Document:

EX-10.25

 Exhibit 10.25 

FORM OF JOINDER AGREEMENT 

TO REGISTRATION RIGHTS AGREEMENT 

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

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

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

  
 1 

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

									
		 		 		 	 [NAME OF POTENTIAL SHAREHOLDER]

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

Name: CarVal Investors, LLC
 Its:
Attorney-in-Fact
  

	Date:	 	1/15/2019	 		 	By:	 	 /s/ Jeremiah Gerhardson

		 		 		 		 	 Name: Jeremiah Gerhardson

Title: Authorized Signatory

  

  
 2 

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

									
		 		 		 	 [NAME OF JOINING PARTY]

		 		 		 	 CVI EMCVF Cayman Securities Ltd.

Name: CarVal Investors, LLC
 Its:
Attorney-in-Fact
  

	Date:	 	 1/15/2019
	 		 	By:	 	 /s/ Jeremiah Gerhardson

		 		 		 		 	 Name: Jeremiah Gerhardson

Title: Authorized Signatory

		 		 		 		 	  
 Address:

c/o CarVal Investors, LLC

9320 Excelsior Boulevard, 7th Floor

Hopkins, MN 55343
  

Facsimile: +1 952 367 1473
  

Email: carval_gcsadminmpls@carval.com
  

Name: Jeremiah Gerhardson

Title: Authorized Signatory
  

Number of Registrable Securities assigned or transferred:

 
 N/A. (100% of the commitment of potential
shareholder)
  
 With a copy to (which shall
not constitute notice):
  
  

 
  

  

  
 3EX-10.26

 Exhibit 10.26 

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

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

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

  
 1 

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

											
		 		 		 	SOLUS ALTERNATIVE MANAGEMENT LP, as investment advisor on behalf of certain funds and accounts listed below
					
	Date:	 	1/23/2019	 		 	By:	 	[illegible]
		 		 		 		 	 Name: illegible
 Title:
Authorized Signatory

		 		 		 		 	  
 Sola Ltd

Ultra Master Ltd
 Ultra NB LLC

Solus Opportunities Fund 1 LP
 Solus Opportunities Fund 3 LP

Solus Opportunities Fund 4 LP
 Solus Opportunities Fund 5 LP

Solus Opportunities IDF Series Interests of the SALI
 Multi-Series
Fund, L.P.
 Solus SPC Master Fund Ltd for and on behalf of Segregated Portfolio 2 Master

  
 2 

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

											
		 		 		 	SOLA LTD 
					
	Date:	 	1-23-19	 		 	By:	 	[illegible]
		 		 		 		 	 Name: illegible
 Title:
Authorized Signatory

		 		 		 		 	  
 c/o Solus Alternative Asset Management LP

410 Park Avenue
 New York, NY 10024

Email: notices@soluslp.com
  

Name:
 Title:

 
 Number of Registrable Securities assigned or transferred:

 
 32,516,799
  

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

Davis Polk & Wardwell LLP
 450 Lexington Ave.

New York, New York 10017

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

  

  
 3 

											
		 		 		 	ULTRA MASTER LTD 
					
	Date:	 	1-23-19	 		 	By:	 	[illegible]
		 		 		 		 	 Name: illegible
 Title:
Authorized Signatory

		 		 		 		 	  
 c/o Solus Alternative Asset Management LP

410 Park Avenue
 New York, NY 10024

Email: notices@soluslp.com
  

Name:
 Title:

 
 Number of Registrable Securities assigned or transferred:

 
 222,393
  

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

Davis Polk & Wardwell LLP
 450 Lexington Ave.

New York, New York 10017

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

  
 4 

											
		 		 		 	ULTRA NB LLC 
					
	Date:	 	1-23-19	 		 	By:	 	[illegible]
		 		 		 		 	 Name: illegible
 Title:
Authorized Signatory

		 		 		 		 	  
 c/o Solus Alternative Asset Management LP

410 Park Avenue
 New York, NY 10024

Email: notices@soluslp.com
  

Name:
 Title:

 
 Number of Registrable Securities assigned or transferred:

 
 951,371
  

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

Davis Polk & Wardwell LLP
 450 Lexington Ave.

