
issued by MAXCOM, and that he/she is (is not) an EXPATRIATE for the effects of the
PLAN.
	 
	 	B)	 	That he/she knows and accepts each and all parts of the PLAN referred to
above.
	 
	 	C)	 	That he/she is a [                ] resident and that having been selected
by the Board, which is in charge of the administration of the PLAN, he/she wishes to
exercise the subscription OPTION.

	 	III.	 	BOTH PARTIES REPRESENT:

 

 

	 	A)	 	That the BOARD has made an ASSIGNMENT as recorded in the communication sent
by the Secretary of the BOARD, pursuant to which this OPTION Agreement is executed.

In accordance with the above Recitals, the parties agree pursuant to the following:

C L A U S E S

FIRST. SUBSCRIPTION OPTION. The TRUSTEE, in fulfillment of the purposes of Trust Agreement [                ], entered into on the [        ] of [                ], 199 [ ],
promises, as agent of MAXCOM, to allow the BENEFICIARY to subscribe and pay, in the terms and
conditions established in this Agreement and in the PLAN, [                ] shares representing
the STOCK issued by MAXCOM, pertaining to Series N (the shares representing the STOCK considered as
an EARNED RIGHT), which are pending subscription and payment. The certificates of the shares
representing the STOCK subject matter hereof are deposited are in with the TRUSTEE, and the TRUSTEE
declares that it has enough authority to subscribe and exchange credit instruments according to
Article Ninth of the General Law on Credit

 

 

Instruments and Operations, which empowers it to issue the share certificates representing the
STOCK, and RELEASED them to the BENEFICIARY or his/her SUBSTITUTE BENEFICIARIES to their heirs or
successors, if the BENEFICIARY EXERCISES the OPTION referred to herein and pays the price for such
shares. The BENEFICIARY or his/her heirs or successors shall have the right to EXERCISE the option
of subscription provided herein within the period, and according to the terms and conditions
referred to herein and in the PLAN.

SECOND. SUBSCRIPTION PRICE OF EACH SHARE. The TRUSTEE is committed to allow the BENEFICIARY to
subscribe each one of the shares representing the STOCK considered as an EARNED RIGHT, and
considering payment of the price per share, i.e. $[                ], ([                ],
Mexican Currency).

THIRD. SUBSCRIPTION COMMITMENT PERIOD. The TRUSTEE is committed to allow the BENEFICIARY, his/her
SUBSTITUTE BENEFICIARIES or their heirs or successors, to subscribe the shares representing the
STOCK according to the following terms:

	a)	 	The BENEFICIARY may EXERCISE and subscribe 20% (twenty percent) of the shares representing
the STOCK considered

 

 

	 	 	as an EARNED RIGHT, as from the date of execution hereof and at any time he/she wishes to
do so within a period not to exceed ten (10) years.

	b)	 	The BENEFICIARY may EXERCISE and subscribe a number of shares representing the STOCK equal to
20% (twenty percent) of the STOCK considered as an EARNED RIGHT within four days (April 1st)
following the date on which this Agreement is entered into and at any time he/she wishes to do
so within the next ten (10) years.
	 
	c)	 	Consequently, the BENEFICIARY shall have the right to subscribe all of the shares
representing the STOCK subject matter of this subscription OPTION agreement, within and up to
four years following the date on which this agreement is entered into, the BENEFICIARY being
able to acquire one fifth of the shares representing the STOCK immediately, one fifth one year
after this option was granted thereto, another fifth after two years, another fifth after
three years and the last fifth after four years from the date on which this subscription
OPTION agreement is entered into thereby.
	 
	d)	 	In the event that the BENEFICIARY dies, suffers a

 

 

	 	 	disability, or retires, the parties shall proceed according to the PLAN. For this purpose,
the BENEFICIARY appoints [                ] residing at
[                ] as SUBSTITUTE BENEFICIARY, so that the Secretary of the BOARD may send
him/her a confirmation of the rights that correspond to the heirs of the BENEFICIARY as
provided in the PLAN.
	 
