Document:

Exhibit 10.1

 

 

THIS
CHAPTER 11 PLAN SUPPORT AGREEMENT IS NOT AN OFFER OR ACCEPTANCE WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES
OF A CHAPTER 11 PLAN WITHIN THE MEANING OF SECTION 1125 OF THE BANKRUPTCY CODE. ANY SUCH OFFER OR SOLICITATION WILL COMPLY
WITH ALL APPLICABLE SECURITIES LAWS AND/OR PROVISIONS OF THE BANKRUPTCY CODE. Nothing
contained in thIS CHAPTER 11 PLAN SUPPORT AGREEMENT shall be an admission of fact or liability OR, UNTIL THE OCCURRENCE OF THE
AGREEMENT EFFECTIVE DATE ON THE TERMS DESCRIBED HEREIN, DEEMED BINDING ON ANY OF THE PARTIES HERETO.

 

CHAPTER
11 PLAN SUPPORT AGREEMENT

 

This
CHAPTER 11 PLAN SUPPORT AGREEMENT (including all exhibits, annexes, and schedules hereto in accordance with Section ‎16.02,
this “Agreement”) is made and entered into as of March 2, 2020 (the “Execution Date”),
by and among the following parties (each of the following described in sub-clauses (i) through (iv) of this preamble,
collectively, the “Parties”):1

 

		i.	Windstream
                                         Holdings, Inc. (“Holdings”), Windstream Services, LLC (“Services”),
                                         and each of their direct and indirect subsidiaries listed on Exhibit A-1
                                         and Exhibit A-2 to this Agreement (collectively, together with Holdings
                                         and Services, the “Company Parties”);

 

		ii.	the undersigned holders
of, or investment advisors, sub-advisors, or managers of discretionary accounts that hold, First Lien Claims that have executed
and delivered counterpart signature pages to this Agreement, a Joinder, or a Transfer Agreement to counsel to the Company Parties
(collectively, the “Consenting First Lien Creditors”);

 

		iii.	Elliott Investment Management
LP and its affiliated funds in their capacity as holders of First Lien Claims, Second Lien Claims, and Unsecured Notes Claims
(collectively, “Elliott” and, together with the Consenting First Lien Creditors, the “Consenting
Creditors”); and

 

		iv.	Uniti
                                         Group Inc. and each of its direct and indirect subsidiaries listed on Exhibit B
                                         to this Agreement (collectively, the “Uniti Parties”).

 

RECITALS

 

WHEREAS,
on February 25, 2019 (the “Petition Date”), each of the Company Parties commenced cases (the “Chapter
11 Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”)
in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”);

 

WHEREAS,
the Company Parties and the Consenting Creditors have in good faith and at arms’ length negotiated certain restructuring
and recapitalization transactions with respect to the

 

 

	1	Capitalized
                                         terms used but not defined in the preamble and recitals to this Agreement have the meanings
                                         ascribed to them in ‎Section 1, the Restructuring Term Sheet, or the Uniti Term Sheet,
                                         as applicable.

 

     

     

    

Company
Parties’ capital structure on the terms set forth in this Agreement and as specified in the term sheet attached as Exhibit
C hereto (the “Restructuring Term Sheet” and, such transactions as described in the Restructuring
Term Sheet, the “Restructuring Transactions”), subject to agreement on definitive documentation and
approval by the Court;

 

WHEREAS,
on July 25, 2019, Holdings and Services initiated an adversary proceeding styled as Windstream Holdings, Inc. and Windstream
Services, LLC v. Uniti Group, Inc. et al., Case No. 19-08279 (RDD) (the “Adversary Proceeding”)
against certain Uniti Parties;

 

WHEREAS,
the Parties have engaged in arm’s-length, good faith discussions in the context of a mediation overseen by the Honorable
Shelley C. Chapman;

 

WHEREAS,
to avoid any further expenditure of time, effort, and money, and the uncertainty inherent in the Adversary Proceeding, the Parties
desire fully and finally to compromise and resolve all claims and counterclaims asserted in the Adversary Proceeding or otherwise
relating in any way to the subject matter of the Adversary Proceeding upon the terms and conditions set forth in the term sheet
attached as Exhibit D hereto (the “Uniti Term Sheet,” and, the transactions described
in the Uniti Term Sheet, the “Uniti Transactions”), subject to agreement on definitive documentation
and approval by the Court;

 

WHEREAS,
the Parties have agreed to take certain actions to implement the Restructuring Transactions and the Uniti Transactions on the
terms and conditions set forth in this Agreement; and

 

NOW,
THEREFORE, in consideration of the covenants and agreements contained herein, and for other valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, each Party, intending to be legally bound hereby, agrees as follows:

 

AGREEMENT

 

Section
1.              
Definitions and Interpretation.

 

1.01.       
Definitions. The following terms shall have the following definitions:

 

“Administrative
Claim” means a Claim for costs and expenses of administration of the Chapter 11 Cases pursuant to sections 503(b),
507(a)(2), 507(b), or 1114(e)(2) of the Bankruptcy Code, including: (a) the actual and necessary costs and expenses incurred on
or after the Petition Date until and including the Effective Date of preserving the Estates and operating the Debtors’ businesses;
(b) Claims for compensation for services rendered or reimbursement of expenses incurred under sections 330, 331, 503(b)(2), 503(b)(3),
503(b)(4), or 503(b)(5) of the Bankruptcy Code; and (c) all fees and charges assessed against the Estates pursuant to section
1930 of chapter 123 of title 28 of the United States Code.

 

“Adversary
Proceeding” has the meaning set forth in the recitals to this Agreement

 

“Affiliate”
has the meaning ascribed to it in section 101(2) of the Bankruptcy Code.

 

    2 

     

    

“Agent”
means any administrative agent, collateral agent, or similar Entity under the First Lien Loans, including any successors thereto.

 

“Agents/Trustees”
means, collectively, each of the Agents and Trustees.

 

“Agreement
Effective Date” means the date on which the conditions set forth in ‎Section 2 have been satisfied or waived
by the appropriate Party or Parties in accordance with this Agreement.

 

“Agreement
Effective Period” means, with respect to a Party, the period from the Agreement Effective Date to the Termination
Date applicable to that Party.

 

“Agreement”
has the meaning set forth in the preamble to this Agreement and, for the avoidance of doubt, includes all the exhibits, annexes,
and schedules hereto in accordance with Section ‎16.02 (including the Restructuring Term Sheet and the Uniti Term Sheet).

 

“Allowed”
means, as to a Claim or an Interest, a Claim or an Interest allowed under the Plan, under the Bankruptcy Code, or by a final order,
as applicable. For the avoidance of doubt, (a) there is no requirement to file a Proof of Claim (or move the Bankruptcy Court
for allowance) to be an Allowed Claim under the Plan, and (b) the Debtors may affirmatively determine to deem unimpaired Claims
Allowed to the same extent such Claims would be allowed under applicable nonbankruptcy law.

 

“Alternative
Restructuring Proposal” means any inquiry, proposal, offer, bid, term sheet, discussion, or agreement with respect
to a sale, disposition, new-money investment, restructuring, reorganization, merger, amalgamation, acquisition, consolidation,
dissolution, debt investment, equity investment, liquidation, tender offer, recapitalization, plan of reorganization, share exchange,
business combination, or similar transaction involving any one or more Company Parties or the debt, equity, or other interests
in any one or more Company Parties that is an alternative to one or more of the Restructuring Transactions and that (following
entry of the Uniti 9019 Order) (i) is consistent in all material respects with the Uniti Term Sheet and Uniti Documents and
(ii) would not frustrate or impede the approval, implementation, or consummation of the Uniti Transactions as described in
the Uniti Term Sheet and the Uniti Documents.

 

“Bankruptcy
Code” has the meaning set forth in the recitals to this Agreement.

 

“Bankruptcy
Court” has the meaning set forth in the recitals to this Agreement.

 

“Business
Day” means any day other than a Saturday, Sunday, or other day on which commercial banks are authorized to close
under the Laws of, or are in fact closed in, the state of New York.

 

“Cause
of Action” means any claims, interests, damages, remedies, causes of action, demands, rights, actions, suits, obligations,
liabilities, accounts, defenses, offsets, powers, privileges, licenses, liens, indemnities, guaranties, and franchises of any
kind or character whatsoever, whether known or unknown, foreseen or unforeseen, existing or hereinafter arising, contingent or
non-contingent, liquidated or unliquidated, secured or unsecured, assertable, directly or derivatively, matured or unmatured,
suspected or unsuspected, in contract, tort, law, equity, or

 

    3 

     

    

otherwise.
Causes of Action also include: (a) all rights of setoff, counterclaim, or recoupment and claims under contracts or for breaches
of duties imposed by law; (b) the right to object to or otherwise contest Claims or Interests; (c) claims pursuant to sections
362, 510, 542, 543, 544 through 550, or 553 of the Bankruptcy Code; and (d) such claims and defenses as fraud, mistake, duress,
and usury, and any other defenses set forth in section 558 of the Bankruptcy Code.

 

“Chapter
11 Cases” has the meaning set forth in the recitals to this Agreement.

 

“Claim”
has the meaning ascribed to it in section 101(5) of the Bankruptcy Code.

 

“Company
Claims/Interests” means any Claim against, or Equity Interest in, a Company Party, including the First Lien Claims,
the Second Lien Claims, and the Unsecured Notes Claims; provided that, with respect to Elliott, the term “Company
Claims/Interests” shall expressly exclude Excess Second Lien Claims and Excess Unsecured Notes Claims, except as specified
herein; provided, further, that the “Company Claims/Interests” with respect to a Permitted Transferee of Second
Lien Claims or Unsecured Claims shall include only those Second Lien Claims or Unsecured Notes Claims transferred to such Permitted
Transferee by a Consenting Creditor and shall not include any other Second Lien Claims or Unsecured Notes Claims either (i) held
by such Permitted Transferee on the date of such Transfer or (ii) subsequently acquired from a Person that is not a Consenting
Creditor, unless such Permitted Transferee was a Consenting Creditor on the date of such Transfer.

 

“Company
Parties” has the meaning set forth in the recitals to this Agreement.

 

“Confidentiality
Agreement” means an executed confidentiality agreement, including with respect to the issuance of a “cleansing
letter” or other public disclosure of material non-public information agreement, in connection with any proposed Restructuring
Transactions.

 

“Confirmation
Hearing” means the hearing to consider confirmation of the Plan.

 

“Confirmation
Order” means the confirmation order with respect to the Plan.

 

“Confirmation”
means entry of the Confirmation Order on the docket of the Chapter 11 Cases.

 

“Consenting
Creditors” has the meaning set forth in the preamble to this Agreement.

 

“Consummation”
means the occurrence of the Effective Date.

 

“Debtors”
means the Company Parties that have commenced Chapter 11 Cases.

 

“Definitive
Documents” means the documents listed in Section ‎3.01, provided that, notwithstanding anything to the
contrary in Section 3.01 or otherwise in this Agreement, in no event shall the Uniti Stock Sale Documents be included in the definition
of Definitive Documents.

 

“DIP
Agent” means Citibank N.A. in its capacity as administrative agent and collateral agent under the DIP Credit Agreement.

 

    4 

     

    

“DIP
Claims” means all Claims derived from, based upon, or secured pursuant to the DIP Credit Agreement, including Claims
for all principal amounts outstanding, interest, fees, expenses, costs, and other charges arising thereunder or related thereto,
in each case, with respect to the DIP Facility.

 

“DIP
Credit Agreement” means that certain superpriority secured debtor-in-possession credit agreement (as may be amended,
supplemented, or otherwise modified from time to time) dated March 13, 2019, between Windstream Holdings, Inc. and Windstream
Services, LLC, as borrowers, the Debtor guarantors that are party thereto, the lenders party thereto, DIP Agent, and Credit Suisse
Loan Funding LLC, Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., Barclays Bank PLC, and Deutsche Bank Securities Inc., as
co-documentation agents.

 

“DIP
Facility” means that certain debtor-in-possession financing facility in accordance to the terms and conditions set
forth in the DIP Credit Agreement.

 

“DIP
Lenders” means the lenders party to the DIP Credit Agreement with respect to the DIP Facility.

 

“Disclosure
Statement Motion” means the motion seeking, among other things, (a) approval of the Disclosure Statement, (b)
approval of procedures for soliciting, receiving, and tabulating votes on the Plan and for filing objections to the Plan, and
(c) to schedule the Confirmation Hearing.

 

“Disclosure
Statement” means the related disclosure statement with respect to the Plan and any exhibits thereto.

 

“Elliott”
has the meaning set forth in the preamble to this Agreement.

 

“Entity”
shall have the meaning set forth in section 101(15) of the Bankruptcy Code.

 

“Equity
Interests” or “Interests” means, collectively, the shares (or any class thereof), common
stock, preferred stock, limited liability company interests, and any other equity, ownership, or profits interests of any Company
Party, and options, warrants, rights, or other securities or agreements to acquire or subscribe for, or which are convertible
into the shares (or any class thereof) of, common stock, preferred stock, limited liability company interests, or other equity,
ownership, or profits interests of any Company Party (in each case whether or not arising under or in connection with any employment
agreement).

 

“Estate”
means the estate of any Debtor created under sections 301 and 541 of the Bankruptcy Code upon the commencement of the applicable
Debtor’s Chapter 11 Case.

 

“Excess
Second Lien Claims” means any Claim on account of the Second Lien Notes held by Elliott as of the Agreement Effective
Date that exceeds a face amount equal to one-third of the principal amount of all Second Lien Notes plus one dollar.

 

“Excess
Unsecured Notes Claims” means any Claim on account of the Unsecured Notes held by Elliott as of the Agreement Effective
Date that exceeds a face amount equal to one-third of the principal amount of all Unsecured Notes plus one dollar.

 

    5 

     

    

“Execution
Date” has the meaning set forth in the preamble to this Agreement.

 

“First
Lien Ad Hoc Group” means that certain ad hoc group of holders of Company Claims/Interests as disclosed in the Third
Amended Verified Statement of the First Lien Ad Hoc Group Pursuant to Bankruptcy Rule 2019 [Docket No. 1444], as amended,
restated, supplemented, or otherwise modified from time to time

 

“First
Lien Claim” means any Claim on account of the First Lien Loans or the First Lien Notes.

 

“First
Lien Loans” means the revolving loans and term loans under that certain Sixth Amended and Restated Credit Agreement,
originally dated as of July 17, 2006, and amended and restated on April 24, 2015 (as amended, restated, modified, supplemented,
or replaced from time to time in accordance with its terms), by and between Services, the lenders party thereto, J.P. Morgan Chase
Bank, N.A., as administrative agent and collateral agent, and certain other parties thereto.

 

“First
Lien Notes” means the 8.625% Senior First Lien Notes due 2025 issued by Services and Windstream Finance Corp.

 

“General
Unsecured Claim” means any Claim other than an Administrative Claim, a Secured Tax Claim, an Other Secured Claim,
a Priority Tax Claim, an Other Priority Claim, a First Lien Claim, a Midwest Notes Claim, a Second Lien Claim, or a DIP Claim.

 

“Intercompany
Claim” means Claim held by a Debtor against a Debtor.

 

“Intercompany
Interest” means an Interest in a Debtor held by a Debtor.

 

“Law”
means any federal, state, local, or foreign law (including common law), statute, code, ordinance, rule, regulation, order, ruling,
or judgment, in each case, that is validly adopted, promulgated, issued, or entered by a governmental authority of competent jurisdiction
(including the Bankruptcy Court).

 

“Midwest
Notes Claim” means any Claim on account of the Midwest Notes

 

“Midwest
Notes” means the 6.750% Secured Notes due 2028 issued by Windstream Holding of the Midwest, Inc.

 

“Other
Priority Claim” means any Claim other than an Administrative Claim or a Priority Tax Claim entitled to priority
in right of payment under section 507(a) of the Bankruptcy Code.

 

“Other
Secured Claim” means any Secured Claim, including any Secured Tax Claim, other than a First Lien Claim, Midwest
Notes Claim, Second Lien Claim, or a DIP Claim.

 

“Parties”
has the meaning set forth in the preamble to this Agreement.

 

“Permitted
Transferee” means each transferee of any Company Claims/Interests who meets the requirements of Section ‎10.01.

 

    6 

     

    

“Petition
Date” has the meaning set forth in the recitals to this Agreement.

 

“Plan
Effective Date” means the occurrence of the Effective Date of the Plan according to its terms.

 

“Plan
Supplement” means the compilation of documents and forms of documents, schedules, and exhibits to the Plan that
will be filed by the Debtors with the Bankruptcy Court, including, without limitation, documents identifying the officers and
directors of the Reorganized Debtors, the governance documents for the Reorganized Debtors, and any equityholders’ agreements
with respect to the Reorganized Debtors.

 

“Plan”
means the joint plan of reorganization filed by the Debtors under chapter 11 of the Bankruptcy Code that embodies the Restructuring
Transactions and any exhibits thereto.

 

“Priority
Tax Claim” means any Claim of a Governmental Unit (as defined in section 101(27) the Bankruptcy Code) of the kind
specified in section 507(a)(8) of the Bankruptcy Code.

 

“Proof
of Claim” means a proof of claim filed against any of the Debtors in the Chapter 11 Cases by the applicable claims
bar date.

 

“Qualified
Marketmaker” means an entity that (a) holds itself out to the market as standing ready in the ordinary course of
its business to purchase from customers and sell to customers Claims against, or Interests in, any of the Debtors (including debt
securities, other debt, or interests) or enter into with customers long and short positions in Claims against the Debtors (including
debt securities, other debt, or interests), in its capacity as a dealer or market maker in such Claims against or Interests in
the Debtors and (b) is, in fact, regularly in the business of making a market in Claims against issuers or borrowers (including
debt securities, other debt, or interests).

 

“Reinstatement”
or “Reinstated” means with respect to Claims and Interests, that the Claim or Interest shall be rendered
unimpaired in accordance with section 1124 of the Bankruptcy Code.

 

“Reorganized
Debtors” means a Debtor, or any successor or assign thereto, by merger, consolidation, or otherwise, on and after
the Plan Effective Date.

 

“Reorganized
Windstream” Windstream Holdings, Inc., or any successor or assign, by merger, consolidation, or otherwise, on or
after the Plan Effective Date.

 

“Required
Consenting Creditors” means the Required Consenting First Lien Creditors and Elliott.

 

“Required
Consenting First Lien Creditors” means, as of the relevant date, Consenting Creditors that are members of the First
Lien Ad Hoc Group (a) holding at least 50.01% of the aggregate principal amount of First Lien Claims held by all Consenting First
Lien Creditors that

 

    7 

     

    

are
members of the First Lien Ad Hoc Group and (b) constituting at least two (2) members2
of the First Lien Ad Hoc Group.

 

“Restructuring
Term Sheet” has the meaning set forth in the recitals to this Agreement.

 

“Restructuring
Transactions” has the meaning set forth in the recitals to this Agreement.

 

“Rules”
means Rule 501(a)(1), (2), (3), and (7) of the Securities Act.

 

“Second
Lien Claims” means any Claim on account of the Second Lien Notes.

 

“Second
Lien Notes” means the (i) 10.50% Senior Second Lien Notes due 2024 and (ii) 9.00% Senior Second Lien Notes due 2025
issued by Services and Windstream Finance Corp.

 

“Secured
Tax Claim” means any Secured Claim that, absent its Secured status, would be entitled to priority in right of payment
under section 507(a)(8) of the Bankruptcy Code (determined irrespective of time limitations), including any related Secured Claim
for penalties.

 

“Secured”
means when referring to a Claim: (a) secured by a lien on collateral to the extent of the value of such collateral, as determined
in accordance with section 506(a) of the Bankruptcy Code or (b) subject to a valid right of setoff pursuant to section 553 of
the Bankruptcy Code.

 

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

 

“Termination
Date” means the date on which termination of this Agreement as to a Party is effective in accordance with Sections ‎13.01,
‎13.02(a), ‎13.04, or ‎13.05.

 

“Transfer
Agreement” means an executed form of the transfer agreement providing, among other things, that a transferee is
bound by the terms of this Agreement and substantially in the form attached hereto as Exhibit E-1, with respect
to transfers of First Lien Claims, Midwest Notes Claims and/or Equity Interests, and substantially in the form attached hereto
as Exhibit E-2, with respect to transfers of Second Lien Claims and/or Unsecured Notes Claims.

 

“Transfer”
means to sell, resell, reallocate, use, pledge, assign, transfer, hypothecate, participate, donate or otherwise encumber or dispose
of, directly or indirectly (including through derivatives, options, swaps, pledges, forward sales or other transactions).

 

“Trustee”
means any indenture trustee, collateral trustee, or other trustee or similar entity under the First Lien Notes or the Second Lien
Notes.

 

“Uniti
9019 Motion” means a motion seeking approval of the transactions contemplated by the Uniti Term Sheet.

 

“Uniti
9019 Order” means an order granting the Uniti 9019 Motion.

 

 

 

		2	For
                                         purposes of determining the number of Consenting First Lien Creditors in the First Lien
                                         Ad Hoc Group, each member thereof, together with any of its affiliates or managed funds,
                                         shall be counted as one Consenting First Lien Creditor in the First Lien Ad Hoc Group.

  

    8 

     

    

“Uniti
Agreement” has the meaning set forth in section ‎3.01 of this Agreement.

 

“Uniti
Stock Sale Documents” means the documents and instruments necessary to implement the “Uniti Stock Sale”
(as defined in the Uniti Term Sheet).

 

“Uniti
Transactions” has the meaning set forth in the recitals to this Agreement.

 

“Uniti
Term Sheet” has the meaning set forth in the recitals to this Agreement.

 

“Unsecured
Notes Claims” means any Claim on account of the Unsecured Notes.

 

“Unsecured
Notes” means the (i) 7.750% Senior Notes due 2020, (ii) 7.750% Senior Notes due 2021, (iii) 7.500%
Senior Notes due 2022, (iv) 7.500% Senior Notes due 2023, (v) 6.375% Senior Notes due 2023, and (vi) 8.750% Senior
Notes due 2024 issued by Services and Windstream Finance Corp.

 

1.02.       
Interpretation. For purposes of this Agreement:

 

(a)           
in the appropriate context, each term, whether stated in the singular or the plural, shall include both the singular and
the plural, and pronouns stated in the masculine, feminine, or neuter gender shall include the masculine, feminine, and the neuter
gender;

 

(b)           
capitalized terms defined only in the plural or singular form shall nonetheless have their defined meanings when used in
the opposite form;

 

(c)           
unless otherwise specified, any reference herein to a contract, lease, instrument, release, indenture, or other agreement
or document being in a particular form or on particular terms and conditions means that such document shall be substantially in
such form or substantially on such terms and conditions;

 

(d)           
unless otherwise specified, any reference herein to an existing document, schedule, or exhibit shall mean such document,
schedule, or exhibit, as it may have been or may be amended, restated, supplemented, or otherwise modified from time to time;
provided, that any capitalized terms herein which are defined with reference to another agreement, are defined with reference
to such other agreement as of the date of this Agreement, without giving effect to any termination of such other agreement or
amendments to such capitalized terms in any such other agreement following the date hereof;

 

(e)           
unless otherwise specified, all references herein to “Sections” are references to Sections of this Agreement;

 

(f)            
the words “herein,” “hereof,” and “hereto” refer to this Agreement in its entirety
rather than to any particular portion of this Agreement;

 

(g)           
captions and headings to Sections are inserted for convenience of reference only and are not intended to be a part of or
to affect the interpretation of this Agreement;

 

    9 

     

    

(h)          
references to “shareholders,” “directors,” and/or “officers” shall also include “members”
and/or “managers,” as applicable, as such terms are defined under the applicable limited liability company Laws;

 

(i)            
the use of “include” or “including” is without limitation, whether stated or not;

 

(j)            
the phrase “counsel to the Consenting Creditors” refers in this Agreement to each counsel specified in Section
‎16.10 other than counsel to the Company Parties or counsel to the Uniti Parties; and

 

(k)           
the phrase “counsel to the Uniti Parties” refers in this Agreement to each counsel specified in Section ‎16.10
other than counsel to the Company Parties or counsel to the Consenting Creditors.

 

Section
2.             
Effectiveness of this Agreement. This
Agreement shall become effective and binding upon each of the Parties at 12:00 a.m., prevailing Eastern Standard Time, on the
Agreement Effective Date, which is the date on which all of the following conditions have been satisfied or waived in accordance
with this Agreement:

 

(a)           
each of the Company Parties shall have executed and delivered counterpart signature pages of this Agreement to counsel
to each of the Parties;

 

(b)          
each of the Uniti Parties shall have executed and delivered counterpart signature pages of this Agreement to counsel to
each of the Parties;

 

(c)           
holders of at least two thirds of the aggregate outstanding principal amount of First Lien Claims shall have executed and
delivered counterpart signature pages of this Agreement;

 

(d)           
Elliott shall have executed and delivered a counterpart signature page of this Agreement; and

 

(e)           
counsel to the Company Parties shall have given notice to counsel to the Consenting Creditors in the manner set forth in
Section ‎16.10 hereof (by email or otherwise) that the conditions to the Agreement Effective Date set forth in this ‎Section
2(a) have occurred.

