Document:

EX-10.1

 Exhibit 10.1 

[Citibank Europe plc Letterhead] 
 FROM: Citibank
Europe plc (the “Bank”) 
  

			
	TO:	  	AXIS Specialty Limited (“ASL”)
		  	AXIS Re SE (formerly, AXIS Re Limited)
		  	AXIS Specialty Europe SE (formerly, AXIS Specialty Europe Limited)
		  	AXIS Insurance Company
		  	AXIS Surplus Insurance Company
		  	AXIS Reinsurance Company
		  	(the “Companies”; each, a “Company”)

 Date    18 December 2015 

Dear Sirs, 
  

	1.	Committed letter of credit facility 

 Further to recent discussions, Citibank Europe plc
(the “Bank”) is pleased to confirm its committed letter of credit issuance facility (the “Facility”) subject to the terms and conditions set out in this Letter. 

The Bank and the Companies agree that the Facility detailed herein will be effective on and from the 31st of December 2015 (the “Effective Date”). 
  

	2.	Amount 

 The Facility shall be in a maximum aggregate amount of USD 500,000,000 (five
hundred million United States dollars) (the “Aggregate Facility Limit”) comprising three tranches as follows: 
  

	 	(a)	a committed letter of credit issuance tranche having a sub-limit of USD 179,000,000 (one hundred seventy-nine million United States dollars) to be utilised for Credit(s) denominated in a currency other than Australian
dollars or New Zealand dollars (“Tranche I”); 

  

	 	(b)	a committed letter of credit issuance tranche having a sub-limit of USD 191,000,000 (one hundred ninety-one million United States dollars) to be utilised for Credit(s) denominated in a currency other than Australian
dollars or New Zealand dollars (“Tranche II”); and 

  

	 	(c)	a committed letter of credit issuance tranche having a sub-limit of USD 130,000,000 (one hundred thirty million United States dollars) to be utilised for Credit(s) denominated in Australian dollars or New Zealand
dollars (“Tranche III”), 

 (each such sub-limit being a “Tranche Sub-Limit” and each of Tranche I,
Tranche II and Tranche III being a “Tranche”). 
 Should the Companies wish to reduce the Aggregate Facility Limit or any Tranche
Sub-Limit, it may do so upon written notification to the Bank. The notification (the 

 
“Notification”) must (i) specifically reference this Letter and (ii) clearly state the new facility limit that is to apply to the relevant Tranche Sub-Limit or the Aggregate
Facility Limit, as applicable (“the New Limit”). The New Limit will take effect as a revised Tranche Sub-Limit or the Aggregate Facility Limit, as applicable, five Business Days following receipt, by the Bank, of the Notification. 

 

	3.	Facility Documents 

 The Companies listed below have entered or shall enter into the
following documents in relation to the Facility: 
  

	 	(a)	Insurance Letters of Credit - Master Agreement (Form 3/CEP) dated 14th May, 2010 (the “Master Agreement”) signed by the Companies; 

 

	 	(b)	Pledge Agreement dated 14h May, 2010 as amended, restated, supplemented or otherwise modified from time to time (“the Pledge Agreement”) signed by AXIS
Specialty Limited; 

  

	 	(c)	Collateral Account Control Agreement dated 19th May, 2015 (“the Account Control Agreement”) signed by AXIS Specialty Limited; and 

 

	 	(d)	Facility Fee Letter dated on or around the date of this letter (“the Facility Fee Letter”) signed by the Companies. 

In the event of any inconsistency between the terms of this letter and the terms of any Facility Document, the terms of this letter shall
prevail. 
  

	4.	Conditions precedent 

 No Company shall request the issue of any Credit until the Bank
has received the documents and other evidence specified below in a form and substance satisfactory to the Bank (each a “Condition Precedent”): 
  

	 	(a)	the enclosed duplicate of this Letter, duly executed on behalf of each Company before 31st December 2015; 

 

	 	(b)	the Facility Fee Letter duly executed on behalf of each Company; 

  

	 	(c)	such other documents, information and other evidence as the Bank may reasonably require prior to the date of issuance of the initial Credit in order to comply with the Bank’s anti-money laundering and other
know-your-customer policies and procedures, including (without limitation) copies of reports from each Company’s external auditors and details of each Company’s directors and owners. 

