Document:

Support Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 Confidential 

THIS AGREEMENT IS NOT AN OFFER WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF 

ANY KIND. SUCH AN OFFER OR SOLICITATION WILL BE MADE ONLY IN COMPLIANCE WITH 

APPLICABLE SECURITIES LAWS. 
 SUPPORT AGREEMENT 
 THIS SUPPORT AGREEMENT (this
“Agreement”), dated as of May 13, 2011, is entered into by and among Primus Telecommunications Group, Incorporated, a Delaware corporation (“Group”), Primus Telecommunications Holding, Inc., a Delaware
corporation (“Issuer”), Primus Telecommunications IHC, Inc., a Delaware corporation (“IHC”), Primus Telecommunications Canada Inc., an Ontario Canada corporation (“Primus Canada” and together with
Group, Issuer and IHC, the “Company”), and the undersigned Beneficial Owners of Existing Notes (each a “Holder” and collectively the “Holders”). Capitalized terms used herein and not otherwise
defined shall have the meanings ascribed to such terms in Section 1. 
 RECITALS 

WHEREAS, Issuer, IHC and Primus Canada, all wholly owned subsidiaries of Group, expect to commence offers to exchange (the
“Exchange Offers”) the Issuer’s newly issued 10.00% Senior Secured Notes (the “Exchange Notes”) for all outstanding (a) Units, each consisting of $653.85 principal amount of 13% Senior Secured Notes due
2016 of the Issuer (the “U.S. Notes”) and $346.15 principal amount of 13% Senior Secured Notes due 2016 of Primus Canada (the “Canadian Notes” and, together with the U.S. Notes, the “13% Notes”),
and (b) 14.25% Senior Subordinated Secured Notes due 2013 of IHC (the “14.25% Notes” and, together with the 13% Notes, the “Existing Notes”), in accordance with the terms and conditions set forth on Annex
A hereto; 
 WHEREAS, the Issuer, IHC and Primus Canada previously conducted offers to exchange and consent solicitations
pursuant to an offering circular and consent solicitation statement dated February 9, 2011 (as supplemented, the “February 2011 Offering Circular”); 
 WHEREAS, in connection with the Exchange Offers, Issuer, IHC and Primus Canada expect to solicit consents (the “Consent Solicitations”) to (a) amend the indenture governing the 13%
Notes and in connection therewith to release the collateral securing the 13% Notes (the “13% Notes Amendments and Lien Release”), and (b) amend the indenture governing the 14.25% Notes (the “14.25% Notes
Amendments”), each in substantially the same manner described in the February 2011 Offering Circular; 
 WHEREAS, as of
the date hereof, Holders Beneficially Own the Subject Existing Notes; 
 WHEREAS, the execution of this Agreement by each Holder
shall constitute such Holder’s agreement to (a) tender and not revoke the tender of all Subject Existing Notes held by such Holder in the Exchange Offers, other than in connection with a Valid Withdrawal Condition and/or any such Subject
Existing Notes Transferred by such Holder to a Permitted Transferee, and thereby give consent to the 13% Notes Amendments and Lien Release and, if such Holder Beneficially Owns 14.25% Notes, the 14.25% Notes Amendments, in each case in the Consent
Solicitations, and (b) not Transfer any Subject Existing Notes held by such Holder, other than to a Permitted Transferee, at any time prior to the Expiration Time; 
 WHEREAS, Consummation of the Exchange Offers and Consent Solicitations is conditioned upon, among other things, the satisfaction of the Minimum Consent Condition prior to the Termination Date and the
failure to occur of a Valid Withdrawal Condition prior to the Consummation; and 
 WHEREAS, in order to induce the Company to
conduct the Exchange Offers, Holders have agreed to enter into this Agreement. 

  
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 AGREEMENT 
 NOW, THEREFORE, intending to be legally bound and in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows: 
  

	 	1.	Definitions. 

  

	 	a)	“Additional Exchange Notes” shall mean the additional Exchange Notes offered to Holders at a purchase price in cash equal to 100% of the principal
amount of such Exchange Notes provided that the aggregate principal amount of such Exchange Notes shall not exceed the lesser of (i) $15,000,000 and (ii) the aggregate principal amount of the Unexchanged 14.25% Notes.

  

	 	b)	“Beneficially Own” or “Beneficial Owner,” with respect to any securities and any Person, means that such Person owns such securities
or such securities are owned by an investment fund over which such Person has sole investment and management authority. 

  

	 	c)	“Business Day” means a day other than a Saturday, Sunday or federal holiday. 

 

	 	d)	“Consummation” means successful consummation of the Exchange Offers and Consent Solicitations on or prior to the Termination Date upon satisfaction or
waiver of all conditions precedent thereto, including the absence of any Valid Withdrawal Condition, the satisfaction of the Minimum Consent Condition, the acceptance of all validly tendered (and not validly withdrawn) Existing Notes and the valid
issuance of the Exchange Notes in exchange for all validly tendered (and not validly withdrawn) Existing Notes. 

  

	 	e)	“Effective Date” means the commencement date of the Exchange Offers and Consent Solicitations. 

 

	 	f)	“Expiration Time” means 12:00 p.m., New York City time, on the Business Day following the Effective Date on which the Exchange Offers may first be
consummated in compliance with Rule 14e-1 under the Securities Exchange Act of 1934, unless such time is extended or earlier terminated by the Company in accordance with the terms of the Exchange Offers. 

 

	 	g)	 “Minimum Consent Condition” means the condition to the Consummation of the Exchange Offers and Consent Solicitations that
(i) holders of at least 66 2/3% of the
aggregate outstanding principal amount of 13% Notes must validly tender (and not validly withdraw) such 13% Notes in the Exchange Offers and thereby consent to the 13% Notes Amendments and Lien Release, and (ii) holders of at least 75% of the
aggregate outstanding principal amount of 14.25% Notes must validly tender (and not validly withdraw) such 14.25% Notes in the Exchange Offers and thereby consent to the 14.25% Notes Amendments. 

 

	 	h)	“Permitted Transferee” means a Person who (i) is (A) a qualified institutional buyer, as defined under Rule 144A of the Securities Act,
(B) a non-U.S. person, which term is defined in Rule 902 under the Securities Act and shall include dealers or other professional fiduciaries in the U.S. acting on a discretionary basis for non-U.S. beneficial owners (other than an estate or
trust) who will be required to make certain representations prior to the investments in the Exchange Notes, or (C) an institutional “Accredited Investor” as defined in Rule 501(a)(1), (2), (3), or (7) under the Securities Act,
and (ii) agrees in writing to be bound by all of the terms of this Agreement by execution of a counterpart hereto, as evidenced by documentation in form and substance satisfactory to the Company. 

 

	 	i)	“Person” means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited liability
partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and governmental authorities. 

 

	 	j)	 “Prohibited Modification” means an amendment, supplement or modification to the Exchange Offers and Consent Solicitations by the
Company that has the effect of (i) reducing the rate at which the Exchange Notes will be exchanged for 13% Notes below the rate specified in Annex A hereto, (ii) reducing the principal amount of 13% Notes or 14.25% Notes for which
the Exchange Offers are being 

  
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made or reducing, modifying or waiving the Minimum Consent Condition, (iii) reducing the interest rate for the Exchange Notes to a rate less than the rate specified on Annex A hereto,
or (iv) otherwise altering the terms of the Exchange Notes in any manner adverse to Holders. 

  

	 	k)	“SEC” means the Securities Exchange Commission. 

  

	 	l)	“Securities Act” means the Securities Act of 1933, as amended. 

 

	 	m)	“Specified Portion” means, with respect to each Holder who has agreed to purchase Additional Exchange Notes, the percentage set forth on such
Holder’s signature page hereto, provided that the Holders may reallocate each such percentage at any time prior to the Expiration Time by delivering written notice of such reallocation to the Company; provided further that
the aggregate amount of all percentages of the Holders who have agreed to purchase Additional Exchange Notes must equal 100% at all times during the term of this Agreement. 

 

	 	n)	“Subject Existing Notes” means (i) all 13% Notes Beneficially Owned by Holders as of the date of this Agreement, (ii) all 14.25% Notes
Beneficially Owned by Holders as of the date of this Agreement, and (iii) any additional 13% Notes or 14.25% Notes of which Holders acquire Beneficial Ownership prior to the Expiration Time. 

 

	 	o)	“Tender Date” means (i) the fifth Business Day after the Effective Date, or (ii) in the case of any Subject Existing Notes acquired after the
Effective Date, the fifth Business Day after the date of consummation of such acquisition (but in no event later than the Expiration Time), or, in the case of any transferee of any Holder, the fifth Business Day after the date of consummation of the
acquisition of Subject Existing Notes by such Permitted Transferee (but in no event later than the Expiration Time). 

  

	 	p)	“Termination Date” means August 1, 2011. 

  

	 	q)	“Transfer” means, in the case of any Holder, to, directly or indirectly, (i) sell, assign or transfer, (ii) pledge, encumber, create any
participation or grant any proxy or option, in each case, such as would prevent, preclude, hinder or delay the ability of such Holder from fulfilling its obligations under this Agreement, or (iii) enter into any agreement, commitment or other
arrangement to do any of the foregoing. 

  

	 	r)	“Unexchanged 14.25% Notes” means the 14.25% Notes not tendered and accepted for exchange in the Exchange Offers. 