 

Section
3.              
Definitive Documents.

 

3.01.       
The Definitive Documents governing the Restructuring Transactions shall include the following:

 

(a)           
a motion seeking authorization of the Debtors’ entry into the Backstop Commitment Agreement (the “BCA
Approval Motion”) and an order approving the BCA Approval Motion (the “BCA Approval Order”);

 

(b)           
the Plan;

 

(c)           
the Confirmation Order;

 

    10 

     

    

(d)           
the Disclosure Statement;

 

(e)           
the solicitation procedures and materials with respect to the Plan (collectively, the “Solicitation Materials”);

 

(f)            
the order of the Bankruptcy Court granting the Disclosure Statement Motion;

 

(g)          
the Plan Supplement (including, without limitation, documents identifying the officers and directors of the Reorganized
Debtors, the governance documents for the Reorganized Debtors, and any equityholders’ agreements with respect to the Reorganized
Debtors);

 

(h)          
the credit agreement or indenture, as applicable, with respect to the New Exit Facility, and any agreements, commitment
letters, documents, or instruments related thereto;

 

(i)            
the Backstop Commitment Agreement;

 

(j)            
any documents related to the Rights Offering or procedures related thereto;

 

(k)           
the agreement setting forth the definitive terms of the settlement contemplated by the Uniti Term Sheet (the “Uniti
Agreement”);

 

(l)            
the Uniti 9019 Motion;

 

(m)          
the Uniti 9019 Order;

 

(n)           
any amendments to the Master Lease, dated April 24, 2015, by and between CSL National, LP and the other entities set forth
thereto, as landlord, and Holdings, as tenant (as amended, restated, modified, supplemented, or replaced from time to time in
accordance with its terms) contemplated by the Uniti Term Sheet (the “Master Lease Amendments”);

 

(o)          
the ILEC Lease, CLEC Lease, True Lease Opinions, and REIT Opinion (each as defined in the Uniti Term Sheet);

 

(p)          
any and all other motions, pleadings, or documents required or as may be necessary to implement the Uniti Transactions,
including any tax or other legal opinions (together with the Uniti Agreement, Uniti 9019 Motion, Uniti 9019 Order, Master Lease
Amendments, ILEC Lease, CLEC Lease, True Lease Opinions, and REIT Opinion, the “Uniti Documents”); and

 

(q)          
the motions seeking approval of each of the above (and, to the extent applicable and not otherwise noted, the orders approving
each of the above) and any other document necessary to implement or achieve the Restructuring Transactions not otherwise listed
above.

 

3.02.       
The Definitive Documents not executed or in a form attached to this Agreement as of the Execution Date remain subject to
negotiation and completion. Upon completion, the Definitive Documents and every other document, deed, agreement, filing, notification,
letter or instrument related to the Restructuring Transactions shall contain terms, conditions, representations, warranties, and
covenants consistent with the terms of this Agreement, as they may be modified, amended, or supplemented in accordance with ‎Section
14. Further, the

 

    11 

     

    

Definitive
Documents not executed or in a form attached to this Agreement as of the Execution Date shall contain terms, conditions, representations,
warranties, and covenants consistent with the terms of this Agreement (including all exhibits hereto) and otherwise be in form
and substance reasonably acceptable to the Company Parties and the Required Consenting Creditors; provided, that the
Uniti Documents shall contain terms, conditions, representations, warranties, and covenants consistent with the terms of this
Agreement (including all exhibits hereto) and otherwise be in form and substance reasonably acceptable to the Company Parties,
the Uniti Parties, and the Required Consenting Creditors; provided, further, that any provision of any of the Definitive
Documents set forth in Sections 3.01‎3.01(a) through ‎3.01(j) and 3.01(q) that adversely impacts the rights or obligations
of the Uniti Parties under this Agreement, the Uniti Agreement, or the Uniti 9019 Order, or adversely impacts the ability of the
Uniti Parties and the Debtors to consummate the Uniti Transactions shall contain terms, conditions, representations, warranties,
and covenants consistent with the terms of this Agreement (including all exhibits hereto) and otherwise be in form and substance
reasonably acceptable to the Company Parties, the Uniti Parties, and the Required Consenting Creditors.

 

		Section 4.	Milestones.

 

4.01.       
As provided in and subject to ‎Section 7, the Company Parties shall implement the Restructuring Transactions and the
Uniti Transactions in accordance with the following Milestones:

 

(a)           
no later than 10 days following the Agreement Effective Date, the Company Parties shall file with the Bankruptcy Court
the Uniti 9019 Motion;

 

(b)           
no later than 10 days following the Agreement Effective Date, the Company Parties shall execute the Backstop Commitment
Agreement and file with the Bankruptcy Court the BCA Approval Motion;

 

(c)           
no later than 30 days following the Agreement Effective Date, the Company Parties shall file with the Bankruptcy Court:
(i) the Plan; (ii) the Disclosure Statement; and (iii) the Disclosure Statement Motion;

 

(d)           
no later than 35 days following the Agreement Effective Date, 2020, the Bankruptcy Court shall have entered the Uniti 9019
Order;

 

(e)           
no later than 35 days following the Agreement Effective Date, the Bankruptcy Court shall have entered the BCA Approval
Order;

 

(f)            
no later than 75 days following the Agreement Effective Date, the Bankruptcy Court shall have entered an order approving
the relief requested in the Disclosure Statement Motion;

 

(g)          
no later than 110 days following the Agreement Effective Date, the Bankruptcy Court shall have entered the Confirmation
Order; and

 

(h)           
no later than 180 days following the Agreement Effective Date, the Plan Effective Date shall have occurred.

 

    12 

     

    

4.02.       
A Milestone may only be extended or waived with the prior written consent of the Required Consenting Creditors; provided,
that the Milestones set forth in Sections ‎4.01(a) and ‎4.01(d) may only be extended or waived with the prior written
consent of the Uniti Parties and the Required Consenting Creditors. The date of each Milestone shall be calculated in accordance
with Rule 9006 of the Federal Rules of Bankruptcy Procedure.

 

		Section 5.	Commitments
of the Consenting Creditors.

 

5.01.       
General Commitments and Forbearances.

 

(a)          
During the Agreement Effective Period, each Consenting Creditor agrees, in respect of all of its Company Claims/Interests,
solely as such Consenting Creditor remains the legal owner, beneficial owner, and/or investment advisor, subadvisor, or manager
of or with power and/or authority to bind any such Company Claims/Interests, to:

 

(i)              
support the consummation and implementation of the Restructuring Transactions and the Uniti Transactions; and

 

(ii)             
negotiate in good faith and use commercially reasonable efforts to execute and implement the Definitive Documents that
are consistent with this Agreement to which it is required to be a party.

 

(b)              
During the Agreement Effective Period, each Consenting Creditor agrees, in respect of all of its Company Claims/Interests,
solely as such Consenting Creditor remains the legal owner, beneficial owner, and/or investment advisor, subadvisor, or manager
of or with power and/or authority to bind any such Company Claims/Interests, that it shall not directly or indirectly:

 

(i)              
object to, delay, impede, or take any other action to interfere with, delay, or impede, the acceptance, consummation or
implementation of the Restructuring Transactions;

 

(ii)             
propose, file, support, or vote for any Alternative Restructuring Proposal;

 

(iii)           
file any motion, pleading, or other document with the Bankruptcy Court or any other court (including any modifications
or amendments thereof) that, in whole or in part, is not materially consistent with this Agreement or the Plan;

 

(iv)            
initiate, or have initiated on its behalf, any litigation or proceeding of any kind that is inconsistent with this Agreement,
the Uniti Agreement, the Uniti Transactions, or the other Restructuring Transactions contemplated herein against the Company Parties,
the Uniti Parties, or the other Parties other than to enforce this Agreement or any Definitive Document or as otherwise permitted
under this Agreement;

 

(v)              
exercise, or direct any other person to exercise, any right or remedy for the enforcement, collection, or recovery of any
of Claims against or Interests in the Company Parties, other than as contemplated by this Agreement;

 

(vi)            
object to, delay, impede, or take any action to interfere with, delay, or impede, the acceptance, consummation or implementation
of the Uniti Transactions; or

 

    13 

     

    

(vii)         
object to, delay, impede, or take any other action to interfere with the Company Parties’ ownership and possession
of their assets, wherever located, or interfere with the automatic stay arising under section 362 of the Bankruptcy Code,
other than as permitted by this Agreement.

 

(c)           
During the Agreement Effective Period, Elliott agrees to abide by the covenants in Sections 5.01(a) and (b) above and Section
5.02 below, in respect of its Excess Second Lien Claims and Excess Unsecured Notes Claims, solely to the extent Elliott remains
the legal owner, beneficial owner, and/or investment advisor, subadvisor, or manager of or with power and/or authority to bind
any such Claims.

 

5.02.       
Commitments with Respect to Chapter 11 Cases.

 

(a)  
During the Agreement Effective Period, each Consenting Creditor that is entitled to vote to accept or reject the Plan pursuant
to its terms agrees that it shall:

 

(i)              
after having received the Plan and the Disclosure Statement and Solicitation Materials, in each case, approved by the Bankruptcy
Court, prior to the date by which the Consenting Creditor shall be required to vote on the Plan, vote each of its Company Claims/Interests
to accept the Plan by delivering its duly executed and completed ballot accepting the Plan on a timely basis following the commencement
of the solicitation of the Plan; provided, that any such duly executed and completed ballot accepting the Plan shall be
void if this Agreement terminates in accordance with ‎Section 13;

 

(ii)             
to the extent it is permitted to elect whether to opt out of the releases set forth in the Plan, elect not to opt out of
the releases set forth in the Plan by timely delivering its duly executed and completed ballot(s) indicating such election; and

 

(iii)           
not change, withdraw, amend, or revoke (or cause to be changed, withdrawn, amended, or revoked) any vote or election referred
to in clauses ‎(i) and ‎(ii) above.

 

(b)  
During the Agreement Effective Period, each Consenting Creditor, in respect of each of its Company Claims/Interests,
will support, and will not directly or indirectly object to, delay, impede, or take any other action to interfere with, any motion
or other pleading or document filed by a Company Party in the Bankruptcy Court that is consistent in all respects with this Agreement.

 

(c)           
No later than March 15, 2020, the Requisite Backstop Parties shall have agreed to the Governance Term Sheet.

 

5.03.       
For the avoidance of doubt, notwithstanding anything in this Agreement to the contrary, nothing in this Agreement shall
require any Consenting Creditor to take any action or refrain from taking any action that is inconsistent with such Consenting
Creditor’s obligations (if any) under either (i) that certain Junior Lien Intercreditor Agreement, dated as of August 2,
2018, between Windstream Services, the other grantors party thereto, JPMorgan Chase Bank, N.A., as First Lien Collateral Agent
and First-Priority Collateral Agent, U.S. Bank National Association, as Initial Other First-Priority Collateral Agent, and the
Wilmington Trust, National Association as Second-Priority Collateral Agent or (ii) that certain Pari Passu Intercreditor Agreement,
dated as

 

    14 

     

    

of
November 6, 2017, between Windstream Services, the other grantors party thereto, JPMorgan Chase Bank, N.A., as the Authorized
Representative for the Credit Agreement Secured Parties, and U.S. Bank National Association, as Initial Additional Authorized
Representative.

 

5.04.       
Notwithstanding anything herein to the contrary, nothing in this Agreement and neither a vote to accept the Plan by any
Consenting Creditor nor the acceptance of the Plan by any Consenting Creditor shall: (a) be construed to prohibit any Consenting
Creditor from contesting whether any matter, fact, or thing is a breach of, or is inconsistent with, this Agreement or the Definitive
Documents, or exercising rights or remedies specifically reserved herein; (b) be construed to limit any Consenting Creditor’s
rights under any applicable indenture, credit agreement, other loan document, and/or applicable law or to prohibit any Consenting
Creditor from appearing as a party-in-interest in any matter to be adjudicated in the Chapter 11 Cases, so long as, from
the Agreement Effective Date until the occurrence of a Termination Date, such appearance and the positions advocated in connection
therewith are not inconsistent with ‎Section 5 of this Agreement, provided, however, that any delay or other
impact on consummation of the Restructuring Transactions contemplated by the Plan caused by a Consenting Creditor’s opposition
to (x) any relief that is inconsistent with such Restructuring Transactions, (y) a motion by the Debtors to enter into
a material executory contract, lease, or other arrangement outside of the ordinary course of the Debtors’ business without
obtaining the prior consent of the Required Consenting Creditors, or (z) any relief that is adverse to interests of the Consenting
Creditors sought by the Debtors (or any other party) shall not constitute a violation of this Agreement; (c) affect the ability
of any Consenting Creditor to consult with any other Consenting Creditor, the Debtors, or any other party in interest in the Chapter
11 Cases (including any official committee or the United States Trustee); (d) require any Consenting Creditor to incur any
financial or other liability (other than in connection with the Backstop Commitment Agreement); (e) require any Consenting Creditor
to take any action which is prohibited by applicable law or to waive or forgo the benefit of any applicable legal professional
privilege; or (f) impair or waive the rights of any Consenting Creditor to assert or raise any objection permitted under
this Agreement in connection with any hearing on confirmation of the Plan or in the Bankruptcy Court.

 

		Section 6.	Commitments
of the Uniti Parties.

 

6.01.       
Affirmative Commitments. During the Agreement Effective Period, the Uniti Parties agree to:

 

(a)           
support, take all steps necessary to consummate and implement, and facilitate the consummation and implementation of the
Uniti Transactions;

 

(b)           
use commercially reasonable efforts to obtain any and all required regulatory and/or third-party approvals to consummate
the Uniti Transactions; and

 

(c)           
negotiate in good faith and use commercially reasonable efforts to execute and implement the Definitive Documents contemplated
by the Uniti Term Sheet.

 

6.02.       
Negative Commitments. During the Agreement Effective Period, each of the Uniti Parties agrees that it shall not
directly or indirectly:

 

    15 

     

    

(a)           
object to, delay, impede, or take any other action to interfere with acceptance, implementation, or consummation of the
Restructuring Transactions;

 

(b)           
file any motion, pleading, or other document with the Bankruptcy Court or any other court (including any modifications
or amendments thereof) that, in whole or in part, is not materially consistent with this Agreement or the Plan;

 

(c)           
initiate, or have initiated on its behalf, any litigation or proceeding of any kind with respect to the Chapter 11 Cases,
this Agreement, the Uniti Agreement, the Uniti Transactions or the other Restructuring Transactions contemplated herein against
the Company Parties or the other Parties other than to enforce this Agreement or any Definitive Document or as otherwise permitted
under this Agreement;

 

(d)           
object to, delay, impede, or take any action to interfere with or that is inconsistent with, or is intended or could reasonably
be expected to interfere with, delay, or impede, the acceptance, consummation or implementation of the Uniti Transactions or the
Restructuring Transactions; or

 

(e)           
object to, delay, impede, or take any other action to interfere with the Company Parties’ ownership and possession
of their assets, wherever located, or interfere with the automatic stay arising under section 362 of the Bankruptcy Code.

 

Section
7.              
Commitments of the Company Parties.

 

7.01.       
Affirmative Commitments. Except as set forth in ‎Section 9, during the Agreement Effective Period, the Company
Parties agree to:

 

(a)           
support and take all steps reasonably necessary and desirable to consummate the Restructuring Transactions in accordance
with this Agreement and the Milestones;

 

(b)           
upon reasonable request of any of the Consenting Creditors or their advisors, inform the legal and financial advisors to
the Consenting Creditors as to: (i) the material business and financial (including liquidity) performance of the Company; (ii)
the status and progress of the negotiations of the Definitive Documents; and (iii) the status of obtaining any necessary or desirable
authorizations (including consents) from any competent judicial body, governmental authority, banking, taxation, supervisory,
or regulatory body or any stock exchange;

 

(c)           
provide prompt written notice to the financial and legal advisors to the Consenting Creditors and the Uniti Parties of:
(i) the occurrence of a Termination Event of which the Company Parties have actual knowledge; (ii) a breach of this Agreement
(including a breach by any Company Party) of which the Company Parties have actual knowledge; or (iii) to the extent of the
Company Parties’ actual knowledge, any representation or statement made or deemed to be made by any Company Party hereunder
which is or proves to have been materially incorrect or misleading in any respect when made or deemed to be made;

 

(d)           
operate in the ordinary course taking into account the Restructuring Transactions and the pendency of the Chapter 11 Cases;

 

    16 

     

    

(e)          
to the extent any legal or structural impediment arises that would prevent, hinder, or delay the consummation of the Restructuring
Transactions and the Uniti Transactions contemplated herein, take all steps reasonably necessary and desirable to address any
such impediment;

 

(f)           
use commercially reasonable efforts to obtain any and all required regulatory and/or third-party approvals for the Restructuring
Transactions and the Uniti Transactions;

 

(g)           
negotiate in good faith and use commercially reasonable efforts to execute and deliver the Definitive Documents and
any other required agreements to effectuate and consummate the Restructuring Transactions and the Uniti Transactions as contemplated
by this Agreement;

 

(h)           
use commercially reasonable efforts to seek additional support for the Restructuring Transactions and the Uniti Transactions
from other material stakeholders to the extent reasonably prudent;

 

(i)            
if the Bankruptcy Court denies the Uniti 9019 Motion, use best efforts to timely appeal such denial;

 

(j)            
if the Uniti 9019 Motion is granted but subsequently reversed on appeal, use best efforts to timely appeal such reversal;

 

(k)           
support, take all steps necessary to consummate and implement, and facilitate the consummation and implementation of, the
Uniti Transactions and the Restructuring Transactions in accordance with the Milestones; and

 

(l)            
timely file and prosecute a formal objection, in form and substance reasonably acceptable to the Required Consenting Creditors,
to any motion filed with the Bankruptcy Court by any party seeking the entry of an order (A) directing the appointment of
a trustee or examiner, (B) converting the Chapter 11 Cases to cases under chapter 7 of the Bankruptcy Code, (C) dismissing
the Chapter 11 Cases, or (D) modifying or terminating the Debtors’ exclusive right to file and/or solicit acceptances
of a plan of reorganization, as applicable.

 

7.02.       
Negative Commitments. Except as set forth in ‎Section 9, during the Agreement Effective Period, each of the
Company Parties shall not directly or indirectly:

 

(a)  
      object to, delay, impede, or take any other action to interfere with acceptance, implementation, or consummation of
the Restructuring Transactions;

 

(b)  
      take any action that is inconsistent in any material respect with, or is intended to frustrate or impede approval,
implementation and consummation of the Restructuring Transactions described in, this Agreement or the Plan;

 

(c)  
       modify the Plan, in whole or in part, in a manner that is not consistent with this Agreement;

 

(d)          
object to, delay, impede, or take any action to interfere with or that is inconsistent with, or is intended or could reasonably
be expected to interfere with, delay, or impede, the

 

    17 

     

    

approval,
consummation or implementation of the Uniti Transactions or the Restructuring Transactions; or

 

(e)  
       file any motion, pleading, or Definitive Documents with the Bankruptcy Court or any other court (including any modifications
or amendments thereof) that, in whole or in part, is not materially consistent with this Agreement or the Plan.

 

Section
8.              
Additional Commitments.

 

8.01.       
Cooperation and Support. To the extent reasonably practicable, the Company Parties shall provide draft copies of
all material pleadings and documents that any Company Party intends to file with or submit to the Bankruptcy Court or any governmental
authority (including any regulatory authority), as applicable, to counsel to the Consenting Creditors at least two (2) Business
Days prior to the date when such Company Party intends to file such document. Counsel to the respective Parties shall consult
in good faith regarding the form and substance of any such proposed filing with the Bankruptcy Court. For the avoidance of doubt,
the Parties agree to negotiate in good faith the Definitive Documents that are subject to negotiation and completion, consistent
with Section ‎3.02 hereof. The Debtors shall provide to the Consenting Creditors’ advisors, and direct their respective
employees, officers, advisors and other representatives to provide to the Consenting Creditors’ advisors, (i) reasonable
access (without any material disruption to the conduct of the Debtors’ businesses) during normal business hours to the Debtors’
books and records, (ii) reasonable access to the management and advisors of the Debtors for the purposes of evaluating the
Debtors’ assets, liabilities, operations, businesses, finances, strategies, prospects and affairs, (iii) timely and
reasonable responses to all reasonable diligence requests, and (iv) the status of obtaining any necessary or desirable authorizations
(including consents) from any competent judicial body, governmental authority, banking, taxation, supervisory, or regulatory body
or any stock exchange. Further, the Company Parties shall provide draft copies of all material pleadings and documents that any
Company Party intends to file with the Bankruptcy Court that impact the Uniti Parties to Counsel to the Uniti Parties at least
two (2) Business Days prior to the date when such Company Party intends to file such document. Counsel to the respective Parties
shall consult in good faith regarding the form and substance of any such proposed filing with the Bankruptcy Court, but any such
proposed filing shall comply in all respect with the Milestones set forth in ‎Section 4 and all other provisions of this Agreement.
Further, the Company shall reasonably consult with counsel to the Consenting Creditors regarding any regulatory or other third-party
approvals necessary to implement the Restructuring Transactions and share copies of any documents filed or submitted to any regulatory
or other governmental authority in connection with obtaining any regulatory or other third-party approvals.

 

8.02.       
Adversary Proceeding. On the Agreement Effective Date, the Company Parties and the Uniti Parties shall promptly
take all actions necessary to stay and hold in abeyance the prosecution of any and all claims and counterclaims in the Adversary
Proceeding, such stay to remain effective until the earlier of (i) the date this Agreement shall have been terminated and (ii) the
Effective Date (as defined in the Uniti Term Sheet).

 

    18 

     

    

Section
9.              
Additional Provisions Regarding Company Parties’ Commitments.

 

9.01.       
Notwithstanding anything to the contrary in this Agreement, nothing in this Agreement shall require a Company Party or
the board of directors, board of managers, or similar governing body of a Company Party, after consulting with counsel, to take
any action or to refrain from taking any action with respect to the Restructuring Transactions to the extent taking or failing
to take such action would be inconsistent with applicable Law or its fiduciary obligations under applicable Law; provided
that, to the extent that any such action or inaction is inconsistent with this Agreement or would be deemed to constitute a material
breach hereunder, including a determination to pursue an Alternative Restructuring Proposal, the Company Parties shall provide
counsel to the Consenting Creditors and the Uniti Parties with written notice within two (2) Business Days of when any Company
Party so acts or fails to act; provided, further, that any such inaction or action shall not impede any Party’s
rights to terminate this Agreement pursuant to ‎Section 13; provided, further that, for the avoidance of doubt,
upon entry of the Uniti 9019 Order, the terms of the Uniti 9019 Order shall control, including as such order binds the Debtors
with respect to the Uniti Transactions.

 

9.02.       
Notwithstanding anything to the contrary in this Agreement (but subject to Section ‎9.01 and ‎Section 13),
each Company Party and its respective directors, officers, employees, investment bankers, attorneys, accountants, consultants,
and other advisors or representatives shall have the rights to: (a) consider and respond to Alternative Restructuring Proposals
(or inquiries or indications of interest with respect thereto) that may be received by the Company Parties; (b) provide access
to non-public information concerning any Company Party to any Entity or enter into Confidentiality Agreements or nondisclosure
agreements with any Entity in connection with any Alternative Restructuring Proposal (or inquiries or indications of interest
with respect thereto) that may be received by the Company Parties; (c) engage in discussions or negotiations with respect
to Alternative Restructuring Proposals (or inquiries or indications of interest with respect thereto) that may be received by
the Company Parties; and (d) enter into or continue discussions or negotiations with holders of Claims against or Equity
Interests in a Company Party (including any Consenting Creditor), any other party in interest in the Chapter 11 Cases (including
any official committee and the United States Trustee), or any other Entity regarding the Restructuring Transactions. If any Company
Party receives a written or oral proposal or expression of interest regarding any Alternative Restructuring Proposal, within two
(2) Business Days, the Company Party shall notify (with email being sufficient) counsel to the Consenting Creditors of any such
proposal or expression of interest, with such notice to include a copy of such proposal, if it is in writing, or otherwise a summary
of the material terms thereof. If the board of directors of the Company Parties determines, in good faith, upon the advice of
its outside legal advisors, to exercise a Fiduciary Out, the Company Parties shall notify counsel to the Consenting Creditors
within two (2) Business Days following such determination. Upon any determination by any Company Party to exercise a Fiduciary
Out (as defined below), the other Parties to this Agreement shall be immediately and automatically relieved of any obligation
to comply with their respective covenants and agreements herein in accordance with Section ‎13.06 hereof.