New York, New York 10017

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

  

  
 5 

											
		 		 		 	SOLUS OPPORTUNITIES FUND 1 LP 
					
	Date:	 	1-23-19	 		 	By:	 	[illegible]
		 		 		 		 	 Name: illegible
 Title:
Authorized Signatory

		 		 		 		 	  
 c/o Solus Alternative Asset Management LP

410 Park Avenue
 New York, NY 10024

Email: notices@soluslp.com
  

Name:
 Title:

 
 Number of Registrable Securities assigned or transferred:

 
 2,126,183
  

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

Davis Polk & Wardwell LLP
 450 Lexington Ave.

New York, New York 10017

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

  
 6 

											
		 		 		 	SOLUS OPPORTUNITIES FUND 3 LP 
					
	Date:	 	1-23-19	 		 	By:	 	[illegible]
		 		 		 		 	 Name: illegible
 Title:
Authorized Signatory

		 		 		 		 	  
 c/o Solus Alternative Asset Management LP

410 Park Avenue
 New York, NY 10024

Email: notices@soluslp.com
  

Name:
 Title:

 
 Number of Registrable Securities assigned or transferred:

 
 2,669,979
  

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

Davis Polk & Wardwell LLP
 450 Lexington Ave.

New York, New York 10017

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

  
 7 

											
		 		 		 	SOLUS OPPORTUNITIES FUND 4 LP 
					
	Date:	 	1-23-19	 		 	By:	 	[illegible]
		 		 		 		 	 Name: illegible
 Title:
Authorized Signatory

		 		 		 		 	  
 c/o Solus Alternative Asset Management LP

410 Park Avenue
 New York, NY 10024

Email: notices@soluslp.com
  

Name:
 Title:

 
 Number of Registrable Securities assigned or transferred:

 
 6,514,885
  

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

Davis Polk & Wardwell LLP
 450 Lexington Ave.

New York, New York 10017

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

  
 8 

											
		 		 		 	SOLUS OPPORTUNITIES FUND 5 LP 
					
	Date:	 	1-23-19	 		 	By:	 	[illegible]
		 		 		 		 	 Name: illegible
 Title:
Authorized Signatory

		 		 		 		 	  
 c/o Solus Alternative Asset Management LP

410 Park Avenue
 New York, NY 10024

Email: notices@soluslp.com
  

Name:
 Title:

 
 Number of Registrable Securities assigned or transferred:

 
 5,723,113
  

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

Davis Polk & Wardwell LLP
 450 Lexington Ave.

New York, New York 10017

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

  
 9 

											
		 		 		 	SOLUS OPPORTUNITIES IDF SERIES INTERESTS OF THE SALI MULTI-SERIES FUND, L.P.
					
	Date:	 	1-23-19	 		 	By:	 	[illegible]
		 		 		 		 	 Name: illegible
 Title:
Authorized Signatory

		 		 		 		 	  
 c/o Solus Alternative Asset Management LP

410 Park Avenue
 New York, NY 10024

Email: notices@soluslp.com
  

Name:
 Title:

 
 Number of Registrable Securities assigned or transferred:

 
 172,123
  

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

Davis Polk & Wardwell LLP
 450 Lexington Ave.

New York, New York 10017

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

  
 10 

											
		 		 		 	SOLUS SPC MASTER FUND LTD FOR AND ON BEHALF OF SEGREGATED PORTFOLIO 2 MASTER
					
	Date:	 	1-23-19	 		 	By:	 	[illegible]
		 		 		 		 	 Name: illegible
 Title:
Authorized Signatory

		 		 		 		 	  
 c/o Solus Alternative Asset Management LP

410 Park Avenue
 New York, NY 10024

Email: notices@soluslp.com
  

Name:
 Title:

 
 Number of Registrable Securities assigned or transferred:

 
 478,028
  

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

Davis Polk & Wardwell LLP
 450 Lexington Ave.

New York, New York 10017

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

  
 11

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