 

	 	s)	“Valid Withdrawal Condition” means any one or more of the following: (i) the Company withdraws or terminates the Exchange Offers and Consent
Solicitations; (ii) (A) the entry of an order, judgment or decree adjudicating the Company or any of its significant subsidiaries bankrupt or insolvent, (B) the entry of any order for relief with respect to the Company or any of its
significant subsidiaries under Title 11 of the United States Code, or (C) the filing or commencement of any proceeding relating to or against the Company or any of its significant subsidiaries under any bankruptcy, reorganization, arrangement,
insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction; (iii) the Company defaults in the performance or observance of any of its covenants or other agreements contained herein and such default is not cured within
the earlier to occur of (A) ten (10) Business Days after the date a Holder delivers written notice of such default to the Company and (B) Consummation; (iv) the entry of an order, judgment or decree prohibiting Consummation or
delaying Consummation beyond the Termination Date; (v) a default or event of default has occurred and is continuing under the 13% Notes, (vi) a Prohibited Modification has become effective, (vii) an amount sufficient to redeem all
Unexchanged 14.25% Notes has not been deposited with the trustee of the 14.25% Notes or any of the other conditions to redeem the Unexchanged 14.25% Notes has not been satisfied, in each case, immediately prior to Consummation in accordance with
Section 2 hereof, (viii) the Minimum Consent Condition has not been satisfied immediately prior to the Consummation, (ix) any material statement of fact made or other material information set forth in the February 2011 Offering
Circular is false or misleading in any material respect or (x) the Termination Date shall have occurred and Consummation shall not have occurred on or prior to the Termination Date. 

  
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	 	2.	Tender Agreement and Consent to Amendments; Call of Unexchanged 14.25% Notes; Discretion Regarding 14.25% Notes Amendments. 

 

	 	a)	Each Holder hereby agrees, subject to the terms and conditions hereof, and provided that no Valid Withdrawal Condition shall exist, that prior to 5:00 p.m., New York
City time, on the Tender Date, such Holder will accept the Exchange Offers and thereby consent to the 13% Notes Amendments and Lien Release and, if such Holder Beneficially Owns 14.25% Notes, the 14.25% Notes Amendments, in each case pursuant to the
Exchange Offers and Consent Solicitations by causing the Subject Existing Notes held by such Holder to be validly tendered and deposited in accordance with the terms and conditions of the Exchange Offers and Consent Solicitations and this Agreement.

  

	 	b)	Each Holder shall only have the right to withdraw its acceptance of the Exchange Offers and revoke its tender of the Subject Existing Notes held by such Holder in the
Exchange Offers and its consent to the 13% Notes Amendments and Lien Release and, if applicable, 14.25% Notes Amendments pursuant to the Consent Solicitations at the time that a Valid Withdrawal Condition exists or this Agreement is terminated
pursuant to Section 7. 

  

	 	c)	Subject to the terms and conditions hereof, immediately prior to the Expiration Time, each Holder who has agreed to purchase Additional Exchange Notes (as evidenced by
the designation of a Specified Portion in excess of 0% on such Holder’s signature page, as such percentages may be reallocated in accordance with the definition of “Specified Portion”) hereby agrees to deposit with the Escrow Agent
(as defined in Section 21) the purchase price for its Specified Portion of Additional Exchange Notes in accordance with Section 21 hereof and thereafter to purchase such Additional Exchange Notes contemporaneously with the
Consummation, subject to the terms and conditions of this Agreement; provided that, in each case, (i) no Valid Withdrawal Condition exists and (ii) the Minimum Consent Condition has been satisfied. At a mutually agreed upon time
prior to the Expiration Time, the Company shall notify the Holders of the principal amount of Unexchanged 14.25% Notes and the principal amount of Additional Exchange Notes to be purchased by each applicable Holder in accordance with such
Holder’s Specified Portion. Immediately prior to the Consummation, each Holder who has agreed to purchase Additional Exchange Notes will direct the escrow agent to pay to the Issuer the purchase price for its Specified Portion of Additional
Exchange Notes by wire transfer of immediately available funds to an account or accounts maintained by the trustee for the 14.25% Notes and held in trust in connection with the redemption and discharge of the Unexchanged 14.25% Notes provided that
(i) no Valid Withdrawal Condition exists and (ii) the Minimum Consent Condition has been satisfied. Without limitation of the Company’s rights to enforce this Agreement against any defaulting Holder or to seek an alternate purchaser
for the Additional Exchange Notes to have been purchased by a defaulting Holder, in the event one or more Holders fails to deposit its Specified Portion of Additional Exchange Notes in accordance with this Section 2(c), the
non-defaulting Holders may but shall not be obligated to purchase the aggregate principal amount of all such Additional Exchange Notes prior to the close of business as of the date of the Consummation. 

 

	 	d)	Subject to the terms and conditions hereof, immediately prior to the Consummation, (i) IHC shall call all Unexchanged 14.25% Notes for redemption in accordance
with the terms of the indenture governing the 14.25% Notes and (ii) in connection therewith, Company shall (A) cause all conditions to such redemption to be satisfied and (B) deposit with the trustee for the 14.25% Notes such amounts
as may be necessary to discharge, effective as of such date of Consummation, IHC’s obligations under the indenture governing the 14.25% Notes (and Company’s obligations to redeem Unexchanged 14.25% Notes in accordance with the provisions
hereof). Each of the Holders who purchases Additional Exchange Notes agrees that its purchase of Additional Exchange Notes pursuant to Section 2(c) shall be funded in a manner so as to enable the proceeds of such purchase to be included
in the deposit referenced in the immediately preceding sentence. The Company agrees to deposit with the Escrow Agent its portion of the redemption price for the Unexchanged 14.25% Notes immediately prior to the Expiration Time in accordance with
Section 21 hereof. 

  

	 	e)	 Notwithstanding anything in this Agreement to the contrary (but without limiting the provisions of the definition of “Valid Withdrawal
Condition” set forth herein or any other provisions hereof that require that all 14.25% Notes be exchanged and/or redeemed concurrently with the Consummation), the Company may elect not to solicit consents to the 14.25% Notes Amendments, and in
the event the 

  
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Company elects not to solicit such consents, (i) this Agreement will be deemed to have been amended mutatis mutandis as if references to the 14.25% Notes Amendments had never been
included herein, and (ii) such election will not be deemed to be a Prohibited Modification or a breach of this Agreement. 

  

	 	3.	Representations and Warranties of Holders. 

 Each Holder represents and warrants to the Company as follows: 
  

	 	a)	As of the date hereof, Holder (or a fund or account managed by Holder) Beneficially Owns (free and clear of any encumbrances or restrictions that would prevent
Holder’s compliance with its obligations hereunder) the aggregate principal amount of the Subject Existing Notes set forth on such Holder’s signature page hereto. 

 

	 	b)	Holder has the legal capacity, power and authority to enter into and perform all of its obligations under this Agreement. This Agreement has been duly executed and
delivered by Holder and constitutes a legal, valid and binding obligation of Holder, enforceable against Holder in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting or relating to creditors rights generally, and the availability of injunctive relief and other equitable remedies. 

  

	 	c)	Holder (i) represents that it is (A) a qualified institutional buyer, as defined under Rule 144A of the Securities Act, (B) a non-U.S. person, which term
is defined in Rule 902 under the Securities Act and shall include dealers or other professional fiduciaries in the U.S. acting on a discretionary basis for non-U.S. beneficial owners (other than an estate or trust) who will be required to make
certain representations prior to the investments in the Exchange Notes, or (C) an institutional “Accredited Investor” as defined in Rule 501(a)(1), (2), (3), or (7) under the Securities Act, and (ii) acknowledges that the
Exchange Notes will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be re-offered or re-sold except pursuant to an exemption from the registration requirements of the Securities Act and
applicable state securities laws. 

  

	 	4.	Representations and Warranties of the Company. 

 The Company represents and warrants to Holders as follows: 
  

	 	a)	The Company has the legal capacity, power and authority to enter into and perform all of its obligations under this Agreement. This Agreement has been duly executed and
delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting or relating to creditors rights generally, and the availability of injunctive relief and other equitable remedies. 

 

	 	b)	The execution, delivery and performance by the Company of this Agreement and the consummation of the transactions contemplated hereby by the Company, will not conflict
with or result in a breach of or default under, any of (i) the certificate of incorporation, bylaws or other organizational documents of the Company or any of its subsidiaries, (ii) any contract, commitment or other obligation (written or
oral) to which the Company is a party or by which any of the Company’s assets may be bound, or (iii) any law, order, rule or regulation applicable to the Company or any of its subsidiaries or any of their respective assets.

  

	 	c)	Upon satisfaction of the Minimum Consent Condition, the Company shall have obtained the requisite consent of the holders of the Existing Notes to amend the Existing
Notes as contemplated under the Consent Solicitation. 

  

	 	5.	Covenants of Holders. 

Without derogating from the obligations of Holders set forth elsewhere in this Agreement, each Holder covenants and agrees for the benefit
of the Company that, prior to the Expiration Time unless a Valid Withdrawal Condition exists, such Holder will (and will cause any funds or accounts that hold Subject Existing Notes that are managed by such Holder to): 

 

	 	a)	not Transfer any of the Subject Existing Notes held by it, in whole or in part, except to a Permitted Transferee; 

  
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	 	b)	not grant any powers of attorney or proxies or consents in respect of any of the Subject Existing Notes held by it, deposit any of such Subject Existing Notes held by
it into a voting trust, or enter into any agreement with respect to any of such Subject Existing Notes, except in each case for such Holder’s participation in the Exchange Offers and Consent Solicitations pursuant to this Agreement; and

  

	 	c)	not take any other action (other than a Transfer pursuant to clause (a) above) with respect to the Subject Existing Notes held by it that would in any way
restrict, limit or interfere with the performance of such Holder’s obligations hereunder or the consummation of the transactions contemplated hereby. 