	 	 	The BENEFICIARY may at any time change the SUBSTITUTE BENEFICIARY by means a simple letter
addressed to the TRUSTEE with a copy to the Secretary of the BOARD.

	e)	 	The parties expressly agree that the OPTION contemplated herein is subject to the condition
precedent contained in the PLAN, in the event that the BENEFICIARY ceases to collaborate and
render services in favor of MAXCOM.
	 
	f)	 	Any BENEFICIARY who is an expatriate expressly agrees and accepts the provisions of the PLAN.
	 
	g)	 	The BENEFICIARY, or as the case may be, the SUBSTITUTE BENEFICIARIES, the testamentary or
legitimate heirs or successors who wish to totally or partially subscribe the shares
representing the STOCK, should inform thereof to

 

 

	 	 	the TRUSTEE and to MAXCOM, substantially in the form provided by MAXCOM for such effects,
and once such notice has been delivered, such party shall have thirty (30) calendar days
counted from the date of execution of the subscription agreement to subscribe such shares.

FOURTH. ASSUMPTION AGREEMENT. The BENEFICIARY expressly agrees that, upon subscribing any of the
shares representing the STOCK, and considering the fact that such BENEFICIARY shall become a
stockholder of MAXCOM, he/she shall adhere to and shall assume as holder of the Series N SHARES
issued by MAXCOM, the obligations that the Series N stockholders have assumed pursuant to the
stockholders agreement dated the 21st of May, 1998, in connection with the transfer of Series N
SHARES; and that he/she knows the legal effects of such obligations and which are annexed to this
Agreement as Attachment 2.

Furthermore, the BENEFICIARY acknowledges that in order for the SUBSTITUTE BENEFICIARIES or heirs
or successors to subscribe the shares representing the STOCK, they must assume the obligations
referred to above.

FIFTH. AGREEMENT NOT TO DILUTE. The TRUSTEE agrees that if

 

 

MAXCOM performs any of the corporate action referred to in the PLAN, the TRUSTEE shall require
MAXCOM to make the corresponding variations to the TRUST fund, and the number of shares
representing the STOCK shall be consequently altered. The TRUSTEE shall inform about any change in
the number of shares representing the STOCK to the BENEFICIARY.

SIXTH. CHANGE OF CONTROL. It is agreed that if the control of MAXCOM were to change, the
BENEFICIARY shall have the right to subscribe the shares representing the STOCK, even when the time
periods mentioned in the PLAN have not elapsed. The advanced release of the terms shall take place
according to the PLAN.

SEVENTH. For everything related to this Agreement and for purposes of any notices in connection
with this Agreement, the parties hereto establish the following conventional mailing addresses:

	 	 	 	 
	BENEFICIARY:

	 	[                                        ]
	 

	 	 
	 

	 	[                                        ]
	 

	 	 
	 

	 	[                                        ]
	 

	 	 
	 

	 	[                                        ]
	 

	 	 

 

 

	 	 	 
	TRUSTEE:

	 	Banco Nacional de Mexico, S.A.

Institucion de Banca Multiple,

Division Fiduciaria,

Bosques de Duraznos 75 — PH

Col. Bosques de las Lomas,

Mexico 11700, D.F.

MEXICO.
	 
	MAXCOM:

	 	Maxcom Telecomunicaciones, S.A. DE C.V.

Magdalena 211

Col. Del Valle,

Mexico 03100, D.F.

MEXICO.

Attn: Secretary of the Board.

EIGHTH. For everything related to the interpretation and performance of this Agreement, the parties
hereto submit to the applicable laws and the competent courts in Mexico City, Federal District,
expressly waiving the right to any other jurisdiction that could have thereto due to their present
or future domiciles.

LIST OF ATTACHMENTS:

 

 

	 	 	 
	ATTACHMENT 1

	 	TEXT OF THE PLAN.
	ATTACHMENT 2

	 	SUMMARY OF THE OBLIGATIONS CONTAINED IN THE STOCKHOLDERS
AGREEMENT DATED THE 21ST OF MAY, 1998, RELATED TO THE
TRANSFER OF SERIES N SHARES.

This Agreement is executed in two counterparts by the parties hereto in Mexico City, Federal
District, on the [___] of [                                ], 199 [        ], and
shall enter into effect as of [                ] of [                                ], [                ].

