Document:

EX-10.1

 Exhibit 10.1 

SEPARATION AND RELEASE AGREEMENT 

This Separation and Release Agreement (this “Agreement”) is entered by and between Tony M. Shelby (“Executive”) and LSB
Industries, Inc. (the “Company”) (collectively, the “Parties”), entered into the 22nd day of February, 2016 and effective as of December 31, 2015 (“Retirement Date”). 

WHEREAS, Executive has retired from the Company effective December 31, 2015; 

WHEREAS, the parties have agreed to terms of separation benefits in exchange for a release of claims in a form agreeable to the Company; 

WHEREAS, this Agreement sets forth the Parties’ expectations and agreements with respect to the separation benefits and the release of
claims; and, 
 WHEREAS, in exchange for the separation benefits described herein, Executive desires to release any and all claims
whatsoever, known or unknown, that he has or may have against the Company, its affiliated entities, and all those entities’ employees and representatives, as explained more fully below. 

NOW, THEREFORE, in exchange for the promises made by one another in this Agreement, which both parties acknowledge to be valuable promises
sufficient to justify the promises of the other, the Parties agree as follows: 
 1. Retirement. Effective on the Retirement
Date the employment relationship between the Company and Executive will be terminated, and the Company will be relieved of Executive’s duties in all respects. Executive resigns from any position as an officer of the Company and as a director,
officer, manager, partner or similar position of each subsidiary or affiliate of the Company. 
 2. Separation Payments to Executive;
Other Consideration. 
 (a) The Company agrees to pay to Executive a separation payment in the total amount of $150,000 (the
“Separation Payment”), provided Executive executes this Agreement and the accompanying General Release, and Executive does not exercise his statutory right to rescind this Agreement and the General Release attached as Exhibit A. In the
event of Executive’s death payment will be made to his estate or designee. 
 (b) The Company shall make the Separation Payment in
installments with the first installment due within five (5) days of execution of this Agreement and thereafter on the 15th of the month as follows: 

 

					
	 February, 2016
	  	$	22,285.33	  
	 March, 2016
	  	$	22,285.33	  
	 April, 2016
	  	$	0	  
	 May, 2016
	  	$	0	  
	 June, 2016
	  	$	0	  
	 July, 2016
	  	$	105,429.34	  

 All payments shall be subject to withholding for applicable taxes and other ordinary payroll deductions. 

(c) The Company will continue to pay for Executive’s officers and director’s liability policy covering any claim which may arise as
a result of his former employment with the Company, its affiliates or subdivisions. 
 3. Representation Regarding Separation
Obligations. By signing this Agreement and/or accepting any payment pursuant to this Agreement, Executive is expressly acknowledging that no other payments, whether salary, bonus, expenses or otherwise, remain unidentified and payable except
for the Separation Payments. Specifically, Executive acknowledges that, in exchange for the Separation Payment, as a result of the execution of this Agreement, any benefit otherwise payable under the Nonqualified Benefit Agreement dated
January 1, 1992 and amended April 1, 1993 shall become null and void on the Retirement Date, and such agreement shall terminate with no further payment obligations to the Executive or his beneficiaries pursuant to the terms of
Section 6 of such agreement. Executive also agrees that his outstanding equity awards which have not been exercised on or before the Retirement Date will be forfeited regardless of whether such awards are vested or unvested. 

4. General Release. As a condition to receiving the Separation Payment, Executive will return an executed copy of this Agreement
and the attached General Release within twenty-one (21) days of the date of this Agreement. By signing this Agreement, Executive is agreeing that once seven (7) days have passed from the date he signs the Release, he will not attempt to
revoke or rescind the General Release at any time in the future. In addition, Executive is representing that he fully understands the terms of this Agreement and the General Release and that he has had an opportunity to seek legal advice regarding
the General Release and this Agreement, if he desires to do so, before signing these documents. Executive is also representing to the Company that he has not commenced any action or filed any administrative charge or complaint against the Company in
regard to his employment between the Retirement Date and the date he signs the Agreement and General Release. In the event a change of control (as defined under Section 409A of the Internal Revenue Code of 1986, as amended), any installments
that are unpaid will be paid in a lump sum on the later of July 15, 2016 or the effective date of the change of control. 
 5.
Requests to Provide Information and Future Activities and Litigation Assistance. At any time in the future, if Executive receives any subpoena or court order to testify or provide information regarding the Company or his past employment
with the Company, Executive will notify the Company at 16 South Pennsylvania Avenue, P.O. Box 754, Oklahoma City, Oklahoma 73107, Attn: President in writing within five (5) days of receipt or by email to an address designated by the
Company within twenty-four (24) hours if the subpoena or court order requires compliance sooner than five (5) days. Further, Executive will not be employed or otherwise act as an expert witness or consultant, or in any similar paid
capacity in any litigation, arbitrations, administrative proceedings, governmental inquiries, external investigations or hearings involving the Company. Upon reasonable notice, Executive will continue to cooperate with and assist the Company and its
representatives and attorneys as requested with respect to any litigation, arbitrations, administrative proceedings, governmental inquiries, investigations (both internal and external) or any other matters concerning or relating