 

	5.	Utilisation requests 

  

	5.1	Whenever a Company wishes the Bank to issue a Credit under the Facility, it shall give a duly completed application form in accordance with the Master Agreement. 

 

	5.2	The Bank shall be entitled to examine each request to issue a Credit on a case-by-case basis and, notwithstanding clause 1(a)(i) of the Master Agreement during the continuance of this Letter, shall only be entitled to
decline any such request where: 

	 	(a)	such request would cause the Bank to be in breach of any law of any jurisdiction (including non-exclusively any breach of sanctions imposed by the law of the United States of America); or 

 

	 	(b)	the tenor of a Credit issued under either Tranche I or under Tranche II extends beyond 31st December 2020 or the tenor of a Credit issued under Tranche III
extends beyond 31st December 2021; 

  

	 	(c)	the proposed issuance would cause the Aggregate Facility Limit of the applicable Tranche Sub-Limit for that Credit to be breached; and/or; 

 

	 	(d)	there is a failure to deposit in a securities account with the Securities Intermediary a deposit in an amount required under the terms of the Pledge Agreement. 

 

	5.3	Subject to Section 5.4 and Section 5.5, Tranche I shall be fully utilised prior to a Company being able to utilise Tranche II so that all utilisations of a Credit with a maturity date of on or prior to
31 December 2020 shall first be automatically allocated against Tranche I. Once the Tranche Sub-Limit for Tranche I is fully utilised, all utilisations of a Credit with a maturity date of on or prior to 31 December 2020 shall be
automatically allocated against Tranche II. All utilisations of a Credit with a maturity date between 1 January 2018 and 31 December 2021 shall be automatically allocated against Tranche III. 

 

	5.4	A Credit with a maturity date of on or prior to 31 December 2020 (and no later) may only be issued under Tranches I and II and a Credit denominated in Australian dollars or New Zealand dollars may only be issued
under Tranche III. 

  

	5.5	Any Credit that is renewed in accordance with the Master Agreement shall be deemed to be reissued under the Tranche under which it was originally issued and shall fall within the relevant Tranche Sub-Limit for that
Tranche. 

  

	6.	Interest 

  

	6.1	Upon receipt from the Beneficiary of any Credit of any notice of a drawing under such Credit, the Bank shall notify promptly the relevant Company thereof. On the Business Day on which the Company shall have received
such notice (or, if the Company shall have received such notice later than 10:00 a.m. on any Business Day, on the immediately following Business Day) (each such date, an “Honor Date”), the Company shall reimburse the Bank in an
amount equal to the amount of such drawing. However, where a drawing takes place in a currency other than US dollars, it is understood that the Company shall reimburse the bank in the currency of the Credit within two business days following receipt
of such notice from the Bank. 

  

	6.2	If the Company fails to so reimburse the Bank on the Honor Date then the Company shall pay interest on the unreimbursed amount at a rate per annum of LIBOR plus 1% (plus Reserve Asset Costs, if any) from the Honor Date
until the date of reimbursement by the Company. 

  

	6.3	Any interest accruing under this paragraph 6 shall be immediately payable by the Company on demand by the Bank. Overdue interest shall be payable at a rate of LIBOR plus 2%. 

 

	6.4	Interest due from the relevant Company under this Letter shall: 

  

	 	(a)	be calculated and accrue from day to day; 

	 	(b)	be calculated on the basis of the actual number of days elapsed and a 360 day year (or such other day count convention as is market practice for the relevant currency); and 

 

	 	(c)	be payable both before and after judgment. 

  

	7.	Fees 

 The Fees that the Companies are obliged to pay to the Bank in connection with the
Facility have been separately agreed between the parties in the Facility Fee Letter dated on or around the date of this Letter. 
  

	8.	Representations and Warranties 

 Each Company represents and warrants to the Bank on the
date of its acceptance of this Letter as follows. 
  

