Document:

Management Agreement

 Exhibit (10)(i)(d) 
  
 MANAGEMENT AGREEMENT 
  
 among 
  
 US UNWIRED INC. 
  
 IWO HOLDINGS, INC. 
  
 INDEPENDENT WIRELESS ONE CORPORATION 
  
 and

  
 INDEPENDENT WIRELESS ONE 
  
 LEASED REALTY CORPORATION 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	 Section 1.
	 	ENGAGEMENT	  	1
	 Section 2.
	 	MANAGEMENT STANDARDS	  	1
	 Section 3.
	 	SERVICES TO BE PROVIDED	  	2
	 Section 4.
	 	COMPENSATION	  	4
	 Section 5.
	 	TERM AND TERMINATION	  	8
	 Section 6.
	 	CONFIDENTIALITY	  	10
	 Section 7.
	 	FORCE MAJEURE	  	10
	 Section 8.
	 	BOOKS AND RECORDS	  	10
	 Section 9.
	 	REGULATORY COMPLIANCE	  	10
	 Section 10.
	 	INSPECTION RIGHTS; DELIVERY OF INFORMATION	  	11
	 Section 11.
	 	MISCELLANEOUS	  	11

  

 i 

 MANAGEMENT AGREEMENT 
  
 This Management Agreement (the “Agreement”) is entered into as of April 1, 2004, by and among US Unwired Inc., a Louisiana
corporation (“USU”), IWO Holdings, Inc., a Delaware corporation (“Holdings”), Independent Wireless One Corporation, a Delaware corporation (“Independent”), and Independent Wireless One Leased Realty Corporation, a
Delaware corporation (“Realty”) (Realty, Independent and Holdings are collectively “IWO”). 
  
 WHEREAS, USU owns 100% of the equity interests in Holdings; 
  
 WHEREAS, Holdings owns 100% of the equity interests in Independent, which is a Sprint Network affiliate; 
  
 WHEREAS, Independent owns 100% of the equity interests in Realty, which owns certain wireless related real estate assets; 
  
 WHEREAS, IWO desires to retain USU’s management expertise in the operation of IWO’s
business, including the determination of policy, the hiring, supervision and dismissal of personnel, day-to-day operations, the enforcement and performance of its Sprint (“Sprint”) PCS Network agreements and the payment of financial
obligations and operating expenses (the “Business”); and 
  
 WHEREAS,
USU is willing to provide management services for IWO on the terms and subject to the conditions contained in this Agreement. 
  
 NOW, THEREFORE, for and in consideration of the premises, the covenants and agreements set forth herein, and other good and valuable consideration, the receipt and
sufficiency of which are acknowledged by the execution and delivery hereof, the parties agree as follows: 
  
 Section 1. ENGAGEMENT . 
  
 IWO hereby
engages USU to oversee, manage and supervise the development and operation of the Business and for USU to provide accounting, retention and supervision of outside auditors, executive management, finance, human resources, legal, marketing, sales,
engineering, technical, and other managerial and administrative services to IWO (the “Management Services”), all to the full extent heretofore provided by USU in connection with the Business from January 1, 2003 through the date of this
Agreement (the “Prior Period”) including in connection with IWO’s restructuring. USU hereby accepts such engagement, subject to and upon the terms and conditions set forth herein. 
  
 Section 2. MANAGEMENT STANDARDS.  
  
 (a) USU shall perform the Management Services and discharge its other duties hereunder in
compliance with all applicable law. In performing the Management Services and its other duties hereunder, USU shall act in a manner that it reasonably believes to be in the best interests of IWO consistent with the standards set forth herein.
Nothing in this Agreement shall be construed as constituting USU an agent of IWO beyond the extent expressly provided in, and as limited by, this Agreement. 
  
 (b) USU shall devote comparable attention and services to IWO as those devoted by USU in its management of other wireless communications systems or markets directly or
indirectly owned or managed by USU, and will otherwise deal with IWO subject to the terms of this Agreement. 

 Section 3. SERVICES TO BE PROVIDED.  
  
 (a) SCOPE OF SERVICES. Subject to IWO’s oversight, review and ultimate control and approval and the limitations of Section 3(c)
below, USU shall be responsible for managing the supervision, design, construction and operation of IWO and the Business. Among other things, USU shall have the right to select the persons who shall perform all design, construction, management or
operational services and may elect to use its own employees or engage independent contractors. To this end, USU shall provide generally, on the terms and subject to the conditions set forth herein and in a manner consistent with the standards set
forth herein, supervisory services with respect to (x) all administrative, accounting, billing, credit, collection, insurance, purchasing, clerical and such other general services as may be necessary to the administration of the Business, (y)
operational, engineering, maintenance, construction, repair and such other technical services as may be necessary to the construction and operation of the Business, and (z) marketing, sales, advertising and such other promotional services as may be
necessary to the marketing of the Business. The Management Services for which USU shall be responsible, subject in each case (i) to IWO’s oversight, review and ultimate control and approval, (ii) to IWO’s cash and credit availability and
general budgetary considerations, and (iii) to the limitations of Section 3(c) below, shall include but shall not be limited to the following: 
  

	(i)	the marketing of mobile wireless services (and, to the extent determined by IWO’s Board of Directors, other IWO communications services) to be offered and provided by IWO;

  

	(ii)	the management, tax compliance, accounting and financial reporting for IWO including the preparation and presentation of reports and reviews of the business, financial results and
condition, regulatory status, competitive position and strategic prospects of IWO, and any financial reporting which may be required by a bankruptcy court in the event of a bankruptcy filing of IWO; 

  

	(iii)	retaining outside auditors for annual audits, and preparing and filing all financial and other reporting required by the SEC; 

  

	(iv)	the regulatory processing for IWO, including without limitation the preparation and filing of all appropriate regulatory filings, certificates, tariffs and reports that are required
by, and participation in any hearings or other proceedings before, local, state and federal governmental regulatory bodies; 

  

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	(v)	the engineering, design, planning, construction and installation, maintenance and repair (both emergency and routine) and operation of, and equipment purchases for, IWO;

  

	(vi)	assisting IWO in the development and preparation of budgets, a business plan and personnel requirements, key performance standards, goals and indicators for IWO and compliance with
the Budget Process referred to in Section 4(c) below; 

  

	(vii)	services relating to sales of the products and services offered by IWO, including processing orders for service and customer support but not billing for services provided by IWO and
collection of receivables for IWO as long as such services are provided by Sprint; 

  

	(viii)	making appropriate management information services available to IWO, including software packages generally used by USU in the management of its own wireless operations;

  

	(ix)	administering, enforcing, and performing all IWO agreements related to its dealings with Sprint and the Sprint PCS Network, including its Management Agreement, Sprint PCS Services
Agreement, and any trademark and license agreements; 

  

	(x)	monitoring and controlling the Business as required by IWO; 

  

	(xi)	negotiating contracts, issuing purchase orders and otherwise entering into agreements on behalf of IWO for the purchase, lease, license or use of such properties, services and
rights as may be necessary or desirable in the judgment of USU for the operation of IWO; 

  
  

	(xii)	supervising, recruiting and training all necessary personnel to be employed by IWO, and determining salaries, wages and benefits for IWO’s employees; 

 

	(xiii)	to the extent separate from USU’s programs, administering IWO’s employee benefit programs and IWO’s programs for compliance with applicable laws governing the
administration and operation of such plans and programs; 

  

	(xiv)	administering IWO’s risk management programs, including negotiating the terms of property and casualty insurance and preparing a comprehensive disaster recovery program;

  

	(xv)	working with IWO’s Chief Restructuring Officer in connection with the restructuring of the indebtedness and equity of IWO; and 

  

	(xvi)	in furtherance of the foregoing, making or committing to make permitted expenditures (including permitted capital expenditures) on behalf of IWO. 

  

 3 

 All of the Management Services shall be provided in a manner (including, without limitation, as to whether any particular
service is performed by IWO personnel supervised by USU or directly by USU personnel) consistent with the services rendered by USU in connection with the Business during the Prior Period. Any material changes to the Management Services shall be
approved by the Chief Restructuring Officer, which approval shall not be unreasonably withheld. 
  
 (b) ACCOUNTS. Subject to the foregoing, IWO shall be responsible for payment of all costs and expenses necessary to fund the ongoing business and operations of the Business, which shall include payments under
Section 4, payments to independent contractors, payments to vendors and suppliers of the Business, and interest and principal payments to creditors who have financed the construction or operation of the Business. USU will have the right and
authority to make deposits to and disbursements and withdrawals from IWO’s accounts as required in connection with the performance of its services hereunder. 
  