  
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to the above by being available for interviews, depositions and/or testimony in regard to any matters in which he is or has been involved or with respect to which he has relevant information
without the need for a subpoena. If Executive is required to testify at deposition and/or trial, Executive will be paid compensation for his preparation and appearance time in an amount agreed upon by Executive and Company. 

6. Confidentiality of Information. Executive agrees that, except with the prior written consent of the Company or if previously
publically disclosed by the Company, he will not, at any time after the date of this Agreement, make any independent use of or disclose to any other person or organization, including any governmental agency, the terms and provisions of this
Agreement and the discussions surrounding it, as well as any of the Company’s confidential, proprietary information or trade secrets, for a period of twenty-four (24) months following the Retirement Date; provided that this provision does
not bar disclosure of (1) information in the public domain; (2) information required to be disclosed by law, rule, or regulation; and (3) information previously disclosed to a third-party by the Company who in turn discloses the
information to Executive. This shall apply to any information which is of a special and unique value and includes, without limitation, both written and unwritten information relating to operations and marketing; business planning and strategies;
finance; accounting; costs of providing service; operating and maintenance costs; and pricing matters. This obligation regarding the Company’s confidential, proprietary information or trade secrets is in addition to, but does not replace, any
prior agreement between Executive and the Company regarding confidentiality. This paragraph does not prohibit Executive from reporting possible violations of federal and/or state law or regulation to any governmental agency or entity, including, but
not limited to the Department of Justice, the Securities and Exchange Commission, Congress or any agency Inspector General and/or the Equal Employment Opportunity Commission (or a similar fair employment practices agency of Executive’s State of
residence or employment) or with other similarly situated employees. Subject to applicable law, Executive covenants and agrees that Executive shall not in any way publicly disparage, call into disrepute, or otherwise defame or slander the Company or
any of its subsidiaries, in any manner that would materially damage the business or reputation of the Company or any of its subsidiaries. The Company covenants and agrees, on behalf of itself and its subsidiaries, that neither the Company, any of it
subsidiaries nor any of the officers or directors of the Company or any of its subsidiaries shall in any way publicly disparage, call into disrepute, or otherwise defame or slander Executive. Nothing in this Section 8 shall preclude or restrict
Executive or the Company or any of the subsidiaries of the Company from making truthful statements, or the Executive’s retention of documents that he is required to retain or disclose in his capacity as an employee of the Company, including,
without limitation, those that are required by applicable law, regulation or in connection with a legal process or proceeding, and making of such statements shall not be in violation of this Section. 

7. Additional Warranties. Executive represents and warrants that as of this date he has suffered no work related injury with the
Company and that he will not file a claim for worker’s compensation benefits arising from any incident occurring as of the date of this Agreement. Executive further represents that this is an individually-negotiated separation agreement as
contemplated by the federal Older Worker Benefit Protection Act and that Executive is not, and will not hereafter assert that he is, entitled to any greater consideration period or other information in connection with his waiver of rights under the
Age Discrimination in Employment Act that he has received in this Agreement and the General Release, including the Notice. 

  
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 8. Severability. Executive and the Company agree that if any portion of this
Agreement or the General Release or the application of their terms to any person or circumstance or claim is determined, to any extent, to be invalid or unenforceable, the remainder of this Agreement and the General Release, or the application of
such terms to any other persons, circumstances or claims shall not be affected and that this Agreement and General Release shall continue to be valid and enforceable to the fullest extent permitted by law. 

9. Attorneys. Executive acknowledges that this Agreement is a binding legal document with legal consequences, and that the
Company has suggested that he, within the time limits identified above, and to the extent he deems necessary or appropriate, seek competent legal counsel to determine the legal effect of this Agreement, at his own expense. 

10. Transition of Business and Future Activities. Upon receipt of reasonable notice, Executive agrees that he shall cooperate
with and assist the Company in the transition of any ongoing projects or other job duties or responsibilities, and take all reasonable steps to ensure that the Company’s interests are not adversely affected due to the separation of the
Parties’ employment relationship. Upon reasonable notice, Executive shall make himself available to the Company and the Company’s attorneys, without the necessity of a subpoena or other process, in connection with any pending or future
matter about which he may have relevant information or regarding which he had direct involvement because of his prior employment with the Company. 