 

9.03.       
Nothing in this Agreement shall: (a) impair or waive the rights of any Company Party to assert or raise any objection permitted
under this Agreement in connection with the Restructuring Transactions; or (b) prevent any Company Party from enforcing this Agreement
or contesting whether any matter, fact, or thing is a breach of, or is inconsistent with, this Agreement.

 

    19 

     

    

Section
10.           Transfer
of Interests and Securities.

 

10.01.   
During the Agreement Effective Period, no Consenting Creditor shall Transfer any ownership (including any beneficial ownership
as defined in the Rule 13d-3 under the Securities Exchange Act of 1934, as amended) in any Company Claims/Interests to any affiliated
or unaffiliated party, including any party in which it may hold a direct or indirect beneficial interest, unless:

 

(a)           
in the case of any Company Claims/Interests, the authorized transferee is either (1) a qualified institutional buyer
as defined in Rule 144A of the Securities Act, (2) a non-U.S. person in an offshore transaction as defined under Regulation S
under the Securities Act, (3) an institutional accredited investor (as defined in the Rules), or (4) a Consenting Creditor;
and

 

(b)          
either (i) the transferee executes and delivers to counsel to each of the Company Parties, the First Lien Ad Hoc Group,
and Elliott, at or before the time of the proposed Transfer, a Transfer Agreement, (ii) as of the date of such Transfer, such
Consenting Creditor controls, is controlled by, or is under common control with such transferee or is an affiliate, affiliated
fund, or affiliated entity with a common investment advisor, or (iii) the transferee is a Consenting Creditor and the transferee
provides notice of such Transfer (including the amount and type of Company Claim/Interest Transferred) to counsel to the Company
Parties at or before the time of the proposed Transfer.

 

10.02.   
Upon compliance with the requirements of Section ‎10.01, the transferor shall be deemed to relinquish its rights
(and be released from its obligations) under this Agreement to the extent of the rights and obligations in respect of such transferred
Company Claims/Interests. Any Transfer in violation of Section ‎10.01 shall be void ab initio.

 

10.03.   
This Agreement shall in no way be construed to preclude the Consenting Creditors from acquiring additional Company Claims/Interests;
provided, that (a) such additional Company Claims/Interests shall automatically and immediately upon acquisition by
a Consenting Creditor be deemed subject to the terms of this Agreement (regardless of when or whether notice of such acquisition
is given to counsel to the Company Parties or counsel to the Consenting Creditors) and (b) such Consenting Creditor must provide
notice of such acquisition (including the amount and type of Company Claim/Interest acquired) on a confidential basis to counsel
to the Company Parties within five (5) Business Days of such acquisition.

 

10.04.   
This ‎Section 10 shall not impose any obligation on any Company Party to issue any “cleansing letter” or
otherwise publicly disclose information for the purpose of enabling a Consenting Creditor to Transfer any of its Company Claims/Interests.
Notwithstanding anything to the contrary herein, to the extent a Company Party and another Party have entered into a Confidentiality
Agreement, the terms of such Confidentiality Agreement shall continue to apply and remain in full force and effect according to
its terms, and this Agreement does not supersede any rights or obligations otherwise arising under such Confidentiality Agreements.

 

10.05.   
Notwithstanding Section ‎10.01, a Qualified Marketmaker that acquires any Company Claims/Interests shall not (a)
be required to be or become a Consenting Creditor to effect any Transfer of any Company Claims/Interests by a Consenting Creditor
to a transferee, so long

 

    20 

     

    

as
such Transfer by the Consenting Creditor to the transferee is in all other respects a Permitted Transfer under Section ‎10.01
and (b) be required to execute and deliver a Transfer Agreement in respect of such Company Claims/Interests if (i) such Qualified
Marketmaker subsequently transfers such Company Claims/Interests (by purchase, sale assignment, participation, or otherwise) within
ten (10) Business Days of its acquisition to a transferee that is an entity that is not an affiliate, affiliated fund, or affiliated
entity with a common investment advisor; (ii) the transferee otherwise is a Permitted Transferee under Section ‎10.01;
and (iii) the Transfer otherwise is a Permitted Transfer under Section ‎10.01. To the extent that a Consenting Creditor
is acting in its capacity as a Qualified Marketmaker, it may Transfer (by purchase, sale, assignment, participation, or otherwise)
any right, title or interests in Company Claims/Interests that the Qualified Marketmaker acquires from a holder of the Company
Claims/Interests who is not a Consenting Creditor without the requirement that the transferee be a Permitted Transferee.

 

10.06.   
Notwithstanding anything to the contrary in this ‎Section 10, the restrictions on Transfer set forth in this ‎Section
10 shall not apply to the grant of any liens or encumbrances on any claims and interests in favor of a bank or broker-dealer holding
custody of such claims and interests in the ordinary course of business and which lien or encumbrance is released upon the Transfer
of such claims and interests.

 

10.07.   
Notwithstanding anything herein to the contrary, the duties and obligations of the Consenting Creditors under this Agreement
shall be several, and not joint. No Party shall have any responsibility by virtue of this Agreement for any trading by any other
entity. No prior history, pattern, or practice of sharing confidences among or between the Parties shall in any way affect or
negate this Agreement. The Parties acknowledge that this Agreement does not constitute an agreement, arrangement, or understanding
with respect to acting together for the purpose of acquiring, holding, voting, or disposing of any equity securities of the Debtors
and do not constitute a “group” within the meaning of Rule 13d-5 under the Securities Exchange Act of 1934, as amended.
No action taken by any Consenting Creditors pursuant to this Agreement shall be deemed to constitute or to create a presumption
by any of the Parties that the Consenting Creditors are in any way acting in concert or as such a “group.”

 

10.08.   
For the avoidance of doubt, and notwithstanding anything to the contrary in this ‎Section 10, the restrictions on Transfer
set forth in this ‎Section 10 shall not apply to any Excess Second Lien Claims or any Excess Unsecured Notes Claims.

 

Section
11.           Representations
and Warranties of Consenting Creditors. Each Consenting Creditor severally, and not jointly, represents and warrants that,
as of the date such Consenting Creditor executes and delivers this Agreement:

 

(a)           
it is the beneficial or record owner of the face amount of the Company Claims/Interests or is the nominee, investment manager,
or advisor for beneficial holders of the Company Claims/Interests reflected in, and, having made reasonable inquiry, is not the
beneficial or record owner of any Company Claims/Interests other than those reflected in, such Consenting Creditor’s signature
page to this Agreement or a Transfer Agreement, as applicable (as may be updated pursuant to ‎Section 10);

 

(b)          
such Company Claims/Interests are free and clear of any pledge, lien, security

 

    21 

     

    

interest,
charge, claim, equity, option, proxy, voting restriction, right of first refusal, or other limitation on disposition, transfer,
or encumbrances of any kind, that would adversely affect in any way such Consenting Creditor’s ability to perform any of
its obligations under this Agreement at the time such obligations are required to be performed;

 

(c)          
it has the full power to vote and consent to matters concerning all of its Company Claims/Interests referable to it as
contemplated by this Agreement subject to applicable Law; and

 

(d)          
solely with respect to holders of Company Claims/Interests, (i) it is either (A) a qualified institutional buyer as defined
in Rule 144A of the Securities Act, (B) not a U.S. person (as defined in Regulation S of the Securities Act), or (C) an institutional
accredited investor (as defined in the Rules), and (ii) any securities acquired by the Consenting Creditor in connection
with the Restructuring Transactions will have been acquired for investment and not with a view to distribution or resale in violation
of the Securities Act.

 

Section
12.           Mutual
Representations, Warranties, and Covenants. Each of the Parties represents, warrants, and covenants to each other Party,
as of the date such Party executed and delivers this Agreement:

 

(a)          
it is validly existing and in good standing under the Laws of the state of its organization, and this Agreement is a legal,
valid, and binding obligation of such Party, enforceable against it in accordance with its terms, except as enforcement may be
limited by applicable Laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability;

 

(b)          
except as expressly provided in this Agreement, the Plan, and the Bankruptcy Code, no consent or approval is required by
any other person or entity in order for it to effectuate the Restructuring Transactions and Uniti Transactions contemplated by,
and perform its respective obligations under, this Agreement;

 

(c)          
the entry into and performance by it of, and the transactions contemplated by, this Agreement do not, and will not, conflict
in any material respect with any Law or regulation applicable to it or with any of its articles of association, memorandum of
association or other constitutional documents;

 

(d)          
except as expressly provided in this Agreement, it has (or will have, at the relevant time) all requisite corporate or
other power and authority to enter into, execute, and deliver this Agreement and to effectuate the Restructuring Transactions
and Uniti Transactions contemplated by, and perform its respective obligations under, this Agreement; and

 

(e)          
except as expressly provided by this Agreement, it is not party to any restructuring or similar agreements or arrangements
with the other Parties to this Agreement that have not been disclosed to all Parties to this Agreement.

 

Section
13.           Termination
Events.

 

13.01.   
Consenting Creditor Termination Events. This Agreement may be terminated (a) with respect to the Consenting
Creditors that are members of the First Lien Ad Hoc Group, by

 

    22 

     

    

the Required
Consenting First Lien Creditors, and (b) with respect to Elliott, by Elliott, in each case, by the delivery to the Company
Parties of a written notice in accordance with Section ‎16.10
hereof upon the occurrence of the following events (such events, the “Consenting Creditor Termination Events”):

 

(a)          
the breach in a material respect by a Company Party or a Uniti Party of any of the representations, warranties, or covenants
of the Company Parties or the Uniti Parties, as applicable, set forth in this Agreement that remains uncured (to the extent curable)
for ten (10) Business Days after such terminating Consenting Creditors transmit a written notice in accordance with Section ‎16.10
hereof detailing any such breach;

 

(b)          
any representation or warranty in this Agreement made by any Company Party or any Uniti Party shall have been untrue in
any material respect when made or shall have become untrue in any material respect, and such breach remains uncured (to the extent
curable) for a period of ten (10) Business Days following such Debtor’s receipt of notice in accordance with Section ‎16.10
hereof detailing any such breach;

 

(c)          
the failure to meet any of the Milestones in ‎Section 4 of this Agreement;

 

(d)          
any Company Party or Uniti Party files, amends or modifies, executes, enters into, or files a pleading seeking authority
to amend or modify, the Definitive Documents in a manner that is inconsistent with this Agreement, including the consent rights
of the Required Consenting Creditors set forth in ‎Section 3 of this Agreement, or publicly announces its intention to take
any such action;

 

(e)           
any Debtor files, or publicly announces that it will file, or joins in or supports, any plan of reorganization other than
the Plan, or files any motion or application seeking authority to sell any assets, in each case, without the prior written consent
of the Required Consenting Creditors

 

(f)           
the issuance or ruling by any governmental authority, including the Bankruptcy Court, any regulatory authority, or court
of competent jurisdiction, of any final, non-appealable ruling or order that enjoins the consummation of a material portion of
the Restructuring Transactions or the Uniti Transactions, or the commencement of any action by any governmental authority or other
regulatory authority that could reasonably be expected to enjoin or otherwise make impractical the substantial consummation of
the Restructuring Transactions on the terms and conditions set forth herein and in the Uniti Term Sheet or the Plan; provided,
that the Debtors shall have twenty (20) business days after the issuance of such ruling, order, or action to obtain relief
that would allow consummation of the Restructuring Transactions in a manner that (i) does not prevent or diminish compliance
with the terms of the Plan and this Agreement and (ii) is acceptable to the Required Consenting Creditors; provided,
further, however that this termination right may not be exercised by any Party that sought or requested such ruling
or order in contravention of any obligation set out in this Agreement;

 

(g)          
any order approving the Plan or the Disclosure Statement is reversed, stayed, dismissed, vacated, or reconsidered without
the consent of the Required Consenting Creditors, is modified or amended in a manner that is inconsistent with this Agreement
or not reasonably

 

    23 

     

    

satisfactory
to the Required Consenting Creditors, or a motion for reconsideration, reargument, or rehearing with respect to such order is
granted;

 

(h)          
the Bankruptcy Court enters an order denying confirmation of the Plan or the Confirmation Order is reversed, stayed, dismissed,
vacated, or reconsidered, in each case without the consent of the Required Consenting Creditors;

 

(i)            
the entry of an order by the Bankruptcy Court, or the filing of a motion or application by any Company Party seeking an
order (without the prior written consent of the Required Consenting Creditors), (i) converting one or more of the Chapter 11 Cases
of a Company Party to a case under chapter 7 of the Bankruptcy Code, (ii) appointing an examiner with expanded powers beyond
those set forth in sections 1106(a)(3) and (4) of the Bankruptcy Code or a trustee in one or more of the Chapter 11 Cases
of a Company Party, or (iii) rejecting this Agreement;

 

(j)            
either: (i) any Debtor files a motion, application, or adversary proceeding (or any Debtor supports any such motion, application,
or adversary proceeding filed or commenced by any Third Party) (A) challenging the validity, enforceability, perfection, or priority
of, or seeking avoidance or subordination of the First Lien Claims or the Second Lien Claims, or the liens securing such Claims,
or (B) asserting any other cause of action against and/or with respect to or relating to such Claims or the prepetition liens
securing such Claims; or (ii) the Bankruptcy Court (or any court with jurisdiction over the Chapter 11 Cases) enters an order
providing relief against the interests of any Consenting Creditor with respect to any of the foregoing causes of action or proceedings;

 

(k)           
the Company Parties terminate their obligations under and in accordance with this Agreement;

 

(l)            
the Uniti Parties terminate their obligations under and in accordance with this Agreement;

 

(m)         
the failure of the Consenting Creditors to hold, in the aggregate, at least 66.7% of the First Lien Claims;

 

(n)          
any board of directors or board of managers, as applicable, of any Debtor exercises a Fiduciary Out pursuant to and in
accordance with Section ‎13.02(a) of this Agreement;

 

(o)          
(i) the Bankruptcy Court enters an order denying the Uniti 9019 Motion and (ii) either (A) the Debtors have not timely
appealed such denial, (B) an appellate court affirms such denial and such appellate court decision is not subject to further appeal,
or (C) such denial has not been timely reversed by an appellate court on a final, non-appealable basis;

 

(p)          
the 9019 Motion is granted but reversed on appeal and either (i) such reversal is not subject to further appeal or (ii)
any order reversing the approval of the 9019 Motion is not timely reversed on further appeal;

 

(q)          
the Bankruptcy Court denies approval of the BCA Approval Motion;

 

(r)           
the Backstop Commitment Agreement terminates pursuant to its terms; or

 

    24 

     

    

(s)           
the Bankruptcy Court enters an order in the Chapter 11 Cases terminating any of the Debtors’ exclusive right under
section 1121 of the Bankruptcy Code to file a plan or plans of reorganization.

 

Notwithstanding
anything to the contrary herein, unless and until there is an unstayed order of the Bankruptcy Court providing that the giving
of notice under and/or termination of this Agreement in accordance with its terms is not prohibited by the automatic stay imposed
by section 362 of the Bankruptcy Code, the occurrence of any of the Consenting Creditor Termination Events in this Section
‎13.01 shall result in an automatic termination of this Agreement, to the extent the Required Consenting Creditors would otherwise
have the ability to terminate this Agreement in accordance with Section ‎13.01, five (5) business days following such occurrence
unless waived (including retroactively) in writing by the Required Consenting Creditors

 

13.02.   
Uniti Parties Termination Events. The Uniti Parties may terminate this Agreement as to the Uniti Parties upon prior
written notice to all Parties in accordance with Section ‎16.10
hereof upon the occurrence of any of the following events (such events, the “Uniti Parties Termination Events”):

 

(a)          
the breach in any material respect by a Company Party of any of the representations, warranties, or covenants of the Company
Parties set forth in this Agreement that (i) adversely affects the Company Parties’ or Uniti Parties’ ability to consummate
the Uniti Transactions, and (ii)  remains uncured for ten (10) Business Days after the Uniti Parties transmit a written notice
in accordance with Section ‎16.10 hereof detailing any such breach;

 

(b)           
the breach in any material respect of any provision set forth in this Agreement by
any Consenting Creditor that (i) remains uncured for a period of ten (10) Business Days after the receipt by the Consenting
Creditors of notice and a description of such breach, (ii) has a adverse impact on the Uniti Parties and the Uniti Transactions
or the consummation of the Uniti Transactions, and (iii) causes the non-breaching Consenting Creditors to hold less than
66.7% of the First Lien Claims; 

 

(c)           
any representation or warranty in this Agreement made by any Company Party or shall have been untrue in any material respect
when made, or shall have become untrue in any material respect, and such breach (i) has
a adverse impact on the Uniti Parties and the Uniti Transactions or the consummation of the Uniti Transactions and (ii) remains
uncured (to the extent curable) for a period of ten (10) Business Days following such Company Party’s receipt of notice
in accordance with Section ‎16.10 hereof detailing any such breach;

 

(d)           
the failure to meet any Milestone set forth in this Agreement with respect to any of the Uniti Documents;

 

(e)           
any Company Party files, amends or modifies, executes, enters into, or files a pleading seeking authority to amend
or modify, any of the Uniti Documents in a manner that is inconsistent with this Agreement or the Uniti Term Sheet, or publicly
announces its intention to take any such action;

 

(f)           
the issuance or ruling by any governmental authority, including the Bankruptcy Court, any regulatory authority, or court
of competent jurisdiction, of any final, non-appealable

 

    25 

     

    

ruling
or order that enjoins the consummation of a material portion of the Uniti Transactions, or the commencement of any action by any
governmental authority or other regulatory authority that could reasonably be expected to enjoin or otherwise make impractical
the substantial consummation of the Uniti Transactions on the terms and conditions set forth in the Uniti Term Sheet; provided,
that the Debtors shall have ten (10) business days after the issuance of such ruling, order, or action to obtain relief that
would allow consummation of the Uniti Transactions in a manner that (i) does not prevent or diminish compliance with the
terms of the Uniti Term Sheet and (ii) is acceptable to the Required Consenting Creditors; provided, further,
however that this termination right may not be exercised by any Party that sought or requested such ruling or order in
contravention of any obligation set out in this Agreement;

 

(g)          
the entry of an order by the Bankruptcy Court, or the filing of a motion or application by any Company Party seeking an
order (without the prior written consent of the Uniti Parties, not to be unreasonably withheld), (i) converting one or more of
the Chapter 11 Cases of a material Company Party to a case under chapter 7 of the Bankruptcy Code, (ii) appointing an examiner
with expanded powers beyond those set forth in sections 1106(a)(3) and (4) of the Bankruptcy Code or a trustee in one or more
of the Chapter 11 Cases of a Company Party, or (iii) rejecting this Agreement;

 

(h)          
the entry of an order by the Bankruptcy Court granting standing to any third party to pursue any litigation against a Uniti
Party other than to enforce this Agreement or any Definitive Document or as otherwise permitted under this Agreement;

 

(i)           
(i) the Bankruptcy Court enters an order denying the Uniti 9019 Motion and (ii) either (A) the Debtors have not timely
appealed such denial, (B) an appellate court affirms the such denial and such appellate court decision is not subject to further
appeal, or (C) such denial has not been timely reversed by an appellate court on a final, non-appealable basis;

 

(j)           
the 9019 Motion is granted but reversed on appeal and either (i) such reversal is not subject to further appeal or (ii)
any order reversing the approval of the 9019 Motion is not timely reversed on further appeal; or

 

(k)          
the Company Parties terminate their obligations under and in accordance with this Agreement.

 

13.03.     
Company Party Termination Events. Any Company Party may terminate this Agreement as to all Parties upon prior written
notice to all Parties in accordance with Section ‎16.10
hereof upon the occurrence of any of the following events (such events, the “Company Termination Events” and,
together with the Consenting Creditor Termination Events and the Uniti Parties Termination Events, the “Termination Events”):

 

(a)          
the breach in any material respect by one or more of the Uniti Parties of any provision set forth in this Agreement that
remains uncured for a period of ten (10) Business Days after the receipt by the Uniti Parties, as applicable, of notice of such
breach;

 

(b)          
the breach in any material respect of any provision set forth in this Agreement of any Consenting Creditor that (i) remains
uncured for a period of ten (10) Business Days after the receipt by the Consenting Creditors of notice and a description
of such breach, (ii) could

 

    26 

     

    

reasonably
be expected to have an adverse impact on the Restructuring Transactions or the consummation of the Restructuring Transactions
by Consenting Creditors, and (iii) causes the non-breaching Consenting Creditors to hold less than 66.7% of the First
Lien Claims; provided, however that in the case of any breach by a Consenting Creditor, the Debtors may terminate
this Agreement solely as to such breaching Consenting Creditor;

 

(c)          
the failure of the Consenting Creditors to hold, in the aggregate, at least 66.7% of the First Lien Claims;

 

(d)          
the board of directors, board of managers, or such similar governing body of any Company Party determines in good faith,
after consulting with outside counsel, (i) that proceeding with any of the Restructuring Transactions would be inconsistent with
the exercise of its fiduciary duties or its compliance with applicable Law or (ii) in the exercise of its fiduciary duties, to
pursue an Alternative Restructuring Proposal and the continued support of the Restructuring Transactions is inconsistent with
its fiduciary duties or applicable Law (a “Fiduciary Out”);

 

(e)          
the issuance by any governmental authority, including any regulatory authority or court of competent jurisdiction, of any
final, non-appealable ruling or order that (i) enjoins the consummation of a material portion of the Restructuring Transactions
or the Uniti Transactions and (ii) remains in effect for twenty (20) Business Days after such terminating Company Party transmits
a written notice in accordance with Section ‎16.10 hereof detailing any such issuance; provided, that this termination
right shall not apply to or be exercised by any Company Party that sought or requested such ruling or order in contravention of
any obligation or restriction set out in this Agreement; or

 

(f)           
the Bankruptcy Court enters an order denying confirmation of the Plan.

 

13.04.    
Mutual Termination.  This Agreement, and the obligations of all Parties hereunder, may be terminated by mutual
written agreement among all of the following: (a) the Required Consenting Creditors; (b) each Uniti Party; and (c) each Company
Party.

 

13.05.    
Automatic Termination.  This Agreement shall terminate automatically without any further required action or
notice immediately after the Plan Effective Date.

 

13.06.    
Effect of Termination.  Upon the occurrence of a Termination Date as to a Party, this Agreement shall be of
no further force and effect as to such Party and each Party subject to such termination shall be released from its commitments,
undertakings, and agreements under or related to this Agreement and shall have the rights and remedies that it would have had,
had it not entered into this Agreement, and shall be entitled to take all actions, whether with respect to the Restructuring Transactions
or otherwise, that it would have been entitled to take had it not entered into this Agreement, including with respect to any and
all Claims or causes of action.  Upon the occurrence of a Termination Date prior to the Confirmation Order being entered
by a Bankruptcy Court, any and all consents or ballots tendered by the Parties subject to such termination before a Termination
Date shall be deemed, for all purposes, to be null and void from the first instance and shall not be considered or otherwise used
in any manner by the Parties in connection with the Restructuring Transactions and this Agreement or otherwise. Nothing in this
Agreement shall be construed as prohibiting any Party from contesting whether any such termination is in accordance

 

    27 

     

    

with
its terms or to seek enforcement of any rights under this Agreement that arose or existed before a Termination Date. Except as
expressly provided in this Agreement, nothing herein is intended to, or does, in any manner waive, limit, impair, or restrict
(a) any right of any Party or the ability of any Party to protect and reserve its rights (including rights under this Agreement),
remedies, and interests, including its claims against any other Party. No purported termination of this Agreement shall be effective
under this Section ‎13.06 or otherwise if the Party seeking to terminate this Agreement is in material breach of this
Agreement. Nothing in this Section ‎13.06 shall restrict any Company Party’s right to terminate this Agreement
in accordance with Section ‎13.03(c). Following the occurrence of a Termination Date, the following shall survive any
such termination: (a) any claim for breach of this Agreement that occurs prior to such Termination Date, and all rights and
remedies with respect to such claims shall not be prejudiced in any way; (b) the Debtors’ obligations in Section 15
of this Agreement accrued up to and including such Termination Date; and (c) Sections 1.02, 13.04, 13.06, 14, 16.01, 16.05,
16.06, 16.07, 16.08, 16.09, 16.10, 16.14, and 16.18 hereof. The automatic stay applicable under section 362 of the Bankruptcy
Code shall not prohibit a Party from taking any action or delivering any notice necessary to effectuate the termination of this
Agreement pursuant to and in accordance with the terms hereof.

 

Section
14.           Amendments
and Waivers.

