Document:

Exhibit

Exhibit 10.1
    
Execution Version

TRANSITION AGREEMENT

This Transition Agreement (this “Agreement”), dated February 1, 2019, confirms the following understandings and agreements between National Vision Holdings, Inc. (the “Company”) and Jeff McAllister (hereinafter referred to as “you” or “your”).
In consideration of the promises set forth herein, you and the Company agree as follows:
1.Transition of Role.

(a)Effective January 10, 2019 (the “Transition Date”), you acknowledge the effectiveness of your transition from your position as Chief Operating Officer of the Company to your new position as Special Advisor to the Board, which you will serve through December 31, 2020, or such earlier date that you resign your employment for any reason, or are terminated by the Company for “Cause” (the “Transition Period”).  

(b)During the Transition Period, you will continue to be employed by the Company and you will report directly to the Board, providing assistance to the Board, including with respect to the transition of the role of Chief Operating Officer, together with such other duties and responsibilities as may reasonably be assigned to you by the Board.  Effective as of the date of this Agreement, you hereby resign (i) from all board and officer positions at the Company Group, other than as Special Advisor to the Board pursuant to the terms of this Agreement and (ii) as a member of any board on which you serve on behalf of the Company (including, but not limited to, with respect to Ditto Technologies, Inc.).  You acknowledge and agree that, during the Transition Period, you will have no right, power or authority to assume or create any obligation or responsibility, express or implied, on behalf of any member of the Company Group, or to bind any member of the Company Group in any way, or to enter into contracts, on behalf of any member of the Company Group. 

2.Compensation and Benefit During the Transition Period. During the Transition Period, you will be provided the following compensation and benefits:

(a)Your base salary with respect to calendar year 2019 will be $591,000 and your base salary with respect to calendar year 2020 will be $606,000.  Your other compensation and benefits will remain the same as in effect immediately prior to the Transition Date, including (i) your target annual bonus opportunity of 60% of your annual base salary and (ii) your participation in the Company’s retirement and welfare benefit plans.  Notwithstanding the foregoing, if your annual bonus for calendar year 2019 or 2020, as calculated under the applicable Company bonus plan, would result in a bonus that is less than target annual bonus, subject to your continued employment with the Company in good standing at the time of payment of such bonus, you will instead receive the target bonus amount.

(b)You will continue to vest in the Options (as defined in the Option Agreement) granted to you pursuant to your Stock Option Agreement, dated August 14, 2017 

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(the “Option Agreement”) in the ordinary course; provided, that (i) subject to you remaining continuously employed through December 31, 2020 (except as otherwise provided below), with respect to the 28,985 time-based vesting Options scheduled to vest on August 14, 2021, such Options will instead vest on December 31, 2021, (ii) with respect to the 43,478 performance-based vesting Options that were scheduled to vest based on actual performance through December 31, 2018, such performance-based vesting Options will vest as of December 31, 2018, based on actual performance; and (iii) with respect to the two tranches of 43,478 Options - the first scheduled to vest on December 31, 2019 and the second scheduled to vest on December 31, 2020 - such Options will vest on the aforementioned dates regardless of performance so long as you are employed by the Company on the vesting date.  For the sake of clarification, you must be employed by the Company on December 31, 2019 to receive the full vesting of the first tranche, and you must be employed by the Company on December 31, 2020 to receive the full vesting of the second tranche (except as otherwise provided in subparagraph (e), below, should you be terminated for “Cause”).  In the event that your employment is terminated by you during the Transition Period for any reason prior to December 31, 2020, your Options will continue to vest as if no such termination of employment had taken place (subject only to your continued compliance with the Restrictive Covenant Agreement, as defined below). For further clarification, attached hereto as Exhibit B is a schedule of the aforementioned Options and vesting dates.

(c)If, during the Transition Period, you choose to relocate your principal residence, the Company will provide you with a customary relocation package in accordance with Company policy unless such relocation relates to your acceptance of employment or service with another person or entity, in which case the Company will have no obligation to provide you with any relocation benefits under this Agreement.

(d)The Company will provide you with outplacement services, at a firm of your choice, with payment in respect of such services not to exceed $20,000 in the aggregate.

(e) Notwithstanding anything contained in this Agreement to the contrary, in the event that the Transition Period ends prior to December 31, 2020 as a result of your resignation of employment (other than while “Cause” exists), subject to your continued compliance with the Restrictive Covenant Agreement (as defined below), you will be entitled to: (A) continued payment of your base salary and annual bonus (as described above) with respect to calendar years 2019 and 2020 (as if no such termination of employment occurred); (B) full vesting of the two tranches of Options described in subparagraph (b), above, without regard to performance as a vesting criteria and vesting of the time-based Options referred to in Exhibit B per the schedule set forth therein; and (C) health benefits, provided by the Company, through December 31, 2020 or such earlier time that you become eligible to receive health benefits as a result of subsequent employment or service (it being understood that as a condition thereof, the Company may require you to elect COBRA coverage, in which case the Company will pay or reimburse you or the Company’s COBRA administrator for the cost of such continuation coverage during such applicable period).

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3.Transition Language; Reference Letter.  You and the Company will mutually agree upon language to be communicated regarding the transition of your role as Chief Operating Officer and, following the Separation Date (other than as a result of a termination of your employment by the Company for “Cause”), you and the Company shall reference such language upon request for any comment or information regarding your role with the Company.  In addition, upon request following the Separation Date (or at such earlier time as may be agreed upon between you and the Company), the Company will provide you with a reference letter. 

4.Restrictive Covenant Agreement; Executive Severance Plan.  

(a)In connection with the execution of this Agreement you agree to execute the Confidentiality, Non-Interference, and Invention Assignment Agreement set forth on Exhibit A (the “Restrictive Covenant Agreement”).  You and the Company agree that the restrictive covenants set forth in the Restrictive Covenant Agreement are incorporated as if fully set out herein, and you hereby acknowledge such restrictive covenants as a condition to entering into this Agreement and to the receipt of the compensation and benefits hereunder.  

(b)You acknowledge and agree that you will no longer participate in the Company’s Executive Severance Plan and will not be entitled to receive any payments or benefits thereunder.

5.Indemnification; D&O Coverage.  The Company and its successors and/or assigns, will indemnify, defend, and hold you harmless to the fullest extent permitted by the terms of the Company’s charter as in effect as of the date of this Agreement with respect to any claims that may be asserted in any civil lawsuit or in any regulatory proceeding or enforcement action brought by a government agency or government official arising out of any action taken or not taken by you in your capacity as an officer, director, or Special Advisor to the Board or as a fiduciary of any Company benefit plan. In addition, you shall be covered as an insured with respect to your activities as an officer, director, and Special Advisor to the Board under the terms of the Company’s directors’ and officers’ liability policy. The Company’s indemnification and insurance obligations hereunder shall remain in effect following the end of your employment relationship with the Company for any reason.

6.Affirmative Covenants.

(a)You agree that you will make no disparaging or defamatory comments regarding any member of the Company Group or their respective current or former directors, officers or employees in any respect or make any comments concerning any aspect of your relationship with any member of the Company Group or the conduct or events which precipitated entering into this Agreement or your transition in role.  The Company agrees to instruct its executive officers not to make any disparaging or defamatory comments regarding you in any respect and further agrees that any failure to instruct its executive officers not to make any such disparaging or defamatory comments shall constitute a material breach of this Transition Agreement.  In the event it can be proven by a preponderance of the evidence that any executive officer or director of the Company or any other member of the Company Group has made any 

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false of disparaging comment to any person concerning your role as Chief Operating Officer of the Company or the reasons for your transition to your role as “Special Advisor,” you will no longer be bound by the non-disparagement obligations set forth in this sub-paragraph. Your and the Company’s obligations under this paragraph shall not apply to disclosures required by applicable law, regulation or order of a court or Governmental Entity (as defined below).

(b)Nothing in this Agreement shall prohibit or impede you from communicating, cooperating or filing a complaint with any Governmental Entity with respect to possible violations of any U.S. federal, state or local law or regulation, or otherwise making disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation, provided that in each case such communications and disclosures are consistent with applicable law and nothing herein shall preclude your right to receive an award from a Governmental Entity for information provided under any whistleblower program.  You do not need the prior authorization of (or to give notice to) the Company regarding any such communication or disclosure.  You hereby confirm that you understand and acknowledge that an individual shall not be held criminally or civilly liable under any U.S. federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a U.S. federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  You understand and acknowledge further that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.  Except as otherwise provided in this paragraph or under applicable law, under no circumstance will you be authorized to disclose any information covered by attorney-client privilege or attorney work product of the Company, or the Company’s trade secrets, without prior written consent of the Company’s General Counsel or another officer designated by the Company. 

(c)You agree that, upon the end of your employment relationship with the Company, you will promptly return to the Company all property belonging to the Company Group, including, but not limited to, all proprietary and/or confidential information and documents (including any copies thereof) in any form belonging to the Company Group, and any other equipment or property belonging to any member of the Company Group in your possession, including, to the extent applicable, laptop, smart phone, keys, card access to the building and office floors, Employee Handbook, phone card, computer user name and password, data storage devices and/or voicemail code.

7.Defined Terms.  For purposes of this Agreement, the following terms shall have the following meanings:

(a)“Board” shall mean the board of directors of the Company.

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(b)“Cause” shall mean (i) conviction of, or plea of guilty or no contest to, any felony involving moral turpitude, (ii) fraud or misappropriation, embezzlement or misuse of funds or property belonging to the Company Group or (iii) your breach of the Restrictive Covenant Agreement (as defined below).    

(c)“Company Group” shall mean the Company or any of its direct or indirect subsidiaries.   

(d)“Governmental Entity” shall mean any U.S. federal, state or local governmental or law enforcement branch, agency or entity.

8.Legal Fees.  The Company shall pay your reasonable documented legal fees incurred in connection with the negotiation, execution and delivery of this Agreement.

9.Successors and Assigns.  The provisions hereof shall inure to the benefit of your heirs, executors, administrators, legal personal representatives and assigns and shall be binding upon your heirs, executors, administrators, legal personal representatives and assigns.  You hereby represent that you have not assigned any claims which you may have against any member of the Company Group or their respective current or former directors, officers or employees.

10.Non-Admission.  Nothing contained in this Agreement will be deemed or construed as an admission of wrongdoing or liability on the part of any member of the Company Group or their respective current or former directors, officers or employees.

11.No Additional Payments.  The payments, rights and benefits described in this Agreement will be the only such payments, rights and benefits you are to receive as a result of your employment relationship with the Company and you agree you are not entitled to any additional payments, rights or benefits not otherwise described in this Agreement.  

12.Entire Agreement.  This Agreement, the Restrictive Covenant Agreement and the Option Agreement constitute the entire understanding and agreement of you and the Company regarding the matters set forth herein, including, but not limited to, your employment relationship with the Company.

13.Taxes.  The Company may withhold from any payments made under this Agreement applicable taxes, including but not limited to income, employment, and social insurance taxes, as shall be required by law.  You acknowledge and represent that the Company has not provided any tax advice to you in connection with this Agreement and you have been advised by the Company to seek tax advice from your own tax advisors regarding this Agreement and payments and benefits that may be made to you pursuant to this Agreement.

14.Governing Law; Waiver of Jury Trial.  This Agreement is governed by and is to be construed under the laws of the state of Delaware.  Each party to this agreement also hereby waives any right to trial by jury in connection with any suit, action, or proceeding under or in connection with this agreement.

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15.Counterparts.  This Agreement may be executed in multiple original counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same document.

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

NATIONAL VISION HOLDINGS, INC.