11. Return of Company Property. Executive agrees to return Company property, including but not limited to, any and all originals
and/or paper or electronic copies of documents or data related to the business of the Company (or its related persons or entities), computer files, laptop computers, building keys, and the like. 

12. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Oklahoma,
without regard to its choice of law provisions. 
 13. Amendments. The Agreement may be amended only by the written agreement
signed by both Executive and a duly authorized representative of the Company. 
 14. Section 409A. It is intended that
this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the Treasury regulations and other guidance promulgated or issued thereunder (“Section 409A”), to the extent that
the requirements of Section 409A are applicable thereto, and after application of all available exemptions, including but not limited to, the “short-term deferral rule” and the “involuntary separation pay plan exception,”
and the provisions of this Agreement shall be construed in a manner consistent with that intention. Any provision required for compliance with Section 409A that is omitted from this Agreement shall be incorporated herein by reference and shall
apply retroactively, if necessary, and be deemed a part of this Agreement to the same extent as though expressly set forth herein. To the extent Section 409A is determined to apply to this Agreement, any reference

  
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to the Executive’s separation will mean a cessation of the employment relationship between the Executive and the Company which constitutes a “separation from service” as determined
in accordance with Section 409A. If Executive is deemed on the date of separation to be a “specified employee,” within the meaning of that term under Section 409A(a)(2)(B) of the Code and using the identification methodology
selected by the Company from time to time, or if none, the default methodology, then with regard to any payment or the providing of any benefit made under this Agreement, to the extent required to be delayed in compliance with
Section 409A(a)(2)(B) of the Code, and any other payment or the provision of any other benefit that is required to be delayed in compliance with Section 409A(a)(2)(B) of the Code, such payment or benefit shall not be made or provided prior
to the earlier of (i) the expiration of the six-month period measured from the date of Executive’s “separation from service” or (ii) the date of death. On the first day of the seventh month following the date of
“separation from service,” or if earlier, on the date of death, all payments delayed pursuant to this subparagraph and Section 409A (whether they would have otherwise been payable in a single sum or in installments in the absence of
such delay) shall be paid or reimbursed to Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. 

In addition, for purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which an Executive is
entitled under this Agreement shall be treated as a separate payment within the meaning of Section 409A, and any series of installment payments under this Agreement, including installment payments set forth in Section 2(a), shall be
treated as a right to a series of separate payments under Section 409A, including Treas. Reg. Section 1.409A-2(b)(2)(iii). The Company shall not have any liability to Executive with respect to tax obligations that result under any tax law
and makes no representation with respect to the tax treatment of the payments and/or benefits provided under this Agreement. 
 15.
Successors. 
 (a) Company’s Successors. No rights or obligations of the Company under this
Agreement may be assigned or transferred except that the Company will require any successor (whether direct or indirect, by purchase, merger, reorganization, sale, transfer of stock, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no succession had taken place. As used in this Agreement,
“Company” means the Company as herein defined, and any successor to its or the Company’s business and/or assets (by merger, purchase or otherwise) which executes and delivers the agreement provided for in this Section 15 or which
otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. 
 (b) Executive’s
Successors. No rights or obligations of Executive under this Agreement may be assigned or transferred by Executive other than his rights to payments or benefits under this Agreement, which may be transferred only by will or the laws of descent
and distribution. Upon Executive’s death, this Agreement and all rights of Executive under this Agreement shall inure to the benefit of and be enforceable by Executive’s beneficiary, or personal or legal representatives, or estate, to the
extent any such person succeeds to 

  
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Executive’s interests under this Agreement. In the event of Executive’s death or a judicial determination of his incompetence, reference in this Agreement to Executive shall be deemed,
where appropriate, to refer to his estate or other legal representative(s). If Executive should die following his date of separation while any amounts would still be payable to him under this Agreement if he had continued to live, unless otherwise
provided, all such amounts shall be paid in accordance with the terms of this Agreement to his beneficiary or personal or legal representatives or estate. 

[REMAINDER OF PAGE INTENTIONALLY BLANK.] 

 The Parties to this Agreement have read the foregoing agreement and fully understand each and every provision
contained herein. The Parties agree that this Agreement, together with the General Release, constitutes the entire agreement between Executive and the Company, except for the terms and provisions of his Employment Agreement that remain in full force
and effect. The Parties have executed this Agreement on the dates shown below. 
  

							
	EXECUTIVE	  		  	
			
	 /s/ Tony M. Shelby
	  		  	Dated: February 22, 2016
	Tony M. Shelby	  		  	
			
	COMPANY	  		  	
			
	LSB INDUSTRIES, INC.	  		  	
				