	 	(a)	It (i) is duly organised, validly existing and (to the extent applicable) in good standing under the laws of its jurisdiction of incorporation or organisation, (ii) is duly qualified to do business and (to the
extent applicable) in good standing in each jurisdiction where, because of the nature of its activities or properties, such qualification is required, (iii) has the requisite corporate power and authority and the right to own and operates it
properties, to lease the property it operates under lease, and to conduct its business as now and proposed to be conducted, and (iv) has obtained all material licenses, permits, consents or approvals from or by, and has made all filings with,
and given all notices to, all governmental authorities having jurisdictions, to the extent required for such ownership, operation and conduct (including, without limitation, the consummation of transactions contemplated by this Letter and the other
Facility Documents) as to each of the foregoing, except in each case referred to in clauses (ii) and (iv) where the failure to do so would not have a material adverse effect on the financial condition of the Group. 

 

	 	(b)	The execution, delivery and performance by it of this Letter and any other Facility Document to which it is a party and the consummation of the transactions contemplated hereby, are within that Company’s corporate
powers, have been duly authorised by all necessary corporate action, and do not contravene that Company’s constitutional documents. Nor do any of them contravene (i) any law or (ii) any contractual restriction binding on or affecting
that Company in a way that has, or that the Bank might reasonably expect to have, a Material Adverse Effect. 

  

	 	(c)	No authorisation or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any third party is required for the due execution, delivery and performance by that
Company of this Letter, any other Facility Document to which it is a party or in respect of any Credit, except for filings necessary to perfect the lien under the Pledge Agreement and those authorisations, approvals, actions, notices and filings
that have been duly obtained, taken, given or made and are in full force and effect and except where the failure to obtain such authorizations, approvals, actions, notices and filings does not and would not reasonably be expected to have a Material
Adverse Effect. 

  

	 	(d)	This Letter and the other Facility Documents to which it is party have been duly executed and delivered by that Company and constitute the legal, valid and binding obligation of that Company enforceable against that
Company in accordance with their respective terms, subject to (i) the effect of any applicable bankruptcy, insolvency, reorganisation, moratorium or similar law affecting creditors’ rights generally and (ii) the effect of general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or law). 

	 	(e)	The consolidated financial statements included in the most recent 10Q filing of the Group, copies of which have been furnished to the Bank, fairly present the consolidated financial condition of the Group in accordance
with generally accepted accounting principles consistently applied. Since the date of such filing there has been no material adverse change to the financial condition or property of that Company or of the Group. 

 

	 	(f)	There is no pending or, to the knowledge of that Company, threatened action, suit, investigation, litigation or proceeding affecting any member of the Group before any court, governmental agency or arbitrator that could
be reasonably likely to have a Material Adverse Effect. 

  

	9.	Undertakings 

 Each Company undertakes to the Bank that it shall: 

 

	 	(a)	post each annual 10K filing on www.sec.gov when it is available and in any event within 90 days of its financial year end; 

  

	 	(b)	post each 10Q filing on www.sec.gov when it is available and in any event within 45 days of the end of the relevant quarter; 

  

	 	(c)	promptly upon it becoming aware of the event, provide the Bank with notice of any change in that Company’s ownership structure such that its ultimate parent (as at the date of this letter) ceases to own, directly
or indirectly, a majority of the equity of the Company, or upon any announcement of such a restructuring by the parent. 

 The occurrence of
any such event in Section 9(c) above shall entitle the Bank, in its reasonable discretion, to terminate the Facility; provided however that (x) in determining whether or not to terminate the Facility, the Bank will take into consideration
the identity of the new owner and whether such new owner violates the Bank’s anti-money-laundering, know-your-customer and/or credit policies and procedures and (y) if the Bank so requests, the Company agrees to provide (or procure the
provision by the new owner) to the Bank such documents, information and other evidence as the Bank may reasonably request in order to comply with the Bank’s anti-money-laundering, know-your-customer and credit policies and procedures in
relation to the new owner. 
  

	10.	Costs and Expenses 

 Each Company undertakes to indemnify the Bank, within five business
days after receipt of an invoice, for and against all actions, proceedings, losses, damages, charges, costs, expenses, claims and demands which the Bank may incur, pay or sustain (except to the extent resulting from the Bank’s or its
affiliate’s gross negligence or wilful misconduct) in connection with this Letter (including non-exclusively the cost of all registrations and any other legal fees that the Bank reasonably incurs in relation to the Facility). 