 

	 	6.	Covenants of the Company. 

The Company covenants and agrees for the benefit of Holders that the Company shall: 

 

	 	a)	use its commercially reasonable efforts to cause or facilitate satisfaction of all conditions precedent to Consummation and, upon satisfaction thereof, to cause
Consummation to occur; 

  

	 	b)	not, unless required by applicable law, rule or regulation, cause or permit any Prohibited Modification; 

 

	 	c)	not disclose (i) the name of any Holder in any press release or document filed with the SEC without the prior written consent of such Holder, and the Company shall
provide such Holder with an opportunity to review in advance and, if desired by such Holder, comment upon, any proposed public disclosure by the Company of this Agreement; provided that all Holders hereby consent to the Company filing a copy
of the form of this Agreement, including the identity of Holders (without any information regarding the Holders’ allocation of Existing Notes or Exchange Notes), as an exhibit to, and summarizing the terms of this Agreement in, current reports
on Form 8-K filed with the SEC in connection with the Exchange Offers and Consent Solicitations, to the extent required by the rules of the SEC and (ii) any information regarding the Holders’ allocation of Existing Notes or Exchange Notes;
and 

  

	 	d)	promptly take all actions reasonably necessary or appropriate, as requested by any Holder, to facilitate and permit a Transfer of the Subject Existing Notes by such
Holder to a Permitted Transferee in accordance with this Agreement. 

  

	 	7.	Termination of Agreement. 

Notwithstanding anything to the contrary set forth in this Agreement, this Agreement and all of the obligations and undertakings of the
parties set forth in this Agreement shall terminate and expire (and, for the avoidance of doubt, Holders shall be able to withdraw the Subject Existing Notes from the Exchange Offers and Consent Solicitations as provided in Section 2(b)
and their consent to the 13% Notes Amendments and Lien Release and, if applicable, 14.25% Notes Amendments shall upon such withdrawal cease to be effective ab initio) upon the earlier to occur of: 

 

	 	a)	5:00 p.m., New York City Time, on the Termination Date unless the Issuer shall have notified the information and exchange agent of its acceptance of tendered 13% Notes
and 14.25% Notes in an amount sufficient to satisfy the Minimum Consent Condition and no Valid Withdrawal Condition has occurred; provided, however, that the Company, on the one hand, and Holders, on the other hand, may not terminate this
Agreement under this Section 7(a) if the failure of the Issuer to accept tendered 13% Notes and 14.25% Notes before such time on the Termination Date is the result of the material breach of this Agreement by such party (without
limitation of the Company’s rights to enforce this Agreement against any defaulting Holder, for the avoidance of doubt, any Holder’s failure to purchase its Specified Portion of the Additional Exchange Notes shall not constitute a material
breach of this Agreement by the Holders for purposes of this Section 7(a)); 

  

	 	b)	the Expiration Time unless the Issuer shall have notified the information and exchange agent of its acceptance of tendered 13% Notes and 14.25% Notes in an amount
sufficient to satisfy the Minimum Consent Condition and no Valid Withdrawal Condition has occurred; 

  
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	 	c)	the occurrence of any other Valid Withdrawal Condition; or 

  

	 	d)	the mutual written agreement by the Company and Holders to terminate this Agreement. 

 

	 	8.	Amendments and Waivers, Etc. 

 Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case
of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. To the maximum extent permitted by law, (a) no waiver that may be given by a party shall be applicable except in the specific instance for which it was
given, and (b) no notice to or demand on one party shall be deemed to be a waiver of any obligation of such party or the right of the party giving such notice or demand to take further action without notice or demand. 

 

	 	9.	Notices. 

 All notices,
requests, demands, claims and other communications hereunder shall be in writing and be (a) transmitted by hand delivery, (b) mailed by first class, registered or certified mail postage prepaid, (c) transmitted by overnight courier,
or (d) transmitted by facsimile, or by .pdf or other electronic means, and in each case to the addresses set forth below: 
 If to the
Company: 
 Primus Telecommunications Group, Incorporated 
 7901 Jones Branch Drive, Suite 900 
 McLean, VA 22102 

Attention: General Counsel 
 Fax:
(703) 650-4295 
 If to Holders: 

c/o Brown Rudnick LLP 
 One Financial Center

 Boston, MA 02111 
 Attention: Andreas
P. Andromalos 
 Fax: (617) 289-0495 
  

	 	10.	Assignment. 

 This
Agreement may not be assigned by any party hereto (other than any assignment by a Holder to a Permitted Transferee in accordance with the provisions hereof) without the prior written consent of the other parties. Subject to the foregoing, all of the
terms and provisions of this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. 
  

	 	11.	Entire Agreement. 

 This
Agreement and the documents, instruments and other agreements specifically referred to herein or delivered pursuant hereto, set forth the entire understanding of the parties with respect to the subject matter hereof. Any and all previous agreements
and understandings between or among the parties regarding the subject matter hereof, whether written or oral, are superseded by this Agreement. 
  

	 	12.	Severability; Enforcement. 

Any provision of this Agreement which is invalid or unenforceable in any jurisdiction shall be ineffective to the extent of such
invalidity or unenforceability without invalidating or rendering unenforceable the remaining 

  
 11 

 
provisions hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Notwithstanding the
foregoing, if such provision could be more narrowly drawn so as not to be invalid or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or
affecting the validity or enforceability of such provision in any other jurisdiction. 
  

	 	13.	Specific Performance; Injunctive Relief. 

 Each Holder acknowledges that the covenants and agreements contained in this Agreement are an integral part of the Exchange Offers and Consent Solicitations, and that monetary damages would be an
inadequate remedy for any breach by such Holder of the provisions of this Agreement. Accordingly, each Holder agrees that the Company shall have the right to enforce such covenants and agreements by specific performance, injunctive relief or by any
other means available to the Company at law or in equity to enforce this Agreement. 
  

	 	14.	Further Assurances. 

Subject to the terms and conditions of this Agreement, each party hereto shall use commercially reasonable efforts to take, or cause to be
taken, all actions, and to do, or cause to be done, all things necessary to fulfill such party’s obligations under this Agreement. 
  

	 	15.	Counterparts. 

 This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page by facsimile or .pdf shall be as
effective as delivery of a manually executed counterpart. 
  

	 	16.	Governing Law. 

 This
Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York without reference to conflicts of laws rules or principles that would require the application of the law of any other
jurisdiction. 
  

	 	17.	Jurisdiction; Waiver of Jury Trial. 

 By its delivery of this Agreement, each of the signatories to this Agreement irrevocably and unconditionally agrees that any legal action, suit or proceeding against it with respect to any matter under or
arising out of or in connection with this Agreement or for recognition or enforcement of any judgment rendered in any such action, suit or proceeding, shall be brought in a federal or state court of competent jurisdiction in the State of New York in
the Borough of Manhattan. By its execution and delivery of this Agreement, each of the signatories to this Agreement irrevocably accepts and submits itself to the jurisdiction of a court of competent jurisdiction in the State of New York, as
applicable under the preceding sentence, with respect to any such action, suit or proceeding. Each of the signatories to this Agreement waives its right to trial by jury in any suit, action or proceeding with respect to this Agreement and the
transactions contemplated hereby. 
  

	 	18.	Consent to Service of Process. 

 Each of the signatories to this Agreement irrevocably consents to service of process by mail at their respective addresses set forth in Section 9 above. Each of the signatories to this
Agreement agrees that its submission to jurisdiction and consent to service of process by mail is made for the express benefit of each of the other signatories to this Agreement. 

 

	 	19.	No Third-Party Beneficiaries. 

 Except with respect to Permitted Transferees, each of which is an intended third-party beneficiary hereunder, this Agreement shall be solely for the benefit of the signatories to this Agreement, and no
other Person or entity shall be a third-party beneficiary hereof. 

  
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	 	20.	Several. 

 Notwithstanding
any other provisions set forth herein, the obligations of the Holders shall be several and not joint and several. 
  

	 	21.	Escrow. 

 After the date
hereof and prior to the Expiration Time, the Company and each Holder who has agreed to purchase Additional Exchange Notes hereunder will mutually agree upon an escrow agent (“Escrow Agent”) to hold (i) the purchase price for
each such Holder’s Specified Portion of Additional Exchange Notes to be purchased by such Holder hereunder, and (ii) the Company’s portion of the funds that are necessary to redeem all Unexchanged 14.25% Notes, in each case, pursuant
to the terms of an escrow agreement having such terms and disbursement provisions as may be mutually acceptable to such parties. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written. 
  

			
	GROUP
	
	Primus Telecommunications Group, Incorporated
		
	By:	 	 /s/ James C. Keeley

		
	Name:	 	 James C. Keeley

		
	Title:	 	 Vice President

	
	ISSUER
	
	Primus Telecommunications Holding, Inc.
		
	By:	 	 /s/ James C. Keeley

		
	Name:	 	 James C. Keeley

		
	Title:	 	 Vice President

	
	PRIMUS CANADA
	
	Primus Telecommunications Canada Inc.
		
	By:	 	 /s/ James C. Keeley

		
	Name:	 	 James C. Keeley

		
	Title:	 	 Secretary

	
	IHC
	
	Primus Telecommunications IHC, Inc.
		
