Document:

MANAGEMENT CONTINUITY AGREEMENT-BEALE

 Exhibit 10.01 
 MANAGEMENT CONTINUITY AGREEMENT 
 This Agreement (“Agreement”), dated November 21, 2000, is
between Union Bankshares Corporation, a Virginia corporation (the “Company”), and G. William Beale (the “Executive”) and provides as follows. 
  

	 	1.	Purpose 

 The Company recognizes that the
possibility of a Change in Control exists and the uncertainty and questions that it may raise among management may result in the departure or distraction of management personnel to the detriment of the Company and its shareholders. Accordingly, the
purpose of this Agreement is to encourage the Executive to continue employment after a Change in Control by providing reasonable employment security to the Executive and to recognize the prior service of the Executive in the event of a termination
of employment under certain circumstances after a Change in Control. 
  

	 	2.	Term of the Agreement 

 This Agreement will be effective on January 1, 2001 and will expire on December 31, 2001; provided that on December 31, 2001 and on each December 31st thereafter (each such December 31st is referred to as the “Renewal Date”), this Agreement will be automatically extended for an additional calendar year. This Agreement will not, however, be extended if the Company gives written notice of such non-renewal to
the Executive no later than September 30th before the Renewal Date (the original and any extended term of this
Agreement is referred to as the “Change in Control Period”). 
  

	 	3.	Employment After Change in Control 

 If a Change in
Control of the Company (as defined in Section 12) occurs during the Change in Control Period and the Executive is employed by the Company on the date the Change in Control occurs (the “Change in Control Date”), the Company will
continue to employ the Executive in accordance with the terms and conditions of this Agreement for the period beginning on the Change in Control Date and ending on the third anniversary of such date (the “Employment Period”). If a Change
in Control occurs on account of a series of transactions, the Change in Control Date is the date of the last of such transactions. 
  

	 	4.	Terms of Employment 

 (a) Position and
Duties. During the Employment Period, (i) the Executive’s position, authority, duties and responsibilities will be commensurate in all material respects with the most significant of those held, exercised and assigned at any time during
the 90-day period immediately preceding the Change in Control Date and (ii) the 

 
Executive’s services will be performed at the location where the Executive was employed immediately preceding the Change in Control Date or any office
that is the headquarters of the Company and is less than 35 miles from such location. 
  

	 	(b)	Compensation. 

 (i) Base
Salary. During the Employment Period, the Executive will receive an annual base salary (the “Annual Base Salary”) at least equal to the base salary paid or payable to the Executive by the Company and its affiliated companies for the
twelve-month period immediately preceding the Change of Control Date. During the Employment Period, the Annual Base Salary will be reviewed at least annually and will be increased at any time and from time to time as will be substantially consistent
with increases in base salary generally awarded in the ordinary course of business to other peer executives of the Company and its affiliated companies. Any increase in the Annual Base Salary will not serve to limit or reduce any other obligation to
the Executive under this Agreement. The Annual Base Salary will not be reduced after any such increase, and the term Annual Base Salary as used in this Agreement will refer to the Annual Base Salary as so increased. The term “affiliated
companies” includes any company controlled by, controlling or under common control with the Company. 
 (ii) Annual
Bonus. In addition to the Annual Base Salary, the Executive will be awarded for each year ending during the Employment Period an annual bonus (the “Annual Bonus”) in cash at least equal to the average annual bonus paid or payable,
including by reason of any deferral, for the two years immediately preceding the year in which the Change in Control Date occurs. Each such Annual Bonus will be paid no later than the end of the third month of the year next following the year for
which the Annual Bonus is awarded. 
 (iii) Incentive, Savings and Retirement Plans. During the Employment Period, the
Executive will be entitled to participate in all incentive (including stock incentive), savings and retirement, insurance plans, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in
no event will such plans, policies and programs provide the Executive with incentive opportunities, savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than those provided by the Company and
its affiliated companies for the Executive under such plans, policies and programs as in effect at any time during the six months immediately preceding the Change in Control Date. 
 (iv) Welfare Benefit Plans. During the Employment Period, the Executive and/or the Executive’s family, as the case may be,
will be eligible for participation in and will receive all benefits under welfare benefit plans, policies and programs provided by the Company and its affiliated companies to the extent applicable generally to other peer executives of the Company
and its affiliated 