 

(a)          
Except as otherwise set forth in this ‎Section 14, this Agreement may not be modified, amended, or supplemented, and
no condition or requirement of this Agreement may be waived, in any manner without the prior written consent of each of the Debtors
and the Required Consenting Creditors.

 

(b)          
Notwithstanding Section 14(a) of this Agreement, no provision of any Uniti Document or of this Agreement may be modified,
amended, or supplemented, and no condition or requirement of the Uniti Documents or this Agreement may be waived, without the
additional prior written consent of the Uniti Parties to the extent that such modification, amendment, supplement, or waiver would
(i) be inconsistent with the terms of the Uniti Term Sheet and (ii) materially affect the economic treatment of the Uniti
Parties contemplated by the Uniti Term Sheet.

 

(c)          
Notwithstanding Section 14‎(a) of this Agreement, (i) any waiver, modification, amendment, or supplement to this
‎Section 14 shall require the written consent of all of the Parties, (ii) (x) any modification, amendment, or change
to the definition of “Required Consenting First Lien Creditors” shall require the consent of each member of the First
Lien Ad Hoc Group holding First Lien Claims that was a Consenting Creditor and member of the First Lien Ad Hoc Group as of the
date of such modification, amendment, or change and (y) any modification, amendment, or change to the definition of “Uniti
Parties” shall require the consent of the Uniti Parties, (iii) any change, modification, amendment, or supplement to
the Uniti Parties Termination Events shall require the written consent of the Uniti Parties, and (iv) any change, modification,
or amendment to this Agreement that affects any Consenting Creditor in a manner that is materially and adversely disproportionate,
on an economic or non-economic basis, to the manner in which such Consenting Creditor was treated pursuant to the terms of this
Agreement immediately prior to such change, modification, or amendment shall require the written consent of such materially adversely
and disproportionately affected Consenting Creditor.

 

    28 

     

    

         

(d)          
Any proposed modification, amendment, waiver or supplement that does not comply with this ‎Section 14 shall be ineffective
and void ab initio.

 

(e)          
The waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a further or
continuing waiver of such breach or as a waiver of any other or subsequent breach. No failure on the part of any Party to exercise,
and no delay in exercising, any right, power or remedy under this Agreement shall operate as a waiver of any such right, power
or remedy or any provision of this Agreement, nor shall any single or partial exercise of such right, power or remedy by such
Party preclude any other or further exercise of such right, power or remedy or the exercise of any other right, power or remedy.
All remedies under this Agreement are cumulative and are not exclusive of any other remedies provided by Law.

 

(f)          
Any consent or waiver contemplated in this ‎Section 14 may be provided by electronic mail from counsel to the relevant
Party.

 

Section
15.           Fees
and Expenses. During the Agreement Effective Period, the Debtors
shall promptly pay or reimburse when due all reasonable and documented fees and expenses of the following (regardless of when
such fees are or were incurred): (a) Paul, Weiss, Rifkind, Wharton & Garrison LLP, as counsel to the First Lien Ad Hoc Group;
(b) Evercore Group, L.L.C., as financial advisor to the First Lien Ad Hoc Group; (c) Ropes & Gray LLP, as counsel to Elliott;
(d) (i) all other counsel, including special corporate, regulatory and REIT counsel, and non-legal consultants or other professionals
incurred by Elliott related to the restructuring prior to the Agreement Effective Date and (ii) after the Agreement Effective
Date, one special corporate, one regulatory and one REIT counsel, and non-legal consultants or other professionals incurred by
Elliott, solely, except for special corporate counsel and subject to privilege in all cases, to the extent the First Lien Ad Hoc
Group’s advisors and members receive access to and work product of such counsel or consultants following the Agreement Effective
Date; (e) one consultant or regulatory counsel to the First Lien Ad Hoc Group; and (f) any applicable filing or other similar
fees required to be paid by or on behalf of any Consenting Creditor in all applicable jurisdictions, in each case subject to entry
of the BCA Approval Order; provided, however,
that if this Agreement is terminated as to all Consenting Creditors, the Debtors shall promptly pay all reasonable and documented
fees and expenses of each advisor listed in this ‎Section 15 that have accrued prior to the Termination Date with respect
to all such Consenting Creditors; provided, further, that nothing herein shall alter or
modify the Company’s payment obligations under the Final Order (A) Authorizing the Debtors to Obtain Postpetition
Financing, (B) Authorizing the Debtors to Use Cash Collateral, (C) Granting Liens and Providing Superpriority Administrative Expense
Status, (D) Granting Adequate Protection to the Prepetition Secured Parties, (E) Modifying the Automatic Stay, and (F) Granting
Related Relief [Docket No. 376]. 

 

Section
16.           Miscellaneous.

 

16.01.   
Acknowledgement. Notwithstanding any other provision herein, this Agreement is not and shall not be deemed to be
an offer with respect to any securities or solicitation of votes for the acceptance of a plan of reorganization for purposes of
sections 1125 and 1126 of the Bankruptcy Code or otherwise.  Any such offer or solicitation will be made only in compliance
with all applicable securities Laws, provisions of the Bankruptcy Code, and/or other applicable Law.

 

    29 

     

    

16.02.   
Exhibits Incorporated by Reference; Conflicts. Each of the exhibits, annexes, signatures pages, and schedules attached
hereto is expressly incorporated herein and made a part of this Agreement, and all references to this Agreement shall include
such exhibits, annexes, and schedules. In the event of any inconsistency between this Agreement (without reference to the exhibits,
annexes, and schedules hereto) and the exhibits, annexes, and schedules hereto, this Agreement (without reference to the exhibits,
annexes, and schedules thereto) shall govern. In the event of any inconsistencies between the Restructuring Term Sheet and the
Uniti Term Sheet with respect to the Uniti Transactions, the Uniti Term Sheet shall control and govern.

 

16.03.   
Further Assurances.  Subject to the other terms of this Agreement during the Agreement Effective Period, the
Parties agree to execute and deliver such other instruments and perform such acts, in addition to the matters herein specified,
as may be reasonably appropriate or necessary, or as may be required by order of the Bankruptcy Court, from time to time, to effectuate
the Restructuring Transactions or the Uniti Transactions, as applicable.

 

16.04.   
Complete Agreement.  Except as otherwise explicitly provided herein, this Agreement constitutes the entire
agreement among the Parties with respect to the subject matter hereof and supersedes all prior agreements, oral or written, among
the Parties with respect thereto, other than any Confidentiality Agreement.

 

16.05.   
GOVERNING LAW; SUBMISSION TO JURISDICTION; SELECTION OF FORUM.  THIS AGREEMENT IS TO BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT GIVING
EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.  Each Party hereto agrees that it shall bring any action or proceeding
in respect of any claim arising out of or related to this Agreement, to the extent possible, in the Bankruptcy Court, and solely
in connection with claims arising under this Agreement: (a) irrevocably submits to the exclusive jurisdiction of the Bankruptcy
Court; (b) waives any objection to laying venue in any such action or proceeding in the Bankruptcy Court; and (c) waives
any objection that the Bankruptcy Court is an inconvenient forum or does not have jurisdiction over any Party hereto.

 

16.06.   
Trial by Jury Waiver. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

16.07.   
Execution of Agreement.  This Agreement may be executed and delivered in any number of counterparts and by
way of electronic signature and delivery, each such counterpart, when executed and delivered, shall be deemed an original, and
all of which together shall constitute the same agreement.  Except as expressly provided in this Agreement, each individual
executing this Agreement on behalf of a Party has been duly authorized and empowered to execute and deliver this Agreement on
behalf of said Party. No Party or its advisors shall disclose to any person or entity (including, for the avoidance of doubt,
any other Party) the holdings information of any Consenting Creditor without such Consenting Creditor’s prior written consent;
provided, that signature pages executed by Consenting Creditors shall be delivered to (a) all Consenting Creditors in redacted
form that removes the details of such Consenting Creditors’ holdings of the Claims

 

    30 

     

    

and Interests
listed thereon and (b) the Debtors in unredacted form (to be held by the Debtors on a professionals’ eyes only-basis). Any
public filing of this Agreement, with the Bankruptcy Court or otherwise, which includes executed signature pages to this Agreement
shall include such signature pages only in redacted form with respect to the holdings of each Consenting Creditor.

 

16.08.   
Rules of Construction.  This Agreement is the product of negotiations among the Company Parties, the Uniti
Parties, and the Consenting Creditors, and in the enforcement or interpretation hereof, is to be interpreted in a neutral manner,
and any presumption with regard to interpretation for or against any Party by reason of that Party having drafted or caused to
be drafted this Agreement, or any portion hereof, shall not be effective in regard to the interpretation hereof. The Company Parties,
the Uniti Parties, and the Consenting Creditors were each represented by counsel during the negotiations and drafting of this
Agreement and continue to be represented by counsel.

 

16.09.   
Successors and Assigns; Third Parties.  This Agreement is intended to bind and inure to the benefit of the
Parties and their respective successors and permitted assigns, as applicable. There are no third party beneficiaries under this
Agreement, and the rights or obligations of any Party under this Agreement may not be assigned, delegated, or transferred to any
other person or entity. 

 

16.10.   
Notices.  All notices hereunder shall be deemed given if in writing and delivered, by electronic mail, courier,
or registered or certified mail (return receipt requested), to the following addresses (or at such other addresses as shall be
specified by like notice):

 

(a)           
if to a Company Party, to:

 

Windstream
Holdings, Inc.

4001 Rodney Parham Road

Little Rock, Arkansas

Attn: Kristi
M. Moody

Email:Kristi.Moody@windstream.com

with copies to:

 

Kirkland
& Ellis LLP

601
Lexington Avenue

New
York, NY 10022 

Attn:
 Stephen E. Hessler and Marc Kieselstein 

Email:
 shessler@kirkland.com 

mkieselstein@kirkland.com

 

and

 

Kirkland
& Ellis LLP

300 North LaSalle Street

Chicago, IL 60654

Attn:Ross Kwasteniet, Brad Weiland, and John Luze

 

    31 

     

    

Email:
 rkwasteniet@kirkland.com

brad.weiland@kirkland.com

john.luze@kirkland.com

 

(b)           
if to a Consenting Creditor:

 

To
the address set forth on its signature page hereto or such Consenting Creditor’s Joinder, as applicable

 

with copies to each of

 

Paul, Weiss, Rifkind,
Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Attn:      Brian S. Hermann
and Samuel E. Lovett

		Email:	bhermann@paulweiss.com

                                         slovett@paulweiss.com

 

and

 

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

Attn: Keith H. Wofford
and Stephen Moeller-Sally

Email:Keith.Wofford@ropesgray.com

          ssally@ropesgray.com

(c)           
if to the Uniti Parties:

 

Uniti
Group Inc. 

10802
Executive Center Drive

Benton
Bldg., Ste 300

Little
Rock, Arkansas 72211

Attn:
Daniel Heard

Email:
daniel.heard@uniti.com

 

with
copies to:

 

Davis
Polk & Wardwell LLP

450
Lexington Avenue

New
York, NY 10017

Attn:
 Eli Vonnegut and Jacob Weiner

Email:
eli.vonnegut@davispolk.com

 jacob.weiner@davispolk.com

 

Any notice
given by delivery, mail, or courier shall be effective when received.

 

    32 

     

    

16.11.    
Independent Due Diligence and Decision Making. Each Consenting Creditor hereby confirms that its decision to execute
this Agreement has been based upon its independent investigation of the operations, businesses, financial and other conditions,
and prospects of the Company Parties.

 

16.12.    
Enforceability of Agreement. Each of the Parties to the extent enforceable waives any right to assert that the exercise
of termination rights under this Agreement is subject to the automatic stay provisions of the Bankruptcy Code, and expressly stipulates
and consents hereunder to the prospective modification of the automatic stay provisions of the Bankruptcy Code for purposes of
exercising termination rights under this Agreement, to the extent the Bankruptcy Court determines that such relief is required.

 

16.13.    
Waiver. If the Restructuring Transactions or the Uniti Transactions are not consummated, or if this Agreement is
terminated for any reason, the Parties fully reserve any and all of their rights. Pursuant to Federal Rule of Evidence 408 and
any other applicable rules of evidence, this Agreement and all negotiations relating hereto shall not be admissible into evidence
in any proceeding other than a proceeding to enforce its terms or the payment of damages to which a Party may be entitled under
this Agreement.

 

16.14.    
Specific Performance. It is understood and agreed by the Parties that money damages would be an insufficient remedy
for any breach of this Agreement by any Party, and each non-breaching Party shall be entitled to specific performance and injunctive
or other equitable relief (without the posting of any bond and without proof of actual damages) as a remedy of any such breach,
including an order of the Bankruptcy Court or other court of competent jurisdiction requiring any Party to comply promptly with
any of its obligations hereunder. Notwithstanding anything to the contrary in this Agreement, none of the Parties will be liable
for, and none of the Parties shall claim or seek to recover, any punitive, special, indirect or consequential damages or damages
for lost profits.

 

16.15.    
Several, Not Joint, Claims. Except where otherwise specified, the agreements, representations, warranties, and obligations
of the Parties under this Agreement are, in all respects, several and not joint.

 

16.16.    
Severability and Construction. If any provision of this Agreement shall be held by a court of competent jurisdiction
to be illegal, invalid, or unenforceable, the remaining provisions shall remain in full force and effect if essential terms and
conditions of this Agreement for each Party remain valid, binding, and enforceable.

 

16.17.    
Remedies Cumulative. All rights, powers, and remedies provided under this Agreement or otherwise available in respect
hereof at Law or in equity shall be cumulative and not alternative, and the exercise of any right, power, or remedy thereof by
any Party shall not preclude the simultaneous or later exercise of any other such right, power, or remedy by such Party.

 

16.18.    
Capacities of Consenting Creditors. Each Consenting Creditor has entered into this agreement on account of all Company
Claims/Interests that it holds (directly or through discretionary accounts that it manages or advises) and, except where otherwise
specified in this

 

    33 

     

    

Agreement,
shall take or refrain from taking all actions that it is obligated to take or refrain from taking under this Agreement with respect
to all such Company Claims/Interests.

 

16.19.    
Email Consents. Where a written consent, acceptance, approval, or waiver is required pursuant to or contemplated
by this Agreement, pursuant to Section ‎3.02, ‎Section 14, or otherwise, including a written approval by the Company Parties,
the Uniti Parties, or the Required Consenting Creditors, such written consent, acceptance, approval, or waiver shall be deemed
to have occurred if, by agreement between counsel to the Parties submitting and receiving such consent, acceptance, approval,
or waiver, it is conveyed in writing (including electronic mail) between each such counsel without representations or warranties
of any kind on behalf of such counsel.

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement on the day and year first above written.

 

    34 

     

    

Company
Parties’ Signature Page to

the Chapter 11 Plan Support Agreement

 

windstream
holdings, inc.

and each of its direct and
indirect subsidiaries

listed on Exhibit A-1
and Exhibit A-2 hereto

 

By: /s/
Tony Thomas

 

Name:Tony
Thomas

 

Title:President and Chief
Executive Officer

 

     

     

    

Uniti
Parties’ Signature Page to

the Chapter 11 Plan Support Agreement

 

 

	 	ANS
Connect LLC

Contact
Network, LLC

CSL
Alabama System, LLC

CSL
Arkansas System, LLC

CSL
Capital, LLC

CSL
Florida System, LLC

CSL
Georgia Realty, LLC

CSL
Georgia System, LLC

CSL
Iowa System, LLC

CSL
Kentucky System, LLC

CSL
Mississippi System, LLC

CSL
Missouri System, LLC

CSL
National GP, LLC

CSL
New Mexico System, LLC

CSL
North Carolina Realty GP, LLC

CSL
Ohio System, LLC

CSL
Oklahoma System, LLC

CSL
Realty, LLC

CSL
Tennessee Realty Partner, LLC

CSL
Tennessee Realty, LLC

CSL
Texas System, LLC

Hunt
Brothers of Louisiana, LLC

Hunt
Telecommunications, LLC

Information
Transport Solutions, Inc.

InLine
Services, LLC

Integrated
Data Systems, LLC

Nexus
Systems, Inc.

Nexus
Wireless, LLC

PEG
Bandwidth DC, LLC

PEG
Bandwidth DE, LLC

PEG
Bandwidth LA, LLC

PEG
Bandwidth MA, LLC

PEG
Bandwidth MD, LLC

PEG
Bandwidth MS, LLC

PEG
Bandwidth NJ, LLC

PEG
Bandwidth NY Telephone Corp.

PEG
Bandwidth PA, LLC

PEG
Bandwidth Services, LLC

PEG
Bandwidth TX, LLC

PEG
Bandwidth VA, LLC

Southern
Light, LLC

Talk
America Services, LLC

Uniti
Completed Towers LLC

Uniti
Dark Fiber LLC

Uniti
Fiber Holdings Inc.

Uniti
Fiber LLC

Uniti
Group Finance 2019 Inc.

Uniti
Group Finance Inc.

 

 

     

     

    

 

	 	Uniti
Group LP LLC

Uniti
Holdings GP LLC

Uniti
LATAM GP LLC

Uniti
Leasing LLC

Uniti
Leasing MW LLC

Uniti
Leasing X LLC

Uniti
Leasing XI LLC

Uniti
Leasing XII LLC

Uniti
QRS Holdings GP LLC

Uniti
Towers LLC

Uniti
Towers NMS Holdings LLC

Uniti
Wireless Holdings LLC

 

	 	 	 
	 	 	 	By:	/s/ Daniel Heard
	 	 	 	 	Name:	Daniel Heard
	 	 	 	 	Title:  	Executive Vice President – General Counsel and Secretary

 

 

	 	UNITI Group inc.
	 	 	 
	 	 	 	By:	/s/ Daniel Heard
	 	 	 	 	Name:	Daniel Heard
	 	 	 	 	Title:  	Executive Vice President – General Counsel and Secretary

 

     

     

    

	 	

    CSL NATIONAL, LP
	 	 
	 	 	By:  CSL NATIONAL GP, LLC, as its general partner
	 	 	 
	 	 	 	By:	/s/
    Daniel Heard
	 	 	 	 	Name:	Daniel Heard
	 	 	 	 	Title:  	Executive Vice President – General Counsel and Secretary

 

 

	 	CSL North CAROLINA REALTY, LP
	 	 
	 	 	By:  CSL NORTH CAROLINA REALTY GP, LLC, as its general partner
	 	 	 
	 	 	 	By:	/s/
    Daniel Heard
	 	 	 	 	Name:	Daniel Heard
	 	 	 	 	Title:  	Executive Vice President – General Counsel and Secretary

 

 

	 	CSL NORTH CAROLINA SYSTEM, LP
	 	 
	 	 	By:  CSL NORTH CAROLINA REALTY GP, LLC, as its general partner
	 	 	 
	 	 	 	By:	/s/
    Daniel Heard
	 	 	 	 	Name:	Daniel Heard
	 	 	 	 	Title:	Executive Vice President – General Counsel and Secretary

 

     

     

    

	 	 	UNITI GROUP LP
	 	 	 
	 	 	 	By:  UNITI GROUP INC., as its general partner
	 	 	 	 
	 	 	 	 	By:	/s/
    Daniel Heard
	 	 	 	 	 	Name:	Daniel Heard
	 	 	 	 	 	 
	Title:Executive Vice President – General Counsel and Secretary

                                                                          

                                                                          

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Uniti
        Holdings LP

         

	 	 	 
	 	 	 	By:  UNITI HOLDINGS GP LLC, as its general partner
	 	 	 	 
	 	 	 	 	By:	/s/ Daniel
    Heard
	 	 	 	 	 	Name:	Daniel Heard
	 	 	 	 	 	Title:	Executive Vice President – General Counsel and Secretary

 

 

	 	UNITI LATAM  LP
	 	 
	 	 	By:  UNITI LATAM GP LLC, as its general partner
	 	 	 
	 	 	 	By:	/s/
    Daniel Heard
	 	 	 	 	Name:	Daniel Heard
	 	 	 	 	Title:	Executive Vice President –  General Counsel and Secretary

 

     

     

    

 

	 	UNITI QRS Holdings LP
	 	 
	 	 	By:  UNITI QRS Holdings GP LLC, as its general partner
	 	 	 
	 	 	 	By:	/s/
    Daniel Heard
	 	 	 	 	Name:	Daniel Heard
	 	 	 	 	Title:	Executive Vice President –  General Counsel and Secretary

 

 

 

     

     

    

 

Consenting
Creditor Signature Page to

the Chapter 11 Plan Support Agreement

 

[Consenting
CREDITOR]

 

_____________________________________

Name:

Title:

 

 

Address:

 

 

E-mail address(es):

 

	Aggregate
    Amounts Beneficially Owned or Managed on Account of:
	First
    Lien Loans	 
	First
    Lien Notes	 
	Midwest
    Notes	 
	Second
    Lien Notes	 
	Unsecured
    Notes	 
	Equity
    Interests	 

 

     

     

    

EXHIBIT
A-1

 

Obligor
Debtors

 

 

     

     

    

	Windstream Services, LLC
	Allworx Corp.  
	ARC Networks, Inc.  
	ATX Communications, Inc.  
	ATX Telecommunications Services of Virginia, LLC  
	BOB, LLC  
	Boston Retail Partners LLC  
	BridgeCom Holdings, Inc.  
	BridgeCom Solutions Group, Inc.  
	Broadview Networks of Massachusetts, Inc.  
	Broadview Networks of Virginia, Inc.  
	Buffalo Valley Management Services, Inc.  
	Business Telecom of Virginia, Inc.
	BV-BC Acquisition Corporation
	Cavalier IP TV, LLC  
	Cavalier Services, LLC  
	Cavalier Telephone, L.L.C.  
	CCL Historical, Inc.  
	Choice One Communications of Connecticut Inc.  
	Choice One Communications of Maine Inc.  
	Choice One Communications of Massachusetts Inc.  
	Choice One Communications of Ohio Inc.  
	Choice One Communications of Rhode Island Inc.  
	Choice One Communications of Vermont Inc.  
	Choice One of New Hampshire, Inc.  
	Cinergy Communications Company of Virginia, LLC  
	Conestoga Enterprises, Inc.
	Conestoga Management Services, Inc.  
	Connecticut Broadband, LLC  
	Connecticut Telephone & Communication Systems, Inc.  
	Conversent Communications Long Distance, LLC  
	Conversent Communications of Connecticut, LLC  
	Conversent Communications of Maine, LLC  
	Conversent Communications of Massachusetts, Inc.  

     

     

    

	Conversent Communications of New Hampshire, LLC  
	Conversent Communications of Rhode Island, LLC  
	Conversent Communications of Vermont, LLC  
	CoreComm-ATX, Inc.  
	CoreComm Communications, LLC  
	CTC Communications of Virginia, Inc.  
	D&E Communications, LLC  
	D&E Management Services, Inc.  
	D&E Networks, Inc.
	Equity Leasing, Inc.  
	Eureka Broadband Corporation  
	Eureka Holdings, LLC  
	Eureka Networks, LLC  
	Eureka Telecom of VA, Inc.  
	Heart of the Lakes Cable Systems, Inc.
	Info-Highway International, Inc.  
	InfoHighway Communications Corporation  
	InfoHighway of Virginia, Inc.  
	Iowa Telecom Data Services, L.C.
	Iowa Telecom Technologies, LLC  
	IWA Services, LLC  
	KDL Holdings, LLC  
	McLeodUSA Information Services LLC  
	McLeodUSA Purchasing, LLC  
	MPX, Inc.  
	Norlight Telecommunications of Virginia, LLC  
	Oklahoma Windstream, LLC  
	Open Support Systems, LLC   
	PaeTec Communications of Virginia, LLC  
	PAETEC Holding, LLC  
	PAETEC iTEL, L.L.C.  
	PAETEC Realty LLC  
	PAETEC, LLC  
	PCS Licenses, Inc.  