/s/ Patrick R. Moore______________
		
	By:
	Patrick R. Moore

		
	Title:
	Senior Vice President and Chief Financial Officer

[Signature page to Transition Agreement]

        

/s/ Jeff McAllister________________________
Jeff McAllister

[Signature page to Transition Agreement]

Execution Version

Exhibit A

Restrictive Covenant Agreement

[See attached]

        

CONFIDENTIALITY, NON-INTERFERENCE, AND INVENTION ASSIGNMENT AGREEMENT
As a condition to entering into my Transition Agreement with National Vision Holdings, Inc., and in consideration of my continued employment with National Vision Holdings, Inc. or a subsidiary (the “Company”) and my receipt of the compensation now and hereafter paid to me under the Transition Agreement and/or by the Company, I agree to the terms and conditions of this Confidentiality, Non-Interference, and Invention Assignment Agreement (the “Non-Interference Agreement”):
1.    Confidential Information.
(a)    Company Group Information.  I acknowledge that, during the course of my employment, I will have access to information about the Company and its direct and indirect subsidiaries (hereinafter referred to as “members,” which together with the Company, are referred to hereinafter as the “Company Group”) and that my employment with the Company shall bring me into close contact with confidential and proprietary information of the Company Group.  In recognition of the foregoing, I agree, at all times during the term of my employment with the Company and at all times thereafter, to hold in confidence, and not to use, except for the benefit of the Company Group, or to disclose to any person, firm, corporation, or other entity without written authorization of the Company, any Confidential Information that I obtain or create.  I further agree not to make copies of such Confidential Information except as authorized by the Company.  I understand that “Confidential Information” means information that the Company Group has or will develop, acquire, create, compile, discover, or own, that has value in or to the business of the Company Group that is not generally known and that the Company wishes to maintain as confidential.  I understand that Confidential Information includes, but is not limited to, any and all non-public information that relates to the actual or anticipated business and/or products, research, or development of the Company, or to the Company’s technical data, trade secrets, or know-how, including, but not limited to, research, product plans, or other information regarding the Company’s products or services and markets, customer lists, and customers (including, but not limited to, customers of the Company on whom I called or with whom I may become acquainted during the term of my employment), software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances, and other business information disclosed by the Company either directly or indirectly in writing, orally, or by drawings or inspection of premises, parts, equipment, or other Company property.  Notwithstanding the foregoing, Confidential Information shall not include (i) any of the foregoing items that have become publicly and widely known through no unauthorized disclosure by me or others who were under confidentiality obligations as to the item or items involved or (ii) any information that I am required to disclose to, or by, any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”); provided, however, that in such event I will give the Company prompt written notice thereof so that the Company Group may seek an appropriate protective order and/or waive in writing compliance with the confidentiality provisions of this Non-Interference Agreement.
(b)    Former Employer Information.  I represent that my performance of all of the terms of this Non‐Interference Agreement as an employee of the Company Group has not breached and will not breach any agreement to keep in confidence proprietary information, knowledge, or data acquired by me in confidence or trust prior or subsequent to the commencement of my employment with the Company, and I will not disclose to any member of the Company Group, or induce any member of the Company Group to use, any developments, or confidential or proprietary information or material I may have obtained in connection with employment with any prior employer in violation of a confidentiality agreement, nondisclosure agreement, or similar agreement with such prior employer.
(c)    Permitted Disclosure.  Nothing in this Non-Interference Agreement shall prohibit or impede me from communicating, cooperating or filing a complaint with any Governmental Entity with respect to possible violations of any U.S. federal, state or local law or regulation, or otherwise making disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation, provided that in each case such communications and disclosures are consistent with applicable law.  I understand that I do not need the prior authorization of (or to give notice to) the Company regarding any such communication or disclosure.  I further understand and acknowledge that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or 

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other document filed in a lawsuit or other proceeding, if such filing is made under seal.  I understand and acknowledge further that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.  Notwithstanding the foregoing, under no circumstance will I be authorized to disclose any information covered by attorney-client privilege or attorney work product of any member of the Company Group without prior written consent of the Company’s General Counsel or other officer designated by the Company.
2.    Developments.
(a)    Developments Retained and Licensed.  To the extent applicable, I have attached hereto, as Schedule A, a list describing with particularity all developments, original works of authorship, improvements, and trade secrets that were created or owned by me prior to the commencement of my employment (collectively referred to as “Prior Developments”), that belong solely to me or belong to me jointly with another, that relate in any way to any of the proposed businesses, products, or research and development of any member of the Company Group, and that are not assigned to the Company hereunder, or if no such list is attached, I represent that there are no such Prior Developments.  If, during any period during which I perform or performed services for the Company Group both before or after the date hereof (the “Assignment Period”), whether as an officer, employee, director, independent contractor, consultant, or agent, or in any other capacity, I incorporate (or have incorporated) into a Company Group product or process a Prior Development owned by me or in which I have an interest, I hereby grant the Company, and the Company Group or its designee shall have, a non-exclusive, royalty-free, irrevocable, perpetual, transferable worldwide license (with the right to sublicense) to make, have made, copy, modify, make derivative works of, use, sell, and otherwise distribute such Prior Development as part of or in connection with such product or process.  If no Schedule A has been attached hereto, I represent that I have no Prior Developments.
(b)    Assignment of Developments.  I agree that I will, without additional compensation, promptly make full written disclosure to the Company, and will hold in trust for the sole right and benefit of the Company all developments, original works of authorship, inventions, concepts, know-how, improvements, trade secrets, and similar proprietary rights, whether or not patentable or registrable under copyright or similar laws, which I may (or have previously) solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, during the Assignment Period, whether or not during regular working hours, provided they either (i) relate at the time of conception or reduction to practice of the invention to the business of any member of the Company Group, or actual or demonstrably anticipated research or development of any member of the Company Group, (ii) result from or relate to any work performed for any member of the Company Group, or (iii) are developed through the use of equipment, supplies, or facilities of any member of the Company Group, or any Confidential Information, or in consultation with personnel of any member of the Company Group (collectively referred to as “Developments”).  I further acknowledge that all Developments made by me (solely or jointly with others) within the scope of and during the Assignment Period are “works made for hire” (to the greatest extent permitted by applicable law) for which I am, in part, compensated by my salary, unless regulated otherwise by law, but that, in the event any such Development is deemed not to be a work made for hire, I hereby assign to the Company, or its designee, all my right, title, and interest throughout the world in and to any such Development.
(c)    Maintenance of Records.  I agree to keep and maintain adequate and current written records of all Developments made by me (solely or jointly with others) during the Assignment Period. The records may be in the form of notes, sketches, drawings, flow charts, electronic data or recordings, or any other format.  The records will be available to and remain the sole property of the Company Group at all times.  I agree not to remove such records from the Company’s place of business except as expressly permitted by Company Group policy, which may, from time to time, be revised at the sole election of the Company Group for the purpose of furthering the business of the Company Group.
(d)    Intellectual Property Rights.  I agree to assist the Company, or its designee, at the Company’s expense, in every way to secure the rights of the Company Group in the Developments and any copyrights, patents, trademarks, service marks, database rights, domain names, mask work rights, moral rights, and other intellectual property rights relating thereto in any and all countries, including the disclosure to the Company of all pertinent information and data 

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with respect thereto, the execution of all applications, specifications, oaths, assignments, recordations, and all other instruments that the Company shall deem necessary in order to apply for, obtain, maintain, and transfer such rights and in order to assign and convey to the Company Group the sole and exclusive right, title, and interest in and to such Developments, and any intellectual property and other proprietary rights relating thereto.  I further agree that my obligation to execute or cause to be executed, when it is in my power to do so, any such instrument or papers shall continue after the termination of the Assignment Period until the expiration of the last such intellectual property right to expire in any country of the world; provided, however, the Company shall reimburse me for my reasonable expenses incurred in connection with carrying out the foregoing obligation.  If the Company is unable because of my mental or physical incapacity or unavailability for any other reason to secure my signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations covering Developments or original works of authorship assigned to the Company as above, then I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact to act for and in my behalf and stead to execute and file any such applications or records and to do all other lawfully permitted acts to further the application for, prosecution, issuance, maintenance, and transfer of letters patent or registrations thereon with the same legal force and effect as if originally executed by me.  I hereby waive and irrevocably quitclaim to the Company any and all claims, of any nature whatsoever, that I now or hereafter have for past, present, or future infringement of any and all proprietary rights assigned to the Company.
3.    Returning Company Group Documents.
I agree that, at the time of termination of my employment with the Company for any reason, I will deliver to the Company (and will not keep in my possession, recreate, or deliver to anyone else) any and all Confidential Information and all other documents, materials, information, and property developed by me pursuant to my employment or otherwise belonging to the Company.  I agree further that any property situated on the premises of, and owned by, the Company (or any other member of the Company Group), including disks and other storage media, filing cabinets, and other work areas, is subject to inspection by personnel of any member of the Company Group at any time with or without notice.  
4.    Disclosure of Agreement.
As long as it remains in effect, I will disclose the existence of this Non-Interference Agreement to any prospective employer, partner, co-venturer, investor, or lender prior to entering into an employment, partnership, or other business relationship with such person or entity.
5.    Restrictions on Interfering.
(a)    Non-Competition.  During the period of my employment with the Company (the “Employment Period”) and the Post-Termination Restricted Period, I shall not, directly or indirectly, individually or on behalf of any person, company, enterprise, or entity, or as a sole proprietor, partner, stockholder, director, officer, principal, agent, or executive, or in any other capacity or relationship, engage in any Competitive Activities within the United States of America or any other jurisdiction in which any member of the Company Group engages in business derives a material portion of its revenues or has demonstrable plans to commence business activities in.
(b)    Non-Interference.  During the Employment Period and the Post-Termination Restricted Period, I shall not, directly or indirectly for my own account or for the account of any other individual or entity, engage in Interfering Activities.  
(c)    Non-Disparagement.  I agree that during the Employment Period, and at all times thereafter, I will not make any disparaging or defamatory comments regarding any member of the Company Group or their respective current or former directors, officers, or employees in any respect or make any comments concerning any aspect of my relationship with any member of the Company Group or any conduct or events which precipitated any termination of my employment from any member of the Company Group.  However, my obligations under this subparagraph (c) shall not apply (i) (A) to disclosures required by applicable law, regulation, or order of a court or governmental agency or (B) to disclosures or communications described in Section 1(c) of this Non-Interference Agreement or otherwise 

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protected from restriction under applicable law or (ii) in the event it can be proven by a preponderance of the evidence that any executive officer or director of the Company or any other member of the Company Group has made any false or disparaging comment to any person concerning my role as Chief Operating Officer of the Company or the reasons for my transition to my role as “Special Advisor”.
(d)    Definitions.  For purposes of this agreement:
“Business Relation” shall mean any current or prospective client, customer, licensee, supplier, or other business relation of the Company Group, or any such relation that was a client, customer, licensee or other business relation within the prior six (6)-month period, in each case, with whom I transacted business or whose identity became known to me in connection with my relationship with, or employment by, the Company.
“Competitive Activities” shall mean any business activities for, or on behalf of, the following companies: (i) Visionworks, (ii) Stanton Optical and (iii) Eyemart.
“Interfering Activities” shall mean (A) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit, or induce, any Person employed by, or providing consulting services to, any member of the Company Group to terminate such Person’s employment or services (or in the case of a consultant, materially reducing such services) with the Company Group, (B) hiring any individual who was employed by the Company Group within the six (6)-month period prior to the date of such hiring, or (C) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit, or induce, any Business Relation to cease doing business with or reduce the amount of business conducted with the Company Group, or in any way interfering with the relationship between any such Business Relation and the Company Group.
“Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint‐stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business entity.
“Post-Termination Restricted Period” shall mean the period commencing on the date of the termination of the Employment Period for any reason and ending on the eighteen (18)‐month anniversary of such date of termination.
6.    Reasonableness of Restrictions.
I acknowledge and recognize the highly competitive nature of the Company’s business, that access to Confidential Information renders me special and unique within the Company’s industry, and that I will have the opportunity to develop substantial relationships with existing and prospective clients, accounts, customers, consultants, contractors, investors, and strategic partners of the Company Group during the course of and as a result of my employment with the Company.  In light of the foregoing, I recognize and acknowledge that the restrictions and limitations set forth in this Non-Interference Agreement are reasonable and valid in geographical and temporal scope and in all other respects and are essential to protect the value of the business and assets of the Company Group.  I further acknowledge that the restrictions and limitations set forth in this agreement will not materially interfere with my ability to earn a living following the termination of my employment with the Company and that my ability to earn a livelihood without violating such restrictions is a material condition to my employment with the Company. 
7.    Independence; Severability; Blue Pencil.
Each of the rights enumerated in this Non-Interference Agreement shall be independent of the others and shall be in addition to and not in lieu of any other rights and remedies available to the Company Group at law or in equity.  If any of the provisions of this agreement or any part of any of them is hereafter construed or adjudicated to be invalid or unenforceable, the same shall not affect the remainder of this Non-Interference Agreement, which shall be given full effect without regard to the invalid portions.  If any of the covenants contained herein are held to be invalid or unenforceable because of the duration of such provisions or the area or scope covered thereby, I agree that the court 

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making such determination shall have the power to reduce the duration, scope, and/or area of such provision to the maximum and/or broadest duration, scope, and/or area permissible by law, and in its reduced form said provision shall then be enforceable.
8.    Injunctive Relief.
I expressly acknowledge that any breach or threatened breach of any of the terms and/or conditions set forth in this Non-Interference Agreement may result in substantial, continuing, and irreparable injury to any member of the Company Group.  Therefore, I hereby agree that, in addition to any other remedy that may be available to the Company, any member of the Company Group shall be entitled to seek injunctive relief, specific performance, monetary damages (e.g., disgorgement of profits or recoupment or forfeiture of any payments or benefits provided under the Plan) or other equitable relief by a court of appropriate jurisdiction in the event of any breach or threatened breach of the terms of this Non-Interference Agreement without the necessity of proving irreparable harm or injury as a result of such breach or threatened breach.  Notwithstanding any other provision to the contrary, I acknowledge and agree that the Post-Termination Restricted Period shall be tolled during any period of violation of any of the covenants in paragraph 5 hereof and during any other period required for litigation during which the Company or any other member of the Company Group seeks to enforce such covenants against me if it is ultimately determined that I was in breach of such covenants.
9.    Cooperation.
I agree that, following any termination of my employment, I will continue to provide reasonable cooperation to the Company and/or any other member of the Company Group and its or their respective counsel in connection with any investigation, administrative proceeding, or litigation relating to any matter that occurred during my employment in which I was involved or of which I have knowledge.  As a condition of such cooperation, the Company shall reimburse me for reasonable out-of-pocket expenses incurred at the request of the Company with respect to my compliance with this paragraph.  I also agree that, in the event I am subpoenaed by any person or entity (including, but not limited to, any Governmental Entity) to give testimony or provide documents (in a deposition, court proceeding, or otherwise), that in any way relates to my employment by the Company and/or any other member of the Company Group, I will give prompt notice of such request to the Company and will make no disclosure until the Company and/or the other member of the Company Group has had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure.
10.    General Provisions.  
(a)    Governing Law; Waiver of Jury Trial.  The validity, interpretation, construction, and performance of this Non-Interference Agreement shall be governed by the laws of the United States of America and the State of Delaware, without giving effect to the principles of conflict of laws. BY EXECUTION OF THIS NON-INTERFERENCE AGREEMENT, I HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS NON-INTERFERENCE AGREEMENT.
(b)    Entire Agreement.  This Non-Interference Agreement sets forth the entire agreement and understanding between the Company and me relating to the subject matter herein and merges all prior discussions between us.  No modification or amendment to this Non-Interference Agreement, nor any waiver of any rights under this Non-Interference Agreement, will be effective unless in writing signed by the party to be charged.  Any subsequent change or changes in my duties, obligations, rights, or compensation will not affect the validity or scope of this Non-Interference Agreement.
(c)    Successors and Assigns.  This Non-Interference Agreement will be binding upon my heirs, executors, administrators, and other legal representatives and will be for the benefit of the Company, its successors, and its assigns.  I expressly acknowledge and agree that this Non-Interference Agreement may be assigned by the Company without my consent to any other member of the Company Group as well as any purchaser of all or substantially all of the assets 

A-6

        

or stock of the Company, whether by purchase, merger, or other similar corporate transaction, provided that the license granted pursuant to Section 2(a) may be assigned to any third party by the Company without my consent. 
(d)    Survival.  The provisions of this Non-Interference Agreement shall survive the termination of my employment with the Company and/or the assignment of this Non-Interference Agreement by the Company to any successor in interest or other assignee.