  

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companies, but in no event will such plans, policies and programs provide the Executive with benefits that are less favorable, in the aggregate, than the
most favorable of such plans, policies and programs in effect at any time during the six months immediately preceding the Change in Control Date. 
 (v) Fringe Benefits. During the Employment Period, the Executive will be entitled to fringe benefits in accordance with the most favorable plans, policies and programs of the Company and its affiliated
companies in effect for the Executive at any time during the six months immediately preceding the Change in Control Date or, if more favorable to the Executive, as in effect generally from time to time after the Change in Control Date with respect
to other peer executives of the Company and its affiliated companies. 
 (vi) Vacation. During the Employment Period,
the Executive will be entitled to paid vacation in accordance with the most favorable plans, policies and programs of the Company and its affiliated companies in effect for the Executive at any time during the six months immediately preceding the
Change in Control Date or, if more favorable to the Executive, as in effect generally from time to time after the Change in Control Date with respect to other peer executives of the Company and its affiliated companies. 
  

	 	5.	Termination of Employment Following Change in Control 

 (a) Death or Disability. The Executive’s employment will terminate automatically upon the Executive’s death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has
occurred during the Employment Period, it may terminate the Executive’s employment. For purposes of this Agreement, “Disability” means the Executive’s inability to perform his duties with the Company on a full time basis for 180
consecutive days or a total of at least 240 days in any twelve month period as a result of the Executive’s incapacity due to physical or mental illness (as determined by an independent physician selected by the Board). 
 (b) Cause. The Company may terminate the Executive’s employment during the Employment Period for Cause. For purposes of this Agreement,
“Cause” means (i) gross incompetence, gross negligence, willful misconduct in office or breach of a material fiduciary duty owed to the Company or any affiliated company; (ii) conviction of a felony or a crime of moral turpitude
(or a plea of nolo contendere thereto) or commission of an act of embezzlement or fraud against the Company or any affiliated company; (iii) any material breach by the Executive of a material term of this Agreement, including, without
limitation, material failure to perform a substantial portion of his duties and responsibilities hereunder; or (iv) deliberate dishonesty of the Executive with respect to the Company or any affiliated company. 
 (c) Good Reason; Window Period. The Executive’s employment may be terminated (i) during the Employment Period by the Executive for Good
Reason or (ii) 

  

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during the Window Period by the Executive without any reason. For purposes of this Agreement, the “Window Period” means the 45-day period beginning
on the later of the one-year anniversary of the Change in Control Date or the date of closing of the corporate transaction that is the subject of shareholder approval in Section 12. For purposes of this Agreement, “Good Reason” means:

 (i) a material reduction in the Executive’s duties or authority; 
 (ii) a failure by the Company to comply with any of the provisions of Section 4(b); 
 (iii) the Company’s requiring the Executive to be based at any office or location other than that described in Section 4(a)(ii);

 (iv) the failure by the Company to comply with and satisfy Section 7(b); or 
 (v) the Company fails to honor any term or provision of this Agreement; 
 (d) Notice of Termination. Any termination during the Employment Period by the Company or by the Executive for Good Reason or during the Window
Period shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this
Agreement relied upon. 
 (e) Date of Termination. “Date of Termination” means (i) if the Executive’s employment
is terminated by the Company for Cause, or by the Executive during the Window Period or for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein, as the case may be, (ii) if the Executive’s
employment is terminated by the Company other than for Cause or Disability, the date specified in the Notice of Termination (which shall not be less than 30 nor more than 60 days from the date such Notice of Termination is given), and (iii) if
the Executive’s employment is terminated for Disability, 30 days after Notice of Termination is given, provided that the Executive shall not have returned to the full-time performance of his duties during such 30-day period. 
  

	 	6.	Compensation Upon Termination 

 (a) Termination
Without Cause or for Good Reason or During Window Period. The Executive will be entitled to the following benefits if, during the Employment Period, the Company terminates his employment without Cause or the Executive terminates his employment
with the Company or any affiliated company for Good Reason or during the Window Period. 
  