 

	11.	Certificates 

 Any demand, notification or certificate issued by the Bank specifying any
amount due under this Letter or any Facility Document or any determination of any ratio shall, in the absence of manifest error, be conclusive and binding on the Company. 

	12.	Miscellaneous 

  

	12.1	Any of the following events shall constitute an Event of Default: 

 (a) any Company fails to pay
on its due date any amount payable by it under this Letter (including pursuant to Sections 6.1, 6.2, 7 or 10 hereof) within three (3) Business Days of its due date; 

(b) any Company fails to perform or observe any other covenant or agreement (not specified in Section 12.1(a) above) under any Facility
Document on its part to be performed or observed and such failure continues for fifteen (15) days after receipt by such Company of written notice thereof by the Bank; or 

(c) any representation or warranty made by that Company in any Facility Document to which it is party shall be incorrect in any material
respect when made. 
  

	12.2	While an Event of Default is continuing, the Bank may at any time terminate the availability of the Facility to any or all of the Companies. 

 

	12.3	The rights of the Bank under this Letter and the Facility Documents may be exercised as often as necessary; are cumulative and not exclusive of its rights under the general law; and may be waived only in writing and
specifically. Delay in exercising or non-exercise of any such right is not a waiver of that right. 

  

	12.4	If any provision of this Letter or any Facility Document is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect (i) the legality, validity or enforceability in that jurisdiction
of any other provision of that document; or (ii) the legality, validity or enforceability in any other jurisdiction of that or any other provision of that document. 

 

	12.5	In no event shall the Bank be liable on any theory of liability for any special, indirect, consequential or punitive damages and each Company hereby waives, releases and agrees (for itself and on behalf of the other
members of the Group) not to sue upon any such claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its or their favour. 

 

	12.6	The Bank may set off any obligation of a Company under the Facility Documents to which it is a party or in respect of any Credit (whether present or future, actual or contingent) against any obligation owed by the Bank
to such Company or Citibank N.A., regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Bank may convert either obligation at a market rate of exchange in its usual
course of business for the purpose of the set-off. 

  

	12.7	The terms of this Letter may not be waived, modified or amended unless such waiver, modification or amendment is in writing and signed by you nor may a Company assign any of its rights hereunder without the prior
written consent of the Bank. 

  

	12.8	Clauses 9 and 10 of the Master Agreement shall apply in respect of this Letter, with necessary changes. 

	13.	Definitions and Interpretation 

  

	13.1	Terms defined in any Facility Document shall have the same meanings when used in this Letter. Additionally, the following terms have the following meanings. 

Business Day means a day (other than a Saturday or a Sunday) on which banks are generally open in Dublin and London. 

Facility Documents means the documents specified in paragraphs 3(a) through 3(d) and any other document pursuant to which a security
interest, guarantee or other form of credit support is created or exists in favour of the Bank in respect of the obligations of the Companies under this Letter. 

Group means AXIS Capital Holdings Limited and each other person from time to time included in the consolidated financial statements of
AXIS Capital Holdings Limited filed with the Securities and Exchange Commission. 
 LIBOR means the overnight rate for US Dollars
which appears on the screen display designated “Reuters Screen LIBOR01” on the Reuters Service (or such other screen display or service as may replace it for the purpose of displaying the relevant British Bankers’ Association Interest
Settlement Rates for deposits in US Dollars in the London interbank market) at or about 11.00 a.m. on the relevant day. 
 Material
Adverse Effect means an event or circumstance having a material adverse effect on (i) the financial condition of ASL or the Group; or (ii) the legality, validity or enforceability of any Finance Document against any Company. 

Pledge Agreement means the pledge agreement from ASL in favour of the Bank dated 14 May 2010 as amended from time to time. 

 

	13.2	In this Letter (unless otherwise provided): 

  

	 	(a)	words importing the singular shall include the plural and vice versa; 

  

	 	(b)	references to: 

  

	 	(i)	paragraphs are to be construed as references to the paragraphs of this Letter; 

  

	 	(ii)	any document shall be construed as references to that document, as amended, varied, novated or supplemented; 

  

	 	(iii)	any statute or statutory provision shall include any statute or statutory provision which amends, extends, consolidates or replaces the same; 

 

	 	(iv)	any document or person being acceptable or approved or satisfactory shall be construed as meaning acceptable to or approved by or satisfactory to the Bank in its sole discretion; 

 

	 	(v)	a person shall be construed so as to include that person’s assignors, transferees or successors in title and shall be construed as including references to an individual, firm, partnership, joint venture, company,
corporation, body corporate, unincorporated body of persons or any state or any agency of a state; and 

  

	 	(vi)	time are to London time. 