A-7

I, _______________________, have executed this Confidentiality, Non-Interference, and Invention Assignment Agreement on the respective date set forth below:

	
						
	Date:
	 
	 
	 

	 
	 
	 
	 
	(Signature)
	 

[Signature Page to Confidentiality, Non-Interference, and Invention Assignment Agreement]

SCHEDULE A
LIST OF PRIOR DEVELOPMENTS 
AND ORIGINAL WORKS OF AUTHORSHIP 
EXCLUDED FROM SECTION 2
	
			
	Title
	Date
	Identifying Number or Brief Description

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

_____    Additional Sheets Attached
Signature of Executive: ________________________
Name of Executive: Jeff McAllister
Date: ________________________

    

Exhibit B

Options

Equity Award Vesting Schedule

	
					
	 
	 
	Fiscal Year End December 31,

	 
	2017
	2018
	2019
	2020

	Time-Based Options
	28,985
	28,985
	28,985
	28,985

	Time-Based Options Vesting Date
	8/14/2018
	8/14/2019
	8/14/2020
	12/14/2021

	Performance Options (1)
	43,478
	21,739
	43,478
	43,478

	Performance Option Vesting Date
	12/30/2017
	12/31/2018
	12/31/2019
	12/31/2020

	(1) Performance Option vesting for FY18 is estimated at 50% based on latest Company estimates.EX-10.24

 Exhibit 10.24 

EXECUTION COPY 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of December 18, 2018, by and
among Oi S.A. – In Judicial Reorganization (the “Company”) and each investor, fund advisor or fund manager party hereto (each, a “Potential Shareholder,” and collectively, the
“Potential Shareholders”). Any funds or accounts that hold Registrable Securities and that are advised or managed by a Potential Shareholder or an affiliate thereof shall also be deemed to be Potential Shareholders for
purposes of this Agreement. Each of the Company and the Potential Shareholders may be referred to in this Agreement as a “Party,” and, collectively, as the “Parties.” Capitalized terms used but not
otherwise defined herein have the meanings assigned such terms in Section 9 of this Agreement. The term “Potential Shareholder” and “Party” shall also include any Joining Party to whom rights and
obligations hereunder are assigned in compliance with Section 10(d). 
 A.    On
December 12, 2017, the Company and certain of its subsidiaries filed a plan for reorganization with the 7th Lower Commercial Court of Rio de Janeiro/RJ (Case Records No. 0203711-65.2016.8.19.0001) (the “Reorganization Plan”). 

B.    In connection with the Reorganization Plan, the Company and certain investors and fund managers (the
“Backstop Investors”) entered into that certain Subscription and Commitment Agreement, dated as of December 19, 2017 (as amended, restated, supplemented and otherwise modified from time to time, the
“Subscription Agreement”), pursuant to which (i) subject to the terms and conditions set forth in the Subscription Agreement, each Backstop Investor is entitled to and obligated to subscribe for its Commitment Percentage
of any Unsubscribed Shares and, under the circumstances set forth in the Subscription Agreement, each Backstop Investor is entitled to elect to receive its Commitment Fee in the form of Commitment Fee Shares, and (ii) the Company agreed to use
commercially reasonable efforts to enter into a customary registration rights agreement with respect to the Unsubscribed Shares that the Backstop Investors purchase and any Commitment Fee Shares received by the Backstop Investors, in each case
pursuant to the Subscription Agreement and to have declared effective pursuant thereto a Resale Registration Statement with respect to such Unsubscribed Shares and any Commitment Fee Shares on the Closing Date. 

C.    As provided in the Subscription Agreement, the Parties desire to enter into this Agreement in order to grant to the
Potential Shareholders certain registration rights relating to the Registrable Securities, all in accordance with the terms and conditions set forth below. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and each Potential Shareholder hereby agree as follows: 
  

	1.	 Registration. As promptly as practicable following the Closing Date, but in any event no later than the
latest to occur of: 

  

	(a)	 five (5) Business Days following the Shareholder Submission Deadline, it being understood and agreed that
the Company may decline to include in the Resale Registration Statement the Registrable Securities held by any Potential Shareholder that did not provide the Company with a properly completed and duly executed Selling Shareholder Questionnaire by
the Shareholder Submission Deadline; provided that in the event that the Company amends the Resale Registration Statement pursuant to Section 10(d)(iii) or 10(d)(iv) and a Potential Shareholder that is a Party as of the Shareholder
Submission Deadline has delivered its properly completed and duly executed Selling Shareholder Questionnaire to the Company at least three (3) Business Days prior to the date of such amendment, the Company will use commercially reasonable
efforts to include the Registrable Securities held by such Potential Shareholder as of the Shareholder Submission Deadline in such amendment; or 

  

	(b)	 two (2) Business Days following the date on which the funds related to the subscription for the
Unsubscribed Shares to the Company are released from the Escrow Account (as defined in the Subscription Agreement) to the Company in accordance with Section 4(c) of the Subscription Agreement (the latest to occur of (a) and (b), the
“Filing Deadline”), 

 the Company shall file with the SEC a Resale Registration Statement. The Company shall use
its commercially reasonable efforts to cause the Resale Registration Statement to be declared effective under the Securities Act as promptly as reasonably practicable following the filing of the Resale Registration Statement. The Company shall use
its commercially reasonable efforts to keep such Resale Registration Statement continuously effective under the Securities Act until the earlier of (1) the date that all Registrable Securities covered by such Resale Registration Statement are
no longer Registrable Securities, and (2) three years from the effective date of the Resale Registration Statement. 

  

	2.	 Registration Procedures. 

 

	(a)	 The Company shall: 

  

	 	(i)	 (A) prepare in good faith and file the Resale Registration Statement with the SEC with respect to the
Registrable Securities identified by the Potential Shareholders in their Selling Shareholder Questionnaires, and (B) at least two Business Days prior to such filing of the Resale Registration Statement or any amendment, final prospectus, free
writing prospectus, exhibit, supplement or other information relating thereto, furnish to each Shareholder Counsel a draft thereof, and the Company shall consider all reasonable comments of Shareholder Counsel in good faith prior to such filing with
respect thereto; 

  

	 	(ii)	 (A) respond to written comments received from the SEC upon a review of the Resale Registration Statement in a
timely manner (B) prepare in good faith and file any response letter to the SEC and any amendment necessary to respond to such written comments and (C) prior to such filing, furnish to each Shareholder Counsel a draft of such letter and
amendment at least two Business Days prior to such filing, which letter and amendment shall be subject to the reasonable review and comment of such counsel and the Company shall consider all reasonable comments of Shareholder Counsel in good faith;

  

	 	(iii)	 (A) promptly notify the Potential Shareholders of the effectiveness of the Resale Registration Statement upon
being informed thereof by the SEC; (B) if applicable, promptly file with the SEC in accordance with Rule 424(b) under the Securities Act the final prospectus to be used in connection with sales pursuant to such Resale Registration Statement in
accordance with the timing requirements set forth in Rule 424(b); and (C) promptly prepare and file with the SEC such amendments and supplements to such Resale Registration Statement as are required; 

 

	 	(iv)	 use its commercially reasonable efforts in good faith to cause the depositary (the
“Depositary”) with respect to the American Depositary Shares representing the Company’s common shares (the “Common ADSs”) to keep the registration statement on Form
F-6 effective, in compliance with the provisions of the Securities Act and with a number of available Common ADSs sufficient to represent all of the Registrable Securities until all Registrable Securities
covered by such Resale Registration Statement have been disposed of or are no longer Registrable Securities; 

  

	 	(v)	 use its commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of any
stop order or other order suspending the effectiveness of the Resale Registration Statement as promptly as practicable; 

  

	 	(vi)	 promptly furnish to the Potential Shareholders such number of copies of such Resale Registration Statement,
each amendment and supplement thereto, the prospectus included in such Resale Registration Statement and such other documents as the Potential Shareholders may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by the Potential Shareholders; 

  

	 	(vii)	 notify the Potential Shareholders (A) at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such Resale Registration Statement contains an untrue statement of a material fact or omits any fact necessary to make the statements
therein not misleading, and, as expeditiously as possible following the happening of such event, prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus
shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading; (B) of the issuance or threatened issuance by the SEC or any other governmental or regulatory authority
of any stop order, injunction or other order or requirement suspending the effectiveness of the Resale Registration Statement covering any or all of the Registrable Securities or the initiation or threatening of any proceedings for that purpose; and
(C) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any
proceeding for such purpose; 

  

	 	(viii)	 use its commercially reasonable efforts to (A) cause all such Registrable Securities to be listed on the
New York Stock Exchange in the form of Common ADSs, if the listing of such Registrable Securities is then permitted under the rules of such exchange or (B) if such listing is not then permitted, or no similar securities issued by the Company
are then so listed, secure a designation and quotation of all of the Registrable Securities covered by each Resale Registration Statement on the OTC Bulletin Board; 

 

  
 2 

	 	(ix)	 negotiate in good faith such customary agreements and use its commercially reasonable efforts to take such
other actions as the Potential Shareholders reasonably request in order to expedite or facilitate the disposition of such Registrable Securities; 

  

	 	(x)	 otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the
SEC, and make generally available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar
quarter after the effective date of the Resale Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, and which requirement will be deemed satisfied if the
Company timely files complete and accurate information on Form 20-F and Current Reports on Form 6-K under the Exchange Act; and 

 

	 	(xi)	 in the event that the Registrable Securities are not listed on the New York Stock Exchange or such other event
occurs such that the federal preemption of state “blue sky” or other U.S. state securities laws is not available in the reasonable opinion of the Majority Investors, use its commercially reasonable efforts to register or qualify the
Registrable Securities covered by such Registration Statement under such other U.S. “blue sky” or other U.S. state securities laws of such jurisdictions as the Majority Investors shall reasonably request and do any and all other acts and
things which may be reasonably necessary or advisable to enable the Potential Shareholders to consummate the disposition in such U.S. jurisdictions of the Registrable Securities owned by the Potential Shareholders (provided that the Company
shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (B) subject itself to taxation in any such jurisdiction or (C) consent to
general service of process in any such jurisdiction); 

  

	(b)	 Each Potential Shareholder shall: 

 

	 	(i)	 deliver to the Company no later than the Shareholder Submission Deadline a properly completed and duly executed
Selling Shareholder Questionnaire and 

  

	 	(ii)	 promptly notify the Company of the happening of any event as a result of which any information set forth in the
Resale Registration Statement furnished by or regarding such Potential Shareholder contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading. 

Upon the notification by a Selling Shareholder pursuant to Section 2(b)(ii), the Company shall provide the written notice contemplated by
Section 2(c)(ii) and take the further steps contemplated by Section 2(c). 
  

	(c)	 The Potential Shareholders shall not effect sales of any Registrable Securities covered by the Resale
Registration Statement: 

  

	 	(i)	 prior to the withdrawal of any stop order suspending the effectiveness of the Resale Registration Statement, or
of any order suspending or preventing the use of any related prospectus or suspending the registration or qualification of any Registrable Securities included in the Resale Registration Statement for sale in any jurisdiction where such shares had
previously been registered or qualified, 

  

	 	(ii)	 after receipt of facsimile or other written notice from the Company instructing the Potential Shareholders to
suspend sales to permit the Company to correct or update the Resale Registration Statement or prospectus, including (A) in compliance with the undertakings of the Company set forth in Regulation S-K Item
512(a) contained in the Resale Registration Statement and (B) based on information contained in the notice from a Potential Shareholder under Section 2(b)(ii), until the Potential Shareholders receive copies of a supplemented or amended
prospectus that corrects any such misstatement(s) or omission(s) or includes any required updates and receives notice that any required post-effective amendment has become effective, or 

(iii) during any Blackout Period (as defined below). 

The Potential Shareholders agree that they will immediately discontinue offers and sales of Registrable Securities under the Resale Registration Statement
until the Potential Shareholders receive copies of a supplemented or amended prospectus that corrects any such misstatement(s) or omission(s) and receives notice that any post-effective amendment has become effective. With respect to foregoing
clause (ii), the Company agrees to use commercially reasonable efforts to promptly supplement or amend the prospectus or Resale Registration Statement, as applicable, to correct or update the Resale Registration Statement or prospectus and upon
filing of same with the SEC and, if applicable upon the declaration of the effectiveness of the same by the SEC, to notify the Potential Shareholders that the suspension of offers and sales has been discontinued. 