	By:	 	/s/ Daniel D. Greenwell	  		  	Dated: February 22, 2016
		 	Daniel D. Greenwell	  		  	
		 	President/CEO	  		  	

 EXHIBIT A 

GENERAL RELEASE 
 NOTICE. Various laws,
including Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Pregnancy Discrimination Act of 1978, the Equal Pay Act, the Civil Rights Act of 1991, the Age Discrimination in Employment Act, the Rehabilitation Act of 1973,
the Americans With Disabilities Act, the Employee Retirement Income Security Act and the Veterans Reemployment Rights Act (all as amended from time to time), prohibit employment discrimination based on sex, race, color, national origin, religion,
age, disability, eligibility for covered employee benefits and veteran status. You may also have rights under laws such as the Older Worker Benefit Protection Act of 1990, the Worker Adjustment and Retraining Act of 1988, the Fair Labor Standards
Act, the Family and Medical Leave Act, the Occupational Safety and Health Act and other federal, state and/or municipal statutes, orders or regulations pertaining to labor, employment and/or employee benefits. These laws are enforced through the
United States Department of Labor, including the Equal Employment Opportunity Commission, and various state and municipal labor departments, fair employment boards, human rights commissions and similar agencies. 

The federal Older Worker Benefit Protection Act requires that you have at least twenty-one (21) days, if you want it, to consider whether you wish to
sign a release such as this one in connection with a special, individualized separation package. You have until the close of business twenty-one (21) days from the date you receive this General Release to
make your decision. You may not sign this General Release until, at the earliest, your official date of separation from employment. 
 BEFORE EXECUTING THIS
GENERAL RELEASE YOU SHOULD REVIEW THESE DOCUMENTS CAREFULLY AND CONSULT WITH YOUR ATTORNEY. 
 You may revoke this General Release within seven
(7) days after you sign it and it shall not become effective or enforceable until that revocation period has expired. If you do not accept the separation benefits and sign and return this General Release, or if you exercise your right to revoke
the General Release after signing it, you will not be eligible for the special, individualized separation benefits. Any revocation must be in writing and must be received by LSB Industries, Inc., 16 South Pennsylvania Avenue, P.O. Box 754, Oklahoma
City, OK 73107, Attn: President within the seven-day period following your execution of this General Release. 

 GENERAL RELEASE 

In consideration of the special, individualized separation benefits offered to me by LSB Industries, Inc., I hereby release and discharge LSB Industries, Inc.
and its predecessors, successors, affiliates, parent, subsidiaries and partners and each of those entities’ employees, officers, directors and agents (hereafter collectively referred to as the “Company”) from all claims, liabilities,
demands, and causes of action, known or unknown, fixed or contingent, which I may have or claim to have against the Company either as a result of my past employment with the Company and/or the severance of that relationship and/or otherwise, and
hereby waive any and all rights I may have with respect to and promise not to file a lawsuit to assert any such claims, provided that nothing contained in this General Release shall constitute a release of the Company from any obligations it may
have to the undersigned (a) this Separation and Release Agreement,; or (b) relating to any rights of indemnification and/or defense under the Company’s certificate of incorporation, bylaws, or coverage under officers and directors
insurance. 
 This General Release includes, but is not limited to, claims arising under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of
1866, the Pregnancy Discrimination Act of 1978, the Equal Pay Act, the Civil Rights Act of 1991, the Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the Americans With Disabilities Act, the Employee Retirement Income Security
Act or 1974 and the Veterans Reemployment Rights Act (all as amended from time to time). This General Release also includes, but is not limited to, any rights I may have under the Older Workers Benefit Protection Act of 1990, the Worker Adjustment
and Retraining Act of 1988, the Fair Labor Standards Act, the Family and Medical Leave Act, the Occupational Safety and Health Act and any other federal, state and/or municipal statutes, orders or regulations pertaining to labor, employment and/or
employee benefits. This General Release also applies to any claims or rights I may have growing out of any legal or equitable restrictions on the Company’s rights not to continue an employment relationship with its employees, including any
express or implied employment contracts, and to any claims I may have against the Company for fraudulent inducement or misrepresentation, defamation, wrongful termination or other retaliation claims in connection with workers’ compensation or
alleged “whistleblower” status or on any other basis whatsoever. 
 It is specifically agreed, however, that this General Release does not have
any effect on any rights or claims I may have against the Company which arise after the date I execute this General Release. 
 I have carefully reviewed
and fully understand all the provisions of the Agreement and General Release, including the foregoing Notice. I have not relied on any representation or statement, oral or written, by the Company or any of its representatives, which is not set forth
in those documents. 
 Except as noted above, the Agreement and this General Release, including the foregoing Notice, set forth the entire agreement between
me and the Company with respect to this subject. I understand that my receipt and retention of the separation benefits covered by the Agreement are contingent not only on my execution of this General Release, but also on my with my obligations that
survive and continue in effect in accordance with this Agreement. I acknowledge that the Company gave me twenty-one (21) days to consider whether I wish to accept or reject the 

 
separation benefits I am eligible to receive under the Agreement in exchange for this General Release. I also acknowledge that the Company advised me to seek independent legal advice as to these
matters, if I chose to do so. I hereby represent and state that I have taken such actions and obtained such information and independent legal or other advice, if any, that I believed were necessary for me to fully understand the effects and
consequences of the Agreement and General Release prior to signing those documents. 
  