  

	13.3	The headings in this Letter are for convenience only and shall be ignored in construing this Letter. 

	14.	Governing Law 

  

	14.1	This Letter shall be governed by English law and for the benefit of the Bank the Companies irrevocably submit to the jurisdiction of the English Courts in respect of any dispute which may arise from or in connection
with this Letter or any Credit. 

  

	14.2	A person who is not a party to this Letter has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any terms of this Letter. 

 

	14.3	Each Company designates the address below as its address for service of all claim forms, application notices, judgments, orders or other notices of English legal process relating to this Letter and any other Facility
Document governed by English law. 

 c/o AXIS Specialty London 

4th Floor, Plantation Place south 

60 Great Tower Street 
 London
EC3R 5AZ 
 United Kingdom 

Items served at this address must be marked for the attention of the relevant Company. 

 

	14.4	All Companies must have the same address for service and it must be an address in London, United Kingdom. If the Companies wish to change their address for service, ASL may do so by giving the Bank at least 10 Business
Days’ written notice of the new address for service. 

 [Signature pages follow] 

 Yours faithfully, 
  

	
	 /s/ Niall Tuckey, Director

	For Citibank Europe Plc

 We hereby confirm our agreement to the above: 

 We agree to the terms set out in this letter. 

For and on behalf of 
 AXIS Specialty Limited 

 

			
	 /s/ Jose Osset

	Name:	 	Jose Osset
	Title:	 	Sr. VP and Treasurer

 For and on behalf of 

AXIS Re SE 
  

			
	 /s/ Tim Hennessy

	Name:	 	Tim Hennessy
	Title:	 	Director

 For and on behalf of 
 AXIS
Specialty Europe SE 
  

			
	 /s/ Tim Hennessy

	Name:	 	Tim Hennessy
	Title:	 	Director

 For and on behalf of 

AXIS Insurance Company 
  

			
	 /s/ Andrew Weissert

	Name:	 	Andrew Weissert
	Title:	 	Sr. VP, General Counsel and Secretary

 For and on behalf of 
 AXIS
Surplus Insurance Company 
  

			
	 /s/ Andrew Weissert

	Name:	 	Andrew Weissert
	Title:	 	Sr. VP, General Counsel and Secretary

 For and on behalf of 
 AXIS
Reinsurance Company 
  

			
	 /s/ Andrew Weissert

	Name:	 	Andrew Weissert
	Title:	 	Sr. VP, General Counsel and SecretaryExhibit

Exhibit 10.1

SEPARATION AND RELEASE AGREEMENT

This Separation and Release Agreement (“Agreement”) is made by and between NII Holdings, Inc. (“NII”), a Delaware corporation, and _______ (hereinafter “Employee”).  NII and Employee are collectively referred to as the “Parties” and individually as a “Party.”

RECITALS:

    
WHEREAS, in connection with the wind down of its operations in Reston, Virginia, NII is undergoing a reduction-in-force that will result in the elimination of Employee’s position;

WHEREAS, NII desires to provide Employee with separation benefits to assist Employee in the transition from employment with NII; and

WHEREAS, the parties to this agreement desire to resolve all issues, whether known or unknown, arising out of Employee’s employment and separation from employment in a mutually satisfactory manner, confidentially, and without resort to litigation.

AGREEMENT:

NOW, THEREFORE, in consideration of the promises and of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties do hereby covenant and agree:

		
	1.
	Termination of Employment; Separation Benefits    

A.Employee will be terminated from employment due to job elimination on July 1, 2016 or on an earlier or later date in the sole discretion of NII as described below (the “Termination Date”).  In consideration of Employee’s acceptance of this Agreement:

(a)NII shall pay Employee two times annual base salary. Using Employee’s base salary as of November 13, 2015, this would be $________. This amount is subject to increase based on the base salary in effect on the Termination Date and shall be paid to Employee in one lump sum, payable within twenty (20) business days of the Termination Date.  