 

  
 3 

	(d)	 Notwithstanding anything herein to the contrary, the Company shall have the right to suspend the use of the
Resale Registration Statement for a period of not greater than forty-five (45) consecutive days and for not more than ninety (90) days in any twelve (12)-month period (“Blackout Period”) if in the good faith opinion
of the Board of Directors of the Company, after consultation with legal counsel, (i) statutory or regulatory requirements prevent the use of the Resale Registration Statement or the prospectus contained therein or (ii) material, nonpublic
information exists, including, without limitation, the proposed acquisition or divestiture of assets by the Company, a strategic alliance or a financing transaction involving the Company or the existence of pending material corporate developments,
the public disclosure of which would be necessary to cause the Resale Registration Statement to be materially true and to contain no material misstatements or omissions, and in each such case, where, such public disclosure would be reasonably likely
to have a material adverse effect on the Company or on the proposed transaction. The Company must give the Potential Shareholders written notice promptly upon knowledge that a Blackout Period (without indicating the nature of such Blackout Period)
may occur and prompt written notice of the commencement of any Blackout Period. Upon the conclusion of a Blackout Period, the Company shall provide the Potential Shareholders written notice that the Resale Registration Statement is again available
for use. For the avoidance of doubt, any suspension of the use of the Resale Registration Statement pursuant to Section 2(b)(ii) above does not count toward the days of a Blackout Period. 

 

	(e)	 In the event the Potential Shareholders’ Registrable Securities cease to be Registrable Securities
pursuant to clause (iii) of the definition of “Registrable Securities” in Section 9 hereof, the Company shall, if requested by the Potential Shareholders, use commercially reasonable efforts to assist the
Potential Shareholders in effecting the transfer or sale of such securities in accordance with Rule 144 (or any similar provisions then in force) under the Securities Act, including, without limitation, providing customary instructions, opinions or
other documentation or actions required to effect a transfer or sale of such securities. 

  

	3.	 Registration Expenses. All expenses (other than Selling Expenses) incident to the Company’s
performance of or compliance with this Agreement, including without limitation all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, listing fees, printing expenses, messenger and delivery expenses, fees
and disbursements of custodians, and fees and disbursements of counsel for the Company and independent certified public accountants, and other persons retained by the Company, and reasonable and documented fees and expenses of counsel for the
Potential Shareholders (“Potential Shareholders’ Counsel”), as provided in the existing engagement letters between the Company and such Potential Shareholders’ Counsel, in connection with
the Resale Registration Statement (all such expenses being herein called “Registration Expenses”), shall be borne by the Company. The Company shall not be liable for any Selling Expenses. As used herein, the term
“Selling Expenses” shall mean, collectively, any selling commissions, discounts or brokerage fees relating to the sale by a Potential Shareholder of Registrable Securities pursuant to the Resale Registration Statement.

  

	4.	 Potential Shareholders’ Obligations. 

 

	(a)	 Each Potential Shareholder covenants and agrees that, in the event the Company informs such Potential
Shareholder in writing that it does not satisfy the conditions specified in Rule 172 under the Securities Act and, as a result thereof, such Potential Shareholder is required to deliver a prospectus in connection with any disposition of Registrable
Securities, it will comply with the prospectus delivery requirements of the Securities Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to the Resale Registration
Statement, and shall sell the Registrable Securities only in accordance with a method of distribution described in the Resale Registration Statement. 

  

	(b)	 Each Potential Shareholder shall provide written notice to the Company as soon as practicable, and in any case
within five (5) Business Days, once it ceases to own any Registrable Securities because of one or more transfers or other dispositions pursuant to clause (i) or (ii) of the definition of Registrable Securities. The Company shall not
disclose any information regarding the Potential Shareholders’ holdings of Registrable Securities communicated to the Company in accordance with this Section 4(b) to any other Persons, other than its counsel.

  

  
 4 

	5.	 Indemnification. 

 

	(a)	 The Company agrees to indemnify and hold harmless each Potential Shareholder and each of its officers,
directors, partners, managers, members, investment managers, investment advisors, employees, agents and representatives, and each Person who controls such Potential Shareholder (within the meaning of Section 15 the Securities Act and
Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against all losses, claims, damages, liabilities and any related expenses (including reasonable legal expenses) to which they or any of them may become
subject under the Securities Act, the Exchange Act, any other law, including any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Resale Registration Statement,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue or alleged untrue statement of material fact contained in the Resale Registration Statement, any free writing prospectus
prepared by or on behalf of the Company, prospectus, or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading;
provided, however, that the Company shall not be liable to any such indemnified party in any such case to the extent that (i) such claim arises out of or is based upon any untrue statement or alleged untrue statement of a material
fact contained in the Resale Registration Statement, any free writing prospectus prepared by or on behalf of the Company, prospectus, or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact in reliance
upon and in conformity with the Selling Shareholder Information furnished to the Company by or on behalf of such Potential Shareholder expressly for use therein, (ii) such claim is related to the use by such Potential Shareholder of an outdated
or defective prospectus (A) after such party has received written notice from the Company that such prospectus is outdated or defective or that the Potential Shareholder knew was outdated or defective, including pursuant to events contemplated
by Section 2(a)(vii) hereof, or (B) after such party has received written notice from the Company pursuant to Section 2(c)(ii) hereof instructing the Potential Shareholders to suspend
sales, or (iii) such claim arises out of or is based upon any sales of Registrable Securities made during a Blackout Period after written notice is given pursuant to Section 2(d). 

 

	(b)	 Each Potential Shareholder agrees, severally and not jointly, to indemnify and hold harmless the Company, its
officers, directors, partners, managers, members, investment managers, employees, agents and representatives and each Person who controls the Company (within the meaning of Section 15 the Securities Act and Section 20 of the Exchange Act),
to the fullest extent permitted by applicable law, from and against all losses, claims, damages, liabilities and any related expenses (including reasonable legal expenses) to which they or any of them may become subject under the Securities Act, the
Exchange Act, any other law, including any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Resale Registration Statement, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise directly out of or are based upon any untrue or alleged untrue statement of material fact contained in the Resale Registration Statement, any free writing prospectus, prospectus, or any amendment
thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission was made in
reliance upon and in conformity with any Selling Shareholder Information provided by such Potential Shareholder; provided that (i) each Potential Shareholder shall be liable for only up to the amount of net proceeds actually received by
such Potential Shareholder (after deducting Selling Expenses) as a result of the sale of Registrable Securities pursuant to the Resale Registration Statement giving rise to such indemnification obligation; provided further that (ii) no
Potential Shareholder shall be liable to any such indemnified party in any such case to the extent that such claim is related to (A) Selling Shareholder Information after such Selling Shareholder provided an update to such Selling Shareholder
Information to the Company (1) prior to the date on which the Company requested that the Resale Registration Statement be declared effective by the SEC and the Company did not revise the Resale Registration Statement with such updated Selling
Shareholder Information through filing a pre-effective amendment with the SEC or otherwise correcting such information in the Resale Registration Statement before it was declared effective, or (2) after
the Resale Registration Statement became effective and the Company did not use commercially reasonable efforts to file an amendment or other supplement to the Resale Registration Statement with the SEC that would incorporate such updated Selling
Shareholder Information; (B) Selling Shareholder Information after the Selling Shareholder provided the notice contemplated by Section 2(b)(ii) and the Company did not take the actions set forth in Section 2(c); and (C) the use
by the Company of an outdated or defective prospectus to sell the Registrable Securities. 

  

  
 5 

	(c)	 Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying
party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder to the extent such failure has not prejudiced the
indemnifying party) and (ii) unless, in the Company’s reasonable judgment, a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense
of such claim with counsel reasonably satisfactory to the indemnified party. After written notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim, the indemnifying party shall not be subject
to any liability for any settlement subsequently made by the indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume
the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (in addition to one local legal counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable
judgment of the Company, a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim, in which case the indemnifying party shall be liable for the fees and expenses of one
additional counsel (in addition to one local legal counsel) with respect to the indemnified parties. The indemnifying party shall keep the indemnified party reasonably apprised at all times as to the status of the defense or any settlement
negotiations with respect to such claim. No indemnifying party shall, without the prior written consent of the indemnified party, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a full release from all liability with respect to such claim and does not include any statements as to or any findings of fault, culpability or failure
to act by or on behalf of any indemnified party. 

  

	(d)	 The indemnification provided for under this Agreement shall remain in full force and effect regardless of any
investigation made by or on behalf of the indemnified party or any officer, director, partner, manager, member, investment manager, employee, agent, representative or controlling Person of such indemnified party and shall survive the transfer of
Registrable Securities. The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the indemnified party against the indemnifying party or others, and (ii) any liabilities to which the
indemnifying party may be subject pursuant to the law. 

  

	(e)	 If the indemnification provided for in this Section 5 is unavailable to or is
insufficient to hold harmless an indemnified party under the provisions above in respect to any losses, claims, damages or liabilities referred to therein, then each applicable indemnifying party agrees to contribute to the aggregate losses, claims,
damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending same) to which such indemnifying party may be subject in such proportion as is appropriate to reflect the relative fault of
the indemnifying party, on the one hand, and the indemnified party, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other
relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the indemnifying party, on the one hand, or the indemnified party, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The parties agree that it would not be just and equitable if contribution pursuant to this Section 5(e) were determined by pro rata allocation (even if the Potential Shareholders holding Registrable Securities or any agents or
underwriters or all of them were treated as a single entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 5(e). The amount paid or payable by
an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this Section 5(e) shall be deemed to include any reasonable legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 5(e), (i) no Person involved in the sale of Registrable
Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) in connection with such sale shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation, and (ii) contribution by each Potential Shareholder shall be limited in amount to the net amount of proceeds actually received by such Potential Shareholder from the sale of Registrable Securities pursuant to the applicable
Resale Registration Statement, less the amount of any damages that such Potential Shareholder has otherwise been required to pay in connection with such sale pursuant to this Agreement. 

 

  
 6 

	6.	 Registration Default. The Company agrees to pay in immediately available funds to the account specified
in writing by each Potential Shareholder within five (5) days following the failure by the Company to file a Resale Registration Statement with the SEC on or before the Filing Deadline (“Registration Default”),
commencing on the day following the expiration of the Filing Deadline, a default fee of (a) for the first 30-day period during which a Registration Default has occurred and is continuing, US$20,000 per
day, (b) for the second 30-day period during which a Registration Default has occurred and is continuing, US$25,000 per day, (c) for the third 30-day period
during which a Registration Default has occurred and is continuing, US$30,000 per day, and (d) for the fourth 30-day period and thereafter during which a Registration Default has occurred and is
continuing, US$40,000 per day, in each case, until a Resale Registration Statement is filed with the SEC (the “Default Fee”). The Default Fee shall be payable to each Potential Shareholder and allocated on a pro rata basis
based on the number of Registrable Securities held by each Potential Shareholder. For the avoidance of doubt, no Default Fees shall be payable by the Company if the Registration Default is caused by the failure of a Potential Shareholder to furnish
its Selling Shareholder Questionnaire on or prior to the Shareholder Submission Deadline as required by this Agreement. 

  

	7.	 Reports under the Exchange Act. With a view to making available to the Potential Shareholder the
benefits of Rule 144 under the Securities Act or any other similar rule or regulation of the SEC that may at any time permit a Potential Shareholder to sell securities of the Company to the public without registration (“Rule
144”), at all times during which there are Registrable Securities outstanding that have not been previously (a) sold to or through a broker or dealer or underwriter in a public distribution or (b) sold in a transaction exempt
from the registration and prospectus delivery requirements of the Securities Act under Section 4(a)(1) thereof, in the case of either clause (a) or clause (b), in such a manner that, upon the consummation of such sale, all transfer
restrictions and restrictive legends with respect to such shares are removed upon the consummation of such sale, the Company agrees to use its commercially reasonable efforts to: 

 

	(a)	 make and keep “current public information” (within the meaning of Rule 144(c)(1)) available;

  

	(b)	 furnish to the Potential Shareholders so long as the Potential Shareholders own Registrable Securities,
promptly upon request, a written statement by the Company, if true, that it has complied with all conditions set forth in Rule 144(c)(1), including that (i) it has filed all reports required under section 13 or 15(d) of the Exchange Act, as
applicable, during the preceding 12 months and has been subject to such filing requirements for the past 90 days, and (ii) it has submitted electronically every Interactive Data File required to be submitted pursuant to Regulation S-T Rule 405 during the preceding 12 months; and 

  

	(c)	 in the event that the Company is neither subject to section 13 or 15(d) of the Exchange Act nor exempt from
reporting pursuant to Rule 12g3-2(b) under the Exchange Act, furnish to the Potential Shareholders the information set forth under Section 4(d)(3) of the Securities Act. 

 

	8.	 Preservation of Rights. Without the prior written consent of the Potential Shareholders, the Company
shall not, on or after the date of this Agreement, enter into any agreement, take any action, or permit any change to occur, with respect to its securities that is inconsistent with or violates or subordinates the rights expressly granted to the
Potential Shareholders in this Agreement, such as (a) adversely affecting the ability of the Potential Shareholders to include the Registrable Securities in a registration undertaken pursuant to this Agreement, or (b) affecting the
marketability of such Registrable Securities in any such registration (including effecting a stock split or a combination of shares). 