 (c) RESTRICTIONS ON USU’S AUTHORITY. Anything to the contrary in this Agreement notwithstanding, USU shall not take, or cause or
permit to be taken, any of the following actions for or on behalf of IWO without the prior consent of the IWO Board of Directors: 
  

	(i)	settle any claim or litigation by or against IWO if the settlement involves a payment of $500,000 or more; 

  

	(ii)	(A) incur any indebtedness for borrowed money, lend money or guarantee debts of others (other than wholly-owned Subsidiaries of IWO) on behalf of IWO, or assign, transfer, or pledge
any debts due IWO, or (B) release or discharge any debt due or compromise any claim of IWO, other than trade credit and advances to employees in the ordinary course of business; 

  

	(iii)	invest in or otherwise acquire any debt or equity securities of any other person, enter into any binding agreement for the acquisition of any interest in any business entity or
other person (whether by purchase of assets, purchase of stock or other securities, merger, loan or otherwise), or enter into any joint venture or partnership with any other person, or enter into any agreement for the buildout of the Sprint PCS
Network or any amendment to the Sprint management agreements; or 

  

	(iv)	sell, assign, transfer, or otherwise dispose of, or hypothecate or grant a lien on any license or other material assets belonging to IWO (other than the disposal of assets or
equipment in the ordinary course of business). 

  
 Section 4.
COMPENSATION. 
  
 (a) REIMBURSEMENT. IWO shall reimburse USU for
all out-of-pocket expenses (“Out-of-Pocket Expenses”) reasonably incurred by USU for goods and services provided by third parties to, for or on behalf of IWO, plus travel expenses, directly incurred by USU as a consequence of performing
its duties and responsibilities hereunder. USU shall provide IWO 
  

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 with a statement setting forth in reasonable detail (and with copies of invoices or other supporting documentation) the
Out-of-Pocket Expenses claimed within thirty (30) days after they are incurred. IWO shall pay to USU each such amount within ten (10) days of receipt of such statement and invoices or other supporting documentation (it being understood that
estimated Out-of-Pocket Expenses will not be reimbursed until USU provides IWO with the invoices or other supporting documentation therefor). A copy of such statements shall be provided to the agent for the secured lenders of IWO (or its financial
advisors) for any month in which the Out-of-Pocket Expenses exceed $20,000. 
  
 (b) COST ALLOCATIONS. All costs associated with providing the Management Services, including employee costs, occupancy costs, information technology systems and software costs and overhead costs shall be borne solely by USU, and the
sole compensation for providing the Management Services shall be the fees described herein. Except as provided in Section 4(a) for third party costs, USU will not allocate any additional costs incurred by USU to IWO for rendering the Management
Services. 
  
 (c) MANAGEMENT FEE . Effective with the second calendar
quarter of 2004, IWO shall pay to USU an annual management fee (the “Management Fee”) of $6,500,000.00. The Management Fee is payable monthly in arrears on the last business day of each month during the term of this Agreement. If
IWO’s EBITDA (before restructuring cost and fees paid pursuant to this Agreement, “Performance EBITDA”) and net subscriber additions for any calendar quarter commencing with the second calendar quarter of 2004 are better than the
First Level EBITDA and the First Level Net Adds (as such terms are defined below), respectively, for such quarter, but are not better than both the Second Level EBITDA and the Second Level Net Adds (as such terms are defined below), respectively,
for such quarter, USU shall be entitled to an additional fee (a “Quarterly Adjustment”) for such quarter of $375,000. If IWO’s Performance EBITDA and net subscriber additions for any such calendar quarter are better than both the
Second Level EBITDA and the Second Level Net Adds, respectively, for such quarter, USU shall be entitled to a Quarterly Adjustment of $625,000. If IWO’s aggregate Performance EBITDA and aggregate net subscriber additions for the period (the
“2004 Period”) of three consecutive calendar quarters ending year-end 2004 or the period (the “2005 Period”) of four consecutive calendar quarters ending year-end 2005 are better than the aggregate First Level EBITDA and the
aggregate First Level Net Adds, respectively, for such period, but are not better than both the aggregate Second Level EBITDA and the aggregate Second Level Net Adds, respectively, for such period, USU shall be entitled to an additional fee (an
“Annual Adjustment”) equal to (i) in the case of the 2004 Period, any amount by which $1,125,000 exceeds the aggregate amount of the Quarterly Adjustments paid for the three quarters in such period (including any Quarterly Adjustment being
paid for the final such quarter) and (ii) in the case of the 2005 Period, any amount by which $1,500,000 exceeds the aggregate amount of the Quarterly Adjustments paid for the four quarters in such period (including any Quarterly Adjustment being
paid for the final such quarter). If IWO’s aggregate Performance EBITDA and aggregate net subscriber additions for the 2004 Period or the 2005 Period are better than both the aggregate Second Level EBITDA and the aggregate Second Level Net
Adds, respectively, for such period, USU shall be entitled to an Annual Adjustment equal to (i) in the case of the 2004 Period, any amount by which $1,875,000 exceeds the aggregate amount of the Quarterly Adjustments paid for the three quarters in
such period (including any Quarterly Adjustment being paid for the final such quarter) and (ii) in the case of the 2005 Period, any amount by which $2,500,000 exceeds the aggregate amount of the 
  

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 Quarterly Adjustments paid for the four quarters in such period (including any Quarterly Adjustment being paid for the
final such quarter). If USU is terminated by IWO without cause, USU shall be entitled to a prorated Annual Adjustment at the time of termination. 
  
 Promptly following the end of each calendar quarter, USU shall provide a certificate to the agent for the secured lenders of IWO (or its financial advisors) showing in
reasonable detail for such quarter (and, if such quarter is the final quarter of the 2004 Period or the 2005 Period, for such period) the calculation of budgeted versus actual performance, Performance EBITDA, net subscriber additions, the Quarterly
Adjustment and, if applicable, the Annual Adjustment. Quarterly Adjustments and Annual Adjustments shall be paid contemporaneously with the delivery of such certificates for the relevant quarter or period. 
  
 The First Level EBITDA, Second Level EBITDA, First Level Net Adds and Second Level Net
Adds for the 2004 Period and the calendar quarters therein are as follows: 
  

															
	 	  	Q2 2004

	 	 	Q3 2004

	 	 	Q4 2004

	  	Aggregate 2004

	 First Level EBITDA
	  	$	7,685,798	 	 	$	8,005,862	 	 	$	5,337,951	  	$	21,029,611
	 Second Level EBITDA
	  	$	9,191,254	 	 	$	9,582,442	 	 	$	6,321,663	  	$	25,095,359
	 First Level Net Adds
	  	 	(840	)	 	 	(1,315	)	 	 	6,423	  	 	4,268
	 Second Level Net Adds
	  	 	(688	)	 	 	(1,076	)	 	 	7,851	  	 	6,088

  
 Any changes to the foregoing First
Level EBITDA, Second Level EBITDA, First Level Net Adds and Second Level Net Adds shall be subject to the reasonable agreement of USU, the reasonable agreement of IWO, and the reasonable agreement of the Chief Restructuring Officer (the “Budget
Process”). A budget for 2005 shall be submitted in the fourth quarter of 2004 and shall be subject to the Budget Process. The 2005 budget shall take into account the actual performance of IWO during 2004 and then current market conditions in
determining the appropriate budget for EBITDA and net subscriber additions in 2005. First Level EBITDA and First Level Net Adds for the 2005 Period shall be 10% worse than the 2005 budgeted amounts for Performance EBITDA and net subscriber
additions; and Second Level EBITDA and Second Level Net Adds for the 2005 Period shall be 10% better than the 2005 budgeted amounts for Performance EBITDA and net subscriber additions. Appropriate quarterly amounts for the 2005 Period shall be
agreed to between USU and the Chief Restructuring Officer. 
  