	By:	 	 /s/ James C. Keeley

		
	Name:	 	 James C. Keeley

		
	Title:	 	 Vice President

  
 [Signature
Page to Support Agreement] 

 
			
	HOLDER
	
	Whitebox Advisors, LLC
		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

Principal amount of 13.00% Notes held by Holder: $
                             
 Principal amount of 14.25% Notes held by Holder: $
                             
 Specified Portion:                      % 

 

			
	HOLDER
	
	Caspian Capital LP
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 Principal amount of 13.00% Notes held by Holder: $
                             
 Principal amount of 14.25% Notes held by Holder: $
                             
 Specified Portion:                      % 

 

			
	HOLDER
	
	Restoration Capital Management
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 Principal amount of 13.00% Notes held by Holder: $
                             
 Principal amount of 14.25% Notes held by Holder: $
                             
 Specified Portion:                      % 

  
 [Signature
Page to Support Agreement] 

 
			
	HOLDER
	
	Altai Capital Master Fund, Ltd.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 Principal amount of 13.00% Notes held by Holder: $
                             
 Principal amount of 14.25% Notes held by Holder: $
                             
 Specified Portion:                      % 

 

			
	HOLDER
	
	Riva Ridge Master Fund Ltd.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 Principal amount of 13.00% Notes held by Holder: $
                             
 Principal amount of 14.25% Notes held by Holder: $
                             
 Specified Portion:                      % 

 

			
	HOLDER
	
	RockView Trading, Ltd.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 Principal amount of 13.00% Notes held by Holder: $
                             
 Principal amount of 14.25% Notes held by Holder: $
                             
 Specified Portion:                      % 

  
 [Signature
Page to Support Agreement] 

 
			
	HOLDER
	
	Centaur Performance Group LLC
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 Principal amount of 13.00% Notes held by Holder: $
                             
 Principal amount of 14.25% Notes held by Holder: $
                             
 Specified Portion:                      % 

 

			
	HOLDER
	
	Mariner LDC
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 Principal amount of 13.00% Notes held by Holder: $
                             
 Principal amount of 14.25% Notes held by Holder: $
                             
 Specified Portion:                      % 

  
 [Signature
Page to Support Agreement] 

 ANNEX A 
 EXCHANGE OFFER TERM SHEET 
  

			
	 EXCHANGE NOTES
  

	Coupon	  	10.00%
	 	 
	Call Schedule	  	
Date                     
Premium

	  	
3/15/2013            106.500%

	  	
4/15/2014            103.250%

	  	
4/15/2015            101.625%

	  	
4/15/2016            100.000%

	 	 
	Maturity	  	 April 15,
2017
  

	
	 13.00% NOTES
  

	Price / Exchange Consideration	  	117.00%
	 	 
	Exchange Offer Commencement Condition	  	Holders of at least 66
 2/3% of principal amount of the 13.00% Notes will
have executed a Support Agreement, pledging their participation in the Exchange Offers and Consent Solicitations (the “Supporting Holders”).
	 	 
	 Interest Accrued on the Existing Notes
through
 Consummation
	  	 To be paid in cash to the Supporting
Holders and the other holders of the Existing Notes upon Consummation
  

	
	 14.25% NOTES
  

	Price / Exchange Consideration	  	
101.25%
  

	
	 MINIMUM TENDER CONDITIONS

 

	Minimum Participation	  	 66  2/3% of the aggregate outstanding principal amount of
13.00% Notes
  
 75% of the aggregate outstanding principal amount of
14.25% Notes
  

OTHER CHANGES TO THE DESCRIPTION OF THE EXCHANGE NOTES 
 FROM THE DESCRIPTION INCLUDED IN THE FEBRUARY 2011 OFFERING CIRCULAR 
 Asset Sales

 Under “Description of Exchange Notes – Repurchase at the Option of Holders” the following changes are to be made under
the heading “Asset Sales”: 
  

	 	1.	A new clause (3) will be added after the lead-in “The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale
unless:” as follows: 

 “(3) subject to certain limitations, in the case of an Asset Sale that
constitutes a Sale of 

  
 18 

 
Collateral, the Company (or the applicable Restricted Subsidiary, as the case may be) promptly deposits the Net Proceeds therefrom promptly upon receipt thereof as Collateral in an account or
accounts held by or under the control of (for purposes of the Uniform Commercial Code) or otherwise subject to a perfected security interest in favor of the collateral trustee or its agent to secure all Secured Obligations.” 

 

	 	2.	Clause (2) after the lead-in “Within 365 days after the receipt of any Net Proceeds from an Asset Sale other than a Sale of Collateral, the Company (or the
applicable Restricted Subsidiary, as the case may be) may apply such Net Proceeds, at its option:” will be amended and restated in its entirety as follows: 

 “(2) to repay, repurchase or redeem Parity Lien Obligations; provided, that the Issuer offers to repay, repurchase or redeem the Exchange Notes on a pro rata basis;” 

 

	 	3.	The fourth paragraph immediately preceding the heading “Description of Exchange Notes – Selection and Notice” will be amended and restated in its
entirety as follows: 

 “Pending the final application of any Net Proceeds of an Asset Sale, other than a
Sale of Collateral, the Company (or the applicable Restricted Subsidiary) may temporarily reduce revolving credit borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by the indenture.” 

 

	 	4.	The first sentence of the third paragraph immediately preceding the heading “Description of Exchange Notes – Selection and Notice” will be amended and
restated in its entirety as follows: 

 “Any Net Proceeds from Asset Sales that are not applied or invested
as provided in the second paragraph (with respect to Asset Sales other than a Sale of Collateral) or third paragraph (with respect to a Sale of Collateral) of this covenant will constitute “Excess Proceeds.” 

Restricted Payments 
 Under
“Description of Exchange Notes – Certain Covenants” the following changes are to be made under the heading “Restricted Payments”: 
  

	 	1.	Clause (3) after the lead-in “The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:” will be amended
and restated in its entirety as follows: 

 “make any payment on or with respect to, or purchase, redeem,
defease or otherwise acquire or retire for value, any (x) Indebtedness of the Issuer or any Guarantor that is contractually subordinated in right of payment to the Exchange Notes or to any Note Guarantee (excluding any intercompany Indebtedness
between or among the Company and any of its Restricted Subsidiaries) (for the avoidance of doubt, the 13% Notes are not contractually subordinated in right of payment to the Exchange Notes or to any Note Guarantee), (y) Junior Lien Debt or
(z) unsecured Indebtedness (excluding the 13% Notes and any intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries), except, in each case, any payment of interest or principal at the Stated Maturity
thereof; or” 
  

	 	2.	Clause (7) after the lead-in “The preceding provisions will not prohibit:” will be amended and restated in its entirety as follows:

 “so long as no Default or Event of Default has occurred and is continuing, the declaration and payment of
regularly scheduled or accrued dividends to holders of any class or series of Disqualified Stock of the Company or any Restricted Subsidiary of the Company existing on the date of the indenture or issued or incurred on or after the date of the
indenture in accordance with the covenant described below under the caption ‘— Incurrence of Indebtedness and Issuance of Disqualified Stock;’” 
  

	 	3.	A new clause (15) will be added after the lead-in “The preceding provisions will not prohibit:” as follows: 

“so long as no Default or Event of Default has occurred and is continuing, any payment on or with respect to, or any purchase,
redemption, defeasance or other acquisition or retirement for value of, any unsecured Indebtedness.” 

  
 19 

 Incurrence of Indebtedness and Issuance of Disqualified Stock 

Under “Description of Exchange Notes – Certain Covenants” the following changes are to be made under the heading “Incurrence of
Indebtedness and Issuance of Disqualified Stock”: 
  

	 	1.	Clause 3 after the lead-in “The first paragraph of this covenant will not prohibit the incurrence of any of the following items of Indebtedness (collectively,
‘Permitted Debt’):” will be amended and restated in its entirety as follows: 

 “the
incurrence by the Issuer or any Guarantor of Parity Lien Debt (which may include without limitation additional Exchange Notes issued under the indenture following the consummation of the transactions described in this offering circular and consent
solicitation statement) in an aggregate amount incurred pursuant to this clause (3) (together with all Exchange Notes already issued and still outstanding at such time) not to exceed the Parity Lien Cap;” 

 

	 	2.	Clause (6)(a) after the lead-in “The first paragraph of this covenant will not prohibit the incurrence of any of the following items of Indebtedness
(collectively, ‘Permitted Debt’):” will be amended and restated in its entirety as follows: 

“if the Issuer or any Guarantor is the obligor on such Indebtedness and the payee is not the Issuer or a Guarantor, such
Indebtedness must be unsecured and expressly subordinated to prior payment in full in cash of all Obligations then due (and not merely outstanding under) with respect to the Exchange Notes, in the case of the Issuer, or the Note Guarantee, in the
case of a Guarantor; and” 
  

	 	3.	Clause 16 after the lead-in “The first paragraph of this covenant will not prohibit the incurrence of any of the following items of Indebtedness (collectively,
‘Permitted Debt’):” will be amended and restated in its entirety as follows: 

 “the
incurrence by the Issuer or any Guarantor of additional Indebtedness in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance,
replace, defease or discharge any Indebtedness incurred pursuant to this clause (16), not to exceed $40.0 million.” 
 Liens

 Under “Description of Exchange Notes – Certain Covenants” the paragraph under the heading “Liens” will
be amended and restated in its entirety as follows: 
 “The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Lien of any kind on any asset now owned or hereafter acquired, except Permitted Liens and Permitted Priority Liens.” 

Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries 
 Under “Description of Exchange Notes – Certain Covenants”, under the heading “Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries,” clause (3) after the
lead-in “However, the preceding restrictions will not apply to encumbrances or restrictions existing under or by reason of:” will be amended and restated in its entirety as follows: 

“(3) (A) agreements governing other Indebtedness permitted to be incurred under clause (15) under the provisions of the
covenant described above under “— Incurrence of Indebtedness and Issuance of Disqualified Stock” and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements;
provided that in the case of this sub-clause (A), the restrictions therein would not (i) impair, in the Issuer’s good faith reasonable judgment, the ability of the Issuer and the Guarantors to satisfy the Obligations under the
Exchange Notes, or (ii) otherwise prohibit the Subsidiaries from paying dividends or making distributions, loans or advances at any time in an amount, together with other amounts available, sufficient to make payments on the Exchange Notes due
at such time, and (B) agreements governing other Indebtedness permitted to be incurred under the provisions of the covenant described above under the caption “— Incurrence of Indebtedness and Issuance of Disqualified Stock,”
other than clause (15) thereof, and any 

  
 20 

 
amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that in the case of this sub-clause (B), the
restrictions therein are not materially more restrictive, taken as a whole, than those contained in the indenture, the Exchange Notes and the Note Guarantees (as determined in good faith by the Company);” 

Designation of Restricted and Unrestricted Subsidiaries 
 Under “Description of Exchange Notes – Certain Covenants” a new provision will be added under the heading “Designation of Restricted and Unrestricted Subsidiaries” as follows:

 “The Company shall not designate (a) any Australian Subsidiary to be an Unrestricted Subsidiary other than
Australian Subsidiaries (together with all other Australian Subsidiaries that constitute Unrestricted Subsidiaries) (i) that, as of the date of such designation, own less than 10% of the assets owned by all Australian Subsidiaries as of the end
of the four-quarter period immediately preceding such date and for which financial information is available, and (ii) from which, as of the date of such designation, less than 10% of Australian Net Income and Australian EBITDA of all Australian
Subsidiaries are derived, in each case, for the four-quarter period immediately preceding such date and for which financial information is available and (b) any Canadian Subsidiary to be an Unrestricted Subsidiary other than Canadian
Subsidiaries (together with all other Canadian Subsidiaries that constitute Unrestricted Subsidiaries) (i) that, as of the date of such designation, own less than 10% of the assets owned by all Canadian Subsidiaries as of the end of the
four-quarter period immediately preceding such date and for which financial information is available, and (ii) from which, as of the date of such designation, less than 10% of Canadian Net Income and Canadian EBITDA of all Canadian Subsidiaries
are derived, in each case, for the four-quarter period immediately preceding such date and for which financial information is available; provided that, in the case of each of clauses (a) and (b) above, such Subsidiaries otherwise
satisfy all of the criteria to be designated as “Unrestricted Subsidiaries” pursuant to this covenant.” 
 In addition,
definitions for the terms “Australian Net Income”, “Australian EBITDA”, “Canadian Net Income” and “Canadian EBITDA” will be added as follows: 

“‘Australian Net Income’ means, with respect to any period and without duplication, the Consolidated Net Income of
all Australian Subsidiaries for such period.” 
 “‘Australian EBITDA’ means, with respect to any
period, the Australian Net Income for such period plus and without duplication: 
 (1)
reorganization items, net, realized by the Australian Subsidiaries for such period, to the extent that such reorganization items, net, were deducted in computing such Australian Net Income; 

(2) share based compensation expense realized by the Australian Subsidiaries for such period, to the extent that such
share based compensation expense was deducted in computing such Australian Net Income; 
 (3) an amount equal to
any loss plus any net loss realized by the applicable Australian Subsidiaries in connection with an Asset Sale or other asset disposal or sale, to the extent such losses were deducted in computing such Australian Net Income; 

(4) provision for taxes based on income or profits of all Australian Subsidiaries for such period, to the extent that
such provision for taxes was deducted in computing such Australian Net Income; 
 (5) the Consolidated Interest
Expense, amortization or accretion on debt discount or premium, gain or loss on early extinguishment or restructuring of debt of all Australian Subsidiaries for such period, to the extent that such Consolidated Interest Expense, amortization or
accretion on debt discount or premium, gain or loss on early extinguishment or restructuring of debt were deducted in computing such Australian Net Income; 

  
 21 

 (6) any foreign currency translation or transaction losses (including
losses related to currency remeasurements of Indebtedness) of all Australian Subsidiaries for such period, to the extent that such losses were deducted in computing such Australian Net Income; 

(7) depreciation, amortization and other non-cash charges and expenses (including asset impairment expense) of all
Australian Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash charges or expenses were deducted in computing such Australian Net Income; 

(8) interest income and other income or expense realized by the Australian Subsidiaries for such period, to the extent
that such interest income and other income or expense were deducted in computing such Australian Net Income; 

(9) loss from contingent value rights valuation realized by the Australian Subsidiaries for such period, to the extent
that such loss from contingent value rights valuation was deducted in computing such Australian Net Income; 

(10) income or expense attributable to the noncontrolling interest realized by the Australian Subsidiaries for such
period, to the extent that such income or expense attributable to the noncontrolling interest was deducted in computing such Australian Net Income; 
 (11) income or loss from discontinued operations, net of tax, realized by the Australian Subsidiaries for such period, to the extent that such income or loss from discontinued operations, net of tax, was
deducted in computing such Australian Net Income; 
 (12) income or loss from sale of discontinued operations,
net of tax, realized by the Australian Subsidiaries for such period, to the extent that such income or loss from sale of discontinued operations, net of tax, was deducted in computing such Australian Net Income; 

(13) extraordinary or non-recurring losses (including, without limitation, losses from early extinguishment of debt,
reorganization items and discontinued operations) for such period, to the extent that such extraordinary or non-recurring losses were deducted in computing such Australian Net Income; and 

(14) (i) costs and expenses, including fees, incurred directly by Australian Subsidiaries in connection with the
consummation of the transactions described in this offering circular and consent solicitation statement and (ii) customary fees and expenses of all Australian Subsidiaries payable in connection with the repayment and refinancing of Indebtedness
in accordance with the covenants described above under “— Certain Covenants — Incurrence of Indebtedness and Issuance of Disqualified Stock” and “— Certain Covenants — Restricted Payments,” in each case, to
the extent deducted in computing such Australian Net Income; minus 
 (15) non-cash items
increasing such Australian Net Income for such period, other than the accrual of revenue in the ordinary course of business; 

in each case, on a consolidated basis and determined in accordance with GAAP.” 

“‘Canadian Net Income’ means, with respect to any period and without duplication, the Consolidated Net Income of
all Canadian Subsidiaries for such period.” 
 “‘Canadian EBITDA” means, with respect to any period,
the Canadian Net Income for such period plus and without duplication: 
 (1) reorganization items,
net, realized by the Canadian Subsidiaries for such period, to the extent that such reorganization items, net, were deducted in computing such Canadian Net Income; 

(2) share based compensation expense realized by the Canadian Subsidiaries for such period, to the extent that such share
based compensation expense was deducted in computing such Canadian Net Income; 

  
 22 

 (3) an amount equal to any loss plus any net loss realized by the
applicable Canadian Subsidiaries in connection with an Asset Sale or other asset disposal or sale, to the extent such losses were deducted in computing such Canadian Net Income; 

(4) provision for taxes based on income or profits of all Canadian Subsidiaries for such period, to the extent that such
provision for taxes was deducted in computing such Canadian Net Income; 
 (5) the Consolidated Interest
Expense, amortization or accretion on debt discount or premium, gain or loss on early extinguishment or restructuring of debt of all Canadian Subsidiaries for such period, to the extent that such Consolidated Interest Expense, amortization or
accretion on debt discount or premium, gain or loss on early extinguishment or restructuring of debt were deducted in computing such Canadian Net Income; 
 (6) any foreign currency translation or transaction losses (including losses related to currency remeasurements of Indebtedness) of all Canadian Subsidiaries for such period, to the extent that such
losses were deducted in computing such Canadian Net Income; 
 (7) depreciation, amortization and other non-cash
charges and expenses (including asset impairment expense) of all Canadian Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash charges or expenses were deducted in computing such Canadian Net Income;

 (8) interest income and other income or expense realized by the Canadian Subsidiaries for such period, to the
extent that such interest income and other income or expense were deducted in computing such Canadian Net Income; 
 (9) loss from contingent value rights valuation realized by the Canadian Subsidiaries for such period, to the extent that such loss from contingent value rights valuation was deducted in computing such
Canadian Net Income; 
 (10) income or expense attributable to the noncontrolling interest realized by the
Canadian Subsidiaries for such period, to the extent that such income or expense attributable to the noncontrolling interest was deducted in computing such Canadian Net Income; 

(11) income or loss from discontinued operations, net of tax, realized by the Canadian Subsidiaries for such period, to
the extent that such income or loss from discontinued operations, net of tax, was deducted in computing such Canadian Net Income; 
 (12) income or loss from sale of discontinued operations, net of tax, realized by the Canadian Subsidiaries for such period, to the extent that such income or loss from sale of discontinued operations,
net of tax, was deducted in computing such Canadian Net Income; 
 (13) extraordinary or non-recurring losses
(including, without limitation, losses from early extinguishment of debt, reorganization items and discontinued operations) for such period, to the extent that such extraordinary or non-recurring losses were deducted in computing such Canadian Net
Income; and 
 (14) (i) costs and expenses, including fees, incurred directly by the Canadian Subsidiaries in
connection with the consummation of the transactions described in this offering circular and consent solicitation statement and (ii) customary fees and expenses of all Canadian Subsidiaries payable in connection with the repayment and
refinancing of Indebtedness in accordance with the covenants described above under “— Certain Covenants — Incurrence of Indebtedness and Issuance of Disqualified Stock” and “— Certain Covenants — Restricted
Payments,” in each case, to the extent deducted in computing such Canadian Net Income; minus 

  
 23 

 (15) non-cash items increasing such Canadian Net Income for such period,
other than the accrual of revenue in the ordinary course of business; 
 in each case, on a consolidated basis and determined in
accordance with GAAP.” 
 Payments for Consent 
 Under “Description of Exchange Notes” a new sub-section will be added immediately preceding the heading “Reports” as follows: 

“Payments for Consent 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any holder of Exchange Notes for
or as an inducement to any consent, waiver or amendment of any of the terms or provisions of the indenture or the Exchange Notes unless such consideration is offered to be paid and is paid to all holders of the Exchange Notes that consent, waive or
agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement.” 
 Reports

 Under “Description of Exchange Notes – Reports” clauses (1) and (2) after the lead-in “So long as
any Exchange Notes are outstanding, the Company will furnish to the trustee:” will be amended and restated in their entirety as follows: 
 “(1) within 90 days after the end of each fiscal year, annual reports of the Company containing substantially all of the information that would have been required to be contained in an Annual Report
on Form 10-K under the Exchange Act if the Company had been a reporting company under the Exchange Act, including (A) “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” (B) audited
financial statements prepared in accordance with GAAP and (C) a presentation of Consolidated EBITDA of the Company and its Restricted Subsidiaries consistent with the presentation thereof in this offering circular and derived from such
financial statements; 
 (2) within 45 days after the end of each of the first three fiscal quarters of each fiscal year,
quarterly reports of the Company containing substantially all of the information that would have been required to be contained in a Quarterly Report on Form 10-Q under the Exchange Act if the Company had been a reporting company under the Exchange
Act, including (A) “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” (B) unaudited quarterly financial statements prepared in accordance with GAAP and reviewed pursuant to Statement on
Auditing Standards No. 100 (or any successor provision) and (C) a presentation of Consolidated EBITDA of the Company and its Restricted Subsidiaries consistent with the presentation thereof in this offering circular and derived from such
financial statements; and” 
 Certain Definitions 
 The following changes are to be made under “Description of Exchange Notes – Certain Definitions”: 
  

	 	1.	The definition of “Affiliate” will be amended and restated as follows: 

 “‘Affiliate’ of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person.
For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, 

  
 24 

 
by agreement or otherwise; provided that beneficial ownership of 10% or more of the Voting Stock of a Person will be deemed to be control. For purposes of this definition, the terms
‘controlling,’ ‘controlled by’ and ‘under common control with’ have correlative meanings.” 
  