  

	9.	 Definitions. 

“Business Day” means any day on which the principal offices of the SEC in Washington, DC are open to
accept filings and is not a day on which banking institutions in the State of New York and in the Federative Republic of Brazil generally are authorized or required by law or other governmental actions to close. 

“Closing Date” has the meaning set forth in the Subscription Agreement. 

“Commitment Fee” has the meaning set forth in the Subscription Agreement. 

“Commitment Fee Shares” has the meaning set forth in the Subscription Agreement. 

  
 7 

 “Commitment Percentage” has the meaning set forth in the
Subscription Agreement. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time,
and the rules and regulations promulgated thereunder. 
 “Joinder Agreement” means the form of joinder agreement set
forth on Exhibit B to this Agreement. 
 “Majority Investors” (i) has the meaning set forth in the
Subscription Agreement before the Closing Date, and (ii) after the Closing Date means, as of the date of any determination, Potential Shareholders holding 60% of the then outstanding Registrable Securities. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or a governmental entity (or any department, agency or political subdivision thereof). 

“Registrable Securities” means any Unsubscribed Shares or Commitment Fee Shares issued to a Potential Shareholder in
accordance with the terms of the Subscription Agreement, that are represented by Common ADSs, together with any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the
foregoing. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) the Resale Registration Statement covering such securities has been declared effective by the SEC and such securities have
been disposed of pursuant to such effective Resale Registration Statement, (ii) such securities are sold or transferred to any Person (other than transfers in accordance with Section 10(d) hereof), (iii) such
securities are eligible for sale by a Potential Shareholder without registration pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act without limitation thereunder on volume or manner of sale (subject to compliance
with Section 2(e)), (iv) such securities shall have ceased to be outstanding, or (v) the stock certificates or evidences of book-entry registration relating to such securities have had all restrictive legends removed
and may be transferred or sold under the Securities Act without limitation, restriction or condition thereunder. 
 “Resale
Registration Statement” means the registration statement of the Company on Form F-1 or any successor form thereto which registers the resale by the Potential Shareholders of all of the Registrable
Securities beneficially owned or, without duplication, held of record by the Potential Shareholders pursuant to the provisions of this Agreement, including the prospectus, amendments, and supplements to such Resale Registration Statement, including
post-effective amendments and all exhibits to such Resale Registration Statement. 
 “SEC” means the United States
Securities and Exchange Commission, and any governmental body or agency succeeding to the functions thereof. 
 “Securities
Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder. 

“Selling Shareholder Information” means, with respect to each Potential Shareholder, the information required under
Item 9.D of Form 20-F, as provided in such Potential Shareholder’s Selling Shareholder Questionnaire, and any additional information provided by written notice by such Potential Shareholder for inclusion
by the Company in the Resale Registration Statement if such additional information is specifically requested by the SEC to be included in the Resale Registration Statement. 

“Selling Shareholder Questionnaire” means the Selling Shareholder Questionnaire in the form attached hereto as
Exhibit A. 
 “Shareholder Counsels” means each of Dechert LLP, Cleary Gottlieb Steen & Hamilton LLP
and Davis Polk & Wardwell LLP and each other legal counsel identified on the signature pages of the Potential Shareholders or any Joinder Agreement. 

“Shareholder Submission Deadline” means 5:00 p.m., New York City time, on the third Business Day
following the date of the Closing Notice (as defined in the Subscription Agreement) (such third Business Day, the “Initial Deadline”, which is expected to be January 22, 2019) or such later date and time on or prior to
5:00 p.m., New York City time, on the fifth Business Day following the Initial Deadline that is specified by written notice delivered to the Company by the Majority Investors on or prior to 5:00 p.m. on the second Business Day following the Initial
Deadline. 
 “Unsubscribed Shares” has the meaning set forth in the Subscription Agreement. 

 

  
 8 

	10.	 Miscellaneous. 

 

	(a)	 Remedies. Each Party shall be entitled to enforce its rights under any provision of this Agreement
specifically to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights granted by applicable law. The Parties agree and acknowledge that money damages may not be an adequate remedy for any
breach of the provisions of this Agreement and that the Potential Shareholders may, in their sole discretion, apply to either the Chosen Courts or the courts of competent jurisdiction described below (without posting any bond or other security) for
specific performance and for other injunctive relief in order to enforce or prevent violation of the provisions of this Agreement. 

  

	 	(i)	 Executive Title and Specific Performance. The Company acknowledges for all legal purposes that
this Agreement was duly executed by all the Parties and two (2) witnesses constitutes under the terms of the law an executive title (Título executivo extrajudicial) representing a valid, binding and
enforceable obligation of the Company, pursuant to article 784 of the Brazilian Code of Civil Procedure, which may be enforced exclusively by the Potential Shareholders in the courts of the City of Rio de Janeiro, State of Rio de Janeiro, in its own
terms and conditions, including through specific performance enforcement procedures, pursuant to article 497 of the Brazilian Code of Civil Procedure. 

  

	 	(ii)	 Jurisdiction for Specific Performance. The Parties hereby agree, and the Company expressly
declares, that the Potential Shareholders may properly bring suit in the courts of the City of Rio de Janeiro, Rio de Janeiro State, in order to seek specific performance of this Agreement’s obligations in accordance with this Section, as well
as precautionary measures and injunctive relief. The Parties also hereby agree, and the Company also declares, that the Potential Shareholders’ right to bring suit in Brazil set forth in this Section and in
Section 10(h) is not applicable nor extendable to the Company, which may only properly bring suit in the Chosen Courts to settle all disputes arising and/or related to this Agreement, its conclusion, interpretation,
execution and enforcement, as well as its validity, effectiveness and binding related provisions. 

  

	(b)	 Termination. All rights and obligations of the Company hereunder other than pursuant to Sections
3 and 5 hereof shall terminate on the date on which no Registrable Securities are outstanding. 

  

	(c)	 Amendments and Waivers. Except as otherwise provided herein, this Agreement may only be modified,
amended or supplemented (such waiver, modification, amendment or supplement, collectively, an “Amendment”), pursuant to the following conditions: 

 

	 	(i)	 the Company’s written approval (including via email) is required for the effectiveness of any Amendment to
this Agreement, which approval shall not be unreasonably withheld, conditioned or delayed with respect to any of the foregoing that do not adversely affect the rights of the Company under this Agreement; and 

 

	 	(ii)	 the written approval (including via email) of the Majority Investors at the time of such Amendment is required
for the effectiveness of any Amendment to this Agreement. 

 Any amendment to this Agreement that is not approved in accordance with this
Section 10(c) shall be void and ineffective ab initio. 
  

  
 9 

	(d)	 Assignment; No Third Party Beneficiaries. 

 

	 	(i)	 The Company may not assign this Agreement nor any of the rights, interests or obligations under this Agreement
without the prior written consent of the Majority Investors. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the Parties and their respective permitted successors and assigns. This Agreement
is not intended to confer any rights or benefits on any Persons that are not party hereto other than as expressly set forth in Section 5 and this Section 10(d). 

 

	 	(ii)	 Prior to the Shareholder Submission Deadline, without the consent of the Company or any other person, each
Potential Shareholder may assign the rights and obligations hereunder with respect to any Unsubscribed Shares that it is obligated to acquire pursuant to the Subscription Agreement and any Commitment Fee Shares that it is entitled to receive
pursuant to the Subscription Agreement (and any Registrable Securities issued or issuable with respect thereto) (collectively, the “Commitment Securities”) to any Person that (1) submits a Selling Shareholder
Questionnaire on or prior to the Shareholder Submission Deadline, and (2) is obligated to acquire Unsubscribed Shares pursuant to the Subscription Agreement or is entitled to receive Commitment Fee Shares under the Subscription Agreement (a
“Commitment Party”); provided that on or prior to the Shareholder Submission Deadline such Commitment Party executes a Joinder Agreement and delivers such Joinder Agreement to the Company; provided further that
the Parties agree to permit transfers of Commitment Securities and assignments of the rights and obligations hereunder with respect to such Commitment Securities to any Person that is an Affiliate (as defined in the Subscription Agreement) of a
Commitment Party or a Related Fund (as defined in the Subscription Agreement) of a Commitment Party so long such Commitment Party executes a Joinder Agreement and delivers such Joinder Agreement to the Company on or prior to the Initial Deadline and
complies with the requirements of the Depositary with respect to the transfer of Commitment Securities. 

  

	 	(iii)	 Following the initial filing of the Resale Registration Statement and prior to the date on which the Company
submits a request to the SEC to declare the Resale Registration Statement effective, the Majority Investors may deliver one written notice to the Company (the “Amendment Notice”, and the date on which such notice is delivered
to the Company, the “Amendment Notice Date”) specifying a date by which any Person to whom any Potential Shareholder transfers or assigns Registrable Securities following the Amendment Notice Date must submit a properly
completed and duly executed Selling Shareholder Questionnaire to the Company if such Person desires to have such Registrable Securities included in the Resale Registration Statement (the “Subsequent Shareholder Submission
Deadline”). In the event that the Majority Investors deliver the Amendment Notice, (1) each Potential Shareholder that is a Party as of the Amendment Notice Date that transfers or assigns all or a portion of the Registrable
Securities that it holds on the Amendment Notice Date to any Person on or prior to the Subsequent Shareholder Submission Deadline, without the consent of the Company or any other person, may assign the rights and obligations hereunder with respect
to the Registrable Securities so transferred or assigned to such Person, and (2) the Company will use commercially reasonable efforts to amend the Resale Registration Statement to include the Selling Shareholder Information provided by such
Person as soon as practicable following the receipt by the Company of a properly completed and duly executed Selling Shareholder Questionnaire from such Person; provided, in each case, that such Potential Shareholder and such Person execute a
Joinder Agreement and deliver such Joinder Agreement to the Company at or prior to the time of such transfer or assignment. 

  

	 	(iv)	 Following the 60th calendar day after the initial filing
of the Resale Registration Statement, if the Company has not submitted a request to the SEC to declare the Resale Registration Statement effective, in the event that a Potential Shareholder that is a Party as of the Shareholder Submission Deadline
transfers or assigns all or a portion of the of the Registrable Securities that it holds to any Person that, after giving effect to such transfer or assignment such transfer or assignment, holds no fewer than 1,000,000 Registrable Securities,
(1) such Potential Shareholder, without the consent of the Company or any other person, may assign the rights and obligations hereunder with respect to the Registrable Securities so transferred or assigned to such Person, and (2) the
Company will use commercially reasonable efforts to amend the Resale Registration Statement to include the Selling Shareholder Information provided by such Person as soon as practicable following the receipt by the Company of a properly completed
and duly executed Selling Shareholder Questionnaire from such Person; provided, in each case, that such Potential Shareholder and such Person execute a Joinder Agreement and deliver such Joinder Agreement to the Company at or prior to the
time of such transfer or assignment. 

  

	 	(v)	 Any Person that delivers a properly completed and duly executed Joinder Agreement to the Company in accordance
with the provisions of this Section 10(d) shall be deemed to be a Potential Shareholder with all rights and obligations of a Potential Shareholder under this Agreement. 

 

  
 10 

	(e)	 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Agreement. 

  

	(f)	 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement and shall become effective when one or more counterparts have been signed by each Party to this Agreement and delivered to the other Parties, it being understood that all Parties need not sign the same
counterpart. Signatures delivered by electronic methods shall have the same effect as signatures delivered in person. 

  

	(g)	 Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and
do not constitute a part of this Agreement. 

  

	(h)	 Governing Law; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance
with the internal laws of New York applicable to parties residing in New York, without regard applicable principles of conflicts of law. Each Party irrevocably consents to the exclusive jurisdiction of any court located within New York County, New
York (the “Chosen Courts”), in connection with any matter based upon or arising out of this Agreement or the matters contemplated hereby provided, that, the Potential Shareholders shall have the right to bring any claim against the
Company in the courts of Brazil that shall have jurisdiction with respect to the Company (as discussed further above in Section 10(a)) and it agrees that process may be served upon it in any manner authorized by the laws of
the State of New York for such Persons and waives and covenants not to assert or plead any objection which it might otherwise have to such jurisdiction and such process. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH
MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE, IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY, AND
(IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10(h). 

  

	 	(i)	 Notices. All notices hereunder shall be deemed given if in writing and delivered, if sent by electronic
mail, courier or by registered or certified mail (return receipt requested) to the following addresses and facsimile numbers (or at such other addresses or facsimile numbers as shall be specified by like notice): 

 

  
 11 

 If to the Company, to: 

 

			
	 Oi S.A. – In Judicial Reorganization

	 Rua Humberto de Campos, 425, 7th Floor – Leblon

	 Rio de Janeiro – RJ 22430-190

	 Brazil

	 Attention:
	  	Carlos Brandão
		  	Eduardo Ajuz
		  	Eurico Teles
	 Email:
	  	carlos.brandao@oi.net.br
		  	eduardo.ajuz@oi.net.br
		  	eurico.teles@oi.net.br
		  	
	 with copies (which shall not constitute notice) to:

 

	 WHITE & CASE LLP

	 Southeast Financial Center

	 200 South Biscayne Blvd., Suite 4900

	 Miami, FL 33131-2352

	 Attention:
	  	Mark Bagnall
		  	Jessica Chen
	 Email:
	  	mbagnall@whitecase.com
		  	jessica.chen@whitecase.com
		  	
	 -and-
	  	
		  	
	 Barbosa Mussnich Aragão

Av. Almirante Barroso, 52, 31st Floor

	 Rio de Janeiro – RJ 20031-000

	 Brazil

	 Attention:
	  	Rafael Padilha Calabria
		  	Felipe Guimarães Rosa Bon
	 Email:
	  	calabria@bmalaw.com.br
		  	fgb@bmalaw.com.br

 If to a Potential Shareholder, to the address(es), electronic mail address(es) or facsimile number(s) set
forth below such Potential Shareholder’s signature, as the case may be, with copies to any counsel designated by such Potential Shareholder (as included on its signature page or otherwise provided by written notice to the Company). 

