Document:

EX-4.2

Exhibit 4.2

[FORM OF FIXED RATE SENIOR DEBT SECURITY]

	 	 	 
	Registered No.

	 	CUSIP No.

ISIN No.

(Face of Security)

     [IF A GLOBAL SECURITY, INSERT — THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
2008 INDENTURE AS DEFINED HEREIN ON THE REVERSE OF THIS SECURITY AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
2008 INDENTURE AND THIS SECURITY.]

     [IF DTC IS THE DEPOSITARY, INSERT — UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE GOLDMAN
SACHS GROUP, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]

     [INSERT ANY LEGEND REQUIRED BY THE INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER.]

     [INSERT ANY LEGEND REQUIRED BY THE EMPLOYEE RETIREMENT INCOME SECURITY ACT AND THE REGULATIONS
THEREUNDER.]

     THIS SECURITY IS GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, AND THE RIGHTS OF
THE HOLDER OF THIS SECURITY ARE SUBJECT TO CERTAIN RIGHTS OF THE FDIC, AS AND TO THE EXTENT SET
FORTH IN THIS SECURITY, INCLUDING SECTIONS 7, 9, 10, 11, 12, 13, 14, 15 AND 16 ON THE REVERSE
HEREOF.

(Face of Security continued on next page)

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Title of
Series:                     

Title of Securities:                     

THE GOLDMAN SACHS GROUP, INC.

[TITLE OF SECURITY]

     The Goldman Sachs Group, Inc., a corporation duly organized and existing under the laws of the
State of Delaware (hereinafter called the “Company”, which term includes any successor Person under
the 2008 Indenture as defined herein on the reverse of this Security), for value received, hereby promises to pay to      , or registered
assigns, the principal sum of     on            and to pay interest thereon, from or
from the most recent Interest Payment Date to which interest has been
paid or made available for payment, on
in each year, commencing on            and at the Maturity of the principal
hereof, at the rate of      % per annum, until the principal hereof is paid or made available for
payment. Any such installment of interest that is overdue shall also bear interest at the rate of      
% per annum (to the extent that the payment of such interest shall be legally enforceable),
from the date any such overdue amount first becomes due until it is paid or made available for
payment. Notwithstanding the foregoing, interest on any installment of interest that is overdue
shall be payable on demand.

     The interest so payable, and punctually paid or made available for payment, on any Interest Payment
Date will, as provided in the 2008 Indenture, be paid to the Person in whose name this Security (or
one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest, which shall be the (whether or not a Business Day, as defined below) next
preceding such Interest Payment Date. Any interest so payable, but not punctually paid or made available for payment, on any Interest Payment Date will forthwith cease to be payable to the Holder on such
Regular Record Date and such Defaulted Interest may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof being given to the Holder of this Security not less than 10 days prior to such Special
Record Date, or be paid in any other lawful manner not inconsistent with the requirements of any
securities exchange on which this Security may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in the 2008 Indenture.
For the purpose of determining the Holder at the close of
business on any relevant record date when business is not conducted,
the close of business will mean 5:00 P.M., New York City time, on
that day.

     The Company and the Trustee acknowledge that the Company has not opted out of the debt
guarantee program (the “Debt Guarantee Program”) established by the Federal Deposit Insurance
Corporation (“FDIC”) under its Temporary Liquidity Guarantee Program. As a result, this debt is
guaranteed under the FDIC Temporary Liquidity Guarantee Program and is backed by the full faith and
credit of the United States. The details of the FDIC guarantee are provided in the FDIC’s
regulations, 12 CFR Part 370, and at the FDIC’s website, www.fdic.gov/tlgp. The expiration date of
the FDIC’s guarantee is the earlier of the maturity date of this debt or June 30, 2012.

     The Trustee is hereby designated as the duly authorized representative of the Holder for
purposes of making claims and taking other permitted or required actions under the Debt Guarantee
Program (the “Representative”). Any Holder may elect not to be represented by the Representative
by providing written notice of such election to the Representative.

     Currency and Manner of Payment

     [IF
PAYMENT IS IN U.S. DOLLARS, INSERT — Payment of the
principal of and premium or interest on this
Security will be made in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. Notwithstanding any other
provision of this Security or the 2008 Indenture, if this Security is a Global Security, any
payment in respect of this Security may be made pursuant to the Applicable Procedures of the
Depositary as permitted in the 2008 Indenture.

(Face of Security continued on next page)

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     Subject to the prior paragraph and except as provided in the next paragraph, payment of any
amount payable on this Security will be made at the office or agency of the Company maintained for
that purpose in The City of New York (and at any other office or agency maintained by the Company
for that purpose), against surrender of this Security in the case of any payment due at the
Maturity of the principal hereof (other than any payment of interest that first becomes due on an
Interest Payment Date); provided, however, that, at the option of the Company and
subject to the next paragraph, payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the Security Register.

     Subject to the second preceding paragraph, payment of any amount payable on this Security will
be made by wire transfer of immediately available funds to an account maintained by the payee with
a bank located in the Borough of Manhattan, The City of New York, if (i) the principal of this
Security is at least $1,000,000 (or the equivalent in another currency) and (ii) the Holder
entitled to receive such payment transmits a written request for such payment to be made in such
manner to the Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration, on
or before the fifth Business Day before the day on which such payment is to be made;
provided that, in the case of any such payment due at the Maturity of the principal hereof
(other than any payment of interest that first becomes due on an Interest Payment Date), this
Security must be surrendered at the office or agency of the Company maintained for that purpose in
The City of New York (or at any other office or agency maintained by the Company for that purpose)
in time for the Paying Agent to make such payment in such funds in accordance with its normal
procedures. Any such request made with respect to any payment on this Security payable to a
particular Holder will remain in effect for all later payments on this Security payable to such
Holder, unless such request is revoked on or before the fifth Business Day before a payment is to
be made, in which case such revocation shall be effective for such payment and all later payments.
In the case of any payment of interest payable on an Interest Payment Date, such written request
must be made by the Person who is the registered Holder of this Security on the relevant Regular
Record Date. The Company will pay any administrative costs imposed by banks in connection with
making payments by wire transfer with respect to this Security, but any tax, assessment or other
governmental charge imposed upon any payment will be borne by the Holder of this Security and may
be deducted from the payment by the Company or the Paying Agent.]

     [IF
PAYMENT IS IN EUROS, INSERT — Payment of the principal of
and premium or interest on this Security
will be made in euros. Notwithstanding any other provision of this Security or the 2008 Indenture,
if this Security is a Global Security, any payment in respect of this Security may be made pursuant
to the Applicable Procedures of the Depositary as permitted in the 2008 Indenture.

     Subject to the prior paragraph and except as provided in the next [two] [three] paragraphs,
payment of any amount payable on this Security will be made at the office or agency of the Company
maintained for that purpose in The City of New York (and at any other office or agency maintained
by the Company for that purpose), against surrender of this Security in the case of any payment due
at the Maturity of the principal hereof (other than any payment of interest that first becomes due
on an Interest Payment Date); provided, however, that, at the option of the Company
and subject to the next paragraph, payment of interest may be made by check mailed to the address
of the Person entitled thereto as such address shall appear in the Security Register.

     Subject to the second preceding paragraph, payment of any amount payable on this Security will
be made by wire transfer of immediately available funds to an account maintained by the payee with
a bank located in the Borough of Manhattan, The City of New York, if (i) the principal of this
Security is at least USD$1,000,000 (or the equivalent in euros) and (ii) the Holder entitled to
receive such payment transmits a written request for such payment to be made in such manner to the
Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration, on or before the
fifth Business Day before the day on which such payment is to be made; provided that, in
the case of any such payment due at the Maturity of the principal hereof (other than any payment of
interest that first becomes due on an Interest Payment Date), this Security must be surrendered at
the office or agency of the Company maintained for that purpose in The City of New York (or at any
other office or agency maintained by the Company for that purpose) in time for the Paying Agent to
make such payment in such funds in accordance with its normal procedures.

(Face of Security continued on next page)

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Any such request made with respect to any payment on this Security payable to a particular
Holder will remain in effect for all later payments on this Security payable to such Holder, unless
such request is revoked on or before the fifth Business Day before a payment is to be made, in
which case such revocation shall be effective for such payment and all later payments. In the case
of any payment of interest payable on an Interest Payment Date, such written request must be made
by the Person who is the registered Holder of this Security on the relevant Regular Record Date.
The Company will pay any administrative costs imposed by banks in connection with making payments
by wire transfer with respect to this Security, but any tax, assessment or other governmental
charge imposed upon any payment will be borne by the Holder of this Security and may be deducted
from the payment by the Company or the Paying Agent.]

     [IF LISTED ON LUXEMBOURG STOCK EXCHANGE, INSERT — So long as the Securities of this series
are listed on the Official List of the Luxembourg Stock Exchange and such Stock Exchange shall so require, the Company
will at all times maintain an office or agency in Luxembourg for the payment of the principal of
and interest on the Securities of this series. Such Paying Agent in Luxembourg shall initially be
Dexia Banque Internationale à Luxembourg société anonyme.]

     Payments Due on a Business Day

     Notwithstanding any provision of this Security or the 2008 Indenture, if any amount of
principal, premium or interest would otherwise be due on this Security on a day (the “Specified Day”) that
is not a Business Day, such amount may be paid or made available for payment on the next succeeding
Business Day with the same force and effect as if such amount were paid on the Specified Day. For
all purposes of this Security, “Business Day” means any day that is not a Saturday or Sunday, and
that is not a day on which banking institutions generally are authorized or obligated by law,
regulation or executive order to close in The City of New York [;][IF PAYMENT IS IN EUROS, INSERT
— or London, and that is also a Euro Business Day, as defined below. The term “Euro Business Day”
means any day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer
(TARGET) System, or any successor system, is open for business;] provided that, solely with
respect to any payment or other action to be made or taken at any Place of Payment outside The City
of New York, Business Day means any day that is a “Business
Day” as defined above, and that is not a day on
which banking institutions generally are authorized or obligated by law, regulation or executive
order to close in such Place of Payment; provided further
that, with respect to Section 12 of the reverse hereof and Exhibit B hereto, the definition of
“Business Day” therein shall apply. The provisions of this paragraph shall apply to this Security
in lieu of the provisions of Section 1.13 of the 2008 Indenture.

     [IF PAYMENT IS IN EUROS, INSERT — Payments Made in U.S. Dollars

     Notwithstanding any provision of this Security or the 2008 Indenture, if any amount payable on
this Security is payable on any day and if euros are not available to the Company on the two
Business Days before such day, due to the imposition of exchange controls, disruption in a currency
market or any other circumstances beyond the control of the Company, the Company will be entitled
to satisfy its obligation to pay such amount in euros by making such payment in U.S. dollars. The
amount of such payment in U.S. dollars shall be determined by the Exchange Rate Agent on the basis
of the noon buying rate for cable transfers in The City of New York for euros (the “Exchange Rate”)
as of the latest day before the day on which such payment is to be made. Any payment made under
such circumstances in U.S. dollars where the required payment is in euros will not constitute an
Event of Default under this Security or the 2008 Indenture.

     Exchange Rate Agent

     As used herein, the “Exchange Rate Agent” shall initially mean Goldman Sachs International;
provided that the Company may, and in its sole discretion, appoint any other institution
(including any affiliate of the Company) to serve as any such agent from time to time. The Company
will give the Trustee prompt written notice of any change in any such appointment. Insofar as this
Security provides for any such agent to obtain rates, quotes or other data from a bank, dealer or
other institution for use in making any determination hereunder, such agent may do so from any
institution or institutions of the kind

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contemplated hereby notwithstanding that any one or more of such institutions are any such
agent, affiliates of any such agent or affiliates of the Company.

     All determinations made by the Exchange Rate Agent pursuant to the terms of this Security
shall be, absent manifest error, conclusive for all purposes and binding on the holder of this
Security and the Company, and the Exchange Rate Agent shall have no liability therefor.]

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     Unless
the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual
signature, this Security shall not be entitled to any benefit under the 2008 Indenture or be valid
or obligatory for any purpose.

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     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

Dated:

	 	 	 	 	 
	 	THE GOLDMAN SACHS GROUP, INC.

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

     This is one of the Securities of the series designated herein and referred to in the 2008
Indenture.

Dated:

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as

Trustee

 	 
	 	By  	 	 
	 	 	Authorized Signatory 	 

 

 

(Reverse of Security)

     1. Securities and Indenture.

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”) issued and to be issued in one or more series under a Senior Debt Indenture,
dated as of July 16, 2008 (herein called the “2008 Indenture”, which term shall have the meaning
assigned to it in such instrument), between the Company and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the 2008 Indenture),
and reference is hereby made to the 2008 Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered.

     2. Series and Denominations.

     This Security is one of the series designated on the face hereof, limited to an aggregate
principal amount as shall be determined and may be increased from time to time by the Company. Any
election by the Company so to increase such aggregate principal amount shall be evidenced by a
certificate of an Authorized Person (as defined in the Determination of an Authorized Person, dated
        , with respect to this series). References herein to “this series” mean the series of
Securities designated on the face hereof. The Securities of this series are issuable only in
registered form without coupons in denominations of integral multiples of
              , subject to a minimum denomination of $            .

     3. [IF APPLICABLE, INSERT — Additional Amounts.

     If the beneficial owner of this Security is a United States Alien (as defined below), the
Company will pay all additional amounts that may be necessary so that every net payment of the
principal of and interest on this Security to such beneficial owner, after deduction or withholding
for or on account of any present or future tax, assessment or governmental charge imposed with
respect to such payment by any U.S. Taxing Authority (as defined below), will not be less than the
amount provided for in this Security to be then due and payable; provided, however,
that the Company shall have no obligation to pay additional amounts for or on account of any one or
more of the following:

     (i) any tax, assessment or other governmental charge imposed solely because at any
time there is or was a connection between such beneficial owner (or between a fiduciary,
settlor, beneficiary or member of such beneficial owner, if such beneficial owner is an
estate, trust or partnership) and the United States (as defined below) (other than the mere
receipt of a payment on, or the ownership or holding of, a Security), including because
such beneficial owner (or such fiduciary, settlor, beneficiary or member) at any time, for
U.S. federal income tax purposes: (a) is or was a citizen or resident, or is or was treated
as a resident, of the United States, (b) is or was present in the United States, (c) is or
was engaged in a trade or business in the United States, (d) has or had a permanent
establishment in the United States, (e) is or was a domestic or foreign personal holding
company, a passive foreign investment company or a controlled foreign corporation, (f) is
or was a corporation that accumulates earnings to avoid U.S. federal income tax or (g) is
or was a “10-percent shareholder” of the Company as defined in section 871(h)(3) of the
U.S. Internal Revenue Code or any successor provision;

     (ii) any tax, assessment or governmental charge imposed solely because of a change in
applicable law or regulation, or in any official interpretation or application of
applicable law or regulation, that becomes effective more than 15 days after the day on
which the payment becomes due or is made available, whichever occurs later;

     (iii) any estate, inheritance, gift, sales, excise, transfer, wealth or personal
property tax or any similar tax, assessment or other governmental charge;

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     (iv) any tax, assessment or other governmental charge imposed solely because such
beneficial owner or any other Person fails to comply with any certification, identification
or other reporting requirement concerning the nationality, residence, identity or
connection with the United States of the Holder or any beneficial owner of this Security,
if compliance is required by statute, by regulation of the U.S. Treasury Department or by
an applicable income tax treaty to which the United States is a party, as a precondition to
exemption from such tax, assessment or other governmental charge;

     (v) any tax, assessment or other governmental charge that is payable otherwise than by
deduction or withholding from payments of principal of or interest on this Security;

     (vi) any tax, assessment or other governmental charge imposed solely because the
payment is to be made by a particular Paying Agent (which term may include the Company) and
would not be imposed if made by another Paying Agent (which term may include the Company);

     (vii) by or on behalf of a Holder who would be able to avoid such withholding or
deduction by presenting this Security to another Paying Agent in a Member State of the
European Union;

     (viii) any tax, assessment or other governmental charge imposed solely because the
Holder (1) is a bank purchasing this Security in the ordinary course of its lending
business or (2) is a bank that is neither (A) buying this Security for investment purposes
only nor (B) buying this Security for resale to a third party that either is not a bank or
holding the note for investment purposes only; or

     (ix) any combination of the taxes, assessments or other governmental charges described
in items (i) through (viii) of this Section 3.

     Additional amounts also will not be paid with respect to any payment of principal of or
interest on this Security to any United States Alien who is a fiduciary or a partnership, or who is
not the sole beneficial owner of any such payment, to the extent that the Company would not be
required to pay additional amounts to any beneficiary or settlor of such fiduciary or any member of
such a partnership, or to any beneficial owner of the payment, if that Person had been treated as
the beneficial owner of this Security for this purpose.

     The term “United States Alien” means any Person who, for U.S. federal income tax purposes, is
a nonresident alien individual, a foreign corporation, a foreign partnership one or more of the
members of which is, for United States federal income tax purposes, a foreign corporation, a
nonresident alien individual or a nonresident alien fiduciary of a foreign estate or trust, or a
nonresident alien fiduciary of an estate or trust that is not subject to U.S. federal income tax on
a net income basis on income or gain from this Security. For the purposes of this Section 3 and
Section 4 only, (a) the term “United States” means the United States of America (including the
states thereof and the District of Columbia), together with the territories, possessions and all
other areas subject to the jurisdiction of the United States of America and (b) the term “U.S.
Taxing Authority” means the United States of America or any state, other jurisdiction or taxing
authority in the United States.

     Except as specifically provided in this Security, the Company shall not be required to make
any payment with respect to any tax, assessment or other governmental charge imposed by any
government or any political subdivision or taxing authority thereof or therein.

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     Whenever in the Securities of this series (or in the 2008 Indenture, including in Sections
5.01(1) and (2) thereof, insofar as applicable to this series) there is a reference, in any
context, to the payment of the principal of or interest on any Security of this series, such
mention shall be deemed to include mention of any payment of additional amounts to United States
Aliens in respect of such payment of principal or interest to the extent that, in such context,
such additional amounts are, were or would be payable in respect thereof pursuant to this Section 3
or any corresponding section of another Security of this series, as the case may be. Express
mention of the payment of additional amounts in any provision of any Security of this series shall
not be construed as excluding additional amounts in the provisions of any Security of this series
(or of the 2008 Indenture insofar as it applies to this series) where such express mention is not
made.]

     4. Redemption at the Company’s Option.

     The Securities of this series may be redeemed, as a whole but not in part, at the option of
the Company, at a redemption price equal to 100% of the principal amount of the Securities to be
redeemed, together with interest accrued to the date fixed for redemption, if, as a result of any
amendment to, or change in, the laws or regulations of any U.S. Taxing Authority (as defined in
Section 3 above), or any amendment to or change in any official interpretation or application of
such laws or regulations, which amendment or change becomes effective or is announced on or after
        , the Company will become obligated to pay, on the next Interest Payment Date,
additional amounts in respect of any Security of this series pursuant to Section 3 of this Security
or any corresponding section of another Security of this series. If the Company becomes entitled to
redeem the Securities of this series, it may do so on any day thereafter pursuant to the 2008
Indenture; provided, however, that (1) the Company gives the Holder of this
Security notice of such redemption not more than 60 days nor less than 30 days prior to the date
fixed for redemption as provided in the 2008 Indenture, (2) no such notice of redemption may be
given earlier than 90 days prior to the next Interest Payment Date on which the Company would be
obligated to pay such additional amounts and (3) at the time such notice is given, such obligation
to pay such additional amounts remains in effect. Immediately prior to the giving of any notice of
redemption of Securities pursuant to this Section 4, the Company will deliver to the Trustee an
Officers’ Certificate stating that the Company is entitled to effect such redemption and setting
forth in reasonable detail a statement of facts showing that the conditions precedent to the right
of the Company to so redeem the Securities have occurred. Interest installments due on or prior to
a Redemption Date will be payable to the Holder of this Security or one or more Predecessor
Securities, of record at the close of business on the relevant record date, all as provided in the
2008 Indenture.

     5. Defeasance.

     The 2008 Indenture contains provisions for defeasance at any time of the entire indebtedness
of this Security or certain restrictive covenants and Events of Default with respect to this
Security, in each case upon compliance with certain conditions set forth in the 2008 Indenture.

     6. Modification and Waiver.

     The 2008 Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Company, and the rights of the Holders of
the Securities to be affected, under the 2008 Indenture at any time by the Company and the Trustee
with the consent of the Holders of a majority in principal amount of all Securities at the time
Outstanding to be affected, considered together as one class for this
purpose (such affected Securities may be Securities of the same or different series and, with respect to any series, may
comprise fewer than all the Securities of such series). The 2008 Indenture also contains provisions
(i) permitting the Holders of a majority in principal amount of the Securities at the time
Outstanding to be affected, considered together as one class for this
purpose (such affected Securities may be Securities of the same or different series and, with
respect to any particular series, may comprise fewer than all the Securities of such series), on
behalf of the Holders of all such affected Securities, to waive compliance by the Company with
certain provisions of the 2008 Indenture and (ii) permitting the Holders of a majority in principal
amount of the Securities at the time Outstanding of any series to be affected under the 2008
Indenture (with each such series considered separately for this purpose), on behalf of the Holders
of all Securities of such series, to

(Reverse of Security continued on next page)

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waive certain past defaults under the 2008 Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.

     7. Remedies.

     Sections 5.01 and 5.02 of the 2008 Indenture are hereby amended with respect to the Securities
of this series to the extent necessary to comply with Section 5.01 and Annex A of the Master
Agreement, dated November 25, 2008, as the same may be amended from time to time (the “Master
Agreement”), by and between the Company and the FDIC, attached hereto as Exhibit A. Subject to the
immediately preceding sentence and Section 14 of the reverse of this Security, if an Event of
Default with respect to Securities of this series shall occur and be continuing, the principal of
the Securities of this series may be declared due and payable in the manner and with the effect
provided in the 2008 Indenture.

     As provided in and subject to the provisions of the 2008 Indenture, the Holder of this
Security shall not have the right to institute any proceeding with respect to the 2008 Indenture or
for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with
respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Securities of this series at the time Outstanding shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the
Trustee indemnity reasonably satisfactory to it, and the Trustee shall not have received from the
Holders of a majority in principal amount of Securities of this series at the time Outstanding a
direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60 days after receipt of such notice, request and offer of indemnity.

     The foregoing shall not
apply to any suit instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed
herein.

     If so provided pursuant to the terms of any specific Securities, the above-referenced
provisions of the 2008 Indenture regarding the ability of Holders to waive certain defaults, or to
request the Trustee to institute proceedings (or to give the Trustee other directions) in respect
thereof, may be applied differently with regard to such Securities.

     No reference herein to the 2008 Indenture and no provision of this Security or of the 2008
Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Security at the times, place and rate, and in the coin
or currency, herein prescribed.

     8. Transfer and Exchange.

     As provided in the 2008 Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the
principal of and interest on this Security are payable, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one
or more new Securities of this series and of like tenor, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.

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     As provided in the 2008 Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount of Securities of
this series and of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     This Security is a Global Security and is subject to the provisions of the 2008 Indenture
relating to Global Securities, including the limitations in Section 3.05 thereof on transfers and
exchanges of Global Securities (subject to Section 10 of the reverse of this Security).

     9. Subrogation.

     The FDIC shall be subrogated to all of the rights of the Holder and the Representative under
this Security and the 2008 Indenture against the Company in respect of any amounts paid to the
Holder, or for the benefit of the Holder, by the FDIC pursuant to the Debt Guarantee Program.

     10. Agreement to Execute Assignment upon Guarantee Payment.

     The Holder hereby authorizes the Representative, at such time as the FDIC shall commence
making any guarantee payments to the Representative for the benefit of the Holder pursuant to the
Debt Guarantee Program, to execute an assignment in the form attached to this Security as Exhibit B
pursuant to which the Representative shall assign to the FDIC its right as Representative to
receive any and all payments from the Company under this Security on behalf of the Holder. The
Company hereby consents and agrees that the FDIC is an acceptable transferee for all or any portion
of the indebtedness hereunder for all purposes of this Security and upon any such assignment, the
FDIC shall be deemed the Holder of this Security for all purposes hereof, and the Company hereby
agrees to take such reasonable steps as are necessary to comply with any relevant provision of this
Security and the 2008 Indenture as a result of such assignment.

     Section 3.05 of the 2008 Indenture is hereby amended with respect to the Securities of this
series to the extent necessary to permit the Holder, the Representative and the Company to comply
with this Section 10.

     11. Surrender of Senior Unsecured Debt Instrument to the FDIC.

     If, at any time on or prior to the expiration of the period during which senior unsecured debt
of the Company is guaranteed by the FDIC under the Debt Guarantee Program (the “Effective Period”),
payment in full hereunder shall be made pursuant to the Debt Guarantee Program on the outstanding
principal and accrued interest to such date of payment, the Holder shall, or the Holder shall cause
the person or entity in possession to, promptly surrender to the FDIC this Security.

     12. Notice Obligations to FDIC of Payment Default.

     If, at any time prior to the earlier of (a) full satisfaction of the payment obligations
hereunder, or (b) expiration of the Effective Period, the Company is in default of any payment
obligation hereunder,

(Reverse of Security continued on next page)

-5-

 

including timely payment of any accrued and unpaid interest, without regard to any cure
period, the Representative covenants and agrees that it shall provide written notice to the FDIC
within one (1) Business Day of such payment default. Solely for the purpose of this Section 12,
“Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are required
or authorized by law to be closed in the State of New York.

     13. Ranking.

     Any indebtedness of the Company to the FDIC arising under Section 2.03 of the Master Agreement
will constitute a senior unsecured general obligation of the Company, ranking pari passu with any
indebtedness hereunder.

     14. No Event of Default during Time of Timely FDIC Guarantee Payments.

     There shall not be deemed to be an Event of Default under this Security or the 2008 Indenture
which would permit or result in the acceleration of amounts due hereunder, if such an Event of
Default is due solely to the failure of the Company to make timely payment hereunder, provided that
the FDIC is making timely guarantee payments with respect to the Securities of this series in
accordance with 12 C.F.R Part 370.

     15. No Modifications without FDIC Consent.

     Without the express written consent of the FDIC, the Company and the Trustee agree not to
amend, modify, supplement or waive any provision in this Security or the 2008 Indenture that is
related to the principal, interest, payment, default or ranking of the indebtedness hereunder or
that is required to be included herein pursuant to the Master Agreement.

     16. Demand Obligations to FDIC upon the Company’s Failure to Pay.

     On the 30th day after the date the Company defaults in payment of interest on this Security,
which default has not been cured by the Company by such 30th day, in the case of default in
interest, or at the Maturity, in the case of default in principal of this Security, the
Representative shall make a demand on behalf of the Holder to the FDIC for payment on the
guaranteed amount under the Debt Guarantee Program. Such demand shall be accompanied by a proof of
claim, which shall include evidence, to the extent not previously provided in the Master Agreement,
in form and content satisfactory to the FDIC, of: (A) the Representative’s financial and
organizational capacity to act as Representative; (B) the Representative’s exclusive authority to
act on behalf of the Holder and its fiduciary responsibility to the Holder when acting as such, as
established by the terms of this Security and the 2008 Indenture; (C) the occurrence of a payment
default; and (D) the authority to make an assignment of the Holder’s right, title, and interest in
this Security to the FDIC and to effect the transfer to the FDIC of the Holder’s claim in any
insolvency proceeding. Such assignment shall include the right of the FDIC to receive any and all
distributions on this Security from the proceeds of the receivership or bankruptcy estate. Any
demand under this Section 16 shall be made in writing and directed to the Director, Division of
Resolution and Receiverships, Federal Deposit Insurance Corporation, Washington, D.C., and shall
include all supporting evidences as provided in this Section 16, and shall certify to the accuracy
thereof.

     [IF LISTED ON LUXEMBOURG STOCK EXCHANGE, INSERT —

     17. Notices.

     Notices that are required hereunder or under the 2008 Indenture to be given to Holders of the
Securities of this series shall be given to Holders of the Securities of this series as set forth
in the 2008 Indenture and in the next paragraph.

(Reverse of Security continued on next page)

-6-

 

     So long as the Securities of this series are listed on the Official List of the Luxembourg Stock Exchange and such
Stock Exchange shall so require, the Trustee will publish any such required notices in a daily
newspaper of general circulation in Luxembourg. If publication in Luxembourg is not practical, the
Trustee will publish any such required notices elsewhere in Europe. Published notices will be
deemed to have been given on the date they are published. If publication as described in this
paragraph becomes impossible, the Trustee may publish sufficient notice by alternate means that
approximate the terms and conditions as described in this paragraph.]

     18. Governing Law.

     This Security and the 2008 Indenture shall be governed by and construed in accordance with the
laws of the State of New York.

     19. Terms Defined in the 2008 Indenture.

     All terms used in this Security which are defined in the 2008 Indenture shall have the
meanings assigned to them in the 2008 Indenture.

     [IF APPLICABLE, INSERT — References in this Security to euro shall mean, as of any time, the
coin or currency (if any) that is legal tender for the payment of private and public debt in all
countries then participating in the European Economic and Monetary Union (or any successor union)
pursuant to the Treaty on European Union of February 1992 (or any successor treaty), as it may be
amended from time to time.]

-7-

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

[                          ]

(Please Print or Typewrite Name and Address

Including Postal Zip Code of Assignee)

the attached Security and all rights thereunder, and hereby irrevocably constitutes and appoints

to transfer said Security on the books of the Company, with full power of substitution in the
premises.

Dated:                     

	 	 	 
	Signature Guaranteed
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	NOTICE: Signature must be guaranteed.

	 	NOTICE: The signature to this
assignment must correspond with the
name of the Holder as written upon
the face of the attached Security in
every particular, without alteration
or any change whatever.

 

 

EXHIBIT A

 

 

MASTER AGREEMENT

Federal Deposit Insurance Corporation 

Temporary Liquidity Guarantee Program — Debt Guarantee Program 

 

 

TLGP Master Agreement 11/24/08

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE I DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 
	1.01.
	 	Certain Defined Terms	 	 	1	 
	1.02.
	 	Terms Generally	 	 	2	 
	 
	 	 	 	 	 	 
	ARTICLE II SENIOR DEBT GUARANTEE	 	 	2	 
	 
	 	 	 	 	 	 
	2.01.
	 	Acknowledgement of Guarantee	 	 	2	 
	2.02.
	 	Guarantee Payments	 	 	2	 
	2.03.
	 	Issuer Make-Whole Payments	 	 	3	 
	2.04.
	 	Waiver of Defenses	 	 	3	 
	 
	 	 	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE ISSUER	 	 	4	 
	 
	 	 	 	 	 	 
	3.01.
	 	Organization and Authority	 	 	4	 
	3.02.
	 	Authorization, Enforceability	 	 	4	 
	3.03.
	 	Reports	 	 	5	 
	 
	 	 	 	 	 	 
	ARTICLE IV NOTICE AND REPORTING	 	 	5	 
	 
	 	 	 	 	 	 
	4.01.
	 	Reports of Existing and Future Guaranteed Debt	 	 	5	 
	4.02.
	 	On-going Reporting	 	 	5	 
	4.03.
	 	Notice of Defaults	 	 	5	 
	 
	 	 	 	 	 	 
	ARTICLE V COVENANTS AND ACKNOWLEDGMENTS OF THE ISSUER	 	 	6	 
	 
	 	 	 	 	 	 
	5.01.
	 	Terms to be included in Future Guaranteed Debt	 	 	6	 
	5.02.
	 	Breaches; False or Misleading Statements	 	 	6	 
	5.03.
	 	No Modifications	 	 	6	 
	5.04.
	 	Waiver by the Issuer	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE VI GENERAL PROVISIONS	 	 	6	 
	 
	 	 	 	 	 	 
	6.01.
	 	Amendment and Modification of this Master Agreement	 	 	6	 
	6.02.
	 	Notices	 	 	7	 
	6.03.
	 	Counterparts	 	 	7	 
	6.04.
	 	Severability	 	 	7	 
	6.05.
	 	Governing Law	 	 	7	 
	6.06.
	 	Venue	 	 	7	 
	6.07.
	 	Assignment	 	 	7	 
	6.08.
	 	Headings	 	 	8	 
	6.09.
	 	Delivery Requirement	 	 	8	 
	 
	 	 	 	 	 	 
	Annex A
	 	Terms to be Included in Future Issuances of FDIC Guaranteed Senior Unsecured Debt	 	 	 	 
	 
	 	 	 	 	 	 
	Annex B
	 	Form of Assignment	 	 	 	 

TLGP Master Agreement 11/24/08

 

 

MASTER AGREEMENT

     THIS MASTER AGREEMENT (this “Master Agreement”) is being entered into as of the date
set forth on the signature page hereto by and between THE FEDERAL DEPOSIT INSURANCE CORPORATION, a
corporation organized under the laws of the United States of America and having its principal
office in Washington, D.C. (the “FDIC”), and the entity whose name appears on the signature
page hereto (the “Issuer”).

RECITALS 

     WHEREAS, on November 21, 2008, the FDIC issued its Final Rule, 12 C.F.R. Part 370 (as may be
amended from time to time, the “Rule”), establishing the Temporary Liquidity Guarantee
Program (the “Program”); and

     WHEREAS, pursuant to the Rule, the FDIC will guarantee the payment of certain newly-issued
“senior unsecured debt” (as defined in the Rule,
hereinafter “Senior Unsecured
Debt”) issued by an “eligible entity” (as defined in the Rule); and

     WHEREAS, the Issuer is an eligible entity for purposes of the Rule and has elected to
participate in the debt guarantee component of the Program.

ARTICLE I

DEFINITIONS

     1.01. Certain Defined Terms. As used in this Master Agreement, the following terms
shall have the following meanings:

     “Business Day” means any day that is not a Saturday, a Sunday or a day on which banks
are required or authorized by law to be closed in the State of New York.

     “FDIC” has the meaning ascribed to such term in the introductory paragraph to this
Master Agreement.

     “FDIC Guarantee” means the guarantee of payment by the FDIC of the Senior Unsecured
Debt of the Issuer in accordance with the terms of the Program.

     “Guarantee Payment” means any payment made by the FDIC under the Program with respect
to Senior Unsecured Debt of the Issuer.

     “Guarantee Payment Notice” has the meaning ascribed to such term in Section
2.02.

     “Issuer” has the meaning ascribed to such term in the introductory paragraph to this
Master Agreement.

     “Issuer Make-Whole Payments” has the meaning ascribed to such term in
Section 2.03.

	 	 	 	 	 
	 

	 	 	 	TLGP Master Agreement 11/24/08

 

 

     “Issuer Reports” means reports, registrations, documents, filings, statements and
submissions, together with any amendments thereto, that the Issuer or any subsidiary of the Issuer
is required to file with any governmental entity.

     “Master Agreement” means this Master Agreement, together with all Annexes and
amendments hereto.

     “Material Adverse Effect” means a material adverse effect on the business, results of
operations or financial condition of the Issuer and its consolidated subsidiaries taken as a whole.

     “Program” has the meaning ascribed to such term in the Recitals.

     “Reimbursement Payment” has the meaning ascribed to such term in Section 2.03.

     “Relevant Provision” means any provision that is related to the principal, interest,
payment, default or ranking of the Senior Unsecured Debt, any provision contained in Annex A or any
other provision the amendment of which would require the consent of any or all of the holders of
such debt.

     “Representative” means the trustee, administrative agent, paying agent or other
fiduciary or agent designated as the “Representative” under the governing documents for any Senior
Unsecured Debt of the Issuer subject to the FDIC Guarantee for purposes of submitting claims or
taking other actions under the Program.

     “Rule” has the meaning ascribed to such term in the Recitals.

     “Senior Unsecured Debt” has the meaning ascribed to such term in the Recitals.

     1.02. Terms Generally. Words in the singular shall be held to include the plural and
vice versa and words of one gender shall be held to include the other gender as the context
requires, the terms “hereof”, “herein” and “herewith” and words of similar import shall, unless
otherwise stated, be construed to refer to this Master Agreement and not to any particular
provision of this Master Agreement, and Article, Section and paragraph references are to the
Articles, Sections and paragraphs of this Master Agreement unless otherwise specified, and the word
“including” and words of similar import when used in this Master Agreement shall mean “including,
without limitation”, unless otherwise specified.

ARTICLE II

SENIOR DEBT GUARANTEE

     2.01. Acknowledgement of Guarantee. The FDIC hereby acknowledges that the Issuer has
elected to participate in the debt guarantee component of the Program and that, as a result, the
Issuer’s Senior Unsecured Debt is guaranteed by the FDIC to the extent set forth in, and subject to
the provisions of, the Rule, and subject to the terms hereof.

     2.02. Guarantee Payments. The Issuer understands and acknowledges that any Guarantee
Payment with respect to a particular issue of Senior Unsecured Debt shall be paid by the FDIC
directly to:

	 	 	 	 	 	 	 
	 

	 	 	2	 	 	TLGP Master Agreement 11/24/08

 

 

     (a) the Representative with respect to such Senior Unsecured Debt if a Representative has been
designated; or

     (b) the registered holder(s) of such Senior Unsecured Debt if no Representative has been
designated; or

     (c) any registered holder of such Senior Unsecured Debt who has opted out of being represented
by the designated Representative;

in each case, pursuant to the claims procedure set forth in the Rule. In no event shall the FDIC
make any Guarantee Payment to the Issuer directly. The FDIC will provide prompt written notice to
the Issuer of any Guarantee Payment made by the FDIC with respect to any of the Issuer’s Senior
Unsecured Debt (the “Guarantee Payment Notice”).

     2.03. Issuer Make-Whole Payments. In consideration of the FDIC providing the FDIC
Guarantee with respect to the Senior Unsecured Debt of the Issuer, the Issuer hereby irrevocably
and unconditionally covenants and agrees:

     (a) to reimburse the FDIC immediately upon receipt of the Guarantee Payment Notice for all
Guarantee Payments set forth in the Guarantee Payment Notice (the “Reimbursement Payment”)
(without duplication of any amounts actually received by the FDIC as subrogee or assignee under the
governing documents of the relevant Senior Unsecured Debt of the Issuer);

     (b) beginning as of the date of the Issuer’s receipt of the Guarantee Payment Notice, to pay
interest on any unpaid Reimbursement Payments until such Reimbursement Payments shall have been
paid in full by the Issuer, at an interest rate equal to one percent (1%) per annum above the
non-default interest rate payable on the Senior Unsecured Debt with respect to which the relevant
Guarantee Payments were made, as calculated in accordance with the documents governing such Senior
Unsecured Debt; and

     (c) to reimburse the FDIC for all reasonable out-of-pocket expenses, disbursements and
advances incurred or made by it, including costs of collection or other enforcement of the Issuer’s
payment obligations hereunder. Such expenses shall include the reasonable compensation and
expenses, disbursements and advances of the FDIC’s agents, counsel, accountants and experts.

Clauses (a), (b) and (c) above are collectively referred to herein as the “Issuer
Make-Whole Payments”. The indebtedness of the Issuer to the FDIC arising under this
Section 2.03 constitutes a senior unsecured general obligation of the Issuer, ranking pari
passu with other senior unsecured indebtedness of the Issuer, including without limitation Senior Unsecured Debt of
the Issuer that is subject to the FDIC Guarantee.