(b)In the event that NII exercises its discretion to makes a payment under NII’s cash bonus plan following the execution of this Agreement and that bonus covers a period prior to and including the employee’s Termination Date, NII shall pay to Employee the unpaid prorated bonus to which Employee would have been entitled based on NII’s actual performance and pursuant to the terms and conditions of the then applicable bonus plan if and when it is paid.

(c)In the event that NII triggers a payment pursuant to the Key Employee Incentive Plan (the “KEIP”), as provided for in the Company’s bankruptcy proceedings concluded in June 2015, NII shall pay to Employee his portion of the KEIP pursuant to the terms and conditions of the KEIP and when payments are made to other eligible employees.

B.The Parties hereby agree that if NII determines in its sole discretion that the transition of Employee’s responsibilities is substantially complete prior to the Termination Date, then NII may 

accelerate the Termination Date with at least 30 days prior written notice without any additional base salary or benefits owed to the Employee after the amended Termination Date other than as provided in this Agreement.  In addition, the Parties hereby agree that if NII determines that the transition of the Employee’s responsibilities are not substantially complete prior to the Termination Date, then NII may extend the Termination Date with at least 30 days prior written notice.  If Employee’s Termination Date is extended, Employee will continue to be paid regular salary and remain covered by benefits up to and including the Termination Date.

C.Employee hereby agrees that NII will deduct from the above-described payments all withholding taxes and other payroll deductions that NII is required by law to make from wage payments to employees.  Employee hereby agrees that the payments and performances described in this Agreement are all that Employee shall be entitled to receive from NII except for vested qualified retirement benefits, if any, to which Employee may be entitled under NII's ERISA plans.  Employee further acknowledges and agrees that the payment described in Section 1(A) shall be deemed to satisfy NII’s obligations pursuant to NII’s Severance Plan (as amended and restated February 27, 2013) (the “Severance Plan”), that such payment represents the full amount payable to Employee under the terms of the Severance Plan, and that the Severance Plan requires Employee to execute this Agreement as a condition of receiving any such payments.  

		
	2.
	Consideration

Employee hereby agrees and acknowledges that the benefits set forth in Section 1 of this Agreement are more than Employee would otherwise be entitled to receive under any of NII’s policies and procedures and that they are in addition to anything of value to which Employee already is entitled; and, specifically, that because execution of this Agreement is a condition of receiving any benefits under the Severance Plan, to the extent it would be deemed to apply to Employee’s termination, Employee is not otherwise entitled to any of the benefits set forth in Section 1. Employee acknowledges and agrees that the amount made payable to him is in complete satisfaction of any and all claims of any kind that he has made or could have in connection with his employment and separation from employment.  
    
		
	3.
	Complete Release

In exchange for the consideration set forth herein, Employee hereby knowingly and voluntarily releases and forever discharges NII and any related companies, including, without limitation, their affiliates, former and current employees, officers, agents, directors, shareholders, investors, attorneys, successors and assigns or any of them (the “Released Parties”) from all liabilities, claims, demands, rights of action or causes of action Employee had, has or may have against any of the Released Parties, including but not limited to any claims or demands based  upon or relating to Employee’s employment with NII or the termination of that employment.  This includes but is not limited to a release of any rights or claims Employee may have under Title VII of the Civil Rights Act of 1964, which prohibits discrimination in employment based on race, color, national origin, religion or sex; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; the Age Discrimination in Employment Act of 1967, the (“ADEA”) which prohibits age discrimination in employment; the Americans with Disabilities Act, which prohibits discrimination against otherwise qualified disabled individuals; the Virginia Human Rights Act, which is a state statue prohibiting, among other things, employment discrimination; the Fairfax County Human Rights Ordinance, which is a local ordinance prohibiting, among other things, employment discrimination; or any other federal, state or local laws or regulations prohibiting employment discrimination. This also includes but is not limited to a release by Employee of any claims for wrongful discharge, breach of contract, under the Severance Plan, or any other statutory, common law, tort or contract claim that Employee had, has or may have against any of 

the Released Parties. This release covers both claims that Employee knows about and those that Employee may not know about.