Any notice given by delivery, mail or courier shall be effective when received. Any notice given by facsimile shall be effective upon oral or
machine confirmation of successful transmission. Any notice given by electronic mail shall be effective upon delivery. 
  

  
 12 

	(j)	 Rules of Construction. The Parties agree that they have each been represented by counsel during the
negotiation, preparation and execution of this Agreement (or, if executed following the date hereof by counterpart, have been provided with an opportunity to review the Agreement with counsel) and, therefore, waive the application of any law,
regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the Party drafting such agreement or document. 

 

	(k)	 Interpretation. This Agreement shall be construed in accordance with the following rules: (i) the
terms defined in this Agreement include the plural as well as the singular; (ii) all references in the Agreement to designated “Sections” and other subdivisions are to the designated sections and other subdivisions of the body of this
Agreement; (iii) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms; (iv) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular Section or other subdivision; and (v) the words “includes” and “including” are not limiting. 

 

	(l)	 Independent Agreement by the Potential Shareholders. The Parties acknowledge and agree that this
Agreement does not constitute an agreement, arrangement, or understanding with respect to acting together for the purpose of acquiring, holding, voting, or disposing of Registrable Securities, Common ADSs, the Company’s common shares or
preferred shares or any equity securities of the Company, and the Potential Shareholders do not constitute a “group” within the meaning of Rule 13d-5 under the Exchange Act. Nothing contained in this
Agreement and no action taken by any Potential Shareholder pursuant to this Agreement shall be deemed to constitute or to create a presumption by any parties that the Potential Shareholders are in any way acting in concert or as a “group”
or “joint actors” (or a joint venture, partnership or association), and each of the Parties agree to not assert any such claim with respect to such obligations or the transactions contemplated by this Agreement. 

 

  
 13 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first above
written. 
  

			
	 COMPANY: 
  

OI S.A.—UNDER JUDICIAL REORGANIZATION

		
	By:	 	/s/ Carlos Augusto M. P. de A. Brandão
		 	 Name: Carlos Augusto M. P. de A. Brandão

Title: Chief Financial Officer and Investor Relations Officer

		
	By:	 	/s/ José Cláudio Moreira Gonçalves
		 	 Name: José Cláudio Moreira Gonçalves

Title: Executive Officer

  
 [Signature Page
to Registration Rights Agreement] 

 
			
	WITNESSES:
		
	By:	 	/s/ Liane Elena de Q. Gonçalves
		 	 Name: Liane Elena de Q. Gonçalves

Title:CPF: 510.591.347-72

		
	By:	 	/s/ Sonia Ferreira de Lucena
		 	 Name: Sonia Ferreira de Lucena
 Title:
509.642.597-53

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	 POTENTIAL SHAREHOLDERS: 
  

BENEFIT STREET PARTNERS L.L.C.
 9 WEST 57TH STREET
 NEW YORK, NEW YORK 10019

					
	Date:	 	December 18, 2018	 		 	By:	 	/s/ Bryan Martoken
		 		 		 		 	 Name: Bryan Martoken
 Title:
Chief Financial Officer

					
		 		 		 		 	Address:
		 		 		 		 	9 West 57th Street
		 		 		 		 	New York, NY 10019
		 		 		 		 	  
 Facsimile:_________________________

 
 Email: j.garvey@benefitstreetpartners.com

 
 With a copy to (which shall not constitute notice):

 
 CLEARY GOTTLIEB STEEN & HAMILTON LLP

One Liberty Plaza
 New York, NY 10006

		 		 		 		 	Attention:	 	Richard J. Cooper
		 		 		 		 		 	Francisco L. Cestero
		 		 		 		 		 	Denise Filauro
		 		 		 		 	Email:	 	rcooper@cgsh.com
		 		 		 		 		 	fcestero@cgsh.com
		 		 		 		 		 	dfilauro@cgsh.com

  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	PF FUND LIMITED PARTNERSHIP
				
	Date:	 	December 18, 2018	 		 	By: 2518154 Ontario Limited, its general partner
					
		 		 		 	Date:	 	/s/ Kathy Sarpash
		 		 		 		 	 Name: Kathy Sarpash
 Title:
Vice-President and Secretary

					
		 		 		 		 	Address:
		 		 		 		 	181 Bay Street, Suite 300, Brookfield Place, Toronto, Ontario M5J 2T3 Canada
		 		 		 		 	 
		 		 		 		 	 
		 		 		 		 	  
 Facsimile:_________________________

 
 Email: kathy.sarpash@brookfield.com

 

With a copy to (which shall not constitute notice):

 
 CLEARY GOTTLIEB STEEN & HAMILTON LLP

One Liberty Plaza
 New York, NY 10006

		 		 		 		 	Attention:	 	Richard J. Cooper
		 		 		 		 		 	Francisco L. Cestero
		 		 		 		 		 	Denise Filauro
		 		 		 		 	Email:	 	rcooper@cgsh.com
		 		 		 		 		 	fcestero@cgsh.com
		 		 		 		 		 	dfilauro@cgsh.com

  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	JH CREDIT, L.L.C.
					
	Date:	 	12/18/18	 		 	By:	 	/s/ Viv Melwani
		 		 		 		 	 Name: Viv Melwani
 Title:
Authorized Signatory

					
		 		 		 		 	Address:
		 		 		 		 	Attn: Office of the General Counsel
		 		 		 		 	375 Park Ave., 12th Floor
		 		 		 		 	New York, NY 10152
		 		 		 		 	  
 Facsimile:_________________________

 
 Email: LEGALNOTICES@CENTERBRIDGE.COM

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	BROOKFIELD CREDIT OPPORTUNITIES MASTER FUND, L.P.
				
	Date:	 	December 18, 2018	 		 	By: Brookfield Asset Management Private Institutional Capital Adviser (Credit), LLC, its investment manager
					
		 		 		 	By:	 	/s/ Anthony Bavaro
		 		 		 		 	 Name: Anthony Bavaro
 Title: Vice
President

					
		 		 		 		 	Address:
		 		 		 		 	250 Vesey St. 15th Floor
		 		 		 		 	New York, NY 10281
		 		 		 		 	Attn: Anthony Bavaro
		 		 		 		 	  
 Facsimile: N/A

 
 Email: Anthony.Bavaro@Brookfield.com

 

With a copy to (which shall not constitute notice):

 
 CLEARY GOTTLIEB STEEN & HAMILTON LLP

One Liberty Plaza
 New York, NY 10006

		 		 		 		 	Attention:	 	Richard J. Cooper
		 		 		 		 		 	Francisco L. Cestero
		 		 		 		 		 	Denise Filauro
		 		 		 		 	Email:	 	rcooper@cgsh.com
		 		 		 		 		 	fcestero@cgsh.com
		 		 		 		 		 	dfilauro@cgsh.com

  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	CHARCOAL CRUX 4, L.L.C.
					
	Date:	 	December 18, 2018	 		 	Date:	 	/s/ John J. Ryan
		 		 		 		 	 Name: John. J. Ryan
 Title:
President

					
		 		 		 		 	Address:
		 		 		 		 	65 East 55th Street
		 		 		 		 	30th Floor
		 		 		 		 	New York. NY 10022
		 		 		 		 	  
 Facsimile: (646) 289-7690

 
 Email: KSLegal@kingstreet.com

 

With a copy to (which shall not constitute notice):

 
 CLEARY GOTTLIEB STEEN & HAMILTON LLP

One Liberty Plaza
 New York, NY 10006

		 		 		 		 	Attention:	 	Richard J. Cooper
		 		 		 		 		 	Francisco L. Cestero
		 		 		 		 		 	Denise Filauro
		 		 		 		 	Email:	 	rcooper@cgsh.com
		 		 		 		 		 	fcestero@cgsh.com
		 		 		 		 		 	dfilauro@cgsh.com

  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	REDWOOD CAPITAL MASTER FUND, LTD. 
				
	Date:	 	December 18, 2018	 		 	By: Redwood Capital Management, LLC, its investment manager
					
		 		 		 	By:	 	/s/ Ruben Kliksberg
		 		 		 		 	 Name: Ruben Kliksberg
 Title:
Co-CEO

				
		 		 		 	REDWOOD DRAWDOWN MASTER FUND, L.P. 
				
	Date:	 	December 18, 2018	 		 	By: Redwood Capital Management, LLC, its investment manager
					
		 		 		 	By:	 	/s/ Ruben Kliksberg
		 		 		 		 	 Name: Ruben Kliksberg
 Title:
Co-CEO

					
		 		 		 		 	Address:
		 		 		 		 	910 Sylvan Avenue
		 		 		 		 	Englewood Cliffs, NJ 07631
		 		 		 		 	U.S.A
		 		 		 		 	  
 Email: rkliksberg@redwoodcap.com

            chagedorn@redwoodcap.com

 

With a copy to (which shall not constitute notice):

 
 CLEARY GOTTLIEB STEEN & HAMILTON LLP

One Liberty Plaza
 New York, NY 10006

		 		 		 		 	Attention:	 	Richard J. Cooper
		 		 		 		 		 	Francisco L. Cestero
		 		 		 		 		 	Denise Filauro
		 		 		 		 	Email:	 	rcooper@cgsh.com
		 		 		 		 		 	fcestero@cgsh.com
		 		 		 		 		 	dfilauro@cgsh.com

  

  
 [Signature Page to
Registration Rights Agreement] 

 GOLDENTREE CREDIT OPPORTUNITIES MASTER FUND LTD. 

GOLDENTREE DISTRESSED MASTER FUND 2014 LTD. 

GOLDENTREE DISTRESSED FUND 2014 LP 

GOLDENTREE E DISTRESSED DEBT MASTER FUND II LP 

GOLDEN TREE E DISTRESSED DEBT FUND II LP 

GOLDEN TREE ENTRUST MASTER FUND SPC ON BEHALF OF AND FOR THE ACCOUNT OF SEGREGATED PORTFOLIO I GOLDENTREE MASTER FUND,
LTD. 
 GN3 SIP LIMITED 

GN3 SIP LIMITED 
 GN3 SIP
L.P. 
 GOLDENTREE INSURANCE FUND SERIES INTERESTS OF THE SALI MULTI-SERIES FUND, L.P. 

GOLDENTREE NJ DISTRESSED FUND 2015 LP 

GT NM, L.P. 
 LOUISIANA STATE
EMPLOYEES RETIREMENT SYSTEM 
 GOLD COAST CAPITAL SUBSIDIARY X LIMITED 

GOLDENTREE HIGH YIELD VALUE MASTER UNIT TRUST 

MA MULTI-SECTOR OPPORTUNISTIC FUND, LP 

GOLDENTREE MULTI-SECTOR MASTER FUND ICAV—GOLDENTREE MULTI-SECTOR MASTER FUND PORTFOLIO A CENTURYLINK, INC. DEFINED
BENEFIT MASTER TRUST 
 GOLDEN TREE HIGH YIELD VALUE FUND OFFSHORE (STRATEGIC), LTD. 

CREDIT FUND GOLDEN LTD 

HIGH YIELD AND BANK LOAN SERIES TRUST 

ROCK BLUFF HIGH YIELD PARTNERSHIP, L.P. 

GUADALUPE FUND, LP 

KAPITALFORENINGEN UNIPENSION INVEST, HIGH YIELD OBLIGATIONER 

GOLDENTREE MULTI-SECTOR FUND OFFSHORE ERLSA, LTD. 

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	HEALTHCARE EMPLOYEES’ PENSION PLAN – MANITOBA
				
		 		 		 	By: Goldentree Asset Management LP, its investment manager
					
	Date:	 	December 18, 2018	 		 	By:	 	/s/ Peter Alderman
		 		 		 		 	 Name: Peter Alderman
 Title:
Vice-President

					
		 		 		 		 	Address:
		 		 		 		 	300 Park Avenue,
		 		 		 		 	New York, New York 10022
		 		 		 		 	USA
		 		 		 		 	  
 Facsimile: 212-847-3496

 
 Email: palderman@goldentree.com

 

With a copy to (which shall not constitute notice):

 
 CLEARY GOTTLIEB STEEN & HAMILTON LLP

One Liberty Plaza
 New York, NY 10006

		 		 		 		 	Attention:	 	Richard J. Cooper
		 		 		 		 		 	Francisco L. Cestero
		 		 		 		 		 	Denise Filauro
		 		 		 		 	Email:	 	rcooper@cgsh.com
		 		 		 		 		 	fcestero@cgsh.com
		 		 		 		 		 	dfilauro@cgsh.com

  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	SOLUS ALTERNATIVE MANAGEMENT LP, on behalf of certain funds and accounts managed thereby
					
	Date:	 	DECEMBER 18, 2018	 		 	By:	 	/s/ C.J. Lanktree
		 		 		 		 	 Name: C.J. Lanktree
 Title:
Partner/Portfolio Manager

					
		 		 		 		 	Address:
		 		 		 		 	 c/o Solus Alternative Asset Management LP

410 Park Avenue
 New York, NY 10022

Telephone: 212-284-4300
 Email: jzinman@soluslp.com

		 		 		 		 	  

With a copy to (which shall not constitute notice):

 
 Davis POLK & WARDWELL LLP

450 Lexington Avenue
 New York, New York 10017

		 		 		 		 	Attention:	 	Timothy Graulich
		 		 		 		 		 	Stephen Salmon
		 		 		 		 	Email:	 	timothy.graulich@davispolk.com
		 		 		 		 		 	stephen.salmon@davispolk.com

  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	TRINITY INVESTMENTS DESIGNATED ACTIVITY COMPANY
					
	Date:	 	December 18, 2018	 		 	By:	 	/s/ David Alhadeff
		 		 		 		 	 Name: David Alhadeff
 Title:
Attorney

					
		 		 		 		 	Address:
		 		 		 		 	 7 Seymour Street
 London, W1H
7JW
 United Kingdom

		 		 		 		 	  
 Facsimile:_________________________

 
 Email: david.alhadeff@attestorcapital.com

  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	KNIGHTHEAD MASTER FUND, L.P. 
				