 (d)
RESTRUCTURING PREMIUM . USU agrees to devote such time, effort, and resources as are necessary to facilitate a successful, timely completion of an IWO restructuring of its balance sheet and of its contractual arrangements with Sprint. In
consideration thereof, IWO agrees to pay to USU a restructuring premium, in addition to the Management Fee, Quarterly Adjustments and Annual Adjustments described above, calculated as follows: 
  

	(i)	a monthly payment of $100,000.00 (the “Restructuring Premium”) for the period beginning May 1, 2004 and ending on December 31, 2004 or the last day of the month during
which the Effective Date occurs, whichever is earlier, and if such Effective Date has not occurred by December 31, 2004, a monthly payment of $75,000.00 for the period beginning January 1, 2005 and ending on the last day of the month during which
the Effective 

  

 6 

 Date (as defined below) occurs. The Restructuring Premium shall be paid on a monthly basis, provided that IWO has
received satisfactory support from USU in the pursuit of the restructuring transactions in any given month for which a payment is being made to the reasonable satisfaction of the Chief Restructuring Officer. If at any time the Chief Restructuring
Officer reasonably believes that IWO is not receiving satisfactory support, the Chief Restructuring Officer shall notify USU in writing regarding areas that are unsatisfactory and USU shall be entitled to cure such deficiencies within thirty (30)
days of receiving notice and receive its monthly Restructuring Premium as contemplated herein; and 
  

	(ii)	a bonus equal to $1,000,000.00 (the “Restructuring Bonus”) (subject to reduction of no more than $400,000 as set forth below) payable within ten (10) days after a Chapter
11 plan of reorganization under the United States Bankruptcy Code for IWO is confirmed and becomes effective (the “Effective Date”), provided that (1) USU has continued to manage IWO for the duration of 2004 at performance levels that are
at least 90% of the 2004 Budget for EBITDA and net subscriber additions (this requirement will not be applicable if IWO terminates the Agreement prior to December 31, 2004); (2) USU has actively participated in negotiating proposed amendments to the
Sprint agreements, if requested to do so by IWO while USU was providing Management Services under this Agreement; (3) USU has actively participated in the restructuring process and supported the Chief Restructuring Officer in a satisfactory manner
as reasonably determined by the Chief Restructuring Officer while USU was providing Management Services under this Agreement; and (4) if IWO undergoes either a finance raising transaction or a sale during the restructuring process, USU has provided
appropriate support to such processes as reasonably determined by the Chief Restructuring Officer while USU was providing Management Services under this Agreement. 

  
 Half of all monthly Restructuring Premium payments attributable to periods between August 1 and December 31, 2004, and two-thirds of all
such payments attributable to periods commencing on or after January 1, 2005, shall be applied to reduce any Restructuring Bonus otherwise payable in accordance with paragraph (ii) immediately above, but in no event shall the Restructuring Bonus be
so reduced by more than $400,000. 
  
 (e) TRANSACTION FEE . USU shall be
eligible to receive a Transaction Fee in the event that IWO either raises new financing during the course of the restructuring process or is sold to a third party, and USU provides reasonable support in such transactions as reasonably determined by
the Chief Restructuring Officer. In the case of a financing transaction, the Transaction Fee shall be 50 basis points of the amount that is raised and applied towards the paydown or payoff of IWO’s existing secured debt. In the case of a sale
of IWO, the Transaction Fee shall 50 basis points on the first $150,000,000 of Gross Sale Proceeds (with no deductions for fees, commissions, premiums or closing costs), 75 basis points on the next $80,000,000 of Gross Sale Proceeds, and 100 basis
points on any Gross Sale Proceeds above $230,000,000. A Transaction Fee shall be payable even if this Agreement is terminated prior to the closing of such 
  

 7 

 transaction, provided that (1) USU continued to manage IWO in accordance with this Agreement during the time that the
subject transaction was being planned and negotiated; (2) the performance of IWO during 2004 was above 90% of the 2004 Budget for EBITDA and net subscriber additions during the term of USU’s management; and (3) USU acted constructively, as
reasonably determined by the Chief Restructuring Officer, in assisting IWO and its advisors to facilitate the subject transaction. The Transaction Fee shall be payable by IWO in cash upon the closing of the subject transaction. 
  
 (f) EARLY TERMINATION FEE . In the event IWO terminates this Agreement without cause,
prior to the expiration of the original term, USU will also receive a $2,500,000.00 termination fee. Fifty (50%) percent of this termination fee is payable upon notice of termination with the remainder payable at the end of the transition period
provided in Section 5(e) hereof, provided that the second installment is payable only if USU has performed the transition to the reasonable satisfaction of the Chief Restructuring Officer. 
  
 (g) DEFERRED FEE . If the term of this Agreement is not extended by IWO pursuant to
Section 5(a) hereof and is not terminated by USU, IWO will pay USU a deferred fee of $1,500,000.00 at the end of the term of this Agreement. If the term of the Agreement is extended by IWO pursuant to Section 5(a) hereof and is not terminated by
USU, IWO will pay USU a deferred fee of $500,000.00 at the end of the extended term. This deferred fee shall be in lieu of any early termination fee provided in Section 4(f), and in no event will USU receive both an early termination fee and a
deferred fee. 
  
 (h) NO OTHER COMPENSATION . Except as otherwise provided
for in this Agreement, USU acknowledges and agrees that it has no entitlement to any other or additional compensation whatsoever for rendering the Management Services. 
  
 Section 5. TERM AND TERMINATION. 
  
 (a) TERM. This Agreement shall commence effective as of the date hereof and shall terminate on December 31, 2005, unless IWO elects to extend this Agreement for
one year. In the event this Agreement is extended for up to one year, IWO shall pay USU an extension fee of $1,000,000.00 payable on the date the extension becomes effective. IWO may give notice of its intention to extend the Agreement at any time
prior to October 31, 2005. 
  
 (b) TERMINATION. Either party may terminate
this Agreement at any time by giving the other party at least 30 days prior written notice, which notice shall contain the date of termination of this Agreement. 
  
 (c) REMEDIES. The remedies set forth herein are not intended to be exclusive, and all remedies shall be cumulative and may be
exercised concurrently with any other remedy available to USU or IWO at law or in equity. 
  
 (d) CONTINUING OBLIGATIONS. Notwithstanding the provisions of Sections 5(a) and (b), no termination of this Agreement shall take effect until the expiration of the Transition Period (as defined below), unless
IWO, acting through the Chief Restructuring Officer 
  

 8 

 waives the Transition Period. After receipt of written notice of termination, but prior to the expiration of the
Transition Period, USU shall continue to perform under this Agreement unless specifically instructed by the Chief Restructuring Officer to discontinue such performance in whole or in part. In the event of termination, USU and IWO shall remain liable
for their respective obligations accrued under this Agreement prior to the expiration of the Transition Period. 
  
 (e) TRANSITION ARRANGEMENTS. 
  

	(i)	GENERAL. In the event of termination of this Agreement for any reason, USU shall, during the Transition Period, cooperate with IWO in order to facilitate the transition to a new
management service provider or newly retained personnel (the “New Provider”). USU shall take all commercially reasonable steps to assist the New Provider in assuming the management of IWO and the operation of IWO’s cellular systems
including, without limitation, transferring to the New Provider all historical financial, tax, accounting, billing network, MIS systems, personnel and organizational data, contracts and other data with respect to IWO in the possession of USU or its
affiliates, and giving such consents, assigning such permits and executing such instruments as may be necessary to vest in the New Provider those rights that were used by USU to perform its services hereunder. 

  

	(ii)	“Transition Period” means the period commencing on the effective date of termination of this Agreement and expiring on the earlier of (x) the date one hundred twenty (120)
days following such date of termination, and (y) the date on which IWO’s Chief Restructuring Officer instructs USU to discontinue its transition performance in whole. If IWO terminates the Agreement or the Agreement terminates because the
original term expires, the Transition Period shall not extend past December 31, 2005 unless the Agreement is extended in accordance with Section 5(a). During the Transition Period, USU will receive its Management Fee but will not receive any
Restructuring Premium, unless USU’s continued participation in the restructuring during the Transition Period is specifically requested by the Chief Restructuring Officer. 

  

	(iii)	Promptly following the termination of this Agreement, USU shall return to IWO, at IWO’s expense (i.e. for copying and shipping), all property of IWO, and all copies thereof in
its possession or under its control, and all tangible embodiments of confidential information in its possession in whatever media such confidential information is maintained. 

  

	(iv)	During the Transition Period and for six months thereafter, none of New Provider or any of its affiliates will directly or indirectly induce any employee of USU or any of its
affiliates (except IWO and its subsidiaries), to terminate employment with such entity, and will not directly or indirectly, either individually or as owner, agent, employee, consultant or 

  

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 otherwise, employ or offer employment to any person who is or was employed by USU or any of its affiliates (except IWO
and its subsidiaries), unless such person shall have ceased to be employed by such entity for a period of at least six months or unless USU has pre-approved the solicitation of such employee in writing. 
  