							
	Dated this         day of
                            , 2016.	 		 		 	
		 		 		 	  

		 		 		 	Tony M. ShelbyExhibit

Exhibit 10.15

WINDSTREAM HOLDINGS, INC. 
2006 EQUITY INCENTIVE PLAN

2016 PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT
Summary of Restricted Stock Unit Award
As of the Date of Grant set forth below, Windstream Holdings, Inc., a Delaware corporation ("Holdings"), grants to the Grantee named below, in accordance with the terms of the Windstream 2006 Equity Incentive Plan, as amended and restated from time to time (the "Plan") and this Restricted Stock Unit Agreement (the "Agreement"), the contingent right to receive all, a portion or a multiple of the Target Number of Restricted Stock Units set forth below:    	
					
	 
	Name of Grantee:
	 
	 
	 

	 
	 
	 
	 
	 

	 
	Target Number of Restricted Stock Units:
	 
	 
	 

	 
	 
	 
	 
	 

	 
	Date of Grant:
	February 9, 2016
	 
	 

	 
	 
	 
	 
	 

	 
	Performance Period:
	The period beginning on January 1, 2016 and ending on December 31, 2018.

	 
	 
	 
	 
	 

	 
	Vesting Date
	March 1, 2019
	 
	 

	 
	 
	 
	 
	 

Terms of Agreement
1.    Grant of Restricted Stock Units. Subject to and upon the terms, conditions, and restrictions set forth in this Agreement and in the Plan, Holdings hereby grants to the Grantee as of the Date of Grant this Performance-Based Restricted Stock Unit Award, which represents the contingent right to receive all, a portion, or a multiple of the Target Number of Restricted Stock Units (the "Restricted Stock Units") set forth herein.  Except as otherwise provided herein, each Restricted Stock Unit shall represent the right to receive one Common Share and shall at all times be equal in value to one Common Share.
2.    Right to Receive Payment. 
(a)    In General.  The Grantee’s right to receive all, a portion or a multiple of the Target Number of Restricted Stock Units shall be contingent upon the extent to which Holdings achieves the performance goal set forth on Appendix A (the "Performance Goal") for the Performance Period set forth above, as determined in accordance with the performance matrix (the "Performance Matrix").  After the end of the Performance Period, the Compensation Committee of the Board of Directors (the "Committee") shall certify in writing the extent to which the Performance Goal has been achieved and the number of Restricted Stock Units, if any, earned in accordance with the Performance Matrix.  Any such Restricted Stock Units earned and credited to the Grantee’s account by the Committee hereunder shall be fully vested, provided that the Grantee remains continuously employed by Holdings, Windstream Services, LLC (the "Company"), or any other subsidiary of Holdings through the Vesting Date.
(b)    Certain Terminations.  Notwithstanding the provisions of Section 2(a), the Target Number of Restricted Stock Units covered by this Agreement shall immediately become vested (without pro-ration and without regard to whether the Performance Goal has been achieved) if, prior to the Vesting Date, (i) the Grantee dies or becomes permanently disabled (as determined by the Committee) while in the employ of Holdings, the Company, or any other subsidiary of Holdings, or (ii) the Grantee's employment with Holdings, the Company, or any other subsidiary of Holdings is terminated without Cause (as defined in Section 20), or the Grantee terminates his employment with Holdings, the Company, or any other subsidiary of Holdings for Good Reason (as defined in Section 20), in either case within the two year period immediately following a Change in Control.
(c)    Adjustment of Performance Goal.  If the Committee determines that a change in the business, operations, corporate structure or capital structure of Holdings, the manner in which it conducts business or other events or circumstances renders the Performance Goal to be unsuitable, the Committee may modify the Performance Goal or the level of achievement, in whole or in part, as the Committee deems appropriate.; provided, however, that no such action may result in the loss of the otherwise available exemption of the Restricted Stock Units under Section 162(m) of the Code.