     2.04. Waiver of Defenses. The Issuer hereby waives any defenses it might otherwise
have to its payment obligations under any of the Issuer’s Senior Unsecured Debt or under
Section 2.03 hereof, in each case beginning at such time as the FDIC has made any Guarantee

	 	 	 	 	 	 	 
	 

	 	 	3	 	 	TLGP Master Agreement 11/24/08

 

 

Payment with respect to such Senior Unsecured Debt and continuing until such time as all Issuer
Make-Whole Payments have been received by the FDIC.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE ISSUER

     3.01. Organization and Authority. The Issuer has been duly organized and is validly
existing and in good standing under the laws of its jurisdiction of organization, with the
necessary power and authority to own its properties and conduct its business in all material
respects as currently conducted, except as has not had, or would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect.

     3.02. Authorization, Enforceability.

     (a) The Issuer has the power and authority to execute and deliver this Master Agreement and to
carry out its obligations hereunder. The execution, delivery and performance by the Issuer of this
Master Agreement and the consummation of the transactions contemplated hereby have been duly
authorized by all necessary corporate action on the part of the Issuer, and no further approval or
authorization is required on the part of the Issuer. This Master Agreement is a valid and binding
obligation of the Issuer enforceable against the Issuer in accordance with its terms, subject to
(i) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws
now or hereafter in effect relating to creditors’ rights generally and (ii) general principles of
equity (regardless of whether enforceability is considered in a proceeding at law or in equity).

     (b) The execution, delivery and performance by the Issuer of this Master Agreement and the
consummation of the transactions contemplated hereby and compliance by the Issuer with the
provisions hereof, will not (i) violate, conflict with, or result in a breach of any provision of,
or constitute a default (or an event which, with notice or lapse of time or both, would constitute
a default) under, or result in the termination of, or accelerate the performance required by, or
result in a right of termination or acceleration of, or result in the creation of, any lien,
security interest, charge or encumbrance upon any of the properties or assets of the Issuer or any
subsidiary of the Issuer under, any of the terms, conditions or provisions of, as applicable, (X)
its organizational documents or (Y) any note, bond, mortgage, indenture, deed of trust, license,
lease, agreement or other instrument or obligation to which the Issuer or any subsidiary of the
Issuer may be bound, or to which the Issuer or any subsidiary of the Issuer may be subject, or (ii)
violate any statute, rule or regulation or any judgment, ruling, order, writ, injunction or decree
applicable to the Issuer or any subsidiary of the Issuer or any of their respective properties or
assets except, in the case of clauses (i)(Y) and (ii), for those occurrences that, individually or
in the aggregate, have not had and would not reasonably be expected to have a Material Adverse
Effect.

     (c) No prior notice to, filing with, exemption or review by, or authorization, consent or
approval of, any governmental entity is required to be made or obtained by the Issuer in connection
with the execution of this Master Agreement, except for any such notices, filings, exemptions,
reviews, authorizations, consents and approvals which have been made or obtained

	 	 	 	 	 	 	 
	 

	 	 	4	 	 	TLGP Master Agreement 11/24/08

 

 

or the failure of which to make or obtain would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

     3.03. Reports. Since December 31, 2007, the Issuer and each subsidiary of the Issuer
has timely filed all Issuer Reports and has paid all fees and assessments due and payable in
connection therewith, except, in each case, as would not individually or in the aggregate have a
Material Adverse Effect. As of their respective dates of filing, the Issuer Reports complied in
all material respects with all statutes and applicable rules and regulations of all applicable
governmental entities. In the case of each such Issuer Report filed with or furnished to the
Securities and Exchange Commission, if any, such Issuer Report (a) did not, as of its date, or if
amended prior to the date of this Master Agreement, as of the date of such amendment, contain an
untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements made therein, in light of the circumstances under which they were made, not misleading,
(b) complied as to form in all material respects with all applicable requirements of the Securities
Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and (c) no executive
officer of the Issuer or any subsidiary of the Issuer has failed in any respect to make the
certifications required by him or her under Section 302 or 906 of the Sarbanes-Oxley Act of 2002.
With respect to all other Issuer Reports, the Issuer Reports were complete and accurate in all
material respects as of their respective dates.

ARTICLE IV

NOTICE AND REPORTING

     4.01. Reports of Existing and Future Guaranteed Debt. The Issuer shall provide
reports to the FDIC of the amount of all Senior Unsecured Debt subject to the FDIC Guarantee in
accordance with the reporting requirements of the Rule.

     4.02. On-going Reporting. The Issuer covenants and agrees that, for so long as it has
outstanding Senior Unsecured Debt that is subject to the FDIC Guarantee, it shall furnish or cause
to be furnished to the FDIC (a) monthly reports, in such form as specified by the FDIC, containing
information relating to the Issuer’s outstanding Senior Unsecured Debt that is subject to the FDIC
Guarantee and such other information as may be requested in such form, and (b) such other
information that the FDIC may reasonably request, such other information to be delivered within ten
(10) Business Days of receipt by the Issuer of any such request.

     4.03. Notice of Defaults. The Issuer covenants and agrees that it shall notify the
FDIC within one (1) Business Day of any default in the payment of any principal or interest when
due, without giving effect to any cure period, with respect to any indebtedness of the Issuer
(including debt that is not subject to the FDIC Guarantee), whether such debt is existing as of the
date of this Master Agreement or is issued subsequent to the date hereof, if such default would
result, or would reasonably be expected to result, in an event of default under any Senior
Unsecured Debt of the Issuer that is subject to the FDIC Guarantee.

	 	 	 	 	 	 	 
	 

	 	 	5	 	 	TLGP Master Agreement 11/24/08

 

 

ARTICLE V

COVENANTS AND ACKNOWLEDGMENTS OF THE ISSUER

     5.01. Terms to be included in Future Guaranteed Debt. The governing documents for the
issuance of any Senior Unsecured Debt of the Issuer that is subject to the FDIC Guarantee shall
contain each of the provisions set forth in Annex A. If a particular issue of Senior
Unsecured Debt is evidenced solely by a trade confirmation, the Issuer shall use commercially
reasonable efforts to cause the holder of such debt to execute a written instrument setting forth
the holder’s agreement to be bound by the provisions set forth in Annex A. No document
governing the issuance of Senior Unsecured Debt of the Issuer that is subject to the FDIC Guarantee
shall contain any provision that would result in the automatic acceleration of the debt upon a
default by the Issuer at any time during which the FDIC Guarantee is in effect or during which
Guarantee Payments are being made in accordance with Section 370.12(b)(2) of the Rule.

     5.02. Breaches; False or Misleading Statements. The Issuer acknowledges and agrees
that (a) if it is in breach of any provision of this Master Agreement or (b) if it makes any false
or misleading statement or representation in connection with the Issuer’s participation in the
Program, or makes any statement or representation in bad faith with the intent to influence the
actions of the FDIC, the FDIC may take the enforcement actions provided in Section 370.11 of the
Rule, including termination of the Issuer’s participation in the Program. As set forth in the
Rule, any termination of the Issuer’s participation in the Program would solely have prospective
effect, and would in no event affect the FDIC Guarantee with respect to Senior Unsecured Debt of
the Issuer that is issued and outstanding prior to the termination of the Issuer’s participation in
the Program.

     5.03. No Modifications. The Issuer covenants and agrees that it shall not amend,
modify, or consent to any amendment or modification, or waive any Relevant Provision, without the
express written consent of the FDIC.

     5.04. Waiver by the Issuer. The Issuer acknowledges and agrees that if any covenant,
stipulation or other provision of this Master Agreement that imposes on the Issuer the obligation
to make any payment is at any time void under any provision of applicable law, the Issuer will not
make any claim, counterclaim or institute any proceedings against the FDIC or any of its assignees
or subrogees for any amount paid by the Issuer at any time, and the Issuer waives unconditionally
and absolutely any rights and defenses, legal or equitable, which arise under or in connection with
any such provision and which might otherwise be available to it for recovery of any amount due
under this Master Agreement.

ARTICLE
VI
GENERAL
PROVISIONS

     6.01. Amendment and Modification of this Master Agreement. This Master Agreement may
be amended, modified and supplemented in any and all respects, but only by a written instrument
signed by the parties hereto expressly stating that such instrument is intended to amend, modify or
supplement this Master Agreement.

	 	 	 	 	 	 	 
	 

	 	 	6	 	 	TLGP Master Agreement 11/24/08

 

 

     6.02. Notices. Unless otherwise provided herein, all notices and other
communications hereunder shall be in writing and shall be deemed given when mailed, delivered
personally, telecopied (which is confirmed) or sent by an overnight courier service, such as FedEx,
to the parties at the following addresses (or at such other address for a party as shall be
specified by such party by like notice):

     if to the Issuer, to the address appearing on the signature page hereto

	 	 	 
	     if to the FDIC, to:

	 	The Federal Deposit Insurance Corporation
	 

	 	Deputy Director, Receivership Operations Branch
	 

	 	Division of Resolutions and Receiverships
	 

	 	Attention: Master Agreement
	 

	 	550 17th Street, N.W.
	 

	 	Washington, DC 20429

     6.03. Counterparts. This Master Agreement may be executed in counterparts, which,
together, shall be considered one and the same agreement. Copies of executed counterparts
transmitted by telecopy or other electronic transmission service shall be considered original,
executed counterparts, provided receipt of such counterparts is confirmed.

     6.04. Severability. Any term or provision of this Master Agreement that is held by a
court of competent jurisdiction or other authority to be invalid, void or unenforceable in any
situation in any jurisdiction shall not affect the validity or enforceability of the remaining
terms and provisions hereof or the validity or enforceability of the offending term or provision in
any other situation or in any other jurisdiction. If the final judgment of a court of competent
jurisdiction or other authority declares that any term or provision hereof is invalid, void or
unenforceable, the parties agree that the court making such determination shall have the power to
reduce the scope, duration or applicability of the term or provision, to delete specific words or
phrases, or to replace any invalid, void or unenforceable term or provision with a term or
provision that is valid and enforceable and that comes closest to expressing the intention of the
invalid or unenforceable term or provision.

     6.05. Governing Law. Federal law of the United States shall control this Master
Agreement. To the extent that federal law does not supply a rule of decision, this Master
Agreement shall be governed by, and construed and enforced in accordance with, the laws of the
State of New York without giving effect to principles of conflicts of law other than Section 5-1401
of the New York General Obligations Law. Nothing in this Master Agreement will require any
unlawful action or inaction by either party.

     6.06. Venue. Each of the parties hereto irrevocably and unconditionally agrees that
any legal action arising under or in connection with this Master Agreement is to be instituted in
the United States District Court in and for the District of Columbia or in any United States
District Court in the jurisdiction where the Issuer’s principal office is located.

     6.07. Assignment. Neither this Master Agreement nor any of the rights, interests or
obligations hereunder shall be assigned by any of the parties hereto (whether by operation
of law or otherwise) without the prior written consent of the other party, and any purported
assignment

	 	 	 	 	 	 	 
	 

	 	 	7	 	 	TLGP Master Agreement 11/24/08

 

 

without such consent shall be void. Subject to the preceding sentence, this Master Agreement shall
be binding upon, inure to the benefit of and be enforceable by the parties and their
respective successors and assigns.

     6.08. Headings. The headings and subheadings of the Table of Contents, Articles and
Sections contained in this Master Agreement, except the terms identified for definition in Article
I and elsewhere in this Master Agreement, are inserted for convenience only and shall not affect
the meaning or interpretation of this Master Agreement or any provision hereof.

     6.09. Delivery Requirement. The Issuer shall submit a completed, executed and dated
copy of the signature page hereto to the FDIC within five (5) business days of the date of the
Issuer’s election to continue participating in the debt guarantee component of the Program in
accordance with the delivery instructions set forth on the signature page.

[SIGNATURES BEGIN ON NEXT PAGE]

	 	 	 	 	 	 	 
	 

	 	 	8	 	 	TLGP Master Agreement 11/24/08

 

 

     IN WITNESS WHEREOF, the Issuer and the FDIC have caused this Master Agreement to be executed
by their respective officers thereunto duly authorized.

	 	 	 	 	 
	 	THE FEDERAL DEPOSIT INSURANCE

CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	NAME OF ISSUER:

 	 
	 	THE GOLDMAN SACHS GROUP, INC. 
	 

	 	By:  	/s/ David Viniar 	 
	 	 	Name:  	David Viniar 	 
	 	 	Chief Financial Officer 	 
	 
	 	Address of Issuer:
85 Broad Street 

New York, New York 10004 

FDIC Certificate
Number: ________________________

RSSD ID or

OTS Docket
Number:
2380443

Date:
11/25/08

 	 

Delivery Instructions 

     Please deliver a completed, executed and dated copy of this Signature Page to the FDIC within
five (5) business days of the date of the Issuer’s election to continue participating in the Debt
Guarantee Program. Email is the preferred method of delivery to MasterAgreement@fdic.gov, or you
may send it by an overnight courier service such as FedEx to Senior Counsel, Special Issues Unit,
E7056, Attention: Master Agreement, 3501 Fairfax Drive, Arlington, Virginia, 22226.

	 	 	 	 	 
	 

	 	 	 	TLGP Master Agreement 11/24/08

 

 

Annex A 

Terms to be Included in Future Issuances of FDIC Guaranteed Senior Unsecured Debt 

     The following provisions shall be included in the governing documents for the issuance of
Senior Unsecured Debt of the Issuer that is subject to the FDIC Guarantee, in substantially the
form presented below, unless otherwise specified. The appropriate name of the governing
document(s) shall be inserted in place of the term “Agreement” where it appears in this Annex A.

Acknowledgement of the FDIC’s Debt Guarantee Program

     The parties to this Agreement acknowledge that the Issuer has not opted out of the debt
guarantee program (the “Debt Guarantee Program”) established by the Federal Deposit
Insurance Corporation (“FDIC”) under its Temporary Liquidity Guarantee Program. As a
result, this debt is guaranteed under the FDIC Temporary Liquidity Guarantee Program and is backed
by the full faith and credit of the United States. The details of the FDIC guarantee are provided
in the FDIC’s regulations, 12 CFR Part 370, and at the FDIC’s website, www.fdic.gov/tlgp. The
expiration date of the FDIC’s guarantee is the earlier of the maturity date of this debt or June
30, 2012. [The italicized portion of the above provision shall be included exactly as written
above]

Representative

     The [insert name of the: trustee, administrative agent, paying agent or other fiduciary or
agent to be designated as the duly authorized representative of the debt holders] is designated
under this Agreement as the duly authorized representative of the holder[s] for purposes of making
claims and taking other permitted or required actions under the Debt Guarantee Program (the
“Representative”). Any holder may elect not to be represented by the Representative by
providing written notice of such election to the Representative.

Subrogation

     The FDIC shall be subrogated to all of the rights of the holder[s] and the Representative, if
there shall be one, under this Agreement against the Issuer in respect of any amounts paid to the
holder[s], or for the benefit of the holder[s], by the FDIC pursuant to the Debt Guarantee Program.

Agreement to Execute Assignment upon Guarantee Payment

[If there is a Representative, insert the following:]

     The holder[s] hereby authorize the Representative, at such time as the FDIC shall commence
making any guarantee payments to the Representative for the benefit of the holder[s] pursuant to
the Debt Guarantee Program, to execute an assignment in the form attached to this Agreement as
Exhibit [     ] [See Annex B to Master Agreement] pursuant to which the Representative shall
assign to the FDIC its right as Representative to receive any and all payments from the Issuer
under this Agreement on behalf of the holder[s]. The Issuer hereby consents and agrees that the
FDIC is an acceptable transferee for all or any portion of the indebtedness hereunder for all
purposes of this Agreement and upon any such assignment, the

TLGP Master Agreement 11/24/08

 

 

FDIC shall be deemed a holder under this Agreement for all purposes hereof, and the Issuer hereby
agrees to take such reasonable steps as are necessary to comply with any relevant provision of this
Agreement as a result of such assignment.

[or, if (i) there is no Representative or (ii) the holder has exercised its right not to be
represented by the Representative, insert the following:]

     The holder[s] hereby agree that, at such time as the FDIC shall commence making any guarantee
payments to the holder[s] pursuant to the Debt Guarantee Program, the holder[s] shall execute an
assignment in the form attached to this Agreement as Exhibit [     ] [See Annex B to Master
Agreement] pursuant to which the holder[s] shall assign to the FDIC [its/their] right to receive
any and all payments from the Issuer under this Agreement. The Issuer hereby consents and agrees
that the FDIC is an acceptable transferee for all or any portion of the indebtedness hereunder for
all purposes of this Agreement and upon any such assignment, the FDIC shall be deemed a holder
under this Agreement for all purposes thereof, and the Issuer hereby agrees to take such reasonable
steps as are necessary to comply with any relevant provision of this Agreement as a result of such
assignment.

Surrender of Senior Unsecured Debt Instrument to the FDIC

     If, at any time on or prior to the expiration of the period during which senior unsecured debt
of the Issuer is guaranteed by the FDIC under the Debt Guarantee Program (the “Effective Period”), payment in full hereunder shall be made
pursuant to the Debt Guarantee Program on the outstanding principal and accrued interest to such
date of payment, the holder shall, or the holder shall cause the person or entity in possession to,
promptly surrender to the FDIC the security certificate, note or other instrument evidencing such
debt, if any.

Notice Obligations to FDIC of Payment Default 

     If, at any time prior to the earlier of (a) full satisfaction of the payment obligations
hereunder, or (b) expiration of the Effective Period, the Issuer is in default of any payment
obligation hereunder, including timely payment of any accrued and unpaid interest, without regard
to any cure period, the Representative covenants and agrees that it shall provide written notice to
the FDIC within one (1) Business Day of such payment default.

Ranking 

     Any indebtedness of the Issuer to the FDIC arising under Section 2.03 of the Master Agreement
entered into by the Issuer and the FDIC in connection with the Debt Guarantee Program will
constitute a senior unsecured general obligation of the Issuer, ranking pari passu with any indebtedness hereunder.

No Event of Default during Time of Timely FDIC Guarantee Payments 

     There shall not be deemed to be an event of default under this Agreement which would permit or
result in the acceleration of amounts due hereunder, if such an event of default is due solely to
the failure of the Issuer to make timely payment hereunder, provided that the FDIC is

TLGP Master Agreement 11/24/08

A-2

 

making timely guarantee payments with respect to the debt obligations hereunder in accordance with
12 C.F.R Part 370.

No Modifications without FDIC Consent

     Without the express written consent of the FDIC, the parties hereto agree not to amend,
modify, supplement or waive any provision in this Agreement that is related to the principal,
interest, payment, default or ranking of the indebtedness hereunder or that is required to be
included herein pursuant to the Master Agreement executed by the Issuer in connection with the Debt
Guarantee Program.

TLGP Master Agreement 11/24/08

A-3

 

Annex B 

FORM OF ASSIGNMENT1

     This Assignment is made pursuant to the terms of Section [  ] of the [   ], dated as of
                                        , 20     , as amended from time to time (the “Agreement”), between
[Representative] (the “Representative”), acting on behalf of the holders of the debt issued
under the Agreement who have not opted out of representation by the Representative (the “Holders”),
and the [Issuer] (the “Issuer”) with respect to the debt obligations of the Issuer that are
guaranteed under the Debt Guarantee Program. Capitalized terms used herein and not otherwise
defined herein shall have the meanings assigned thereto in the Agreement.

     For value received, the Representative, on behalf of the Holders (the “Assignor”),
hereby assigns to the Federal Deposit Insurance Corporation (the “FDIC”), without recourse,
all of the Assignor’s respective rights, title and interest in and to: (a) the promissory
note or other instrument evidencing the debt issued under the Agreement (the “Note”);
(b) the Agreement pursuant to which the Note was issued; and (c) any other instrument or
agreement executed by the Issuer regarding obligations of the Issuer under the Note or the
Agreement (collectively, the “Assignment”).

     The Assignor hereby certifies that:

          1. Without the FDIC’s prior written consent, the Assignor has
not:

     (a) agreed to any material amendment of the Note or the Agreement or to any material
deviation from the provisions thereof; or

     (b) accelerated the maturity of the Note.

[Instructions to the Assignor: If the Assignor has not assigned or transferred any interest in the
Note and related documentation, such Assignor must include the following representation.]

     2. The Assignor has not assigned or otherwise transferred any
interest in the Note or Agreement;

[Instructions to the Assignor: If the Assignor has assigned a partial interest in the Note
and related documentation, the Assignor must include the following representation.]

     2. The Assignor has assigned part of its rights, title and interest in the Note and
the Agreement to                                          pursuant to the                            
             
agreement, dated as of
                    , 20    , between                     , as assignor, and                     , as assignee, an
executed copy of which is attached hereto.

     The Assignor acknowledges and agrees that this Assignment is subject to the Agreement and to
the following:

 

			
	1	 	This Form of Assignment shall be modified as appropriate if the assignment is being
made by an individual debt holder rather than the Representative or if the debt being assigned is
not in certificated form or otherwise represented by a written instrument.

TLGP
Master
Agreement 11/24/08

 

     1. In the event the Assignor receives any payment under or
related to the Note or the Agreement from a party other than the FDIC (a “Non-FDIC Payment”):

     (a) after the date of demand for a guarantee payment on the FDIC pursuant to 12 CFR
Part 370, but prior to the date of the FDIC’s first guarantee payment under the Agreement
pursuant to 12 CFR Part 370, the Assignor shall promptly but in no event later than five
(5) Business Days after receipt notify the FDIC of the date and the amount of such Non-FDIC
Payment and shall apply such payment as payment made by the Issuer, and not as a guarantee
payment made by the FDIC, and therefore, the amount of such payment shall be excluded from
this Assignment; and

     (b) after the FDIC’s first guarantee payment under the Agreement, the Assignor shall
forward promptly to the FDIC such Non-FDIC Payment in accordance with the payment
instructions provided in writing by the FDIC.

     2. Acceptance by the Assignor of payment pursuant to the Debt
Guarantee
Program on behalf of the Holders shall constitute a release by
such Holders of any liability of the FDIC under the Debt Guarantee Program with respect to
such payment.

     The Person who is executing this Assignment on behalf of the Assignor hereby represents and
warrants to the FDIC that he/she/it is duly authorized to do so.

******

     IN WITNESS WHEREOF, the Assignor has caused this instrument to be executed and delivered this
      day of                     , 20    .

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	[ASSIGNOR]
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Signature)
	 
	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Print)
	 
	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Print)

TLGP Master Agreement 11/24/08

B-2

 

Consented to and acknowledged by this
              day of
                  , 20     :

THE FEDERAL DEPOSIT INSURANCE CORPORATION

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	 

	 	(Signature)
	 	 
	 
	 	 	 	 
	Name:

	 	 	 	 
	 

	 	 

(Print)
	 	  
	 
	 	 	 	 
	Title:

	 	 	 	 
	 

	 	 
(Print)
	 	 

TLGP Master Agreement 11/24/08

B-3

 

EXHIBIT B

ASSIGNMENT

     This Assignment is made pursuant to the terms of Section 10 of the reverse of The Goldman
Sachs Group, Inc.’s                      Notes due                     , CUSIP No.                      (the “Security”), between The
Bank of New York Mellon (the “Representative”), acting on behalf of the Holder of the Security who
have not opted out of representation by the Representative, and The Goldman Sachs Group, Inc. (the
“Company”) with respect to the debt
obligations of the Company that are guaranteed under the Debt Guarantee Program. Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned thereto in the
Security. Solely for the purpose of this Assignment, “Business Day” means any day that is not a
Saturday, a Sunday or a day on which banks are required or authorized by law to be closed in the
State of New York.

     For value received, the Representative, on behalf of the Holder (the “Assignor”), hereby
assigns to the Federal Deposit Insurance Corporation (the “FDIC”), without recourse, all of the
Assignor’s respective rights, title and interest in and to: (a) the Security; (b) the Senior Debt
Indenture, dated July 16, 2008 (the “2008 Indenture”), by and between the Company and the
Representative, with respect to the Security; and (c) any other instrument or agreement executed by
the Company regarding obligations of the Company under the Security or the 2008 Indenture with
respect to the Security (collectively, the “Assignment”).

     The Assignor hereby certifies that:

     1. Without the FDIC’s prior written consent, the Assignor has not:

     (a) agreed to any material amendment of the Security or to any material deviation from the
provisions thereof; or

     (b) accelerated the maturity of the Security.

     [Instructions to the Assignor: If the Assignor has not assigned or transferred any interest in
the Security and related documentation, such Assignor must include the following representation.]

     2. The Assignor has not assigned or otherwise transferred any interest in the Security;

     [Instructions to the Assignor: If the Assignor has assigned a partial interest in the Security
and related documentation, the Assignor must include the following representation.]

     2. The Assignor has assigned part of its rights, title and interest in the Security to                      pursuant to the                      agreement, dated as of    
                 , 20     , between                     , as assignor, and                     , as assignee, an executed copy of which is attached
hereto.

     The Assignor acknowledges and agrees that this Assignment is subject to the Security and the
2008 Indenture and to the following:

     1. In the event the Assignor receives any payment under or related to the Security from a
party other than the FDIC (a “Non-FDIC Payment”):

     (a) after the date of demand for a guarantee payment on the FDIC pursuant to 12 CFR Part 370,
but prior to the date of the FDIC’s first guarantee payment under the Security pursuant to 12 CFR
Part 370, the Assignor shall promptly but in no event later than five (5) Business Days after
receipt notify the FDIC of the date and the amount of such Non-FDIC Payment and shall apply such
payment as payment made by the Company, and not as a guarantee payment made by the FDIC, and
therefore, the amount of such payment shall be excluded from this Assignment; and

B-1

 

     (b) after the FDIC’s first guarantee payment under the Security, the Assignor shall forward
promptly to the FDIC such Non-FDIC Payment in accordance with the payment instructions provided in
writing by the FDIC.

     2. Acceptance by the Assignor of payment pursuant to the Debt Guarantee Program on behalf of
the Holder shall constitute a release by the Holder of any liability of the FDIC under the Debt
Guarantee Program with respect to such payment.

     The Person who is executing this Assignment on behalf of the Assignor hereby represents and
warrants to the FDIC that he/she/it is duly authorized to do so.

******

B-2

 

     IN WITNESS WHEREOF, the Assignor has caused this instrument to be executed and delivered this            day of                     , 20   .

	 	 	 	 	 
	 	Very truly yours,

[ASSIGNOR]

 	 
	 	By:  	 	 
	 	 	(Signature) 	 
	 	 	 	 
	 	 	 
	 	Name:  	
 	 
	 	 	(Print) 	 
	 	 	 	 
	 	 	 
	 	Title:  	
 	 
	 	 	(Print) 	 
	 	 	 	 
	 

Consented to and acknowledged by this 
           day of                     , 20    :

THE FEDERAL DEPOSIT INSURANCE CORPORATION

	 	 	 	 	 
	By:  	 	 	 
	 	(Signature) 	 	 
	 	 	 	 
	 	 	 
	Name:  	
 	 	 
	 	(Print) 	 	 
	 	 	 	 
	 	 	 
	Title:  	
 	 	 
	 	(Print) 	 	 

B-3EX-4.1

Exhibit 4.1

EXECUTION COPY

 

EQUITYHOLDERS’ AGREEMENT

by and among

CLEARWIRE CORPORATION,

SPRINT HOLDCO, LLC,

EAGLE RIVER HOLDINGS, LLC,

INTEL CAPITAL WIRELESS INVESTMENT CORPORATION 2008A,

INTEL CAPITAL WIRELESS INVESTMENT CORPORATION 2008B,

INTEL CAPITAL WIRELESS INVESTMENT CORPORATION 2008C,

INTEL CAPITAL CORPORATION,

INTEL CAPITAL (CAYMAN) CORPORATION,

MIDDLEFIELD VENTURES, INC.,

COMCAST WIRELESS INVESTMENT I, INC.,

COMCAST WIRELESS INVESTMENT II, INC.,

COMCAST WIRELESS INVESTMENT III, INC.,

COMCAST WIRELESS INVESTMENT IV, INC.,

COMCAST WIRELESS INVESTMENT V, INC.,

GOOGLE INC.,

TWC WIRELESS HOLDINGS I LLC,

TWC WIRELESS HOLDINGS II LLC,

TWC WIRELESS HOLDINGS III LLC,

and

BHN SPECTRUM INVESTMENTS, LLC

Dated as of November 28, 2008

 

 

 

EXECUTION COPY

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE 1 DEFINITIONS
	 	 	4	 
	 
	 	 	 	 
	ARTICLE 2 CORPORATE GOVERNANCE
	 	 	4	 
	2.1 Board Representation
	 	 	4	 
	2.2 Officers; Chairman of the Board
	 	 	16	 
	2.3 Committees
	 	 	16	 
	2.4 Available Financial Information
	 	 	18	 
	2.5 Access
	 	 	21	 
	2.6 Requirements for Board Action
	 	 	22	 
	2.7 Supermajority Voting Requirements
	 	 	25	 
	2.8 Employee Option Pool
	 	 	28	 
	2.9 Controlled Company
	 	 	28	 
	2.10 Certain Undertakings
	 	 	29	 
	2.11 Subsidiary Governance
	 	 	30	 
	2.12 No Imputed Conflicts
	 	 	30	 
	2.13 Sprint Nextel Compliance Certificate
	 	 	31	 
	2.14 Sprint Future Credit Agreements
	 	 	39	 
	2.15 Indemnified Litigation
	 	 	40	 
	2.16 Antitrust Matters; Compliance with Laws
	 	 	40	 
	 
	 	 	 	 
	ARTICLE 3 TRANSFERS
	 	 	44	 
	3.1 General Limitations on Transfer
	 	 	44	 
	3.2 Certain Permitted Transfers
	 	 	47	 
	3.3 Right of First Offer
	 	 	48	 
	3.4 Tag-Along Rights
	 	 	52	 
	3.5 Preemptive Rights
	 	 	55	 
	3.6 Transfers to a Restricted Entity
	 	 	60	 
	3.7 Standstill Agreement
	 	 	60	 
	3.8 Joint Purchase Rights
	 	 	65	 
	3.9 Permitted Designee
	 	 	67	 
	3.10 Void Transfers
	 	 	68	 
	3.11 Limitations Prior to the Adjustment Date
	 	 	68	 
	3.12 Holding Company Transfers
	 	 	69	 
	 
	 	 	 	 
	ARTICLE 4 MISCELLANEOUS
	 	 	70	 
	4.1 Parent Guaranty
	 	 	70	 
	4.2 Termination
	 	 	70	 
	4.3 Amendments and Waivers
	 	 	70	 
	4.4 Successors, Assigns and Transferees; Groups and Thresholds
	 	 	70	 
	4.5 Legend
	 	 	71	 

i

 

	 	 	 	 	 
	 	 	Page
	4.6 Notices
	 	 	72	 
	4.7 Confidentiality
	 	 	77	 
	4.8 Accounting Policies
	 	 	79	 
	4.9 Strategic Investor Representative; Strategic Investor Agreement
	 	 	79	 
	4.10 No Joint and Several Liability of the Equityholders
	 	 	80	 
	4.11 Further Assurances
	 	 	80	 
	4.12 Entire Agreement
	 	 	80	 
	4.13 Enabling Clause
	 	 	80	 
	4.14 Delays or Omissions
	 	 	81	 
	4.15 Governing Law; Jurisdiction; Waiver of Jury Trial
	 	 	81	 
	4.16 Severability
	 	 	81	 
	4.17 Enforcement
	 	 	81	 
	4.18 No Recourse
	 	 	82	 
	4.19 No Third Party Beneficiaries
	 	 	82	 
	4.20 Counterparts; Facsimile Signatures
	 	 	82	 
	4.21 Interpretation
	 	 	82	 

ii

 

Exhibit A – Definitions

Exhibit B – Initial Directors and Officers of the Company

Exhibit C – Terms of D&O Insurance

Exhibit D – Form of Compliance Certificate

Exhibit E – Antitrust Compliance Guidelines

Exhibit F – Independence Standards

Exhibit G – Form of Non-Equityholder Transferee Agreement

Exhibit H – Assignment and Assumption Agreement

Exhibit I – Form of Parent Agreement

iii

 

EXECUTION COPY

     THIS EQUITYHOLDERS’ AGREEMENT (this “Agreement”) is entered into as of November 28,
2008 (the “Effective Date”), by and among CLEARWIRE CORPORATION, a Delaware corporation
formerly known as New Clearwire Corporation (the “Company”), SPRINT HOLDCO, LLC, a Delaware
limited liability company (“Sprint”), EAGLE RIVER HOLDINGS, LLC, a Washington limited
liability company (“Eagle River”), INTEL CAPITAL WIRELESS INVESTMENT CORPORATION 2008A, a
Delaware corporation (“Intel A”), INTEL CAPITAL WIRELESS INVESTMENT CORPORATION 2008B, a
Delaware corporation (“Intel B”), INTEL CAPITAL WIRELESS INVESTMENT CORPORATION 2008C, a
Delaware corporation (“Intel C”), INTEL CAPITAL CORPORATION, a Delaware corporation
(“Intel Capital”), INTEL CAPITAL (CAYMAN) CORPORATION, a Cayman Islands corporation
(“Intel Cayman”), MIDDLEFIELD VENTURES, INC., a Delaware corporation
(“Middlefield”, and together with Intel A, Intel B, Intel C, Intel Capital and Intel
Cayman, “Intel”), COMCAST WIRELESS INVESTMENT I, INC., a Delaware corporation (“Comcast
I”), COMCAST WIRELESS INVESTMENT II, INC., a Delaware corporation (“Comcast II”),
COMCAST WIRELESS INVESTMENT III, INC., a Delaware corporation (“Comcast III”), COMCAST
WIRELESS INVESTMENT IV, INC., a Delaware corporation (“Comcast IV”), COMCAST WIRELESS
INVESTMENT V, INC., a Delaware corporation (“Comcast V” and, together with Comcast I,
Comcast II, Comcast III and Comcast IV, “Comcast”), GOOGLE INC., a Delaware corporation
(“Google”), TWC WIRELESS HOLDINGS I LLC, a Delaware limited liability company (“TWC
I”), TWC WIRELESS HOLDINGS II LLC, a Delaware limited liability company (“TWC II”), TWC
WIRELESS HOLDINGS III LLC, a Delaware limited liability company (“TWC III” and, together
with TWC I and TWC II, “TWC”), BHN SPECTRUM INVESTMENTS, LLC, a Delaware limited liability
company (“BHN”; and, together with Comcast, Google and TWC, the “Strategic
Investors”), and for the limited purpose of Sections 2.13, 2.14 and 2.15 and Article 4, SPRINT
NEXTEL CORPORATION, a Kansas corporation (“Sprint Nextel”). Each of Sprint, Eagle River,
Intel and each Strategic Investor, together with each of their respective Permitted Transferees and
Permitted Designees (each as hereinafter defined) that becomes a party to this Agreement in
accordance with Article 3, is individually referred to as an “Equityholder”, and
collectively as the
“Equityholders.”

RECITALS:

     A. The parties desire to (i) foster the development of a nationwide wireless broadband network
(the “Wireless Broadband Network”); (ii) expedite the commercial availability of wireless
broadband services over the Wireless Broadband Network; (iii) enable the offering of a greater
depth and breadth of wireless broadband services; and (iv) promote wireless broadband development.

     B. In order to satisfy the foregoing objectives, Sprint Nextel, Intel Corporation, Comcast
Corporation, Time Warner Cable Inc., Google, Bright House Networks, LLC and Clearwire Corporation
(“Old Clearwire”) have entered into the Transaction Agreement and Plan of Merger (as
amended from time to time, the “Transaction Agreement”), under which

     (i) Old Clearwire formed the Company;

     (ii) the Company formed Clearwire Communications LLC (the “LLC”), which was
until the Closing treated as a disregarded entity for U.S. federal income tax purposes;

1

 

     (iii) the LLC in turn formed a wholly-owned limited liability company subsidiary,
Clearwire Sub LLC (“Clearwire Sub LLC”) that is and has at all times since its
formation been treated as a disregarded entity for U.S. federal income tax purposes;

     (iv) the outstanding shares of Class B common stock of Old Clearwire were converted
into an equal number of shares of the Class A common stock of Old Clearwire in a transaction
intended to qualify as a reorganization within the meaning of Code Section 368(a)(1)(E) and
governed by Code Section 1036;

     (v) Old Clearwire merged with and into Clearwire Sub LLC in a transaction intended to
qualify as a reorganization under Code Section 368(a)(1)(F) (the “Merger”) and, in
the Merger, the stockholders of Old Clearwire exchanged their Class A common stock of Old
Clearwire for an equal number of shares of Class A Common Stock;

     (vi) in connection with the Merger, the Company was issued Voting Units and Class A
Common Units (both as defined in the Operating Agreement) in accordance with the terms of
the Original Operating Agreement (as defined in the Operating Agreement);

     (vii) Sprint Nextel formed Sprint, which has at all times been treated as a partnership
for U.S. federal income tax purposes and which in turn formed a wholly-owned Delaware
limited liability company (“Sprint Sub LLC”), which is and all times since its
formation has been treated as a disregarded entity for U.S. federal income tax purposes;

     (viii) Sprint Nextel caused one or more wholly-owned companies (the “Transfer
Entities”) to hold the Sprint WiMAX Business (as
defined in the Transaction Agreement)
and caused all of the Transfer Entities to be limited liability companies treated as
disregarded entities for U.S. federal income tax purposes immediately prior to and as of the
Closing (and the Transfer Entities continue to be treated as disregarded entities for U.S.
federal income tax purposes following the Closing);

     (ix) Sprint Nextel and its Subsidiaries contributed all of the limited liability
company interests in each of the Transfer Entities to Sprint, which in turn contributed
those interests to Sprint Sub LLC, and Sprint Sub LLC assumed the Sprint Pre-Closing
Financing (as defined in the Transaction Agreement) in accordance with the terms of the
Transaction Agreement;

2

 

     (x) following the Merger and the contribution of the Transfer Entities to Sprint Sub
LLC, Sprint Nextel caused Sprint to contribute all of the limited liability company
interests of Sprint Sub LLC to the LLC (the “Sprint Contribution”) in exchange
for Class B Common Units (as
defined in the Operating Agreement) and purchased an equal
number of shares of Class B Common Stock for cash;

     (xi) the Company thereafter contributed the cash it received from Sprint described in
clause (x) above to the LLC in exchange for additional Voting Units;

     (xii) following the Merger and the Sprint Contribution, Intel contributed
$1,000,000,000 in cash to the LLC in exchange for Voting Units and Class B Common Units;

     (xiii) Intel thereafter contributed its Voting Units to the Company in exchange for an
equal number of shares of Class B Common Stock;

     (xiv) following the Merger and the Sprint Contribution, Comcast, TWC and BHN
contributed $1,050,000,000, $550,000,000 and $100,000,000, respectively, in cash to the LLC
in exchange for Voting Units and Class B Common Units;

     (xv) each of Comcast, TWC and BHN thereafter contributed their respective Voting Units
to the Company in exchange for an equal number of shares of Class B Common Stock;

     (xvi) following the Merger and the Sprint Contribution, Google contributed $500,000,000
to the Company in exchange for shares of Class A Common Stock;

     (xvii) the Company thereafter contributed the cash it received from Google to the LLC
in exchange for Voting Units and Class A Common Units; and

     (xviii) as a result of the contributions to the LLC by Sprint, Intel, Comcast, TWC and
BHN described in clauses (x), (xii) and (xiv) above, the LLC was converted into a
partnership for U.S. federal income tax purposes, to which partnership the Company, Sprint
Nextel, Intel, Comcast, TWC and BHN were treated as contributing assets.