 Section 6. CONFIDENTIALITY.  
  
 (a) CONFIDENTIALITY. Except as required by law, USU shall, and shall cause each of
its affiliates, and each of its and their respective partners, members, shareholders, directors, officers, employees and agents (collectively, “Agents”) to keep secret and retain in strictest confidence and not use for any purpose (other
than the performance of services hereunder) any and all confidential Information relating to IWO and shall not disclose such information, and shall cause its Agents not to disclose such information, other than to USU’s advisors, lenders and
investors. 
  
 Section 7. FORCE MAJEURE. 
  
 Neither of the parties will be liable for nonperformance or defective or late performance of
any of its obligations hereunder (other than the prompt payment of any sums due hereunder) to the extent and for such periods of time as such nonperformance, defective performance or late performance is due to reasons outside such party’s
control, including acts of God, war (declared or undeclared), acts (including failure to act) of any governmental authority, riots, revolutions, fire, floods, explosions, sabotage, nuclear incidents, lightning, weather, earthquakes, storms,
sinkholes, epidemics, strikes, or delays of suppliers or subcontractors for the same causes. 
  
 Section 8. BOOKS AND RECORDS.  
  
 USU
shall maintain and oversee the maintenance and preparation of proper and complete records and books of account for tax and financial purposes with respect to its management of the operation of the Business, including all such transactions and other
matters as are usually entered into records and books of account maintained by persons engaged in business of like character or as required by law. USU shall maintain and oversee the maintenance and preparation of complete records and books of IWO
for tax purposes. Books and records maintained for financial purposes shall be maintained in accordance with GAAP, and books and records maintained for tax purposes shall be maintained in accordance with the code and applicable treasury regulations.

  
 Section 9. REGULATORY COMPLIANCE.  
  
 Subject to the other provisions of this Agreement, USU shall use commercially reasonable
efforts to cause IWO and its wireless systems to remain in compliance in all material respects with applicable laws, rules and regulations, including rules and regulations promulgated by the FAA. Unless specifically retained to do so by IWO’s
Board of Directors, USU shall have no management duties or responsibilities with respect to matters involving the Federal Communications Commission. 
  

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 Section 10. INSPECTION RIGHTS; DELIVERY OF INFORMATION. 
  
 (a) COMPANY’S RIGHT TO INSPECT. USU will permit representatives of IWO, the
Chief Restructuring Officer and other parties approved by the Chief Restructuring Officer, at IWO’s cost, during normal business hours and upon reasonable advance written request, to (i) visit and inspect during normal business hours USU’s
properties and facilities which are utilized in connection with USU’s provision of services to IWO pursuant to this Agreement, including without limitation access to, and the right to make copies of, books and records of IWO located at such
properties and facilities, and (ii) discuss with USU’s officers and employees such properties and facilities and USU’s provision of services to IWO pursuant to this Agreement. All such information shall be held in confidence by IWO, except
for disclosures made to IWO’s advisors, lenders and investors, or as required to be disclosed by process of law or other applicable law. 
  
 (b) NOTICE OF CERTAIN EVENTS. Promptly, and in any event within five (5) business days after USU has received notice or has otherwise become aware thereof, USU
shall give IWO’s Board of Directors and Chief Restructuring Officer notice of (i) the commencement of any material proceeding or investigation against IWO or USU by or before any governmental body or in any court or before any arbitrator which
would be likely to have a material adverse effect on the Business or IWO, or on USU’s ability to perform its obligations hereunder, and (ii) the occurrence or non-occurrence of any event (x) which constitutes, or which with the passage of time
or giving of notice or both would constitute, a default by IWO or USU under this Agreement or under any other material agreement to which IWO is a party or by which its properties may be bound (including, without limitation, any of IWO’s
contracts with Sprint or its affiliates), or (y) would be likely to have a material adverse effect on the Business or IWO, or on USU’s ability to perform its obligations hereunder, giving in each case the details thereof and specifying the
action being taken or proposed to be taken with respect thereto. Promptly upon receipt thereof, USU shall deliver to IWO copies of any material notice or report regarding any license from the grantor of such license or from any governmental
authority regarding the Business or IWO. 
  
 (c) OTHER INFORMATION. From
time to time and promptly upon each request, USU shall provide IWO with such data, certificates, reports, statements, financial projections, documents or further information regarding the business, equity owners, assets, liabilities, financial
position or results of operations of USU, as may be reasonably requested by IWO. 
  
 (d) BANKRUPTCY. In the event that IWO becomes a debtor in a Chapter 11 case (or any other case), under the United States Bankruptcy Code, IWO shall file within ten days of the order of relief a motion to assume this Agreement
pursuant to 11 U.S.C. § 365, and further will seek in good faith the prompt entry of an order authorizing IWO to assume this Agreement. 
  
 Section 11. MISCELLANEOUS. 
  
 (a) COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute one instrument. 
  

 11 

 (b) CONSTRUCTION. Each of the parties hereto acknowledges that it has reviewed this Agreement and that the normal
rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments thereto. The captions used herein are for convenience of reference
only and shall not affect the interpretation or construction hereof. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular, plural as the context may require. Unless otherwise specified, (i)
the terms “hereof,” “herein,” and similar terms refer to this Agreement as a whole, (ii) references herein to Articles or Sections refer to articles or sections of this Agreement and (iii) the word “including” connotes
the words “including without limitation unless the context requires otherwise. 
  
 (c) BENEFIT; ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of all parties hereto and their respective successors and permitted assigns; PROVIDED, however, that with the exception of collateral assignments
to their credit facility providers, neither party may assign, grant a security interest in or otherwise transfer its rights and obligations under this Agreement without the prior written consent of the other party including as to IWO, the Chief
Restructuring Officer. 
  
 (d) COMPLETE AGREEMENT. This document and each
of the documents referred to herein, embody the complete agreement and understanding among the parties relating to the subject matter hereof and supersede and preempt any prior understandings (written or oral) relating to such subject matter.

  
 (e) AMENDMENT. This Agreement may not be amended except by a writing
signed by each of the parties and, as to IWO, the Chief Restructuring Officer. 
  
 (f) GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the internal laws, and not the laws of conflict, of the State of Louisiana. 
  
 (g) SEVERABILITY. If any provision of this Agreement or the application thereof to any person or circumstance shall for any reason or
to any extent be invalid or unenforceable, the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected thereby, but, rather, shall be enforced to the extent permitted by law, so long
as the economic and legal substance of this Agreement and the actions contemplated hereby is not affected in any manner adverse to either party. 
  
 (h) FURTHER ASSURANCES. The parties agree that they will take all such further actions and execute and deliver all such further instruments and documents as may be
required in order to effectuate the agreements set forth in this Agreement. 
  
 (i) WAIVER. No failure or delay on the part of the parties or any of them in exercising any right, power or privilege hereunder, nor any course of dealing among the parties or any of them shall operate as a waiver of any such right,
power or privilege nor shall any single or partial exercise of any such right, power or privilege preclude the simultaneous or later exercise of any other right, power or privilege. The rights and remedies herein expressly provided are cumulative
and are not exclusive of any rights or remedies which the parties or any of them would otherwise have. 
  

 12 

 (j) NOTICES. All notices or other communications hereunder shall be in writing and shall be deemed to have been
duly given or made (i) upon delivery if delivered personally (by courier service or otherwise) or (ii) upon confirmation of dispatch if sent by facsimile transmission (which confirmation shall be sufficient if shown on the journal produced by the
facsimile machine used for such transmission), and all legal process with regard hereto shall be validly served when served in accordance with applicable law, in each case to the applicable addresses set forth below (or such other address as the
recipient may specify in accordance with this Section): 
  

			
	 If to USU:
	  	US Unwired Inc.
	 	  	901 Lakeshore Drive
	 	  	Lake Charles, LA 70601
	 	  	(337) 436-9000
	 	  	Attention: General Counsel
	 If to IWO:
	  	IWO Holdings, Inc.
	 	  	901 Lakeshore Drive
	 	  	Lake Charles, LA 70601
	 	  	337-436-9000
	 	  	Attention: Chief Restructuring Officer
	 With a copy to:
	  	Loughlin & Meghji Co.
	 	  	148 Madison Avenue, Suite 800
	 	  	New York, NY 10016-6700
	 	  	Attention: James J. Loughlin, Jr.
		