     

     

    

	Progress Place Realty Holding Company, LLC  
	RevChain Solutions, LLC  
	SM Holdings, LLC  
	Southwest Enhanced Network Services, LLC  
	Talk America of Virginia, LLC  
	Teleview, LLC  
	Texas Windstream, LLC  
	US LEC of Alabama LLC  
	US LEC of Florida LLC  
	US LEC of South Carolina LLC  
	US LEC of Tennessee LLC  
	US LEC of Virginia LLC  
	US Xchange Inc.  
	US Xchange of Illinois, L.L.C.  
	US Xchange of Michigan, L.L.C.  
	US Xchange of Wisconsin, L.L.C.   
	Valor Telecommunications of Texas, LLC  
	WIN Sales & Leasing, Inc.  
	Windstream Alabama, LLC  
	Windstream Arkansas, LLC  
	Windstream Business Holdings, LLC  
	Windstream BV Holdings, LLC
	Windstream Cavalier, LLC  
	Windstream Communications Kerrville, LLC  
	Windstream Communications Telecom, LLC  
	Windstream CTC Internet Services, Inc.  
	Windstream Direct, LLC  
	Windstream Eagle Holdings LLC  
	Windstream Eagle Services, LLC  
	Windstream EN-TEL, LLC  
	Windstream Finance Corp  
	Windstream Holding of the Midwest, Inc.  
	Windstream Iowa Communications, LLC  
	Windstream Iowa-Comm, LLC  

     

     

    

 

	Windstream KDL-VA, LLC  
	Windstream Kerrville Long Distance, LLC  
	Windstream Lakedale Link, Inc.
	Windstream Lakedale, Inc.
	Windstream Leasing, LLC  
	Windstream Lexcom Entertainment, LLC  
	Windstream Lexcom Long Distance, LLC  
	Windstream Lexcom Wireless, LLC
	Windstream Montezuma, LLC  
	Windstream Network Services of the Midwest, Inc.
	Windstream NorthStar, LLC  
	Windstream NuVox Arkansas, LLC  
	Windstream NuVox Illinois, LLC  
	Windstream NuVox Indiana, LLC  
	Windstream NuVox Kansas, LLC  
	Windstream NuVox Oklahoma, LLC  
	Windstream Oklahoma, LLC  
	Windstream SHAL Networks, Inc.  
	Windstream SHAL, LLC  
	Windstream Shared Services, LLC  
	Windstream South Carolina, LLC  
	Windstream Southwest Long Distance, LLC  
	Windstream Sugar Land, LLC  
	Windstream Supply, LLC
	Xeta Technologies, Inc.

     

     

    

EXHIBIT
A-2

 

Non-Obligor
Debtors

 

Windstream
Holdings, Inc. 

American Telephone
Company, LLC 

A.R.C. Networks,
Inc. 

ATX Licensing,
Inc. 

Birmingham
Data Link, LLC 

BridgeCom International,
Inc. 

Broadview Networks,
Inc. 

Broadview NP
Acquisition Corp. 

Business Telecom,
LLC 

Cavalier Telephone
Mid-Atlantic, L.L.C. 

Choice One
Communications of New York Inc. 

Choice One
Communications of Pennsylvania Inc. 

Choice One
Communications Resale L.L.C. 

Conestoga Wireless
Company 

Conversent
Communications of New Jersey, LLC 

Conversent
Communications of New York, LLC 

Conversent
Communications of Pennsylvania, LLC 

Conversent
Communications Resale L.L.C. 

CTC Communications
Corporation 

D&E Wireless,
Inc. 

Deltacom, LLC 

Earthlink Business,
LLC 

Earthlink Carrier,
LLC 

Eureka Telecom,
Inc. 

Georgia Windstream,
LLC 

Infocore, Inc. 

Intellifiber
Networks, LLC 

LDMI Telecommunications,
LLC 

Lightship Telecom,
LLC 

MASSCOMM, LLC

 

     

     

    

McLeodUSA Telecommunications
Services, L.L.C. 

Nashville Data
Link, LLC 

Network Telephone,
LLC 

PaeTec Communications,
LLC 

Talk America,
LLC 

The Other Phone
Company, LLC 

TriNet, LLC 

TruCom Corporation 

US LEC Communications
LLC 

US LEC of Georgia
LLC 

US LEC of Maryland
LLC 

US LEC of North
Carolina LLC 

US LEC of Pennsylvania
LLC 

US Xchange
of Indiana, L.L.C. 

WaveTel NC
License Corporation 

Windstream
Accucomm Networks, LLC 

Windstream
Accucomm Telecommunications, LLC 

Windstream
Buffalo Valley, Inc. 

Windstream
Communications, LLC 

Windstream
Concord Telephone, LLC 

Windstream
Conestoga, Inc. 

Windstream
D&E Systems, LLC 

Windstream
D&E, Inc. 

Windstream
Florida, LLC 

Windstream
Georgia Communications, LLC 

Windstream
Georgia Telephone, LLC 

Windstream
Georgia, LLC 

Windstream
IT-Comm, LLC 

Windstream
Kentucky East, LLC 

Windstream
Kentucky West, LLC 

Windstream
Lexcom Communications, LLC 

Windstream
Mississippi, LLC

 

     

     

    

Windstream
Missouri, LLC 

Windstream
Nebraska, Inc. 

Windstream
New York, Inc. 

Windstream
Norlight, LLC 

Windstream
North Carolina, LLC 

Windstream
NTI, LLC 

Windstream
NuVox Missouri, LLC 

Windstream
NuVox Ohio, LLC 

Windstream
NuVox, LLC 

Windstream
of the Midwest, Inc. 

Windstream
Ohio, LLC 

Windstream
Pennsylvania, LLC 

Windstream
Standard, LLC 

Windstream
Systems of the Midwest, Inc. 

Windstream
Western Reserve, LLC

 

     

     

    

EXHIBIT
B

Uniti Parties

 

ANS Connect LLC 

Contact Network, LLC 

CSL Alabama System, LLC 

CSL Arkansas System, LLC 

CSL Capital, LLC 

CSL Florida System, LLC 

CSL Georgia Realty, LLC 

CSL Georgia System, LLC 

CSL Iowa System, LLC 

CSL Kentucky System, LLC 

CSL Mississippi System, LLC 

CSL Missouri System, LLC 

CSL National GP, LLC 

CSL National, LP 

CSL New Mexico System, LLC 

CSL North Carolina Realty GP,
LLC 

CSL North Carolina Realty, LP 

CSL North Carolina System, LP 

CSL Ohio System, LLC 

CSL Oklahoma System, LLC 

CSL Realty, LLC 

CSL Tennessee Realty Partner,
LLC 

CSL Tennessee Realty, LLC 

CSL Texas System, LLC 

Hunt Brothers of Louisiana, LLC 

Hunt Telecommunications, LLC 

Information Transport Solutions 

InLine Services, LLC 

Integrated Data Systems, LLC 

Nexus Systems, Inc.

 

     

     

    

Nexus Wireless, LLC 

PEG Bandwidth DC, LLC 

PEG Bandwidth DE, LLC 

PEG Bandwidth LA, LLC 

PEG Bandwidth MA, LLC 

PEG Bandwidth MD, LLC 

PEG Bandwidth MS, LLC 

PEG Bandwidth NJ, LLC 

PEG Bandwidth NY Telephone Corp. 

PEG Bandwidth PA, LLC 

PEG Bandwidth Services, LLC 

PEG Bandwidth TX, LLC 

PEG Bandwidth VA, LLC 

Southern Light, LLC 

Talk America Services, LLC 

Uniti Completed Towers LLC 

Uniti Dark Fiber LLC 

Uniti Fiber Holdings Inc. 

Uniti Fiber LLC 

Uniti Group Finance 2019 Inc. 

Uniti Group Finance Inc. 

Uniti Group LP 

Uniti Group LP LLC 

Uniti Holdings GP LLC 

Uniti Holdings LP 

Uniti LATAM GP LLC 

Uniti LATAM LP 

Uniti Leasing LLC 

Uniti Leasing MW LLC 

Uniti Leasing X LLC 

Uniti Leasing XI LLC 

Uniti Leasing XII LLC

 

     

     

    

Uniti QRS Holdings GP LLC 

Uniti QRS Holdings LP 

Uniti Towers LLC 

Uniti Towers NMS Holdings LLC 

Uniti Wireless Holdings LLC

 

     

     

    

EXHIBIT
C

 

Restructuring Term Sheet

 

 

 

 

     

     

    

THIS
CHAPTER 11 PLAN TERM SHEET IS NOT AN OFFER WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OF A CHAPTER 11 PLAN
WITHIN THE MEANING OF SECTION 1125 OF THE BANKRUPTCY CODE. ANY SUCH OFFER OR SOLICITATION WILL COMPLY WITH ALL APPLICABLE SECURITIES
LAWS AND/OR PROVISIONS OF THE BANKRUPTCY CODE. NOTHING CONTAINED IN THIS CHAPTER 11 PLAN TERM SHEET SHALL BE AN ADMISSION OF FACT
OR LIABILITY OR, UNTIL THE OCCURRENCE OF THE EFFECTIVE DATE OF THE PLAN SUPPORT AGREEMENT ON THE TERMS DESCRIBED HEREIN AND IN
THE PLAN SUPPORT AGREEMENT, DEEMED BINDING ON ANY OF THE PARTIES HERETO.

 

Chapter
11 Plan Term Sheet

INTRODUCTION

 

This
Chapter 11 Plan Term Sheet (this “Plan Term Sheet”)1 describes
the financial restructuring of Windstream Holdings, Inc. (and, together with its debtor subsidiaries, the “Debtors”).
This Plan Term Sheet is being agreed to in connection with the Debtors’ and the Consenting Creditors’ entry into that
certain Plan Support Agreement, dated as of March 2, 2020 (as may be further amended, supplemented or modified pursuant to the
terms thereof, the Plan Support Agreement”),2 to which this Plan
Term Sheet is attached as Exhibit A. Pursuant to the Plan Support Agreement, the Debtors and the Consenting Creditors have
agreed to support the transactions contemplated therein and herein.

 

This
Plan Term Sheet does not include a description of all of the terms, conditions, and other provisions that are to be contained
in the Definitive Documents, which remain subject to negotiation and completion in accordance with the Plan Support Agreement
and applicable law. The Definitive Documents will not contain any terms or conditions that are inconsistent with this Plan Term
Sheet or the Plan Support Agreement. This Plan Term Sheet incorporates the rules of construction as set forth in section 102 of
the Bankruptcy Code.

 

	GENERAL
    PROVISIONS REGARDING THE RESTRUCTURING
	Chapter
    11 Plan	1.       On
        the Plan Effective Date, or as soon as is reasonably practicable thereafter, each holder of an Allowed Claim or Interest,
        as applicable, shall receive under the Plan the treatment described in this Plan Term Sheet in full and final satisfaction,
        settlement, release, and discharge of and in exchange for such holder’s Allowed Claim or Interest, except to the
        extent different treatment is agreed to by (a) the Reorganized Debtors, (b) the Required Consenting Creditors,
        (c) the Requisite Backstop Parties, and (d) the holder of such Allowed Claim or Interest, as applicable. 

         

        2.       For
the avoidance of doubt, any action required to be taken by the Debtors on the Plan Effective Date pursuant to this Plan Term Sheet
may be taken on the Plan Effective Date or as soon as is reasonably practicable thereafter. 

  

 

____________________ 

		1	This
                                         Plan Term Sheet reflects a settlement with respect to valuation solely for purposes of
                                         the Plan contemplated by this Plan Term Sheet. Nothing herein shall be construed or interpreted
                                         as a stipulation as to the value of the Debtors’ assets, enterprise value, or the
                                         collateral securing the First Lien Claims or Second Lien Claims.

 

		2	Capitalized
                                         terms used but not defined in this Plan Term Sheet have the meanings given to such terms
                                         in the Plan Support Agreement.

 

     

     

    

	GENERAL
    PROVISIONS REGARDING THE RESTRUCTURING
	New
    Exit Facility	Prior to the Plan Effective
        Date, the Debtors will secure commitments to fund a new money senior secured credit facility in an aggregate amount up
        to $3,250 million (the “New Exit Facility”), which will include the following facilities:

         

        ·     a
        revolving credit facility in an aggregate target principal amount of $750 million, which will be undrawn on the Plan Effective
        Date and may include (a) a letter of credit sub-facility up to an aggregate principal amount of $350 million to support
        obligations related to funding received from state and federal broadband subsidy programs and (b) an additional letter
        of credit sub-facility up to an aggregate principal amount of $50 million; and

         

        ·     a
        term loan facility in an aggregate principal amount up to $2,500 million (collectively, the “New Exit Facility
        Term Loan”), which will be funded or distributed, as applicable, on the Plan Effective Date and (a) will
        include $2,050 million in term loans (the “Required Exit Facility Term Loans”), (b) will include
        $100 million in term loans (the “Midwest Notes Exit Facility Term Loans”) that will be distributed
        to holders of Midwest Notes Claims in accordance with this Plan Term Sheet, and (c) may include up to $350 million in
        principal of additional term loans (the “Flex Exit Facility Term Loans”) at the election of
        the Requisite Backstop Parties, in consultation with the Debtors, so long as market conditions allow and the total cost
        of the Flex Exit Facility Term Loans is less than an amount agreed to in writing (which may include agreement by email
        of counsel to each of the parties) between the Debtors and the Requisite Backstop Parties. 

         

        The interest rate, maturity date,
        and other terms of the New Exit Facility will be consistent with this Plan Term Sheet and otherwise reasonably acceptable
        to the Debtors, the Required Consenting Creditors, and the Requisite Backstop Parties. If the Flex Exit Facility Term
        Loans are funded on the Plan Effective Date, then, on the Plan Effective Date, the net proceeds thereof (the “Distributable
        Flex Proceeds”) will be distributed to holders of Allowed First Lien Claims in accordance with this Plan
        Term Sheet.

         

        The Required Exit Facility Term Loans
        may reduced to an amount less than $2,050 million (the “Required Exit Facility Term Loans Target”)
        at the election of (a) at least two members of the First Lien Ad Hoc Group holding a majority of the aggregate amount
        of commitments under the Backstop Commitment Agreement (defined below) held by all members of the First Lien Ad Hoc Group
        and (b) Elliott (collectively, the “Requisite Backstop Parties”). To the extent the amount
        of the Required Exit Facility Term Loans funded on the Plan Effective Date is lower than the Required Exit Facility Term
        Loans Target, the Debtors will distribute new term loans (the “First Lien Replacement Term Loans”)
        in an amount equal to the difference between the Required Exit Facility Term Loans Target and the amount of Required Exit
        Facility Term Loans actually 

         

  

 

     

     

    

	GENERAL
    PROVISIONS REGARDING THE RESTRUCTURING
	 	funded on the Plan Effective Date
        to holders of First Lien Claims in lieu of the cash distributions set forth in this Plan Term Sheet that were otherwise
        attributable to such difference; provided that the aggregate amount of the First Lien Replacement Term Loans will
        not exceed an amount to be agreed by the Requisite Backstop Parties and set forth in the Plan Supplement. The First Lien
        Replacement Term Loans, as applicable, will rank pari passu with and will be secured on substantially the same
        terms as the New Exit Facility Term Loan and have the same terms as the New Exit Facility Term Loan or such other terms
        as agreed by the Requisite Backstop Parties and the Debtors.

         

        On the Plan Effective Date, the net
        cash proceeds of the Required Exit Facility Term Loans (and all other cash on hand held by the Debtors as of the Plan
        Effective Date) will be:

         

        ·     first,
        used to pay in full in cash Allowed DIP Claims, Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Other
        Secured Claims, Allowed Other Priority Claims, and executory contract and unexpired lease cure claims as and to the extent
        that such Claims are required to be paid in cash under the Plan;

         

        ·     second,
        used to fund a reserve sufficient to satisfy Allowed General Unsecured Claims against any Non-Obligor Debtor;3

         

        ·     third,
        used to fund a reserve sufficient to satisfy any required cash distributions to holders of Allowed Second Lien Claims
        and Allowed General Unsecured Claims against any Obligor Debtor4 as set forth in this Plan Term Sheet;

         

        ·     fourth,
        used, to the extent necessary, to fund a minimum cash balance for the Reorganized Debtors in an aggregate amount equal
        to $75 million plus any amounts received on account of GCI (as defined in the Uniti Term Sheet) reimbursements and
        Cash Payments (as defined in the Uniti Term Sheet) received by the Debtors on or before the Plan Effective Date (the “Minimum
        Cash Balance”); and

         

        ·     fifth,
        distributed to holders of Allowed First Lien Claims in accordance with this Plan Term Sheet (such distributed proceeds,
        the “Distributable Exit Facility Proceeds”).

         

        If any Backstop Party
elects to fund the New Exit Facility (in whole or in part), Elliott and any Consenting Creditor that is a member of the First
Lien Ad Hoc Group will each have the right to participate in such financing on the same terms as each other Backstop Party that
participates in the New Exit Facility. 

  

 

_____________________ 

		3	“Non-Obligor
                                         Debtor” means any Debtor listed on Exhibit A-2 to the Plan Support
                                         Agreement.

 

		4	“Obligor
                                         Debtor” means any Debtor listed on Exhibit A-1 to the Plan Support
                                         Agreement

 

     

     

    

	GENERAL
    PROVISIONS REGARDING THE RESTRUCTURING
	New
    Common Stock Rights Offering	On the Plan Effective Date, the Debtors will consummate
        a $750 million common equity rights offering (the “Rights Offering”) pursuant to which holders
        of Allowed First Lien Secured Claims will be distributed subscription rights (the “Subscription Rights”)
        to purchase the New Common Stock in accordance with this Plan Term Sheet at a 37.5% discount to a stipulated equity value
        equal to $1,250 million (the “Plan Equity Value”). Both the amount of the Rights Offering and
        the Plan Equity Value are subject to a proportionate downward adjustment (the “Flex Adjustment”)
        in the event that the Flex Exit Facility Term Loans are funded on the Plan Effective Date in a manner that preserves the
        37.5% discount to Plan Equity Value, as will be set forth in the Backstop Commitment Agreement.

         

        Elliott and the members of the First Lien Ad Hoc Group
        (the “Backstop Parties”) will backstop the Rights Offering. Within 10 days of the Agreement
        Effective Date, the Debtors and the Backstop Parties will enter into a backstop commitment agreement (including all schedules
        and exhibits thereto, the “Backstop Commitment Agreement”) that will provide for, among other
        things, a backstop commitment premium equal to 8% of the $750 million committed amount (the “Backstop
        Premium”) payable in New Common Stock (calculated to reflect a 37.5% discount to Plan Equity Value) to the
        Backstop Parties on the Plan Effective Date (or, as set forth in the Backstop Commitment Agreement, in cash if the Plan
        Effective Date does not occur) and shall not be subject to any reduction on account of the Flex Adjustment. Elliott will
        provide 52.5% of the backstop commitments under the Backstop Commitment Agreement and the members of the First Lien Ad
        Hoc Group (on a pro rata basis) will provide 47.5% of the backstop commitments under the Backstop Commitment Agreement.

         

        Without limiting the obligations of the Backstop Parties
        to fund the full amount of the Rights Offering, the Backstop Parties will have the option to purchase up to $375 million
        of the New Common Stock issued pursuant to the Rights Offering, (the “Backstop Priority Tranche”)
        on a pro rata basis based on their backstop commitments. Any rights not exercised by the Backstop Parties in the Backstop
        Priority Tranche shall be available for distribution to holders of First Lien Claims as set forth in this Plan Term Sheet.
        The “Distributable Subscription Rights” shall mean the difference between (a) $750 million or,
        if the Flex Exit Facility Term Loans are funded on the Effective Date, the adjusted amount of the Rights Offering and
        (b) the amount of the Backstop Priority Tranche subscribed by the Backstop Parties.

         

        The New Common Stock issued to the Backstop Parties
and holders of Allowed First Lien Claims in connection with the Rights Offering will be subject to dilution on account of the
Backstop Premium and the Management Incentive Plan (as defined below). The issuance of the Subscription Rights will be exempt
from SEC registration under applicable law. 

  

 

     

     

    

	GENERAL
    PROVISIONS REGARDING THE RESTRUCTURING
	New
    Common Stock	On
    the Plan Effective Date, Reorganized Windstream shall issue a single class of common equity interests (the “New
    Common Stock”).  The New Common Stock will be distributed to holders of Allowed First Lien Claims
    in accordance with this Plan Term Sheet and issued in connection with the Rights Offering and the Backstop Premium.
	Cash
    on Hand	Cash
    distributions in accordance with this Plan Term Sheet shall be made from cash on hand as of the Plan Effective Date, including
    proceeds from the New Exit Facility Term Loan and the Rights Offering.
	Definitive
    Documents	Any
    documents contemplated by this Plan Term Sheet, including any Definitive Documents, that remain the subject of negotiation
    as of the Agreement Effective Date shall be subject to the rights and obligations set forth in Section 3 of the Plan Support
    Agreement.  Failure to reference such rights and obligations as it relates to any document referenced in this Plan
    Term Sheet shall not impair such rights and obligations.
	Tax
    Matters	The
    Parties will work together in good faith and will use commercially reasonable efforts to structure and implement the Restructuring
    Transactions in a tax-efficient and cost-effective manner for the Debtors and to preserve the real estate investment trust
    structure of Uniti Group, Inc.; provided, that such structure shall be reasonably acceptable to the Debtors, the Required
    Consenting Creditors and the Requisite Backstop Parties.
	Vesting
    of Debtors’ Property	The
    property of each Debtor’s estate shall vest in each respective Reorganized Debtor on and after the Plan Effective Date
    free and clear (except as provided in the Plan) of liens, claims, charges, and other encumbrances.

  

 

	TREATMENT
    OF CLAIMS AND INTERESTS OF THE DEBTORS UNDER THE PLAN
	Class No.	Type
    of Claim	Treatment	Impairment
    / Voting
	Unclassified
    Non-Voting Claims
	N/A	DIP
    Claims	On
    the Plan Effective Date, each holder of an Allowed DIP Claim shall receive payment in full in cash.	N/A
	N/A	Administrative
    Claims	On
    the Plan Effective Date, each holder of an Allowed Administrative Claim shall receive payment in full in cash.	N/A

  

 

     

     

    

	TREATMENT
    OF CLAIMS AND INTERESTS OF THE DEBTORS UNDER THE PLAN
	N/A	Priority
    Tax Claims	On
    the Plan Effective Date, each holder of an Allowed Priority Tax Claim shall receive treatment in a manner consistent with
    section 1129(a)(9)(C) of the Bankruptcy Code.	N/A
	Classified
    Claims and Interests of the Debtors
	Class
    1	Other
    Secured Claims	On
    the Plan Effective Date, each holder of an Allowed Other Secured Claim shall receive, at the Debtors’ option, in consultation
    with the Required Consenting Creditors and the Requisite Backstop Parties:  (a) payment in full in cash; (b) the
    collateral securing its Allowed Other Secured Claim; (c) Reinstatement of its Allowed Other Secured Claim; or (d) such
    other treatment rendering its Allowed Other Secured Claim unimpaired in accordance with section 1124 of the Bankruptcy Code.	Unimpaired
    / Deemed to Accept
	Class
    2	Other
    Priority Claims	Each
    holder of an Allowed Other Priority Claim shall receive treatment in a manner consistent with section 1129(a)(9) of the Bankruptcy
    Code.	Unimpaired
    / Deemed to Accept
	Class
    3	First
    Lien Claims	On
    the Plan Effective Date, each holder of an Allowed First Lien Claim shall receive its pro rata share of: (a) 100% of
    the New Common Stock, subject to dilution on account of the Rights Offering, the Backstop Premium, and the Management Incentive
    Plan; (b) cash in an amount equal to the sum of (i) the Distributable Exit Facility Proceeds, (ii) the Distributable
    Flex Proceeds, (iii) the cash proceeds of the Rights Offering, and (iv) all other cash held by the Debtors as of the Plan
    Effective Date in excess of the Minimum Cash Balance; (c) the Distributable Subscription Rights; and (d) as applicable, the
    First Lien Replacement Term Loans.	Impaired
    / Entitled to Vote
	Class
    4	Midwest
    Notes Claims	On
    the Plan Effective Date, each holder of an Allowed Midwest Notes Claim shall receive its pro rata share of the Midwest Notes
    Exit Facility Term Loans, the principal amount of which shall in no event exceed $100 million.	Impaired
    / Entitled to Vote

  

 

     

     

    

	TREATMENT
    OF CLAIMS AND INTERESTS OF THE DEBTORS UNDER THE PLAN
	Class
    5	Second
    Lien Claims	If holders of Allowed Second Lien Claims vote
        as a class to accept the Plan, on the Plan Effective Date, each holder of an Allowed Second Lien Claim shall receive
        cash in an amount equal to $0.00125 for each $1.00 of Allowed Second Lien Claims.

         

        If holders of Allowed Second Lien Claims vote
as a class to reject the Plan, on the Plan Effective Date, each holder of an Allowed Second Lien Claim shall receive treatment
consistent with section 1129(a)(7) of the Bankruptcy Code. 
	Impaired
    / Entitled to Vote
	Class
    6A	Obligor
    General Unsecured Claims	If holders of Allowed General Unsecured Claims
        against Obligor Debtors vote as a class to accept the Plan, on the Plan Effective Date, each holder of an Allowed
        General Unsecured Claim against any Obligor Debtor shall receive cash in an amount equal to $0.00125 for each $1.00 of
        such Allowed General Unsecured Claims.