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 (i) Accrued Obligations. The Accrued Obligations are the sum of: (1) the
Executive’s Annual Base Salary through the Date of Termination at the rate in effect just prior to the time a Notice of Termination is given; (2) the amount, if any, of any incentive or bonus compensation theretofore earned which has not
yet been paid; (3) the product of the Annual Bonus paid or payable, including by reason of deferral, for the most recently completed year and a fraction, the numerator of which is the number of days in the current year through the Date of
Termination and the denominator of which is 365; and (4) any benefits or awards (including both the cash and stock components) which pursuant to the terms of any plans, policies or programs have been earned or become payable, but which have not
yet been paid to the Executive (but not including amounts that previously had been deferred at the Executive’s request, which amounts will be paid in accordance with the Executive’s existing directions). The Accrued Obligations will be
paid to the Executive in a lump sum cash payment within ten days after the Date of Termination; 
 (ii) Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.99 times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in
effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement
or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination; 
 (iii) Welfare Continuance Benefit. For 36 months following the Date of Termination, the Executive and his dependents will continue to be covered under all health and dental plans, disability plans, life insurance plans and all other
welfare benefit plans (as defined in Section 3(1) of ERISA) (“Welfare Plans”) in which the Executive or his dependents were participating immediately prior to the Date of Termination (the “Welfare Continuance Benefit”). The
Company will pay all or a portion of the cost of the Welfare Continuance Benefit for the Executive and his dependents under the Welfare Plans on the same basis as applicable, from time to time, to active employees covered under the Welfare Plans and
the Executive will pay any additional costs. If participation in any one or more of the Welfare Plans included in the Welfare Continuance Benefit is not possible under the terms of the Welfare Plan or any provision of law would create an adverse tax
effect for the Executive or the Company due to such participation, the Company will provide substantially identical benefits directly or through an insurance arrangement. The Welfare Continuance Benefit as to any Welfare Plan will cease if and when
the Executive has obtained coverage under one or more welfare benefit plans of a subsequent employer that provides for equal or greater benefits to the Executive and his dependents with respect to the specific type of benefit. The Executive or his
dependents will become eligible for COBRA continuation coverage as of the date the Welfare Continuance Benefit ceases for all health and dental benefits. 
  

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 (b) Death. If the Executive dies during the Employment Period, this Agreement will terminate
without any further obligation on the part of the Company under this Agreement, other than for (i) payment of the Accrued Obligations and six months of the Executive’s Base Salary (which shall be paid to the Executive’s beneficiary
designated in writing or his estate, as applicable, in a lump sum cash payment within 30 days of the date of death); (ii) the timely payment or provision of the Welfare Continuance Benefit to the Executive’s spouse and other dependents for
36 months following the date of death; and (iii) the timely payment of all death and retirement benefits pursuant to the terms of any plan, policy or arrangement of the Company and its affiliated companies. 
 (c) Disability. If the Executive’s employment is terminated because of the Executive’s Disability during the Employment Period, this
Agreement will terminate without any further obligation on the part of the Company under this Agreement, other than for (i) payment of the Accrued Obligations and six months of the Executive’s Base Salary (which shall be paid to the
Executive in a lump sum cash payment within 30 days of the Date of Termination); (ii) the timely payment or provision of the Welfare Continuance Benefit for 36 months following the Date of Termination; and (iii) the timely payment of all
disability and retirement benefits pursuant to the terms of any plan, policy or arrangement of the Company and its affiliated companies. 
 (d) Cause; Other than for Good Reason. If the Executive’s employment is terminated for Cause during the Employment Period, this Agreement will terminate without further obligation to the Executive other than the payment to the
Executive of the Annual Base Salary through the Date of Termination, plus the amount of any compensation previously deferred by the Executive. If the Executive terminates employment during the Employment Period, excluding a termination either for
Good Reason or during the Window Period, this Agreement will terminate without further obligation to the Executive other than for the Accrued Obligations (which will be paid in a lump sum in cash within 30 days of the Date of Termination) and any
other benefits to which the Executive may be entitled pursuant to the terms of any plan, program or arrangement of the Company and its affiliated companies. 
 (e) Gross-Up Payment. In the event any payment or distribution by the Company to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise, but determined without regard to any additional payments required under this Section 6(e)) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986 (the
“Code”) or any interest or penalties are incurred by the Executive with respect to such excise tax (collectively, the “Excise Tax”), then the Executive will be entitled to receive an additional payment (a “Gross-Up
Payment”) in an amount such that after payment by the Executive of all taxes (including any income taxes and interest or penalties imposed with respect to such taxes) and the Excise Tax imposed on the Gross-Up 