	 	  	[SIGNATURE PAGE FOLLOWS]

  

 13 

 IN WITNESS WHEREOF, the parties have set their hands effective as of the date first written above. 
  

			
	IWO HOLDINGS, INC.
		
	 By:
	  	 /s/ JAMES J. LOUGHLIN, JR .

	 Name:
	  	 James J. Loughlin, Jr.

	 Title:
	  	 Chief Restructuring Officer

  

			
	INDEPENDENT WIRELESS ONE CORPORATION
		
	 By:
	  	 /s/ JAMES J. LOUGHLIN , JR .

	 Name:
	  	 James J. Loughlin, Jr.

	 Title:
	  	 Chief Restructuring Officer

  

			
	INDEPENDENT WIRELESS ONE LEASED REALTY CORPORATION
		
	 By:
	  	 /s/ JAMES J. LOUGHLIN, JR .

	 Name:
	  	 James J. Loughlin, Jr.

	 Title:
	  	 Chief Restructuring Officer

  

			
	US UNWIRED, INC.
		
	 By:
	  	 /s/ ROBERT PIPER

	 Name:
	  	 Robert Piper

	 Title:
	  	 President and CEOEmployment Agreement

 Exhibit 10.1 
  
 EMPLOYMENT AGREEMENT 
  
 This EMPLOYMENT AGREEMENT (“Agreement”) is made as of the 19th day of July, 2004 (the “Effective Date”), by and between Ventas, Inc.,
a Delaware corporation (the “Company”), and K. Travis George (the “Employee”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Company desires to employ the Employee as its Controller and Chief Accounting Officer; and 
  
 WHEREAS, the Company and Employee have reached agreement concerning the terms and conditions of his employment and wish to formalize that agreement;

  
 NOW, THEREFORE, in consideration of the premises and the
respective covenants and agreements contained herein, and intending to be legally bound hereby, the Company and Employee agree as follows: 
  
 1. EMPLOYMENT. The Company hereby agrees to employ Employee and Employee hereby agrees to be employed by the Company on the terms and conditions herein
set forth. The initial term of this Agreement shall be for a six-month period commencing on the Effective Date. The term shall be automatically extended by one additional day for each day beyond the Effective Date that the Employee remains employed
by the Company until such time as the Company elects to cease such extension by giving written notice of such election to the Employee. The initial term together with all extensions pursuant to the preceding sentence shall be treated as the
“Employment Term.” 
  
 2. DUTIES. The Company hereby
employs Employee and Employee hereby accepts employment with the Company as Controller and Chief Accounting Officer. During the Employment Term, Employee shall have the title, status, responsibilities and duties of Controller and Chief Accounting
Officer, shall report to the President, Chief Financial Officer, the General Counsel and the Chief Investment Officer of the Company (collectively, “Senior Management”). 
  
 3. EXTENT OF SERVICES. During the term, Employee shall devote his working time, attention, labor, skill and energies to the
business of the Company, and shall not, without the consent of the Company, be actively engaged in any other business activity, whether or not such business activity is pursued for gain, profit or other pecuniary advantage, that competes, conflicts
or interferes with the performance of his duties hereunder in any material way. 
  
 4. COMPENSATION. As compensation for services hereunder rendered, Employee shall receive during the Employment Term: 
  
 (a) Base Salary. A base salary at a rate of one hundred thirty-five thousand dollars ($135,000) per year. Employee’s base salary shall be
payable in equal installments in 

 accordance with the Company’s normal payroll procedures. The term “Base Salary” for purposes of this
Agreement shall refer to Employee’s base salary annualized, as same be increased from time to time. 
  
 (b) Annual Bonus. In addition to Base Salary, Employee shall be eligible to receive an annual bonus of up to fifty percent (50%) of Base Salary
(prorated in the first year), as Senior Management may determine. The annual bonus will be determined by Senior Management on a sliding scale based upon the Employee’s performance and the Company’s performance during the applicable year.
Notwithstanding the foregoing, Employee’s 2004 bonus shall not be less than $25,000. 
  
 (c) Stock Options. Employee shall be awarded 2,000 Ventas, Inc. stock options on the Effective Date, such stock options to be valued in accordance with and will otherwise be subject to the terms and conditions
of the Company’s 2000 Incentive Compensation Plan. The stock options will become exercisable in equal one-third installments commencing on the first anniversary date of the Effective Date and continuing annually on each anniversary date of the
Effective Date. 
  
 (d) Long-Term Incentive. Employee shall
be eligible to receive equity grants under the Company’s applicable long-term incentive compensation program as determined in the sole discretion of Senior Management and the Company’s Executive Compensation Committee. Any such equity
grants will be valued in accordance with and will otherwise be subject to the terms and conditions of the applicable incentive compensation program. 
  
 5. BENEFITS. 
  
 (a) Employee shall be entitled to participate in any and all pension benefit, welfare benefit (including, without limitation, medical, dental, disability
and group life insurance coverages) and fringe benefit plans from time to time in effect for employees of the Company and its affiliates. 
  
 (b) Subject to the terms of the Company’s Vacation Pay Policy, a copy of which is attached hereto, Employee shall be entitled to three weeks of paid
vacation each calendar year. During the remainder of the 2004 calendar year, vacation shall accrue for Employee at the rate of five hours per pay period. 
  
 (c) Employee may incur reasonable business related expenses including for promoting the business and expenses for entertainment, travel, cellular
telephone and similar items related thereto. The Company shall reimburse Employee for all such reasonable expenses subject to the Company’s reimbursement procedures and policies regarding such expenses. 
  
 (d) Employee shall, as directed by the Company, commute to the Company’s
office in Chicago, Illinois. The Company shall pay or promptly reimburse Employee for (y) reasonable 
  

 2 

 travel expenses incurred by Employee to travel to and from the Chicago area and (z) reasonable expenses for temporary
lodging incurred by Employee while in the Chicago area. Employee shall comply with the Company’s policies and procedures regarding the reporting and documentation for reimbursement of all such travel and lodging expenses. To the extent any of
the payments within this Section are treated as taxable to the Employee, the Company shall pay Employee an additional amount such that the net amount retained by Employee after deduction or payment of all federal, state, local and other taxes with
respect to amounts under this Section shall be equal to the full amount of the payments required by this Section. 
  
 6. TERMINATION OF EMPLOYMENT. 
  
 (a) DEATH OR DISABILITY. Employee’s employment shall terminate automatically upon Employee’s death during the Employment Term. If the Company
determines in good faith that the Disability of Employee has occurred during the Employment Term (pursuant to the definition of Disability set forth below), it may give to Employee written notice of its intention to terminate Employee’s
employment. In such event, Employee’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by Employee (the “Disability Effective Date”), provided that, within the 30 days after such
receipt, Employee shall not have returned to performance of Employee’s duties. For purposes of this Agreement, “Disability” shall mean Employee’s absence from duties hereunder for a period of 90 consecutive days within a
twelve-month period because of a physical or mental incapacity which is expected to be permanent. 
  
 (b) CAUSE. The Company may terminate Employee’s employment during the Employment Term for Cause. For purposes of this Agreement, “Cause”
shall mean the Employee’s (i) conviction of or plea of nolo contendere to a crime involving moral turpitude; or (ii) willful and material breach by Employee of his duties and responsibilities which is directly and materially harmful to the
business and reputation of the Company and which is committed in bad faith or without reasonable belief that such breaching conduct is in the best interests of the Company and its affiliates. 
  
 (c) GOOD REASON. Employee’s employment may be terminated by Employee for
Good Reason or otherwise. “Good Reason” shall exist upon the occurrence, without Employee’s express written consent, of any of the following events: 
  
 (i) a material diminution in Employee’s position, authority, duties or responsibilities (including the assignment to
Employee of any duties inconsistent with Employee’s position, authority, duties or responsibilities), excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company
promptly after receipt of notice thereof given by the Employee; 
  
 (ii) the Company shall (A) materially reduce the Base Salary or bonus opportunity of Employee or (B) materially reduce (other than pursuant to a uniform reduction applicable to all similarly situated Employees of the Company)
Employee’s benefits and perquisites; 
  

 3 

 (iii) the Company shall relocate its Louisville, Kentucky business office to any location more than 50
miles from its location on the Effective Date; 
  
 (iv) the
Company’s failure or refusal to comply with the provisions of this Agreement; or 
  
 (v) the failure of the Company to obtain the assumption of this Agreement as contemplated by Section 11(c). 
  