 

 

TRANSLATION FROM SPANISH

ATTACHMENT “3”

[EXECUTION COPY]

SUBSCRIPTION AGREEMENT ENTERED INTO BY AND BETWEEN, BANCO NACIONAL DE MEXICO, S.A., INSTITUCION DE
BANCA MULTIPLE, DIVISION FIDUCIARIA, REPRESENTED HEREIN BY ITS TRUST DELEGATES, MESSRS. [                                ] AND [                                ], AS AGENT OF MAXCOM
TELECOMUNICACIONES, S.A. DE C.V., AND MR. [                                ], HEREINAFTER THE
BENEFICIARY, ACCORDING TO THE FOLLOWING RECITALS AND CLAUSES:

R E C I T A L S

	 	I.	 	THE TRUSTEE, THROUGH ITS TRUST DELEGATES, REPRESENTS:

	 	A)	 	That it is a stock corporation (Sociedad Anonima) duly authorized to provide
banking and credit services, acting in this Agreement as TRUSTEE in the terms of
Articles 46 Section XV and 79 to 84 of the Mexican Law on Credit Institutions (Ley de
Instituciones de Credito) and Article 350 of the Mexican General Law on Credit
Instruments and

 

 

	 	 	 	Operations (Ley General de Titulos y Operaciones de Credito).

	 	B)	 	That as provided in the Trust Agreement dated the 31st of May, 1999
(hereinafter the TRUST), it entered into a Subscription OPTION Agreement (hereinafter
the OPTION) regarding
[                                ] Series N SHARES, issued by MAXCOM TELECOMUNICACIONES, S.A. de C.V., (hereinafter MAXCOM), with the BENEFICIARY and, in
compliance with that OPTION, it wishes to enter into this Subscription Agreement, in
accordance with the STOCK Subscription Plan adopted by the Board of MAXCOM, in its
meeting held on the 15th of May, 1998 (hereinafter the PLAN).
	 
	 	C)	 	That its trust delegates have enough authority to enter into this Agreement
and that such powers have not been limited or revoked in any way.
	 
	 	D)	 	That terms defined in the PLAN shall have the same meanings in this
Agreement.

	 	II.	 	THE BENEFICIARY REPRESENTS:

 

 

	 	A)	 	That on the [                ] of [                                ], 199 [ ], it
entered into, as a possible subscriber, a subscription OPTION agreement covering [                                ] Series N SHARES, issued by MAXCOM, with the TRUSTEE, in its capacity
as agent of MAXCOM. In accordance with such agreement and the PLAN, [                                ] shares representing the STOCK subject matter of this Agreement have been
released and may consequently be subscribed.
	 
	 	B)	 	That he/she knows and accepts each and all parts of the PLAN referred to in
the above Recitals.
	 
	 	C)	 	That he/she is a [                                ] resident and is willing to comply with
the subscription OPTION and to enter into this Subscription Agreement.

In accordance with the above Recitals, the parties agree pursuant to the following:

C L A U S E S

FIRST. The TRUSTEE allows the BENEFICIARY to subscribe, and

 

 

the BENEFICIARY hereby subscribes and pays for the [                                ] Series N shares
representing the STOCK issued by MAXCOM, in compliance with the Subscription OPTION Agreement which
was entered into on the [                ] of [                                ], 199 [ ]. The shares
representing the STOCK thus subscribed, have been legally issued and are free of all lien or
limitation of ownership, except for that referred to in this Agreement.

SECOND. The price agreed for the subscription of each one of the shares representing the STOCK is
the amount established in the subscription OPTION agreement, i.e. the amount of $[___                                ], ([                                ], no cents, Mexican Currency), and such price shall be paid by
the BENEFICIARY on the date of execution hereof or within thirty (30) days following the date
thereof. At the time of payment, the TRUSTEE shall deliver the certificates evidencing the shares
representing the STOCK, duly issued and assigned to the BENEFICIARY.

THIRD. The BENEFICIARY completely assumes and adheres to the Agreement between the stockholders of
MAXCOM, dated the 21st of May, 1998, regarding which he/she has been informed. A summary of the
obligations which the BENEFICIARY acquires due the assumption referred herein is annexed as
Attachment 1

 

 

hereto.

FOURTH. For everything related to this Agreement and for purposes of any notices related hereto,
the parties establish the following conventional mailing addresses:

	 	 	 	 	 
	BENEFICIARY:

	 	[                                                                ]	 
	 

	 	 	 
	 

	 	[                                                                ]	 
	 

	 	 	 
	 

	 	[                                                                ]	 
	 

	 	 	 
	 

	 	[                                                                ]	 
	 

	 	 	 
	TRUSTEE:

	 	Banco Nacional de Mexico, S.A.