  

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Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed on the Payments. All determinations required to be made
under this Section 6(e), including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment, will be made by the independent accounting firm of the Company immediately prior to the Executive’s termination of
employment (the “Accounting Firm”). All fees and expenses of the Accounting Finn will be borne solely by the Company, and any determination by the Accounting Firm will be binding upon the Company and the Executive. Any Gross-Up Payment, as
determined pursuant to this Section 6(e), will be paid by the Company to the Executive within ten days of the receipt of the Accounting Firm’s determination. 
 (i) If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall so indicate to the Executive in writing.

 (ii) In the event there is an under-payment of the Gross-Up Payment due to the uncertainty in the application of
Section 4999 of the Code at the time of the initial determination by the Accounting Firm and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm will determine the amount of any such under-payment that
has occurred and such amount will be promptly paid by the Company to or for the benefit of the Executive. 
  

	 	7.	Binding Agreement; Successors 

 (a) This Agreement
will be binding upon and inure to the benefit of the Executive (and his personal representative), the Company and any successor organization or organizations which shall succeed to substantially all of the business and property of the Company,
whether by means of merger, consolidation, acquisition of all or substantially of all of the assets of the Company or otherwise, including by operation of law. 
 (b) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and
agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 
 (c) For purposes of this Agreement, the term “Company” includes any subsidiaries of the Company and any corporation or other entity which is the surviving or continuing entity in respect of any merger,
consolidation or form of business combination in which the Company ceases to exist; provided, however, that for purposes of determining whether a Change in Control has occurred herein, the term “Company” refers to Union Bankshares
Corporation or its successors. 
 (d) On its effective date of January 1, 2001, this Agreement will supersede and replace the Change in
Control Employment Agreement dated October 22,1996. 
  

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	 	8.	Fees and Expenses; Mitigation 

 (a) The Company will
pay or reimburse the Executive for all costs and expenses, including without limitation court costs and reasonable attorneys’ fees, incurred by the Executive (i) in contesting or disputing any termination of the Executive’s employment
or (ii) in seeking to obtain or enforce any right or benefit provided by this Agreement, in each case provided the Executive’s claim is upheld by a court of competent jurisdiction. 
 (b) The Executive shall not be required to mitigate the amount of any payment the Company becomes obligated to make to the Executive in connection with
this Agreement, by seeking other employment or otherwise. Except as specifically provided above with respect to the Welfare Continuance Benefit, the amount of any payment provided for in Section 6 shall not be reduced, offset or subject to
recovery by the Company by reason of any compensation earned by the Executive as the result of employment by another employer after the Date of Termination, or otherwise. 
  

	 	9.	No Employment Contract 

 Nothing in this Agreement
will be construed as creating an employment contract between the Executive and the Company prior to Change in Control. 
  

	 	10.	Continuance of Welfare Benefits Upon Death 

 If the
Executive dies while receiving a Welfare Continuation Benefit, the Executive’s spouse and other dependents will continue to be covered under all applicable Welfare Plans during the remainder of the 36-month coverage period. The Executive’s
spouse and other dependents will become eligible for COBRA continuation coverage for health and dental benefits at the end of such 36-month period. 
  

	 	11.	Notice 

 Any notices and other communications
provided for by this Agreement will be sufficient if in writing and delivered in person or sent by registered or certified mail, postage prepaid (in which case notice will be deemed to have been given on the third day after mailing), or by overnight
delivery by a reliable overnight courier service (in which case notice will be deemed to have been given on the day after delivery to such courier service). Notices to the Company shall be directed to the Secretary of the Company, with a copy
directed to the Chairman of the Board of the Company. Notices to the Executive shall be directed to his last known address. 
  