	Date:	 	December 18, 2018	 		 	By: Knighthead Capital Management, LLC, its Investment Manager
					
		 		 		 	By:	 	/s/ Laura Torrado
		 		 		 		 	 Name: Laura Torrado
 Title:
General Counsel

					
		 		 		 		 	Address:
		 		 		 		 	  

Knighthead Capital Management, LLC

		 		 		 		 	1140 Avenue of the Americas
		 		 		 		 	12th Floor
		 		 		 		 	New York, NY 10036
		 		 		 		 	Attn: Laura Torrado
		 		 		 		 	Facsimile: 212-356-3933
		 		 		 		 	Email: ltorrado@knighthead.com
		 		 		 		 	  

Knighthead Capital Management, LLC

		 		 		 		 	1140 Avenue of the Americas
		 		 		 		 	12th Floor
		 		 		 		 	New York, NY 10036
		 		 		 		 	Attn: Michael Friedberg
		 		 		 		 	Facsimile: 212-356-2901
		 		 		 		 	Email: ops@knighthead.com
		 		 		 		 	  

With a copy to (which shall not constitute notice):

 
 DECHERT LLP

1095 Avenue of the Americas
 New York, NY 10036

		 		 		 		 	Attention:	 	Allan S. Brilliant
		 		 		 		 		 	Craig P. Druehl
		 		 		 		 		 	Charles I. Weissman
		 		 		 		 	Email:	 	allan.brilliant@dechert.com
		 		 		 		 		 	craig.druehl@dechert.com
		 		 		 		 		 	charles.weissman@dechert.com

  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	KNIGHTHEAD (NY) FUND, L.P. 
				
	Date:	 	December 18, 2018	 		 	By: Knighthead Capital Management, LLC, its Investment Manager
					
		 		 		 	By:	 	/s/ Laura Torrado
		 		 		 		 	 Name: Laura Torrado
 Title:
General Counsel

					
		 		 		 		 	Address:
		 		 		 		 	  

Knighthead Capital Management, LLC

		 		 		 		 	1140 Avenue of the Americas
		 		 		 		 	12th Floor
		 		 		 		 	New York, NY 10036
		 		 		 		 	Attn: Laura Torrado
		 		 		 		 	Facsimile: 212-356-3933
		 		 		 		 	Email: ltorrado@knighthead.com
		 		 		 		 	  

Knighthead Capital Management, LLC

		 		 		 		 	1140 Avenue of the Americas
		 		 		 		 	12th Floor
		 		 		 		 	New York, NY 10036
		 		 		 		 	Attn: Michael Friedberg
		 		 		 		 	Facsimile: 212-356-2901
		 		 		 		 	Email: ops@knighthead.com
		 		 		 		 	  

With a copy to (which shall not constitute notice):

 
 DECHERT LLP

1095 Avenue of the Americas
 New York, NY 10036

		 		 		 		 	Attention:	 	Allan S. Brilliant
		 		 		 		 		 	Craig P. Druehl
		 		 		 		 		 	Charles I. Weissman
		 		 		 		 	Email:	 	allan.brilliant@dechert.com
		 		 		 		 		 	craig.druehl@dechert.com
		 		 		 		 		 	charles.weissman@dechert.com

  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	KNIGHTHEAD ANNUITY & LIFE ASSURANCE COMPANY
				
	Date:	 	December 18, 2018	 		 	By: Knighthead Capital Management, LLC, its Investment Manager
					
		 		 		 	By:	 	/s/ Laura Torrado
		 		 		 		 	 Name: Laura Torrado
 Title:
General Counsel

					
		 		 		 		 	Address:
		 		 		 		 	  

Knighthead Capital Management, LLC

		 		 		 		 	1140 Avenue of the Americas
		 		 		 		 	12th Floor
		 		 		 		 	New York, NY 10036
		 		 		 		 	Attn: Laura Torrado
		 		 		 		 	Facsimile: 212-356-3933
		 		 		 		 	Email: ltorrado@knighthead.com
		 		 		 		 	  

Knighthead Capital Management, LLC

		 		 		 		 	1140 Avenue of the Americas
		 		 		 		 	12th Floor
		 		 		 		 	New York, NY 10036
		 		 		 		 	Attn: Michael Friedberg
		 		 		 		 	Facsimile: 212-356-2901
		 		 		 		 	Email: ops@knighthead.com
		 		 		 		 	  

With a copy to (which shall not constitute notice):

 
 DECHERT LLP

1095 Avenue of the Americas
 New York, NY 10036

		 		 		 		 	Attention:	 	Allan S. Brilliant
		 		 		 		 		 	Craig P. Druehl
		 		 		 		 		 	Charles I. Weissman
		 		 		 		 	Email:	 	allan.brilliant@dechert.com
		 		 		 		 		 	craig.druehl@dechert.com
		 		 		 		 		 	 charles.weissman@dechert.com
  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	YORK GLOBAL FINANCE FUND, L.P.
					
	Date:	 	December 18, 2018	 		 	By:	 	/s/ Richard P. Swanson
		 		 		 		 	 Name: Richard P. Swanson
 Title:
General Counsel

		 		 		 		 	  
 York Global Finance Fund, L.P.

c/o Operations
 767 Fifth Avenue, 17th Floor

New York, NY 10153
 operations@yorkcapital.com

P: 212-710-6595

F: 212-300-1302

 

With a copy to (which shall not constitute notice):

 
 DECHERT LLP

1095 Avenue of the Americas
 New York, NY 10036

		 		 		 		 	Attention:	 	Allan S. Brilliant
		 		 		 		 		 	Craig P. Druehl
		 		 		 		 		 	Charles I. Weissman
		 		 		 		 	Email:	 	allan.brilliant@dechert.com
		 		 		 		 		 	craig.druehl@dechert.com
		 		 		 		 		 	charles.weissman@dechert.com

  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	 MARBLE RIDGE MASTER FUND LP

				
	Date:	 	December 18, 2018	 		 	By: Marble Ridge Capital GP LLC, its general partner
					
		 		 		 	By:	 	/s/ Dan Kamensky
		 		 		 		 	 Name: Dan Kamensky
 Title:
Managing Partner

					
		 		 		 		 	Address:
		 		 		 		 	111 West 33rd Street Suite 2116
		 		 		 		 	New York, NY 10120
		 		 		 		 	  
 Facsimile:_________________________

 
 Email: dKamensky@marbleridegecap.com

 

  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	BURLINGTON LOAN MANAGEMENT DESIGNATED ACTIVITY COMPANY
					
	Date:	 	As of 18 December 2018	 		 	By:	 	/s/ Roddy Stafford
		 		 		 		 	 Name: Roddy Stafford
 Title:
Director

					
		 		 		 		 	Address:
		 		 		 		 	5th Floor, The Exchange
		 		 		 		 	George’s Dock, IFSC
		 		 		 		 	Dublin 1, Ireland
		 		 		 		 	  
 Facsimile: N/A

 
 Email: DKCOSEC@walkersglobal.com

 
 Freshfields Bruckhaus Deringer

601 Lexington Avenue 31st Floor
 New York, NY

		 		 		 		 	Attention:	 	Scott Talmadge
		 		 		 		 	Email:	 	Scott.TALMADGE@freshfields.com

  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	SYZYGY CAPITAL MANAGEMENT, LTD. 
					
	Date:	 	December 18, 2018	 		 	By:	 	/s/ Dennis Prieto
		 		 		 		 	 Name: Dennis Prieto
 Title:
Authorized Signatory

					
		 		 		 		 	Address:
		 		 		 		 	Syzygy Capital Management, Ltd.
		 		 		 		 	c/o Aurelius Capital Management, LP
		 		 		 		 	535 Madison Avenue
		 		 		 		 	31st Floor
		 		 		 		 	New York, NY 10022
		 		 		 		 	  
 Facsimile: +1 (212) 786-5916

 
 Email: dprieto@aurelius-capital.com

 

With a copy to (which shall not constitute notice):

 
 DECHERT LLP

1095 Avenue of the Americas
 New York, NY 10036

		 		 		 		 	Attention:	 	Allan S. Brilliant
		 		 		 		 		 	Craig P. Druehl
		 		 		 		 		 	Charles I. Weissman
		 		 		 		 	Email:	 	allan.brilliant@dechert.com
		 		 		 		 		 	craig.druehl@dechert.com
		 		 		 		 		 	charles.weissman@dechert.com

  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	 CANYON CAPITAL ADVISORS LLC, 

on behalf of its clients listed below.

					
	Date:	 	December 18, 2018	 		 	By:	 	/s/ Jonathan M. Kaplan
		 		 		 		 	 Name: Jonathan M. Kaplan
 Title:
Authorized Signatory

	
	 Canyon-ASP Fund, L.P.

Canyon Balanced Master Fund, Ltd.
 Canyon Distressed Opportunity
Master Fund II, L.P.
 Canyon-SL Value Fund, L.P.

The Canyon Value Realization Master Fund, L.P.
 Canyon Blue Credit
Investment Fund L.P.
 Canyon-GRF Master Fund II, L.P.

Canyon Distressed Opportunity Investing Fund II, L.P.
 Canyon NZ-DOF Investing, L.P.
 EP Canyon Ltd.

Canyon Value Realization MAC 18 Ltd.
 Canyon Value Realization
Fund, L.P.

					
		 		 		 		 	Address:
		 		 		 		 	Attn: Legal
		 		 		 		 	2000 Avenue of the Stars, 11th Floor
		 		 		 		 	Los Angeles, California 90067
		 		 		 		 	  
 Facsimile: 1-310-272-1341

		 		 		 		 	  
 Email: emiller@canyonpartners.com;

		 		 		 		 	damico@canyonpartners.com;
		 		 		 		 	njohnson@canyonpartners.com
		 		 		 		 	  
 With a copy to (which shall not constitute
notice):
  
 DECHERT LLP

1095 Avenue of the Americas
 New York, NY 10006

		 		 		 		 	Attention:	 	Allan S. Brilliant
		 		 		 		 		 	Craig P. Druehl
		 		 		 		 		 	Charles I. Weissman
		 		 		 		 	Email:	 	allan.brilliant@dechert.com
		 		 		 		 		 	craig.druehl@dechert.com
		 		 		 		 		 	charles.weissman@dechert.com

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	
CVI EMCVF Lux Securities Trading S.a.r.l.

					
	Date:	 	December 18, 2018	 		 	By:	 	CarVal Investors, LLC, its Attorney-in-Fact
					
		 		 		 	By:	 	/s/ Jeremiah Gerhardson
		 		 		 		 	 Name: Jeremiah Gerhardson
 Title:
Authorized Signatory

					
		 		 		 		 	Address:
		 		 		 		 	11-13 Boulevard de la Foire
		 		 		 		 	L-1528, Luxembourg
		 		 		 		 	Luxembourg
		 		 		 		 	  
 Facsimile: +1 952 367 1473

 
 Email: carval_gcsadminmpls@carval.com

 
 With a copy to (which shall not constitute notice):

 
 DECHERT LLP

1095 Avenue of the Americas
 New York, NY 10006

		 		 		 		 	Attention:	 	Allan S. Brilliant
		 		 		 		 		 	Craig P. Druehl
		 		 		 		 		 	Charles I. Weissman
		 		 		 		 	Email:	 	allan.brilliant@dechert.com
		 		 		 		 		 	craig.druehl@dechert.com
		 		 		 		 		 	charles.weissman@dechert.com

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	 EOX Lux Securities S.a.r.l.