3.    Forfeiture.  The Restricted Stock Units (and any right to unpaid Dividend Equivalents under Section 7 with respect to the Restricted Stock Units) shall be forfeited automatically without further action or notice in the event the Grantee ceases to be employed by Holdings, the Company, or any other subsidiary of Holdings prior to the Vesting Date other than as provided in Section 2(b). 
4.    Payment of Restricted Stock Units.
(a)    In General.  Except as may be otherwise provided in this Section 4, Holdings shall deliver to the Grantee (or the Grantee's estate in the event of death) the Shares underlying the vested Restricted Stock Units within sixty (60) days after the date that they become vested in accordance with Section 2.  
(b)    Special Payment Terms.  To the extent that the Grantee's right to receive payment of the Restricted Stock Units constitutes a "deferral of compensation" within the meaning of Section 409A of the Code, then notwithstanding Section 4(a), the Shares underlying the Restricted Stock Units that become vested pursuant to Section 2(a)(ii), if any, shall be subject to the following rules: 
(i)    Except as provided in Section 4(b)(ii), the Shares underlying the Restricted Stock Units that become vested pursuant to Section 2(b) shall be delivered to the Grantee (or the Grantee's estate in the event of death) within sixty (60) days after the earlier of (x) the Grantee's "separation from service" within the meaning of Section 409A of the Code, or (y) the Vesting Date.  
(ii)    If the Restricted Stock Units would otherwise become payable as a result of Section 4(b)(i)(x) but the Grantee is a "specified employee" at that time within the meaning of Section 409A of the Code (as determined pursuant to Holdings’ policy for identifying specified employees), then to the extent required to comply with Section 409A of the Code, payment of the Restricted Stock Units shall not be made as described in Section 4(b)(i) and (x) in the case of a separation from service pursuant to Section 2(b)(i) the Shares shall instead be delivered to the Grantee within sixty (60) days after the first business day that is more than six months after the date of his or her separation from service or, if the Grantee dies during such six-month period, within ninety (90) days after the Grantee's death (such date the "409A Settlement Date") and (y) in the case of a separation from service pursuant to Section 2(b)(ii), payment of the Restricted Stock Units shall be made on the 409A Settlement Date in cash (in lieu of payment in Shares) with a value equal to the number of Shares that otherwise would have been paid multiplied by the Market Value per Share as of the date of such separation from service, together with interest from the date of such separation from service until the 409A Settlement Date at the applicable Federal short-term rate, compounded semi-annually, in effect under 1274(d) of the Code as of the date of such separation from service.
(c)    Satisfaction of the Holdings’ Obligations.  Holdings’ obligations with respect to the Restricted Stock Units shall be satisfied in full upon the delivery of the Shares underlying the Vested Restricted Stock Units or the cash payment described in Section 4(b)(ii)(y).
5.    Transferability.  The Restricted Stock Units or the right to the cash payment described in Section 4(b)(ii)(y) may not be sold, exchanged, assigned, transferred, pledged, encumbered or otherwise disposed of by the Grantee, unless otherwise provided under the Plan.  Any purported transfer or encumbrance in violation of the provisions of this Section 5 shall be void, and the other party to any such purported transaction shall not obtain any rights to or interest in such Restricted Stock Units or cash payment right.  
6.    No Dividend, Voting or Other Rights.  The Grantee shall not possess any incidents of ownership (including, without limitation, dividend and voting rights) in the Common Shares underlying the Restricted Stock Units credited to his or her account until such Common Shares have been delivered to the Grantee in accordance with Section 4.  The obligations of Holdings under this Agreement will be merely that of an unfunded and unsecured promise of Holdings to deliver Common Shares or cash as the case may be (and pay Dividend Equivalents as defined in Section 7) in the future, and the rights of the Grantee will be no greater than that of an unsecured general creditor. No assets of Holdings, the Company, or any other subsidiary of Holdings will be held or set aside as security for the obligations of the Holdings under this Agreement.  
    
7.    Dividend Equivalents.  Upon payment of a vested Restricted Stock Unit, the Grantee shall be entitled to a cash payment equal to the aggregate cash dividends declared and paid or payable with respect to one (1) Common Share for each record date that occurs during the period beginning on the Date of Grant and ending on the date the vested Restricted Stock Unit is paid or, in the case of a separation from service pursuant to Section 2(b)(ii), the date of the separation from service (the "Dividend Equivalent").1  The Dividend Equivalents shall be forfeited to the extent that the underlying Restricted Stock Unit is forfeited and shall be paid to the Grantee, if at all, at the same time that the related vested Restricted Stock Unit is paid to the Grantee in accordance with Section 4.
1 All Participants, other than Executive Officers, will be paid Dividend Equivalents as declared.