     C. The LLC and Intel have agreed to enter into the Intel Agreement at the Closing to, among
other things, accelerate and facilitate the development of a nationwide mobile wireless broadband
network and devices using WiMAX.

     D. The parties desire to enter into this Agreement to provide for certain rights and
obligations of the Equityholders, and for the management and operation of the Company.

3

 

ARTICLE 1

DEFINITIONS

     Capitalized terms used in this Agreement and not otherwise defined in this Agreement have the
meanings specified in Exhibit A.

ARTICLE 2

CORPORATE GOVERNANCE

     2.1 Board Representation.

     (a) The Board will be comprised of 13 Directors, who will be nominated as
follows:

     (i) seven Directors may be nominated by Sprint (the “Sprint
Designees”), except that

     (A) for as long as there are not more than two Independent
Designees, at least one of the Sprint Designees must

     (I) qualify as an Independent Director, and

     (II) qualify to serve on the Audit Committee, and be
willing to serve on the Audit Committee during his or her
tenure as a Director;

     (B) if, at any time after the Effective Date, Sprint ceases to
have a Percentage Interest equal to at least 50% of its Percentage
Interest as of the Effective Date (as may be adjusted on the
Adjustment Date), then the right of Sprint to nominate Directors will
be reduced to a number equal to the product obtained by multiplying
the Percentage Interest then held by Sprint by 13, rounded to the
nearest whole number (and, for the avoidance of doubt, will be
subject to further adjustment pursuant to this clause (B) as a result
of subsequent changes in Sprint’s Percentage Interest);

     (C) upon and at all times following the occurrence of a Sprint
Adverse Change of Control, then

4

 

     (I) the right of Sprint to nominate Directors will be
reduced (if applicable) to a number equal to the lesser of
(x) the product obtained by multiplying the Percentage
Interest then held by Sprint by 13, rounded to the nearest
whole number and (y) six; and

     (II) the right of Sprint to nominate Directors will be
subject to further adjustment in accordance with Section
2.1(a)(i)(B), Section 2.1(a)(vii) and Section 3.8(e)(i);
provided that in no event shall the number of Directors that
Sprint is entitled to nominate upon and after the
occurrence of a Sprint Adverse Change of Control exceed six;
and

     (D) subject to clause (C)(II) above, the number of Directors
that Sprint is entitled to nominate may be further adjusted in
accordance with

     (I) clause (vii) of this Section 2.1(a), and

     (II) Section 3.8(e)(i); and

     (ii) one Director may be nominated by Eagle River (the “Eagle
River Designee”), except that

     (A) if, at any time after the Effective Date, Eagle River ceases
to own at least 50% of the Eagle River Original Shares, then Eagle
River will cease to have the right to nominate any Directors; and

     (B) for as long as Eagle River has the right to nominate a
Director, Eagle River will also have the right to designate one
individual (the “Eagle River Observer”) that will have
Observer Rights subject to the Observer Restrictions; and

     (iii) one Director may be nominated by Intel (the “Intel
Designee”), except that

     (A) if, at any time after the Effective Date, Intel ceases to
have a Percentage Interest equal to at least 50% of its Percentage
Interest as of the Effective Date (as may be adjusted on the
Adjustment Date), then the right of Intel to nominate Directors will
be reduced to a number equal to the product obtained by multiplying
the Percentage Interest then held by Intel by 13, rounded to the
nearest whole number (and, for the avoidance of
doubt, will be
subject to further adjustment pursuant to this clause (A) as a result
of subsequent changes in Intel’s Percentage Interest);

5

 

     (B) the number of Directors that Intel is entitled to nominate
may be further adjusted in accordance with

     (I) clause (vii) of this Section 2.1(a), and

     (II) Section 3.8(e)(i); and

     (C) for as long as Intel has the right to nominate a Director,
Intel will also have the right to designate one individual (the
“Intel Observer”) that will have Observer Rights subject to
the Observer Restrictions; and

     (iv) two Directors may be nominated by the Strategic Investor Group
(the “Strategic Investor Designees”), except that

     (A) if, at any time after the Effective Date, the Strategic
Investor Group collectively ceases to have a Percentage Interest
equal to at least 50% of its aggregate Percentage Interest as of the
Effective Date (as may be adjusted on the Adjustment Date), then the
right of the Strategic Investor Group to nominate Directors will be
reduced to a number equal to the product obtained by multiplying the
Percentage Interest then held by the Strategic Investor Group, in the
aggregate, by 13, rounded to the nearest whole number (and, for the
avoidance of doubt, will be subject to further adjustment pursuant to
this clause (A) as a result of subsequent changes in the Strategic
Investor Group’s Percentage Interest);

     (B) the number of Directors that the Strategic Investor Group is
entitled to nominate may be further adjusted in accordance with

     (I) clause (vii) of this Section 2.1(a), and

     (II) Section 3.8(e)(i); and

     (C) for as long as BHN owns a number of shares of Common Stock
equal to at least 50% of the BHN Original Shares, BHN will have the
right to designate one individual that will have
Observer Rights
subject to the Observer Restrictions
(the “BHN
Observer”) and

6

 

     (D) for as long as the Strategic Investor Group owns a number of
shares of Common Stock equal to at least 50% of the Strategic
Investor Group’s Original Shares, then the Strategic Investor Group
will have the right to designate one individual that will have
Observer Rights subject to the Observer Restrictions (a
“Strategic Investor Observer”, and collectively with the
Eagle River Observer, the Intel Observer, the BHN Observer and any
individual that has Observer Rights subject to the Observer
Restrictions pursuant to Section 2.1(a)(x)(A), the
“Observers”, and each an “Observer”); provided that,
subject to Section
2.1(a)(x)(A), there will not be, at any given time, more than
one Strategic Investor Observer;

     (v) one Director may be nominated by the unanimous agreement of Intel
and the Strategic Investor Group (“Investor Independent Designee”),
except that

     (A) if, at any time after the Effective Date, the Strategic
Investor Group collectively ceases to have a Percentage Interest
equal to at least 50% of its aggregate Percentage Interest as of the
Effective Date (as may be adjusted on the Adjustment Date), then the
Investor Independent Designee may be nominated by Intel, and if Intel
ceases to have a Percentage Interest equal to at least 50% of its
Percentage Interest as of the Effective Date (as may be adjusted on
the Adjustment Date), the Investor Independent Designee may be
nominated by the Strategic Investor Group, and if both the Strategic
Investor Group and Intel cease to have a Percentage Interest equal to
at least 50% of their respective Percentage Interests as of the
Effective Date (as may be adjusted on the Adjustment Date), then
neither of the Strategic Investor Group nor Intel may nominate an
Investor Independent Designee, and the Director seat will be filled
by an Independent Designee nominated by the Nominating Committee in
accordance with clause (viii) below, and

     (B) the Investor Independent Designee must

     (I) qualify as an Independent Director, and

7

 

     (II) qualify to serve on the Audit Committee, and be
willing to serve on the Audit Committee during his or her
tenure as a Director;

     (vi) in addition to any Directors to be nominated by the Nominating
Committee as provided in clause (viii) of this Section 2.1(a), one Director
will be nominated by the Nominating Committee (the “Initial Independent
Designee”), except that the Initial Independent Designee must

     (A) qualify as an Independent Director, and

     (B) qualify to serve on the Audit Committee as its chairperson
and be willing to serve on and to be the chairperson of the Audit
Committee during his or her tenure as a Director; and

     (vii) if Sprint Transfers to any other Equityholder(s) (the “25%
Transferee(s)”) a number of shares of Common Stock or Units, as
applicable, equal in the aggregate to at least 25% of Sprint’s Original
Shares or 25% of the Units acquired by Sprint on the Effective Date (as
adjusted for Recapitalization Events) (whether under Section 3.3 of this
Agreement or otherwise), then, if requested by any of the applicable 25%
Transferees (it being understood and agreed that the Strategic Investor
Group as a whole shall be deemed to be a single 25% Transferee for purposes
of this Section 2.1(a)(vii)), the following adjustments will be made as
among Sprint and such 25% Transferee(s) only, without affecting the Board
nomination rights of any other Equityholder:

     (A) the right of Sprint to nominate Directors will be reduced if
the number equal to the product obtained by multiplying the
Percentage Interest then held by Sprint by 13, rounded to the nearest
whole number, is less than the number of Directors that Sprint had
the right to nominate immediately prior to such Transfer, in which
case, Sprint will then have the right to nominate such lesser number
of Directors,

     (B) subject to Section 2.1(a)(x), the right of each such 25%
Transferee to nominate Directors will be increased if the number
equal to the product obtained by multiplying the Percentage Interest
then held by such 25% Transferee by 13, rounded to the nearest whole
number, is greater than the number of Directors that such 25%
Transferee had the right to nominate immediately prior to such
Transfer, in which case, such 25%
Transferee will then have the right
to nominate such greater number of Directors, and

8

 

     (C) from and after the time of such Transfer, the provisions of
Section 2.1(a)(i)(B), Section 2.1(a)(iii)(A) and Section
2.1(a)(iv)(A), as applicable, relating to the proportionate
adjustment of the right to nominate Directors shall apply to Sprint
and the applicable 25% Transferee(s) regardless of whether the 50%
threshold referred to in those Sections has been met.

     (viii) Except as provided in this clause (viii) and in clauses (vii)
above and (x) below, if an Equityholder loses or elects not to exercise (in
whole or in part) the right to nominate all or any portion of its
Equityholder Designees for any reason, the Director seats that the
Equityholder has lost or elects not to exercise the right to nominate will
become additional Independent Directors nominated by the Nominating
Committee (the Initial Independent Designee and each such additional
Independent Director nominated by the Nominating Committee being
referred to herein as an “Independent Designee”); provided
that any election by an Equityholder not to exercise (in whole or in part)
the right to nominate all or any portion of its Equityholder Designees
shall not constitute a permanent waiver or relinquishment of such right;
and provided, further, that if an Equityholder elects not to exercise its
right to nominate an Equityholder Designee, and the seat held by such
Equityholder Designee is filled by an Independent Designee in accordance
with the foregoing, the Equityholder will be entitled to re-exercise its
right to nominate a Director in place of such Independent Designee only
upon a vacancy of one of the seats held by an Independent Designee or at a
regularly scheduled meeting of stockholders at which Directors are elected
in accordance with Section 2.1(b), if applicable.

     (ix) The Initial Independent Designee, one of the Sprint Designees
(for as long as Sprint is required to nominate an Independent Director) and
the Investor Independent Designee (for as long as there is an Investor
Independent Designee) must qualify to serve on the Audit Committee (and be
willing to serve on the Audit Committee during their respective tenures as
a Director) and at least one of the Independent Designees must have the
requisite experience and qualifications to serve as an “audit committee
financial expert” within the meaning of the Exchange Act. If, however,
either Sprint is no longer required to nominate an Independent Director or
there is no longer an Investor Independent Designee, then at least two of
the Independent Designees and either the Investor Independent 

9

 

Designee or
the Sprint Designee that
 qualifies as an Independent Director (as
applicable) must qualify to serve on the Audit Committee (and will agree to
do so at the time the Independent Designees are appointed). If, however,
Sprint is no longer required to nominate an Independent Director and there
is no longer an Investor Independent Designee, then at least three of the
Independent Designees must qualify to serve on the Audit Committee (and
will agree to do so at the time the Independent Designees are appointed).

     (x) If at any time, as a result of any adjustment pursuant to this
Section 2.1(a) or Section 3.8(e)(i), any Equityholder has the right to
nominate a number of Directors that is greater than the number of Available
Seats, the Company and the Equityholders will cooperate to take such
actions as are necessary to reduce (at the next annual or special meeting
of the stockholders of the Company at which Directors are elected) the
number of Independent Designees in order to permit such Equityholder to
exercise its rights under this Section 2.1(a) or Section 3.8(e)(i);
provided that there will be at least three Independent Directors for so
long as the Company is required by Law or the rules of any applicable
national securities exchange to have three Independent Directors. If,
following the elimination of the Independent Designees in
accordance with the immediately preceding sentence, as a result of any
adjustment pursuant to this Section 2.1(a) or Section 3.8(e)(i), an
Equityholder (for purposes of this Section 2.1(a)(x), a “Nominating
Equityholder”) has the right to nominate a number of Directors that is
greater than the number of Available Seats (such excess number of seats,
“Unfilled Director Seats”), then,

     (A) until (i) the Nominating Equityholder nominates a number of
Equityholder Designees pursuant to Section 2.1(a)(x)(B) equal to the
number of such Nominating Equityholder’s Unfilled Director Seats and
(ii) each such Equityholder Designee that has been so nominated has
been elected or appointed to the Board, the Nominating Equityholder
will have the right, in respect of each of such Nominating
Equityholder’s Unfilled Director Seats, to designate one individual
that will have Observer Rights subject to the Observer Restrictions,
and

10

 

     (B) when another Equityholder loses the right to nominate one or
more of its Equityholder Designees under circumstances where the
Board seat would otherwise be filled by an Independent Designee in
accordance with clause (viii) above, in
lieu of filling such Board
seat in accordance with clause (viii) above, the Nominating
Equityholder will be entitled to nominate additional Equityholder
Designee(s) to fill each such vacated seat (up to the number of
Unfilled Director Seats of such Nominating Equityholder); provided
that if the Equityholder Designee who is being replaced was required
to qualify as an Independent Director and serve on the Audit
Committee in accordance with this Section 2.1(a), then the
replacement Equityholder Designee nominated by the Nominating
Equityholder will be required to qualify as an Independent Director
and be willing and qualified to serve on the Audit Committee until
such time as there are at least three other Independent Directors,
for so long as the Company is required by Law or the rules of any
applicable national securities exchange to have three Independent
Directors.

     (xi) The adjustments to Board nomination rights set forth in this
Section 2.1(a) shall be implemented from time to time after the date hereof
based on the relevant circumstances at the time (i.e., adjustments in
nomination rights triggered by one event or circumstance may be further
adjusted based on subsequent events or circumstances). For example, upon
and after the initial adjustment (if any) pursuant to Section 2.1(a)(vii),
the Board nomination rights set forth in this Section
2.1(a) shall be subject to further adjustment pursuant to Section
2.1(a)(vii) based on any subsequent change in the Percentage Interests of
Sprint and the applicable 25% Transferee(s).

     (xii) For so long as an Equityholder has the right under this
Agreement to designate an Observer, the Observer will be permitted to (A)
attend and observe, but not otherwise participate in, all meetings of the
Board (but not any committees of the Board), and (B) receive (on a
concurrent basis) all notices and other information provided to Directors
in their capacity as Directors by the Company (“Observer Rights”),
except that (x) as a condition to allowing the Observer to attend meetings
of the Board or to receive any information, the Company may require that
the Observer execute a confidentiality agreement, reasonably satisfactory
to the Company, with respect to the information to be provided or the
matters to be discussed at any meeting of the Board; provided, however,
that if the Observer is an employee, agent or independent contractor of the
Equityholder appointing that Observer then in lieu of a separate
confidentiality, non-use or non-disclosure agreement between the Observer
and the Company, the Equityholder agrees to cause the Observer to comply
with Section 4.7 and to be responsible for any breach of such Section by
the Observer, and (y) 

11

 

the
Company may exclude the Observer from any meeting
of the Board, or portions thereof, or deny access to any information or
portions thereof provided to Directors, if the Company reasonably
determines that the participation of the Observer, or access to the
applicable information, could (1) result in a waiver of the attorney-client
privilege (based on the advice of Company counsel) with respect to any
matters to be discussed or any matters included in the information to be
distributed; (2) expose to an Observer (who represents or is affiliated
with a competitor to the Company, a customer, supplier or other business
partner of the Company or a competitor to the Company’s customers,
suppliers or other business partners) (A) if a contract or understanding
with any Person or Affiliate of such Person represented by the Observer is
being described, discussed or voted upon, any information related to such
contract or understanding and/or (B) the Company’s business operations,
objectives, opportunities, competitive positioning and/or prospects related
to any such Person or any matter in which such Person may be reasonably
deemed to have an interest that is adverse to the Company; (3) cause the
Company to violate obligations with respect to confidential or proprietary
information of third parties, provided that an Observer shall not be so
excluded unless all other Persons whose participation in such meeting of
the Board, or portions thereof, or receipt of such information, or portions
thereof, would result in a violation of such third party obligations are
also excluded; or (4) pose an actual or potential conflict of interest for
the Equityholder designating the Observer, any of its Affiliates or the
Observer (subsections (x) and (y) collectively “Observer
Restrictions”). In addition, if an Observer designated by an
Equityholder is an observer, employee, officer, director, partner or member
at another company that competes with the Company or is primarily engaged
in a business in a substantially related industry, a majority of those
Directors that are not appointed by the Equityholder appointing the
Observer would be permitted to exclude the Observer from any meeting of the
Board, or portions thereof, or deny access to any information provided to
Directors, if such Directors reasonably determine, in a closed session, to
exclude such Observer to protect the proprietary nature of the information
included in the matters to be discussed and/or distributed.

     (xiii) The Company acknowledges that an Equityholder appointing an
Observer and/or an Observer may likely have, from time to time, information
that may be of interest to the Company (but which excludes any information
that the Observer receives or learns in its position as an Observer)
(“Observer Information”) including, by way of example only,
technologies, plans, services of the applicable Equityholder, strategies
relating thereto, developments with respect to the technologies, products
and services, and plans

12

 

and strategies relating thereto, of other
companies, including actual or potential competitors of the Company. The
Observer Information may or may not be actually known by the Observer. The
Company agrees that an Equityholder designating an Observer to the Board,
merely by exercising that right of appointing the Observer, and the
Observer does not have any additional duty to disclose any Observer
Information to the Company or offer to the Company the right to participate
in projects or investments based on the Observer Information or otherwise
take advantage of any opportunity that may be of interest to the Company if
it were aware of the Observer Information, and waives, to the extent
permitted by law, any claim based on the corporate opportunity. The
Company will not, to the extent permitted by law, take action to limit the
Equityholder’s ability to pursue opportunities based on the Observer
Information or require the Equityholder or Observer to disclose the
Observer Information to the Company solely based on the Equityholder’s
exercise of its right to appoint the Observer.

     (b) The initial Directors and the Observers will be as set forth on Exhibit
B. Sprint, Eagle River, Intel and the Strategic Investor Representative (on
behalf of the Strategic Investor Group) will provide the other Equityholders and the
Company with written notice of any changes to their respective Equityholder
Designees in connection with an annual meeting of the stockholders of the Company at
least 90 days before the annual meeting of the stockholders of the Company at which
elections of Directors will be held. Notwithstanding the foregoing and Section
2.1(a)(viii), the Company and the Equityholders
acknowledge and agree that (A) Intel may elect not to nominate the Intel
Designee to begin serving on the Board as of the Effective Date, (B) Intel shall
have until the 180th day following the Effective Date to nominate the
Intel Designee, (C) during such 180-day period, there will be a vacancy on the Board
until such time as Intel nominates the Intel Designee and (D) if Intel does not
nominate the Intel Designee during such 180-day period, then Intel will be deemed to
have waived its rights to nominate a Director until there is a vacancy of one of the
seats held by an Independent Designee or until a regularly scheduled meeting of
stockholders at which Directors are elected in accordance with Section 2.1(b), if
applicable, and the Director seat will be filled in accordance with Section
2.1(a)(viii). Until such time as the Intel Designee is appointed, the Board may
appoint an Independent Designee to any of the committees on which the Intel Designee
was entitled to be a member under
this Agreement.

     (c) The Company and the Equityholders will take whatever actions may be
required under Law to cause the Board to consist of the number of Directors
specified in this Section 2.1.

13

 

     (d) At each annual or special meeting of the stockholders of the Company at
which Directors are to be elected, the Company will include in the slate of nominees
recommended by the Board and in the Company’s proxy statement or notice of such
meeting all of the Equityholder Designees and each Independent Designee and will use
its Reasonable Best Efforts to cause the election of each of those designees to the
Board, including nominating those individuals to be elected as Directors as provided
in this Agreement.

     (e) If a vacancy is created at any time by the death, disability, retirement,
resignation or removal (with or without cause) of any Director who is an
Equityholder Designee or Independent Designee, the Company and each Equityholder
will take all actions necessary to cause the vacancy to be filled as soon as
practicable by a new Equityholder Designee or Independent Designee, as the case may
be, who is nominated in the manner specified in this Section 2.1. If the vacancy
was created by the death, retirement, disability, resignation or removal of an
Equityholder Designee, and if the applicable Equityholder does not nominate a
replacement Director to fill such vacancy within 90 days following the date of the
vacancy (or such later time as may be required to complete the process contemplated
by Section 2.16(b)), such Equityholder will be deemed to have waived its rights to
nominate a replacement Director until there is a vacancy of one of the seats held by
an Independent Designee or until a regularly scheduled meeting of stockholders at
which Directors are elected in accordance with Section 2.1(b), if applicable, and
the Director seat will be filled in accordance with Section 2.1(a)(viii). If the
remaining Directors have not, within 30 days following the earlier of (x) in the
case of an Equityholder Designee, the date on which the replacement Director has
been nominated or (y) 90 days after the date of such vacancy, caused (by written
consent or otherwise) the vacancy to be filled by a
new Equityholder Designee or Independent Designee, as applicable, in the manner
specified in Section 2.1, then the Company and each Equityholder will take all
actions necessary to fill the vacancy as provided in this Section 2.1(e).

     (f) Each of the Equityholders will

     (i) vote any Voting Securities owned by it or over which it has the
power to vote (or direct the voting of) and cause its Controlled Affiliates
to vote any Voting Securities, at each annual or special meeting of
stockholders of the Company at which Directors are to be elected, or
execute (or cause to be executed) proxies or written consents with respect
to such Voting Securities, as the case may be, in favor of the election of
the Equityholder Designees and the Independent Designees nominated to the
Board as provided in this Section 2.1, and

14

 

     (ii) use its Reasonable Best Efforts to cause the election of the
Equityholder Designees and Independent Designees to the Board, including
nominating those individuals to be elected as members of the Board.

     (g) On the written request of the Equityholder entitled to nominate the
relevant Director, but only upon such written request, each other Equityholder will
vote any Voting Securities owned by it or over which it has the power to vote (or
direct the voting) and will cause its Controlled Affiliates to vote any Voting
Securities, and, together with the Company, take or cause to be taken all actions
necessary, to remove any Director nominated by the requesting Equityholder, and to
elect any replacement Director nominated by that Equityholder (provided that such
replacement Director otherwise meets all of the applicable requirements under
Section 2.1(a)). Subject to Section 2.1(h) and the penultimate sentence of this
Section 2.1(g), unless the Equityholder entitled to nominate the relevant Director
otherwise requests in writing, no Equityholder will take any action to cause the
removal of any Directors nominated by any other Equityholder. Notwithstanding
anything to the contrary in this Agreement, any Director may be removed for “cause”
by a majority vote of the other Directors. For purposes of this Section 2.1(g),
“cause” shall mean the conviction of the Director of, or the entry of a pleading of
guilty or nolo contendere by the Director to, any crime involving moral turpitude or
any felony.

     (h) If an Equityholder ceases to have the right to nominate one or more
Directors in accordance with this Section 2.1, then, if requested in writing by any
Equityholder holding, or group of Equityholders collectively holding, at least 25%
of the outstanding Voting Securities, that first Equityholder will use Reasonable
Best Efforts to cause the removal or resignation of its applicable Equityholder
Designee(s) at the earliest possible time. If no request is made in accordance with
the preceding sentence, the applicable designee(s) of that Equityholder will serve
the remaining portion of their then-current term and the replacement
Director(s) will be nominated in accordance with this Section 2.1 at the next
meeting of the stockholders at which Directors are elected.

     (i) The Company will compensate each Equityholder Designee who is not an
employee of the Company or any of its Subsidiaries in the same manner and to the
same extent as it compensates its other non-employee Directors and will reimburse
each Equityholder Designee for reasonable out-of-pocket expenses incurred by such
Equityholder Designee for the purpose of attending meetings of the Board or its
committees. If an Equityholder Designee is an employee of an Equityholder or its
Affiliates, the Company will pay the applicable compensation or reimbursement on
behalf of such Equityholder Designee to the applicable Equityholder.

15

 

     (j) The Company will obtain and maintain directors’ and officers’ insurance
that meets at least the terms and conditions set forth on Exhibit C. Prior
to the occurrence of a Change of Control (disregarding, for purposes of this Section
2.1(j), the second parenthetical in clause (ii) of the definition of “Change of
Control”) or any merger, consolidation or similar transaction in which the Company
is not the surviving entity, the Company will require that any successor (whether by
merger, operation of law or otherwise) to the Company assume the Company’s
obligations under this Section 2.1(j) for a period of at least six years, except
that in no event will the successor to the Company be required to expend for that
insurance more than an amount per year equal to 200% of the annual premiums paid by
the Company as of the date of the Change of Control transaction. If, but for the
immediately preceding sentence, the successor to the Company would be required to
expend more than 200% of then-current annual premiums, the successor to the Company
would be required to obtain the maximum amount of that insurance obtainable by
payment of annual premiums equal to 200% of the then-current annual premiums.

     (k) The rights of the Equityholders under this Section 2.1 are not Transferable
and may not be exercised by any Transferee, except by a Permitted Transferee or
Permitted Designee of such Equityholder.

     (l) The Chief Executive Officer of the Company will be entitled to attend all
meetings of the Board regardless of whether or not he or she is a Director, except
that the Chief Executive Officer may be excluded from meetings of the Board when the
Board is in executive session.

     2.2 Officers; Chairman of the Board. The initial Chairman of the Board, Chief
Executive Officer, President (if applicable), Chief Financial Officer, Chief Technology Officer,
Chief Operating Officer, Chief Information Officer, Chief Strategy Officer and General Counsel of
the Company will be as set forth on
Exhibit B. Subject to the provisions of Section 2.6(b)(i), changes to any of the
foregoing positions will be determined by the Board in accordance with the Bylaws.

     2.3 Committees.

     (a) The Company will establish an audit committee (the “Audit
Committee”) to perform the duties usually reserved for an audit committee, and
certain other duties, including reviewing and recommending to the full Board (with
related party Directors abstaining from the applicable Board vote) all Related Party
Transactions. The initial members of the Audit Committee will be three or more
Independent Directors, including the Sprint Designee that qualifies as an
Independent Director (for as long as Sprint is required to nominate that Director),
and the Investor Independent Designee (for as long as there is an
Investor
Independent Designee). At least one of the Independent Designees on the Audit
Committee will qualify as an “audit committee financial expert” within the meaning
of the Exchange Act, and will chair the Audit Committee. The approval of a majority
of the Audit Committee will be required for the approval of any matter that comes
before the Audit Committee.

16

 

     (b) The Company will establish a nominating committee (the “Nominating
Committee”) to perform the functions usually reserved for a nominating
committee, including nominating Independent Designees. The Nominating Committee
will consist of five members, two of whom will be Sprint Designees, one of whom will
be the Eagle River Designee, one of whom will be a Strategic Investor Designee, and
one of whom will be an Intel Designee; provided that (i) no Equityholder or the
Strategic Investor Group, as the case may be, will have any right to designate any
member of the Nominating Committee unless it is also entitled to nominate at least
one Director pursuant to Section 2.1(a) and (ii) on the first date that Sprint’s
right to nominate Directors is actually adjusted downward pursuant Section
2.1(a)(i)(B),2.1(a)(i)(C),2.1(a)(vii), or 3.8(e)(i), Sprint will thereafter have the
right to designate only one Sprint Designee as a member of the Nominating Committee.
In the event that an Equityholder or the Strategic Investor Group, as the case may
be, loses the right to nominate a member of the Nominating Committee, the open
seat(s) on the Nominating Committee will be filled by one or more Independent
Designees. The approval of four of the five members of the Nominating Committee
will be required to nominate any
Independent Designee.

     (c) The Company will establish a compensation committee (the “Compensation
Committee”) to perform the functions usually reserved for a compensation
committee, including

     (i) reviewing and determining salary, bonus and other compensation for
the Chief Executive Officer of the Company and the LLC, and for all
executive officers of the Company and the LLC who
report directly to the Chief Executive Officer (including but not
limited to the Chief Operating Officer, the Chief Financial Officer, the
Chief Technology Officer and any officer determined to be a chief operating
decision maker under GAAP), and

     (ii) such other tasks as the Board may from time to time authorize.

17

 

The Compensation Committee will consist of four members, one of whom will be a
Sprint Designee, one of whom will be a Strategic Investor Designee, one of whom will
be an Eagle River Designee and one of whom will be the Investor
Independent
Designee. If any Equityholder or the Strategic Investor Group, as the case may be,
loses the right to designate any of its designees to the Compensation Committee
(which right will be lost with respect to any designee by virtue of an Equityholder
or the Strategic Investor Group losing its right to nominate at least one Director
pursuant to Section 2.1(a)), then the seat on the Compensation Committee will be
filled by one of the Independent Designees. The approval of two-thirds of the
Compensation Committee will be required to approve the matters described in clauses
(i) and (ii) above, and no other approval of the Board (or any other Committee) will
be required with respect to those matters.

     (d) The Company will establish a special committee (the “Transactions
Committee”) consisting of all Directors other than Sprint Designees who (i) are
employees or directors of Sprint or any of its Controlled Affiliates or (ii) would
not be Independent Directors if they were to sit on the board of directors of Sprint
or any of its Controlled Affiliates (i.e. who are not independent vis-à-vis Sprint).
The Transactions Committee will have the authority to take all actions and make the
determinations referred to in Section 2.13 and Section 2.15.

     (e) Other than the Audit Committee, the Transactions Committee, the Nominating
Committee, the Compensation Committee and, if the Equityholders agree in accordance
with this Agreement and the Bylaws, an executive committee, the Company will
establish no other committees of the Board, other than those special committees the
Board may create from time to time, as permitted by the Charter and the Bylaws, in
order to carry out its fiduciary duties (it being agreed that to the extent that the
Board delegates any authority to a committee (including an executive committee),
then each of Sprint, Intel, Eagle River and the Strategic Investor Group will be
entitled (but not obligated) to designate at least one designee to any such
committee for so long as it has the right to nominate at least one Director, unless,
in each case, such designation would, in the good faith determination of a majority
of the Independent Directors (based on the advice of counsel) be inappropriate as a
result of an actual or perceived conflict of interest on the part of such designee,
the Equityholder (or group of Equityholders) designating such designee or any of
their respective Affiliates). Any such designation by Sprint, Intel, Eagle River or
the Strategic
Investor Group must be initially made within a reasonable period of time
following receipt of written notification of the formation of such committee.

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     2.4 Available Financial Information.

     (a) The Company will deliver, or will cause to be delivered, the following
information to (x) each Strategic Investor for so long as (1) the Strategic Investor
Group has the right to nominate at least one Director under Section 2.1 and (2) such
Strategic Investor has a Percentage Interest equal to at
least 2%, or in the case of
BHN, has a Percentage Interest equal to at least 50% of its Percentage Interest as
of the Effective Date (as may be adjusted on the Adjustment Date), and (y) each
other Equityholder for so long as such Equityholder has the right to nominate at
least one Director under Section 2.1:

     (i) as soon as available (and in any event within 90 days) after the
end of each fiscal year of the Company (or the earlier date by which the
information is required to be filed under the Exchange Act),

     (A) (1) the annual financial statements required to be filed by
the Company under the Exchange Act and a reasonably detailed
comparison to the Company’s business plan for that fiscal year as
approved by the Board and certified by the principal financial or
accounting officer of the Company, or (2) if the financial statements
described in (1) are not required to be filed under the Exchange Act,
an audited consolidated balance sheet of the Company and its
Subsidiaries, in each case as of the end of the fiscal year, and
audited consolidated statements of income, retained earnings and cash
flows of the Company and its Subsidiaries for that year, in each case
prepared in accordance with GAAP and setting forth in each case in
comparative form the figures for the previous fiscal year, all in
reasonable detail and accompanied by the opinion of independent
public accountants of recognized national standing selected by the
Company, and a reasonably detailed comparison to the Company’s
business plan for that year as approved by the Board and certified by
the principal financial or accounting officer of the Company; and

     (B) with respect to the LLC, an audited consolidated balance
sheet of the LLC and its Subsidiaries, in each case as of the end of
the fiscal year, and audited consolidated statements of income,
retained earnings and cash flows of the LLC and its Subsidiaries for
that year, in each case prepared in accordance with GAAP and setting
forth in each case in comparative form the figures for the previous
fiscal year, all in reasonable detail and
accompanied by the opinion of independent public accountants of
recognized national standing selected by the LLC;

     (ii) as soon as available after the end of the first, second and third
quarterly accounting periods in each fiscal year of the Company and in any
event within 45 days (or the earlier date by which the information is
required to be filed under the Exchange Act),

19

 

     (A) (1) the quarterly financial statements required to be filed
by the Company under the Exchange Act and a reasonably detailed
comparison to the Company’s business plan for the current fiscal year
to date as approved by the Board and certified by the principal
financial or accounting officer of the Company, or (2) if the
financial statements described in (1) are not required to be filed
under the Exchange Act, a consolidated balance sheet of the Company
and its Subsidiaries, in each case as of the end of each quarterly
period, and consolidated statements of income, retained earnings and
cash flows of the Company and its Subsidiaries, in each case for that
period and for the current fiscal year to date, in each case prepared
in accordance with GAAP (subject to normal year-end audit
adjustments) and setting forth in comparative form the figures for
the corresponding periods of the previous fiscal year and a
reasonably detailed comparison to the Company’s business plan then in
effect as approved by the Board and certified by the principal
financial or accounting officer of the Company in reasonable detail
and certified by the principal financial or accounting officer of the
Company; and

     (B) with respect to LLC, a consolidated balance sheet of LLC and
its Subsidiaries, in each case as of the end of each quarterly
period, and consolidated statements of income, retained earnings and
cash flows of LLC and its Subsidiaries, in each case for that period
and for the current fiscal year to date, in each case prepared in
accordance with GAAP (subject to normal year-end audit adjustments)
and setting forth in comparative form the figures for the
corresponding periods of the previous fiscal year certified by the
principal financial or accounting officer of LLC;

     (iii) as soon as available and in any event within 45 days after the
end of each fiscal quarter,

     (A) a consolidated balance sheet and income statement with
budget variances,

     (B) consolidated “key metrics” with budget variances, including
gross adds, net adds, churn, ARPU, CPGA and sites on air, and

     (C) a summary of capital expenditures with budget variances,
provided, however, that the Company may exclude market-specific
information from any such reports; and

20

 

     (iv) as soon as available, an annual operating budget (with variance
analysis) and strategic plan of the Company and the LLC for the following
fiscal year as approved by the Board.

     (b) The Company covenants and agrees to deliver to (x) a Strategic Investor for
so long as (1) the Strategic Investor Group has the right to nominate at least one
Director under Section 2.1 and (2) such Strategic Investor has a Percentage Interest
equal to at least 2%, or in the case of BHN, has a Percentage Interest equal to at
least 50% of its Percentage Interest as of the Effective Date (as may be adjusted on
the Adjustment Date), and (y) each other Equityholder for as long as such
Equityholder has the right to nominate at least one Director under Section 2.1, in
each case with reasonable promptness, any other information, including data and
reports made available to any lender of the Company or any of its Subsidiaries under
any credit agreement or otherwise, as from time to time may be reasonably requested
by such Strategic Investor or other Equityholder.

     (c) The officers, employees, auditors and contract employees of any
Equityholder receiving or having access to information of the Company under Sections
2.4(a) and (b) will be limited to those officers, employees, auditors and contract
employees of the Equityholder with a need to know such information for the purpose
of evaluating the Equityholder’s equity investment in the Company and the LLC, but,
insofar as such information relates, in each case, to the Company’s retail business,
may not include any officer or employee that is directly responsible for the
day-to-day operations of such Equityholder that are competitive with the business of
the Company and the LLC.

     2.5 Access. 

     (a) The Company will, and will cause its Subsidiaries, officers, directors and
employees to, until an Equityholder no longer has the right to nominate at least one
Director under Section 2.1 (or, in the case of an Equityholder that is a Strategic
Investor, until (x) the Strategic Investor Group no longer has the right to nominate
at least one Director under Section 2.1 and (y) such Strategic Investor has a
Percentage Interest equal to at least 2%, or in the
case of BHN, has a Percentage Interest equal to at least 50% of its Percentage
Interest as of the Effective Date (as may be adjusted on the Adjustment Date)),

     (i) afford the officers, employees, auditors and contract employees of
that Equityholder and its Controlled Affiliates, during normal business
hours and on reasonable notice, reasonable access to the
Company’s and its
Subsidiaries’ officers, employees, properties, offices, plants and other
facilities and to all books and records, and

21

 

     (ii) afford that Equityholder the opportunity to discuss the Company’s
and its Subsidiaries’ affairs, finances and accounts with the Company’s and
its Subsidiaries’ officers from time to time as the Equityholder may
reasonably request,

in each event, only to the extent necessary or reasonably appropriate to accomplish
the reasonable purpose of the proposed inspection. If following such discussion the
Equityholder determines that it needs further financial information of the Company
and its Subsidiaries, then the Equityholder will provide a written request of the
same to the chief financial officer of the Company including a description of the
type of information needed from the auditors. The chief financial officer of the
Company will promptly make the request of the Company’s auditors to discuss the
requested issues with the requesting Equityholder.

     (b) The officers, employees, auditors and contract employees of any
Equityholder or its Controlled Affiliates having access rights under Section 2.5(a)
will be limited to those officers, employees, auditors and contract employees of the
Equityholder and its Controlled Affiliates with a need to have the above-described
access rights for the purpose of evaluating the Equityholder’s equity investment in
the Company and the LLC, but, insofar as such access rights provide access to
information that relates, in each case, to the Company’s retail business, may not
include any officer or employee that is directly responsible for the day-to-day
operations of such Equityholder that are competitive with the business of the
Company and the LLC.

     2.6 Requirements for Board Action. 

     (a) In addition to any other actions or approvals required under this
Agreement, Law, the Operating Agreement, the Charter or the Bylaws, the following
actions (including the entry into any agreement, contract or commitment to take any
such action) will require the prior approval of a Simple Majority of the
disinterested Directors:

     (i) any Related Party Transaction, and

     (ii) any Transfer of Equity Securities by the Principal Equityholder,
whether as part of a single transaction or a series of related
transactions, that constitutes a Change of Control of the Company or any of
its material Subsidiaries, except that for purposes of this clause (ii),
any failure of the disinterested Directors to vote against the proposed
Transfer within 30 days following the receipt by the Company of written
notice of the Transfer will be deemed to be an approval of the Transfer.