	 	2.	The definition of “Existing Indebtedness” will be amended and restated as follows: 

“‘Existing Indebtedness’ means all Indebtedness of the Company and its Subsidiaries in existence on the date of the
indenture (including, without limitation, Indebtedness represented by the Exchange Notes issued on the date of the indenture and the Note Guarantees thereof), until such amounts are repaid.” 

 

	 	3.	The definition of “Parity Lien Cap” will be amended and restated as follows: 

“‘Parity Lien Cap’ means as of any date of determination, (i) the amount of Parity Lien Debt that may be
incurred by the Issuer or any Guarantor such that, after giving pro forma effect to such incurrence and the application of the net proceeds therefrom the Secured Leverage Ratio would not exceed 2.25 to 1.0 plus (ii) $1.00 of additional Parity
Lien Debt for each $1.00 of gross cash proceeds received by the Company since the date of the indenture from the issue or sale of Qualifying Equity Interests of the Company, where the net cash proceeds of such issue or sale have been used to
repurchase, redeem, defease or otherwise retire for value 13% Notes plus (iii) $1.00 of additional Parity Lien Debt for each $1.00 of gross cash proceeds received by the Company since the date of the indenture from the issue or sale of
Indebtedness of the Company, where the net cash proceeds of such issue or sale have been used to repurchase, redeem, defease or otherwise retire for value 13% Notes.” 

 

	 	4.	The following new language will be added at the end of clause (1)(D) of the definition of “Permitted Liens”: 

“to secure obligations, liabilities or amounts owing to the trustee or collateral trustee under the indenture, Exchange Notes, the
Note Guarantees or the Secured Debt Documents.” 
  

	 	5.	The following new language will be added at the end of the definition of “Consolidated EBITDA”: 

“For the avoidance of doubt, gains from Asset Sales and other dispositions of assets shall not be added to such Consolidated Net
Income in connection with calculating such Consolidated EBITDA.” 
 OTHER PROVISIONS 

 

			
	Unexchanged 14.25% Notes	  	Company (as defined in the Support Agreement) to cause unexchanged 14.25% Notes to be called for redemption immediately prior to Consummation (as defined in the Support
Agreement); certain of the Supporting Holders to purchase for cash up to $15 million principal amount of Exchange Notes at par, with any additional amounts for the redemption to be funded from Company cash; and such Supporting Holders and Company to
deposit cash with the trustee for the 14.25% Notes in accordance with Sections 2(c) and 2(d) of the Support Agreement.
		
	Indenture Terms/Security Documents	  	Except as specified in this term sheet, no changes will be made to the indenture terms described in the February 2011 Offering Circular. In the event of any inconsistencies
between this term sheet and the indenture terms described in the February 2011 Offering Circular, this term sheet shall govern. Any provisions of the Indenture that are not described in the Description
of

  
 25 

			
		  	Notes (included in the February 2011 Offering Circular) shall be substantially similar to such provisions set forth in the Indenture evidencing the 13% Notes other than to
account for the indenture terms described in such Description of Notes (as revised by the terms set forth in this term sheet) and other changes proposed by the Company and acceptable to the Supporting Holders in their reasonable business judgment.
The Security Documents (as defined in the Description of Notes included in the February 2011 Offering Circular) securing the Exchange Notes shall be substantially similar to the Security Documents that secured the 13% Notes and shall not be
substantively revised with the exception of the revisions described in such Description of Notes (as revised by the terms set forth in this term sheet) and other changes proposed by the Company that are acceptable to the Supporting Holders in their
reasonable business judgment.
		
	Fees and Expenses	  	Except as set forth in that certain letter agreement dated May 3, 2011, among Brown Rudnick LLP, Issuer and Primus Canada, all costs and expenses incurred in connection with the
transactions contemplated hereby shall be paid by the party incurring such costs and expenses.
		
	Foreign Stock	  	Exchange Notes to be secured by perfected first priority liens on 65% of the stock issued by (i) all first tier foreign subsidiaries and (ii) any domestic holding company that
only holds stock issued by foreign subsidiaries.

  
 26Synovus Financial Corp. 2011Employee Stock Purchase Plan

 EXHIBIT 10.1 
 SYNOVUS FINANCIAL CORP. 
 2011 EMPLOYEE STOCK PURCHASE PLAN

 (EFFECTIVE AS OF JULY 1, 2011) 
 The name of this plan is the Synovus Financial Corp. 2011 Employee Stock Purchase Plan (the “Plan”). The purpose of the Plan is to enable Synovus and its subsidiaries to provide their employees
a convenient means of purchasing, by means of voluntary payroll deductions and matching contributions from the Participating Employers, shares of Synovus Common Stock on the open market, and to thereby promote interest in its success and growth and
to encourage continuity of employment among its employees. 
 ARTICLE I 

DEFINITIONS 
 A. Administrator: The Administrator of the Plan, which shall be Synovus or any Affiliate designated by Synovus from time to time to administer the Plan. 

B. Affiliate of Synovus: Subsidiaries of Synovus or divisions of Synovus Bank. 

C. Agent: The Agent of the Plan, which shall be BNY Mellon Shareowner Services and any duly appointed successor Agent. 

D. Beneficiary Designation Election: The election that a Participant makes to designate the Participant’s beneficiary to
receive his or her interest in the Plan in the event of Participant’s death prior to receipt thereof. 
 E.
Compensation: The base salary or wages paid to a Participant by a Participating Employer, including commissions for those Participants who are paid solely 

  
 1 

 
on a commission basis (unless a Participant’s written employment agreement (if any) with Synovus or any affiliate company of Synovus establishes a contractual limitation for such
Participant, in which case “Compensation” for such Participant would be as defined in such written Employment Agreement), but excluding bonuses, incentive bonuses, overtime pay or amounts contributed by a Participating Employer to this or
any other non-qualified plan or trust, to any qualified plan or trust within the meaning of Sections 401(a) and 501 of the Internal Revenue Code of 1986, as amended, including, but not limited to, the Synovus Profit Sharing, 401(k) Savings and Money
Purchase Pension Plans, or such other qualified employee benefit, fringe benefit or welfare benefit plan Synovus or a Participating Employer may hereafter adopt. The maximum amount of Compensation that may be taken into account under the Plan for
any purpose on an annual basis shall be $250,000. 
 F. Deduction Date: The payroll date upon which bi-weekly Participant
payroll deductions and bi-weekly Participating Employer contributions to the Plan shall be made. 
 G. Effective Date of the
Plan: July 1, 2011. 
 H. Eligible Employee: Any employee of a Participating Employer who has been regularly
scheduled to work twenty (20) hours per week or more for any Participating Employer for a period of ninety (90) calendar days or more. Employment includes authorized leaves of absence and all uninterrupted periods of employment by one or
more Participating Employers. 
 I. First Deduction Date: The first Deduction Date of an Eligible Employee following
ninety (90) calendar days of employment. 
 J. Participant: An Eligible Employee who shall have become a Participant
in the Plan by making a Payroll Deduction Authorization Election and (i) whose participation in the 

  
 2 

 
Plan shall not have been terminated in accordance with Article XIII or XIV of the Plan, or (ii) who shall have been reinstated as a Participant in the Plan in accordance with Article II of
the Plan. 
 K. Participating Employer: Synovus, any Affiliate of Synovus, Synovus Bank or any division of Synovus Bank.

 L. Payroll Deduction Authorization Election: The election which each Eligible Employee must make to become a
Participant or to change participation in the Plan, whether such election is made telephonically, electronically or otherwise as authorized by Synovus. This election shall contain, in addition to other pertinent payroll deduction information, the
Participant’s appointment of the Agent to provide for the acquisition of Synovus Common Stock for his or her benefit under the Plan. 
 M. Plan: The Synovus Financial Corp. 2011 Employee Stock Purchase Plan. 

N. Plan Account: The separate account that is required to be established and maintained with respect to each Participant for the
purpose of recording the Participant’s cash contributions, Participating Employer contributions, and Synovus Common Stock purchased and allocated for the Participant under the Plan. 

O. Plan Year: The period commencing on January 1st of each year and ending on December 31st of each year. 

P. Synovus: Synovus Financial Corp., the sponsor and administrator of the Plan. 

Q. Synovus Common Stock: The shares of common stock, par value of $1.00 per share, Synovus, and any shares that may be issued and
exchanged for or upon a change of such shares whether in subdivision or in combination thereof and whether as a part of a classification or reclassification thereof, or otherwise. 

  
 3 

 ARTICLE II 
 PARTICIPATION 
 Any Eligible Employee of a Participating Employer may
initially become a Participant in the Plan by making a Payroll Deduction Authorization Election to do so. 
 An Eligible
Employee of a Participating Employer whose participation in the Plan has been terminated pursuant to Article XIII of the Plan may reinstate his or her participation in the Plan by making a new Payroll Deduction Authorization Election to do so.