8.    Continuous Employment.  For purposes of this Agreement, the continuous employment of the Grantee with Holdings, the Company, or any other subsidiary of Holdings shall not be deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be an employee of Holdings, the Company, or any other subsidiary of Holdings, by reason of the transfer of his or her employment among Holdings, the Company or any other subsidiary of Holdings, or a leave of absence approved by the Committee. 
9.    No Employment Contract; Disclaimer.  Nothing contained in this Agreement shall confer upon the Grantee any right with respect to continuance of employment by Holdings, the Company, or any other subsidiary of Holdings, nor limit or affect in any manner the right of Holdings, the Company, and any other subsidiary of Holdings to terminate the employment or adjust the compensation of the Grantee, in each case with or without Cause.  By acceptance of this Agreement, the Grantee acknowledges and agrees that neither this Agreement nor any other agreement awarded prior to the date hereof under any equity compensation plan of the Company, Holdings or their subsidiaries has created or shall create, or be deemed or construed to create or have created, (i) a contractual, equitable, or other right to receive future grants of equity awards, or other benefits in lieu of equity awards, or (ii) a fiduciary duty or other comparable duty of trust or confidence owed to the Grantee (or any successor, assign, affiliate or family member of the Grantee) by the Company, Holdings and their affiliates and their respective officers, directors, employees, agents or contractors.
10.    Relation to Other Benefits.  Any economic or other benefit to the Grantee under this Agreement or the Plan shall not be taken into account in determining any benefits to which the Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company, Holdings or any other subsidiary of Holdings and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or any subsidiary of Holdings. 
11.    Taxes and Withholding.  The Grantee is responsible for any federal, state, local or other taxes with respect to the Restricted Stock Units (including the vesting of the Restricted Stock Units, the receipt of Common Shares or cash and the receipt of Dividend Equivalents).  Holdings does not guarantee any particular tax treatment or results in connection with the grant or vesting of the Restricted Stock Units, the delivery of Common Shares or cash or the payment of Dividend Equivalents.  To the extent Holdings, the Company or any other subsidiary of Holdings is required to withhold any federal, state, local, foreign or other taxes in connection with the delivery of Common Shares or cash under this Agreement, the Grantee shall pay the tax or make provisions that are satisfactory to Holdings, the Company or such subsidiary for the payment thereof.  The Grantee may elect (on a form provided by Holdings) for Holdings, the Company, or any other subsidiary of Holdings (as applicable) to retain a number of Common Shares otherwise deliverable hereunder (to the extent any cash otherwise payable is insufficient) with a value equal to the required withholding (based on the Market Value of the Common Shares on the date of delivery) in order to satisfy the withholding obligation; provided that in no event shall the value of the Common Shares together with any cash retained exceed the minimum amount of taxes required to be withheld or such other amount that will not result in a negative accounting impact.  If Holdings, the Company or any other subsidiary of Holdings is required to withhold any federal, state, local or other taxes at any time other than upon delivery of Common Shares or cash under this Agreement, then Holdings, the Company or the subsidiary of Holdings (as applicable) shall have the right in its sole discretion to (a) require the Grantee to pay or provide for payment of the required tax withholding, or (b) deduct the required tax withholding from any amount of salary, bonus, incentive compensation or other amounts otherwise payable in cash to the Grantee (other than deferred compensation subject to Section 409A of the Code).  If Holdings, the Company or any subsidiary of Holdings is required to withhold any federal, state, local or other taxes with respect to Dividend Equivalents, then Holdings, the Company or other subsidiary of Holdings (as applicable) shall have the right in its sole discretion to reduce the cash payment related to the Dividend Equivalent by the applicable tax withholding.  
12.    Compliance with Law.  Holdings shall make reasonable efforts to comply with all applicable federal and state securities laws and listing requirements of the NASDAQ or any national securities exchange with respect to the Restricted Stock Units; provided, however, notwithstanding any other provision of this Agreement, the Restricted Stock Units shall not be delivered if the delivery thereof would result in a violation of any such law or listing requirement. 
13.    Amendments.  Subject to the terms of the Plan, the Committee may modify this Agreement upon written notice to the Grantee.  Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto.  Notwithstanding the foregoing, and except as provided pursuant to Section 2(c), no amendment of the Plan or this Agreement shall adversely affect the rights of the Grantee under this Agreement regarding vested Restricted Share Units under the Plan and this Agreement without the Grantee's consent.  
14.    Severability.  In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