					
	Date:	 	December 18, 2018	 		 	By:	 	CarVal Investors, LLC, its Attorney-in-Fact
					
		 		 		 	By:	 	s/ Jeremiah Gerhardson
		 		 		 		 	 Name: Jeremiah Gerhardson
 Title:
Authorized Signatory

					
		 		 		 		 	Address:
		 		 		 		 	11-13 Boulevard de la Foire
		 		 		 		 	L-1528, Luxembourg
		 		 		 		 	Luxembourg
		 		 		 		 	  
 Facsimile: +1 952 367 1473

 
 Email: carval_gcsadminmpls@carval.com

 
 With a copy to (which shall not constitute notice):

 
 DECHERT LLP

1095 Avenue of the Americas
 New York, NY 10006

		 		 		 		 	Attention:	 	Allan S. Brilliant
		 		 		 		 		 	Craig P. Druehl
		 		 		 		 		 	Charles I. Weissman
		 		 		 		 	Email:	 	allan.brilliant@dechert.com
		 		 		 		 		 	craig.druehl@dechert.com
		 		 		 		 		 	charles.weissman@dechert.com

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	CITADEL EQUITY FUND LTD 
					
	Date:	 	December 18, 2018	 		 	By:	 	Citadel Advisors LLC, as its Portfolio Manager
					
		 		 		 	By:	 	/s/ Donna Rix
		 		 		 		 	 Name: Donna Rix
 Title:
Authorized Signatory

					
		 		 		 		 	Address:
		 		 		 		 	To: Citadel Equity Fund Ltd, Registered office:
		 		 		 		 	c/o Maples Corporate Services Limited,
		 		 		 		 	PO Box 309 Ugland House, Grand Cayman,
		 		 		 		 	KY1-1104, Cayman Islands
		 		 		 		 	Copy to: Attn: Legal & Compliance, Citadel
		 		 		 		 	Advisors LLC, 131 South Dearborn Street,
		 		 		 		 	Chicago, Illinois 60603, USA
		 		 		 		 	Copy to: Attn: Legal & Compliance, Citadel
		 		 		 		 	Europe LLP, c/o Citadel Enterprise Europe
		 		 		 		 	Limited, 120 London Wall, London EC2Y
		 		 		 		 	5ET, United Kingdom
		 		 		 		 	  
 Email: CitadelAgreementNotice@citadel.com
And LondonLegalCompliance@citadel.com
  
 With a copy to (which shall not
constitute notice):
  
 DECHERT LLP

1095 Avenue of the Americas
 New York, NY 10006

		 		 		 		 	Attention:	 	Allan S. Brilliant
		 		 		 		 		 	Craig P. Druehl
		 		 		 		 		 	Charles I. Weissman
		 		 		 		 	Email:	 	allan.brilliant@dechert.com
		 		 		 		 		 	craig.druehl@dechert.com
		 		 		 		 		 	charles.weissman@dechert.com

  

  
 [Signature Page to
Registration Rights Agreement] 

											
		 		 		 	BENNETT RESTRUCTURING FUND, L.P. 
					
	Date:	 	December 18, 2018	 		 	By:	 	Restructuring Capital Associates, L.P., its general partner
		 		 		 		 	
					
		 		 		 	By:	 	Bennett Capital Corporation, its general partner
					
		 		 		 	By:	 	/s/ Scott Donahue
		 		 		 		 	 Name: Scott Donahue
 Title:
V.P.

				
		 		 		 	BENNETT OFFSHORE RESTRUCTURING FUND, INC.
					
	Date:	 	December 18, 2018	 		 	By:	 	Bennett Offshore Investment Corporation, its investment manager
					
		 		 		 	By:	 	/s/ Scott Donahue
		 		 		 		 	Name: Scott Donahue
		 		 		 		 	Title: V.P.
					
		 		 		 		 	Address:
		 		 		 		 	2 Stamford Plaza, Suite 1501
		 		 		 		 	281 Tresser Blvd.
		 		 		 		 	Stamford, CT 06901 USA
		 		 		 		 	  
 Facsimile: +1 (203) 353-3101

 
 Email: Bennett.Ops@bennettmgmt.com

 
 With a copy to (which shall not constitute notice):

 
 DECHERT LLP

1095 Avenue of the Americas
 New York, NY 10006

		 		 		 		 	Attention:	 	Allan S. Brilliant
		 		 		 		 		 	Craig P. Druehl
		 		 		 		 		 	Charles I. Weissman
		 		 		 		 	Email:	 	allan.brilliant@dechert.com
		 		 		 		 		 	craig.druehl@dechert.com
		 		 		 		 		 	charles.weissman@dechert.com

  
 [Signature Page to
Registration Rights Agreement] 

 EXHIBIT A 

Oi S.A. – IN JUDICIAL REORGANIZATION 

SELLING SHAREHOLDER QUESTIONNAIRE 
 The
undersigned (the “Selling Shareholders”) understand that Oi S.A. – In Judicial Reorganization (the “Company”) intends to file with the United States Securities and Exchange Commission (the
“SEC”) a registration statement on Form F-1 (the “Registration Statement”) for the registration under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), of the Registrable Securities (as such term is defined in the Registration Rights Agreement, dated December 17, 2018, among the Company and the Potential Shareholders party thereto (the “Registration Rights
Agreement”)) held by the undersigned, pursuant to the terms of the Registration Rights Agreement. Capitalized terms used, but not defined, herein shall have the meaning ascribed to such terms in the Registration Rights Agreement. Reference
is made to that certain Subscription and Commitment Agreement, dated as of December 19, 2017 (as amended, restated, supplemented and otherwise modified from time to time, the “Subscription Agreement”). 

In order to sell the Registrable Securities pursuant to the Registration Statement, each Selling Shareholder will be required to be named or otherwise
identified as a Selling Shareholder in the Registration Statement and the related prospectus. Selling Shareholders are required to complete and deliver this Questionnaire in order to verify the accuracy of information regarding the Selling
Shareholder that is included in the Registration Statement and will be included in the related prospectus at the time of effectiveness. 
 Certain legal
consequences arise from being named as a Selling Shareholder in the Registration Statement and the related prospectus. Accordingly, Selling Shareholders are advised to consult securities law counsel regarding the consequences of being named or not
being named as a Selling Shareholder and of providing false, misleading or incomplete information regarding a Selling Shareholder in the Registration Statement and the related prospectus. 

Please return this Questionnaire as soon as possible, but in no event later than 5:00 p.m. New York City time on January 22, 2019,
to the attention of Mark Bagnall at the following address: 
 Mark Bagnall 

Partner 
 White & Case
LLP 
 Southeast Financial Center 

200 South Biscayne Blvd., Suite 4900 

Miami, FL 33131-2352 
 Email:
mbagnall@whitecase.com 
 Tel: (305) 995-5225 

  
 A-1 

	 	1.	 Full Legal Name of Registered Owner or Owners (if being completed on behalf of multiple funds or
accounts) 

  
  

 
  
  

	 	2.	 Identification Information (please provide for each relevant fund or account or indicate if applicable to
all) 

  

			
	 Address:
	 	  

		 	  

		 	  

		 	Attention:                                    
                                         
           

  

	 	3.	 Amount of Registrable Securities to be Offered: 

Please indicate below the aggregate number of Common ADSs to be offered under the Resale Registration Statement as required to be specified in
the selling shareholder table in the Resale Registration Statement. Alternatively, if you would like all Unsubscribed Shares (as defined in the Subscription Agreement) and Commitment Fee Shares (as defined in the Subscription Agreement) allocated to
such Selling Shareholder as specified pursuant to Section 4(c) of the Subscription Agreement, please so indicate: 
  

 
  

 
  

	 	4.	 Beneficial Ownership of Securities 

“Beneficial ownership” is determined according to rules of the SEC. Securities “beneficially owned” by the Selling
Shareholder include not only securities held in his, her or its name, but also securities over which the Selling Shareholder, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares
(i) voting power which includes the power to vote, or to direct the voting of, such security, and/or (ii) investment power which includes the power to dispose of, or to direct the disposition of, such security. This may include, but is not
limited to, securities held for the Selling Shareholder by custodians, brokers, relatives, executors, administrators or trustees (including trusts in which the person has only a remainder interest) if by reason of contract, relationship,
understanding or arrangement he, she or it obtains benefits substantially equivalent to those of ownership; securities held for the Selling Shareholder’s account by a partnership of which the Selling Shareholder is a partner; and securities
owned by any corporation which the Selling Shareholder should regard as a personal holding corporation. 
 Shares Owned: In the table below, please
identify issued and outstanding shares of the Company that you beneficially own as of the date of this Questionnaire. 
  

					
	
Name of Registered Holder
	 	Type of Security	 	Number of Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 Options and Rights to Acquire Shares: In the table below, please identify shares of the Company that you have the right
to acquire within 60 days from the date of this Questionnaire. Such acquisition of beneficial ownership could be (i) through the exercise of any option, warrant or right, (ii) through the conversion of a security, or (iii) pursuant to
the power to revoke a trust, discretionary account or similar arrangement or through the automatic termination of such arrangements. 
  

					
	 Name of
Registered Holder
	 	Type of Security	 	Number of Shares (issued or issuable)
	 	 	 	 	 
	 	 	 	 	 

 Except as listed above, the undersigned Selling Shareholder does not beneficially own any shares of the Company. 

  
 A-2 

	 	5.	 Description of Beneficial Ownership 

The rules of the SEC require that the Registration Statement identify the “beneficial owner” of the shares to be sold. The beneficial
owner is the person that, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares (i) voting power which includes the power to vote, or to direct the voting of, such security, and/or
(ii) investment power which includes the power to dispose of, or to direct the disposition of, such security. Please set out below or as an attachment a description of the beneficial ownership of the shares to be sold in the form that you wish
it to appear in the prospectus: 
  
  

 
  
  

 
  

 
  

 
  

	 	6.	 Relationships with the Company 

Except as set forth below or pursuant to the Subscription Agreement or the Agreed Plan (as defined in the Subscription Agreement), neither the
Selling Shareholder nor any of his, her or its affiliates, officers, directors or principal equity holders (5% or more) has held any position or office or has had any other material relationship with the Company (or any of its predecessors or
affiliates) during the past three (3) years (other than any relationship arising solely out of your ownership of shares of the Company): 
  

 
  

 
  

 
  

 
  

	 	7.	 Broker/Dealers 

Are you a registered broker-dealer or an affiliate of a registered broker-dealer? 

Yes                    No 

If you are a registered broker-dealer or an affiliate of a registered broker-dealer, please elaborate below and confirm whether, at the
time of purchase of the shares, you had any agreements, plans or understandings, directly or indirectly, with any person to distribute the shares: 

No such agreements, plans or understandings. 

The undersigned had such agreements, plans or understandings (please elaborate below). 

Description in response to question 7: 
  

 
  

 
  

 
  

  
 A-3 

 ***** 

By signing below, the undersigned consents to the disclosure of the information contained herein or attached hereto in connection with its
answers to items (1) through (6) above and the inclusion of such information in the Registration Statement and the related prospectus. The undersigned agrees to promptly notify the Company of any changes in such information which may occur
subsequent hereto and prior to the effective date of the Registration Statement. 
 IN WITNESS WHEREOF, the undersigned, by authority duly
given, has caused this Questionnaire to be executed and delivered either in person or by its duly authorized agent on behalf of each Selling Shareholder named in this Questionnaire. 

 

			
	  

	  
 By:
	 	  

	  
 Name:
	 	  

	  
 Title:
	 	  

	  
 Dated:
	 	  

 PLEASE RETURN THIS FULLY COMPLETED AND EXECUTED QUESTIONNAIRE FOR RECEIPT BY 5:00 P.M. NEW YORK CITY TIME ON
JANUARY 22, 2019. 

  
 A-4 

 EXHIBIT B 

FORM OF JOINDER AGREEMENT 

TO REGISTRATION RIGHTS AGREEMENT 

This Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the undersigned in accordance with
Section 10(d) of the Registration Rights Agreement dated as of December 17, 2018 (as the same may be amended from time to time, the “Registration Rights Agreement”) among Oi S.A. – In Judicial Reorganization (the
“Company”) and the Potential Shareholders party thereto. Capitalized terms used, but not defined, herein shall have the meaning ascribed to such terms in the Registration Rights Agreement. 

The Potential Shareholder party hereto (the “Potential Shareholder”) is a signatory to the Registration Rights Agreement. The
Potential Shareholder hereby (1) assigns the rights and obligations under the Registration Rights Agreement with respect to any Unsubscribed Shares that the Potential Shareholder is obligated to acquire under the Subscription Agreement and any
Commitment Fee Shares that the Potential Shareholder is entitled to receive under the Subscription Agreement (and any Registrable Securities issued or issuable with respect thereto) to the Person or Persons (a) designated by the Potential
Shareholder as obligated to acquire such Unsubscribed Shares or entitled to receive such Commitment Fee Shares, and (b) named as the “Joining Party” on the signature page hereto, or (2) assigns the rights and obligations under
the Registration Rights Agreement with respect to the Registrable Securities that the Potential Shareholder has transferred or assigned to the Person or Persons named as the “Joining Party” on the signature page hereto. 

Each Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, as of the date hereof, the
Joining Party shall be deemed to be a party to the Registration Rights’ Agreement and shall have all of the rights and obligations of a “Potential Shareholder” thereunder with respect to any Registrable Securities issued to it under
the Subscription Agreement or transferred or assigned to it by the Potential Shareholder as if it had been an original party to the Registration Rights Agreement. The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound by,
all of the terms, provisions and conditions contained in the Registration Rights Agreement. 
 [Signature Page Follows.] 

  
 B-1 

 IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date
written below. 
  

									
		 		 		 	[NAME OF POTENTIAL SHAREHOLDER]
					
	Date:	 	 	 		 	By:	 	 
		 		 		 		 	 Name:
 Title:

 [Signature Page to Joinder Agreement] 

 

  
 B-2 

 IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date
written below. 
  

											
		 		 		 	[NAME OF JOINING PARTY] 
					
	Date:	 	 	 		 	By:	 	 
		 		 		 		 	 Name:
 Title:

					
		 		 		 		 	Address:
		 		 		 		 	 
		 		 		 		 	 
		 		 		 		 	 
		 		 		 		 	  

Facsimile:                        
                        
  

Email:                         
                               

 
 Name:

Title:
  

Number of Registrable Securities assigned or transferred:
  

		 		 		 		 	  
 With a copy to
(which shall not constitute notice):
  

		 		 		 		 	 
		 		 		 		 	 
		 		 		 		 	 

 [Signature Page to Joinder Agreement] 

 

  
 B-3

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