22

 

     (b) In addition to any other actions or approvals required under this
Agreement, the Operating Agreement, Law, the Charter or the Bylaws, the following
actions (including the entry into any agreement, contract or commitment to take any
such action) by the Company or any of its Subsidiaries will require the prior
approval of at least 10 Directors (or, if there are fewer than 10 Directors, all of
such Directors):

     (i) the appointment or removal of the Chief Executive Officer of the
Company and the LLC, and the appointment or removal of all executive
officers of the Company and the LLC who report directly to the Chief
Executive Officer (including but not limited to the Chief Operating
Officer, the Chief Financial Officer, the Chief Technology Officer and any
officer determined to be a chief operating decision maker under GAAP);
provided that the foregoing approval rights with respect to the removal of
executive officers of the Company and the LLC who report directly to the
Chief Executive Officer will not apply if Sprint owns less than 50% of the
outstanding Voting Securities and has the right to nominate less than a
majority of the Directors;

     (ii) the Company or any Subsidiary of the Company engaging in:

     (A) a joint venture with any Person that involves a contribution
by the Company or any Subsidiary of the Company to the joint venture
entity of assets with a book value in excess of 20% of the book value
of the consolidated assets of the Company and its Subsidiaries, as
reflected in the most recent audited financial statements of the
Company and its Subsidiaries;

     (B) an acquisition of any assets (including stock or other
equity interests) in a transaction or series of related transactions
that have an aggregate purchase price in excess of 20% of the book
value of the consolidated assets of the Company and its Subsidiaries,
as reflected in the most recent audited financial statements of the
Company and its Subsidiaries; or

     (C) a disposition of any assets of the Company or any Subsidiary
of the Company (including stock or other equity interests) in a
transaction or series of related transactions that have an aggregate
purchase price in excess of 20% of the book value of
the consolidated
assets of the Company and its Subsidiaries, as reflected in the most
recent audited financial statements of the Company and its
Subsidiaries;

23

 

except that the approval required under this Section 2.6(b)(ii) will not be required for any
transaction that qualifies as a Related Party Transaction (it being understood that Related Party
Transactions are to be addressed as set forth in Section 2.6(a));

     (iii) engaging in or undertaking any business activities approved by
the Board under clause (iv) of the definition of the Business Purpose of
the Company;

     (iv) funding any of the following:

     (A) any business activities outside the United States other than
funding as and to the extent necessary to maintain the Company’s
existing operations and assets located outside of the United States;
or

     (B) any acquisition of spectrum (whether by purchase, lease or
license) outside the United States; or

     (C) any expansion of the Business Purpose of the Company under
clause (iv) of the definition thereof that is not conducted through
the LLC or its Subsidiaries; and

     (v) any Change of Control of the Company or any of its Subsidiaries
(other than in connection with a transaction that constitutes a Related
Party Transaction) (it being understood that Related Party Transactions are
to be addressed as set forth in Section 2.6(a)).

     (c) In addition to any other actions or approvals required under this
Agreement, the Operating Agreement, Law, the Charter or the Bylaws, any amendment to
the Operating Agreement will require the prior approval of a majority of the
Directors who are Independent Designee(s) and Independent Directors nominated by one
or more Equityholders other than those Independent Directors that are current or
former directors, officers or employees of a nominating Equityholder.

     (d) Notwithstanding anything to the contrary in this Agreement,

24

 

     (i) a Simple Majority of the Board (excluding the interested
Directors) shall have the right to direct, enforce and control on behalf of
any NewCo Indemnified Person (as such term is defined in the
Transaction
Agreement) the prosecution of any action in respect of which indemnity may
be sought against any Equityholder or any of its Affiliates under Article
13 of the Transaction Agreement (including the determination as to whether
to assert any claim, commence any action or settle, dismiss or continue the
prosecution of any such action); and

     (ii) For purposes of Section 1.2(c) of the Transaction Agreement, (A)
all action taken by the Company or the LLC shall be determined and directed
by the senior management of the Company unless such action requires
approval from the Board, in which case such action shall be determined and
directed by the members of the Board other than the Sprint Designees and
(B) the Sprint Designees will recuse themselves from all consideration of
these matters.

     2.7 Supermajority Voting Requirements.

     (a) In addition to any other actions or approvals required under this
Agreement, Law, the Operating Agreement, the Charter or the Bylaws, the following
actions (including the entry into any agreement, contract or commitment to take any
such action) by the Company or any of its Subsidiaries will require the approval of
each of Sprint, Intel, and the Strategic Investor Representative on behalf of the
Strategic Investor Group so long as Sprint, Intel or the Strategic Investor Group,
respectively, has a Percentage Interest of at least 5%.

     (i) any amendment to the Bylaws (other than amendments that are
ministerial in nature and do not directly or indirectly adversely affect
the rights of the Equityholders), the Charter or the Operating Agreement;

     (ii) changing the size of the Board from the size contemplated by
Section 2.1(a);

     (iii) any Bankruptcy of the Company or any material Subsidiary of the
Company;

     (iv) any material capital restructuring or reorganization of the
Company or any material Subsidiary of the Company, except that the
foregoing will not include any financing transaction of the Company or its
Subsidiaries in the ordinary course of business (including a public or
private issuance of any debt or equity securities in the ordinary course of
business);

25

 

     (v) the liquidation, dissolution or winding up of the Company or the
LLC;

     (vi) any conversion, election or other action of or affecting the LLC
or any material Subsidiary of the LLC that would cause any such entity to
be taxed as a corporation for U.S. federal income tax purposes; and

     (vii) any issuance, or entry into any agreement to issue or otherwise
obligate the Company or the LLC to issue, after the Effective Date of this
Agreement, shares of Class B Common Stock or Class B Common Units, other
than (A) in connection with a Recapitalization Event or as required under
the Transaction Agreement or (B) shares of Class B Common Stock issued to
Sprint under Section 2.13(e) or (f).

     (b) The actions described in clauses (i) and (ii) of Section 2.7(a) will also
require the approval of Eagle River if

     (i) Eagle River and its Permitted Transferees own at least 50% of the
Eagle River Original Shares, and

     (ii) the action in question would uniquely or disproportionately
adversely affect Eagle River or the public stockholders of the Company, or
the Company as a Member of the LLC, in any material respect as compared to
the impact of the action on Sprint, Intel and the Strategic Investors as
stockholders of the Company and members of the LLC.

     (c) In addition to any other action or approval required under this Agreement,
the Operating Agreement, Law, the Charter or the Bylaws, the written approval of the
applicable Consenting Equityholder(s) (as defined below) will be required for the
following actions (including the entry into any agreement, contract or commitment to
take any such action):

     (i) any transaction (or series of related transactions) that would
result in the sale or other transfer of more than the Specified Percentage
of the consolidated assets of the Company and its Subsidiaries, as
reflected in the most recent audited financial statements of the Company
and its Subsidiaries, to any Restricted Entity of the applicable Consenting
Equityholder(s), or

     (ii) any merger, consolidation, share exchange, recapitalization,
business combination or other similar transaction or issuance of capital
stock of the Company or any of its Subsidiaries with
or to a Restricted
Entity of the applicable Consenting Equityholder(s)
that constitutes a Change of Control of the Company or any of its
Subsidiaries.

26

 

For purposes of this Section 2.7(c) and Section 3.6, a “Consenting Equityholder” means, at
any time, each of Sprint, Intel and the Strategic Investor Group if, at the applicable time, such
Equityholder (or the Strategic Investor Group, as the case may be):

     (x) owns a number of shares of Common Stock equal, in the aggregate, to at least 50% of
its Original Shares, and

     (y) holds an aggregate Percentage Interest of at least 5%.

     (d) The approval of the holders of at least 75% of the outstanding Voting
Securities of the Company will be required to approve (i) any merger, consolidation,
share exchange, recapitalization, business combination or other similar transaction
involving the Company or the LLC, (ii) any issuance of capital stock of the Company
or the LLC, in either case that constitutes a Change of Control of the Company or
the LLC or (iii) any sale or other disposition of all or substantially all of the
assets of the Company or of the LLC.

     (e) If the Board proposes that the Company or any of its Subsidiaries take any
action that requires the approval of Sprint, Intel, Eagle River, or the Strategic
Investor Group (or any combination of those Equityholders) under Section 2.7, the
Company will send a written notice to the Equityholders (including to the Strategic
Investor Representative on behalf of the Strategic Investor Group) whose approval or
waiver would be required (the “Approval Equityholders”), which notice will
include a reasonably detailed description of the action proposed. If none of the
Approval Equityholders delivers to the Company a written notice of objection to the
taking of such action within 30 days of the notice date, then such action will be
deemed approved. If any of the Approval Equityholders timely delivers a written
notice of objection, then, as soon as reasonably practicable after delivery of such
notice (and in any event within 30 days thereafter), the chief executive officers of
the Approval Equityholders (which, at the election of the Strategic Investor Group,
may include the chief executive officer of each of the Strategic Investors or the
chief executive officer of the Strategic Investor Representative) and the Company
will meet to discuss the proposed action (either in person or, if agreed by all the
Approval Equityholders, by teleconference), and whether the action should be
approved. If the chief executive officers of the Approval Equityholders and the
Company unanimously determine in writing that the action should be taken, the matter
will be deemed to have been approved by the Equityholders as required under Section
2.7.

27

 

     2.8 Employee Option Pool. The Company will take all necessary action to reserve up to
80,000,000 shares of Class A Common Stock
(as adjusted for Recapitalization Events) for issuance of
Equity Securities and options to purchase Equity Securities to officers, directors, consultants and
employees of the Company or any of its Subsidiaries under an initial Incentive Plan (including
options that have been issued as of the date hereof) as soon as reasonably practicable after the
consummation of the transactions contemplated by the Transaction Agreement (it being understood
that any issuance of Equity Securities or options to purchase Equity Securities to officers,
directors, consultants or employees of the Company or any of its Subsidiaries will require the
approval of the Board or the Compensation Committee). Each Equityholder will vote all of its
Equity Securities in favor of any Incentive Plan pursuant to which the Company has reserved or will
reserve shares of Class A Common Stock that is submitted to a vote of the stockholders of the
Company if such Incentive Plan does not provide for possible issuances of Class A Common Stock,
together with possible issuances of Class A Common Stock under all other Incentive Plans then in
place (excluding any Incentive Plans in effect prior to the Effective Date and assumed by the
Company as part of the Merger) (in each case, as adjusted for Recapitalization Events), in excess
of the amounts described in the first sentence of this Section 2.8. The Company may, from time to
time thereafter, reserve additional shares of Class A Common Stock under subsequent Incentive
Plans.

     2.9 Controlled Company.

     (a) The Equityholders agree and acknowledge that,

     (i) by virtue of this Agreement, they are acting as a “group” within
the meaning of the NASDAQ rules, and

     (ii) by virtue of the combined Percentage Interest of the
Equityholders of more than 50%, the Company qualifies as a “controlled
company” within the meaning of the NASDAQ rules.

     (b) For so long as the Company qualifies as a controlled company for purposes
of NASDAQ, the Company will elect to be a controlled company for purposes of NASDAQ,
and will disclose in its annual meeting proxy statement that it is a controlled
company and the basis for that determination. If the Company ceases to qualify as a
controlled company for purposes of NASDAQ, the Equityholders and the Company will
take whatever action may be reasonably necessary, if any, to cause the Company to
comply with the NASDAQ rules as then in effect.

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     (c) If an Equityholder ceases to have the right to (i) nominate one or more
Directors in accordance with Section 2.1, (ii) approve certain actions by the
Company and its Subsidiaries pursuant to Section 2.7, (iii) participate as a
Non-Selling Equityholder in the right of first offer pursuant to Section 3.3, (iv)
preemptive rights pursuant to Section 3.5 and (v) qualify as a Consenting
Equityholder pursuant to Section 2.7(c) (a “Non-Qualifying Equityholder”),
the Company and the remaining Equityholders agree to use Reasonable Best Efforts to
take whatever action may be reasonably necessary, including any filings under the
Exchange Act, to cause such Non-Qualifying Equityholder to no longer constitute part
of the “group” referred to in Section 2.9(a) above. For purposes of this Section
2.9(c), if the Non-Qualifying Equityholder is a Strategic Investor, the Strategic
Investor Representative will promptly notify the Company and the remaining
Equityholders if and when any Strategic Investor becomes a Non-Qualifying
Equityholder.

     2.10 Certain Undertakings. 

     (a) The Equityholders and the Company agree that the initial three-year
business plan of the Company and the LLC will not contemplate the formation of an
enterprise sales force. During the three-year period following the Effective Date,
the Company and its Subsidiaries will promptly refer to Sprint any opportunities
that they become aware of for the sale of Wireless Broadband Products and Services
to the most recently published Fortune 1000 companies (the “Fortune 1000
Companies”); provided, that if a Fortune 1000 Company directly approaches the
Company or the LLC to obtain services of the Wireless Broadband Network or other
services sold by the Company or the LLC, then nothing in this Section 2.10(a) will
preclude the Company or the LLC from making such sales directly so long as it also
makes the referral to Sprint. Sprint and the Company will, from time to time, meet
with respect to certain Fortune 1000 Companies and discuss in good faith
opportunities where it may make sense for the Company or the LLC to service a
particular account (e.g. regional headquarters). The Company and Sprint will each
designate a contact point and use a mutually agreeable form and process for handling
referrals. Sprint will appoint at least one representative to be responsible for
handling the Sprint sales effort to the Fortune 1000 Companies. Sprint’s right to
continue to be the primary enterprise sales force selling services on the Wireless
Broadband Network to the Fortune 1000 Companies after the initial three-year period
shall be subject to the mutual agreement of the Company and Sprint. Nothing in this
Section 2.10(a) will preclude or affect the ability of any Person that is a party to
a wholesale or MVNO agreement with the Company from marketing, promoting or selling
the services of the Wireless Broadband Network to the Fortune 1000 Companies as long
as such agreement is on customary, arms length terms and neither the Company nor any
of its Subsidiaries owns any equity in such Person or is entitled to any revenue
share or profit share on such sales, provided that no action taken by any Strategic
Investor, Intel or any of their respective Affiliates shall be deemed to violate
this Section 2.10(a).

29

 

     (b) The Company will include in each of its annual Forms 10-K filed under the
Exchange Act a reasonably detailed description of the provisions of the
Charter and the Operating Agreement relating to limitations on fiduciary duties
(including the allocation of corporate opportunities between the Founding
Stockholders (as such term is defined in the Charter) and Members (as such term is
defined in the Operating Agreement), on the one hand, and the Company and the LLC,
on the other hand), together with a separate risk factor describing the material
risks posed to the Company’s stockholders relating to such limitation on fiduciary
duties, in each case, for so long as such provisions are in effect.

     (c) Determinations by the Company to take or initiate actions to enforce this
Agreement against any Equityholder, as well as determinations regarding the manner
in which any such actions are taken, will be made:

     (i) if there are fewer than three Independent Designees on the Board
at the time any such determination is made, by the approval of a majority
of the Independent Directors, including the approval of at least one of the
Independent Designees; or

     (ii) if there are at least three Independent Designees on the Board at
the time a decision is made, by the approval of a majority of the
Independent Designees.

     2.11 Subsidiary Governance. Subject to Section 2.15, if any Person other than an
officer or employee of the Company or any of its Subsidiaries is a member of the board of directors
(or equivalent governing body) of any Subsidiary of the Company, then, upon the request of any
Equityholder that is then entitled to nominate at least one Director (or upon the request of the
Strategic Investor Representative if the Strategic Investor Group is entitled to nominate at least
one Director), the board of directors (or equivalent governing body) of any or all of the
Subsidiaries of the Company will be comprised of the individuals who are serving as Directors on
the Board in accordance with Section 2.1 (or designees of such Directors), in which event the
provisions of Section 2.1 and Section 2.3 will apply mutatis mutandis to each Subsidiary of the
Company; provided that, in the case of any non-wholly-owned Subsidiaries of the Company, upon any
such request, the Company will use its commercially reasonable efforts to replicate, to the extent
practicable, the governance arrangements set forth in Section 2.1 and Section 2.3 with respect to
any actions or decisions to be taken or made by the Company with respect to such Subsidiary.

     2.12 No Imputed Conflicts. For the avoidance of doubt, (a) the fact that any
Strategic Investor is “interested” with respect to any particular transaction or other matter will
not, without more, render (i) any Strategic Investor Designee that was nominated by any other
Strategic Investor or (ii) any other Strategic Investor or the Strategic Investor Group as a whole
“interested” with respect to such transaction or other

30

 

matter and
will not, without more, cause such other Strategic Investor Designee or any other Strategic Investor or the Strategic Investor
Group as a whole to be a
“related party” of the interested Strategic Investor, (b) the fact that any Equityholder is
“interested” with respect to any particular transaction or other matter will not, without more,
render the Independent Director, if any, nominated by such Equityholder (or the Strategic Investor
Group) “interested” or a “related party” with respect to such transaction or other matter or a
“related party” of the interested Equityholder and (c) the fact that any Equityholder has rights as
a Non-Initiating Equityholder under Section 3.8, or exercises such rights, will not, without more,
render (i) the Equityholder Designees of such Equityholder (or the Strategic Investor Group) or
(ii) such Equityholder (in its capacity as a stockholder of the Company) “interested” with respect
to the consideration of any proposal for a Qualifying Purchase. Notwithstanding the above, the
Board may, in the exercise of its fiduciary duties and taking into account such factors as it may
deem appropriate, determine that a Director that is an affiliate or employee of a Strategic
Investor or Equityholder is “interested” with respect to a particular transaction or other matter
in which such Strategic Investor or Equityholder is a party.

     2.13 Sprint Nextel Compliance Certificate. 

     (a) If the Company or any of its Subsidiaries proposes to incur any
Indebtedness or take any other action which may be subject to restriction (whether
directly or indirectly, including as a result of a cross-default or
cross-acceleration provision) under any Sprint Senior Debt Agreement, the Chief
Executive Officer or Chief Financial Officer of the Company will notify Sprint
Nextel in writing (the “Compliance Notice”). The Compliance Notice will
include a brief description of the proposed Indebtedness or other action, including,
as applicable, the amount of Indebtedness that will be incurred or other action
taken, a description of any security being given, the proposed closing date or date
such other action will be taken and any other material terms and conditions of the
proposed Indebtedness or other action that are known at the time the notice is
given. Except as provided in the remainder of this subsection (a), the notice will
be given no later than completion of a term sheet, letter of intent, or similar
pre-definitive document summary of material terms of such Indebtedness or other
action. If the Company proposes to enter into a revolving line of credit (a
“Revolver”), the Company will deliver a Compliance Notice with respect to
the Revolver and will deliver a written notice (a “Revolver Quarterly
Notice”) not more than 90 days nor less than 60 days prior to the commencement
of each calendar quarter during which amounts are available to be borrowed under a
Revolver indicating the Company’s good faith estimate of the total amount of draws
that the Company intends to make on each outstanding Revolver during such calendar
quarter. The Company will provide Sprint Nextel with drafts of definitive
agreements of the Company’s proposed Indebtedness or other action as the drafts are
prepared. Nothing in the immediately preceding sentence will be deemed to limit (i)
the Company’s obligation to deliver a Modification Notice (as
defined below) if and
when appropriate or (ii) Sprint Nextel’s obligation to deliver a Compliance
Certificate (as defined below) to the Company.

31

 

     (b) Within ten days following its receipt of the Compliance Notice or a
Revolver Quarterly Notice, Sprint Nextel will notify the Company in writing as to
whether Sprint Nextel will be able to deliver a compliance certificate substantially
in the form attached as Exhibit D (the “Compliance Certificate”)
from its Chief Executive Officer or Chief Financial Officer (together with the legal
opinion contemplated by Section 2.13(h)) at the closing of the funding of the
proposed Indebtedness or the date such other action described in the Compliance
Notice will be taken or with respect to the anticipated borrowing under the Revolver
as specified in the Revolver Quarterly Notice. If Sprint Nextel notifies the
Company that it will be able to deliver a Compliance Certificate (together with the
legal opinion contemplated by Section 2.13(h)), the decision to proceed on the
proposed Indebtedness or other action will be subject to the approval of a Simple
Majority of the Board (except as otherwise provided in this Agreement and the LLC
Operating Agreement). If the Company elects to proceed with the proposed
Indebtedness or other action on the terms set forth in the Compliance Notice, Sprint
Nextel will deliver a Compliance Certificate (together with the legal opinion
contemplated by Section 2.13(h)) at the closing of the funding of the proposed
Indebtedness or the date such other action is taken and on the first Business Day of
any calendar quarter as to which a Revolver Quarterly Notice is given. If,
notwithstanding the foregoing, Sprint Nextel determines due to changed circumstances
(other than a Modification Notice) prior to the date on which such documents are
required to be delivered that it will not be able to deliver the Compliance
Certificate (or the legal opinion contemplated by Section 2.13(h)) without taking
further action as contemplated by Section 2.13(d) below, Sprint Nextel will
promptly notify the Company in writing; provided that delivery of that notice will
not affect Sprint Nextel’s obligation to deliver the Compliance Certificate with the
legal opinion contemplated by Section 2.13(h) in accordance with this Section
2.13(b). If Sprint Nextel fails to deliver a Compliance Certificate or the legal
opinion contemplated by Section 2.13(h) on the date on which such documents are
required to be delivered, then the Company, by majority vote of the Transactions
Committee, may elect to cause Sprint and its Permitted Designees and Permitted
Transferees to take any of the actions specified in Section 2.13(d) below to the
extent determined by the Transactions Committee in good faith to be reasonably
necessary to permit (x) the applicable proposed Indebtedness or other action to be
consummated without violating, conflicting with, causing a default or event of
default under or resulting in the imposition of a lien on the assets or property of
the Company under, any of the covenants under the Sprint Senior Debt Agreements and
(y) the delivery by Sprint Nextel of a Compliance Certificate and the rendering of
the legal opinion contemplated by

32

 

Section 2.13(h). If the Company makes such an
election then Sprint promptly will take any action so directed by the Company, and
the Company will use Reasonable Best Efforts to take whatever action is necessary to
implement the action(s) taken by Sprint, and, if an amendment to this Agreement is
reasonably requested by Sprint to implement such action(s), the Company and
the remaining Equityholders will so amend this Agreement as long as they are
not adversely affected by the amendment.

     (c) If, in response to the Compliance Notice or Revolver Quarterly Notice,
Sprint Nextel notifies the Company that Sprint Nextel is not then able to commit to
deliver a Compliance Certificate or the legal opinion contemplated by Section
2.13(h) on the date on which such documents are required to be delivered or Sprint
Nextel notifies the Company that due to changed circumstances (other than a
Modification Notice) prior to the date on which such documents are required to be
delivered that it will not be able to deliver the Compliance Certificate and the
legal opinion contemplated by Section 2.13(h) without taking further action as
contemplated by Section 2.13(d) below (each as described in Section 2.13(b) above),
then

     (i) the determination of the Company whether to proceed with the
proposed Indebtedness or other action will be made by Company management
and the Transactions Committee,

     (ii) if the Transactions Committee determines that the Company should
proceed with the proposed Indebtedness or other action (and any other
approvals required under this Agreement and the LLC Operating Agreement
have been obtained), then notwithstanding the proposed closing date or date
such other action is to be taken as set forth in the Compliance Notice, the
Company may proceed with the proposed Indebtedness or other action, but
will not close on the proposed Indebtedness or take such other action for
at least 90 days following the date of the Compliance Notice,

     (iii) the Company will notify Sprint Nextel in writing of the new
proposed closing date or date such other action is to be taken (if such
date will be other than what is set forth in the Compliance Notice), and

     (iv) Sprint Nextel will take all steps necessary to be able to
deliver, and subject to its rights under Section 2.13(d) will deliver, a
Compliance Certificate (together with the legal opinion contemplated by
Section 2.13(h)) at the closing of the funding of the proposed Indebtedness
or other action. If Sprint Nextel fails to deliver a Compliance Certificate
(or legal opinion contemplated by Section 2.13(h)) on the proposed closing
date of the funding of the proposed Indebtedness or on the date such other
action is taken or on the first

33

 

 Business Day of any calendar quarter as to
which a Revolver Quarterly Notice is given, then the Company, by majority
vote of the Transactions Committee, may elect to cause Sprint and its
Permitted Designees and Permitted Transferees to take any of the actions

specified
in Section 2.13(d) below to the extent determined by the Transactions Committee
in good faith to be reasonably necessary to permit (x) the applicable
proposed Indebtedness or other action to be consummated without violating,
conflicting with, causing a default or event of default under or resulting
in the imposition of a lien on the assets or property of the Company under,
any of the covenants under the Sprint Senior Debt Agreements and (y) the
delivery by Sprint Nextel of a Compliance Certificate and the rendering of
the legal opinion contemplated by Section 2.13(h). If the Company makes
such an election then Sprint and its Permitted Designees and Permitted
Transferees promptly will take any action so directed by the Company and
the Company will use Reasonable Best Efforts to take whatever action is
necessary to implement the action(s) taken by Sprint, and, if an amendment
to this Agreement is reasonably requested by Sprint to implement such
action(s), the Company and the remaining Equityholders will so amend this
Agreement as long as they are not adversely affected by the amendment.

     (d) In connection with its obligations under Sections 2.13(b) and (c) above,
Sprint may elect to take, and cause the Company to take, or as permitted by Section
2.13(b) or (c) above, the Company may cause Sprint to take, one or more of the
following actions, immediately on the written request of Sprint to the Company and
the remaining Equityholders (or the Company to Sprint, if the Company is requiring
the actions to be taken), and the Company will take all steps necessary to cause any
of the following actions to occur (and, if an amendment to this Agreement is
reasonably requested by Sprint to implement such action(s), the Company and the
remaining Equityholders will so amend this Agreement as long as they are not
adversely affected by the amendment) as soon as is reasonably practicable (but in
any event no later than the closing of the funding of the proposed Indebtedness or
other action or the first Business Day of any calendar quarter as to which a
Revolver Quarterly Notice is given):

     (i) surrender to the Company, for cash consideration equal to the Par
Value of the Class B Common Stock to be surrendered, any number of shares
of the Class B Common Stock then held by Sprint and its Permitted Designees
and Permitted Transferees, without surrender or termination of its
corresponding Units,

34

 

     (ii) surrender, for no additional consideration, any governance rights
then held by Sprint, including the right to nominate one or more of the
Sprint Designees and the right to nominate all or any portion of the
members of any of the committees of the Company, except that

     (A) if Sprint surrenders any governance rights under this clause
(ii), the written notice of Sprint (or the Company, if the
Company requires the surrender) will identify the positions that
will be surrendered and, if applicable, the individuals that will
resign, and, in the case of an election by Sprint, the notice will be
accompanied by the necessary letters of resignation,

     (B) any vacancies on the Board created by this clause (ii) will
be filled by Independent Designees, and

     (C) if Sprint surrenders one or more of the Sprint Designees,
and at the time of the surrender Sprint is required to nominate an
Independent Director, Sprint may remove its Independent Director and
Sprint will no longer be required to nominate an Independent
Director, and

     (iii) surrender any other rights, or take any other actions,
reasonably necessary to permit (x) the applicable proposed Indebtedness to
be funded or other action to be consummated without violating, conflicting
with, causing a default or event of default under or resulting in the
imposition of a lien on the assets or property of the Company under, any of
the covenants under the Sprint Senior Debt Agreements and (y) the delivery
by Sprint Nextel of a Compliance Certificate and the rendering of the legal
opinion contemplated by Section 2.13(h).

     (e) If Sprint surrenders any shares of Class B Common Stock or any of its
governance rights under Section 2.13(d) above (whether in connection with a Sprint
election or as required by the Company), then at any time after that election is
made or requirement is imposed, Sprint may revoke its election (if applicable), and
restore whatever was surrendered by Sprint, if

     (i) Sprint identifies in writing to the Company and the remaining
Equityholders the right(s) it intends to have restored,

     (ii) Sprint Nextel refinances, amends, terminates or otherwise
modifies the Sprint Senior Debt Agreements such that

35

 

     (A) the Indebtedness then in place (or then proposed to be put
in place) or other actions taken or to be taken would no
longer
violate, conflict with, cause a default or event of default under or
result in the imposition of a lien on the assets or property of the
Company or its Subsidiaries under, any of the covenants under the
Sprint Senior Debt Agreements as then in effect, and

     (B) Sprint Nextel would be able to deliver a Compliance
Certificate (together with the legal opinion contemplated by Section
2.13(h)) with respect to the Indebtedness
then in place (or then proposed to be put in place) or other
actions taken or to be taken,

in each case, regardless of whether Sprint holds the additional Class B Common Stock or retains
whatever other right that was surrendered and is proposed by Sprint to be restored, and

     (iii) the Chief Executive Officer or Chief Financial Officer of Sprint
Nextel certifies in writing to the Company and the remaining Equityholders
in form and substance reasonably acceptable to the Company and the
remaining Equityholders to the facts described in clause (ii).

If Sprint and Sprint Nextel comply with their respective obligations under this Section 2.13(e),
the Company will take all steps necessary to reissue the requested Class B Common Stock to Sprint
(in exchange for payment by Sprint to the Company of an amount in cash equal to the aggregate Par
Value for the Class B Common Stock being reissued), if applicable, and to restore whatever other
rights are requested to be restored, in each case, as soon as is reasonably practicable, and, if an
amendment to this Agreement is reasonably requested by Sprint to so restore any such rights, the
Company and the remaining Equityholders will so amend this Agreement as long as they are not
adversely affected by the amendment (beyond the restoration of such rights to Sprint). If Sprint
is entitled to reinstate a Sprint Designee to the Board, Sprint may do so only upon a vacancy of
one of the seats held by an Independent Designee or at a regularly scheduled meeting of
stockholders at which Directors are elected. If Sprint would then be obligated to appoint an
Independent Director in accordance with Section 2.1(a)(i)(A), and Sprint removed its Independent
Director under subsection (d) above, any replacement Director appointed by Sprint will qualify as
an Independent Director. Any election by Sprint under this Section 2.13(e) will not affect any
rights or obligations of Sprint under Section 2.1(a)(i)(B), 2.1(a)(vii) or 3.8(e)(i).

36

 

     (f) In addition to Sprint’s right to restore its rights under Section 2.13(e),
if Sprint surrenders any shares of Class B Common Stock under subsection 2.13(d)
above, then at any time after that election is made or the requirement is imposed,
Sprint may revoke its election, if applicable, and cause the Company to re-issue to
Sprint a specified number of shares of the Class B Common Stock surrendered by
Sprint (which may be all or less than all of the
shares surrendered, but may not
exceed the number of shares surrendered), in exchange for payment by Sprint to the
Company of an amount in cash equal to the aggregate Par Value of the shares to be
re-issued, on written notice to the Company and the remaining Equityholders, under
the following circumstances:

     (i) If the Company issues additional Voting Securities that result in
a decrease in Sprint’s Percentage Interest as in effect immediately prior
to the issuance of the Voting Securities, then Sprint may cause the Company
re-issue to it a number of shares of Class B Common Stock (up to the number
of shares surrendered by Sprint)
necessary to maintain Sprint’s Percentage Interest as in effect
immediately prior to the issuance of the Voting Securities.

     (ii) If Sprint proposes to sell or otherwise transfer any of its Class
B Common Units, Sprint may cause the Company to re-issue a number of shares
of Class B Common Stock (up to a number of shares surrendered by Sprint)
equal to the number of Class B Common Units being sold or otherwise
transferred by Sprint, effective as of the closing of the sale or other
transfer, as long as the Class B Common Stock is Transferred by Sprint in
connection with the sale or transfer of Class B Common Units.

On receipt of the written request of Sprint to restore a specified number of shares of Class B
Common Stock in accordance with clause (i) or (ii) above, the Company will take all steps necessary
to reissue the requested Class B Common Stock to Sprint as soon
as is reasonably practicable.

     (g) If at any time prior to the closing of the funding of any proposed
Indebtedness or the taking of such other action, the principal amount of the
proposed Indebtedness (or other commitment) increases in any material respect, or
the security package changes in any material respect, in each case from what is set
forth in the applicable Compliance Notice, the Company will promptly notify Sprint
in writing, including a reasonably detailed description of any such increase or
change (a “Modification Notice”). Regardless of whether Sprint Nextel has
agreed to provide a Compliance Certificate (together with the legal opinion
contemplated by Section 2.13(h)) with respect to the proposed Indebtedness or other
action as originally described in the Compliance Notice, Sprint Nextel will have ten
days from the date of the Modification Notice to indicate whether it will be able to
provide a Compliance Certificate (together with the legal opinion contemplated by
Section 2.13(h)) on the closing of the funding of the proposed Indebtedness or the
date on which such other action as modified will be taken. If Sprint Nextel had
previously indicated that it could deliver the Compliance Certificate (together with

37

 

the
legal opinion contemplated by Section 2.13(h)), but  is no longer able to deliver
the Compliance Certificate (or the legal opinion contemplated by Section 2.13(h)) as
a result of the modification described in the Modification Notice, the process
described in Sections 2.13(b) through (e) will be reinitiated, except that the
closing of the funding of the proposed Indebtedness or other action will not occur
until at least 90 days following the date of the Modification Notice. If Sprint
Nextel had originally indicated that it was not able to provide the Compliance
Certificate (together with the legal opinion contemplated by Section 2.13(h)), then
the closing of the funding of the proposed Indebtedness or date such other action
will be taken will be no earlier than 90 days after the date of the Compliance
Notice or Revolver Quarterly Notice as provided in Section 2.13(c) above.

     (h) Upon each delivery of a Compliance Certificate or a certification described
in Section 2.13(e)(iii), Sprint Nextel will also cause to be delivered to the
Company a legal opinion of King & Spalding LLP or another law firm of nationally
recognized standing to the effect that the Indebtedness or other actions that are
the subject of the Compliance Certificate or certification described in Section
2.13(e)(iii) will not violate, cause a default or event of default under or cause
the imposition of a lien on the assets or property of the Company or its
Subsidiaries under any of the Sprint Senior Debt Agreements, which opinion shall (A)
be subject to reasonable and customary assumptions, (B) be based upon reasonable and
customary certificates from the Company and Sprint Nextel, (C) be in form and
substance reasonably satisfactory to the Company and (D) provide that the Company
and the proposed lender shall also be entitled to rely thereon. Sprint Nextel shall
cause drafts of any legal opinions to be delivered pursuant to this Section 2.13(h)
to be circulated to the Company within a reasonable time prior to the closing of the
funding of the relevant Indebtedness or date such other actions will be taken.

     (i) If any credit agreement, indenture, guarantee or similar instrument (or
series of related instruments) evidencing or governing indebtedness for money
borrowed or guaranteed by Sprint Nextel or any of its Subsidiaries that does not
constitute a Sprint Senior Debt Agreement (an “Other Sprint Debt Agreement”)
impairs the ability of the Company or any of its Subsidiaries to incur Indebtedness
or take any other action, or is alleged to do so, upon written notice of such
occurrence from the Company, Sprint and Sprint Nextel will comply with the
requirements of this Section 2.13 with respect to such Other Sprint Debt Agreement
to the fullest extent as if such Other Sprint Debt Agreement were a Sprint Senior
Debt Agreement.

38

 

     2.14 Sprint Future Credit Agreements. 

     (a) Neither Sprint Nextel nor any of its Affiliates will enter into any
agreement that purports to restrict the ability of the Company and its Subsidiaries
to incur Indebtedness or take any other action, except that with respect to any
amendment or refinancing on or prior to December 31, 2010 of the Credit Agreement
dated as of December 19, 2005, as amended, among Sprint Nextel Corporation, Nextel
Communications, Inc., Sprint Capital Corporation, the banks and other financial
institutions and lenders that are parties thereto, and JPMorgan Chase Bank, N.A., as
Administrative Agent, or the Credit Agreement dated as of March 23, 2007 between
Sprint Nextel Corporation and Export Development Canada, (i) Sprint Nextel will use
its Reasonable Best Efforts to cause such amendment or refinanced facility to not
restrict the ability of the Company or its Subsidiaries to incur Indebtedness or
take any other action and (ii) in no event will Sprint Nextel enter into any
agreement in connection with any such amendment or refinancing that contains
restrictions (x) that are more restrictive than those contained in the Indenture
dated as of October 1, 1998 among Sprint
Capital Corporation, Sprint Corporation and Bank One, NA, as trustee, together
with all supplements thereto or (y) that apply to the Company to a greater extent
than those contained in such Indenture.

     (b) Notwithstanding the foregoing, on or prior to January 1, 2011,

     (i) Sprint Nextel will take whatever actions are necessary to permit
the Company and its Subsidiaries (from and at all times on and after
January 1, 2011) to incur Indebtedness and take any other action without
violating any of the Sprint Senior Debt Agreements or other Sprint Nextel
indebtedness for borrowed money, and

     (ii) Sprint Nextel will deliver a certification to the Company
executed by Sprint’s Chief Executive Officer or Chief Financial Officer
stating that neither Sprint Nextel nor any of its Affiliates are then
subject to (x) any agreement that restricts or may in the future restrict
the ability of the Company and its Subsidiaries to incur Indebtedness or
take any other action or (y) any Sprint Senior Debt Agreement that takes
the Company or any of its Subsidiaries into account in determining
compliance with any financial covenants or similar requirements contained
in such agreements.

     (c) Sprint Nextel will not, and will cause its Affiliates not to, enter into on
or after January 1, 2011, any agreement that (x) restricts or may in the future
restrict the ability of the Company and its Subsidiaries to incur Indebtedness or
take any other action or (y) takes the Company or any of its Subsidiaries into
account in determining compliance with any financial covenants or similar
requirements contained in such agreements.

39

 

The provisions of Sections 2.13(d) through (f) (including the right of the Company to obligate
Sprint to take any of the actions described in Section 2.13(d)) will apply, mutatis mutandis, with
respect to Sprint’s and Sprint Nextel’s obligations under this Section 2.14.

     2.15 Indemnified Litigation. 

     (a) At such time as is reasonably determined by the Company (such determination
to be made by the Transactions Committee and management of the Company) to be
necessary to avoid any possible restriction or limitation on the operations of the
Company and its Subsidiaries arising out of the Indemnified Litigation (as defined
in the Transaction Agreement), Sprint and the Company will take, permit and
authorize such actions with respect to the Company and its Subsidiaries as are
reasonably requested by the Company (such determination to be made by the
Transactions Committee and management of the Company) to avoid any such restriction
or limitation, which may include transferring certain operations and assets of the
Company and its Subsidiaries into special purpose
entities with special governance provisions in accordance with Exhibit M to the
Transaction Agreement, without regard to the provisions of Section 2.11. For these
purposes (i) the reasonableness of any requested actions other than the actions
described on Exhibit M to the Transaction Agreement will be determined taking into
account the projected operations of the Company and its Subsidiaries during the
three-year period following such request and (ii) any such requested actions other
than actions described on Exhibit M to the Transaction Agreement will not be
disproportionate in relation to the then-current and projected operations of the
Company and its Subsidiaries in the territory affected by Indemnified Litigation.