Notwithstanding the foregoing, neither party is releasing any right to enforce this Agreement, and Employee is not releasing:  (1) any vested qualified retirement benefits under NII’s ERISA plan (although it does include a release of all claims to benefits under the Severance Plan); (2) the right to continuation in NII’s medical plans as provided by COBRA; (3) any claims for unemployment compensation or workers compensation benefits or other rights that may not be released as a matter of law;  (4)  any claims solely relating the validity of this general release under the ADEA, as amended; (5) any non-waiveable right to file a charge with the U.S. Equal Employment Opportunity Commission; or (6) any rights to indemnification pursuant to NII’s or any successor company’s Certificate of Incorporation, Delaware General Corporation Law or the Director and Officer Indemnification Agreement between the Parties.  If a government agency were to pursue any matters that are released herein, Employee agrees that this Agreement will control as the exclusive remedy and full settlement of all such claims by Employee for money damages.  Employee hereby acknowledges and agrees that this release is a general release and that by signing this Agreement, he is signing and agreeing to this release. 

		
	4.
	Non-Release of Future Claims

Employee understands and agrees that he is waiving any and all rights and claims under the ADEA. Employee agrees that his waiver of these ADEA claims is knowing and voluntary, and understands that he is forever releasing any such claims that might have arisen before the date of this Agreement. The parties agree that the decision to terminate Employee’s employment has been made prior to the execution of this agreement.

		
	5.
	Encouragement to Consult with Attorney

Employee has had the opportunity to consult with an attorney and has been encouraged to do so prior to executing this Agreement.  

		
	6.
	Period for Review and Consideration of Agreement

Employee may have, if desired, 45 days within which to consider this Agreement, first proposed to him on November 13, 2015.  Employee acknowledges and agrees that any changes made to this Agreement after it first was offered do not re-start the running of the 45-day period.  Employee may execute the Agreement prior to the expiration of the 45-day period but in no event may he execute it prior to the Termination Date.  Employee acknowledges that in the event he decides to execute this Agreement in fewer than 45 days, he has done so with the express understanding that he has been given and declined the opportunity to consider this release for a full 45 days.  Employee acknowledges that his decision to sign the Agreement in fewer than 45 days was not induced by NII through fraud, misrepresentation, or a threat to withdraw or alter the offer prior to the expiration of the 45-day time period. Employee acknowledges receipt of the OWBPA document appended to this Agreement that contains the employees affected by this termination program and their titles and ages.  

		
	7.
	Employee's Right to Revoke Agreement

Employee may revoke this Agreement within seven (7) days of Employee's signing it.  Revocation can be made by delivering a written notice of revocation to Shana Smith, General Counsel and Corporate Secretary, NII Holdings, Inc., 1875 Explorer Street, Suite 800, Reston, VA 20190.  For this revocation to be effective, written notice must be received by Ms. Smith no later than the close of business on the seventh 

day after Employee signs this Agreement.  If Employee has not revoked the Agreement, the eighth (8th) day after Employee signs this Agreement shall be the Effective Date for purposes of this Agreement.

		
	8.
	No Future Lawsuits

Employee promises never to file a lawsuit asserting any claims that are released in Section 3 of this Agreement.  In the event Employee breaches this Section 8, Employee shall pay to NII all of its expenses incurred as a result of such breach, including but not limited to, reasonable attorney’s fees and expenses.

		
	9.
	Disclaimer of Liability

This Agreement and the payments and performances hereunder are made solely to assist Employee in making the transition from employment with NII, and are not and shall not be construed to be an admission of liability, an admission of the truth of any fact, or a declaration against interest on the part of NII.