         

        If holders of Allowed General Unsecured Claims
against Obligor Debtors vote as a class to reject the Plan, on the Plan Effective Date, each holder of such an Allowed
General Unsecured Claim against any Obligor Debtor shall receive treatment consistent with section 1129(a)(7) of the Bankruptcy
Code. 
	Impaired
    / Entitled to Vote
	Class
    6B	Non-Obligor
    General Unsecured Claims	On
    the later of the Plan Effective Date or the date that such Allowed General Unsecured Claim becomes due in the ordinary course
    of the Debtors’ or Reorganized Debtors’ business, each holder of an Allowed General Unsecured Claim against any
    Non-Obligor Debtor shall, at the election of the Requisite Backstop Parties, in consultation with the Debtors, be (a) Reinstated
    or (b) paid in full in Cash.	Unimpaired
    / Deemed to Accept
	Class
    7	Intercompany
    Claims	On
    the Plan Effective Date, each Allowed Intercompany Claim shall be Reinstated, distributed, contributed, set off, settled,
    canceled and released, or otherwise addressed at the option of the Debtors in consultation with the Required Consenting Creditors
    and Requisite Backstop Parties.	Impaired
    / Deemed to Reject or Unimpaired / Deemed to Accept

   

 

     

     

    

	TREATMENT
    OF CLAIMS AND INTERESTS OF THE DEBTORS UNDER THE PLAN
	Class
    8	Intercompany
    Interests Other Than in Windstream	Intercompany
    Interests shall receive no recovery or distribution and be Reinstated solely to the extent necessary to maintain the Debtors’
    corporate structure.	Impaired
    / Deemed to Reject or Unimpaired / Deemed to Accept
	Class
    9	Interests
    in Windstream	On
    the Plan Effective Date, each holder of an Interest in Windstream shall have such Interest cancelled, released, and extinguished
    without any distribution.	Impaired
    / Deemed to Reject

  

 

	GENERAL
    PROVISIONS REGARDING THE PLAN
	Subordination	The
    classification and treatment of Claims under the Plan shall conform to the respective contractual, legal, and equitable subordination
    rights of such Claims, and any such rights shall be settled, compromised, and released pursuant to the Plan.
	Restructuring
    Transactions	The
    Confirmation Order shall be deemed to authorize, among other things, all actions as may be necessary or appropriate to effectuate
    any transaction described in, approved by, contemplated by, or necessary to consummate the Plan and the Restructuring Transactions
    therein.  On the Plan Effective Date, the Debtors, as applicable, shall issue all securities, notes, instruments,
    certificates, and other documents required to be issued pursuant to the Restructuring Transactions.
	Cancellation
    of Notes, Instruments, Certificates, and Other Documents 	On
    the Plan Effective Date, except to the extent otherwise provided in this Plan Term Sheet or the Plan, all notes, instruments,
    certificates, and other documents evidencing Claims or Interests, including credit agreements and indentures, shall be canceled,
    and the Debtors’ obligations thereunder or in any way related thereto shall be deemed satisfied in full and discharged.
	Issuance
    of New Securities; Execution of the Definitive Documents	On
    the Plan Effective Date, the Debtors or Reorganized Debtors, as applicable, shall issue all securities, notes, instruments,
    certificates, and other documents required to be issued pursuant to the Restructuring Transactions.

  

 

     

     

    

	GENERAL
    PROVISIONS REGARDING THE PLAN
	Executory
    Contracts and Unexpired Leases	The
    Plan will provide that the executory contracts and unexpired leases that are not rejected as of the Plan Effective Date (either
    pursuant to the Plan or a separate motion) will be deemed assumed pursuant to section 365 of the Bankruptcy Code.  No
    executory contract or unexpired lease shall be assumed or rejected without the written consent of the Required Consenting
    Creditors and the Requisite Backstop Parties.  For the avoidance of doubt, cure costs may be paid in installments
    following the Plan Effective Date in a manner consistent with the Bankruptcy Code.
	Retention
    of Jurisdiction	The
    Plan will provide that the Bankruptcy Court shall retain jurisdiction for usual and customary matters.
	Discharge
    of Claims and Termination of Interests	Pursuant
    to section 1141(d) of the Bankruptcy Code and except as otherwise specifically provided in the Plan or in any contract, instrument,
    or other agreement or document created pursuant to the Plan, the distributions, rights, and treatment that are provided in
    the Plan shall be in complete satisfaction, discharge, and release, effective as of the Plan Effective Date, of Claims (including
    any Intercompany Claims that the Debtors resolve or compromise after the Plan Effective Date), Interests, and Causes of Action
    of any nature whatsoever, including any interest accrued on Claims or Interests from and after the Petition Date, whether
    known or unknown, against, liabilities of, liens on, obligations of, rights against, and Interests in the Debtors or any of
    their assets or properties, regardless of whether any property shall have been distributed or retained pursuant to the Plan
    on account of such Claims and Interests, including demands, liabilities, and Causes of Action that arose before the Plan Effective
    Date, any liability (including withdrawal liability) to the extent such Claims or Interests relate to services that employees
    of the Debtors have performed prior to the Plan Effective Date and that arise from a termination of employment, any contingent
    or non-contingent liability on account of representations or warranties issued on or before the Plan Effective Date, and all
    debts of the kind specified in sections 502(g), 502(h), or 502(i) of the Bankruptcy Code, in each case whether or not (a)
    a Proof of Claim based upon such debt or right is filed or deemed filed pursuant to section 501 of the Bankruptcy Code, (b)
    a Claim or Interest based upon such debt, right, or Interest is Allowed pursuant to section 502 of the Bankruptcy Code, or
    (c) the holder of such a Claim or Interest has accepted the Plan.  The Confirmation Order shall be a judicial determination
    of the discharge of all Claims and Interests subject to the occurrence of the Plan Effective Date.
	Releases
    by the Debtors	Pursuant
    to section 1123(b) of the Bankruptcy Code, for good and valuable consideration, on and after the Plan Effective Date, each
    Released Party is deemed released and discharged by the Debtors, the Reorganized Debtors, and their Estates from any and all
    Causes of Action, including any derivative claims, asserted by or on behalf of the Debtors, that the Debtors, the Reorganized
    Debtors, or their Estates would have been legally entitled to assert in their own right (whether individually or collectively)
    or on behalf of the holder of any Claim against or Interest in a Debtor or other Entity, 

  

 

     

     

    

	GENERAL
    PROVISIONS REGARDING THE PLAN
	 	based
    on or relating to or in any manner arising from in whole or in part, the Debtors, the Debtors’ in- or out-of-court restructuring
    efforts, intercompany transactions, the Chapter 11 Cases, the formulation, preparation, dissemination, negotiation, or filing
    of the Plan Support Agreement, the Disclosure Statement, the DIP Facility, the Plan, the Rights Offering, the New Exit Facility,
    or any Restructuring Transaction, contract, instrument, release, or other agreement or document created or entered into in
    connection with the Plan Support Agreement, the Backstop Commitment Agreement, the Disclosure Statement, the DIP Facility,
    the Rights Offering, the New Exit Facility, or the Plan, the filing of the Chapter 11 Cases, the pursuit of Confirmation,
    the pursuit of Consummation, the administration and implementation of the Plan, including the issuance or distribution of
    securities pursuant to the Plan, or the distribution of property under the Plan or any other related agreement, or upon any
    other act or omission, transaction, agreement, event, or other occurrence taking place on or before the Plan Effective Date.
	Releases
    by Holders of Claims and Interests 	As
    of the Plan Effective Date, each Releasing Party is deemed to have released and discharged each Debtor, Reorganized Debtor,
    and Released Party from any and all Causes of Action, whether known or unknown, including any derivative claims, asserted
    on behalf of the Debtors, that such Entity would have been legally entitled to assert (whether individually or collectively),
    based on or relating to or in any manner arising from, in whole or in part, the Debtors, the Debtors’ in- or out-of-court
    restructuring efforts, intercompany transactions, the Chapter 11 Cases, the formulation, preparation, dissemination, negotiation,
    or filing of the Plan Support Agreement, the Backstop Commitment Agreement, the Disclosure Statement, the DIP Facility, the
    Plan, the Rights Offering, the New Exit Facility,  or any Restructuring Transaction, contract, instrument, release,
    or other agreement or document created or entered into in connection with the Plan Support Agreement, the Disclosure Statement,
    the DIP Facility, the Rights Offering, the New Exit Facility, or the Plan, the filing of the Chapter 11 Cases, the pursuit
    of Confirmation, the pursuit of Consummation, the administration and implementation of the Plan, including the issuance or
    distribution of securities pursuant to the Plan, or the distribution of property under the Plan or any other related agreement,
    or upon any other related act or omission, transaction, agreement, event, or other occurrence taking place on or before the
    Plan Effective Date.
	Exculpation
    	Except
    as otherwise specifically provided in the Plan, no Exculpated Party shall have or incur, and each Exculpated Party is released
    and exculpated from any Cause of Action for any claim related to any act or omission in connection with, relating to or arising
    out of the Chapter 11 Cases, the formulation, preparation, dissemination, negotiation, or filing of the Plan Support Agreement
    and related prepetition transactions, the Disclosure Statement, the Plan, the DIP Facility, the Rights Offering, the New Exit
    Facility, or any Restructuring Transaction, contract, instrument, release or other agreement or document created or entered
    into in connection with the Disclosure Statement, the DIP Facility, the Rights Offering, the New Exit 

  

 

     

     

    

	GENERAL
    PROVISIONS REGARDING THE PLAN
	 	Facility,
    or the Plan, the filing of the Chapter 11 Cases, the pursuit of Confirmation, the pursuit of Consummation, the administration
    and implementation of the Plan, including the issuance of securities pursuant to the Plan, or the distribution of property
    under the Plan or any other related agreement, except for claims related to any act or omission that is determined in a final
    order to have constituted actual fraud or gross negligence, but in all respects such Entities shall be entitled to reasonably
    rely upon the advice of counsel with respect to their duties and responsibilities pursuant to the Plan.  The Exculpated
    Parties have, and upon completion of the Plan shall be deemed to have, participated in good faith and in compliance with the
    applicable laws with regard to the solicitation of votes and distribution of consideration pursuant to the Plan and, therefore,
    are not, and on account of such distributions shall not be, liable at any time for the violation of any applicable law, rule,
    or regulation governing the solicitation of acceptances or rejections of the Plan or such distributions made pursuant to the
    Plan.
	Injunction	Except
    as otherwise expressly provided in the Plan or for obligations issued or required to be paid pursuant to the Plan or the Confirmation
    Order, all Entities who have held, hold, or may hold Claims or Interests that have been released, discharged, or are subject
    to exculpation are permanently enjoined, from and after the Plan Effective Date, from taking any of the following actions
    against, as applicable, the Debtors, the Reorganized Debtors, the Exculpated Parties, or the Released Parties:  (a)
    commencing or continuing in any manner any action or other proceeding of any kind on account of or in connection with or with
    respect to any such Claims or Interests; (b) enforcing, attaching, collecting, or recovering by any manner or means any judgment,
    award, decree, or order against such Entities on account of or in connection with or with respect to any such Claims or Interests;
    (c) creating, perfecting, or enforcing any encumbrance of any kind against such Entities or the property or the estates of
    such Entities on account of or in connection with or with respect to any such Claims or Interests; (d) asserting any right
    of setoff, subrogation, or recoupment of any kind against any obligation due from such Entities or against the property of
    such Entities on account of or in connection with or with respect to any such Claims or Interests unless such holder has filed
    a motion requesting the right to perform such setoff on or before the Plan Effective Date, and notwithstanding an indication
    of a claim or interest or otherwise that such holder asserts, has, or intends to preserve any right of setoff pursuant to
    applicable law or otherwise; and (e) commencing or continuing in any manner any action or other proceeding of any kind on
    account of or in connection with or with respect to any such Claims or Interests released or settled pursuant to the Plan.
	Releasing
    Parties, Released Parties, and Exculpated Parties	As
    used in this Plan Term Sheet, the term “Released Parties” means, collectively, and in each case
    in its capacity as such:  (a) the Consenting Creditors; (b) the Backstop Parties; (c) the Uniti Parties; (d) the
    indenture trustees and administrative agents under the Debtors’ prepetition Secured credit agreement and secured notes
    indentures; (e) the DIP Lenders; (f) the DIP Agent; and (f) with respect to each of the Debtors, the Reorganized 

  

 

     

     

    

	GENERAL
    PROVISIONS REGARDING THE PLAN
	 	Debtors,
        and each of the foregoing Entities in clauses (a) through (f), such Entity and its current and former Affiliates and subsidiaries,
        and such Entities’ and their current and former Affiliates’ and subsidiaries’ current and former directors,
        managers, officers, equity holders (regardless of whether such interests are held directly or indirectly), predecessors,
        successors, and assigns, subsidiaries, and each of their respective current and former equity holders, officers, directors,
        managers, principals, members, employees, agents, advisory board members, financial advisors, partners, attorneys, accountants,
        investment bankers, consultants, representatives, and other professionals.

         

        As
        used in this Plan Term Sheet, the term “Releasing Parties” means, collectively, (a) the Consenting
        Creditors; (b) the Backstop Parties; (c) the Uniti Parties; (d) the indenture trustees and administrative agents under
        the Debtors’ prepetition Secured loans and notes; (e) the DIP Lenders; (f) the DIP Agent; (g) all holders of Claims
        or Interests that vote to accept or are deemed to accept the Plan; (h) all holders of Claims or Interests that abstain
        from voting on the Plan and who do not affirmatively opt out of the releases provided by the Plan by checking the
        box on the applicable ballot indicating that they opt not to grant the releases provided in the Plan; (i) all holders
        of Claims or Interests that vote to reject the Plan or are deemed to reject the Plan and who do not affirmatively
        opt out of the releases provided by the Plan by checking the box on the applicable ballot indicating that they opt not
        to grant the releases provided in the Plan; and (j) with respect to each of the Debtors, the Reorganized Debtors, and
        each of the foregoing Entities in clauses (a) through (i), such Entity and its current and former Affiliates and subsidiaries,
        and such Entities’ and their current and former Affiliates’ and subsidiaries’ current and former directors,
        managers, officers, equity holders (regardless of whether such interests are held directly or indirectly), predecessors,
        successors, and assigns, subsidiaries, and each of their respective current and former equity holders, officers, directors,
        managers, principals, members, employees, agents, advisory board members, financial advisors, partners, attorneys, accountants,
        investment bankers, consultants, representatives, and other professionals, each in their capacity as such collectively.

         

        As
used in this Plan Term Sheet, the term “Exculpated Parties” means collectively, and in each case in
its capacity as such: (a) the Debtors; (b) any official committees appointed in the Chapter 11 Cases and each of their respective
members; and (c) the Consenting Creditors; (d) the DIP Lenders; (e) the DIP Agent; (f) the Backstop Parties; and
(g)  with respect to each of the foregoing, such Entity and its current and former Affiliates, and such Entity’s and
its current and former Affiliates’ current and former equity holders, subsidiaries, officers, directors, managers, principals,
members, employees, agents, advisory board members, financial advisors, partners, attorneys, accountants, investment bankers,
consultants, representatives, and other professionals, each in their capacity as such. 

  

 

     

     

    

	OTHER
    MATERIAL PROVISIONS REGARDING THE RESTRUCTURING
	Governance	The
    new board of directors of Reorganized Windstream (the “New Board”) shall be appointed by Requisite
    Backstop Parties and the identities of directors on the New Board shall be set forth in the Plan Supplement to the extent
    known at the time of filing.  Corporate governance for Reorganized Windstream and its subsidiaries, including charters,
    bylaws, operating agreements, or other organization documents, as applicable (the “New Organizational Documents”),
    shall be consistent with this Plan Term Sheet and section 1123(a)(6) of the Bankruptcy Code and shall be  consistent
    with the terms and conditions to be set forth in a term sheet (the “Governance Term Sheet”)
    to be mutually agreed by Requisite Backstop Parties on or before March 15, 2020.
	Exemption
    from SEC Registration	The
    issuance of all securities under the Plan will be exempt from SEC registration under applicable law.  Registration
    rights, if any, to be provided to the Backstop Parties and the Required Consenting First Lien Creditors will be set forth
    in the Governance Term Sheet.
	Employment
    Obligations	Pursuant
    to the Plan Support Agreement and this Plan Term Sheet, the Consenting Creditors consent to the continuation of the Debtors’
    wages, compensation, and benefits programs according to existing terms and practices, including executive compensation programs
    and any motions in the Bankruptcy Court for approval thereof.  On the Plan Effective Date, the Debtors shall assume
    all employment agreements, indemnification agreements, or other agreements entered into with current and former employees
    as set forth in the Plan Supplement.
	Indemnification
    Obligations	Consistent
    with applicable law, all indemnification provisions in place as of the Plan Effective Date (whether in the by-laws, certificates
    of incorporation or formation, limited liability company agreements, other organizational documents, board resolutions, indemnification
    agreements, employment contracts, or otherwise) for current and former directors, officers, managers, employees, attorneys,
    accountants, investment bankers, and other professionals of the Debtors, as applicable, shall survive the effectiveness of
    the Restructuring Transactions on terms no less favorable to such current and former directors, officers, managers, employees,
    attorneys, accountants, investment bankers, and other professionals of the Debtors than the indemnification provisions in
    place prior to the Plan Effective Date.
	Management
    Incentive Plan	The
    Parties agree there will be a customary management incentive plan, the terms of which are under discussion and will be set
    forth, at the latest, in the Plan Supplement (the “Management Incentive Plan”).
	Retained
    Causes of Action	The
    Reorganized Debtors, as applicable, shall retain all rights to commence and pursue any Causes of Action, other than any Causes
    of Action that the Debtors have released pursuant to the release and exculpation provisions outlined in this Plan Term Sheet
    and implemented pursuant to the Plan.

  

 

     

     

    

	OTHER
    MATERIAL PROVISIONS REGARDING THE RESTRUCTURING
	Conditions
    Precedent to Restructuring	The following
        shall be conditions to the Plan Effective Date (the “Conditions Precedent”):

         

        (a)       the
        Bankruptcy Court shall have entered the Confirmation Order, which shall:

         

        (i)       be
        in form and substance consistent with the Plan Support Agreement;

         

        (ii)       authorize
        the Debtors to take all actions necessary to enter into, implement, and consummate the contracts, instruments, releases,
        leases, indentures, and other agreements or documents created in connection with the Plan;

         

        (iii)       decree
        that the provisions in the Confirmation Order and the Plan are nonseverable and mutually dependent;

         

        (iv)       authorize
        the Debtors, as applicable/necessary, to: (a) implement the Restructuring Transactions, including the Rights Offering;
        (b) issue the New Common Stock pursuant to the exemption from registration under the Securities Act provided by section
        1145 of the Bankruptcy Code or other exemption from such registration or pursuant to one or more registration statements;
        (c) make all distributions and issuances as required under the Plan, including cash and the New Common Stock; and
        (d) enter into any agreements, transactions, and sales of property as set forth in the Plan Supplement, including
        the New Exit Facility and the Management Incentive Plan;

         

        (v)       authorize
        the implementation of the Plan in accordance with its terms; and

         

        (vi)       provide
        that, pursuant to section 1146 of the Bankruptcy Code, the assignment or surrender of any lease or sublease, and the delivery
        of any deed or other instrument or transfer order, in furtherance of, or in connection with the Plan, including any deeds,
        bills of sale, or assignments executed in connection with any disposition or transfer of assets contemplated under the
        Plan, shall not be subject to any stamp, real estate transfer, mortgage recording, or other similar tax;

         

        (b)       the
        Debtors shall have obtained all authorizations, consents, regulatory approvals, rulings, or documents that are necessary
        to implement and effectuate the Plan;

         

        (c)       the
final version of the Plan Supplement and all of the schedules, documents, and exhibits contained therein shall have been filed
in a 

  

 

     

     

    

	OTHER
    MATERIAL PROVISIONS REGARDING THE RESTRUCTURING
	 	manner
        consistent in all material respects with the Plan Support Agreement, this Plan Term Sheet, and the Plan;

         

        (d)       the
        Plan Support Agreement shall remain in full force and effect and shall not have been terminated;

         

        (e)       the
        final order approving the DIP Facility shall remain in full force and effect;

         

        (f)       the
        Bankruptcy Court shall have entered the BCA Approval Order;

         

        (g)       the
        Backstop Commitment Agreement shall remain in full force and effect and shall not have been terminated;

         

        (h)       the
        Rights Offering shall have been consummated and shall have been conducted in accordance with the procedures set forth
        in the Plan;

         

        (i)       the
        Uniti Transactions shall have been consummated;

         

        (j)       the
        documentation related to the New Exit Facility shall have been duly executed and delivered by all of the Entities that
        are parties thereto and all conditions precedent (other than any conditions related to the occurrence of the Plan Effective
        Date) to the effectiveness of the New Exit Facility shall have been satisfied or duly waived in writing in accordance
        with the terms of each of the New Exit Facility and the closing of the New Exit Facility shall have occurred;

         

        (k)       all
        actions, documents, certificates, and agreements necessary to implement the Plan (including any documents contained in
        the Plan Supplement) shall have been effected or executed and delivered to the required parties and, to the extent required,
        filed with the applicable governmental units, in accordance with applicable laws and shall comply with the consent rights
        set forth in the Plan Support Agreement;

         

        (l)       all
        professional fees and expenses of retained professionals that require the Bankruptcy Court’s approval shall have
        been paid in full or amounts sufficient to pay such fees and expenses after the Plan Effective Date shall have been placed
        in a professional fee escrow account pending the Bankruptcy Court’s approval of such fees and expenses;

         

        (m)       all
professional fees and expenses and of the advisors to the Consenting Creditors and the Backstop Parties shall have been paid in
full in accordance with the Plan Support Agreement; and

         

        (n)       the
Debtors shall have implemented the Restructuring Transactions and all transactions contemplated in this Plan Term Sheet in a manner
consistent with the Plan Support Agreement, this Plan Term Sheet, and the Plan. 

	Waiver
    of Conditions Precedent to the Plan Effective Date	The
    Debtors, with the prior consent of the Required Consenting Creditors and the Requisite Backstop Parties, may waive any one
    or more of the 

  

 

     

     

    

	OTHER
    MATERIAL PROVISIONS REGARDING THE RESTRUCTURING
	 	Conditions
    Precedent to the Plan Effective Date; provided that any waiver of (i) above shall also require the the prior consent
    of the Uniti Parties.

  

 

     

     

    

EXHIBIT D

 

 Uniti Term Sheet

 

     

     

    

Uniti
Term Sheet1

 

Financial Terms

 

	Uniti GCI Commitment	·     Uniti
        commits to fund up to an aggregate of $1.75 billion of Growth Capital Improvements (“GCI”) through
        December 2029 based on the following calendar year schedule:

         

        o       Year
        1: $125 million2

         

        o       Years
        2-5: $225 million per year

         

        o       Years
        6-7: $175 million per year

         

        o       Years
        8-10: $125 million per year

         

        ·     “GCI”
        means long-term, value-accretive fiber and related assets (including buildings, conduit, poles, easements, right of ways,
        permits and fixed wireless towers) in ILEC and CLEC territories owned by Uniti and leased by Windstream consistent with
        the historical categorization of fiber and other TCI Replacements in the current Master Lease; provided that, for
        the avoidance of doubt, GCIs shall not include copper Tenant Capital Improvements as defined in the Master Lease or maintenance
        and repair capex or opex and shall not include CLEC fiber to CLEC fiber replacements in excess of $70 million in the aggregate
        from the Effective Date to April 30, 20303 and shall only include capital improvements that qualify as “real
        property” for purposes of section 856 of the Internal Revenue Code, which shall include any capital improvements
        specifically listed as “real property” in the IRS private letter ruling received by Windstream in connection
        with the original spin-off of Uniti and such assets included on a schedule to the definitive lease agreements

         

        ·     Windstream
        may credit any cumulative GCI expenditures in excess of the foregoing annual amounts towards the reimbursable amount in
        a subsequent period, or roll unspent annual GCI into the following annual funding period (including the period from January
        1, 2030 – April 30, 2030) but not into any renewal term, provided that in no calendar year will Uniti’s
        funding commitment exceed $250 million, subject to payment terms for Year 1 as set forth in footnote 2

         

        ·     With
respect to each installment of funds constituting GCI funding by Uniti (each such installment, a “Funded Amount”),
beginning on the date that is 12 months following each such funding disbursement by Uniti (the “In Service Date”)
and ending on April 30, 2030, rent on such Funded Amount (the “GCI Rent”) will accrue at the Annualized 

		_______________________	

		1	Unless
                                         otherwise noted, capitalized terms used and not immediately defined herein shall have
                                         the meanings ascribed to them at a later point in this Term Sheet, the current Master
                                         Lease between Holdings and Uniti, or the agreement to which this Term Sheet is attached.