 ARTICLE III 
 PARTICIPANT PAYROLL DEDUCTIONS 
 Participants may contribute to the Plan
only through Participant payroll deductions. Participant payroll deductions shall be made as a percentage of Compensation. Participant payroll deductions may not be less than one percent of a Participant’s Compensation, and the maximum
deduction may not exceed the maximum percentage of Compensation limitations set forth herein below. 
 The maximum percentage of
Compensation for Participant payroll deductions shall be based on the following: 
  

	 	(a)	The Participant’s Compensation; and 

  

	 	(b)	The Participant’s period of employment with a Participating Employer during which period the Participant has been regularly scheduled to work twenty
(20) hours per week or more, according to the following schedule: 

  

					
	 Participant’s Period of Employment
	  	Maximum Percentage of
Compensation 
for Participant
Payroll Deductions	 
		
	 At least three months, but less than one year
	  	 	3	% 
	 At least one year, but less than five years
	  	 	5	% 
	 At least five years, but less than ten years
	  	 	6	% 
	 Ten years or more
	  	 	7	% 

  
 4 

 A Participant with no service breaks that exceed twelve (12) months shall be given
credit for all of his or her periods of employment with one or more Participating Employers for the purpose of determining the maximum percentage of Compensation for the Participant’s payroll deduction, including, but not limited to, (i) a
transfer of employment from one Participating Employer to another Participating Employer and (ii) all previous periods of employment with any Participating Employer by an Eligible Employee. A Participant who has a break in service which exceeds
twelve (12) months shall not receive credit for employment prior to such break in service. 
 Participant payroll
deductions shall be made only on Deduction Dates. 
 A Participant may increase, decrease or temporarily suspend his or her
Participant payroll deductions by making a Payroll Deduction Authorization Election. Such increase, decrease or temporary suspension will be effective as promptly as practicable. Participant payroll deductions may be terminated pursuant to Article
XIII hereof. As promptly as practicable on or after each Deduction Date, each Participating Employer shall remit each Participant’s payroll deduction to the Administrator. 
 ARTICLE IV 
 PARTICIPATING EMPLOYER MATCHING CONTRIBUTIONS 

Participating Employers shall make matching contributions to the Plan for each of their employees who are Participants in the Plan of up
to fifty percent (50%) of the amount of each such Participant’s payroll deduction to the Plan. The Board of Directors may elect to establish a lower matching contribution, or may eliminate the matching contribution altogether. Participants
shall be provided with written notice of any decrease in the matching contribution percentage prior to the effective date of such decrease. 

  
 5 

 Participating Employer contributions shall be made on Deduction Dates. As promptly as
practicable on or after each Deduction Date, Participating Employers will remit their contributions to the Administrator, who will forward such contributions to the Agent on a quarterly basis. 

As Participating Employer contributions to the Plan must be treated by the Participants for whom such contributions are made as
compensation income, such amounts will be reflected on the payroll voucher of such Participants as additional compensation income paid by the Participating Employers to such Participants, and such amounts will in turn appear on the payroll vouchers
of such Participants as having been withheld from their pay by the Participating Employers to reflect the Participating Employers’ contributions made to the Plan for the benefit of such Participants, and the Participating Employers shall
withhold additional State and Federal income taxes and Social Security taxes from the pay of such Participants to cover such amount, all at the times Participant payroll deductions are withheld. This information will be included in the Form W-2
furnished annually by the Participating Employers to Participants in the Plan. 
 ARTICLE V 

ADMINISTRATION OF PLAN 
 The Plan shall be administered by Synovus, with assistance from each of the Participating Employers. Synovus may, from time to time, adopt rules and regulations not inconsistent with the Plan for carrying
out the Plan or for providing for any and all matters not specifically covered herein. 

  
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 The functions and duties of Synovus as administrator of the Plan, in general, are as
follows: 
  

	 	(a)	To make provision for payment of contributions to the Agent. 

  

	 	(b)	To establish rules for the administration and to construe the terms of the Plan, including, but not limited to, the discretionary authority to determine eligibility for
participation in the Plan, a Participant’s period of employment and the maximum percentage and amount of Compensation for Participant payroll deductions, which rules for administration and construction of terms will apply to all Participants
similarly situated. 

  

	 	(c)	To develop rules and procedures for making Participant elections or changes in connection with the Plan. 

 

	 	(d)	To maintain, with the assistance of the Agent, records, including, but not limited to, those with respect to Participating Employer contributions, Participant payroll
deductions and dividends paid to the Agent. 

  

	 	(e)	To file with the appropriate governmental agencies any and all reports and notifications required of the Plan and to provide all Participants and beneficiaries with any
and all reports and notifications to which they are by law entitled. 

  

	 	(f)	To engage a certified public accountant to perform an annual audit of the Plan. 

 

	 	(g)	To give prompt notification to the Agent of the effectiveness, and the initiation of proceedings that would result in the termination of effectiveness, of the
registration, exemption or qualification of the Plan and/or the Synovus Common Stock offered thereunder under applicable federal and state securities laws. 

  
 7 

	 	(h)	To receive and to promptly forward to the Agent the written requests of Participants for the issuance to any third party of shares or cash, if applicable, for all or
part of the full number of shares of Synovus Common Stock in such Participants’ Plan Accounts. 

  

	 	(i)	To perform any and all other functions reasonably necessary to administer the Plan. 

Synovus shall indemnify each employee of Synovus and the Participating Employers involved in the administration of the Plan against all
costs, expenses and liabilities, including attorney’s fees, incurred in connection with any action, suit, or proceeding instituted against such employee alleging any act or omission or commission performed by such employee while acting in good
faith in discharging his or her duties with respect to the Plan. This indemnification is limited to the extent such costs and expenses are not covered under insurance as may be now or hereafter provided by Synovus or the appropriate Participating
Employer. 
 ARTICLE VI 
 AGENT OF THE PLAN 
 All contributions by the Participating Employers and
Participants shall be made in cash only. All contributions so received (hereinafter referred to as the “Fund”), shall be held, managed, and administered pursuant to the terms of the Plan. No part of the Fund shall be used for or diverted
to purposes other than for the exclusive benefit of the Participants and former Participants in the Plan. 

  
 8 

 The Agent shall have the following powers and authority in the administration and investment
of the Fund: 
  

	 	(a)	To purchase for the benefit of the Participants in the Plan shares of Synovus Common Stock in its name as Agent, to receive the shares of Synovus Common Stock
previously acquired under the existing Plan and to retain the same and to cause the shares of Synovus Common Stock held as part of the Fund to be allocated, reallocated, and disposed of pursuant to the terms of the Plan. 

 

	 	(b)	To cause any Synovus Common Stock held as part of the Fund to be registered in the Agent’s own name or in the name of one or more nominees, but the books and
records of the Agent shall at all times show that all such investments are part of the Fund. 

  

	 	(c)	To keep such portion of the Fund in cash or cash balances as the Agent, from time to time, may in its sole discretion deem to be in the best interests of the
Participants in the Plan without liability for interest thereon. 

  

	 	(d)	To make, execute, acknowledge and deliver any and all documents of transfer and conveyance and any and all other instruments as may be necessary or appropriate to carry
out the powers herein granted. 

  

	 	(e)	To employ subagents to engage in the actual open market purchase of Synovus Common Stock for the benefit of the Participants in the Plan. 

  
 9 

	 	(f)	To do all such acts, take all such proceedings, and exercise all such rights and privileges, although not specifically mentioned herein, as the Agent may deem necessary
or desirable to administer the Fund, and to carry out and satisfy the purposes and intent of the Plan. 

 The
Agent shall keep accurate and detailed accounts of all receipts, disbursements, and other transactions hereunder, including, but not limited to, Participant payroll deductions received, Participating Employer contributions received, dividends and
other distributions received, and Synovus Common Stock purchased, allocated and held for, and Synovus Common Stock distributed to, Participants hereunder. All accounts, books, and records relating to such transactions shall be open to inspection and
audit at all reasonable times by any person designated by Synovus. 
 On or before the fifteenth day following the close of each
quarter or upon such other reporting schedules and for such other reporting periods as Synovus and the Agent of the Plan shall agree, the Agent shall file with Synovus a written report setting forth all receipts, disbursements, and other
transactions effected during such preceding quarter or reporting period, and setting forth the current status of the Fund. 

ARTICLE VII 

STOCK PURCHASE 
 The Agent shall use the funds in the Plan to purchase shares of Synovus Common Stock in the open market for the benefit of the Participants in the Plan on a quarterly basis. 

In the event that the Agent retains the services of subagents to make such purchases of shares of Synovus Common Stock, such subagents
shall not be controlled by, controlling or under common control with Synovus or its affiliates. Neither Synovus nor 

  
 10 

 
any of its affiliates shall have, nor exercise, directly or indirectly, any control or influence over the times when, or the prices at which, the Synovus Common Stock may be purchased by the
Agent or any subagents, the amounts of Synovus Common Stock to be so purchased or the manner in which such Synovus Common Stock is to be purchased. The Agent may retain the services of said subagents only upon the execution of subagency agreements
by and between the Agent and subagents which set forth terms and conditions not materially different from those contained herein with regard to the purchase of Synovus Common Stock. 

Neither the Agent, Synovus nor any subagent retained by the Agent shall have any responsibility as to the value of Synovus Common Stock
acquired under the Plan. The duties of the Agent and any subagent to cause the purchase of Synovus Common Stock under the Plan shall be subject to any and all legal restrictions or limitations imposed at any time by governmental authority,
including, but not limited to, the Securities and Exchange Commission, and shall be subject to any other restrictions, limitations or considerations deemed valid by such Agent or any subagent. Accordingly, neither the Agent, Synovus nor any subagent
shall be liable in any way if, as a result of such restrictions, limitations or considerations, the whole amount of funds available under the Plan for the purchase of Synovus Common Stock is not applied to the purchase of such shares at the time
herein otherwise provided or contemplated. 
 ARTICLE VIII 

ALLOCATION OF STOCK 
 As promptly as practical after each purchase by the Agent (or any subagents) of Synovus Common Stock for the benefit of the Participants in the Plan, the Agent shall

  
 11 

 
determine the average cost per share of all shares so purchased. The Agent shall then proportionally allocate such shares to the Plan Accounts of the Participants, charging each such Participant
with the average cost, including transactional costs, of the shares so allocated. Full shares and fractional share interests in one share (to four decimal places) shall be allocated. 