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	 	12.	Definition of a Change in Control 

 No benefits
shall be payable hereunder unless there shall have been a Change in Control of the Company as set forth below. For purposes of this Agreement, a “Change in Control” means: 
 (a) The acquisition by any Person of beneficial ownership of 20% or more of the then outstanding shares of common stock of the Company, provided that an
acquisition directly from the Company (excluding an acquisition by virtue of the exercise of a conversion privilege) shall not constitute a Change in Control; 
 (b) Individuals who constitute the Board on the date of this Agreement (the “Incumbent Board”) cease to constitute a majority of the Board, provided that any director whose nomination was approved by a vote
of at least two-thirds of the directors then comprising the Incumbent Board will be considered a member of the Incumbent Board, but excluding any such individual whose initial assumption of office is in connection with an actual or threatened
election contest relating to the election of the directors of the Company (as such terms are used in Rule 14a-ll promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”)); 
 (c) Approval by the shareholders of the Company of a reorganization, merger, share exchange or consolidation (a “Reorganization”), provided
that shareholder approval of a Reorganization will not constitute a Change in Control if, upon consummation of the Reorganization, each of the following conditions is satisfied: 
 (i) more than 60% of the then outstanding shares of common stock of the corporation resulting from the Reorganization is beneficially
owned by all or substantially all of the former shareholders of the Company in substantially the same proportions as their ownership existed in the Company immediately prior to the Reorganization; 
 (ii) no Person beneficially owns 20% or more of either (1) the then outstanding shares of common stock of the corporation resulting
from the transaction or (2) the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors; and 
 (iii) at least a majority of the members of the board of directors of the corporation resulting from the Reorganization were members of
the Incumbent Board at the time of the execution of the initial agreement providing for the Reorganization. 
 (d) Approval by the
shareholders of the Company of a complete liquidation or dissolution of the Company, or of the sale or other disposition of all or substantially all of the assets of the Company. 
  

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 (e) For purposes of this Agreement, “Person” means any individual, entity or group (within the
meaning of Section 13(d)(3) of the Exchange Act, other than any employee benefit plan (or related trust) sponsored or maintained by the Company or any affiliated company, and “beneficial ownership” has the meaning given the term in
Rule 13d-3 under the Exchange Act. 
  

	 	13.	Confidentiality 

 The Executive will hold in a
fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies and their respective businesses, which was obtained by the Executive during the
Executive’s employment by the Company or any of its affiliated companies and which will not be or become public knowledge. After termination of the Executive’s employment with the Company, the Executive will not, without the prior written
consent of the Company or except as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In no event shall an asserted
violation of the provisions of this Section 13 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement. 
  

	 	14.	Miscellaneous 

 No provision of this Agreement may
be amended, modified, waived or discharged unless such amendment, modification, waiver or discharge is agreed to in a writing signed by the Executive and the Chairman of the Board or President of the Company. No waiver by either party hereto at any
time of any breach by the other party hereto of, or of compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. 
  

	 	15.	Governing Law 

 The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of the Commonwealth of Virginia. 
  

	 	16.	Validity 

 The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
  

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 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by Union Bankshares
Corporation by its duly authorized officer, and by the Executive, as of the date first above written. 
  

			
	UNION BANKSHARES CORPORATION
		
	By:	 	 /s/ Ronald L. Hicks

		 	Ronald L. Hicks
		 	Chairman
	
	EXECUTIVE:
		
		 	 /s/ G. William Beale

		 	G. William Beale

  