15.    Claw-Back Policy.  If applicable2 and notwithstanding any provision contained herein to the contrary, this Agreement, the Restricted Stock Units and any Common Shares that the Grantee may receive pursuant to this Agreement, are subject to the Windstream Claw-Back Policy adopted in November 2009, and amended in November 2012, and as adopted and assumed by Holdings effective August 30, 2013, or any successor policy, including any policy adopted or amended to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act or the rules of an applicable securities exchange (the "Policy"), and the Claw-Back Policy Acknowledgement and Agreement that the Grantee signed in accordance with the Policy (the "Claw-Back Agreement"). 
2 This provision applies to Executive Officers.
16.    Relation to Plan.  This Agreement is subject to the terms and conditions of the Plan.  This Agreement, the Policy, the Claw-Back Agreement and the Plan contain the entire agreement and understanding of the parties with respect to the subject matter contained in this Agreement, and supersede all prior written or oral communications, representations and negotiations in respect thereto.  In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Plan.  The Compensation Committee of the Board acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein, have the right to determine any questions which arise in connection with the grant of the Restricted Stock Units.
17.    Successors and Assigns.  Without limiting Section 5, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and assigns of the Holdings and its affiliates.
18.    Governing Law.  The interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State of Delaware, without giving effect to the principles of conflict of laws thereof.
19.    Electronic Delivery.  The Grantee hereby consents and agrees to electronic delivery of any documents that Holdings may elect to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other award made or offered under the Plan. The Grantee understands that, unless earlier revoked by the Grantee by giving written notice to the Secretary of Holdings, this consent shall be effective for the duration of the Agreement.  The Grantee also understands that he or she shall have the right at any time to request that Holdings deliver written copies of any and all materials referred to above at no charge. The Grantee hereby consents to any and all procedures Holdings has established or may establish for an electronic signature system for delivery and acceptance of any such documents that Holdings may elect to deliver, and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature. The Grantee consents and agrees that any such procedures and delivery may be effected by a third party engaged by Holdings to provide administrative services related to the Plan.  
20.    Definitions.  Where used herein, the terms "Cause" and "Good Reason" shall have the meanings given to such terms in the employment agreement or change in control agreement in effect for the Grantee immediately prior to his termination of employment.

IN WITNESS WHEREOF, Holdings has caused this Agreement to be executed on its behalf by its duly authorized officer and the Grantee has also executed this Agreement, as of the Date of Grant.
	
		
	WINDSTREAM HOLDINGS, INC.

	 
	 

	By:
	 

	Name:
	Tony Thomas

	Title
	President and CEO

The undersigned hereby acknowledges that a copy of the Plan, Plan Summary and Prospectus, and Holdings' most recent Annual Report and Proxy Statement (the "Prospectus Information") are available for viewing on the company intranet site at windstream.com.  The Grantee hereby consents to receiving this Prospectus Information electronically, or, in the alternative, agrees to contact Susan Carson at (501) 748-6462 to request a paper copy of the Prospectus Information at no charge. The Grantee represents that he or she is familiar with the terms and provisions of the Prospectus Information and hereby accepts the award of Restricted Stock Units on the terms and conditions set forth herein and in the Plan.
	
	
	 

	Grantee:

	Date: February 9, 2016

APPENDIX A
The Performance Goal with respect to the Grantee's Performance-Based Restricted Stock Unit award is based upon Holdings' achievement of cumulative "Adjusted Operating Free Cash Flow" (as defined below) for the three fiscal years in the Performance Period (January 1, 2016 through December 31, 2018) in accordance with the Performance Matrix set forth on Schedule 1.  None of the Restricted Stock Units shall be earned unless the Performance Goal is achieved at or above the threshold level set forth in the Performance Matrix.  
"Adjusted Operating Free Cash Flow" means operating income, before depreciation, amortization and CS&L lease payment, minus cash interest expense, minus cash income tax (federal and state) expense, plus investment income on retained shares of Communications Sales & Leasing, all of which shall be calculated in accordance with generally accepted accounting principles except that the calculation of Adjusted Operating Free Cash flow shall exclude items of gain, income, loss or expense (as applicable) that are determined by the 162(m) Subcommittee, in its sole discretion, to be a ‘Special Item” as defined below.  
Adjusted Operating Free Cash Flow is subject to adjustment by the Committee, to exclude the effect of the following items (the "Special Items"): (i) changes in accounting principles or corporate income tax laws that directly impact cash taxes; (ii) extraordinary, unusual in nature or infrequent in occurrence; (iii) results of operations from acquired or disposed properties or assets, such that performance is determined on a pro forma basis, consistent with Holdings' financial statements, notes to the financial statements or management's discussion and analysis; (iv) pension expense or non-cash expense related to equity compensation;  (v) non-cash impairment charges; (vi) restructuring charges; or (vii) merger and integration costs; provided that no adjustment shall be made in determining an award payable to a "covered employee" (within the meaning of Section 162(m) of the Code) that would cause the applicable award to lose the otherwise available exemption under Section 162(m) of the Code.

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