Institucion de Banca Multiple,

Division Fiduciaria,

Bosques de Duraznos 75 — PH

Col. Bosques de las Lomas, 

Mexico 11700, D.F. 

MEXICO.	 

FIFTH. For everything related to the interpretation and performance of this Agreement, the parties
hereto submit to the applicable laws and the competent courts in Mexico City, Federal District,
expressly waiving the right to any other jurisdiction that could have thereto due to their present
or

 

 

future domiciles.

LIST OF ATTACHMENTS:

	 	 	 
	ATTACHMENT 1

	 	SUMMARY OF THE OBLIGATIONS OF THE SERIES N STOCKHOLDERS

This Agreement is executed in two counterparts by the parties hereto in Mexico City, Federal
District, on the [                ] of [                                ], 199 [ ].EX-10.37

 

Exhibit 10.37

MAXCOM TELECOMUNICACIONES, S.A. DE C.V.

AMENDED AND RESTATED NEW EXECUTIVE STOCK OPTION PLAN

RULES OF OPERATION

Maxcom Telecomunicaciones, S.A. de C.V. is a limited liability company (sociedad anónima de
capital variable) with indefinite life, organized under the laws of Mexico on February 28, 1996.
We were originally organized under the name “Amaritel, S.A. de C.V.” We changed our legal name to
“Maxcom Telecomunicaciones, S.A. de C.V.” on February 9, 1999.

In July 2006, pursuant to the capital increase and acquisition of Grupo Telereunión, Maxcom decided
to amend its different stock option plans to give better benefits to the holders of the options in
such plans.

Consequently, this Plan reflects the modifications made by Maxcom regarding the requisite service
period, as the strike price and vesting period.

OBJECTIVES OF THE PLAN

	 	•	 	To attract highly skilled and motivated Officers;
	 
	 	•	 	To retain truly capable and skilled people;
	 
	 	•	 	Provide additional incentive to Officers;
	 
	 	•	 	To align the interests of the Officers with those of the stockholders;

DEFINITIONS

As used herein, the following definitions shall apply:

“Administrator” means the Board of Directors of Maxcom as shall be administering the Plan.

“Applicable Laws” means the requirements relating to the administration of stock option plans under
Mexican Laws, any stock exchange or quotation system on which

1

 

the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction
where Options are, or will be, granted under the Plan.

“Beneficiary” means the holder of an outstanding Option granted under the Plan, including the
Chairman of the Board.

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

“Common Stock” or “Shares”, means the Common Stock of the Company or any stock that is part of this
Plan or at any time in the future may be part of the Plan, including the Series N shares, or any
share of common stock that may replace the Series N shares.

“Company” or “Maxcom” means Maxcom Telecomunicaciones, S.A. de C.V.

“Officer” means any person, including officers, employees of the Company or any subsidiary of the
Company.

“Option” means a stock option granted pursuant to the Plan.

“Plan” means this New Executive Stock Option Plan as amended and restated from time to time.

STOCK SUBJECT TO THE PLAN

	 	•	 	The maximum aggregate number of Shares which may be optioned and sold under the Plan as
authorize by the Board are:

	 	•	 	28,368,087 Shares for the Stock Option Plan for the Beneficiaries, and
	 
	 	•	 	5,716,581 Shares for the Chairman of the Board.

ADMINISTRATION OF THE PLAN

	 	•	 	The Plan shall be administered by the Board.
	 
	 	•	 	The Board has the ability to interpret and apply this Plan.
	 
	 	•	 	The Board is responsible for appointing, upon recommendation of the Chief Executive
Officer (“CEO”), the Beneficiaries of this Plan.

2

 

The Administrator shall have the authority, in its sole discretion:

	 	(i)	 	to determine the strike or exercise price of the Options;
	 
	 	(ii)	 	to select the Officers to whom Options may be granted hereunder;
	 
	 	(iii)	 	to determine whether and to what extent Options are granted hereunder;
	 
	 	(iv)	 	to determine the number of shares of Common Stock to be covered by each Option granted
hereunder;
	 
	 	(v)	 	to reduce the exercise price of any Option to their current fair market value if the
fair market value of the Common Stock covered by such Option declined since the date the
Option was granted;
	 
	 	(vi)	 	to construe and interpret the terms of this Plan and awards granted pursuant to this
Plan;
	 
	 	(vii)	 	to authorize any person to execute on behalf of the Company any instrument required to
effect the grant of an Option previously granted by the Administrator;
	 
	 	(viii)	 	to determine the terms and restrictions applicable to Options;
	 
	 	(ix)	 	to make all other determinations deemed necessary or advisable for administering the
Plan.