 (d) NOTICE OF TERMINATION. Any termination by the Company for Cause, or by Employee for Good Reason, shall be communicated by a Notice of Termination
given in accordance with this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of Employee’s employment under the provision so indicated, and (iii) specifies the intended termination date (which date, in the case of a termination for Good
Reason, shall be not more than thirty days after the giving of such notice). The failure by Employee or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not
waive any right of Employee or the Company, respectively, hereunder or preclude Employee or the Company, respectively, from asserting such fact or circumstance in enforcing Employee’s or the Company’s rights hereunder. 
  
 (e) DATE OF TERMINATION. “Date of Termination” means (i) if
Employee’s employment is terminated by the Company for Cause, or by Employee for Good Reason, the later of the date specified in the Notice of Termination or the date that is one day after the last day of any applicable cure period, (ii) if
Employee’s employment is terminated by the Company other than for Cause or Disability, or Employee resigns without Good Reason, the Date of Termination shall be the date on which the Company or Employee notified Employee or the Company,
respectively, of such termination and (iii) if Employee’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of Employee or the Disability Effective Date, as the case may be.

  
 7. OBLIGATIONS OF THE COMPANY UPON TERMINATION. Following any
termination of Employee’s employment hereunder for any reason whatsoever, the Company shall pay Employee the portion of his Base Salary that relates to the period through the Date of Termination, all amounts earned by Employee through the Date
of Termination (including accrued vacation and bonus and expenses incurred but not yet reimbursed), and all amounts owed to Employee pursuant to the terms and conditions of the benefit plans, programs and arrangements of the Company at the time such
payments are due. In addition, subject to Employee’s execution of a general release of claims in form satisfactory to the Company, Employee shall be entitled to the following additional payments: 
  
 (a) DEATH OR DISABILITY. If, during the Employment Term, Employee’s
employment shall terminate by reason of Employee’s death or Disability, the Company shall pay to Employee (or his designated beneficiary or estate, as the case may be) the prorated portion of any target bonus Employee would have received for
the year of termination of employment. Such amount shall be paid within 30 days of the date when such amounts would otherwise have been payable to the Employee if Employee’s employment had not terminated. 
  

 4 

 (b) GOOD REASON; OTHER THAN FOR CAUSE. If the Company shall terminate Employee’s employment other
than for Cause (but not for Disability), or the Employee shall terminate his employment for Good Reason: 
  
 (i) The Company shall pay Employee on the Employee’s Date of Termination in cash in one lump sum, an amount equal to one-half of the Employee’s
Base Salary (annualized, and without regard to pro-ration) in effect as of the Date of Termination. 
  
 (ii) For a period of six months following the Date of Termination, the Employee shall be treated as if he had continued to be an Employee for all purposes
under the Company’s health insurance plan and dental insurance plan; or if the Employee is prohibited from participating in such plan, the Company shall, at its sole cost and expense, provide health and dental insurance coverage for Employee
which is equivalent to the coverage provided to Employee as of the Date of Termination. Following this continuation period, the Employee shall be entitled to receive continuation coverage under Part 6 of Title I or ERISA (“COBRA Benefits”)
treating the end of this period as a termination of the Employee’s employment if allowed by law. 
  
 (iii) For a period of six months following the Date of Termination, Company shall maintain in force, at its expense, all life insurance being provided or
required to be provided to the Employee by the Company as of the Date of Termination. 
  
 (iv) The Company shall adopt such employee benefit plans or amendments to its employee benefit plans, if any, as are necessary to effectuate the provisions of this Agreement. 
  
 (c) DEATH AFTER TERMINATION. In the event of the death of Employee during the
period Employee is receiving payments pursuant to this Agreement, Employee’s designated beneficiary shall be entitled to receive the balance of the payments; or in the event of no designated beneficiary, the remaining payments shall be made to
Employee’s estate. 
  

 5 

 8. CHANGE OF CONTROL. 
  
 (a) Upon any Change of Control, Employee shall be paid no later than the Change of Control in cash in one lump sum, an
amount equal to one-half of the Employee’s Base Salary (annualized, and without regard to pro-ration) in effect as of the date of the Change of Control. 
  
 (b) Upon any Change of Control: 
  
 (i) For a period of six months following the Change of Control, the Employee shall be treated as if he had continued to be an Employee for all purposes
under the Company’s health insurance plan and dental insurance plan; or if the Employee is prohibited from participating in such plan, the Company shall, at its sole cost and expense, provide health and dental insurance coverage for Employee
which is equivalent to the coverage provided to Employee as of the Change of Control. Following this continuation period, the Employee shall be entitled to receive continuation coverage under Part 6 of Title I or ERISA (“COBRA Benefits”)
treating the end of this period as a termination of the Employee’s employment if allowed by law. 
  
 (ii) For a period of six months following the Change of Control, Company shall maintain in force, at its expense, all life insurance being provided or
required to be provided to the Employee by the Company as of the Change of Control. 
  
 (iii) For a period of six months following the Change of Control, the Company shall provide short-term and long-term disability insurance benefits to Employee equivalent to the coverage that the Employee would have
had he remained employed under the disability insurance plans applicable to Employee on the date of the Change of Control. Should Employee become disabled during such period, Employee shall be entitled to receive such benefits, and for such
duration, as the applicable plan provides. 
  
 (iv) The Company
shall adopt such employee benefit plans or amendments to its employee benefit plans, if any, as are necessary to effectuate the provisions of this Agreement. 
  
 (c) For purposes of all provisions of this Agreement, the term “Change of Control” shall mean any one or more of the following events:

  
 (i) An acquisition of any voting or other securities by any
“Person” (having the meaning ascribed to such term in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (“1934 Act”) and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in
Section 13(d)), such that immediately after which such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3 under the 1934 Act) of 50% or more of either (i) any class of then-outstanding equity securities of the Company
(“Outstanding Shares”) or (ii) the combined voting power of the Company’s then outstanding voting securities entitled to vote generally in the election of directors (“Voting Securities”); provided, however, that in
determining whether a Change of Control has occurred, Outstanding Shares or Voting Securities which are acquired in an acquisition by (i) the Company or any of its subsidiaries or, (ii) an employee benefit plan (or a trust forming a part thereof)
maintained by the Company or any of its subsidiaries shall not constitute an acquisition which would cause a Change of Control. 
  

 6 

 (ii) The individuals who, as of the Effective Date, constituted the Board (the “Incumbent
Board”) cease for any reason to constitute over 50% of the Board; provided, however, that if the election, or nomination for election by the Company’s stockholders, of any new director was approved by a vote of over 50% of the Incumbent
Board, such new director shall, for purposes of this Section 8(b)(ii), be considered as though such person were a member of the Incumbent Board; provided, further, however, that no individual shall be considered a member of the Incumbent Board if
such individual initially assumed office as a result of either an actual or threatened “Election Contest” (as described in Rule 14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of proxies or consents by or
on behalf of a Person other than the Incumbent Board (a “Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest. 
  
 (iii) Consummation of a merger, consolidation or reorganization involving the Company, unless each of the following events
occurs in connection with such merger, consolidation or reorganization: 
  
 (A) the stockholders of the Company, immediately before such merger, consolidation or reorganization, have Beneficial Ownership, directly or indirectly immediately following such merger, consolidation or
reorganization, of over 50% of the then outstanding shares of common stock and the combined voting power of all voting securities of the corporation resulting from such merger or consolidation or reorganization (the “Surviving Company”) in
substantially the same proportion as their Beneficial Ownership of the Outstanding Shares and Voting Securities immediately before such merger, consolidation or reorganization; 
  
 (B) the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing
for such merger, consolidation or reorganization constitute over 50% of the members of the board of directors of the Surviving Company; and 
  
 (C) no Person (other than the Company, any of its subsidiaries, any employee benefit plan (or any trust forming a part thereof) maintained by the
Company, the Surviving Company or any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial Ownership of 50% or more of the then Outstanding Shares or Voting Securities) has Beneficial Ownership of 50% or more
of the then outstanding shares of the Surviving Company or combined voting power of the Surviving Company’s then outstanding voting securities. 
  
 (iv) Approval by the Company’s stockholders of a complete liquidation or dissolution of the Company, or the occurrence of the same. 
  

 7 

 (v) Approval by the Company’s stockholders of an agreement for the assignment, sale, conveyance,
transfer, lease or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer to a subsidiary of the Company), or the occurrence of the same. 
  
 (vi) Any other event that the Board shall determine constitutes an effective
change in control of the Company. 
  