ARTICLE IX 

ISSUANCE OF SHARES OF SYNOVUS COMMON STOCK AND/OR CASH 
 A Participant may request that the Agent issue shares or sell shares for all or a part of the full number of shares of Synovus Common Stock in a Participant’s Plan Account for which the six-month
holding period has been satisfied or for which the six-month holding period does not apply. As promptly as practicable after the later of such Participant’s request and satisfaction of the six-month holding period, if applicable, the Agent will
(1) issue such shares to such Participant, to the Participant’s Synovus Dividend Reinvestment and Direct Stock Purchase Plan account, or to any person or brokerage account designated in writing by such Participant; or (2) sell all or
the specified number of shares, deduct brokerage commissions and a transaction charge, and issue a check made payable to the Participant or deposit the net proceeds directly to the account specified by the Participant. The Agent will notify the
Administrator of such issuance or sale of shares. The Participant request must clearly indicate the number of shares to be issued or sold, or specify that all shares held in such Participant’s Plan Account are to be issued or sold. If
administratively practicable, the Participant request may specify a sales price limit (i.e., a limit order). 

  
 12 

 ARTICLE X 
 DIVIDENDS AND DISTRIBUTIONS 
 Stock dividends and stock splits received by
the Agent will be allocated by such Agent to each Participant’s Plan Account to the extent that such stock is attributable to the allocated Synovus Common Stock in such Participant’s Plan Account. Cash dividends received by the Agent of
the Plan shall be used to acquire additional shares of Synovus Common Stock pursuant to the provisions of the Plan, and such shares so acquired will be allocated proportionally to the Plan Accounts of Participants. Shares acquired through such
dividend reinvestment shall not be subject to the six-month holding period of Article XVI. 
 ARTICLE XI 

VOTING RIGHTS 
 Each Participant in the Plan shall have the rights and powers of ordinary shareholders with respect to the shares of Synovus Common Stock in such Participant’s Plan Account, including, but not
limited to, the right to vote such shares. Synovus shall deliver or cause to be delivered to Participants at the time and in the manner such materials are sent to Synovus shareholders generally all reports, proxy solicitation materials and all other
disclosure type communications distributed to Synovus shareholders generally. 

  
 13 

 ARTICLE XII 
 REPORTS TO PARTICIPANTS 
 As soon as practical following the end of each
Plan Year, or more often and as often as Synovus may elect, Synovus and/or the Agent shall send to each Participant a written report of all transactions for such Participant’s benefit under the Plan for such Plan Year. 

ARTICLE XIII 

TERMINATION OF PARTICIPATION IN PLAN 
 A Participant may terminate his or her participation in the Plan by making a Payroll Deduction Authorization Election to do so. Such termination will be effective as promptly as practicable. As promptly
as practicable, the Agent will purchase share of Synovus common stock with the cash remaining in the Participant’s Plan Account as of the next quarterly purchase date. As soon as practicable thereafter, in accordance with the former
Participant’s instructions, the Agent will: (1) issue the number of shares of Synovus Common Stock allocated to the Participant’s Plan Account (provided the shares have been held at least six months as required in Article XVI(a) of
the Plan, if applicable) to the Participant’s Synovus Dividend Reinvestment and Direct Stock Purchase Plan Account or other person or brokerage account designated by the Participant in writing; or (2) issue a check made payable to the
Participant or deposit directly to an account specified by the Participant the net cash proceeds from the sale of such shares, after deduction of brokerage commissions and a transaction charge. The Agent will notify the Administrator of such
issuance or sale of shares. If a Participant terminates his or her participation in the Plan, such Participant may re-enter the Plan by making a new Payroll Deduction Authorization Election pursuant to Article II. 

  
 14 

 Assignments or pledges of any interests under the Plan are not allowed. 

ARTICLE XIV 

TERMINATION OF EMPLOYMENT 
 Participation in the Plan shall automatically terminate without notice upon termination of the Participant’s employment with a Participating Employer whether by death, retirement or otherwise. If
termination is other than by death, the Agent will purchase share of Synovus Common Stock with the cash remaining in the Participant’s Plan Account as of the next quarterly purchase date. As promptly as practical thereafter, the Agent will:
(1) issue the number of shares of Synovus Common Stock allocated to the Participant’s Plan Account (regardless of whether the shares have been held for the six-month holding period) to the Participant or to the Participant’s Synovus
Dividend Reinvestment and Direct Stock Purchase Plan Account or other person or brokerage account designated by the Participant in writing; or (2) issue a check made payable to the Participant or deposit directly to an account specified by the
Participant the net cash proceeds from the sale of such shares, after deduction of brokerage commissions and a transaction charge. The Agent will notify Synovus of such issuance or sale of shares. If no such instructions are provided by the former
Participant within 120 days following the date of such termination, the shares will be delivered to the Participant’s Dividend Reinvestment and Direct Stock Purchase Plan Account. 

If termination is by reason of death, the Agent will, as promptly as practical, purchase shares of Synovus Common Stock with the cash
remaining in the Participant’s 

  
 15 

 
Plan Account as of the next quarterly purchase date. As soon as practicable thereafter, in accordance with the instructions of the former Participant’s beneficiary, the Agent will:
(1) issue the number of shares of Synovus Common Stock allocated to the former Participant’s Plan Account (regardless of whether such shares have been held for the six-month holding period) to such beneficiary or to such beneficiary’s
Synovus Dividend Reinvestment and Direct Stock Purchase Plan Account or other brokerage account designated by such beneficiary in writing, or (2) issue a check to such beneficiary or deposit directly into an account specified by such
beneficiary the net cash proceeds from the sale of such shares, after deduction of brokerage commissions and a transaction charge. 
 ARTICLE XV 
 EXPENSES 

Synovus shall bear the cost of administering the Plan, including any transfer taxes incurred in transferring the Synovus Common Stock
from the Plan to the Participants. Any broker’s fees, commissions or other transaction costs actually incurred will be included in the cost of Synovus Common Stock to Participants. However, if a Participant requests overnight delivery or other
special delivery or handling services in connection with the Synovus Common Stock held in the Participant’s Plan Account, the cost of such delivery or services will be charged to the Participant by the Agent. 

ARTICLE XVI 

LIMITATIONS ON THE SALE OF STOCK 
 (a) Holding Period. Shares of Synovus Common Stock purchased by the Agent on behalf of any Participant, other than shares of Synovus Common Stock purchased through dividend reinvestment, must be
held in such Participant’s Plan Account for a minimum of 

  
 16 

 
six (6) months following the date of purchase. During this six (6) month period, the Shares of Synovus Common Stock subject to the holding period may not be sold, transferred, assigned,
pledged, or otherwise disposed of in any manner whatsoever, except as otherwise provided in the Plan. 
 (b) State Laws. No Synovus
Common Stock will be offered or sold under the Plan to any Eligible Employee in any state where the sale of such stock is not permitted under the applicable laws of such state. For purposes of this Article XVI, the offering or sale of stock is not
permitted under the applicable laws of a state if, inter alia, the securities laws of such state would require the Plan and/or the Synovus Common Stock offered pursuant thereto, to be registered in such state and the Plan and/or Synovus Common Stock
is not registered therein. 
 ARTICLE XVII 
 AMENDMENT, TERMINATION AND SUSPENSION OF THE PLAN 
 Synovus reserves the
right to amend the Plan at any time; however, no amendment shall affect or diminish any Participant’s right to the benefit of contributions made by such Participant or a Participating Employer prior to the date of such amendment, and no
amendment shall affect the authority, duties, rights, liabilities or indemnities of the Agent without the Agent’s prior written consent. 
 Synovus reserves the right to terminate the Plan at any time. In such event, there will be no further Participant payroll deductions and no further Participating Employer contributions, but the Agent will
endeavor to make purchases of Synovus Common Stock out of available funds and will allocate such Stock to the Plan Accounts of Participants in the usual manner. Upon termination of the Plan, distribution of Synovus Common Stock and any cash held as
part of the Fund shall be governed by the provisions of Article XIV hereof. 

  
 17 

 Synovus reserves the right to suspend Participating Employer contributions to the Plan at
any time. During the time Participating Employer contributions are suspended, Synovus’ Board of Directors shall determine whether Participant payroll deductions are to be continued or suspended. If Synovus’ Board of Directors permits the
continuance of Participant payroll deductions, each Participant may elect to continue or suspend Participant payroll deductions on his or her own behalf. If the Participant elects to continue to make Participant payroll deductions while
Participating Employer contributions are suspended, the Participating Employers shall be under no obligation at any future date to make Participating Employer contributions with respect to such Participant’s payroll deductions made during such
period of suspension. 
 ARTICLE XVIII 
 SUSPENSION OR TERMINATION IF 
 STOCK PURCHASE IS PROHIBITED 

In addition to all rights to terminate or suspend the Plan otherwise reserved herein, it is understood that the Plan may be suspended or
terminated at any time or from time to time by Synovus’ Board of Directors if the Plan’s continuance would, for any reason, be prohibited under any applicable federal and state law even though such prohibition arises because of some act on
the part of Synovus, including, but not limited to, Synovus’ engaging in a distribution of securities. If the Plan is suspended under this Article XVIII, no Participating Employer contributions or Participant payroll deductions shall be made
and no Synovus Common Stock shall be purchased until the Plan is restored to an active status. If 

  
 18 

 
the Plan is terminated pursuant to this Article XVIII, there shall be no further Participant payroll deductions and no further Participating Employer contributions and there shall be no
additional purchases of Synovus Common Stock. Upon termination of the Plan pursuant to this Article XVIII, distribution of Synovus Common Stock and any cash held as part of the Fund shall be governed by the provisions of Article XIV hereof.

 ARTICLE XIX 
 CONSTRUCTION 
 This Plan shall be governed by and construed under the laws
of the State of Georgia. 
 ARTICLE XX 
 TERM OF PLAN 
 This Plan shall terminate on July 1, 2021, unless
terminated earlier by the Board of Directors of Synovus pursuant to Article XVII hereunder. 

  
 19

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