 

		2	For
                                         avoidance of doubt, Year 1 means calendar year 2020 and if Windstream emerges from bankruptcy
                                         after September 30, 2020, GCI expenditures incurred by Windstream prior to emergence
                                         will be reimbursed by Uniti within 12 months post emergence, starting in the month following
                                         the date of emergence and in equal monthly installments in accordance with the payment
                                         terms herein.  If Windstream emerges prior to September 30, 2020, Uniti shall reimburse
                                         all GCI expenditures incurred by Windstream prior to emergence at emergence.

 

		3	The
                                         Parties acknowledge and agree that expenditures incurred before the Effective Date in
                                         connection with CLEC to CLEC fiber replacements are eligible for reimbursement as GCIs,
                                         subject to the $70 million aggregate limit set forth herein

  

     

     

    

	 	Capitalization Rate (as defined below):

         

        o      The
        Annualized Capitalization Rate for any given Funded Amount will be 8.0% payable beginning one year following the In Service
        Date of such Funded Amount

         

        o      For
        any given Funded Amount, the Annualized Capitalization Rate will be 100.5% of the Annualized Capitalization Rate for such
        Funded Amount as of the same month during the preceding year4

         

        ·     GCI
        commitments will be subject to GCI Review Standards and Windstream maintaining ongoing lease compliance

         

        For GCI fiber deployments in CLEC territories
that have previously been identified to Uniti in Windstream’s GCI forecast only, Uniti will have the option to require that
such deployment be engaged in jointly, with both Windstream and Uniti deploying the new fiber.  In these instances, Uniti
agrees to fund 50% of the total cost to deploy the CLEC fiber, with any strands in excess of the original count contemplated by
Windstream to be owned and operated by Uniti.  An initial payment will be made by Uniti at the beginning of the construction
project based on costs agreed upon by the Parties and Uniti will bear 50% of the total cost of any overage therefrom, which will
be paid by Uniti upon completion of the project.  For the remaining 50% of costs related to these GCI fiber deployments,
such costs and expenditures will be included in the GCI program described above.  The Parties agree that any fiber strands
paid for by Uniti, and owned and operated by Uniti, will be excluded from the Renewal Rent. 

	Equipment
    Loan Program	·     During
        the GCI funding period (including January – April 2030), and in lieu of GCI commitments, Uniti will provide up to
        $125 million in the aggregate in the form of loans for equipment purchases by Windstream that Windstream demonstrates
        in reasonable detail is related to network upgrades or customer premises equipment to be used in connection with the operation
        of assets subject to either Lease; provided that, and subject to footnote 2, Uniti’s total funding commitment
        in any calendar year for both GCIs and equipment loans will not exceed $250 million and the equipment loan commitment
        will not exceed $25 million in any single year

         

        ·     Uniti
        will have a first lien on the equipment purchased via this program and financing documents will contain other customary
        terms and other conditions

         

        ·     Interest
        shall accrue at 8%

         

        ·     Windstream
will repay the amounts outstanding on equipment loans without incurring any early prepayment penalties and otherwise on customary
terms and conditions for similar financing transactions; provided that the Parties agree to use commercially reasonable
efforts to enter into terms that provide for repayment of the equipment loans at a date that is the earlier of: (i) the expiration
or earlier termination of the ILEC Lease or the CLEC Lease, as applicable; (ii) the later of (a) extinguishment of the useful
life 

__________________ 

		4	For the avoidance of doubt,
the Annualized Capitalization Rate for any given Funded Amount will be: 8.0000%, 8.0400%, 8.0802%, 8.1206%, 8.1612%, 8.2020%,
8.2430%, 8.2842%, 8.3257%, and 8.3673% for months 1-12, 13-24, 25-36, 37-48, 49-60, 61-72, 73-84, 85-96, 97-108, and 109-120,
respectively, following the In Service Date of such Funded Amount, but in no event will any GCI Rent accrue beyond April 30, 2030.

 

     

     

    

	 	·     of
        the assets or (b) the retirement of such assets from in-service; or (iii) April 30, 2030

         

        All equipment loans will be cross-defaulted
with the ILEC Lease and/or the CLEC Lease, as applicable, so long as Windstream is the tenant under the ILEC Lease and/or the
CLEC Lease 

	GCI
    Payment Terms	·     On
        the 15th calendar day of each month, Windstream will provide Uniti a GCI report for the ILEC and CLEC Leases for the prior
        month and the amount of reimbursement Windstream seeks (“Requested Funding Amount”). For purposes of
        clarification, GCI funding shall be a reimbursement of actual costs incurred by Windstream

         

        ·     Within
        30 days after Windstream submits the Requested Funding Amount and the required supporting documentation5 to
        Uniti, Uniti will pay to Windstream the Requested Funding Amount for the prior month

         

        ·     The
        Annualized Capitalization Rate will be payable by Windstream to Uniti on the 5th Business Day of each month following
        the first anniversary In Service Date for such Funded Amount

         

        ·     Title
to any assets funded pursuant to the Uniti GCI commitment will be owned by Uniti upon such funding 

	Asset
    Purchase Terms	·     Uniti
        shall consummate a sale of common stock yielding proceeds at least equal to, and Uniti shall pay to the subsidiary or
        subsidiaries of Windstream designated by the mutual agreement of the Debtors, the Required Consenting First Lien Creditors,
        and the Requisite Backstop Parties (as defined in the Backstop Commitment Agreement) $244,549,865.10 in cash (the “Purchase
        Amount”), which shall be funded through and conditioned upon the closing of a purchase of Uniti common stock
        yielding net cash proceeds to Uniti equal to or in excess of such amount (the “Uniti Stock Sale”)

         

        ·     Uniti
        will acquire the following:

         

        o      Windstream
        dark fiber IRU contracts currently generating an estimated $21 million of EBITDA; and reversion of rights to 1.8 million
        Uniti-owned Windstream-leased (“UOWL”) fiber strand miles

         

        § 1.8
        million UOWL fiber strand miles consists of 1.4 million unutilized fiber strand miles and 0.4 million fiber strand miles
        associated with dark fiber IRU contracts transferred from Windstream to Uniti

         

        o      Uniti
        will pay to Windstream operating & maintenance (“O&M”) equal to $350 per route mile on any
        additional route miles sold above and beyond the route miles currently utilized by dark fiber IRU contracts

         

        o      Uniti
will report new sales, including fiber strand metrics, on a monthly basis to Windstream by the 15th day of each month
for the prior month’s results

         

        ·     Uniti
        will also acquire (the “Fiber IRU Acquisition”):

         

        o      Certain
Windstream-owned assets (the “Acquired Assets”) and certain fiber IRU contracts currently generating $8 million
of annual EBITDA at a purchase price of $40 million in cash paid up front at the Effective Date to the subsidiary 

  

 

_____________________ 

		5	Forms
                                         of supporting documentation to be agreed in connection with definitive documentation.

 

  

 

     

     

    

	 	or subsidiaries of Windstream designated
        by the mutual agreement of the Debtors, the Required Consenting First Lien Creditors, and the Requisite Backstop Parties

         

        o      The
        Acquired Assets consist of 0.4 million Windstream-owned fiber strand miles covering 4,100 route miles, subject to a grant
        of an IRU to Windstream described below on currently utilized Windstream strands and incremental retained strands:

         

        § Consists
        of 0.3 million unutilized fiber strand miles and 0.1 million fiber strand miles associated with dark fiber IRU contracts

         

        § Uniti
        to pay Windstream O&M equal to $350 per route mile on any route miles sold after the Effective Date, provided
        that Uniti will not pay O&M associated with the dark fiber IRU contracts transferred to Uniti

         

        § Uniti
        will report new sales, including fiber strand metrics, monthly to Windstream by the 15th day of each month for the prior
        month’s results

         

        ·     In
        connection with the foregoing acquisitions by Uniti:

         

        o      Windstream
        will retain 12 fiber strands beyond what Windstream is utilizing today; provided, that if there are less than 24
        unused fiber strands in a particular segment, Windstream and Uniti will split such fiber strands in accordance with Schedule
        A

         

        o      The
        Renewal Rent during each Renewal Period will exclude the 1.4 million fiber strand miles and the 0.4 million fiber strand
        miles associated with UOWL dark fiber IRU contracts

         

        In the event that the Fiber IRU Acquisition
is consummated, for the Acquired Assets only, Uniti will grant Windstream a 20-year, zero cost, IRU for the strands currently
utilized plus incremental retained strands 

	Cash
    Transfer	·     Uniti
        will pay to the subsidiary or subsidiaries of Windstream designated by the mutual agreement of the Debtors, the Required
        Consenting First Lien Creditors, and the Requisite Backstop Parties $490,109,111 in 20 equal consecutive quarterly installments
        beginning on the 5th business day of the first month following the Effective Date (the “Cash Payments”)

         

        ·     At
Uniti’s option, any of the Cash Payments falling due on or after one year following the Effective Date may be prepaid. Prepayments
will be discounted at a 9% rate consistent with Schedule B 

  

 

     

     

    

Non-Financial Terms

 

	Parties	·     Windstream
        Holdings, Inc. (“Holdings”), Windstream Services, LLC (“Services”), the direct and
        indirect subsidiaries of Services, and their successors, assigns, transferees, and subtenants, as applicable (collectively,
        “Windstream”), and/or one or more entities formed to acquire all or a portion of the assets of any
        of the foregoing as tenants, subject to any regulatory limitations

         

        ·     Landlord(s)
same as current Master Lease 

	Effective
    Date	 ·     Promptly
    upon entry of an order approving the agreements described herein (the “Agreement”) and the satisfaction
    of all “true lease” and REIT compliance (the “Effective Date”), but in no event later than
    Windstream’s emergence from Chapter 11
	Master Lease Structure/ Terms

         
	·     Current
        Master Lease to be bifurcated into structurally similar but independent agreements governing the ILEC Facilities and the
        CLEC Facilities (the “ILEC Lease” and the “CLEC Lease,” respectively, and, together
        the “Leases,” and, each individually, a “Lease”)

         

        o       Certain
        CLEC copper assets will be included in the ILEC Lease6

         

        o       Leases
        shall not contain any change of control7 restrictions (other than as provided herein)

         

        o       Cross-default
        or cross-acceleration provisions relating to Windstream’s indebtedness will fall away upon assignment, transfer,
        or change of control

         

        ·     All
        assignment, transfer, change of control, and similar provisions in the current Master Lease shall be amended and restated
        in each ILEC and CLEC Lease to provide that Windstream will be permitted to assign, sell, or otherwise transfer (whether
        in a standalone transaction, in connection with a sale of assets or equity interests, or otherwise) any of its interests
        in any or both of the ILEC Lease or the CLEC Lease to any entity (or any direct or indirect subsidiary or subsidiaries
        of such entity) that, at the time of notification of such assignment, sale, or transfer, (a) if such entity has a corporate
        family rating, has a corporate family rating of not less than the rating required such that the Incurrence Leverage Covenant
        and Maintenance Leverage Covenant do not apply to Windstream hereunder, or if such entity does not have a corporate family
        rating, has a total leverage ratio in compliance with the Incurrence Leverage Covenant, (b) has a net worth (exclusive
        of the Leased Property under such transferred Lease(s)), as calculated in accordance with GAAP, on a pro forma basis,
        of no less than $600 million, or (c) has an equity market capitalization, on a pro forma basis, of no less than $300 million
        (the “Amended Transfer Restrictions”); provided that any transfer, sale or conveyance must also
        satisfy REIT requirements and receive regulatory approvals, if any

         

        ·     The
ILEC Lease and CLEC Lease to be cross-defaulted and cross-guaranteed so long as the tenants under both Leases are affiliates of
Windstream, which provisions shall automatically terminate upon any sale, conveyance, or other transfer in accordance with
the Amended Transfer Restrictions; provided that if both Leases are transferred to the same assignee(s), the Leases will
be cross-defaulted and cross-guaranteed 

  

___________________ 

		6	Representing
                                         approximately $29 million of allocated annual payments under the current Master Lease
                                         per current data.

 

		7	For
                                         purposes of this Term Sheet, the term “change of control” shall include the
                                         “Change In Control” provisions under the current Master Lease.

 

 

     

     

    

	 	·     Aggregate
        rent of ILEC Lease and CLEC Lease to be equivalent to the rent payments under the current Master Lease through the initial
        term as set forth on Schedule C, it being understood that the Parties will negotiate in good faith such
        modifications to Schedule C as may be necessary in order to permit the True Lease Opinions to be given as
        described in “Tax Matters” below

         

        ·     Windstream
        may request that Uniti (such request not to be unreasonably withheld) sell non-core assets in ILEC territories, subject
        to an annual cap of $10 million on proceeds, a portion of which will be remitted to Windstream in consideration of its
        leasehold interest in the sold assets and rent under the ILEC Lease not being reduced; provided that the portion
        remitted to Windstream will be calculated as the net present value of the remaining rent in the initial term of the ILEC
        Lease for the asset sold, with said rent calculated by multiplying a total capitalization rate of 8.7% by the sale price
        for the asset; the Parties will agree on a rate if the ILEC Lease is renewed, if necessary

         

        ·     Windstream
        or any successor, assign, or subtenant will be permitted to sell Fiber IRUs or lease dark fiber services in ILEC and CLEC
        territories with term dates that extend beyond the then current term of the Lease, subject to (i) an annual cap on
        all such sales or leases of $10 million in gross proceeds or revenue (no more than $5 million of which may be in CLEC
        territories), (ii) the requirement that any Windstream successor, assign, or subtenant, reimburse Uniti at termination
        of the ILEC Lease or CLEC Lease the proportionate amount of IRU proceeds received relative to remaining term of the IRU
        at lease termination, and (iii) the requirement that such IRU or sublease does not result in a deemed sale of the
        assets underlying such IRU or sublease for U.S. federal income tax purposes; provided, that Windstream shall be permitted
        to enter into Fiber IRUs under the ILEC Lease in excess of the annual caps specified in the immediately preceding clause
        (i) and, for such IRUs, the current subletting provisions of the Master Lease shall apply and, further, Windstream agrees
        to remit to Uniti the proportionate amount of the proceeds relative to the remaining terms of the ILEC Lease and the agreement
        within 30 days of receipt of the proceeds by Windstream

         

        ·     Requirement
        to maintain Leased Property and Tenant’s Property under Section 9.1 of current Master Lease will be terminated for
        (i) any asset Tenant has retired and replaced with a TCI Replacement; and (ii) all other retired assets with an aggregate
        valuation not to exceed $15 million per year or as otherwise consented to by Uniti; provided that, at Landlord’s
        written request, Tenant shall continue to maintain any such asset at Landlord’s sole cost and expense; provided,
        further, that Tenant shall be responsible for any liability resulting from the failure to maintain such retired
        copper asset; and provided, further, that all regulatory obligations have been satisfied by Tenant

         

        Uniti will be prohibited from competing
in Windstream ILEC territories (for purposes of clarification, selling dark fiber or lit transport and building long haul routes
with no laterals or extensions in a Windstream ILEC territory shall not be deemed competitive, but selling services originating
or terminating traffic in said territories shall be deemed competitive), and, for avoidance of doubt, “Uniti” refers
to Landlord and its affiliates, including Uniti Group Inc., and all existing, acquired, or newly-formed direct or indirect subsidiaries
of Uniti Group Inc., any entities in common control with any such entity, and their respective successors and assigns, during
the initial Term and all renewal terms of the ILEC Lease 

  

 

     

     

    

	 	Uniti
    and its affiliates shall cease pursuing franchises in Windstream’s ILEC territories, and shall include a schedule of
    all franchises currently held by Uniti and its affiliates in Windstream’s ILEC territories
	Windstream
    Financial Covenants	Exit Financing as of Emergence

         

        As of the date of emergence, on a pro forma basis giving
        effect to Windstream’s emergence (including the repayment, discharge, or extinguishment of any Indebtedness8
        and the incurrence of any new Indebtedness), Windstream’s total leverage ratio9 will not exceed
        3.00x. For the avoidance of doubt, for the foregoing test, amounts payable in cash on account of contract cures, lease
        cures, or administrative expenses, and/or amounts to be paid to holders of allowed general unsecured claims after emergence,
        in each case payable upon completion of the applicable claims resolution process before the Bankruptcy Court, shall not
        be considered Indebtedness.

         

        Lease Financial Covenants

         

        The ILEC Lease and the CLEC Lease will contain the
        following covenants:

         

        Windstream and its subsidiaries cannot incur any Indebtedness10
        (other than (a) refinancing Indebtedness in a principal amount not exceeding the sum of (x) the principal amount
        of the Indebtedness refinanced, (y) the accrued and unpaid interest on such Indebtedness refinanced and any other amounts
        owing thereon, and (z) any customary costs, fees, or expenses incurred in connection with such refinancing or (b) drawings
        under its third party syndicated revolving credit facility, in an amount not to exceed $750 million (the “RCF
        Facility”)), if its total leverage ratio, pro forma for the incurrence of such Indebtedness, would exceed  3.00x
        (such covenant, the “Incurrence Leverage Covenant” and, such ratio, the “Incurrence Leverage
        Ratio”). Failure to comply with the Incurrence Leverage Covenant will constitute an event of default and Uniti
        will not be required to comply with its GCI commitment obligations following any such breach

         

        If at any time (a) Windstream’s total leverage
ratio exceeds 3.50x (the “Maintenance Leverage Covenant”) and (b) Windstream or any of its subsidiaries
takes any of the following actions, an event of default will have occurred and Uniti will not be required to comply with its GCI
commitment obligations following any such breach: 

____________________ 

		8	For
                                         purposes of the financial covenants, except where otherwise specified, “Indebtedness”
                                         will be defined to consist of (i) indebtedness for borrowed money, (ii) indebtedness
                                         evidenced by notes, bonds, debentures or similar obligations, (iii) unpaid reimbursement
                                         obligations in respect of any drawn letter of credit and (iv) lease liability under finance
                                         leases on Windstream’s consolidated balance sheet prepared in accordance with GAAP
                                         (excluding right of use liabilities pursuant to GAAP in accordance with ASU No. 2018-11,
                                         Topic 842). If at any time any change in GAAP would affect the computation of any leverage
                                         ratio or requirement contained herein, and either Windstream or Uniti shall so request,
                                         Windstream and Uniti shall negotiate in good faith to amend such ratio or requirement
                                         to preserve the original intent thereof in light of such change in GAAP, provided that,
                                         until so amended, such ratio or requirement shall continue to be computed in accordance
                                         with GAAP prior to such change therein.

 

		9	When
                                         used in this Term Sheet, “total leverage ratio” will be calculated as the
                                         ratio of (i) Indebtedness (net of cash and cash equivalents to the extent that such cash
                                         and cash equivalents exceed $75 million at such time) to (ii) LTM EBITDA (with customary
                                         adjustments).

 

		10	To include (x) Indebtedness
as defined in footnote 8 and (y) any guarantee of indebtedness incurred by third parties.

 

     

     

    

	 	·     incur
        any Indebtedness11 (other than refinancing Indebtedness in a principal amount not exceeding the sum of (x)
        the principal amount of the Indebtedness refinanced, (y) the accrued and unpaid interest on such Indebtedness refinanced
        and any other amounts owing thereon, and (z) any customary costs, fees, or expenses incurred in connection with such refinancing);

         

        ·     make
        any dividends on its capital stock or repurchase any stock (other than dividends by subsidiaries of Windstream), or prepay
        any unsecured debt;

         

        ·     make
        (a) any acquisitions or (b) investments, other than investments (1) in consolidated subsidiaries existing before the applicable
        date of Windstream’s non-compliance with the Maintenance Leverage Covenant and customary permitted investments,
        (2) in joint ventures in existence prior to the date of the applicable non-compliance with the Maintenance Leverage Covenant
        (and not created in contemplation thereof), or (3) with the consent of Uniti (not to be unreasonably withheld); provided
        that Windstream may make any acquisition if, on a pro forma basis (including customary pro forma cash cost savings
        adjustments as long as such adjustments are factually supportable, expected to be realized within fifteen months and do
        not exceed, in the aggregate, 17.5% of EBITDA (calculated before giving effect to such adjustments)), its total leverage
        ratio would be lower than immediately prior to such acquisition; or

         

        ·     enter
        into any transaction with any investor in Windstream (or any entity controlled by any such investor) who has one or more
        of its representatives on the Windstream Board of Directors, unless (i) Uniti consents to the entry into such transaction
        (such consent not to be unreasonably withheld) or (ii) such transaction is (x) in the ordinary course of business or (y)
        to continue or renew management, consultancy, or advisory services pursuant to any engagement entered into before the
        applicable date of Windstream’s non-compliance with the Maintenance Leverage Covenant on the same terms as before
        the applicable date of such non-compliance (it being understood that, solely with respect to clause (y), any such agreements,
        whether entered into before or after the applicable date of such non-compliance, shall be on terms consistent with those
        that would be obtained at arms’-length and shall be approved by disinterested directors)

         

        If (a) any bankruptcy event of default (which, in the
        event of an involuntary bankruptcy, shall occur only upon issuance of an order for relief or on the 60th day following
        commencement of the case if the case shall not have been dismissed at such time), or (b) any payment event of default
        or any other event of default under any Material Indebtedness (as defined in the Master Lease) has occurred and, in the
        case of clause (b), such event of default has not been waived or cured, such event of default shall constitute an event
        of default under the Leases and Uniti will not be required to comply with its GCI commitment obligations following any
        such breach

         

        Notwithstanding anything to the contrary herein, the
Leases shall provide that the Incurrence Leverage Covenant and the Maintenance Leverage Covenant shall not apply at any time that
Windstream maintains a corporate family rating of not less than (i) “B2” (stable) by Moody’s and (ii) either
“B” (stable) by S&P or “B” (stable) by Fitch. Windstream must provide to Uniti (i) periodic certifications
with respect to the foregoing covenants and (ii) copies of all information and certifications required to be provided to Windstream’s
lenders under the RCF Facility (both subject to confidentiality provisions consistent with those governing the sharing of information
with lenders under such facility) 

 

 ______________________

		11	To
                                         include (x) Indebtedness as defined in footnote 8 and (y) any guarantee of indebtedness
                                         incurred by third parties.

 

     

     

    

	Rent Offset	·     In
        the event Uniti defaults on or otherwise fails to timely satisfy the required funding of any GCI project, the equipment
        loan program, the Cash Payments, or any other payment obligation agreed to as part of the transactions contemplated hereby
        and Windstream is in compliance with the terms of the ILEC Lease and CLEC Lease, then any amounts remaining unfunded after
        30 days shall be automatically deducted from the subsequent rent payment or payments (as necessary) otherwise owed by
        Windstream (provided that Windstream shall, to the extent not stayed or prohibited by applicable law, provide notice
        to Uniti of any default or failure triggering an offset right within the 30 days prior to the occurrence of the resulting
        offset)

         

        ·     Any
GCI for which Windstream offsets rent payments shall become assets owned by Uniti and shall be constructed and otherwise comply
with all terms and conditions of the applicable Lease as if such GCI was funded by Uniti 

	Transfer
    Rights / Uniti Securitization Rights	·     ILEC
        Lease and CLEC Lease will permit each of Uniti and Windstream to transfer its respective rights and obligations under
        the applicable Lease (including future GCI funding that will not exceed the “pro rata portion” – as
        such phrase will be more particularly defined in the Leases – of GCI funding in connection with either Lease), and
        will allow Uniti to otherwise monetize or encumber the applicable Lease, except that Uniti will not be permitted to transfer
        its interest in either Lease to a Windstream Competitor

         

        ·     Windstream
and Uniti to cooperate regarding any contemplated (i) assignments, transfers, or sales or (ii) securitization, participation,
or other monetization of Lease rents, and the Leases will include customary provisions to affect such transactions 

	Credit
    Rating Reports / Preview Reports	 ·    Windstream
    and Uniti will use reasonable efforts to assist the other in its credit rating agency process, including providing information
    as requested 
	General	·     The
        Parties agree to mutual releases from any and all liability related to all legal claims and causes of action

         

        ·     Thresholds
        and other relevant provisions of the Master Lease will be conformed to the bifurcation of the Master Lease into the ILEC
        Lease and the CLEC Lease and other terms herein

         

        ·     The
        Parties agree that Uniti has no consent rights over Windstream’s business plan, including Windstream’s network
        deployment strategies, except for compliance with GCI Review Standards for GCI funding where IRR12 is below
        9%, provided that Windstream can make investments of up to $60mm (the “Sub-Hurdle Allocation”)
        per year through 2029 toward projects with an IRR below 9% without Uniti’s consent, provided, further,
        that RDOF and any similar federal or state broadband subsidies are deemed subsidies in calculating project IRR

         

        ·     The
Parties will agree that neither they nor any of the members of their respective management or boards of directors will directly
(or indirectly on their express instruction) make, publish or issue (or cause to be made, published or issued) any statement or
communication (whether written, oral or otherwise) in any form of media 

  

 

___________________ 

		12	“IRR”
                                         means unlevered IRR as calculated using a model approved and certified annually by the
                                         Windstream Board of Directors, a live copy of which is delivered to Uniti.