 11Supplemental Indenture, dated as of March 13, 2007

 Exhibit 4.1 
 AMENDED AND RESTATED SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of March 13, 2007, among LEVEL 3 FINANCING, INC., a Delaware corporation (the “Issuer”),
LEVEL 3 COMMUNICATIONS, INC., a Delaware corporation (“Parent”), LEVEL 3 COMMUNICATIONS, LLC, a Delaware limited liability company (“Level 3 LLC”), and THE BANK OF NEW YORK, a New York banking corporation, as
trustee under the Indenture referred to below (the “Trustee”). 
 WITNESSETH: 
 WHEREAS the Issuer, Parent and the Trustee have heretofore executed and delivered (a) an Indenture dated as of March 14, 2006 (as supplemented,
the “Indenture”; capitalized terms used but not defined herein having the meanings assigned thereto in the Indenture), providing for the issuance by the Issuer of its Floating Rate Senior Notes Due 2011 (the
“Securities”), (b) a Supplemental Indenture dated October 12, 2006, pursuant to which Level 3 LLC has guaranteed the Issuer’s obligations under the Indenture (the “Subordinated Guarantee”) and
(c) a Supplemental Indenture dated October 12, 2006 (the “Old Supplemental Indenture”); 
 WHEREAS the Issuer,
Parent, certain lenders (together with their successors and assigns, the “Old Lenders”) and Merrill Lynch Capital Corporation, as administrative agent and collateral agent (the “Administrative Agent”), entered into
a Credit Agreement dated as of December 1, 2004 (the “Old Credit Agreement”), under which the Issuer borrowed term loans in an aggregate principal amount of $730,000,000 from the Old Lenders (the “Old Term
Loans”); 
 WHEREAS the obligations of the Issuer under the Old Credit Agreement and the other Loan Documents (as defined therein)
were guaranteed by Level 3 LLC; 
 WHEREAS Level 3 LLC entered into the Old Supplemental Indenture in order to subordinate the Subordinated
Guarantee in any bankruptcy, liquidation or winding up proceedings of Level 3 LLC to the obligations of Level 3 LLC under the Loan Documents (as defined in the Old Credit Agreement) and Old Loan Proceeds Note (as defined below); 
 WHEREAS the proceeds of the Old Term Loans were advanced to Level 3 LLC under an intercompany demand note dated December 1, 2004 in an initial
principal amount of $730,000,000 issued by Level 3 LLC to the Issuer (together with any additional loan proceeds note issued pursuant to Section 9.02 of the Old Credit Agreement, and as such note or any such additional note was amended from
time to time, the “Old Loan Proceeds Note”); 
 WHEREAS the Old Loan Proceeds Note had been pledged by the Issuer to the
Collateral Agent (as defined in the Old Credit Agreement) in order to assure the Old Lenders against loss in respect of the obligations of the Issuer under the Old Credit Agreement; 

 WHEREAS the Issuer, Parent, certain lenders (together with their successors and assigns and any future
Lenders under and as defined in the New Credit Agreement (as hereafter defined), the “New Lenders”) and the Administrative Agent, as administrative agent and collateral agent (the “New Administrative Agent”), have
entered into a Credit Agreement dated the date hereof (the “New Credit Agreement”), under which the Issuer has (a) borrowed term loans in an aggregate principal amount of $1,400,000,000 from the New Lenders (the “New
Term Loans”) and (b) refinanced the Old Credit Agreement; 
 WHEREAS the obligations of the Issuer under the New Credit
Agreement and the other Loan Documents (as defined therein) will be guaranteed by Level 3 LLC; 
 WHEREAS the net proceeds of the New Term
Loans have been advanced to Level 3 LLC under an amended and restated intercompany demand note dated March 13, 2007 in an initial principal amount of $1,400,000,000 issued by Level 3 LLC to the Issuer (together with any additional loan proceeds
note issued pursuant to Section 9.02 of the Credit Agreement, and as such note or any such additional note may be amended from time to time, the “New Loan Proceeds Note”), which New Loan Proceeds Note replaces the Old Loan
Proceeds Note; 
 WHEREAS the New Loan Proceeds Note has been pledged by the Issuer to the Collateral Agent (as defined in the New Credit
Agreement) in order to assure the Lenders against loss in respect of the obligations of the Issuer under the New Credit Agreement; 
 WHEREAS
pursuant to Section 1308 of the Indenture, the Trustee is authorized and permitted to enter into a supplemental indenture which subordinates in any bankruptcy, liquidation or winding up proceeding a guarantee of an Issuer Restricted Subsidiary
as guarantor or borrower pursuant to the Indenture to the obligations of such Subsidiary under a Qualified Credit Facility; 
 WHEREAS upon
the guarantee of the Securities by an Issuer Restricted Subsidiary (other than Level 3 LLC), the Issuer, Parent, the Trustee and such Issuer Restricted Subsidiary shall enter into a supplemental indenture in substantially the form of this
Supplemental Indenture pursuant to which such guarantee will be subordinated in any bankruptcy, liquidation or winding up proceeding to the obligations of such Issuer Restricted Subsidiary under the Loan Documents (as defined in the Credit
Agreement); 
 WHEREAS the New Credit Agreement constitutes a Qualified Credit Facility and the future guarantee of the obligations under the
New Credit Agreement by Level 3 LLC and the current issuance and pledge of the New Loan Proceeds Note will constitute and constitute, respectively, Guarantees of a Qualified Credit Facility; 
 WHEREAS pursuant to Section 901 and Section 1308 of the Indenture, the Trustee, Parent, the Issuer and Level 3 LLC are authorized to execute
and deliver this Supplemental Indenture, which Supplemental Indenture amends and restates the Old Supplemental Indenture in its entirety; 