     (b) Sprint Nextel will not amend any Sprint Affiliate Management Agreement,
enter into any new Sprint Affiliate Management Agreement or take any other action,
in each case, to extend an exclusivity provision under a Sprint Affiliate Management
Agreement to (i) WiMAX products and services in any manner that could restrict the
Company or (ii) the Company.

     2.16 Antitrust Matters; Compliance with Laws.

     (a) No Equityholder will nominate (or in the case of the Strategic Investor
Group, direct the Strategic Investor Representative on behalf of the Strategic
Investor Group to nominate) a Person as its Equityholder Designee if the
participation of that Person on the Board would violate any Law, including any
antitrust Law; provided that this provision will not serve as a basis for
contractual

40

 

damages against the breaching Equityholder so long as the breaching
Equityholder acted in good faith in its nomination of such Equityholder Designee.
Without limiting the generality of the foregoing, all Equityholders and the Company
will comply with the Antitrust Guidelines attached hereto as Exhibit E (as
amended, modified or supplemented from time to time, the “Antitrust
Guidelines”), as and when applicable to such Equityholder.

     (b) If the nomination by an Equityholder (or in the case of the Strategic
Investor Group, by the Strategic Investor Group at the direction of an Equityholder
having the right to direct such nomination pursuant to the Strategic Investor
Agreement) (each such Equityholder, a “Subject Equityholder”) of an officer,
director or employee of the Subject Equityholder or any of its Affiliates as an
Equityholder Designee would, in such Subject Equityholder’s reasonable judgment,
create a substantial risk of a violation of Law (including antitrust Laws) or the
Antitrust Guidelines, then, the Subject Equityholder may take (or, if applicable,
direct the Strategic Investor Representative on behalf of the Strategic Investor
Group to take) one or more of the following actions (in addition to all other
actions that the Subject Equityholder may take hereunder or under the Strategic
Investor Agreement) with respect to each Board seat which the Subject Equityholder
then has the right to (or, if applicable, direct the Strategic Investor
Representative on behalf of the Strategic Investor Group to) designate pursuant
to Section 2.1 hereof and, to the extent applicable, the Strategic Investor
Agreement:

     (i) The Subject Equityholder may (or may direct the Strategic Investor
Representative on behalf of the Strategic Investor Group to) submit to the
Nominating Committee for its approval (not to be unreasonably withheld,
conditioned or delayed) the name of one person (a “Proposed
Equityholder Designee”) who satisfies (1) the independence standards
attached as Exhibit F hereto (the “Independence Standards”)
and (2) the criteria described in the Antitrust Guidelines to (x) fill a
vacancy created by the removal or resignation of an existing Equityholder
Designee of the Subject Equityholder or the Strategic Investor Group, as
applicable, pursuant to this Section 2.16 and in accordance with Section
2.1(e) hereof and Section 2.1(g) hereof or (y) stand for election at the
next annual meeting of the stockholders of the Company as an Equityholder
Designee of the Subject Equityholder or the Strategic Investor Group, as
applicable, in each case in lieu of its existing Equityholder Designee.
During the 30-day period following the submission of the Proposed
Equityholder Designee’s name to the Nominating Committee, the Nominating
Committee shall be afforded an opportunity to conduct a reasonable inquiry
of the Proposed Equityholder Designee. Unless the Nominating Committee
declines to approve (which approval shall not be unreasonably withheld,
conditioned or delayed) the Proposed Equityholder Designee by delivering a
written

41

 

notice thereof to the Subject Equityholder or, in the case of a
nomination submitted by the Strategic Investor Representative, to the
Strategic Investor Representative, within such 30-day period, (A) the
Proposed Equityholder Designee shall be deemed approved by the Nominating
Committee and (B) the Subject Equityholder or the Strategic Investor
Representative on behalf of the Strategic Investor Group, as applicable,
shall have the right to submit such person for election at the next annual
meeting of the stockholders as its Equityholder Designee in accordance with
Section 2.1(b) or to the other Equityholders to fill a vacancy on the Board
in accordance with Section 2.1(e). If the Nominating Committee, however,
delivers the written notice declining to approve (which approval shall not
be unreasonably withheld, conditioned or delayed) the Proposed Equityholder
Designee within such 30-day period, the Subject Equityholder or the
Strategic Investor Representative on behalf of the Strategic Investor
Group, as the case may be, shall be permitted (but not obligated) to, and
in any event within 30 days, submit the name of a new Proposed Equityholder
Designee that meets the criteria set forth in the Independence Standards
and the Antitrust Guidelines, and the process described in this Section
2.16(b)(i) will continue until a Proposed Equityholder Designee has been
approved by the Nominating Committee.

     (ii) The Subject Equityholder may (or, in the case of the Strategic
Investor Group, the Subject Equityholder may direct the Strategic Investor
Representative on behalf of the Strategic Investor Group to) designate,
either (1) in lieu of filling a Board seat with an Equityholder Designee or
(2) in addition to filling a Board seat with an Equityholder Designee
approved and designated to the Board in accordance with Section 2.16(b)(i)
hereof, one person who is an officer of the Parent of the Subject
Equityholder or any of such Parent’s principal Subsidiaries with a title of
Senior Vice President (or equivalent) or higher that will have Observer
Rights subject to the Observer Restrictions.

     (c) If the Subject Equityholder elects to exercise (or, if applicable, direct
the Strategic Investor Group to exercise) its rights under Section 2.16(b) hereof
(it being understood that a Subject Equityholder will not be obligated to exercise
its rights under
Section 2.16(b) hereof):

     (i) the Subject Equityholder will (or, if applicable, direct the
Strategic Investor Representative on behalf of the Strategic Investor Group
to) notify the Company and the remaining Equityholders in
writing that the
Subject Equityholder intends to exercise (or, if applicable, direct the
Strategic Investor Group to exercise) its rights under this Section 2.16;
and

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     (ii) the Subject Equityholder (or the Strategic Investor
Representative on behalf of the Strategic Investor Group, if applicable)
and all remaining Equityholders will take whatever steps are necessary to
remove the name of the applicable proposed Equityholder Designee that has
been previously submitted for nomination, or, if the applicable
Equityholder Designee is then a Director, cause the removal of the
applicable Director in accordance with Section 2.1(g) within the time
period required by Law.

     (d) An Equityholder Designee selected by a Subject Equityholder (or by the
Strategic Investor Group at the direction of a Subject Equityholder) and approved by
the Nominating Committee in accordance with Section 2.16(b) hereof will not be
treated as an Independent Designee for purposes of this Agreement and instead will
be treated as an Equityholder Designee of the Subject Equityholder or the Strategic
Investor Group, as applicable.

     (e)

     (i) Notwithstanding the other provisions of this Section 2.16, if and
for so long as a Subject Equityholder is prohibited by Law from nominating
any Equityholder Designees (including any Equityholder
Designee that meets the Independence Standards and otherwise qualifies
under the provisions of this Section 2.16),

     (A) such Subject Equityholder will no longer be required to
comply with the provisions of Section 2.1(f) with respect to the
approval of a number of Independent Designees determined from time to
time equal to the number of Equityholder Designees that such Subject
Equityholder would have been entitled, at the time of the record date
for the applicable stockholders’ meeting, to nominate under this
Agreement (or in the case of the Strategic Investor Group, direct the
Strategic Investor Representative on behalf of the Strategic Investor
Group to nominate) had there been no such legal prohibition as of
such date (such number of Equityholder Designees, the “Prohibited
Designees”), and

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     (B) without limiting the rights to appoint Observers that such
Subject Equityholder may otherwise have under this Agreement, such
Subject Equityholder may (or, in the case of the Strategic Investor
Group, the Subject Equityholder may direct the Strategic Investor
Representative on behalf of the Strategic Investor Group to)
designate one person who will have Observer Rights subject to the
Observer Restrictions with respect to Nominating Committee meetings;
provided, however, that after such Observer has had a reasonable
opportunity to observe the discussions of the Nominating Committee,
as reasonably determined by a majority of the members of the
Nominating Committee, the Nominating Committee may exclude such
Observer and meet and act in
executive session.

     (ii) Each party hereto agrees that a Subject Equityholder granted the
right to withhold votes for Prohibited Designees under Section
2.16(e)(i)(A) shall not, and shall cause its Controlled Affiliates not to
(x) make or in any way participate, directly or indirectly, in any
“solicitation” of “proxies” (as such terms are used in the rules of the
Securities and Exchange Commission) to vote any Voting Securities for or
against any Directors or initiate any shareholder proposal for the election
of any Directors, (y) form, join or in any way participate in a “group” (as
that term is defined for purposes of Sections 13 and 14 of the Exchange Act
of any successor provisions) with respect to the election of Directors or
(z) advise, assist, encourage or direct any person to do, or to advise,
assist, encourage or direct any other person to do, any of the foregoing,
except, in each case, to the extent permitted by Section 2.1.

ARTICLE 3

TRANSFERS

     3.1 General Limitations on Transfer.

     (a) If any Equityholder or Non-Equityholder Transferee (as defined below)
Transfers a share of Class B Common Stock (to the extent otherwise permitted by this
Agreement and the Charter) without Transferring a corresponding Unit in accordance
with the terms of the Operating Agreement, the share of Class B Common Stock will be
immediately redeemed by the Company for its Par Value per share in accordance with
the terms of this Agreement and the Charter.

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     (b) If any Equityholder or Non-Equityholder Transferee Transfers any Units (to
the extent permitted by the Operating Agreement) without Transferring a
corresponding number of shares of Class B Common Stock, a number of shares of Class
B Common Stock held by such Equityholder corresponding to the number of Units so
Transferred will be immediately redeemed by the Company for their Par Value per
share in accordance with the terms of this Agreement and the Charter.

     (c) An Equityholder may Transfer all or any portion of its shares of Class B
Common Stock (together with the corresponding Units), and may permit its Transferees
to Transfer all or any portion of the Class B Common Stock Transferred to them
(together with the corresponding Units), as long as (and in addition to any other
requirements of the Equityholder under this Agreement with respect to such
Transfer):

     (i) at least ten days prior to consummating a Transfer (whether by the
Equityholder or by its Transferee), the Equityholder (or the applicable
Transferee) notifies the Company in writing,

     (ii) as a condition to consummating the Transfer, any Transferee that
is not an Equityholder or a Permitted Designee or Permitted Transferee (a
“Non-Equityholder Transferee”) executes and delivers to the Company
and the Equityholders a Non-Equityholder Transferee Agreement in the form
attached as Exhibit G, and

     (iii) the Transfer (whether by the Equityholder or by its Transferee)
of Units corresponding to the Original Shares is made in accordance with
the terms of the Operating Agreement.

     (d) Except as specifically provided in the Non-Equityholder Transferee
Agreement, a Non-Equityholder Transferee will not be a party to this Agreement or
have any rights or obligations hereunder (and in determining
whether a matter under this Agreement that requires the approval of the holders
of Class B Common Stock, voting as a separate class, has been approved, the Class B
Common Stock held by a Non-Equityholder Transferee will be disregarded).

     (e) If any shares of Class B Common Stock (together with the corresponding
Units) are Transferred in a Transfer that is not permitted under Section 3.1(c)
above, such Transfer will be void ab initio.

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     (f) None of Sprint, the Strategic Investors, Intel or any of their respective
Affiliates will Transfer (other than (x) to a Permitted Transferee pursuant to
Section 3.2 or (y) in the case of Intel only, in a Transfer of Existing Intel
Shares), whether directly or indirectly, all or any portion of its Equity
Securities
(or the Units that correspond to its Equity Securities) to a single person or group
(as those terms are defined below) in a transaction or a series of related
transactions that would result in the Transferee person or group (other than any of
Sprint, the Strategic Investors or Intel or their respective Permitted Transferees
or Permitted Designees) together with its or their Permitted Transferees or
Permitted Designees having a Percentage Interest immediately after the proposed
Transfer equal to or greater than the Specified Percentage, unless the following
occurs:

     (i) The provisions of Sections 3.3 and 3.6 have been complied with in
full.

     (ii) As a condition to consummating the Transfer,

     (A) the Transferee makes (or causes another Person to make) a
tender offer to the holders of Class A Common Stock to purchase all
shares of Class A Common Stock at a price per share equal to or
greater than the price per share that the Transferee proposes to pay
for the Equity Securities (including the corresponding Units)
proposed to be Transferred, and

     (B) all shares of Class A Common Stock that are properly
tendered and not withdrawn are purchased by the Transferee.

     (iii) If the consideration proposed to be paid for the Equity
Securities (including the corresponding Units) is other than cash, then the
same form of consideration is offered to the holders of Class A Common
Stock.

     (iv) The tender offer described in subsection (ii) above is conducted
in compliance with Law, including the rules and regulations under the
Exchange Act, and is not subject to any conditions other than those
contained in the agreement governing the proposed Transfer.

     (v) The agreement governing the proposed Transfer sets forth the
obligation described in this Section 3.1(f) and states that the holders of
Class A Common Stock are intended third party beneficiaries of the
provision setting forth such obligation.

For purposes of this Section 3.1(f), “person” and “group” have the meanings given to them for
purposes of Sections 13(d) and 14(d) of the Exchange Act or any successor provisions, and the term
“group” includes any group acting for the purpose of acquiring, holding or disposing of securities
within the meaning of Rule 13d-5(b)(1) under the Exchange Act, or any successor provision.

46

 

     3.2 Certain Permitted Transfers.

     (a) Subject to Section 3.1, an Equityholder may Transfer all or any portion of
its Equity Securities, together with the corresponding Units, if any, to a Permitted
Transferee; provided, in each case, that such Equityholder gives written notice to
the Company of its intention to make a Transfer to such Transferee, stating the name
and address of the Permitted Transferee, the Equityholder’s relationship to the
Permitted Transferee and the type and amount of Equity Securities (and Units, if
any) to be Transferred. The Company will give prompt notice of the Transfer to each
other Equityholder. As a condition to such Transfer, the Equityholder will cause
the Permitted Transferee to execute and deliver to the Company and each other
Equityholder an Assignment and Assumption Agreement in the form attached as
Exhibit H, and upon consummation of such Transfer, such Permitted Transferee
will be an Equityholder and will be subject to all rights and obligations of the
Transferor Equityholder under this Agreement.

     (b) Except as provided in Section 3.12, before any Permitted Transferee ceases
to qualify as a Permitted Transferee of the relevant Equityholder, such Permitted
Transferee will Transfer full legal and beneficial ownership of its Equity
Securities (and Units, if any) to the applicable Parent or, subject to this Article
3, another Permitted Transferee of the relevant Parent. If a Transfer is not made
in accordance with the immediately preceding sentence, then, in addition to all
other remedies available at law or in equity, each share of Class B Common Stock
held by such non-qualifying Permitted Transferee will be immediately redeemed by the
Company for its Par Value per share in accordance with the terms of this Agreement
and the Charter.

     (c) Except as provided in Section 3.12, before any Equityholder (if not a
Parent), or any Subsidiary of a Parent that Controls such Equityholder, ceases to be
a direct or indirect wholly-owned Subsidiary of its Parent, or, in the case of BHN,
less than 100% of the economic and voting interests in BHN cease to be Controlled by
BHN’s Parent, such Equityholder will Transfer full legal and beneficial ownership of
its Equity Securities (and Units, if any) to its Parent or,
subject to this Article 3, another Permitted Transferee of the relevant Parent.
In the event of a breach of the immediately preceding sentence, then, in addition
to all other remedies available at law or in equity, each share of Class B Common
Stock held by such Equityholder, will be immediately redeemed by the Company for its
Par Value per share in accordance with the terms of this Agreement and the Charter.

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     3.3 Right of First Offer. 

     (a) Subject to Section 3.1, 3.11 and the remaining provisions of this Section
3.3, if an Equityholder (for purposes of this Section 3.3, a “Selling
Equityholder”) desires to Transfer (other than as part of an Excluded Transfer)
all or any portion of its Equity Securities (the Equity Securities proposed to be
Transferred by the Selling Equityholder, the “Subject Stock”), the Selling
Equityholder will notify each of the remaining Equityholders that then owns
(together with the particular Equityholder’s Permitted Transferees and Permitted
Designees) a number of shares of Common Stock equal to at least 50% of its Original
Shares (for purposes of this Section 3.3, the
“Non-Selling Equityholders”)
in writing prior to entering into any agreement with respect to the proposed
Transfer of the Subject Stock. That notice (the “Interest Notice”) will set
forth the number of shares of Subject Stock that the Selling Equityholder desires to
Transfer, the material terms of a transaction in which the Selling Equityholder is
willing to engage, including a proposed Transfer price payable in cash and, if
applicable, whether the Transfer is to be an Open Market Transfer.

     (b) Within 30 days of its receipt of the Interest Notice, or five Business Days
in respect of a proposed Open Market Transfer, each of the Non-Selling Equityholders
may notify the Selling Equityholder in writing as to whether it intends to purchase
all or any portion of the Subject Stock on the terms and conditions set forth in the
Interest Notice and, in respect of an Open Market Transfer, subject to Section
3.3(h) (the “Response Notice”). Any Response Notice from a Non-Selling
Equityholder who wishes to exercise its right to purchase more than the number of
shares of Subject Stock set forth in subsection (i) below assuming all Non-Selling
Equityholders exercise their rights in full under this Section 3.3 will state the
maximum number of shares of Subject Stock that it wishes to purchase. A Response
Notice shall constitute a binding and irrevocable election by the Non-Selling
Equityholder delivering such Response Notice to purchase the portion of the Subject
Stock specified therein.

     (i) If the Response Notices of the Non-Selling Equityholders present
an offer, collectively, for all but not less than all of the Subject Stock,
the parties will consummate the sale of the Subject Stock at the time and
in the manner set forth in Section 3.3(e) and Section 3.3(f). Unless
otherwise agreed by the Non-Selling Equityholders, the right to purchase
the Subject Stock will be allocated among the Non-Selling
Equityholders pro rata based on their relative Percentage Interests as
of the date of the Interest Notice (or, if fewer than all of the
Non-Selling Equityholders elect to purchase, based on the relative
Percentage Interests (as of the date of the Interest Notice) of the
Non-Selling Equityholders that elect to purchase the Subject Stock in
accordance with this Section 3.3).

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If there are two or more Non-Selling
Equityholders that exercise their option to purchase more than their pro
rata share of Subject Stock for a total number of shares of excess Subject
Stock in excess of the number of available shares of Subject Stock, such
excess Subject Stock shall be allocated among such Non-Selling
Equityholders on a pro rata basis based on their respective Percentage
Interests as of the date of the Interest Notice. All calculations under
this subsection (i) will be made on an
as-converted to Class A Common Stock
basis (i.e., each share of Class B Common Stock, plus one Unit, will equal
one share of Class A Common Stock in such calculations).

     (ii) If none of the
Non-Selling Equityholders delivers a Response
Notice or if the Response Notices of the Non-Selling Equityholders,
collectively, present an offer for less than all of the Subject Stock, the
Non-Selling Equityholders will be deemed to have declined to exercise their
rights under this Section 3.3 and, subject to Section 3.1, Sections 3.3(c),
3.3(d) and 3.3(h), and Section 3.4 (if the Selling Equityholder is the
Principal Equityholder), the Selling Equityholder may proceed with the
proposed Transfer of such Subject Stock to the proposed Transferee based on
the terms and conditions set forth in the Interest Notice.

     (c) A Selling Equityholder may Transfer Subject Stock pursuant to Section
3.3(b)(ii) to a proposed Transferee (other than a Non-Selling Equityholder) or in an
Open Market Transfer only if:

     (i) the proposed Transferee is not an Affiliate of the Selling
Equityholder,

     (ii) (A) in the case of any Transfer other than an Open Market
Transfer, the Transfer is consummated on arm’s-length terms at a price not
lower, and on other terms and conditions no less favorable, in the
aggregate, to the Selling Equityholder than those set forth in the most
recent Interest Notice, or (B) in the case of an Open Market Transfer, at a
price greater than or equal to 95% of the price specified in the Interest
Notice, and

     (iii) except in the case of an Open Market Transfer, the Selling
Equityholder enters into a definitive agreement to Transfer all of the
Subject Stock within 90 days of obtaining the right to do so in
accordance with Section 3.3(b)(i) or (ii), as applicable, and
consummates the Transfer within 180 days after entering into the definitive
agreement (which 180-day period will be extended if the Transfer is subject
to
regulatory approval until the expiration of five Business Days after all
such approvals have been received, but in no event later than 270 days
after entering into the definitive agreement).

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If the proposed Transfer does not comply with clauses (i) or (ii) above, or if the Selling
Equityholder fails to enter into a definitive agreement within the 90-day period, or fails to
consummate the Transfer within the 180-day period (as may be extended pursuant to clause (iii)
above), the Selling Equityholder’s right to Transfer the Subject Stock under those clauses will
terminate, and the Selling Equityholder will be required to initiate the process set forth in this
Section 3.3 before Transferring all or any portion of its Equity Securities (other than in an
Excluded Transfer).

     (d) If a Selling Equityholder Transfers Subject Stock to a proposed Transferee
(other than a Non-Selling Equityholder), or in an Open Market Transfer, in
accordance with this Section 3.3, the Transfer by the Selling Equityholder will be
subject to the other terms and restrictions of this Agreement.

     (e) The closing of the purchase of any Subject Stock by the Non-Selling
Equityholders will take place at the offices of the Company, or at another location
mutually agreed by the parties to the sale, on a date mutually agreed by the parties
to the sale that is no later than the latest of

     (i) the date specified in the Interest Notice as the intended date of
the proposed Transfer, and

     (ii) 45 days after delivery of the applicable Response Notice or if
approvals of any Governmental Authority are required, then five Business
Days following the expiration of whatever period is required to obtain any
necessary regulatory approvals in connection with the sale, but in no event
more than 180 days after delivery of the applicable Response Notice.

     (f) At the closing of the purchase of any Subject Stock by the Non-Selling
Equityholders, the Selling Equityholder will deliver

     (i) if the Subject Stock is certificated, a certificate or
certificates for the Subject Stock to be sold, in each case accompanied by
stock powers with signatures guaranteed and all necessary stock transfer
Taxes paid and stamps affixed, if necessary, or

     (ii) if the Subject Stock is uncertificated, proper transfer
instructions from the Selling Equityholder or the Selling Equityholder’s
lawfully constituted attorney-in-fact, accompanied by evidence that all
necessary stock transfer Taxes have been paid and evidence of
compliance with appropriate procedures for transferring shares in
uncertificated form,

50

 

     (iii) in either case against receipt of the purchase price therefor by
certified or official bank check or by wire transfer of immediately
available funds.

     (g) Notwithstanding the foregoing, the provisions of this Section 3.3 will not
apply to (an “Excluded Transfer”):

     (i) in the case of Eagle River, any Open Market Transfer,

     (ii) in the case of Intel, any Transfer or series of Transfers of the
Existing Intel Shares,

     (iii) any Transfer of Equity Securities that is part of a merger,
consolidation, share exchange, recapitalization, business combination or
other similar transaction involving the Company, in each case, that
constitutes a Change of Control of the Company and that has been approved
by the Board and the stockholders of the Company as required by this
Agreement and Law,

     (iv) a Spin-Off Transaction; provided, however, that following a
Spin-Off Transaction, the Spin-Off Entity will be subject to each of the
obligations and enjoy each of the rights of the Spinning Entity for all
purposes under this Agreement,

     (v) a Transfer to a Permitted Transferee,

     (vi) any Exchange Transaction (as defined in the Operating Agreement),
or

     (vii) any Transfer by a Tag-Along Equityholder pursuant to Section
3.4.

     (h) In addition to the other provisions of this Agreement, a Selling
Equityholder (other than Eagle River or, with respect to Existing Intel Shares only,
Intel) may Transfer Subject Stock in an Open Market Transfer only if

     (i) in the case of an Open Market Transfer that is Registered, the
Transfer is made within 90 days of the delivery of the latest of the
applicable Response Notices (unless, during the 90-day period, the Company
has postponed the filing or effectiveness of the registration statement
with respect to the Registered Open Market Transfer, in which
case the 90-day period will be tolled for as long as the postponement
is in effect), or

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     (ii) in the case of an Open Market Transfer that is not Registered,
the Transfer is made within 30 days of the delivery of the latest of the
applicable Response Notices.

     (i) The Strategic Investors, acting through the Strategic Investor
Representative, will exercise their rights pursuant to this Section 3.3 as a group,
and the Strategic Investor Group will be deemed to be a single “Non-Selling
Equityholder” for purposes of calculating the number of shares of Subject Stock
which the Strategic Investor Group is entitled to purchase under Section 3.3(b)(i).
Unless the Strategic Investors otherwise agree (as notified by the Strategic
Investor Representative to the Company and the remaining Equityholders), Subject
Stock to be Transferred by or to the Strategic Investor Group (whether as a Selling
Equityholder or a Non-Selling Equityholder) will be allocated among the Strategic
Investors based on their relative Percentage Interests within the Strategic Investor
Group.

     3.4 Tag-Along Rights. 

     (a) Subject to Sections 3.1, 3.3, 3.11 and the remaining provisions of this
Section 3.4, if the Principal Equityholder proposes to Transfer (other than as part
of (x) an Excluded Transfer described in clauses (ii), (iv), (v), (vi) or (vii) of
Section 3.3(g), or (y) an Open Market Transfer), in one transaction or a series of
related transactions, directly or indirectly, all or any portion of its Equity
Securities, and such transaction or series of related transactions would result in
the proposed Transferee and its Affiliates (collectively referred to as the
“Proposed Transferee”) having a Percentage Interest immediately after the
proposed Transfer equal to or greater than the Specified Percentage, the Principal
Equityholder will promptly notify the other Equityholders (for purposes of this
Section 3.4, the “Tag-Along Equityholders”) in writing at least 30 days
before the closing of the proposed Transfer (a “Tag-Along Notice”) setting
forth the number of shares of Equity Securities proposed to be Transferred (for
purposes of this Section 3.4, the “Sale Securities”), the nature of the
proposed Transfer, the aggregate consideration to be paid for the Sale Securities
(including the type of consideration to be paid), the name and address of each
Proposed Transferee, the proposed closing date of the Transfer and any other
material information regarding the terms of the proposed Transfer and the Proposed
Transferee.

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     (b) With respect to Sale Securities, each of the Tag-Along Equityholders will
have the right, exercisable on delivery of written notice to the Principal
Equityholder within 30 days after receipt of the Tag-Along Notice, to
irrevocably
elect to sell a portion of its Equity Securities (without regard to whether such
Equity Securities are the same class as the Sale Securities), on the
same terms and conditions as set forth in the Tag-Along Notice, in lieu of
shares of Sale Securities. The number of Equity Securities to be substituted by
each electing Tag-Along Shareholder will equal the product of the number of shares of Sale Securities, multiplied by a fraction, the numerator of which is the number
of Equity Securities owned by such Tag-Along Equityholder and the denominator of
which is the total number of Equity Securities owned by the Equityholders at the
time the Tag-Along Notice is delivered.

All calculations under this subsection (b) will be made on an as-converted to Class A Common Stock
basis (i.e., each share of Class B Common Stock, plus one Unit, will equal one share of Class A
Common Stock in such calculations).

     (c) If none of the Tag-Along Equityholders makes a timely election to exercise
its tag-along rights under Section 3.4(b), the Principal Equityholder may sell all,
but not less than all, of the Sale Securities to the Proposed Transferee provided
that such Transfer is consummated on arm’s-length terms at a price not higher and on
other terms and conditions no more favorable, in the aggregate, to the Principal
Equityholder than the terms and conditions set forth in the Tag-Along Notice. In
addition,

     (i) any material change in the terms and conditions contained in the
Tag-Along Notice (that is more favorable to the Principal Equityholder)
will constitute a new proposal to Transfer for purposes of this Section
3.4; and

     (ii) definitive documents for the sale by the Principal Equityholder
must be executed on or prior to the 90th day following the expiration of
the Tag-Along Equityholders’ tag-along rights under this Section 3.4 and
consummated within 180 days following the expiration of such tag-along
rights (which 180-day period will be extended if the Transfer is subject to
regulatory approval until the expiration of five Business Days after all
such approvals have been received, but in no event later than 270 days
following the expiration of such tag-along rights), and if the sale is not
executed within the 90-day period and consummated within the 180-day period
(as may be extended for the receipt of applicable regulatory approvals),
the Sale Securities will again become subject to the rights of the
Tag-Along Equityholders under this Section 3.4.

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     (d) If any of the
Tag-Along Equityholders elects to exercise its tag-along
rights under Section 3.4(b), the number of shares of Sale Securities to be
Transferred by the Principal Equityholder to the Proposed Transferee will be reduced
by the applicable number of Equity Securities to be included in the Transfer by the
applicable Tag-Along Equityholders, and the Transfer to the
Proposed Transferee will otherwise proceed in accordance with the terms of this
Section 3.4 and the Tag-Along Notice.

     (e) The closing of the sale of any Sale Securities elected to be sold by the
Tag-Along Equityholders pursuant to this Section 3.4 will take place at the offices
of the Company, or at another location mutually agreed by the parties to the sale,
and on a date mutually agreed by the parties to the sale that is no later than the
latest of

     (i) the date specified in the Tag-Along Notice as the intended date of
the proposed Transfer to the Proposed Transferee,

     (ii) 90 days after delivery of the applicable Tag-Along Notice, and

     (iii) five Business Days following the expiration of whatever period
is required to obtain any necessary regulatory approvals in connection with
the sale.

     (f) The following will apply to any Transfer of Sale Securities (whether by the
Principal Equityholder or by the Tag-Along Equityholders):

     (i) the Transfer by the Principal Equityholder (and any Tag-Along
Equityholders, if applicable) will be subject to the other terms and
restrictions of this Agreement, and

     (ii) any future proposed Transfer of Equity Securities other than the
Sale Securities by the Principal Equityholder (and any Tag-Along
Equityholders, if applicable) will remain subject to the terms and
conditions of this Agreement, including this Article 3.

     (g) The Strategic Investors, acting through the Strategic Investor
Representative, will exercise their rights pursuant to this Section 3.4 as a group,
and the Strategic Investor Group will be deemed to be a single “Tag-Along
Equityholder” for purposes of calculating the number of Voting Securities which the
Strategic Investor Group is entitled to sell as a Tag-Along Equityholder. Unless
the Strategic Investors otherwise agree (as notified by the Strategic Investor
Representative to the Company and the remaining Equityholders), Sale Securities to
be Transferred by the Strategic Investor Group (whether as a Principal Equityholder
or as a Tag-Along Equityholder) will be allocated among
the Strategic Investors
based on their relative Percentage Interests within the Strategic Investor Group.

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     3.5 Preemptive Rights.

     (a) Each Equityholder will have the right to purchase its Preemptive Right Pro
Rata Share (as defined below) of New Securities (as defined in Section 3.5(f)) that
the Company may from time to time propose to issue. An Equityholder’s
“Preemptive Right Pro Rata Share” will be, at any given time, that
proportion, calculated before any proposed issuance of New Securities, that the
voting power represented by the Voting Securities owned by an Equityholder at that
time bears to the total voting power represented by the Voting Securities issued and
outstanding at that time.

     (b) Subject to Section 3.5(d)(i), if the Company proposes to issue New
Securities, it will give the Equityholders a written notice (the “Notice of
Issuance”) of its intention to sell New Securities, setting forth the price, the
identity of the proposed purchaser(s) (if known) and the principal terms on which
the Company proposes to issue the New Securities. Subject to Section 3.5(c), each
Equityholder will have 30 days from the date of receipt of any Notice of Issuance
(“New Securities Notice Period”) to elect to purchase a number of New
Securities up to its Preemptive Right Pro Rata Share of New Securities (in each case
calculated before the issuance and rounded to the nearest whole share), for the
price and on the terms specified in the Notice of Issuance, by giving written notice
to the Company stating the number of New Securities to be purchased.

     (c) Each holder of Class B Common Stock will have, at its option, the right to
purchase the following in lieu of New Securities:

     (i) from the Company, Voting Securities that have voting rights that
are the same as the voting rights in the New Securities (“Alternative
Voting Securities”), and

     (ii) from the LLC, additional Units that have the economic and other
rights (other than voting rights) that are the same as the economic and
other rights (other than voting rights) of the New Securities
(“Alternative Units”; and, together with the Alternative Voting
Securities, “Alternative New Securities”),

in each case, so that the holders of Class B Common Stock are able to maintain the allocation of
economic and other non-voting rights, if any, included as part of the New Securities, and voting
rights, if any, included as part of the New Securities, in the same manner that economic, voting
and other non-voting rights are allocated between the Class B Common Stock and the corresponding
Units. The aggregate price payable

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for the
new Voting Securities and new Units by the applicable
Equityholders will be the price for the New Securities that is set forth in the Notice of Issuance,
allocated between the Company and the LLC based on the relative value of the new Voting Securities
and the new Units purchased under this Section 3.5.

     (d) If the Company proposes to issue New Securities in a Public Offering, the
following will apply:

     (i) In lieu of sending a Notice of Issuance as provided in Section
3.5(b), at least ten Business Days prior to the printing of the “red
herring” prospectus for the Public Offering, the Company will give written
notice to the Equityholders (a “Public Offering Notice”) setting
forth

     (A) the Company’s then-current estimate of the number of shares
of Common Stock the Company intends to offer,

     (B) the anticipated per share range for the offering price,

     (C) any other material terms on which the Company proposes to
issue the New Securities, and

     (D) the date on which the “red herring” prospectus is expected
to be printed.

     (ii) At least five Business Days prior to the date referred to in
Section 3.5(d)(i)(D), each Equityholder will deliver a binding notice to
the Company stating whether and as to how many shares the Equityholder will
elect to purchase (up to its Preemptive Right Pro Rata Share rounded to the
nearest whole share). If an Equityholder fails to notify the Company by
the required time, the Equityholder will be deemed to have declined to
exercise its rights under this Section 3.5 with respect to that Public
Offering.

     (iii) The actual purchase price for an Equityholder’s Preemptive Right
Pro Rata Share of New Securities will be a per share purchase price equal
to the purchase price paid for the securities issued in the Public Offering
that gave rise to the rights under this Section 3.5, net of any
underwriting discounts in connection with that Public Offering. In the
case of a holder of Class B Common Stock, the purchase price will be
allocated between the new Voting Security and the new Unit based on the
relative value of the new Voting Securities and the new Units purchased
under Section 3.5(c).

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     (e) The Company will have 180 days after the date of the Notice of Issuance or
Public Offering Notice, as applicable, to consummate the sale of any New Securities
with respect to which the Equityholders’ preemptive rights were not exercised, at or
above the price and on terms not more favorable, in the aggregate, to the purchasers
of the New Securities than the terms specified in the initial Notice of Issuance or
Public Offering Notice, as applicable, given in
connection with that sale, except that the preceding restrictions on the price
and terms and conditions of any sale will not apply to sales based on the prevailing
market price of Voting Securities on NASDAQ or any other public trading medium at
the time that the sale of New Securities is effected.

     (f) For purposes of this Agreement, “New Securities” means any capital
stock (including Common Stock) of the Company issued (or to be issued) after the
Effective Date, whether now or hereafter authorized, and any rights, options,
warrants or other rights to purchase or acquire capital stock, and securities of any
type whatsoever that are, or may become, exchangeable or exercisable for or
convertible into capital stock. The term “New Securities” does not include,
and the preemptive rights described in this Section 3.5 will not be exercisable with
respect to, any of the following:

     (i) securities issued to holders of Class B Common Stock in connection
with the right of those holders, under the terms of the Charter and the
Operating Agreement, to convert their shares of Class B Common Stock,
together with the corresponding Units, into shares of Class A Common Stock;

     (ii) securities issued to officers, employees or directors of the
Company in connection with a person’s employment or director arrangements
with the Company under any employee benefit plan of the Company adopted by
the Board, including but not limited to any Incentive Plan;

     (iii) securities issued in connection with any Recapitalization Event
of the Company approved by the Board;

     (iv) securities issued in connection with the acquisition of another
business entity or business segment of another entity by the Company or any
Subsidiary of the Company, or in connection with the acquisition of 2.5 GHz
Spectrum by the Company or any Subsidiary of the Company;

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     (v) securities issued in connection with the exercise of any right,
option or warrant to acquire any security or the conversion of any
security, in any case that (x) were outstanding prior to the Effective Date
or (y) were issued after the Effective Date and were treated as New
Securities in respect of which preemptive rights were offered pursuant to
this Section 3.5;

     (vi) securities issued under Section 4.3 of the Transaction Agreement;

     (vii) securities issuable or issued to consultants, vendors, lessors
or others with whom the Company conducts business (other than the
Equityholders and their respective Affiliates), as long as

     (A) the securities are issued directly in a transaction approved
by the Board, and

     (B) the issuance of securities is not for financing purposes;

     (viii) securities issued to financial institutions or lessors in
connection with commercial credit arrangements, equipment financing or
similar transactions, as long as the securities are issued directly in a
transaction approved by the Board; and

     (ix) securities issued (other than to any Equityholder or any of its
Affiliates) in transactions involving technology licensing, research or
development activities, the use or acquisition of strategic assets,
properties or rights, or the distribution, manufacture or marketing of the
Company’s products, as long as

     (A) the securities are issued directly in a transaction approved
by the Board, and

     (B) the issuance of securities is not for financing purposes.

     (g) The closing of the purchases of an Equityholder’s Preemptive Right Pro Rata
Share of New Securities (and Alternative New Securities, if any) under this Section
3.5 will take place at the offices of the Company:

     (i) in the case of an issuance of New Securities other than in
connection with a Public Offering, on a date specified by the exercising
Equityholders, which will be within 30 days after the exercise of such
Equityholder’s rights under this Section 3.5, or (if later) within 10 days
after the receipt of all required regulatory approvals, and

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     (ii) in the case of an issuance of New Securities in connection with a
Public Offering, on the date of the Public Offering.

At the closing, the Company and the LLC will deliver, or cause to be delivered, to
the purchasing Equityholder, certificates (if applicable) representing the shares of
New Securities (and Alternative New Securities, if any) to be purchased by the
purchasing Equityholder, in the name of the purchasing Equityholder (and Unit
holder, as applicable), against payment of the purchase price therefor, as provided
below; and the purchasing Equityholder will deliver to the Company and to the
LLC an amount in cash by wire transfer in immediately available funds equal to the
product of the applicable price per share determined

     (x) in the Notice of Issuance, in the case of an issuance of New Securities other than
in connection with a Public Offering, and

     (y) under Section 3.5(d)(iii), in the case of an issuance of New Securities issued in
connection with a Public Offering,

in each case, multiplied by the number of shares of New Securities or Alternative New Securities,
as applicable, to be acquired by the purchasing Equityholder.

     (h) After giving a Notice of Issuance, the Company may close (prior to the
expiration of the New Securities Notice Period) the sale of any portion of the New
Securities that is not subject to preemptive rights under this Section 3.5, or as to
which any Equityholder has affirmatively waived its rights under this Section 3.5.