 (vii) Notwithstanding the
foregoing, a Change of Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the Outstanding Shares or Voting Securities as a result of the
acquisition of Outstanding Shares or Voting Securities by the Company which, by reducing the number of Outstanding Shares or Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person;
provided that if a Change of Control would occur (but for the operation of this sentence) as a result of the acquisition of Outstanding Shares or Voting Securities by the Company, and after such acquisition of Shares or Voting Securities by the
Company, the Subject Person becomes the Beneficial Owner of any additional Outstanding Shares or Voting Securities which increases the percentage of the then Outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then a
Change of Control shall occur. 
  
 9. CERTAIN ADDITIONAL PAYMENTS
BY THE COMPANY. If Employee becomes entitled to any payments or benefits whether pursuant to the terms of or by reason of this Agreement or any other plan, arrangement, agreement, policy or program (including without limitation any restricted stock,
stock option, stock appreciation right or similar right, or the lapse or termination of any restriction on the vesting or exercisability of any of the foregoing) with the Company, any successor to the Company or to all or a part of the business or
assets of the Company (whether direct or indirect, by purchase, merger, consolidation, spin off, or otherwise and regardless of whether such payment is made by or on behalf of the Company or such successor) or any person whose actions result in a
change of control or any person affiliated with the Company or such persons (in the aggregate, “Payments” or singularly, “Payment”), which Payments are reasonably determined by the Employee to be subject to the tax imposed by
Section 4999 or any successor provision of the Code or any similar state or local tax, or any interest or penalties are incurred by Employee with respect to such excise tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the “Excise Tax”), the Company shall pay Employee an additional amount (“Gross-Up Payment”) such that the net amount retained by Employee, after deduction or payment of (i) any Excise Tax
on Payments, (ii) any federal, state and local income tax and Excise Tax upon the payment provided for by this Section, and (iii) any additional interest and penalties imposed because the Excise Tax is not paid when due, shall be equal to the full
amount of the Payments. The Gross-Up Payment shall be paid to the Employee within ten (10) days of the Company’s receipt of written notice from the Employee that the Excise Tax has been paid, is or was payable or will be payable at any time in
the future. 
  

 8 

 10. DISPUTES. Any dispute or controversy arising under, out of, or in connection with this Agreement
shall, at the election and upon written demand of either party, be finally determined and settled by binding arbitration in the City of Louisville, Kentucky, in accordance with the Labor Arbitration rules and procedures of the American Arbitration
Association, and judgment upon the award may be entered in any court having jurisdiction thereof. The Company shall pay all costs of the arbitration and all reasonable attorneys’ and accountants’ fees of the Employee in connection
therewith, including any litigation to enforce any arbitration award. 
  
 11. SUCCESSORS. 
  
 (a) This Agreement is personal to
Employee and without the prior written consent of the Company shall not be assignable by Employee otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Employee’s
legal representatives. 
  
 (b) This Agreement shall inure to the
benefit of and be binding upon the Company and its successors and assigns. This Agreement shall not be terminated by the voluntary or involuntary dissolution of the Company or by any merger or consolidation where the Company is not the surviving
corporation, or upon any transfer of all or substantially all of the Company’s stock or assets. In the event of such merger, consolidation or transfer, the provisions of this Agreement shall be binding upon and shall inure to the benefit of the
surviving corporation or corporation to which such stock or assets of the Company shall be transferred. 
  
 (c) The Company shall 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, or any business of the Company for which Employee’s services are principally performed, to assume expressly, absolutely and unconditionally 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. As used in this Agreement, “Company” shall mean the Company as herein before defined and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. 
  
 12. OTHER SEVERANCE BENEFITS. Employee hereby agrees that in consideration for and subject to the receipt of the payments to be received under this
Agreement, Employee waives any and all rights to any payments or benefits under any other plans, programs, contracts or arrangements of the Company or their respective affiliates that provide for severance payments or benefits upon a termination of
employment, except as provided in this Agreement. 
  
 13. PRESS
RELEASE. The Company shall not issue or permit to be issued any press release or other public announcement regarding the Employee or the terms of Employee’s employment (including related to any termination of Employee’s employment for any
reason) without Employee’s prior approval. 
  

 9 

 14. INDEMNIFICATION. Beginning on the Effective Date and continuing thereafter, including after the
termination of Employee’s employment hereunder, the Company shall indemnify, defend and hold the Employee harmless from and against any and all Expenses, liabilities, damages, costs, judgments, penalties, fines and amounts paid in settlement,
incurred by Employee in connection with any Proceeding involving him by reason of his being or having been employee of the Company (or any affiliate of the Company) to the fullest extent permitted by law, whether or not Employee is, or is threatened
to be made, a party to any threatened, pending, or completed Proceeding, and whether or not Employee is successful in such Proceeding. For purposes hereof, “Expenses” shall include all reasonable fees and expenses including, without
limitation, reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and
disbursements and expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding; and “Proceeding” shall include
(without limitation) any and all proceedings, including, without limitation, actions, suits, arbitrations, alternative dispute resolution mechanisms, investigations, administrative hearings and other proceedings, whether civil, criminal,
administrative or investigative, and whether or not by or in the right of the Company. 
  
 15. WITHHOLDING. All payments to be made to Employee hereunder will be subject to all applicable required withholding of taxes. 
  

16. NO MITIGATION. Employee shall have no duty to mitigate his damages by seeking other employment or taking other action by way of mitigation of the
amounts payable to the Employee under this Agreement and the payments required hereunder shall not be reduced or offset by any amounts, including compensation from other employment. Further, the Company’s obligations to make any payments
hereunder shall not be subject to or affected by any set off, counterclaims or defenses which the Company may have against Employee or others. 
  
 17. NOTICES. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given and
effective when delivered by personal or overnight couriers, or registered mail, in each case with confirmation of receipt, prepaid and addressed as follows: 
  
 If to Employee: 
  
 K. Travis George, CPA 
 14107 Bentley Court

 Louisville, Kentucky 40245 
  

 10 

 If to Company: 
  

Ventas, Inc. 
 10350 Ormsby Park Place,
Suite 300 
 Louisville, KY 40223 
 Attn: General Counsel 
  
 Either party may change its
specified address by giving notice in writing to the other in accordance with the foregoing method. 
  
 18. WAIVER OF BREACH AND SEVERABILITY. The waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or
be construed as a waiver of any subsequent breach by either party. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision, which other provision shall remain in
full force and effect. In the event any provision of this Agreement is found to be invalid or unenforceable, it may be severed from the Agreement and the remaining provisions of the Agreement, including all make-whole provisions of this Agreement,
including those set forth in Section 5(h), shall continue to be binding and effective. 
  
 19. Restrictive Covenants. 
  
 (a) Confidentiality. 
  
 (i) Employee shall not, unless written permission is granted by the Company, disclose to or communicate in any manner with the press or any other media about his employment with the Company, the terms of this
Agreement, the termination of his employment with the Company, the Company’s businesses or affairs, the Company’s officers, directors, employees and/or consultants, or any matter related to any of the foregoing. 
  
 (ii) Employee acknowledges that it is the policy of the
Company and its subsidiaries to maintain as secret and confidential all valuable and unique information and techniques acquired, developed or used by the Company and its subsidiaries relating to their business, operations, actual or potential
products, strategies, potential liabilities, employees, tenants, proposed or perspective tenants and customers, business partners and customers, (including without limitation information protected by the company’s attorney/client, work product,
or tax advisor/audit privileges; tax matters and information; financial analysis models; the Company’s strategic plans; negotiations with third parties; methods, policies, processes, formulas, techniques, know-how and other knowledge; trade
practices, trade secrets, or financial matters; lists of customers or customers’ purchases; lists of suppliers, manufacturers, representatives, or other distributors; lists of and information about tenants; requirements for systems, programs,
machines, or their equipment; information regarding the Company’s bank accounts, credit 
  

 11 

 agreement or financial projections information; information regarding the Company’s directors or
officers or their personal affairs) which gives the Company and its subsidiaries a competitive advantage in the businesses in which the Company and its subsidiaries are engaged (“Confidential Information”). “Confidential
Information” shall not include information that (A) is or becomes generally available to the public other than as a result of a disclosure by Employee in violation of this Agreement, (B) was available to Employee on a non-confidential basis
prior to the date hereof, or (C) is compelled to be disclosed by a court or governmental agency, provided that prior written notice is given to the Company and Employee cooperates with the Company in any efforts by the Company to limit the scope of
such obligation and/or to obtain confidential treatment of any material disclosed pursuant to such obligation. Employee recognizes that all such Confidential Information is the sole and exclusive property of the Company and its subsidiaries, and
that disclosure of Confidential Information would cause damage to the Company and its subsidiaries. Employee shall not disclose, directly or indirectly, any Confidential Information obtained during his employment with the Company, and will take all
necessary precautions to prevent disclosure, to any unauthorized individual or entity inside or outside the Company, and will not use the Confidential Information or permit its use for the benefit of Employee or other third party other than the
Company. These obligations shall continue for so long as the Confidential Information remains Confidential Information. 
  