 WHEREAS the consent of Holders is not necessary to effect the amendments contained herein; 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, Parent, the
Issuer, Level 3 LLC and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Securities as follows: 
 ARTICLE I 
 Amendment and Restatement 
 SECTION 1.1. Amendment and Restatement. Upon the execution and delivery to the Trustee of this Supplemental Indenture, this Supplemental Indenture shall amend and restate the Old Supplemental Indenture in its
entirety as follows: 
 ARTICLE II 
 Subordination 
 SECTION 2.1. Subordination. The Trustee hereby agrees that all obligations in respect of any amounts
payable by Level 3 LLC pursuant to the Subordinated Guarantee, including the guarantee of the payment of principal, premium (if any), interest or all other amounts payable in respect of the Securities (the “Subordinated
Obligations”), shall be subordinate and junior in right of payment, to the extent and in the manner provided in the Indenture (as supplemented by this Supplemental Indenture), to the prior payment in full in cash of all obligations
(including without limitation the Obligations (as defined in the New Credit Agreement)) of Level 3 LLC under or in respect of the Loan Documents (as defined in the New Credit Agreement) and the New Loan Proceeds Note, including the payment of
principal, premium (if any), interest (including interest arising after the commencement of a bankruptcy or other proceeding, whether or not such a claim is permitted in such proceeding), the guarantees thereof or all other amounts payable
thereunder (the “Senior Obligations”). 
 SECTION 2.2. Subordination in the Event of Dissolution or Insolvency of Level 3
LLC. Upon any distribution of assets of Level 3 LLC in connection with its dissolution or insolvency or upon any dissolution, winding up, liquidation or reorganization of Level 3 LLC, whether in bankruptcy, insolvency, reorganization,
arrangement or receivership or similar proceedings, or upon any assignment for the benefit of creditors or any other marshaling of the assets and liabilities of Level 3 LLC: 
 (a) the holders of the Senior Obligations (the “Senior Creditors”) shall first be entitled to receive payment in full in cash of the
Senior Obligations in accordance with the terms of such Senior Obligations before the Securityholders shall be entitled to receive any payment on 

 
account of the Subordinated Obligations owed by Level 3 LLC in respect of the Securities, whether of principal, premium (if any), interest, pursuant to the
Subordinated Guarantee or otherwise; and 
 (b) any payment by, or distribution of the assets of, Level 3 LLC of any kind or character,
whether in cash, property or securities, to which the Securityholders would be entitled except for the provisions of Section 1308 of the Indenture and this Supplemental Indenture shall be paid or delivered by the Person making such payment or
distribution (whether a trustee in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the New Administrative Agent or the Senior Creditors to the extent necessary to make payment in full in cash of all Senior
Obligations remaining unpaid, after giving effect to any concurrent payment or distribution to the New Administrative Agent or the Senior Creditors in respect of the Senior Obligations. 
 SECTION 2.3. Certain Payments Held in Trust. In the event that any payment by, or distribution of the assets of, Level 3 LLC of any kind or
character, whether in cash, property or securities, and whether directly or otherwise, shall be received by or on behalf of the Trustee or the Securityholders at a time when such payment is prohibited by or contrary to the agreements set forth in
this Supplemental Indenture, such payment or distribution shall be held in trust for the benefit of, and shall be paid over to, the New Administrative Agent or the Senior Creditors to the extent necessary to make payment in full in cash of all
Senior Obligations remaining unpaid, after giving effect to any concurrent payment or distribution to the New Administrative Agent or the Senior Creditors in respect of such Senior Obligations. 
 SECTION 2.4 Trustee Not Fiduciary. The Trustee shall not be deemed to owe any fiduciary duty to the Senior Creditors and shall not be liable to
any such Senior Creditor if the Trustee shall in good faith mistakenly pay over or distribute to the Securityholders or to the Issuer or to any other person cash, property or securities to which any holders of Senior Obligations shall be entitled by
virtue of this Article or otherwise. With respect to the holders of Senior Obligations, the Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in this Article and no implied covenants
or obligations with respect to holders of Senior Obligations shall be read into this Supplemental Indenture against the Trustee. 
 SECTION
2.5. Legend. Any and all instruments or records now or hereafter creating or evidencing the Subordinated Obligations, whether upon refunding, extension, renewal, refinancing, replacement or otherwise, shall contain the following legend:

 “Notwithstanding anything contained herein to the contrary, neither the principal of nor the interest on, nor any other amounts
payable in respect of, the indebtedness created or evidenced by this instrument or record shall be paid or payable with or by the funds provided by Level 3 Communications, LLC, except to the extent permitted under the Supplemental Indenture dated
March 13, 2007 among Level 3 Communications, Inc., Level 3 Communications, LLC, Level 3 Financing, Inc. and the Trustee, which Supplemental Indenture is incorporated herein with the same effect as if fully set forth herein.”

 SECTION 2.6. Obligations Hereunder Not Affected. So long as the New Credit Agreement shall
constitute a Qualified Credit Facility, this Supplemental Indenture shall continue to be effective or be reinstated, as the case may be, if at any time any payment of the Senior Obligations or any part thereof shall be rescinded or must otherwise be
returned by the New Administrative Agent and the Senior Creditors upon the insolvency, bankruptcy or reorganization of Level 3 LLC or otherwise, all as though such payment had not been made. 
 ARTICLE III 
 Miscellaneous 
 SECTION 3.1. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK
BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 SECTION 3.2. Modification. No modification, amendment or waiver of any provision of this Supplemental Indenture shall in any event be effective
unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 
 SECTION 3.3. Opinion of Counsel. Concurrently with the execution and delivery of this Supplemental Indenture, the Issuer shall deliver to the
Trustee an Opinion of Counsel to the effect that this Supplemental Indenture has been duly authorized, executed and delivered by each of Parent, the Issuer and Level 3 LLC and that, subject to the application of bankruptcy, insolvency, moratorium,
fraudulent conveyance or transfer and other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, this Supplemental Indenture is a legal, valid and binding
obligation of Parent, the Issuer and Level 3 LLC, enforceable against each of them in accordance with its terms. 
 SECTION
3.4. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in
full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby. 

 SECTION 3.5. Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 SECTION 3.6. Headings.
Article and Section headings used herein are for convenience of reference only, are not part of this Supplemental Indenture and are not to affect the construction of, or to be taken into consideration in interpreting, this Supplemental Indenture.

 SECTION 3.7 Trustee. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. The
recitals and statements herein are deemed to be those of the Issuer, Parent and Level 3 LLC and not of the Trustee. 
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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first
above written. 
  

			
	 LEVEL 3 COMMUNICATIONS, INC.,

		
	 By:
	 	 /s/ Robin E. Grey

	 Name:
	 	Robin E. Grey
	 Title:
	 	Senior Vice President

  

			
	 LEVEL 3 FINANCING, INC.,

		
	 By:
	 	 /s/ Sunit S. Patel

	 Name:
	 	Sunit S. Patel
	 Title:
	 	Group Vice President

  

			
	 LEVEL 3 COMMUNICATIONS, LLC,

		
	 By:
	 	 /s/ Neil J. Eckstein

	 Name:
	 	Neil J. Eckstein
	 Title:
	 	Senior Vice President

  

			
	 THE BANK OF NEW YORK, as Trustee,

		
	 By:
	 	 /s/ Stacey B. Poindexter

	 Name:
	 	Stacey B. Poindexter
	 Title:
	 	Assistant Vice President

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