     (i) The rights under this Section 3.5 will terminate with respect to an
Equityholder if and when such Equityholder and its Permitted Transferees and
Permitted Designees cease to own, in the aggregate, a number of shares equal to at
least 50% of the Original Shares of such Equityholder.

     (j) The Strategic Investors, acting through the Strategic Investor
Representative, will exercise their rights pursuant to this Section 3.5 as a group,
and the Strategic Investor Group will be deemed to be a single “Equityholder” for
purposes of calculating its Preemptive Right Pro Rata Share under Section 3.5(a).
Unless the Strategic Investors otherwise agree (as notified by the Strategic
Investor Representative to the Company and the remaining Equityholders), New
Securities (or Alternative New Securities) acquired by the Strategic Investor Group
will be allocated among the Strategic Investors based on their relative Percentage
Interests within the Strategic Investor Group.

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     3.6 Transfers to a Restricted Entity. 

The Principal Equityholder and its Permitted Transferees and Permitted Designees
will not Transfer any of their Equity Securities to:

     (a) any Strategic Investor Restricted Entity without the prior written consent
of the Strategic Investor Representative (acting on behalf of the Strategic
Investors), if the Strategic Investor Group is then a Consenting Equityholder,

     (b) any Intel Restricted Entity without Intel’s prior written consent, if Intel
is then a Consenting Equityholder, or

     (c) any Sprint Restricted Entity without Sprint’s prior written consent, if
Sprint is then a Consenting Equityholder;

in each case, if:

     (x) such Transfer would constitute a Change of Control of the Company or any of
its Subsidiaries, or

     (y) after giving effect to such Transfer, the applicable Restricted Entity
would have a Percentage Interest in excess of the Specified Percentage, or would
have the contractual right to acquire Equity Securities (or Units) that would give
the Restricted Entity, in the aggregate, a Percentage Interest in excess of the
Specified Percentage immediately after the acquisition of those Equity Securities or
Units, as applicable.

     3.7 Standstill Agreement.

     (a) Notwithstanding any other provision of this Agreement, but subject to
Section 3.11, at any time before the end of the Standstill Period, none of the
Standstill Equityholders will in any manner, directly or indirectly (whether through
an agent, representative or
otherwise),

     (i) effect (whether publicly or otherwise), participate in, provide or
guarantee financing for any third parties in

     (A) any direct or indirect acquisition of any Common Stock (or
beneficial ownership of Common Stock) or any option or other right to
acquire any Common Stock except (w) by Sprint in accordance with
Section 2.13(e) or 2.13(f) or by any Standstill Equityholder in
accordance with Section 4.3 of the Transaction Agreement, (x) by
means of a conversion of Units as provided in the Operating Agreement
and the Charter; (y) in a transaction
expressly permitted under, and
executed in accordance with, Article 3 of this Agreement; or (z)
pursuant to a Recapitalization Event; or

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     (B) any direct or indirect acquisition of any of the assets of
the Company, other than acquisitions of assets

     (I) in the ordinary course of business, or

     (II) with a value of no more than $10 million in the
aggregate,

or of any businesses of the Company, or any option or other right to
acquire any of the foregoing (including from a third party), or

     (C) any tender or exchange offer, merger or other business
combination involving the Company or any Subsidiary of
the Company;

     (ii) form, join or in any way participate in a “group” (as that term
is defined for purposes of Sections 13 and 14 of the Exchange Act or any
successor provisions) with respect to any of the actions referred to in
clause (i) above; or

     (iii) solicit, negotiate with or enter into any agreement with any
third party with respect to any of the foregoing or make any public
announcement of its intention or desire to do so.

     (b) The provisions of Section 3.7(a) will not apply to an acquisition of Common
Stock by a Standstill Equityholder

     (i) if that Standstill Equityholder acquires (x) a Parent or (y) any
other Person that holds Common Stock as part of the acquisition of an
operating business, so long as in the case of clause (y) the Standstill
Equityholder causes the Person to divest itself of the Common Stock within
180 days following the consummation of such acquisition transaction,

     (ii) subject to Section 3.8, if that Standstill Equityholder has
offered to purchase 100% of the outstanding Common Stock not owned by such
Equityholder, and the offer

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     (A) has been approved by a Simple Majority of the Board
(excluding the Equityholder Designees of the applicable Standstill
Equityholder) and

     (B) is subsequently accepted or approved by a majority of the
voting power represented by the Voting Securities of the Company
(excluding the Voting Securities of the Standstill Equityholder and
its Permitted Transferees and Permitted Designees), either by the
tendering of Voting Securities or by an affirmative vote at a meeting
of the stockholders called to approve the transaction (a
“Qualifying Purchase”),

     (iii) if

     (A) the acquisition of Common Stock is in response to a bona
fide offer by a stockholder to sell its Common Stock to the
Standstill Equityholder in a private sale that would otherwise be
prohibited by Section 3.7(a),

     (B) both

     (I) a Simple Majority of the Board (excluding the
Equityholder Designees of the applicable Standstill
Equityholder), and

     (II) each of Sprint, Intel and the Strategic Investor
Representative (on behalf of the Strategic Investor Group)

have agreed to release the applicable Standstill Equityholder
from its obligations under Section 3.7(a) with respect to
such acquisition, and

     (C) each other Equityholder that then has preemptive rights
under Section 3.5 has been offered the opportunity to participate in
such transaction on a pro rata basis in accordance with its
Percentage Interest (relative to the Percentage Interests of those
Equityholders that elect to participate in such transaction), or

     (iv) as provided in Section 3.7(c).

     (c) If the Company issues Non-Preemptive Rights Securities (as defined below),
the following will apply:

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     (i) Notwithstanding the provisions of Section 3.7(a), each of the
Standstill Equityholders will have the right to acquire, in the open
market, the number of shares of Common Stock necessary to cause the
Percentage Interest of that Standstill Equityholder to equal (to the
nearest whole share) what it would be if the Non-Preemptive Rights
Securities had not been issued (as adjusted for Recapitalization Events).
Any acquisition or Transfer of Equity Securities by a Standstill
Equityholder after the date of the applicable issuance of Non-Preemptive
Rights Securities (other than in connection with a Recapitalization Event),
whether under this Agreement or otherwise, will not affect the number of
shares of Common Stock that a Standstill Equityholder is permitted to
acquire in accordance with this Section 3.7(c).

     (ii) On each March 31st, June 30th, September 30th and December 31st
during the term of this Agreement, the Company will notify the Standstill
Equityholders in writing of any issuances of Non-Preemptive Rights
Securities that have occurred since the date of the most recently delivered
notice under this Section 3.7(c)(ii).

     (iii) If the Company issues Non-Preemptive Rights Securities, a
Standstill Equityholder will be deemed to have a Percentage Interest for
all purposes under this Agreement, for a period of 30 days after such
Standstill Equityholder has received notice from the Company of such
issuance, equal to its Percentage Interest immediately prior to the
issuance of such Non-Preemptive Rights Securities. At the end of such
30-day period, the Percentage Interest of such Standstill Equityholder will
convert to its actual Percentage Interest.

     (iv) For purposes of this Agreement, “Non-Preemptive Rights
Securities” means and includes any Equity Securities, including Equity
Securities issued in respect of options, warrants, convertible securities
or other rights to purchase or acquire Equity Securities, in each case,
that are excluded from the definition of New Securities under Section
3.5(f) (other than those excluded under clauses (i), (iii), (v) and (vi)
thereof).

     (d) For purposes of this Section 3.7,

     (i) “Standstill Period” means, with respect to any
Equityholder, the period from the Effective Date until the later to occur
of

     (A) the fifth anniversary of the Effective Date, and

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     (B) with respect to the restrictions on the Strategic Investors,
the earliest date on which

     (I) Sprint ceases to own a number of shares of Common
Stock equal to at least 50% of the Sprint Original Shares or
Sprint has a Percentage Interest of less than 5%, and

     (II) Intel ceases to own a number of shares of Common
Stock equal to at least 50% of the Intel Original Shares or
Intel has a Percentage Interest of less than 5%;

     (C) with respect to the restrictions on Intel, the earliest date
on which

     (I) Sprint ceases to own a number of shares of Common
Stock equal to at least 50% of the Sprint Original Shares or
Sprint has a Percentage Interest of less than 5%, and

     (II) the Strategic Investor Group ceases to own a number
of shares of Common Stock equal to at least 50% of the
Strategic Investor Original Shares or the Strategic
Investor Group has, collectively, a Percentage Interest
of less than 5%; and

     (D) with respect to the restrictions on Sprint, the date on
which

     (I) the Strategic Investor Group ceases to own a number
of shares of Common Stock equal to at least 50% of the
Strategic Investor Original Shares or the Strategic Investor
Group has, collectively, a Percentage Interest of less than
5%, and

     (II) Intel ceases to own a number of shares of Common
Stock equal to at least 50% of the Intel Original Shares or
Intel has a Percentage Interest of less than 5%.

     (ii) “Standstill Equityholders” means

     (A) Sprint and its Controlled Affiliates,

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     (B) each Strategic Investor and its Controlled Affiliates, and

     (C) Intel and its Controlled Affiliates.

     3.8 Joint Purchase Rights.

     (a) If Sprint, Intel or any member of the Strategic Investor Group (the
“Initiating Equityholder”) desires, at any time when the Standstill Period
is still in effect with respect to the applicable Initiating Equityholder, to
purchase outstanding shares of Common Stock, in one transaction or a series of
related transactions, whether directly or indirectly, in a Qualifying Purchase, the
Initiating Equityholder will promptly notify (i) if Sprint is the Initiating
Equityholder, the Strategic Investor Group and Intel, (ii) if Intel is the
Initiating Equityholder, Sprint and the Strategic Investor Group or (iii) if a
member of the Strategic Investor Group is the Initiating Equityholder, Intel, Sprint
and the remaining members of the Strategic Investor Group (in each case, for
purposes of this Section 3.8, the
“Non-Initiating Equityholders”) in writing
at least 30 days before commencing the process required under this Agreement to
engage in a Qualifying Purchase (a “Qualifying Purchase Notice”) setting
forth the nature of the proposed Qualifying Purchase, the aggregate consideration
(in cash) to be paid for the outstanding shares of Common Stock proposed to be
purchased (the “Qualifying Purchase Securities”), the proposed commencement
and closing date of the proposed Qualifying Purchase and any other material
information regarding the terms of the proposed Qualifying Purchase.

     (b) With respect to a Qualifying Purchase, the
Non-Initiating Equityholders
will have the right, exercisable on delivery of written notice to the Initiating
Equityholder within 30 days after receipt of the Qualifying Purchase Notice, to
elect irrevocably to participate with the Initiating Equityholder in the Qualifying
Purchase. If any Non-Initiating
Equityholder elects to participate, such
Non-Initiating Equityholder will have the right to acquire a portion of the
Qualifying Purchase Securities, on the same terms and conditions as set forth in the
Qualifying Purchase Notice, in accordance with the relative Percentage Interests of
the Initiating Equityholder and the Non-Initiating
Equityholders that elect to
participate in such Qualifying Purchase. If any of the
Non-Initiating Equityholders
declines to exercise its participation right under this Section 3.8(b), each of the
other participating Non-Initiating Equityholders and the Initiating Equityholder
will be entitled to acquire a portion of the Qualifying Purchase Securities in
accordance with the relative Percentage Interests of the Initiating Equityholder and
the participating Non-Initiating Equityholders.

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All calculations under this subsection (b) will be made on an as-converted to Class
A Common Stock basis (i.e., each share of Class B Common Stock, plus one Unit, will
equal one share of Class A Common Stock in such calculations).

     (c) If none of the Non-Initiating Equityholders makes a timely election to
purchase the Qualifying Purchase Securities as provided in Section 3.8(b), the
Initiating Equityholder may purchase the Qualifying Purchase Securities on
arm’s-length terms at a price not lower, and on terms and conditions no more
favorable, in the aggregate, to the Initiating Equityholder than the terms and
conditions set forth in the Qualifying Purchase Notice; provided that

     (i) any material change in the terms and conditions contained in the
Qualifying Purchase Notice (that is more favorable to the Initiating
Equityholder) will constitute a new proposal for a Qualifying Purchase for
purposes of Section 3.8(a); and

     (ii) definitive documents for a Qualifying Purchase must be executed
on or prior to the 90th day following receipt of the Qualifying Purchase
Notice and consummated on or prior to the 210th day following receipt of
the Qualifying Purchase Notice, or, if the applicable regulatory approvals
have not been received by the 210th day, within five Business Days of the
receipt of any applicable regulatory approvals (but in no event more than
270 days following the receipt of the Qualifying Purchase Notice), and if
not, the proposed Qualifying Purchase will again become subject to the
rights and obligations under this Section 3.8.

     (d) The following will apply to any Qualifying Purchase:

     (i) the purchase by the Initiating Equityholder and the Non-Initiating
Equityholders, if applicable, will be subject to the other terms and
restrictions of this Agreement, and

     (ii) any future proposed Qualifying Purchase will remain subject to
the terms and conditions of this Agreement, including this Article 3.

     (e) If both the Initiating Equityholder and one or more Non-Initiating
Equityholders elect to participate in a Qualifying Purchase in accordance with this
Section 3.8, and if the Qualifying Purchase is consummated,

     (i) subject to Section 2.1(a)(x), the number of Directors that may be
nominated by each of Sprint, Intel and the Strategic Investor Group will be
adjusted, either upward or downward as appropriate, so that the right of
each of Sprint, Intel and the Strategic Investor Group, respectively, to
nominate Directors will equal the product (rounded to the nearest whole
number) obtained by multiplying 13 by a fraction, the numerator of which is
the Percentage Interest then held by Sprint, Intel or the Strategic
Investor Group, as the case may be, and the denominator of which is the sum
of the Percentage Interests of Sprint, Intel and the Strategic Investor
Group,

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     (ii) this Agreement will be deemed to be amended, and the Company and
the Equityholders will take whatever action is necessary to effect such
amendment as necessary or appropriate to reflect the Qualifying Purchase,
including the following, in each case, to be effective as of the closing of
the Qualifying Purchase:

Section 2.6(b) will be amended to add the following new
clauses:

     (I) “(vi) the issuance of any Equity Securities to any
Person other than an Equityholder or its Permitted Designee,
or the admission of any new member to the LLC; and”; and

     (II) “(vii) any material change from WiMAX to another
technology standard for the Company’s business, or any other
significant technology decisions.”

     3.9 Permitted Designee.

     (a) Subject to Section 3.1, any right of an Equityholder under this Agreement
to acquire additional Equity Securities may be exercised, at the option of the
Equityholder, by a Permitted Designee of such Equityholder. If an
Equityholder desires for a Permitted Designee to acquire Equity Securities in
lieu of the Equityholder, the Equityholder will notify the Company in writing. As a
condition to such acquisition, the Equityholder will cause the Permitted Designee to
execute and deliver to the Company and each other Equityholder an Assignment and
Assumption Agreement in the form attached as Exhibit H, and upon
consummation of the acquisition of Common Stock, the Permitted Designee will be an
Equityholder and will be subject to all rights and obligations of an Equityholder
owning the acquired Equity Securities under this Agreement.

     (b) Except as provided in Section 3.12, before any Permitted Designee ceases to
qualify as a Permitted Designee of the relevant Equityholder, it will Transfer full
legal and beneficial ownership of its Equity Securities and Units (if any) to the
relevant Equityholder or, subject to this Section 3.9, another Permitted Designee of
the Equityholder. If such a Transfer is not made in accordance with

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the immediately
preceding sentence, then, in addition to all other remedies available at law or in
equity, any shares of Class B Common Stock held by such non-qualified Permitted
Designee will be immediately redeemed by the Company for their Par Value per share
in accordance with the terms of this Agreement and the Charter.

     3.10 Void Transfers. Any Transfer or attempted Transfer of Equity Securities in
violation of any provision of this Agreement will be void, ab initio.

     3.11 Limitations Prior to the Adjustment Date. Notwithstanding anything in this
Article 3 to the contrary, prior to the Adjustment Date:

     (a) the Equityholders (other than Eagle River) will not, and will cause their
Controlled Affiliates not to, in any manner, directly or indirectly (through an
agent, representative, or otherwise), Transfer, or enter into any Hedging
Transactions with respect to, any Equity Securities (or Units that correspond to
Equity Securities) or convert any shares of Class B Common Stock and Class B Common
Units into shares of Class A Common Stock;

     (b) none of the Equityholders will, or will permit any of its Affiliates to, in
any manner, directly or indirectly (whether through an agent, representative or
otherwise), acquire, publicly announce an intention to acquire, offer to acquire, or
agree to acquire, by purchase, gift or otherwise, any Equity Securities (or Units
that correspond to Equity Securities) or any direct or indirect interest in any
Equity Securities (including any arrangement to provide the economic performance of
all or any portion of such Equity Securities (including by means of any option,
swap, forward or other contract or arrangement the value of which is linked in whole
or in part to the value of such Equity Securities));

     (c) the Company shall not take, authorize, commit or agree to take, any of the
following actions (or publicly announce any intention to do so):

     (i) issue, deliver, grant or sell, or authorize or propose the
issuance, delivery, grant or sale of, any Equity Securities (or Units that
correspond to Equity Securities) other than any issuance of securities
described in clause (ii), (iii) or (v) of Section 3.5(f);

     (ii) repurchase, redeem or otherwise acquire any shares of any Equity
Securities (or Units that correspond to Equity Securities), except for any
repurchase or redemption deemed to occur upon any “cashless exercise” in
connection with the issuance of any securities described in clause (ii) or
(v) of Section 3.5(f); or

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     (iii) declare, set aside for payment or pay any dividends on or make
other distributions (whether in cash, stock or property) in respect of any
Equity Securities (or Units that correspond to Equity Securities).

     3.12 Holding Company Transfers. Notwithstanding anything to the contrary in this
Agreement:

     (a) Any Transfer that is permitted under this Article 3 (other than a Holding
Company Exchange under Section 7.9(h) of the Operating Agreement) may, at the option
of an Equityholder that is a Securities Holding Company, be effected as a transfer
by the holder of 100% of the securities of such Securities Holding Company (a
“Securities Holding Company Stockholder”) of all of its securities in such
Securities Holding Company (a “Holding Company Transfer”).

     (b) For the avoidance of doubt, (i) prior to effecting any Holding Company
Transfer, the transferor must comply, mutatis mutandis, with the provisions of (x)
Section 3.3 by offering to the Non-Selling Equityholders the opportunity to purchase
directly the Equity Securities held by the Securities Holding Company that is the
subject of the proposed Holding Company Transfer (as opposed to the equity
securities of the Securities Holding Company) and (y) Section 3.4, and (ii) any
Tag-Along Equityholder may propose that a Transfer of its Equity Securities pursuant
to Section 3.4 be effected as a Holding Company Transfer of the Securities Holding
Company holding such Tag-Along Equityholder’s Equity Securities, but such proposal
will not be binding upon the transferee, in which case such Tag-Along Equityholder
may Transfer its Equity Securities in the Tag-Along Sale. Notwithstanding Section
3.3(c)(ii), the price paid for securities of the Securities Holding Company in a
transfer to a transferee (other than a Non-Selling Equityholder) will be not lower
than the product of (x) the transfer price proposed to the Non-Selling Equityholders
in the Interest Notice (assuming that 100% of the Securities Holding Company is
being transferred) and (y) the number of shares of Subject Stock held by the
Securities Holding Company. The purchase price to be received by any Tag-Along
Equityholder pursuant to Section 3.4 in a Holding Company Transfer will equal the
quotient of (x) the aggregate consideration received for the equity securities of
the Securities
Holding Company being transferred (assuming that 100% of the Securities Holding
Company is being transferred) divided by (y) the number of Equity Securities held by
the Securities Holding Company.

     (c) If a Holding Company Transfer is effected pursuant to this Section 3.12 in
connection with a Transfer pursuant to Section 3.3(b)(i) or Section 3.4, the
Securities Holding Company Stockholder and its Affiliates will be responsible for,
and will indemnify and hold the transferee and each of its Affiliates harmless
against, (i) Tax of a Securities Holding Company incurred in
such Holding Company

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Transfer and (ii) all liabilities of the Securities Holding Company and its
Affiliates (including liabilities for Taxes not described in clause (i)) to the
extent such liabilities are attributable to periods through and including the date
of the Holding Company Transfer (except to the extent attributable to the period
after the closing of the Holding Company Transfer), including any liability of the
Securities Holding Company arising by reason of being a member of an affiliated,
combined, consolidated or other Tax group on or prior to the Holding Company
Transfer.

ARTICLE 4

MISCELLANEOUS

     4.1 Parent Guaranty. On the Effective Date, each Parent has executed and delivered
the Guaranty to the Company and the other Equityholders.

     4.2 Termination. Subject to the early termination of any provision (a) as a result of
an amendment to this Agreement agreed to by the Company and the Equityholders as provided under
Section 4.3 or (b) as provided in accordance with its terms, this Agreement will terminate with
respect to each Equityholder when that Equityholder no longer owns any Equity Securities of the
Company; except that Sections 3.10, 4.5, 4.7, 4.9, 4.10, 4.13, 4.15, and 4.17 through 4.20 of this
Agreement will not terminate and will survive any termination of this Agreement. No such
termination will relieve any party from any liability for the breach of any of the agreements set
forth in this Agreement.

     4.3 Amendments and Waivers. Except as otherwise provided in this Agreement, no
modification, amendment or waiver of any provision of this Agreement will be effective without the
written approval of the Company, the Strategic Investor Representative (on behalf of the Strategic
Investor Group) and each other Equityholder, except that any Equityholder may waive (in writing)
the benefit of any provision of this Agreement with respect to itself for any purpose. No failure
or delay by any party in exercising any right, power or privilege hereunder (other than a failure
or delay beyond a period of time specified in this Agreement) will operate as a waiver of that
right, power or privilege, nor will any single or partial exercise of any right, power or privilege
preclude any other or further exercise of the right, power or privilege, or the exercise of
any other right, power or privilege. The rights and remedies provided in this Agreement will
be cumulative and not exclusive of any rights or remedies provided by Law.

     4.4 Successors, Assigns and Transferees; Groups and Thresholds.

     (a) This Agreement will bind and inure to the benefit of and be enforceable by
the parties to this Agreement and their respective successors (whether by merger,
operation of law or otherwise) and permitted assigns.

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     (b) Whether or not so stated in the relevant provisions of this Agreement, (i)
references to Sprint, Eagle River, Intel or any Strategic Investor shall be deemed
to include their respective Permitted Transferees and Permitted Designees, (ii) all
amounts, thresholds or similar metrics applicable to Sprint, Eagle River, Intel, any
Strategic Investor or the Strategic Investor Group shall be determined or measured
(x) without duplication, by reference to the relevant Person and its Permitted
Transferees (excluding, in the case of a Strategic Investor, any Permitted
Transferee of the kind described in clause (ii) of the definition thereof) and
Permitted Designees as a group and (y) taking into account the effect of any
Recapitalization Events and (iii) references to a Person or group owning a number of
shares of Common Stock equal to at least a specified percentage of such Person’s or
group’s Original Shares shall be deemed to refer to ownership of a number of shares
of Common Stock without regard to class.

     4.5 Legend.

     (a) All certificates or book entries, as the case may be, representing the
Equity Securities held by each Equityholder will bear a legend substantially in the
following form:

The securities represented by this [certificate][book entry] are subject to an
Equityholders’ Agreement dated as of [___], 2008 (a copy of which is on file
with the Secretary of the Company). No transfer, sale, assignment, pledge,
hypothecation or other disposition of the securities represented by this
[certificate][book entry] may be made except in accordance with the provisions of
the Equityholders’ Agreement and (a) under a registration statement effective under
the Securities Act of 1933, as amended, or (b) under an exemption from registration
thereunder. The holder of the securities represented by this [certificate][book
entry], by acceptance of the securities, agrees to be bound by all of the provisions
of the Equityholders’ Agreement.

     (b) (i) On the sale of any Equity Securities to a person other than a Permitted
Transferee under an effective registration statement under the Securities Act or
under Rule 144 under the Securities Act or (ii) on and after the termination of this
Agreement, the certificates or book entries representing those Equity Securities
will be replaced, at the expense of the Company, with certificates or
book entries not bearing the applicable legends required by this Section 4.5,
except that the Company may condition the replacement of certificates or book
entries under clause (i) on the receipt of an opinion of securities counsel
reasonably satisfactory to the Company.

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     4.6 Notices. 

     (a) All notices and other communications required or permitted under this
Agreement will be in writing and will be deemed
effectively given:

     (i) when personally delivered to the party to be notified;

     (ii) when sent by confirmed facsimile if sent during normal business
hours of the recipient or, if not, then on the next Business Day, as long
as a copy of the notice is also sent via nationally recognized overnight
courier, specifying next day delivery, with written verification of
receipt;

     (iii) five days after having been sent by registered or certified
mail, return receipt requested, postage prepaid; or

     (iv) one Business Day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification
of receipt.

     (b) Any notice or other communication that is to be sent by or delivered to the
Strategic Investor Group under this Agreement will be sent by or delivered to the
Strategic Investor Representative. In addition, in order to facilitate the
administration of this Agreement, if any of Eagle River, Sprint or Intel Transfers
any of its Equity Securities to a Permitted Transferee, or causes any Equity
Securities to be issued to a Permitted Designee, such Equityholder will, by notice
to the Company and the other Equityholders, designate a single entity (which must be
one of its Controlled Affiliates) to send and receive all notices and other
communications under this Agreement that are to be sent to or delivered by such
Equityholder, and to exercise all of such Equityholder’s rights hereunder.

     (c) All communications will be sent to the party’s address as set forth below
or at another address that the party has furnished to each other party in writing in
accordance with this provision:

If to the Company:

Clearwire Corporation

4400 Carillon Point

Kirkland, Washington 98033

Attention: Vice-President Corporate Development

Facsimile No.: (425) 216-7766

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with copies (which will not constitute notice) to:

Clearwire Corporation

4400 Carillon Point

Kirkland, Washington 98033

Attention: General Counsel

Facsimile No.: (425) 216-7766

Kirkland & Ellis LLP

Citigroup Center

153 East 53rd Street

New York, New York 10022

Attention: Joshua N. Korff

Facsimile No.: (212) 446-6460

Davis Wright Tremaine LLP

1201 Third Avenue, Suite 2200

Seattle, Washington 98101

Attention: Sarah English Tune

Facsimile No.: (206) 757-7161

If to Sprint or Sprint Nextel:

Sprint Nextel Corporation

2001 Edmund Halley Drive

Reston, Virginia 20191

Attention: Senior Vice President Corporate Development and Spectrum

Facsimile No.: (703) 433-4406

with copies to (which will not constitute notice) to:

Sprint Nextel Corporation

6200 Sprint Parkway

Overland Park, Kansas 66251

Attention: Corporate Secretary

Facsimile No.: (913) 523-9797

King & Spalding LLP

1180 Peachtree Street, N.E.

Atlanta, Georgia 30309

Attention: Michael J. Egan

Facsimile No.: (404) 572-5100

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If to Eagle River:

Eagle River

2300 Carillon Point

Kirkland, WA 98033

Attention: Chief Executive Officer

Facsimile No: (425) 828-8061

If to the Strategic Investors:

To the Strategic Investor Representative c/o the relevant party at such party’s
address as listed below.

If to Comcast:

Comcast Corporation

One Comcast Center

1701 John F. Kennedy Boulevard

Philadelphia, Pennsylvania 19103

Attention: Chief Financial Officer

Facsimile No.: (215) 286-1240

with copies (which will not constitute notice) to:

Comcast Corporation

One Comcast Center

1701 John F. Kennedy Boulevard

Philadelphia, Pennsylvania 19103

Attention: General Counsel

Facsimile No.: (215) 286-7794

Davis Polk & Wardwell

450 Lexington Avenue

New York, New York 10017

Attention: David L. Caplan

Facsimile No.: (212) 450-3800

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If to Google:

Google Inc.

1600 Amphitheatre Parkway

Mountain View, CA 94043

Attn: General Counsel

Facsimile No.: (650) 887-2421

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

Wilson Sonsini Goodrich & Rosati, P.C.

650 Page Mill Road

Palo Alto, CA 94304

Attn: David J. Segre

Facsimile No.: (650) 493-6811

If to TWC:

c/o Time Warner Cable Inc.

One Time Warner Center

North Tower

New York, NY 10019

Attn: General Counsel

Facsimile No.: (704) 973-6201

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

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

Attn: Matthew W. Abbott

         Robert B. Schumer

Facsimile No.: (212) 757-3990

If to BHN:

c/o Bright House Networks, LLC

c/o Advance/Newhouse Partnership

5000 Campuswood Drive

East Syracuse, NY 13057

Attn: Leo Cloutier

Facsimile No.: (315) 438-4643

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

Sabin, Bermant & Gould LLP

Four Times Square

New York, NY 10036

Attn: Arthur J. Steinhauer, Esq.

Facsimile No.: (212) 381-7218

If to Intel:

Intel Corporation

2200 Mission College Blvd., MS RN6-65

Santa Clara, California 95054-1549

Attention: President, Intel Capital

Facsimile No.: (408) 765-8871

Intel Corporation

2200 Mission College Blvd., MS RN6-59

Santa Clara, California 95054-1549

Attention: Intel Capital Portfolio Manager

Facsimile No.: (408) 653-6796

Intel Corporation

2200 Mission College Blvd., MS RN4-151

Santa Clara, California 95054-1549

Attention: Intel Capital Group General Counsel

Facsimile No.: (408) 653-9098

Intel Corporation

2200 Mission College Blvd., MS RN5-125

Santa Clara, California 95054-1549

Attention: Director, U.S. Tax and Trade

Facsimile No.: (408) 765-1733

with copies (which will not constitute notice) to:

Gibson, Dunn & Crutcher LLP

1881 Page Mill Road

Palo Alto, California 94304

Attention: Gregory T. Davidson

Facsimile No.: (650) 849-5050

76

 

Gibson, Dunn & Crutcher LLP

333 South Grand Avenue

Los Angeles, California 90071-3197

Attention: Paul S. Issler

Facsimile No.: (213) 229-6763

     4.7 Confidentiality. 

     (a) Each Equityholder agrees that Confidential Information has been and may in
the future be made available in connection with such Equityholder’s investment in
the Company. Each Equityholder acknowledges and agrees that it shall not disclose
any Confidential Information to any Person or use any Confidential Information,
except that Confidential Information (x) may be used solely in connection with the
Equityholder’s investment in the Company and the LLC and not in connection with any
of its other business operations and (y) may be disclosed:

     (i) to such Equityholder’s Representatives in the normal course of the
performance of their duties,

     (ii) to the extent required by Law, rule or regulation (including
complying with any oral or written questions, interrogatories, requests for
information or documents, subpoena, civil investigative demand or similar
process to which an Equityholder is subject, provided that such
Equityholder agrees to give the Company prompt notice of such request(s),
to the extent practicable, so that the Company may seek an appropriate
protective order or similar relief (and the Equityholder shall cooperate
with such efforts by the Company, and shall in any event make only the
minimum disclosure required by such Law, rule or regulation)),

     (iii) to any Person with whom such Equityholder is contemplating a
financing transaction or to whom such Equityholder is contemplating a
Transfer of its Equity Securities, provided that such Transfer would not be
in violation of the provisions of this Agreement and such potential
transferee is advised of the confidential nature of such information and
agrees to be bound by a confidentiality agreement consistent with the
provisions hereof,

     (iv) to any regulatory authority or rating agency to which such
Equityholder or any of its Affiliates is subject or with which it has
regular dealings, as long as such authority or agency is advised of the
confidential nature of such information,

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     (v) to the extent related to the tax treatment and tax structure of
the transactions contemplated by this Agreement (including all materials of
any kind, such as opinions or other tax analyses that the
Company, its
Affiliates or its Representatives have provided to such Equityholder
relating to such tax treatment and tax structure), provided that the
foregoing does not constitute an authorization to disclose the identity of
any existing or future party to the transactions contemplated by this
Agreement or their Affiliates or Representatives, or, except to the
extent relating to such tax structure or tax treatment, any specific
pricing terms or commercial or financial information,

     (vi) in the case of the Strategic Investor Representative or any
member of the Strategic Investor Group, to any other member of the
Strategic Investor Group, or

     (vii) if the prior written consent of the Board shall have been
obtained.

     (b) Nothing contained herein shall prevent the use (subject, to the extent
possible, to a protective order) of Confidential Information in connection with the
assertion or defense of any claim by or against the Company or any of its
Subsidiaries or any Equityholder.

     (c) “Confidential Information” means any information concerning the
Company or any Persons that are or become its Subsidiaries or the financial
condition, business, operations or prospects of the Company or any such Persons in
the possession of or furnished to any Equityholder under this Agreement, provided
that the term “Confidential Information” does not include information that (i) is or
becomes generally available to the public other than as a result of a disclosure by
an Equityholder or its affiliates, directors, officers, employees, stockholders,
members, partners, agents, counsel, auditors, investment advisers or other
representatives (all such persons being collectively referred to as
“Representatives”) in violation of this Agreement, (ii) was available to
such Equityholder on a non-confidential basis prior to its disclosure to such
Equityholder or its Representatives by the Company, (iii) becomes available to such
Equityholder on a non-confidential basis from a source other than the Company after
the disclosure of such information to such Equityholder or its Representatives by
the Company, which source is (at the time of receipt of the relevant information)
not, to the best of such Equityholder’s knowledge, bound by a confidentiality
agreement with (or other confidentiality obligation to) the Company or another
Person, (iv) is independently developed by such Equityholder without violating any
confidentiality agreement with, or other obligation of secrecy to, the Company or
(v) is received by an Equityholder under or in connection with other commercial
contracts, agreements or arrangements with the Company (which information shall be
governed by the terms of those contracts, agreements or arrangements).

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     4.8 Accounting Policies. If Sprint is required at any point to consolidate with the
Company and the LLC for accounting purposes, subject to Law and the fiduciary duties of the Board,
the accounting policies of the Company and the LLC will be consistent with the accounting policies
of Sprint as long as the policies comply with GAAP in the reasonable opinion of the Company.

     4.9 Strategic Investor Representative; Strategic Investor Agreement. 

     (a) Each Strategic Investor hereby acknowledges that the Strategic Investor
Representative is authorized to take all actions that are designated herein to be
performed by the Strategic Investor Group, as a group, and to do or refrain from
doing all further acts and things, and to execute all documents, as the Strategic
Investor Representative deems necessary or appropriate in furtherance of any of the
foregoing, including:

     (i) to receive and deliver all notices, communications and deliveries
on behalf of the Strategic Investor Group under
this Agreement;

     (ii) to provide consent, on behalf of the Strategic Investor Group,
for any matter that requires the consent of the Strategic Investor Group
under this Agreement; and

     (iii) to exercise any right or election on behalf of the Strategic
Investor Group under this Agreement.

     (b) The Company and each Equityholder (other than the Strategic Investors) may
conclusively and absolutely rely, without inquiry, on any actions of the Strategic
Investor Representative authorized under this Agreement as the acts of the Strategic
Investor Group in all matters referred to in this Agreement.

     (c) Each of the Strategic Investors hereby expressly acknowledges and agrees
that the Strategic Investor Representative is authorized to act on behalf of the
Strategic Investor Group notwithstanding any dispute or disagreement among the
Strategic Investors, and that the Company and any Equityholder (other than the
Strategic Investors) is entitled to rely on any and all action by the Strategic
Investor Representative specifically authorized under this Agreement without
liability to, or obligation to inquire of, any of the Strategic Investors. The
Strategic Investor Representative may, at any time upon notice to the Company and
the other Equityholders (upon which notice the Company and the other Equityholders
will be entitled to rely), appoint a substitute or replacement Strategic Investor
Representative.

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     (d) Without in any way limiting the rights of the Company and the Equityholders
(other than the Strategic Investors), under this Section 4.9 or otherwise, to rely
on any and all action by the Strategic Investor Representative
pursuant to this Agreement, each Strategic Investor expressly acknowledges and
agrees that the appointment of the Strategic Investor Representative pursuant to
Section 4.9(a) above, and all of the rights, obligations, power and authority of the
Strategic Investor under this Agreement, are subject in all respects to the
Strategic Investor Agreement.

     (e) The Strategic Investor Representative will deliver to each other party
hereto a copy of any amendment to the Strategic Investor Agreement with reasonable
promptness following the execution of any such amendment.

     4.10 No Joint and Several Liability of the Equityholders. The Company and each
Equityholder acknowledge and agree that under no circumstances will any Equityholder be held
jointly or severally liable for the breach of any provision of this Agreement by any other
Equityholder or the Strategic Investor Representative (it being understood that this Section 4.10
shall not otherwise limit the liability of any Equityholder for its own breaches of this
Agreement); provided that, in the event of any breach of this Agreement by the Strategic Investor
Representative (acting in its capacity as such), each Strategic Investor shall be severally liable
for a portion of any liability, loss, cost, damage or expense (including attorneys’ fees) arising
from or in connection with such breach that is equal to such Strategic Investor’s Percentage
Interest divided by the aggregate Percentage Interest of the Strategic Investor Group.

     4.11 Further Assurances. At any time or from time to time after the Effective Date,
the parties will cooperate with each other as may be reasonably requested, and at the request of
any other party, will execute and deliver any further instruments or documents and, to the fullest
extent permitted by Law, will take all further action as the other party may reasonably request in
order to evidence or effectuate the consummation of the transactions contemplated by this Agreement
and to otherwise carry out the agreements and the intent of the parties under this Agreement.

     4.12 Entire Agreement. Except as otherwise expressly set forth in this Agreement,
this Agreement, together with the other Transaction Documents (and, as among the Strategic
Investors only, the Strategic Investor Agreement), embodies the complete agreement and
understanding among the parties to this Agreement with respect to the subject matter of this
Agreement and supersedes and preempts any prior understandings, agreements or representations by or
among the parties, written or oral, that may have related to the subject matter of this Agreement
in any way.

     4.13 Enabling Clause. The Company will cause the Charter, the Bylaws and the
Operating Agreement to give effect to the terms and provisions contained in this Agreement to the
extent permitted by Law. Each of the parties will vote its Voting Securities and take any
other
action reasonably requested by the Company or any Equityholder to amend the Charter, the Bylaws and
the Operating Agreement so as to give full effect to and to avoid any conflict with the provisions
of this Agreement, all to the extent permitted by Law.

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     4.14 Delays or Omissions. No delay or omission to exercise any right, power or remedy
accruing to any party, upon any breach, default or noncompliance by another party under this
Agreement, will impair any right, power or remedy of any non-breaching and non-defaulting party,
nor will it be construed to be a waiver of any breach, default or noncompliance, or any
acquiescence in it, or of or in any similar breach, default or noncompliance later occurring. Any
waiver, permit, consent or approval of any kind or character on the part of any party to this
Agreement of any breach, default or noncompliance under this Agreement or any waiver on that
party’s part of any provisions or conditions of this Agreement, must be in writing and will be
effective only to the extent specifically set forth in that writing and to the extent permitted
under this Agreement. No waiver of any default with respect to any provision, condition or
requirement of this Agreement will be deemed to be a continuing waiver in the future or a waiver
of any other provision, condition or requirement hereof. All remedies, either under this
Agreement, by Law, or otherwise afforded to any party, will be cumulative and not alternative.