ELIGIBILITY.

	 	•	 	Options may be granted to Officers of the Company, including the Chairman of the Board,
through a letter sent by the Board or the by the CEO to the Beneficiary appointing him and
specifying among other things, the number of shares, strike or exercise price and the
payment terms and conditions.

TERMS AND CONDITIONS

	 	•	 	This Plan shall have retroactive effects as of July 1st, 2006.
	 
	 	•	 	The per share exercise price for the Shares to be issued pursuant to exercise of an
Option shall be US$0.31 dollars, currency of the United States of America, unless modified
by the Board.

3

 

	 	•	 	The grant date of the Options will be July, 1st of each year until the stock
reserved under this Plan is exhausted.
	 
	 	•	 	The vesting period of the Options will be 3 (three) years starting on the grant date.
	 
	 	•	 	The Beneficiaries will have the right to exercise 25% upon the granting date. The
remaining 75% of the options become exercisable pro rata over the succeeding three-year
period.
	 
	 	•	 	At the time an Option is granted, the Beneficiary shall exercise the Option no later
than 5 years upon of the date of granting. If within such period the Beneficiary does not
exercise the Option, the Options will be forfeited and will no longer have effect.
	 
	 	•	 	An Option shall be deemed exercised when the Secretary of the Company receives: (i)
written or electronic notice of exercise from the Beneficiary (in accordance with from the
person entitled to exercise the Option, and (ii) full payment for the Shares with respect
to which the Option is exercised. Full payment may consist of any consideration and method
of payment authorized by the Administrator. Shares issued upon exercise of an Option shall
be issued in the name of the Beneficiary or, if requested by the Beneficiary, in the name
of the Beneficiary or any family member or affiliate.
	 
	 	•	 	The Company shall issue (or cause to be issued) such Shares promptly after the Option is
exercised.
	 
	 	•	 	If a Beneficiary ceases to be an Officer, other than upon the Beneficiary’s death or
disability, the Beneficiary may only exercise his or her Option in the next 30 (thirty)
days following such termination.
	 
	 	•	 	If, after termination, the Beneficiary does not exercise his or her Option within the
time specified by the Administrator, the Option shall terminate, and the Shares covered by
such Option shall revert to the Plan.
	 
	 	•	 	If a Beneficiary dies, the Option may be exercised within such period of time as is
specified in the notice of grant (but in no event later than the expiration of the term of
such Option as set forth in the notice of grant), by the Beneficiary’s estate or by a
person who acquires the right to exercise the Option by bequest or inheritance, but only to
the extent that the Option is vested on the date of death. If, at the time of death, the
Beneficiary is not vested as to his or her entire Option, the Shares covered by the
unvested portion of the Option shall immediately revert to the Plan. The Option may be
exercised by the executor or

4

 

administrator of the Beneficiary’s estate or, if none, by the person(s) entitled to exercise
the Option under the Beneficiary’s will or the laws of descent or distribution. If the
Option is not so exercised within the time specified herein, the Option shall terminate, and
the Shares covered by such Option shall revert to the Plan.

	 	•	 	An Option may be assigned or transferred by the Beneficiary to his or her family members
and affiliates upon written request to the Secretary of the Board. The assignee shall be
bound to follow the rules of this Plan, the Bylaws and other governing documents.

PROHIBITION TO GRANT LOANS TO THE BENEFICIARIES

	 	•	 	It is expressly established that neither Maxcom nor any other affiliate or subsidiary
company thereof may make money loans to the Beneficiaries, either directly or indirectly, so
that they subscribe the shares.

JURISDICTION

	 	•	 	This Plan is governed by the laws and rules of Mexico and the Bylaws of the Company.
	 
	 	•	 	For anything regarding this Plan, including its interpretation, performance and
execution, the Parties hereto expressly agree to submit themselves to the jurisdiction of the
Courts in Mexico City, Federal District, and thus, they expressly waive any other venue that may
correspond to them by reason of their current or future address, or due to any other cause.

* * *

5

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