		
	10.
	Confidential Information/Return of Property

Employee covenants and agrees that Employee shall not use, divulge, publish or disclose to any person or organization, confidential information obtained by Employee during the course of Employee’s employment or related to Employee’s cessation of employment (“Confidential Information”).  The Confidential Information consists of the following:  (a) the existence and terms of this Agreement itself; (b) personal, financial, private or sensitive information concerning NII’s executives, employees, customers and suppliers; (c) information concerning NII’s finances, business practices, long-term and strategic plans and similar matters; (d) information concerning NII’s formulas, designs, methods of business, trade secrets, technology, business operations, business records and files; and (e) any other non-public information which, if used, divulged, published or disclosed by Employee, would be reasonably likely to provide a competitive advantage to a competitor or to cause any of NII’s executives or employees embarrassment.  Employee further agrees to return immediately to NII all of NII’s property, if any, in Employee’s possession or under Employee’s control upon the Termination Date or such earlier date as Employee’s employment shall cease.  Employee agrees that if he intentionally damages any NII property following notification of termination, this agreement becomes null and void. Notwithstanding the restrictions contained in this Section 10, Employee shall be permitted to make necessary disclosures to members of Employee’s immediate family or Employee’s attorneys and advisors concerning the terms of this Agreement, provided they agree to be bound by the terms of this promise of confidentiality, with Employee to be responsible for their compliance.  Employee acknowledges that in addition to the promises contained in this Agreement, he remains bound by the Non-Competition and Confidentiality Agreement between the Parties.
    
		
	11.
	Statements Regarding the Parties  

    
The Parties agree not to do or say or write anything, directly or indirectly, that reasonably may be expected to have the effect of criticizing or disparaging the other Party.  In addition, the Employee agrees not to do or say or write anything, directly or indirectly, that reasonably may be expected to have the effect of criticizing or disparaging any director of NII; any of NII’s employees, officers or agents; or diminishing or impairing the goodwill and reputation of NII or the products and services it provides.  Employee further agrees not to assert that any current or former employee, agent, director or officer of NII has acted improperly or unlawfully with respect to Employee or any other person regarding employment.   
        

		
	12.
	Cooperation with Litigation

Employee will cooperate fully with NII in its defense of any lawsuit filed over matters that occurred during the course of Employee’s employment with NII, and Employee agrees to provide full and accurate information with respect to the same. 

13.    Litigation Assistance

Employee agrees that, unless compelled by valid subpoena or other court order, and in such case only after providing sufficient notice to NII of such subpoena or court order to allow NII a reasonable opportunity to object to the same, Employee shall not, directly or indirectly, assist any person or entity in connection with any potential or actual litigation against NII or any other of the Released Parties described in Section 3 of this Agreement.

14.  Execution of Documents

Each of the parties hereto shall execute any and all further documents and perform any and all further acts reasonably necessary or useful in carrying out the provisions of this Agreement.

15.  Invalid Provisions

The invalidity or unenforceability of any particular provision of this Agreement shall not affect the validity or enforceability of any other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted.

16.  Acknowledgment

Employee acknowledges that Employee has signed this Agreement freely and voluntarily without duress of any kind.  Employee has conferred with an attorney or has knowingly and voluntarily chosen not to confer with an attorney about the Agreement.
 
17.  Entire Agreement

This Agreement contains the entire understanding of Employee and NII concerning the subjects it covers and it supersedes all prior understandings and representations, except that Employee acknowledges and confirms the continuing effectiveness of the provisions of any Confidentiality Agreement between Employee and NII.  NII has made no promises to Employee other than those set forth herein.  This Agreement may not be modified or supplemented except by a subsequent written agreement signed by all parties.

18.  Successorship

It is the intention of the parties that the provisions hereof be binding upon the parties, their employees, affiliates, agents, heirs, successors and assigns forever. 

19.  Governing Law

This Agreement shall be governed by the laws of the Commonwealth of Virginia, without regard to its conflict of laws principles.

EMPLOYEE ACKNOWLEDGES THAT EMPLOYEE HAS READ THIS AGREEMENT, UNDERSTANDS IT, AND IS VOLUNTARILY ENTERING INTO IT.  PLEASE READ THIS AGREEMENT CAREFULLY.  IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

EMPLOYEE MAY NOT EXECUTE THIS AGREEMENT PRIOR TO THE TERMINATION DATE
    
IN WITNESS WHEREOF, the parties have executed this Agreement on the dates stated below.

	
		
	_____________________________
	 

	Date
	Employee

	 
	 

	 
	NII HOLDINGS, INC.

	 
	 

	_____________________________
	By:

	Date
	Shana Smith

	 
	General Counsel and Corporate Secretary

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