     4.15 Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement will be
governed in all respects by the laws of the State of Delaware. No suit, action or proceeding with
respect to this Agreement may be brought in any court or before any similar authority other than in
a court of competent jurisdiction in the State of Delaware, and the parties to this Agreement
submit to the exclusive jurisdiction of those courts for the purpose of a suit, proceeding or
judgment. Each party to this Agreement irrevocably waives any right it may have had to bring an
action in any other court, domestic or foreign, or before any similar domestic or foreign
authority. Each of the parties to this Agreement irrevocably and unconditionally waives trial by
jury in any legal action or proceeding (including any counterclaim)
in relation to this
Agreement.

     4.16 Severability. When possible, each provision of this Agreement will be
interpreted so as to be effective and valid under Law, but if any provision of this Agreement is
held to be invalid, illegal or unenforceable in any respect under any Law in any jurisdiction, that
invalidity, illegality or unenforceability will not affect any other provision or any other
jurisdiction, but this Agreement will be reformed, construed and enforced in that jurisdiction as
if the invalid, illegal or unenforceable provision had never been contained in this Agreement and
the parties to this Agreement will use their Reasonable Best Efforts to find and employ an
alternative means to achieve the same or substantially the same result as that contemplated by that
provision.

     4.17 Enforcement. Each party to this Agreement acknowledges that money damages would
not be an adequate remedy if any of the covenants or agreements in this Agreement, including
Sections 2.13 and 2.14, are not performed in accordance with its terms. If a party seeks an
injunction, temporary restraining order or other equitable relief in any court of competent
jurisdiction to enjoin an alleged breach and enforce specifically the terms and
provisions of this
Agreement, including Sections 2.13 and 2.14, the other parties will not raise the defense of an
adequate remedy at law.

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     4.18 No Recourse. Except as provided in any Guaranty, neither the Company nor any
Equityholder will whether by the enforcement of any assessment or by any legal or equitable
proceeding, or by virtue of any Law, seek to hold liable under this Agreement or any documents or
instruments delivered in connection with this Agreement, any current or future stockholder,
director, officer, employee, general or limited partner or member of any Equityholder or of any
Affiliate or assignee thereof. No current or future officer, agent or employee of any Equityholder
or any current or future member of any Equityholder or any current or future stockholder, director,
officer, employee, partner or member of any Equityholder or of any Affiliate or assignee thereof,
will have any personal liability whatsoever for any obligation of any Equityholder under this
Agreement or any documents or instruments delivered in connection with this Agreement for any claim
based on, in respect of or by reason of those obligations or their creation.

     4.19 No Third Party Beneficiaries. This Agreement is entered into solely for the
benefit of the Equityholders, their respective Permitted Transferees, Permitted Designees and
successors (whether by merger, operation of law or otherwise) and permitted assigns, and
except that any current or former director or officer of the Company may enforce Section 2.1(j), no
other Person may exercise any right or enforce any obligation under this Agreement.

     4.20 Counterparts; Facsimile Signatures. This Agreement may be executed in any number
of counterparts, each of which will be an original, but all of which together will constitute one
instrument. This Agreement may be executed by facsimile or pdf signature(s).

     4.21 Interpretation. Unless the context of this Agreement otherwise clearly requires,

     (a) references to the plural include the singular, and references to the singular
include the plural,

     (b) the words “include,” “includes” and “including” do not limit the preceding terms or
words and will be deemed to be followed by the words “without limitation,”

     (c) the terms “day” and “days” mean and refer to calendar day(s), and

     (d) the terms “year” and “years” mean and refer to calendar year(s).

Unless otherwise set forth in this Agreement, references in this Agreement to

     (i) any document, instrument or agreement (including this Agreement)

     (A) includes and incorporates all Schedules and Exhibits,

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     (B) includes all documents, instruments or agreements issued or
executed in replacement of those documents, instruments or agreements, and

     (C) means the document, instrument or agreement, or replacement or
predecessor thereto, as amended, modified or supplemented from time to time
in accordance with its terms and in effect at any given time, and

     (D) all Article, Section and Exhibit references in this Agreement are
to Articles, Sections and Exhibits of this Agreement, unless otherwise
specified. This Agreement will not be construed as if prepared by one of
the parties, but rather according to its fair meaning as a whole, as if all
parties had prepared it.

[Rest of page intentionally left blank]

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EXECUTION COPY

     IN WITNESS WHEREOF, the parties to this Agreement have executed this Equityholders’ Agreement
as of the date set forth in the first paragraph hereof.

	 	 	 	 	 
	 	CLEARWIRE CORPORATION

 	 
	 	By:  	/s/ Hope Cochran	 
	 	 	Name:  	Hope Cochran 	 
	 	 	Title:  	Vice President, Finance and Treasurer 	 
	 

[Signature Page to the Equityholders’ Agreement by and among Clearwire Corporation, Sprint Holdco,
LLC, Eagle River Holdings, LLC, Intel Capital Wireless Investment Corporation 2008A, Intel Capital
Wireless Investment Corporation 2008B, Intel Capital Wireless Investment Corporation 2008C, Intel
Capital Corporation, Intel Capital (Cayman) Corporation, Middlefield Ventures, Inc., Comcast
Wireless Investment I, Inc., Comcast Wireless Investment II, Inc., Comcast Wireless Investment III,
Inc., Comcast Wireless Investment IV, Inc., Comcast Wireless Investment V, Inc., Google Inc., TWC
Wireless Holdings I LLC, TWC Wireless Holdings II LLC, TWC Wireless Holdings III LLC, and BHN
Spectrum Investments, LLC]

 

 

	 	 	 	 	 
	 	SPRINT HOLDCO, LLC

 	 
	 	By:  	/s/ Keith O. Cowan	 
	 	 	Name:  	Keith O. Cowan 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	For the limited purpose of Sections 2.13, 2.14 and

2.15 and Article 4:

SPRINT NEXTEL CORPORATION

 	 
	 	By:  	/s/
Keith O. Cowan	 
	 	 	Name:  	Keith O. Cowan 	 
	 	 	Title:  	President of Strategic Planning and 
Corporate Initiatives 	 
	 

[Signature Page to the Equityholders’ Agreement by and among Clearwire Corporation, Sprint Holdco,
LLC, Eagle River Holdings, LLC, Intel Capital Wireless Investment Corporation 2008A, Intel Capital
Wireless Investment Corporation 2008B, Intel Capital Wireless Investment Corporation 2008C, Intel
Capital Corporation, Intel Capital (Cayman) Corporation, Middlefield Ventures, Inc., Comcast
Wireless Investment I, Inc., Comcast Wireless Investment II, Inc., Comcast Wireless Investment III,
Inc., Comcast Wireless Investment IV, Inc., Comcast Wireless Investment V, Inc., Google Inc., TWC
Wireless Holdings I LLC, TWC Wireless Holdings II LLC, TWC Wireless Holdings III LLC, and BHN
Spectrum Investments, LLC]

 

 

	 	 	 	 	 
	 	EAGLE RIVER HOLDINGS, LLC
By:  Eagle River Inc., its Manager

 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/
Amit Mehta	 
	 	 	Name:  	Amit Mehta 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to the Equityholders’ Agreement by and among Clearwire Corporation, Sprint Holdco,
LLC, Eagle River Holdings, LLC, Intel Capital Wireless Investment Corporation 2008A, Intel Capital
Wireless Investment Corporation 2008B, Intel Capital Wireless Investment Corporation 2008C, Intel
Capital Corporation, Intel Capital (Cayman) Corporation, Middlefield Ventures, Inc., Comcast
Wireless Investment I, Inc., Comcast Wireless Investment II, Inc., Comcast Wireless Investment III,
Inc., Comcast Wireless Investment IV, Inc., Comcast Wireless Investment V, Inc., Google Inc., TWC
Wireless Holdings I LLC, TWC Wireless Holdings II LLC, TWC Wireless Holdings III LLC, and BHN
Spectrum Investments, LLC]

 

 

	 	 	 	 	 
	INTEL CAPITAL WIRELESS 

INVESTMENT CORPORATION 2008A

	 	INTEL CAPITAL CORPORATION
	 	 
	 
	/s/ Arvind Sodhani
	 	/s/ Arvind Sodhani	 	 
	 

	 	 	 	 
	Name: Arvind Sodhani
	 	Name: Arvind Sodhani	 	 
	Title: President

	 	Title: President	 	 
	 
	 	 	 	 
	INTEL CAPITAL WIRELESS 

INVESTMENT CORPORATION 2008B

	 	INTEL CAPITAL (CAYMAN)

CORPORATION	 	 
	 
	/s/ Arvind Sodhani
	 	/s/ Arvind Sodhani	 	 
	 

	 	 	 	 
	Name: Arvind Sodhani

	 	Name: Arvind Sodhani	 	 
	Title: President

	 	Title: President	 	 
	 
	 	 	 	 
	INTEL CAPITAL WIRELESS 

INVESTMENT CORPORATION 2008C

	 	MIDDLEFIELD VENTURES, INC.	 	 
	 
	/s/ Arvind Sodhani
	 	/s/ Arvind Sodhani	 	 
	 

	 	 	 	 
	Name: Arvind Sodhani 

Title: President

	 	Name: Arvind Sodhani

Title: President	 	 
	 
	 	 	 	 
	CLEARWIRE CORPORATION
	 	 	 	 
	 
	/s/ Hope Cochran
	 	 	 	 
	 
Name:
Hope Cochran
	 	 	 	 
	Title: Vice President,
Finance and Treasurer
	 	 	 	 

[Signature Page to the Equityholders’ Agreement by and among Clearwire Corporation, Sprint
Holdco, LLC, Eagle River Holdings, LLC, Intel Capital Wireless Investment Corporation 2008A, Intel
Capital Wireless Investment Corporation 2008B, Intel Capital Wireless Investment Corporation 2008C,
Intel Capital Corporation, Intel Capital (Cayman) Corporation, Middlefield Ventures, Inc., Comcast
Wireless Investment I, Inc., Comcast Wireless Investment II, Inc., Comcast Wireless Investment III,
Inc., Comcast Wireless Investment IV, Inc., Comcast Wireless Investment V, Inc., Google Inc., TWC
Wireless Holdings I LLC, TWC Wireless Holdings II LLC, TWC Wireless Holdings III LLC, and BHN
Spectrum Investments, LLC]

 

 

	 	 	 	 	 	 	 	 	 
	COMCAST WIRELESS INVESTMENT I, INC.	 	COMCAST WIRELESS INVESTMENT II, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	/s/ Robert S. Pick	 	By:	 	/s/ Robert S. Pick	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Name: Robert S. Pick
	 	 	 	Name: Robert S. Pick	 	 
	 

	 	Title: Senior Vice President
	 	 	 	Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	COMCAST WIRELESS INVESTMENT III, INC.	 	COMCAST WIRELESS INVESTMENT IV, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Robert S. Pick	 	By:	 	/s/ Robert S. Pick	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	Name: Robert S. Pick
	 	 	 	Name: Robert S. Pick	 	 
	 

	 	Title: Senior Vice President
	 	 	 	Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	COMCAST WIRELESS INVESTMENT V, INC.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	/s/ Robert S. Pick	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Name: Robert S. Pick	 	 	 	 	 	 
	 

	 	Title: Senior Vice President	 	 	 	 	 	 

[Signature Page to the Equityholders’ Agreement by and among Clearwire Corporation, Sprint Holdco,
LLC, Eagle River Holdings, LLC, Intel Capital Wireless Investment Corporation 2008A, Intel Capital
Wireless Investment Corporation 2008B, Intel Capital Wireless Investment Corporation 2008C, Intel
Capital Corporation, Intel Capital (Cayman) Corporation, Middlefield Ventures, Inc., Comcast
Wireless Investment I, Inc., Comcast Wireless Investment II, Inc., Comcast Wireless Investment III,
Inc., Comcast Wireless Investment IV, Inc., Comcast Wireless Investment V, Inc., Google Inc., TWC
Wireless Holdings I LLC, TWC Wireless Holdings II LLC, TWC Wireless Holdings III LLC, and BHN
Spectrum Investments, LLC]

 

 

	 	 	 	 	 
	 	GOOGLE INC.

 	 
	 	By:  	/s/
Kent Walker	 
	 	 	Name:  	Kent Walker 	 
	 	 	Title:  	Vice President and General Counsel 	 
	 

[Signature Page to the Equityholders’ Agreement by and among Clearwire Corporation, Sprint Holdco,
LLC, Eagle River Holdings, LLC, Intel Capital Wireless Investment Corporation 2008A, Intel Capital
Wireless Investment Corporation 2008B, Intel Capital Wireless Investment Corporation 2008C, Intel
Capital Corporation, Intel Capital (Cayman) Corporation, Middlefield Ventures, Inc., Comcast
Wireless Investment I, Inc., Comcast Wireless Investment II, Inc., Comcast Wireless Investment III,
Inc., Comcast Wireless Investment IV, Inc., Comcast Wireless Investment V, Inc., Google Inc., TWC
Wireless Holdings I LLC, TWC Wireless Holdings II LLC, TWC Wireless Holdings III LLC, and BHN
Spectrum Investments, LLC]

 

 

	 	 	 	 	 
	 	TWC WIRELESS HOLDINGS I LLC

 	 
	 	By:  	/s/ Satish Adige	 
	 	 	Name:  	Satish Adige 	 
	 	 	Title:  	Senior Vice President, Investments 	 
	 

	 	 	 	 	 
	 	TWC WIRELESS HOLDINGS II LLC

 	 
	 	By:  	/s/ Satish Adige	 
	 	 	Name:  	Satish Adige 	 
	 	 	Title:  	Senior Vice President, Investments 	 
	 

	 	 	 	 	 
	 	TWC WIRELESS HOLDINGS III LLC

 	 
	 	By:  	/s/ Satish Adige	 
	 	 	Name:  	Satish Adige 	 
	 	 	Title:  	Senior Vice President, Investments 	 
	 

[Signature Page to the Equityholders’ Agreement by and among Clearwire Corporation, Sprint Holdco,
LLC, Eagle River Holdings, LLC, Intel Capital Wireless Investment Corporation 2008A, Intel Capital
Wireless Investment Corporation 2008B, Intel Capital Wireless Investment Corporation 2008C, Intel
Capital Corporation, Intel Capital (Cayman) Corporation, Middlefield Ventures, Inc., Comcast
Wireless Investment I, Inc., Comcast Wireless Investment II, Inc., Comcast Wireless Investment III,
Inc., Comcast Wireless Investment IV, Inc., Comcast Wireless Investment V, Inc., Google Inc., TWC
Wireless Holdings I LLC, TWC Wireless Holdings II LLC, TWC Wireless Holdings III LLC, and BHN
Spectrum Investments, LLC]

 

 

	 	 	 	 	 
	 	BHN SPECTRUM INVESTMENTS, LLC

 	 
	 	By:  	/s/
Leo Cloutier	 
	 	 	Name:  	Leo Cloutier 	 
	 	 	Title:  	Senior Vice President, Strategy & Development 	 
	 

[Signature Page to the Equityholders’ Agreement by and among Clearwire Corporation, Sprint Holdco,
LLC, Eagle River Holdings, LLC, Intel Capital Wireless Investment Corporation 2008A, Intel Capital
Wireless Investment Corporation 2008B, Intel Capital Wireless Investment Corporation 2008C, Intel
Capital Corporation, Intel Capital (Cayman) Corporation, Middlefield Ventures, Inc., Comcast
Wireless Investment I, Inc., Comcast Wireless Investment II, Inc., Comcast Wireless Investment III,
Inc., Comcast Wireless Investment IV, Inc., Comcast Wireless Investment V, Inc., Google Inc., TWC
Wireless Holdings I LLC, TWC Wireless Holdings II LLC, TWC Wireless Holdings III LLC, and BHN
Spectrum Investments, LLC]

 

 

	 	 	 	 	 
	 	COMCAST CORPORATION,

as the Strategic Investor Representative

 	 
	 	By:  	/s/
Robert S. Pick	 
	 	 	Name:  	Robert S. Pick 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Signature Page to the Equityholders’ Agreement by and among Clearwire Corporation, Sprint Holdco,
LLC, Eagle River Holdings, LLC, Intel Capital Wireless Investment Corporation 2008A, Intel Capital
Wireless Investment Corporation 2008B, Intel Capital Wireless Investment Corporation 2008C, Intel
Capital Corporation, Intel Capital (Cayman) Corporation, Middlefield Ventures, Inc., Comcast
Wireless Investment I, Inc., Comcast Wireless Investment II, Inc., Comcast Wireless Investment III,
Inc., Comcast Wireless Investment IV, Inc., Comcast Wireless Investment V, Inc., Google Inc., TWC
Wireless Holdings I LLC, TWC Wireless Holdings II LLC, TWC Wireless Holdings III LLC, and BHN
Spectrum Investments, LLC]

 

 

EXECUTION COPY

Exhibit A

Definitions

     As used in this Agreement, the following terms have the following meanings:

     “2.5 GHz Spectrum” means any spectrum in the 2495-2690 MHz band authorized by the FCC
under licenses for BRS or EBS.

     “25% Transferee” is defined in Section 2.1(a)(vii).

     “Adjustment Date” has the meaning set forth in the Transaction Agreement.

     “Affiliate” means, with respect to any Person, any other Person directly or indirectly
Controlling or Controlled by or under direct or indirect common Control with that Person; provided
that neither the Company nor any of its Subsidiaries shall be deemed to be an Affiliate of any
Equityholder.

     “Alternative New Securities” is defined in Section 3.5(c)(ii).

     “Alternative Units” is defined in Section 3.5(c)(ii)

     “Alternative Voting Securities” is defined in Section 3.5(c)(i).

     “Ancillary Agreements” has the meaning set forth in the Transaction Agreement.

     “Antitrust Guidelines” has the meaning set forth in Section 2.16(a).

     “Approval Equityholder” is defined in Section 2.7(e).

     “Audit Committee” is defined in Section 2.3(a).

     “Available Seats” means, at any time, (i) 13 less (ii) the number of Independent
Designees at such time less (iii) one, if there is then an Eagle River Designee, less (iv) the
number of Equityholder Designees (excluding the Eagle River Designee), if any, that were nominated
by Equityholders other than the Equityholders whose Board nomination rights are being adjusted
pursuant to Section 2.1 or Section 3.8 at
such time.

     “Bankruptcy” means, with respect to any Person,

     (i) to apply for, consent to, or acquiesce in, the appointment of a trustee, receiver,
sequestrator or other custodian for that Person or any property of that Person, or make a
general assignment for the benefit of creditors;

 B-1

 

 

     (ii) in the absence of an application, consent or acquiescence, permit or suffer to
exist the appointment of a trustee, receiver, sequestrator or other custodian for that
Person or for a substantial part of the property of that Person;

     (iii) to permit or suffer to exist the commencement of any bankruptcy, reorganization,
debt arrangement or other case or proceeding under any bankruptcy or insolvency law, or any
dissolution, winding up or liquidation proceeding, in respect of that Person; or

     (iv) take any corporate or company action authorizing, or in furtherance of, any of the
foregoing.

     “beneficial owner” or “beneficially own” has the meaning given in Rule 13d-3 under the
Exchange Act and a Person’s beneficial ownership of securities of any Person will be calculated in
accordance with the provisions of that Rule, except that for purposes of determining beneficial
ownership, no Person will be deemed to beneficially own any security solely as a result of that
Person’s execution of this Agreement or the Operating Agreement.

     “BHN” is defined in the preamble.

     “BHN Observer” is defined in Section 2.1(a)(iv)(C).

     “BHN Original Shares” means the number of shares of Common Stock acquired by BHN on
the Effective Date pursuant to Section 4.1 of the Transaction Agreement, subject to adjustment (i)
as set forth in Section 4.3 of the Transaction Agreement and
(ii) for Recapitalization
Events.

     “Board” means the Board of Directors of the Company.

     “BRS” means Broadband Radio Service, a radio service licensed by the FCC under Part 27
of Title 47 of the Code of Federal Regulations, as amended and interpreted by the FCC, which can be
used to provide fixed and mobile wireless services.

     “Business Day” means any day that is not a Saturday, a Sunday or other day that banks
are required or authorized by Law to be closed in New York City.

     “Business Purpose of the Company” means

     (i) holding a membership interest in the LLC,

     (ii) serving as Managing Member of the LLC under the LLC Agreement,

     (iii) in its capacity as Managing Member of the LLC, causing the LLC to

 

 

     (A) develop, own and operate a Wireless Broadband Network utilizing 2.5 GHz
Spectrum, and other spectrum that is used in an ancillary manner to such 2.5 GHz
Spectrum, primarily within the United States,

     (B) develop, own and operate comparable networks using wireless broadband
technology outside the United States as necessary to maintain the assets and
operations outside the United States in existence as of the date hereof, and

     (C) market, promote and sell all types and categories of wireless
communications services and associated products (whether now existing or developed
and implemented in the future), including services and products that are (x)
designed as products and services to be offered as the products and services of the
Wireless Broadband Network or (y) bundled with or complementary to the products and
services of the Wireless Broadband Network,

     (iv) engaging in such other business activities as may be approved by the Board from
time to time, and

     (v) conducting activities incidental to the activities described in clauses (i) through
(iv) above.

     “Bylaws” means the Bylaws of the Company as in effect on the Effective Date, as they
may be amended, supplemented or otherwise modified from time to time in accordance with their
terms, the terms of the Charter and the terms of this Agreement.

     “Change of Control” means, with respect to any Person, any of the following events:

     (i) the sale of more than a majority (or in the case of the Company or the LLC, the
Specified Percentage) of the consolidated assets of that Person and its Subsidiaries;

     (ii) any merger, consolidation, share exchange, recapitalization, sale, issuance,
disposition, transfer of capital stock or other transaction, in each case in which any
Person or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act)
(other than, in the case of the Company or the LLC, Sprint, Intel, the Strategic Investors
and their respective Permitted Transferees and Permitted Designees, singly or in a group)
acquires beneficial ownership of more than a majority (or, in the case of the Company or the
LLC, the Specified Percentage) of either

     (A) the then-outstanding shares of that Person’s common stock or equivalent
securities (determined on an as-converted basis), or

     (B) the combined voting power of the then-outstanding voting securities of that
Person entitled to vote generally in the election of directors; or

 

 

     (iii) during any period of 24 consecutive months, a majority of the members of the
board of directors or other equivalent governing body of such Person cease to be composed of
individuals (A) who were members of that board or equivalent governing body on the first day
of such period, (B) whose election or nomination to that board or equivalent governing body
was approved by individuals referred to in clause (A) above constituting at the time of such
election or nomination at least a majority of that board or equivalent governing body or (C)
whose election or nomination to that board or other equivalent governing body was approved
by individuals referred to in clauses (A) and (B) above constituting at the time of such
election or nomination at least a majority of that board or equivalent governing body;
provided, however, that, in the case of the Company, a member of the Board who differs from
the individual who was a member of the Board on the first day of the applicable period will
be deemed to have been a member on the first day of the applicable period if such member was
nominated or otherwise designated by the same Equityholder as appointed the original member
in accordance with Section 2.1.

     “Charter” means the Restated Certificate of Incorporation of the Company, as in effect
on the Effective Date and as it may be amended, supplemented or otherwise modified from time to
time in accordance with its terms and the terms of this Agreement.

     “Class A Common Stock” means Class A common stock, par value $0.0001 per share, of the
Company, which is entitled to the voting and other rights described in the Charter.

     “Class B Common Stock” means Class B common stock, par value $0.0001 per share, of the
Company, which is entitled to the voting and other rights described in the Charter.

     “Clayton Act” means The Clayton Act, 15 U.S.C. §§ 12-27.

     “Clearwire Sub LLC” is defined in the recitals.

     “Closing” has the meaning set forth in the Transaction Agreement.

     “Code” means the Internal Revenue Code of 1986, as amended from time to time.

     “Comcast” is defined in the preamble.

     “Common Stock” means any and all classes of the Company’s common stock as authorized
pursuant to the Charter, including the Class A Common Stock and the Class B Common Stock.

     “Company” is defined in the preamble.

     “Compensation Committee” is defined in Section 2.3(c).

     “Compliance Certificate” is defined in Section 2.13(b).

 

 

     “Compliance Notice” is defined in Section 2.13(a).

     “Confidential Information” is defined in Section 4.7(c).

     “Consenting Equityholder” is defined in Section 2.7(c).

     “Control” (including the correlative terms “Controlling”, “Controlled
by” and “under common Control with”) means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract or otherwise.

     “Controlled Affiliate” of an Equityholder means

     (i) each direct or indirect Subsidiary of that Equityholder and of that Equityholder’s
Parent,

     (ii) any Affiliate of the Equityholder that the Equityholder (or its Parent) can
directly or indirectly unilaterally cause to take or refrain from taking any of the actions
required, prohibited or otherwise restricted by this Agreement; and

     (iii) such Equityholder’s Parent.

provided that neither the Company nor any of it Subsidiaries will be deemed to be a Controlled
Affiliate of any Equityholder.

     “Director” means any member of the Board.

     “Eagle River” is defined in the preamble.

     “Eagle River Designee” is defined in Section 2.1(a)(ii).

     “Eagle River Observer” is defined in Section 2.1(a)(ii)(B).

     “Eagle River Original Shares” means 38,557,957 shares of Common Stock, as adjusted for
Recapitalization Events.

     “EBS” means Educational Broadband Service, a fixed or mobile service, the licensees of
which are educational institutions or non-profit educational organizations, and intended primarily
for video, data, or voice transmissions of instructional, cultural, and other types of educational
material licensed by the FCC under Part 27 of Title 47 of the Code of Federal Regulations, as
amended and interpreted by the FCC.

     “Effective Date” is defined in the preamble.

     “Equity Securities” means any and all shares of common stock of the Company and any
securities issued in respect thereof, including

 

 

     (i) Common Stock,

     (ii) securities of the Company convertible into, or exchangeable for, shares of Common
Stock, and options, warrants or other rights to acquire shares of Common Stock; and

     (iii) any securities issued in substitution for the securities described in clauses (i)
and (ii) above in connection with any Recapitalization Event.

     “Equityholder” has the meaning set forth in the recitals; provided that, for purposes
of Sections 2.1(b), 2.1(g), 2.1(h) and 2.3(d) only, the term “Equityholder”, when used in reference
to a Strategic Investor, will be deemed to refer to the Strategic Investor Group.

     “Equityholder Designees” means, collectively, the Director(s), including the Investor
Independent Designee, that each Equityholder is entitled to nominate pursuant to Section 2.1(a).

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder.

     “Excluded Transfer” is defined in Section 3.3(g).

     “Existing Intel Shares” means the shares of Class A Common Stock issued to Intel in
the Merger and the shares of Class A Common Stock issuable upon the exercise of the warrant to
purchase 93,333 shares of Class A Common Stock held by Intel immediately following the Effective
Time of the Merger (and any securities issued with respect to such shares in all subsequent
Recapitalization Events).

     “Family Member” is defined in Exhibit F.

     “GAAP” means generally accepted accounting principles, as in effect in the United
States of America from time to time.

     “Google” is defined in the preamble.

     “Governmental Authority” means any (i) nation, state, county, city, town, village,
district or other jurisdiction of any nature; (ii) federal, state, local, municipal, or other
government; (iii) governmental or quasi-governmental authority of any nature; or (iv) body
exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police,
regulatory or taxing power or authority of any nature.

     “Guaranty” means the Parent Agreement attached to this Agreement as Exhibit I.

     “Hedging Transactions” means engaging in short sales, zero cost collars, equity swaps,
prepaid variable forward contracts, or the purchase and sale of puts and calls or other derivative
securities, so long as (i) the applicable Equityholder retains beneficial ownership of the Equity
Securities underlying such Hedging Transactions within the meaning of
Rule 13d-3 of the Exchange Act and (ii) such Hedging Transactions are not permitted to be settled in securities,
and are settled solely in cash.

 

 

     “Holding Company Transfer” is defined in Section 3.12.

     “Incentive Plan” means any equity incentive or similar plan or agreement under which
the Company may issue shares of Class A Common Stock or other Equity Securities to existing and
former directors, officers, employees and other Persons providing services to the Company and its
Subsidiaries from time to time.

     “Indebtedness” of the Company or any of its Subsidiaries means, without duplication,
(a) all obligations for borrowed money (whether by loan, the issuance and sale of debt securities
or the sale of property to another Person subject to an understanding or agreement, contingent or
otherwise, to repurchase such property from such Person), (b) all obligations evidenced by bonds,
debentures, notes or similar instruments, (c) all obligations under conditional sale or other title
retention agreements relating to property acquired by the Company or any of its Subsidiaries, (d)
all obligations in respect of the deferred purchase price of property or services (excluding
accounts payable incurred in the ordinary course of business), (e) all Indebtedness of others
secured by (or for which the holder of such Indebtedness has an existing right, contingent or
otherwise, to be secured by) any lien on property owned or acquired by the Company or any of its
Subsidiaries, whether or not the Indebtedness secured thereby has been assumed, (f) all guarantees
by the Company or any Subsidiary of Indebtedness of others, (g) all capital lease obligations, (h)
all obligations, contingent or otherwise, as an account party in respect of letters of credit and
letters of guaranty, (i) all obligations, contingent or otherwise, in respect of bankers’
acceptances and (j) any other obligation, the incurrence of which is subject to restriction under
any Sprint Senior Debt Agreement. However, Indebtedness does not include a draw-down on a
revolving line of credit that has been the subject of a Revolver Quarterly Notice unless the
Company intends to draw an amount on such line of credit in excess of the amount set forth in such
Revolver Quarterly Notice.

     “Independence Standards” is defined in Section 2.16(b)(i).

     “Independent Designee” is defined in Section 2.1(a).

     “Independent Director” means an “independent director” as that term is used in the
listing rules or requirements of NASDAQ or any other listing rules or requirements, if applicable,
and any rules or requirements under Law.

     “Initial Independent Designee” is defined in Section 2.1(a).

     “Initiating Equityholder” is defined in Section 3.8(a).

     “Intel” is defined in the preamble.

     “Intel Agreement” has the meaning set forth in the Transaction Agreement.

 

 

     “Intel Designee” is defined in Section 2.1(a).

     “Intel Observer” is defined in Section 2.1(a)(iii)(C).

     “Intel Original Shares” means the number of shares of Common Stock acquired by Intel
on the Effective Date pursuant to Section 4.1 of the Transaction Agreement, subject to adjustment
(i) as set forth in Section 4.3 of the Transaction Agreement and (ii) for Recapitalization Events.

     “Intel Restricted Entity” means any of the following (including any Controlled
Affiliate of the following and any successor (whether by merger, operation of law or otherwise) to
any of the following or any of their respective Controlled Affiliates): Vodafone Group, NTT
DoCoMo, Inc., AT&T Inc., Verizon Communications Inc. and Verizon Wireless.

     “Interest Notice” is defined in Section 3.3(a).

     “Investor Independent Designee” is defined in Section 2.1(a)(v).

     “Investor Securities Holding Company” means any entity (other than the Company or any
of its Subsidiaries) that (i) is taxable as a corporation for U.S. federal income tax purposes,
(ii) holds no material assets other than an equal number of Units and shares of Class B Common
Stock, (iii) at all times since its existence has held no material assets other than assets
transferred to or from the LLC (and earnings thereon) and an equal number of (A) Units and (B)
either (1) shares of Class B Common Stock or (2) Voting Units (as defined in the Operating
Agreement), and (iv) has conducted no business or other activities other than those related to its
ownership of such Units and Class B Common
Stock.

     “Law” means any applicable foreign or domestic, federal, state or local, statute,
ordinance, rule, regulation, code, license, permit, authorization, approval, consent, order,
judgment, decree, injunction or requirement of any Governmental Authority or any arbitration
tribunal.

     “LLC” is defined in the recitals.

     “Merger” is defined in the recitals.

     “NASDAQ” means The NASDAQ Stock Market, LLC or other stock exchange or securities
market on which the Common Stock is at any time listed or quoted.

     “New Securities” is defined in Section 3.5(f).

     “New Securities Notice Period” is defined in Section 3.5(b).

     “Nominating Equityholder” is defined in Section 2.1(a)(x).

     “Non-Equityholder Transferee” is defined in Section 3.1(a).

 

 

     “Non-Initiating Equityholder” is defined in Section 3.8(a).

     “Non-Preemptive Rights Securities” is defined in Section 3.7(c)(iv).

     “Non-Qualifying Equityholder” is defined in Section 2.9(c).

     “Non-Selling Equityholder” is defined in Section 3.3(a).

     “Notice of Issuance” is defined in Section 3.5(b).

     “Observer” is defined in Section 2.1(a)(iv)(D).

     “Observer Restrictions” is defined in Section 2.1(a)(xii).

     “Observer Rights” is defined in Section 2.1(a)(xii).

     “Old Clearwire” is defined in the recitals.

     “Open Market Transfer” means a Transfer that is made in accordance with Rule 144 under
the Act or in a public offering registered under the Securities Act.

     “Operating Agreement” means the Amended and Restated Operating Agreement of the LLC,
dated as of the date hereof, as it may be amended, supplemented or otherwise modified from time to
time in accordance with its terms and the terms of this Agreement.

     “Original Operating Agreement” means the Operating Agreement of the LLC, dated as of
May 14, 2008, 2008.

     “Original Shares” means, as applicable, any or all of the Sprint Original Shares, the
Strategic Investor Original Shares, the Intel Original Shares, the Eagle River Original Shares or
the BHN Original Shares.

     “Other Business Activities” means business activities of the Company that are (a)
approved by the Board in accordance with Section 2.6(b)(iii) and (b) not conducted by or through
the LLC or its Subsidiaries.

     “Other Sprint Debt Agreement” is defined in Section 2.13(i).

     “Par Value” means, with respect to shares of Class A Common Stock and Class B Common
Stock, $0.0001 per share, as adjusted for Recapitalization Events.

     “Parent” means, with respect to Sprint, Sprint Nextel Corporation; with respect to
Intel, Intel Corporation; with respect to Comcast, Comcast Corporation; with respect to Google,
Google; with respect to TWC, Time Warner Cable Inc.; and with respect to BHN, Advance/Newhouse
Partnership or, Bright House Networks, LLC (except that for purposes of the Guaranty to be issued
pursuant to Section 4.1 hereof, it means Bright House Networks,
LLC); and, in each case, any successor (whether by merger, operation of law or otherwise) thereto;
provided that if any Equityholder effects a Spin-Off Transaction, following such Spin-Off
Transaction the Parent of the Person owning the Equity Securities and Units that have been spun off
will be deemed to be the Spin-Off Entity.

 

 

     “Percentage Interest” means, at the time of determination with respect to any Person,
the voting power represented by the Voting Securities then collectively held by that Person and its
Permitted Transferees and Permitted Designees (or, in the case of a Person that is not an
Equityholder, its Affiliates) as a percentage of the voting power attributable to all Voting
Securities then outstanding; provided that the Percentage Interest of Intel will be calculated as
though Intel did not hold any Existing Intel Shares (i.e., the Existing Intel Shares will be
counted in the denominator, but not in the numerator, in any calculation of Intel’s Percentage
Interest); and provided, further, that any Equity Securities issued by Clearwire under Section
10.1(b)(iv)(E), (F), (H) or (I) of the Transaction Agreement or in connection with the transactions
described in Items 2, 3, 4 and 8 of Section 6.13(c)(ii) or Item 4 of Section 10.1(b)(iv) of the
Clearwire Disclosure Schedules (as defined in the Transaction Agreement), including those issued
upon exercise, conversion or exchange of such Equity Securities will be deemed not to be
outstanding for the purpose of calculating an Equityholder’s Percentage Interest.

     “Permitted Designee” means, with respect to any Equityholder, any direct or indirect
wholly-owned Subsidiary of the Parent of such Equityholder.

     “Permitted Transferee” means, (i) with respect to any Equityholder, the Parent of such
Equityholder or a direct or indirect wholly-owned Subsidiary of the Parent of such Equityholder,
(ii) in the case of any Equityholder that is a member of the Strategic Investor Group, another
member of the Strategic Investor Group and (iii) in the case of Eagle River, any of the members of
Eagle River. Notwithstanding the foregoing, a Permitted Transferee of the Spinning Entity or any
of its direct or indirect wholly-owned Subsidiaries will not cease to qualify as a Permitted
Transferee as a result of a Spin-Off Transaction for so long as such Permitted Transferee remains a
direct or indirect wholly-owned Subsidiary of the Spin-Off Entity.

     “Person” means any individual, corporation, limited liability company, limited or
general partnership, joint venture, association, joint-stock company, trust, estate, unincorporated
organization, government or any agency or political subdivisions thereof.

     “Preemptive Right Pro Rata Share” is defined in Section 3.5(a).

     “Principal Equityholder” means, at any given time, whichever of Sprint, the Strategic
Investor Group or Intel holds the largest Percentage Interest; provided that in no event shall any
Equityholder be deemed the Principal Equityholder if it (together with its Permitted Transferees
and Permitted Designees) holds a Percentage Interest of less than 26%.

     “Prohibited Designees” is defined in Section 2.16(e)(i)(A).

     “Proposed Equityholder Designee” is defined in Section 2.16(b)(i).

 

 

     “Proposed Transferee” is defined in Section 3.4(a).

     “Public Offering” means an underwritten public offering of securities of the Company
under an effective registration statement under the Securities Act or the sale of securities of the
Company on a bought-deal basis to a broker-dealer who intends to distribute the acquired
securities.

     “Public Offering Notice” is defined in Section 3.5(d)(i).

     “Qualifying Purchase” is defined in Section 3.7(b)(ii).

     “Qualifying Purchase Notice” is defined in Section 3.8(a).

     “Qualifying Purchase Securities” is defined in Section 3.8(a).

     “Reasonable Best Efforts” means the efforts that a prudent Person desirous of
achieving a result would use in similar circumstances to achieve that result as expeditiously and
as reasonably as possible.

     “Recapitalization Event” means a stock split, reverse stock split, combination,
reclassification, recapitalization, stock dividend or similar transaction.

     “Registered” means a registration effected by preparing and filing a registration
statement in compliance with the Securities Act (and any post-effective amendments filed or
required to be filed) and the declaration or ordering of effectiveness of that registration
statement.

     “Registration Rights Agreement” means the Registration Rights Agreement, dated as of
the date hereof, among the Company and each of the Equityholders, as amended from time to time.

     “Related Party Transaction” means any transaction between the Company or any of its
Controlled Affiliates, on the one hand, and any Equityholder, any Affiliate of an Equityholder, or
any director, officer, employee or “associate” (as defined in Rule 12b-2 promulgated under the
Exchange Act) of the Company, an Equityholder or any Affiliate of an Equityholder, on the other
hand.

     “Representative” is defined in Section 4.7(c).

     “Response Notice” is defined in Section 3.3(b).

     “Restricted Aggregated Information” is defined in Exhibit E.

     “Restricted Entity” means, collectively, the Intel Restricted Entities, the Strategic
Investor Restricted Entities and the Sprint Restricted Entities.

     “Restricted Market Information” is defined in Exhibit E.