 (b) Noncompetition, Nonsolicitation, Noninterference. Employee shall not during the Term, and during the one-year period after the
termination of Employee’s employment with the Company for any reason (the “Restricted Period”), either directly or indirectly (through another business or person) engage in or facilitate any of the following activities anywhere in the
United States: 
  
 (i) hiring, recruiting,
engaging as a consultant or adviser, employing or attempting or soliciting to hire, recruit or employ any person employed by the Company or any subsidiary, or causing or attempting to cause any third party to do any of the foregoing; 
  
 (ii) causing or attempting to cause any person employed at
any time during the Restricted Period by the Company or any subsidiary to terminate his or her relationship with the Company or any subsidiary; 
  
 (iii) soliciting, enticing away, or endeavoring to entice away, or otherwise interfering with any employee, customer, tenant, financial
partner, vendor, supplier or other similar business relation, who at any time during the Restricted Period or who which at any time during the period commencing one year prior to the Date of Termination, to the Employee’s knowledge, maintained
a material business relationship with the Company or any subsidiary or with whom 
  

 12 

 the Company is targeting for a material business relationship or is engaged in discussions with to
commence a material business relationship at the time of the Employee’s termination of employment with the Company; or 
  
 (iv) performing services as an employee, director, officer, consultant, independent contractor or advisor; or investing in, whether in the
form of equity or debt, owning any interest or otherwise having an ownership or other interest or a connection to any healthcare REIT (real estate investment trust), or any person which owns in excess of five percent of the issued and outstanding
equity interest of a healthcare REIT, or any other company, entity or person that directly and materially competes with the Company anywhere in the United States. Nothing in this Section (iv) shall, however, restrict Employee from performing
services for financial institutions or an investment banking firm, making an investment in and owning the common stock of any company whose stock is listed on a national exchange, or performing services as an employee, director, officer, consultant,
independent contractor or advisor in a healthcare operating company position such as a nursing facility operator. 
  
 (c) Other Prohibited Activities. Employee acknowledges that his position at the Company provides him with access to highly
sensitive information concerning the Company’s principal lessee and its affiliates and leases to such lessee and its affiliates which are critical to the Company’s ability to effectively function and to the properties to be purchased by
the Company, and that if Employee were to provide services for such principal lessee and/or its’ affiliates such services would cause irreparable damages to the Company. Employee shall not during the Term and the Restricted Period, either
directly or indirectly (through another business or person) engage in or facilitate any of the following activities anywhere in the United States or in any location outside the United States where the Company conducts or plans to conduct business:
performing services as an employee, director, officer, consultant, independent contractor or advisor; or investing in, whether in the form of equity or debt, owning any interest or otherwise having an ownership or other interest or a connection to
Kindred Healthcare, Inc. or any of its parent, sister, subsidiary or affiliated entities in any manner, including without limitation as an owner, principal, partner, officer, director, stockholder, employee, consultant, contractor, agent, broker,
representative or otherwise. 
  
 (d)
Non-Disparagement. 
  
 (i) Employee agrees
not to make, or cause to be made, any statement, observation or opinion, or communicate any information (whether oral or written, directly or indirectly) that (A) accuses or implies that the Company and/or any of its affiliates, together with their
respective present or former officers, directors, partners, stockholders, employees and agents, and each of their predecessors, successors and assigns, engaged in any wrongful, unlawful, unethical or improper conduct, whether relating to
Employee’s employment (or termination thereof), the 
  

 13 

 business or operations of the Company, or otherwise; or (B) disparages, impugns or in any way reflects
adversely upon the business, good will, products, business opportunities, competency, character, behavior or reputation of the Company and/or any of its affiliates, together with their respective present or former officers, directors, partners,
stockholders, employees and agents, and each of their predecessors, successors and assigns. 
  
 (ii) Nothing herein shall be deemed to preclude Employee or the Company from providing truthful testimony or information pursuant to
subpoena, court or other similar legal process. 
  
 (e) New Employer. Employee shall provide the terms and conditions of this Section 19 to any prospective new employer or new employer and shall permit the Company to contact any such company, entity or individual to confirm
Employee’s compliance with this Section 19 and shall provide the Company with such information as it requests to allow such inquiry. 
  
 (f) Reasonableness of Restrictive Covenants. 
  
 (i) Employee acknowledges that the covenants contained in this Section 19 are reasonable in the scope of the
activities restricted, the geographic area covered by the restrictions, and the duration of the restrictions, and that such covenants are reasonably necessary to protect the Company’s legitimate interests in its confidential Information, its
reputation, and in its relationships with its employees, customers, and suppliers. 
  
 (ii) The Company has, and the Employee has had an opportunity to, consult with their respective legal counsel and to be advised concerning
the reasonableness and propriety of such covenants. Employee acknowledges that his observance of the covenants contained herein will not deprive Employee of the ability to earn a livelihood or to support his dependents. 
  
 (g) Right to Injunction. In recognition of the
confidential nature of the Confidential Information, and in recognition of the necessity of the limited restrictions imposed by Section 19, Employee and the Company agree that it would be impossible to measure solely in money the damages which the
Company would suffer if Employee were to breach any of his obligations hereunder. Employee acknowledges that any breach of any provision of this Agreement would irreparably injure the Company. Accordingly, Employee agrees that if he breaches any of
the provisions of Section 19, the Company shall be entitled, in addition to any other remedies to which the Company may be entitled under this Agreement or otherwise, to an injunction to be issued by a court of competent jurisdiction, to restrain
any breach, or threatened breach, of any provision of Section 19, and Employee hereby waives any right to assert any claim or defense that the Company has an adequate remedy at law for any such breach. 
  

 14 

 (h) Assistance. During the one-year period following a termination of
Employee’s employment with the Company, Employee shall from time to time provide the Company with such reasonable assistance and cooperation as the Company may reasonably from time to time request in connection with any financial and business
issues, investigation, claim, dispute, judicial, legislative, administrative or arbitral proceeding, or litigation (any of the foregoing, a “Proceeding”) arising out of matters within the knowledge of Employee and related to his position
as an employee of the Company. Such assistance and cooperation shall include providing information, declarations or statements to the Company, signing documents, meeting with attorneys or other representatives of the Company, and preparing for and
giving truthful testimony in connection with any Proceeding or related deposition. Employee shall agree to also make himself available to assist the Company with transition of Employee’s duties to his successor and addressing ongoing issues and
problems. In any such instance, Employee shall provide such assistance and cooperation at times and in places mutually convenient for the Company and Employee and which do not unreasonably interfere with Employee’s business or personal
activities. If and to the extent that the Company shall require Employee to render assistance pursuant to this Section 19(h), the Company shall pay the Employee $150 per hour for such services. The Company shall reimburse Employee’s reasonable
out-of-pocket costs and expenses in connection with such assistance and cooperation upon Employee’s written request in such form and containing such information as the Company shall reasonably request. 
  
 20. ENTIRE AGREEMENT; AMENDMENT. This instrument contains the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements (including all agreements, letters and term sheets from the Company regarding Employee’s employment), promises, covenants, arrangements,
communications, representations and warranties between them, whether written or oral, with respect to the subject matter hereof. No provisions of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is
agreed to in writing signed by Employee and such officer of the Company specifically designated by the Board. 
  
 21. GOVERNING LAW. This Agreement shall be construed in accordance with and governed by the laws of the Commonwealth of Kentucky. 
  
 22. HEADINGS. The headings in this Agreement are for convenience only and
shall not be used to interpret or construe its provisions. 
  
 23.
COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
  

 15 

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

  

			
	 VENTAS, INC.

		
	 By:
	 	 /s/ T. Richard Riney

	 Title:
	 	 Executive Vice President and General Counsel

	
	 EMPLOYEE:

	
	     /s/ K. Travis George

	 K. Travis George

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