 

 

     “Revolver” is defined in Section 2.13(a).

     “Revolver Quarterly Notice” is define in Section 2.13(a).

     “Sale Securities” is defined in Section 3.4(a).

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.

     “Securities Holding Company” means any Investor Securities Holding Company or a Sprint
Securities Holding Company.

     “Securities Holding Company Stockholder” is defined in Section 3.12(a).

     “Selling Equityholder” is defined in Section 3.3(a).

     “Sherman Act” means The Sherman Act, 15 U.S.C. §§ 1-7.

     “Simple Majority” means a majority of the Directors (or relevant group of Directors)
(i) present at a meeting that has been duly called and at which a quorum was present at the time
any matter is being voted on or (ii) to the extent permissible under applicable Law, acting by
written consent.

     “Specified Percentage” means a percentage equal to 50% of the Percentage Interest of
Sprint as of the Adjustment Date.

     “Spinning Entity” is defined in the definition of “Spin-Off Transaction.”

     “Spin-Off Entity” is defined in the definition of “Spin-Off Transaction.”

     “Spin-Off Transaction” means any pro rata transfer by a Parent (such Parent, a
“Spinning Entity”) to its stockholders in a spin-off or similar transaction of all of the
capital stock of a Permitted Transferee of such Spinning Entity owning directly or indirectly all
of the Equity Securities and Units beneficially owned by such Spinning Entity and its Affiliates
(the “Spin-Off Entity”) that qualifies as a tax-free spin-off under Section 355(c) of the
Code; provided that in order to be treated as a Spin-Off Transaction the Spin-Off Entity must,

(a) if the Parent of Sprint is the Spinning Entity, also own directly or indirectly
all or substantially all of the wireless, voice and data services business conducted
by Sprint and its Controlled Affiliates using CDMA technology over 1.9 GHz PCS
spectrum (or successor operational or functional equivalent),

(b) if the Parent of Comcast, TWC or BHN is the Spinning Entity, also own directly
or indirectly all or substantially all of its and its Controlled Affiliates’ cable
division or business (or successor or operational or functional equivalent),

 

 

(c) if the Parent of Intel is the Spinning Entity, also own directly or indirectly
all or substantially all of the business comprising the mobility group of Intel and
its Controlled Affiliates as of the date of the Transaction Agreement (or successor
or operational or functional equivalent), or

(d) if the Parent of Google is the Spinning Entity, also own directly or indirectly
all or substantially all of its and its Controlled Affiliates’ search division or
business (or successor or operational or functional equivalent).

     “Sprint” is defined in the preamble.

     “Sprint Adverse Change of Control” means (i) the acquisition of or beneficial
ownership by a Restricted Entity, in each case on or after the date of the Transaction Agreement,
of securities representing 50% or more of the votes entitled to be cast in the election of
directors of Sprint or (ii) at any time prior to the later of (x) two years following the date on
which Sprint files a petition for reorganization under the Bankruptcy Code and (y) the date upon
which (1) an order is entered in any bankruptcy reorganization case of Sprint that confirms a plan
or reorganization or liquidation or (2) Sprint files a Chapter 7 liquidation case under the
Bankruptcy Code, a majority of the Sprint Designees cease to be individuals who (A) were Sprint
Designees prior to such Bankruptcy, (B) are then current or former employees of Sprint or any of
its Controlled Affiliates or (C) were directors of Sprint or any of its Controlled Affiliates
immediately prior to the Bankruptcy.

     “Sprint Affiliate Management Agreement” means an agreement entered into between Sprint
Nextel or its Affiliates and another Person for the purpose of engaging the other Person to both
(i) manage portions of a CDMA mobile wireless communications network using the Person’s own network
equipment and (ii) sell mobile wireless communications services as the agent of Sprint Nextel under
the Sprint Nextel designated brand.

     “Sprint Contribution” is defined in the recitals.

     “Sprint Designee” is defined in Section 2.1(a).

     “Sprint Nextel” is defined in the recitals.

     “Sprint Original Shares” means the number of shares of Common Stock acquired by Sprint
on the Effective Date in connection with the transactions contemplated by the Transaction
Agreement, as adjusted for Recapitalization Events.

     “Sprint Restricted Entity” means any of the following (including any Controlled
Affiliate of the following and any successor (whether by merger, operation of law or otherwise) to
any of the following or any of their Controlled Affiliates): AT&T Inc., Verizon Communications
Inc., and Verizon Wireless.

 

 

     “Sprint Securities Holding Company” means any entity (other than the Company or any of
its Subsidiaries) that (i) is taxable as a corporation for U.S.
federal income tax purposes, (ii) holds no material assets other than an equal number of Units and shares of Class B Common
Stock, (iii) at all times since its existence has held no material assets other than interests in
Sprint, assets transferred to or from the LLC (and earnings thereon), and an equal number of Units
and shares of Class B Common Stock and (iv) has conducted no business or other activities other
than those related to its ownership of such Units and shares of Class B Common Stock and interests
in Sprint.

     “Sprint Senior Debt Agreements” means, collectively, (i) the Credit Agreement dated as
of December 19, 2005, as amended, among Sprint Nextel Corporation, Nextel Communications, Inc.,
Sprint Capital Corporation, the banks and other financial institutions and lenders that are parties
thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent (or any successor agreement), (ii)
the Indenture dated as of October 1, 1998 among Sprint Capital Corporation, Sprint Corporation and
Bank One, NA, as trustee, together with all supplements thereto (or any successor agreement), (iii)
the Credit Agreement dated as of March 23, 2007 between Sprint Nextel Corporation and Export
Development Canada (or any successor agreement) and (iv) any other similar instrument (or series of
related instruments) evidencing or governing indebtedness for money borrowed or guarantees of
Sprint Nextel or any of its Subsidiaries in an amount equal to or greater than $100,000,000 (or any
successor instrument); provided that (x) any indebtedness borrowed or issued pursuant to a “base”
indenture or credit agreement with multiple facilities, series or tranches shall be aggregated for
purposes of this calculation, and (y) the amount of indebtedness for purposes of this calculation
under any revolving facility shall be the maximum amount available to be borrowed under such
facility.

     “Sprint Sub LLC” is defined in the recitals.

     “Standstill Equityholders” is defined in Section 3.7(d)(ii).

     “Standstill Period” is defined in Section 3.7(d)(i).

     “Strategic Investor” is defined in the preamble.

     “Strategic Investor Agreement” means that certain Strategic Investor Agreement entered
into among the Strategic Investors as of the date hereof, as amended from time to time.

     “Strategic Investor Designee” is defined in Section 2.1(a).

     “Strategic Investor Group” means, collectively, (i) each Strategic Investor and (ii)
each Permitted Transferee and Permitted Designee of a Strategic Investor.

     “Strategic Investor Observer” is defined in Section 2.1(a)(iv)(D).

     “Strategic Investor Original Shares” means the number of shares of Common Stock
acquired by the Strategic Investor Group on the Effective Date in connection with the transactions
contemplated by the Transaction Agreement, subject to adjustment (i) as set forth in Section 4.3 of
the Transaction Agreement, and (ii) for Recapitalization Events.

 

 

     “Strategic Investor Representative” means the representative of the Strategic Investor
Group that is appointed in accordance with the terms of the Strategic Investor Agreement to take
all actions designated herein to be performed by the Strategic Investor Group, as a group, in
accordance with the terms set forth in the Strategic Investor Agreement. The initial Strategic
Investor Representative shall be Comcast Corporation unless and until Comcast Corporation is
removed or resigns in accordance with the terms of the Strategic Investor Agreement.

     “Strategic Investor Restricted Entity” means any of the following (including any
Controlled Affiliate of the following and any successor (whether by merger, operation of law or
otherwise) to any of the following or any of their Controlled Affiliates): AT&T Inc., Verizon
Communications Inc., Verizon Wireless, DirectTV, Inc., Echostar Communications Corporation and
Microsoft Corporation.

     “Subject Stock” is defined in Section 3.3(a).

     “Subject Equityholder” is defined in Section 2.16(b).

     “Subsidiary” means, with respect to any entity,

     (i) any corporation of which a majority of the securities entitled to vote generally in
the election of directors thereof, at the time as of which any determination is being made,
are owned by such entity, either directly or indirectly, and

     (ii) any joint venture, general or limited partnership, limited liability company or
other legal entity in which such entity is the record or beneficial owner, directly or
indirectly, of a majority of the voting interests or the general partner or managing member.

     “Tag-Along Equityholder” is defined in Section 3.4(a).

     “Tag-Along Notice” is defined in Section 3.4(a).

     “Tax” or “Taxes” means any federal, state, local, or foreign taxes,
assessment, duties, fees, levies, imposts, deductions, or withholdings, including income, gross
receipts, ad valorem, value added, excise, real or personal property, asset, sales, use, license,
payroll, transaction, capital, net worth, franchise taxes, estimated, withholding, employment,
social security, workers compensation, environmental, utility, severance, production, unemployment
compensation, occupation, premium, windfall profits, transfer, gains, or other tax or governmental
charge of any nature whatsoever, imposed by any taxing authority of any country, and any
liabilities with respect thereto, including any penalties, additions to tax, fines or interest
thereon and includes any liability for Taxes of another person by contract, as a transferee or
successor, under Regulation Section 1.1502-6 or analogous state, local or foreign Law provision or
otherwise.

     “Transaction Agreement” is defined in the recitals.

 

 

     “Transaction Documents” means this Agreement, the Transaction Agreement, the Operating
Agreement, the Registration Rights Agreement, the Guaranty and the Ancillary Agreements.

     “Transactions Committee” is defined in Section 2.3(d).

     “Transfer” (including the terms “Transferring” and “Transferred”)
means, directly or indirectly, in one transaction or a series of related transactions, to sell,
transfer, assign, or similarly dispose of, either voluntarily or involuntarily, or to enter into
any contract, option or other arrangement or understanding with respect to the sale, transfer,
assignment, or similar disposition of, any Equity Securities beneficially owned by a Person or any
interest in any Equity Securities beneficially owned by a Person (including any arrangement to
provide another Person the economic performance of all or any portion of such Equity Securities
(including by means of any option, swap, forward or other contract or arrangement the value of
which is linked in whole or in part to the value of such Equity Securities)); provided that a
Transfer will not include (i) any Hedging Transaction or (ii) any pledge, encumbrance or
hypothecation of any Equity Securities incurred or effected in connection with a financing
transaction unless and until such Equity Securities are Transferred as a result of a foreclosure or
similar action, so long as the following conditions are satisfied: (x) in connection with any such
pledge, encumbrance or hypothecation, the applicable Equityholder will cause the pledgee or other
lienor with respect to such Equity Securities to hold such Equity Securities subject to this
Agreement (including, without limitation, Section 3.3 and Section 3.4) and (y) without limiting the
generality of the foregoing, in the event of a foreclosure or similar action the pledgee or other
lienor will be required to comply, and will comply, in all respects with this Agreement (including,
without limitation, by giving the notices and taking the other actions required of a “Selling
Equityholder” under Sections 3.3 and 3.4 prior to any Transfer of such Equity Securities). For the
avoidance of doubt, each party hereto agrees that a Change of Control of a Parent, or sale or
transfer of other securities of a Parent, will not be deemed a Transfer of Equity Securities
hereunder.

     “Transfer Entities” is defined in the recitals.

     “Transferee” means any Person to whom any Equity Securities are Transferred.

     “Transferor” means any Person that Transfers Equity Securities.

     “TWC” is defined in the preamble.

     “Unfilled Director Seat” is defined in Section 2.1(a)(x).

     “Unit” means a limited liability company unit in the LLC.

     “Voting Securities” means, at any time, any class of Equity Securities of the Company
that are then entitled to vote generally in the election of Directors.

     “WiMAX” means the IEEE 802.16e-2005 Wave 2 conforming technology standard, including
future evolution thereof (as defined by the WiMAX Forum).

 

 

     “WiMAX Forum” means the industry-led, non-profit corporation formed to promote and
certify compatibility and interoperability of broadband wireless products using industry standard
IEEE 802.16e-2005, including future evolutions thereof.

     “Wireless Broadband Network” is defined in the recitals.

     “Wireless Broadband Products and Services” means all types and categories of wireless
communications services and associated products (whether now existing or developed and implemented
in the future) that are designed as products and services to be offered as the products and
services of the Wireless Broadband Network.

 

 

EXECUTION COPY

Exhibit B

Initial Directors and Officers of the Company

	 	 	 
	Initial Officers
	 	 
	 
	 	 
	Benjamin G. Wolff:

	 	Chief Executive Officer
	 
	 	 
	Barry West:

	 	President and Chief Architect
	 
	 	 
	[TBD]:

	 	Chief Financial Officer
	 
	 	 
	Perry S. Satterlee:

	 	SVP — Chief Operating Officer
	 
	 	 
	Atish Gude

	 	SVP — Chief Marketing Officer
	 
	 	 
	Broady Hodder

	 	SVP — General Counsel
	 
	 	 
	John Saw

	 	SVP — Chief Technology Officer
	 
	 	 
	Scott Richardson

	 	SVP — Chief Strategy Officer
	 
	 	 
	Initial Directors1
	 	 

	 	 	 
	Name

	 	Designee
	 
	 	 
	Craig O. McCaw, Chairman

	 	Eagle River Designee
	Dan Hesse

	 	Sprint Designee
	Keith Cowan

	 	Sprint Designee
	John Stanton

	 	Sprint Designee
	Frank Ianna

	 	Sprint Designee
	Jose Collazo

	 	Sprint Designee
	Sean Maloney

	 	Intel Designee
	Dennis S. Hersch

	 	Strategic Investor Designee

 

			
	1	 	Notwithstanding Section 2.1(a)(viii), Section 2.1(b) or
any other provisions of this Agreement to the extent contrary or inconsistent
herewith, the Parties agree that: (a) Sprint will have until January 14, 2009
to identify and nominating the remaining initial Sprint Designees to the Board;
and (b) TWC (in accordance with the Strategic Investor Agreement by and among
the Strategic Investors dated of even date herewith) will have until February
27, 2009 to identify and nominate the remaining initial Strategic Investor
Designee to the Board and will use its Reasonable Best Efforts to identify and
nominate such person prior to January 14, 2009. Each of the Parties agrees to
take any actions required by Section 2.1 to cause the election to the Board of
the individuals nominated pursuant to the preceding sentence.

B-1

 

EXECUTION COPY

Exhibit C

Terms of D&O Insurance

     The Company will maintain a minimum amount of total directors and officers liability insurance
of $150 million. These limits will have a minimum of $50 million dedicated to Side A personal asset
protection with drop down features. Coverage terms will be no less broad than what is currently
contained in the existing Clearwire directors and officers liability insurance program. Carrier
credit rating should be rated at A- or better. The securities retention should be no more than $2
million.

C-1

 

EXECUTION COPY

Exhibit D

Form of Compliance Certificate

     Pursuant to Section 2.13(b) of the Equityholders’ Agreement, dated as of                     , 2008 (the
“Equityholders’ Agreement”), by and among                                         , the undersigned hereby
certifies as follows:

     1. The proposed Indebtedness or other action to be taken by the Company and its Subsidiaries
as set forth in the [Compliance Notice/Revolver Quarterly Notice] attached to this Certificate as
Exhibit A will not violate, cause a default or event of default under, or result in the imposition
of a lien on any assets or property of the Company or any of its Subsidiaries under, any of the
covenants under the Sprint Senior Debt Agreements (a correct and complete list of which is attached
to this Certificate as Exhibit B).

     2. All capitalized terms used in this certificate “Certificate” and not defined in
this Certificate will have the meanings assigned to those terms in the Equityholders’ Agreement.

Dated                     , 20__

	 	 	 	 	 
	 	 	SPRINT NEXTEL CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Chief Executive/Financial Officer 	 
	 

E-1

 

EXECUTION COPY

Exhibit E

ANTITRUST COMPLIANCE GUIDELINES —

CLEARWIRE CORPORATION AND INVESTORS

	A.	 	Introduction:

	 	1.	 	The Strategic Investors, Intel and Eagle River (collectively, the
“Investors”) and Clearwire Corporation (formerly known as New Clearwire
Corporation, the “Company” and, together with the Investors, the
“Parties”) have agreed to collaborate to develop and build a new 4G wireless
network.2 This collaboration includes: (i) substantial investments of
assets and cash by Clearwire and the Investors to facilitate the construction of this
network by the Company; and (ii) entry into certain MVNO Agreements pursuant to which
certain Investors will resell the Company’s service to consumers. The Parties believe
that this collaboration will enhance competition and consumer choice.
	 
	 	2.	 	The Parties recognize that the Company may compete at the retail level with
certain of the Investors. Under these circumstances, in order to ensure compliance
with applicable antitrust laws, the Parties adopt these compliance guidelines.
	 
	 	3.	 	All references to Clearwire, the Investors, or the Parties include the
officers, directors, and employees of these entities and their affiliates (other than
the Company).

	B.	 	Competitive Independence and Information Exchange:

	 	1.	 	General Principles: In connection with the Company, each Party shall
operate any business that is competitive with that of the Company or the Investors in
an independent and separate fashion. In particular, neither the Company nor the
Investors shall share or use non-public information in a manner prohibited by the
antitrust Laws, including communications with any other Party in a manner designed to
facilitate or effect the coordination of competitive decision-making (such as pricing,
promotional, or marketing decisions) between the two Parties in any business where the
two Parties compete with each other.

 

			
	2	 	All capitalized terms in these guidelines shall have
the meaning specified in the Equityholders’ Agreement dated as of November 28,
2008, as amended from time to time, to which these guidelines are attached,
except that “Investors” shall have the meaning set forth in Section A.1.

E-1

 

	 	 	 	The Parties will take all reasonable and appropriate steps necessary to ensure
compliance with these basic principles. The specific guidelines set forth below in
Sections B.2-4 are not meant to be exclusive or comprehensive. Where reasonable and
appropriate, the Parties may take additional steps on a case-by-case basis to ensure
compliance.
	 
	 	 	 	Nothing herein shall prohibit the cable company Investors from marketing wireless or
other services jointly with each other in areas where they do not compete.
	 
	 	2.	 	Clearwire Information:

	 	a.	 	The Company (including Directors and Observers) shall not share
any non-public market-specific information (“Restricted Market
Information”) with any Investor that is involved in a competitive business
(including any Director or Observer employed by or affiliated with such
Investor). Restricted Market Information shall include but not be limited to
any non-public: (i) market-specific retail pricing information, (ii)
market-specific revenue, sales, and subscriber information, and (iii)
market-specific marketing or sales plans or strategies, promotional plans or
strategies. Nothing herein shall restrict an Investor from receiving
Restricted Market Information pertaining to a geographic market where Clearwire
and that Investor do not have overlapping operations, provided that such
information shall be subject to the non-disclosure agreements of the Parties.
In order to ensure compliance with this provision, the general counsel of the
Company or his/her designee shall review all materials distributed to the
Investors, including Board books and presentations in advance of distribution
to Directors or Observers, and make redactions where appropriate.
	 
	 	b.	 	None of the Company, any Director, Observer or any Investor
shall share any non-public competitively-sensitive information aggregated on a
regional or national level concerning the Company’s retail business
(“Restricted Aggregated Information”), with any officers or employees
of any Investor who are directly responsible for the day-to-day operations of
such Investor that are competitive with the business of the Company.
Restricted Aggregated Information can otherwise be shared with the officers and
employees of any such Investor that has a need to know the information in
relation to the investment in the Company. Restricted Aggregated Information
shall include but not be limited to non-public: (i) aggregated retail pricing
information, (ii) aggregated revenue, sales, and subscriber information, and
(iii) marketing or sales plans or strategies, promotional plans or strategies
on a regional or national level.

E-2

 

	 	c.	 	No Investor shall nominate to the Board, or designate as an
Observer, any officer or employee who is directly responsible for the
day-to-day operations of such Investor that are competitive with the business
of the Company.
	 
	 	d.	 	For purposes of clarity and avoidance of doubt, nothing in this
Section B shall prohibit the Company from disclosing to or discussing with the
Investors: (i) subjects that relate to the Investors’ role as the Company’s
MVNO service providers, including appropriate information relating to
technological and logistical matters concerning the development and
construction of the Company network, network launch or roll out plans, product
or network features and functionality, billing and other back office systems
and historical pricing information contemplated by Schedule 7.1 and Schedule
7.2 (or any future pricing schedule) to that certain 4G MVNO Agreement among
the Company and certain of the Investors; or (ii) efforts to raise additional
capital by the Company.

	 	3.	 	Investor Information: In connection with the Company, no Investor
shall disclose to another Party to this agreement any non-public competitively
sensitive information concerning any business areas where the Investor and the other
Party compete (including
non-public retail pricing information, marketing or sales
plans or strategies, promotional plans or strategies, or other
similar non-public
retail, commercial information) where doing so would violate the antitrust laws. By
way of example, where an Investor and another Party to this agreement do not compete to
any material degree, this prohibition on Investor Information does not preclude
disclosures or discussions related to jointly marketing the WiMAX services of the
Company.
	 
	 	4.	 	Application to Intel, Google and Eagle River: It is understood that
Intel Corporation, Google and Eagle River do not currently offer products or services
that may compete with services that the Company plans to offer. In the future, Intel
Corporation, Google and Eagle River may offer a service that is competitive with
services offered by the Company. These guidelines will not limit the ability of Intel
Corporation, Google and Eagle River to receive information concerning the Company until
such time that Intel Corporation, Google and Eagle River offer for sale a service that
is competitive with services offered by the Company.
	 
	 	5.	 	Application to Sprint: On the earlier to occur of (a) a final and
non-appealable determination by a Governmental Authority and (b) a determination by
Sprint in its sole discretion, in either case, to the effect that Sprint and the
Company are separate entities capable of conspiring with each other for purposes of
Section 1 of the Sherman Act, Sprint shall be deemed to be an “Investor” for purposes
of these guidelines and shall comply with the provisions of these guidelines applicable
to the Investors.

E-3

 

	 	6.	 	Notwithstanding the foregoing, if, in the future, a Party and the Company are
not separate entities capable of conspiring with each other for purposes of Section 1
of the Sherman Act, such Party shall not be deemed to be an “Investor” for purposes of
these guidelines and shall not be required to comply with the provisions of these
guidelines applicable to the Investors.

	C.	 	Clayton Act:

	 	1.	 	Consistent with § 2.16(a) of the Equityholders’ Agreement, no Investor shall
permit a Person to serve as its Equityholder Designee if the participation of that
Person would violate any Law, including any antitrust Law.
	 
	 	2.	 	Each Investor shall monitor its own compliance with the provisions of Clayton
Act § 8 and shall inform the other Parties if and when, based upon such Investor’s
reasonable analysis, it exceeds the statutory de minimis exception and when service on
the Board by an officer, director, or employee of that Investor is not compliant with
Clayton Act § 8.
	 
	 	3.	 	In particular, no later than 15 days after an Investor’s financial statements
for the prior fiscal year become publicly available, each Investor that has nominated
an officer, Director, or employee to the Board shall certify that the officer’s,
Director’s or employee’s service on the Board (as applicable) is consistent with the
provision of Clayton Act § 8.

	D.	 	Compliance:

	 	1.	 	A copy of these guidelines shall be distributed to (i) all Directors, (ii) all
Section 16 officers of the Company and the general counsels of each of the Investors,
(iii) all employees of the Company with responsibilities requiring them to interact
with the Investors, and (iv) all employees of the Investors with responsibilities for
interacting with the Company. Each recipient shall certify annually in writing that he
or she has reviewed these guidelines and will comply with them. It shall be the
responsibility of the Company and the Investors to maintain records of these
certifications with respect to their respective directors, officers and employees.
	 
	 	2.	 	No less than one time each year, legal counsel for the Company shall review
these guidelines with the Board.

E-4

 

	 	3.	 	The general counsel of the Company or his/her designee shall attend all
meetings of the Board to ensure compliance with the antitrust laws and the terms of the
parties’ agreements and these guidelines. In furtherance of these duties, the general
counsel of the Company or his/her designee shall ensure that Directors and Observers
are excused from those portions of Board meetings that involve the review or discussion
of information that may not be shared with such Director or Observer under the antitrust laws, the terms of the Parties’ agreements or these
guidelines. This guideline is not intended to limit the Board’s authority to meet
in executive session, without attendance by executives of the Company.
	 
	 	4.	 	Except as specifically provided herein, nothing in these guidelines shall limit
any other rights of an Investor, whether arising under the Company’s governing
documents, separate agreements between the Company and that Investor, or otherwise. In
the case of a conflict between these guidelines and such documents or agreements, these
guidelines shall control.

E-5

 

EXECUTION COPY

Exhibit F

Independence Standards3

               The following persons shall not be considered independent of an Equityholder4:

	(A)	 	an individual who is, or at any time during the past three years was, employed by or a
director of the Equityholder;
	 
	(B)	 	an individual who accepted or who has a Family Member who accepted any compensation from the
Equityholder in excess of $120,000 during any period of twelve consecutive months within the
three years preceding the determination of independence, other than the following:

	 	(i)	 	compensation paid to a Family Member who is an employee (other than an executive
officer) of the Equityholder; or
	 
	 	(ii)	 	benefits under a tax-qualified retirement plan, or non-discretionary compensation.

	(C)	 	an individual who is a Family Member of an individual who is, or at any time during the past
three years was, employed by the Equityholder as an executive officer;
	 
	(D)	 	an individual who is, or has a Family Member who is, a partner in, or a controlling
shareholder or an executive officer of, any organization to which the Equityholder made, or
from which the Equityholder received, payments for property or services in the current or any
of the past three fiscal years that exceed 5% of the recipient’s consolidated gross revenues
for that year, or $200,000, whichever is more, other than the following:

	 	(i)	 	payments arising solely from investments in the Equityholder’s securities; or
	 
	 	(ii)	 	payments under non-discretionary charitable contribution matching programs.

	(E)	 	an individual who is, or has a Family Member who is, employed as an executive officer of
another entity where at any time during the past three years any of the executive officers of
the Equityholder serve on the compensation committee of such other entity;

 

			
	3	 	All capitalized terms in these independence standards
shall have the meaning specified in the Equityholders’ Agreement dated as of
November 28, 2008, as amended from to time, to which these independence
standards are attached. The independence standards may be updated upon mutual
agreement of all Parties to conform to changes in the independence standards
set forth in the NASDAQ rules.
	 
	4	 	The reference to an “Equityholder” includes any parent
or subsidiary of the Equityholder. The term “parent or subsidiary” is intended
to cover entities the issuer controls and consolidates with the issuer’s
financial statements as filed with the Securities and Exchange Commission (but
not if the issuer reflects such entity solely as an investment in its financial
statements). The reference to executive officer means those officers covered in
Rule 16a-1(f) under the Exchange Act. In the context of the definition of
Family Member, the reference to marriage is intended to capture relationships
specified in the Rule (parents, children and siblings) that arise as a result
of marriage, such as “in-law” relationships.

F-1

 

	(F)	 	an individual who is, or has a Family Member who is, a current partner of the Equityholder’s
outside auditor, or was a partner or employee of the Equityholder’s outside auditor who worked
on the Equityholder’s audit at any time during any of the past three years; or
	 
	(G)	 	an individual who has a professional or personal relationship with the Equityholder or its
affiliates which, in the opinion of the Nominating Committee, may interfere with the exercise
of independent judgment in carrying out the responsibilities of a director.

For purposes of this Exhibit F, “Family Member” means a person’s spouse, parents, children
and siblings, whether by blood, marriage or adoption, or anyone residing in such person’s home.

E-2

 

EXECUTION COPY

Exhibit G

Form of Non-Equityholder Transferee Agreement

     Under the Equityholders’ Agreement, dated as of         
            , 2008
(the “Equityholders’ Agreement”), by and among     
               
 , the undersigned agrees that, having acquired Equity Securities from   
                
   (the “Transferor”) as permitted by the terms of the
Equityholders’ Agreement, the undersigned will comply with, and assumes the obligations of the
Transferor under, Section 3.1 of the Equityholders’ Agreement with respect to the Transferred
Equity Securities. Capitalized terms used but not defined in this Agreement have the meanings
assigned to them in the Equityholders’ Agreement.

Listed below is information regarding the Equity Securities:

Number and Class of Equity Securities

     IN
WITNESS WHEREOF, the undersigned has executed this Assumption Agreement as of   
       
         
     , 20___.

	 	 	 	 	 
	 	[NAME OF TRANSFEREE]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Acknowledged by:

G-1

 

EXECUTION COPY

Exhibit H

Assignment and Assumption Agreement

     Under the Equityholders’ Agreement, dated as of                     , 2008 (the “Equityholders’
Agreement”), by and among                                         ,                      (the “Transferor”) assigns to
the undersigned the rights that may be assigned under the Equityholders’ Agreement with respect to
the Equity Securities being Transferred, and the undersigned agrees that, having acquired Equity
Securities as permitted by the terms of the Equityholders’ Agreement, the undersigned assumes the
obligations of the Transferor under the Equityholders’ Agreement with respect to the Transferred
Equity Securities. Capitalized terms used but not defined in this Agreement have the meanings
assigned to them in the Equityholders’ Agreement.

Listed below is information regarding the Equity Securities:

Number and Class of Equity Securities

     IN WITNESS WHEREOF, the undersigned has executed this Assumption Agreement as of                                          , 20___.

	 	 	 	 	 
	 	[NAME OF TRANSFEREE]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	Acknowledged by:	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

H-1

 

EXECUTION COPY

EXHIBIT I

FORM OF PARENT AGREEMENT

     This AGREEMENT, dated as of                                          ___, 2008 (this “Agreement”), is made by [Parent
Corporation], a                                          corporation (“Guarantor”), for the benefit of [NewCo Corporation], a
Delaware corporation (“NewCo”), [NewCo LLC], a Delaware limited liability company (“NewCo LLC”),
[Sprint], a                                          (“Sprint”), [Eagle River Holdings, LLC], a Washington limited liability
company (“Eagle River”), [Intel], a                                          (“Intel”), [Comcast], a                                          (“Comcast”),
[Time Warner Cable] a                                          (“TWC”), [Google Inc.], a Delaware corporation (“Google”), and
[BHN Spectrum Investments, LLC] a Delaware limited liability company (“BHN”) (together with their
respective Permitted Transferees and Permitted Designees, collectively, the
“Beneficiaries”).5

RECITALS

     [WHEREAS,                                         , [a        
              
                    limited liability company] [a                                         
corporation] and a [direct][indirect] wholly owned subsidiary of Guarantor (together with its
Permitted Transferees and Permitted Designees, the “Guaranteed Party”, provided that no Securities
Holding Company (as defined in the Equityholders’ Agreement) shall be a Guaranteed Party from and
after the consummation of a Holding Company Transfer (as defined in the Equityholders’ Agreement)
pursuant to Section 3.12 of the Equityholders’ Agreement), has entered into that certain
Equityholders’ Agreement, dated as of                                          ___, 2008, by and among NewCo Corporation,
[Sprint], [Eagle River Holdings, LLC], [Intel], [Comcast], [Google Inc.], [Time Warner Cable], and
[BHN Spectrum Investments, LLC]6 (as amended, amended and restated, supplemented or
otherwise modified from time to time, the “Equityholders’ Agreement”) and that certain Amended and
Restated Operating Agreement of NewCo LLC, dated as of                                          ___, 2008, by and among NewCo
LLC, NewCo Corporation, [Sprint], [Intel], [Comcast], [Time Warner Cable] and [Bright
House]7 (as amended, amended and restated, supplemented or otherwise modified from time
to time, the “Operating Agreement”, and together with the Equityholders’ Agreement, the “Guaranteed
Agreements”).]8 Capitalized terms used but not otherwise defined herein will have the
meanings given them in the Guaranteed Agreements.

 

			
	5	 	The name of the Guaranteed Party should be removed from this list.
	 
	6	 	The name of the Guaranteed Party should be removed from this list.
	 
	7	 	The name of the Guaranteed Party should be removed from this list.
	 
	8	 	This is the appropriate recital for all parties other
than Google. For Google, use the following:
	 
	[WHEREAS, Guarantor has entered
into that certain Equityholders’ Agreement, dated as of                                          ___, 2008,
by and among NewCo Corporation, [Sprint], [Intel], [Comcast], [Time Warner
Cable], [BHN Spectrum Investments, LLC] and Guarantor (as amended, amended and
restated, supplemented or otherwise modified from time to time, the
“Equityholders’ Agreement” or the “Guaranteed Agreement”).] In addition,
“Guaranteed Agreements” should be made singular throughout.

I-1

 

  NOW THEREFORE, in consideration of the premises in this Agreement and in the Guaranteed
Agreements, Guarantor agrees as follows:

A G R E E M E N T

     1. Guarantee. Guarantor irrevocably and unconditionally guaranties the prompt and complete
performance of any and all obligations of [the Guaranteed Party]9 under the Guaranteed
Agreements (the “Guaranteed Obligations”). Guarantor further agrees to pay each Beneficiary for
any and all out-of-pocket expenses reasonably incurred by the Beneficiary in enforcing its rights
against the Guaranteed Party under this Agreement, including any and all reasonable attorneys’
costs and expenses incurred in connection therewith. To the extent that the Guaranteed Party fails
to perform any of the Guaranteed Obligations on a timely basis pursuant to the terms and conditions
of the Guaranteed Agreements, Guarantor will promptly cause the Guaranteed Party to perform such
Guaranteed Obligations or will perform such Guaranteed Obligations.

     2. Guarantee Absolute. The guarantee under this Agreement is and will be an absolute,
irrevocable and continuing guarantee of performance (and not merely of collection) of the
Guaranteed Obligations, when and as such Guaranteed Obligations are to be performed, and
Guarantor’s obligations and liabilities under this Agreement will not be released, reduced or
discharged except by the complete performance of all Guaranteed Obligations. Guarantor further
agrees that this Agreement will continue to be effective or be reinstated (if a release or
discharge has occurred), as the case may be, if at any time the Guaranteed Obligations or any
portion thereof will be rescinded or avoided (whether as a result of any bankruptcy or otherwise),
and any prior release or discharge of this Agreement will be without effect. Guarantor hereby
agrees to defer the exercise of any claims it has or may acquire against the Guaranteed Party in
respect of the Guaranteed Obligations, including rights of exoneration, reimbursement and
subrogation, until the Guaranteed Obligations have been completely performed.

     3. Waiver. The Guarantor expressly waives each and every defense that would otherwise operate
to eliminate, impair, condition or restrict the liabilities and obligations of a guarantor or
surety with respect to the Guaranteed Obligations, other than any defense that Guarantor would be
entitled to raise if Guarantor were the sole primary obligor of the Guaranteed Obligations (it
being understood and agreed that nothing set forth herein will be deemed to preclude the Guaranteed
Party from asserting any defense that it might have with respect to the Guaranteed Obligations).
Without limiting the foregoing, Guarantor hereby waives presentment, demand and protest; notice of
acceptance of this Agreement; notice of the creation of any Guaranteed Obligations, of any default
and of protest, dishonor, or other action taken in reliance hereon; all demands and notices of any kind in connection with this
guarantee of the Guaranteed Obligations; and all diligence in collection or protection of or
realization upon any of the Guaranteed Obligations. In furtherance, and not in limitation, of the
foregoing, each of the Guarantor and the Guaranteed Party acknowledges and agrees that the
Beneficiaries may partially or fully release the Guaranteed Party or any one or more other
guarantors from liability with respect to the Guaranteed Obligations and that no action will
impair, restrict, cancel or otherwise limit any of Guarantor’s liabilities and obligations under
this Agreement or the rights of the Beneficiaries for performance of the Guaranteed Obligations by
Guarantor.

 

			
	9	 	In the agreement entered into by Google replace
bracketed text with: [Guarantor’s Permitted Transferees and Permitted Designees
(collectively, the “Guaranteed Party”, provided that no Securities Holding
Company shall be a Guaranteed Party from and after the consummation of a
Holding Company Transfer pursuant to Section 3.12 of the Equityholders’
Agreement)]

I-2

 

     4. Acknowledgment. Guarantor is entering into this Agreement with the understanding that this
Agreement is a material condition to the Beneficiaries entering into the Guaranteed Agreements.

     5. Duration; Termination. This Agreement will take effect upon the date first above written
and will continue in full force and effect and be binding in accordance with its terms with respect
to a Guarantor until the date on which no Guaranteed Party of such Guarantor has a continuing
obligation under the Guaranteed Agreements. This Agreement is irrevocable.

     6. Miscellaneous.

     a. Controlling Law; Amendments. This Agreement will be governed by and construed and enforced
in accordance with the internal laws of the State of Delaware without reference to its choice of
law rules. This Agreement may not be amended, modified or supplemented except by written agreement
of the parties.

     b. Assignment; Successors in Interest. This Agreement may not be assigned by the Guarantor
without the prior written consent of each Beneficiary, which consent may be given or withheld by
any Beneficiary in its sole discretion; provided that Guarantor may assign this Agreement (i) to
the Spin-Off Entity of the Guaranteed Party in connection with a Spin-Off Transaction and (ii) to
any Person that has acquired beneficial ownership of more than 50% of the outstanding voting
securities of a Guarantor in a single transaction or a series of related transactions, as long as,
immediately following such assignment, the Guaranteed Party continues to be a direct or indirect
wholly owned Subsidiary of the Guarantor (or its successor). This Agreement will be binding on and
will inure to the benefit of the parties and their successors and permitted assigns, and any
reference to a party will also be a reference to the successors (whether by merger, operation of
law or otherwise) or permitted assigns of that party. This Agreement is entered into solely for
the benefit of the Beneficiaries and their respective successors and permitted assigns, and no
other Person may exercise any right or enforce any obligation under this Agreement.

     c. Severability. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction will, as to the jurisdiction, be ineffective to the extent of the prohibition or
unenforceability without invalidating the remaining provisions of
this Agreement, and any prohibition or unenforceability in one jurisdiction will not invalidate or render
unenforceable the provision in any other jurisdiction. If permitted by law, each party waives any
provision of law that renders any provision prohibited or unenforceable in any respect.

I-3

 

     d. Addresses for Notices. All notices, communications and deliveries under this Agreement
will be provided as specified in Section 11.5 of the Operating Agreement.10

     e. Jurisdiction. No suit, action or proceeding with respect to this Agreement may be brought
in any court or before any similar authority other than in a court of competent jurisdiction in the
State of Delaware, and the parties to this Agreement submit to the exclusive jurisdiction of those
courts for the purpose of a suit, proceeding or judgment. Each party to this Agreement irrevocably
waives any right it may have had to bring an action in any other court, domestic or foreign, or
before any similar domestic or foreign authority. Each of the parties to this Agreement
irrevocably and unconditionally waives trial by jury in any legal action or proceeding (including
any counterclaim) in relation to this Agreement.

[Signature Page Follows]

 

			
	10	 	In the agreement entered into by Google this provision
must be amended because Google is not a party to the Operating Agreement.

I-4

 

     IN WITNESS WHEREOF, the undersigned has caused this Agreement to be duly executed and
delivered by its duly authorized officer as of the day and year first above written.

	 	 	 	 	 
	 	[GUARANTOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

I-5

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