 

     

     

    

	 	that (i) in the case of Uniti, disparages
        Windstream or members of Windstream’s management or board of directors and (ii) in the case of Windstream, disparages
        Uniti or members of Uniti’s management or board of directors

         

        ·     Statements
        or communications (whether written, oral or otherwise) made, published or issued in any form of media in any of the following
        circumstances will not be considered disparaging:

         

        o       providing
        truthful and complete required legal testimony;

         

        o       responding
        truthfully and completely to formal requests for information; or

         

        o       making
        truthful and complete disclosures,

         

        so far as necessary or advisable to enable
        either Party to comply with applicable law, regulation or statute in connection with or arising out of a court, arbitral,
        administrative or regulatory investigation or proceeding of competition jurisdiction

         

        Uniti agrees to keep confidential any information
        provided by Windstream regarding GCI expenditures for the following year or any projections for multi-year periods and
        any information regarding compliance with financial covenants, until Windstream publicly discloses such information in
        accordance with applicable law; provided that (i) Uniti may use such information in preparing its own projections
        and guidance that it shares with rating agencies, financing sources, and the public market and (ii) Uniti may share
        such information with its accountants, attorneys and other advisors who are subject to confidentiality arrangements

        

	Tax
    Matters	·     Certain
        Representations and Covenants

         

        o       In
        connection with the entry into definitive agreements regarding the transactions contemplated in this Term Sheet, Uniti
        and Windstream each will represent to the other that, to its knowledge after reasonable diligence and consultation with
        its professional advisors, it is not then aware of any fact or circumstance that would prevent the True Lease Opinions
        or the REIT Opinion (each, as defined below) from being rendered in connection with the consummation of the Agreement,
        subject to enumerated conditions, assumptions, or exceptions to be resolved as promptly as practicable after entry into
        a definitive agreement regarding the transactions contemplated in this Term Sheet

         

        o       Each
        of Uniti and Windstream shall make available, and shall use its reasonable best efforts to cause its professional advisors,
        including its counsel and its appraisers, to make available to the other party and its professional advisors on a reasonable
        basis such information, including underlying diligence materials, regarding the status and substance of the first party’s
        professional advisors’ analysis of true lease and REIT issues, including the analysis performed by the appraiser,
        as the other party may reasonably request; provided that to the extent any relevant information is determined by
        Uniti in its sole discretion to be commercially sensitive, advisors to Uniti and Windstream shall determine whether such
        materials should be shared on an “advisors only” basis; provided, further, that Uniti will not
        be required to share materials subject to attorney-client privilege or a confidentiality obligation owed to a third party

         

  

 

     

     

    

	 	·     True
        Lease Opinion

         

        o      As
        a condition precedent to the effectiveness (but not the approval) of the Agreement, either:

         

        § Uniti
        must receive an opinion to the effect that each of the CLEC Lease and the ILEC Lease “should” be a “true
        lease” for U.S. federal income tax purposes from a nationally recognized accounting or law firm of Uniti’s
        choice (the “True Lease Opinions” and such accounting or law firm the “Uniti Tax Advisor”);
        or

         

        § If
        the Uniti Tax Advisor determine that it cannot deliver the True Lease Opinions, and Windstream, after consultation with
        its advisors, believes that the True Lease Opinions should be able to be delivered, the issue shall be submitted for consideration
        by a nationally recognized law firm or accounting firm that is mutually acceptable to both Uniti and Windstream (the “Alternative
        Tax Advisor”) and, if such Alternative Tax Advisor agrees to issue U.S. federal income tax opinions to the effect
        that each of the CLEC Lease and the ILEC Lease “should” constitute a “true lease,” such opinions
        shall be treated as the True Lease Opinions satisfying this condition

         

        o      Uniti
        and Windstream agree that each of them, and their officers and employees, will use best efforts to cause the True Lease
        Opinions to be issued promptly; provided that Uniti promptly will engage a nationally recognized accounting or
        valuation firm (the “Appraiser”) to undertake valuation, appraisal and other analysis incidental thereto
        in order to facilitate the issuance of the True Lease Opinions; provided, further, that Uniti will reasonably
        request of the Appraiser that the terms of the Appraiser’s engagement shall allow Windstream to rely upon any of
        the Appraiser’s reports for its own analysis of the status of each of the ILEC Lease and the CLEC Lease as a “true
        lease”; provided, further, that the Appraiser’s refusal to grant or grant without conditions
        such reasonable request shall not preclude Uniti from engaging such Appraiser

         

        ·     Uniti
        Go-Forward REIT Status

         

        o      As
        a condition precedent to the effectiveness (but not the approval) of the Agreement, either

         

        §Uniti
        must receive an opinion from a nationally-recognized accounting or law firm of its choice (the “Uniti REIT Advisor”)
        to the effect that Uniti will, after the effectiveness of all of the transactions herein, continue to meet the requirements
        for qualification and taxation as a REIT for the year in which the Agreement becomes effective, and that Uniti’s
        then current method of operation, including the future effect of the transactions herein, will enable it to continue to
        meet the requirements for qualification and taxation as a REIT (a “REIT Opinion”); or

         

        §If
the Uniti REIT Advisor determines that it cannot deliver the REIT Opinion, and Windstream, after consultation with its advisors,
believes that the REIT Opinion should be able to be delivered, the issue shall be 

  

 

     

     

    

	 	submitted for consideration by a nationally
        recognized law firm that is mutually acceptable to both Uniti and Windstream and that has agreed to act prospectively
        as Uniti’s advisor on REIT qualification matters (the “Alternative REIT Advisor”) and, if such
        Alternative REIT Advisor agrees to issue an opinion to the effect that Uniti will, after the effectiveness of all of the
        transactions herein, continue to meet the requirements for qualification and taxation as a REIT for the year in which
        the Agreement becomes effective, and that Uniti’s then current method of operation, including the future effect
        of the transactions herein, will enable it to continue to meet the requirements for qualification and taxation as a REIT,
        such opinion shall be treated as the REIT Opinion satisfying this condition

         

        o      Uniti
and Windstream agree that each of them, and their officers and employees will use best efforts to cause the REIT Opinion to be
issued 

	Implementation	·     Agreement
        in principle between the Parties will be announced publicly no later than March 2, 2020

         

        ·     Upon
        announcement of an agreement in principle, all pending litigation will be stayed pending closing of the transactions contemplated
        hereby, without prejudice to Windstream’s right to resume prosecution

         

        ·     Windstream
        will file a motion no later than March 12, 2020 seeking Bankruptcy Court approval of the transactions contemplated hereby
        by no later than April 6, 2020, subject to the Bankruptcy Court’s availability and final documentation if necessary

        

	GCI
    Review Standards	·     The
        Parties will establish a committee consisting of 3 Uniti representatives and 3 Windstream representatives to review Windstream
        plans for GCI expenditures for the upcoming year, with reviews occurring on mutually convenient dates in 4Q, and to include
        a monthly GCI forecast and funding schedule for the upcoming year, along with a 3-year annual forecast, with focus on
        the states targeted for 1 GIG expansion opportunities in the near term, and with responsible detail on how and where the
        GCI expenditures will be invested and the associated returns, including return models, target market analyses, if applicable,
        and types of investment (FTTN, FTTH, long haul, towers, etc.)

         

        ·     The
        Parties shall meet quarterly for the first 3 years, then semi-annually thereafter

         

        ·     Windstream
        agrees to provide Uniti Windstream’s actual 2020 GCI plans, consistent with the level of detail as required above
        and agrees to include in such plans, or to otherwise present to Uniti for reimbursement under this arrangement, only those
        expenditures it determines in good faith meet the definition of GCI set forth herein

         

        ·     In
        connection with GCI expenditures, Windstream also agrees to provide items (ii) and (v) below annually and items (i), (iii),
        and (iv) quarterly:

         

        (i)    any
certificates, licenses, new Permits or Pole Agreements or documents reasonably requested by Uniti necessary and obtainable to
confirm Windstream’s use of the fiber and related assets associated with the GCI expenditures; 

  

 

     

     

    

	 	(ii)   an
        Officer’s Certificate setting forth in reasonable detail the projected GCI expenditures for the following year after
        the conclusion of the 4Q reviews and actual GCI expenditures for each year in 1Q of the following year;

         

        (iii)  any
        agreements conveying title or beneficial interest to Uniti to any land, easements, or rights of way acquired for construction
        projects associated with the GCI free and clear of any Encumbrances except those approved by Uniti, and accompanied by
        an ALTA survey thereof satisfactory to Uniti;

         

        (iv)  if
        appropriate, endorsements to any outstanding policy of title insurance covering the assets associated with the GCI expenditures
        reasonably satisfactory in form and substance to Uniti; and

         

        (v)   Windstream
        shall deliver to Uniti “as built” drawings of the fiber and/or related assets constructed during the year,
        certified as accurate by the architect or engineer that supervised the work, during the 4Q planning meeting

         

        ·     The
        Parties agree that GCI expenditures for 2020 are approved in light of Uniti’s review of the Altman report and Windstream
        projections for 2020

         

        ·     Beginning
        2021, annual and rollover GCI amounts will not require Uniti approval; nonetheless the Committee will discuss proposed
        GCI projects in good faith; provided that Uniti shall have the unilateral right to object to $25 million of proposed GCI
        expenditures annually (without such $25 million being subject to the dispute resolution described below) that Uniti determines
        in good faith do not comply with the GCI definition (a “Disputed GCI Expenditure”) after providing
        the Windstream members of the Committee an opportunity to present supporting documentation demonstrating compliance (the
        “Challenge Right”); provided, further, that this provision shall not apply to the $60
        million Sub-Hurdle Allocation

         

        In the event that the Parties disagree as
to whether any GCI investment above the $25 million of proposed GCI expenditures that Uniti may challenge through the Challenge
Right for the applicable year is eligible for reimbursement by Uniti as a GCI (other than on the basis that such investment does
not qualify as real property), the disagreement will be brought to Altman Vilandrie or another independent third-party professional
reasonably acceptable to both Parties (the costs of which shall be borne solely by Uniti), which independent third-party professional
will have 10 days to make a determination with respect to such disagreement, with such determination being final and binding on
the Parties. If such independent third-party professional determines that any proposed GCI investment does not comply with the
definition of GCI, then Windstream may replace such project with a replacement project or projects of equal or lesser cost. 

  

 

     

     

    

Schedule A

 

 

 

	Unused
    Strands	WIN  Retain	UNIT
    Receive
	0	0	0
	1	l	0
	2	2	0
	3	3	0
	4	4	0
	5	4	1
	6	4	2
	7	4	3
	8	4	4
	9	5	4
	10	5	5
	11	6	5
	12	6	6
	13	7	6
	14	7	7
	15	8	7
	16	8	8
	17	9	8
	18	9	9
	19	10	9
	20	10	10
	21	11	10
	22	11	11
	23	12	11
	24	12	12

 

  

 

     

     

    

Schedule B

 

	Discount
    Rate	9.0%
	PV
    of Payments	       400,000,000
    
	1	$        24,505,456
    
	2	$        24,505,456
    
	3	$        24,505,456
    
	4	$        24,505,456
    
	5	$        24,505,456
    
	6	$        24,505,456
    
	7	$        24,505,456
    
	8	$        24,505,456
    
	9	$        24,505,456
    
	10	$        24,505,456
    
	11	$        24,505,456
    
	12	$        24,505,456
    
	13	$        24,505,456
    
	14	$        24,505,456
    
	15	$        24,505,456
    
	16	$        24,505,456
    
	17	$        24,505,456
    
	18	$        24,505,456
    
	19	$        24,505,456
    
	20	$        24,505,456
    
	Sum
    of Payments	 $      490,109,111
    

 

 

     

     

    

Schedule C

 

	Current
    Payments:	 	2020	 	2021	 	2022	 	2023	 	2024	 	2025	 	2026	 	2027	 	2028	 	2029	 	2030
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ILEC	 	$	476	 	 	$	478	 	 	$	480	 	 	$	483	 	 	$	485	 	 	$	488	 	 	$	490	 	 	$	492	 	 	$	495	 	 	$	497	 	 	$	157	 
	CLEC	 	 	183	 	 	 	184	 	 	 	185	 	 	 	186	 	 	 	187	 	 	 	188	 	 	 	189	 	 	 	190	 	 	 	191	 	 	 	192	 	 	 	60	 
	Base Payment	 	$	659	 	 	$	662	 	 	$	665	 	 	$	669	 	 	$	672	 	 	$	675	 	 	$	679	 	 	$	682	 	 	$	686	 	 	$	689	 	 	$	217	 
	Uniti Funded Improvements (2015)	 	 	4	 	 	 	4	 	 	 	4	 	 	 	4	 	 	 	4	 	 	 	4	 	 	 	4	 	 	 	4	 	 	 	4	 	 	 	4	 	 	 	1	 
	Total Payment	 	$	662	 	 	$	666	 	 	$	669	 	 	$	672	 	 	$	676	 	 	$	679	 	 	$	682	 	 	$	686	 	 	$	689	 	 	$	693	 	 	$	219	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CLEC Copper Payment	 	$	29	 	 	$	29	 	 	$	29	 	 	$	30	 	 	$	30	 	 	$	30	 	 	$	30	 	 	$	30	 	 	$	30	 	 	$	30	 	 	$	10	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pro
    Forma Payments:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ILEC
    Payment(1)	 	$	508	 	 	$	511	 	 	$	513	 	 	$	516	 	 	$	518	 	 	$	521	 	 	$	524	 	 	$	526	 	 	$	529	 	 	$	531	 	 	$	168	 
	CLEC  Payment	 	 	154	 	 	 	155	 	 	 	156	 	 	 	156	 	 	 	157	 	 	 	158	 	 	 	159	 	 	 	160	 	 	 	160	 	 	 	161	 	 	 	51	 
	Total Payment	 	$	662	 	 	$	666	 	 	$	669	 	 	$	672	 	 	$	676	 	 	$	679	 	 	$	682	 	 	$	686	 	 	$	689	 	 	$	693	 	 	$	219	 

 

(1)
Pro forma ILEC agreement includes CLEC Copper payment of ~$29mm and ~$4mm payment for 2015 Uniti funded capital improvements.

 

  

 

     

     

    

Exhibit E-1

 

Provision for Transfer Agreement

 

(First Lien Claims/Midwest Notes Claims/Equity
Interests)

 

The undersigned (“Transferee”)
hereby acknowledges that it has read and understands the Chapter 11 Plan Support Agreement, dated as of __________ (the “Agreement”),1
by and among Windstream Holdings, Inc. and its affiliates and subsidiaries bound thereto, the Uniti Parties, and the Consenting
Creditors, including the transferor to the Transferee of any Company Claims/Interests (each such transferor, a “Transferor”),
and agrees to be bound by the terms and conditions thereof to the extent the Transferor was thereby bound, and shall be deemed
a “Consenting Creditor” under the terms of the Agreement.

 

The Transferee specifically
agrees to be bound by the terms and conditions of the Agreement and makes all representations and warranties contained therein
as of the date of the Transfer, including the agreement to be bound by the vote of the Transferor if such vote was cast before
the effectiveness of the Transfer discussed herein.

 

Date Executed:

 

______________________________________ 

Name: 

Title:

Address: 

E-mail address(es):

 

 

	Aggregate
    Amounts Beneficially Owned or Managed on Account of:
	First
    Lien Loans	 
	First
    Lien Notes	 
	Midwest
    Notes 	 
	Second
    Lien Notes	 
	Unsecured
    Notes 	 
	Equity
    Interests	 

 

 

 

______________________

		1	Capitalized terms used but not otherwise defined herein
shall having the meaning ascribed to such terms in the Agreement.

 

     

     

    

Exhibit E-2

 

Provision for Transfer Agreement

 

(Second Lien Claims/Unsecured Notes
Claims)

 

The undersigned (“Transferee”)
hereby acknowledges that it has read and understands the Chapter 11 Plan Support Agreement, dated as of __________ (the “Agreement”),1
by and among Windstream Holdings, Inc. and its affiliates and subsidiaries bound thereto, the Uniti Parties, and the Consenting
Creditors, including the transferor to the Transferee of the Company Claims/Interests set forth below (each such transferor, a
“Transferor”), and agrees to be bound by the terms and conditions thereof to the extent the Transferor
was thereby bound solely with respect to the Company Claims/Interests set forth below, and shall be deemed a “Consenting
Creditor” under the terms of the Agreement with respect to such Company Claims/Interests.

 

The Transferee specifically
agrees to be bound by the terms and conditions of the Agreement and makes all representations and warranties contained therein
as of the date of the Transfer, including the agreement to be bound by the vote of the Transferor if such vote was cast before
the effectiveness of the Transfer discussed herein.

 

Date Executed:

 

______________________________________

Name:

Title:

Address:

E-mail address(es):

 

 

	Aggregate
    Amounts Beneficially Owned or Managed on Account of:
	Second
    Lien Notes	 
	Unsecured
    Notes 	 

 

 

_______________________ 

		1	Capitalized terms used but not otherwise defined herein
shall having the meaning ascribed to such terms in the Agreement.Exhibit 10.2

 

[Form of Letter of Intent]

 

 

 

[●], 2020

 

Uniti Group Inc.

10802 Executive Center Drive 

Benton Building, Suite 300

Little Rock, AR 72211 

Attention: [●]

 

Re: Letter of Intent

 

Dear [●]:

 

We are pleased that
you have decided to enter into a transaction whereby one or more controlled affiliates of and/or funds managed by [●] (the
“Investor,” “us” or “our”) would provide capital to Uniti Group Inc. (“Uniti,”
the “Company” or “you”) as further described in this binding letter of intent (“LOI”).
Each of the Investor and the Company shall be referred to herein from time to time individually as a “Party”
or, collectively, as the “Parties.”

 

Concurrently herewith,
the Investor, various other interested parties and you are executing a support agreement (the “Plan Support Agreement”)
in respect of a proposed plan of reorganization and settlement (the “Settlement”) of claims and disputes between
the Company and the Windstream Debtors (as defined below), including, without limitation, the claims alleged in the adversary proceeding
captioned Windstream Holdings, Inc. v. Uniti Group Inc., Case No-19-08279 (RDD) on terms set forth in the termsheet attached to
the Plan Support Agreement (the “Termsheet”). For the avoidance of doubt, the obligation of the Parties to consummate
the Transaction (as defined below) shall be conditioned on the consummation and effectiveness of the Settlement.

 

For purposes of this
LOI, the term “Windstream Debtors” means Windstream Holdings, Inc., Windstream Services, LLC (“Services”)
and the subsidiaries of Services that are debtors and debtors-in-possession in the chapter 11 cases pending in the United States
Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) and jointly administered under
Case No. 19-22312 (RDD), and the term “Plan of Reorganization” means the plan of reorganization of the Windstream Debtors
confirmed by the Bankruptcy Court.

 

		A.	Transaction

 

The Investor agrees,
pursuant to the definitive documentation described below (and, if applicable, pursuant to the second paragraph of Section H below),
to purchase from the Company, and the Company agrees to sell and issue to the Investor, upon the terms and subject to the conditions
stated in this LOI and the Definitive Documents (as defined below), an aggregate of [●] shares (the “Shares”)
of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a price per share of
$6.33 in cash (the “Purchase Price”) through

 

    1 

     

    

a private placement in reliance upon the
exemption from securities registration afforded by the provisions of Section 4(a)(2) of the Securities Act of 1933 (the “1933
Act”), and Rule 506 of Regulation D (“Regulation D”) as promulgated by the U.S. Securities and Exchange
Commission under the 1933 Act (such transaction, the “Transaction”). The Company covenants and agrees that it
shall not pay any Special Dividends (as defined below) in the period following the date hereof and prior to the Closing Date (as
defined below). As used herein, “Special Dividend” shall mean any dividend in excess of the amounts permitted
to be distributed to the Company by Uniti Group LP and further distributed by the Company, in each case, pursuant to the portion
of the penultimate paragraph of Section 7.05 of the Credit Agreement, dated as of April 24, 2015, among the Company, Uniti Group,
LP, Uniti Group Finance Inc., CSL Capital LLC, Bank of America, N.A. (as Administrative Agent) and the lenders and other parties
thereto, as amended through the date hereof and as in effect prior to the Reversion Date (as defined therein), beginning with the
words “(B) any dividend or distribution (including any cash dividend or distribution) on or in respect of (x) Parent’s
Capital Stock” and ending with the words “or (y) in or after the last fiscal quarter of such taxable year.” The
number of Shares of Common Stock to be issued to the Investor and the per Share price therefor shall be adjusted for any stock
dividend, stock split, stock combination, reclassification or similar transaction for which the record date occurs on or prior
to the Closing Date (as defined below).

 

		B.	Timing

 

Upon the satisfaction
of the conditions set forth in the Definitive Documents, or if applicable, this LOI, the Transaction will be consummated immediately
before, and concurrent with, the effective date of the Settlement (the “Closing Date”).

 

		C.	Definitive Documents

 

The Parties agree to
negotiate in good faith to memorialize the Transaction in a securities purchase agreement and other definitive documentation consistent
with the terms and conditions set forth herein (“Definitive Documents”). The Definitive Documents shall contain
limited representations and warranties covenants, and conditions precedent consistent with Section F below. Promptly after the
date hereof, the Parties shall make all filings required or necessary and take all actions reasonably necessary under applicable
law, including the HSR Act (as defined below), to consummate the Transaction. The Investor represents and warrants as of the date
hereof and as of the Closing Date, and will represent and warrant in any Definitive Documents, that the Investor: (1) understands
that the Shares have not been registered under 1933 Act and, therefore, cannot be transferred or resold unless they are registered
under the 1933 Act or unless an exemption from registration is available; (2) is an “accredited investor” as such term
is defined in Regulation D under the 1933 Act; (3) has sufficient knowledge and experience in financial and business matters so
as to be capable of evaluating the merits and risks of its investment in the Shares; (4) is capable of bearing the economic risks
of such investment, including a complete loss of its investment in the Shares; and (5) is buying with investment intent and not
with a view to distribution in a manner that would violate the 1933 Act.

 

    2 

     

    

		D.	REIT Limitations; Other Investors

 

Notwithstanding anything
to the contrary herein, (i) the Investor will not be permitted to acquire any Shares of Common Stock pursuant to the Definitive
Documents or otherwise that would result in any person owning (or being treated as owning) more than 9.8% of the Company’s
Common Stock in violation of the stock ownership limitations in the Company’s charter, and (ii) for the avoidance of doubt,
to the extent that the Investor is prohibited from acquiring any Shares of Common Stock pursuant to clause (i), the Investor shall
procure another purchaser for such Shares of Common Stock that is not so prohibited from acquiring such Shares of Common Stock.
If the Investor is prohibited from acquiring Shares pursuant to clause (i) above, it may as set forth in the following paragraph
designate one or more other purchasers of Shares acceptable to the Investor to acquire such number of Shares as necessary so that
the Investor and each such designated purchaser will be in compliance with the stock ownership limitations in the Company’s
charter.

 

The Company (a) will
use its reasonable best efforts to provide the Investor with such information as is within its possession or control regarding
the ownership of the Company’s stock for the purpose of ensuring compliance with the stock ownership limitations in the Company’s
charter and (b) shall give the Investor no less than 7 business days’ written notice of the Closing Date. The Investor, after
undertaking commercially reasonable diligence and consulting with knowledgeable tax counsel, shall provide the Company, 3 business
days before the Closing Date, with a written representation, dated 3 business days before the Closing Date, that, immediately following
the Closing Date, as a consequence of the Investor’s acquisition of Shares pursuant to the Transaction, no person shall own
(or be treated as owning) more than 9.8% of the Company’s Common Stock in violation of the stock ownership limitations in
the Company’s charter (the “Ownership Representation”). If the Investor is unable to deliver the Ownership
Representation with respect to the full number of Shares contemplated by clause (A) above, the Investor shall notify the Company,
no later than 3 business days before the Closing Date, of (x) the number of Shares in respect of which the Investor is unable to
deliver an Ownership Representation and (y) the other purchaser(s) designated by the Investor to acquire the number of Shares identified
pursuant to the preceding clause (x) (each, a “Designated Purchaser”), and the provisions of this paragraph
shall apply to each Designated Purchaser mutatis mutandis. No later than two business days after the receipt by the Company
of an Ownership Representation from the Investor, if the Company believes that the Ownership Representation received from the Investor
is incorrect, the Company shall provide written notice (the “Company Disagreement Notice”) to the Investor specifying
in reasonable detail (i) the reasons for such belief and (ii) the number of Shares of Common Stock as to which the Company believes
cannot be issued to the Investor without resulting in a violation of clause (i) of the preceding paragraph (such Shares, “Excess
Shares”). If the Company has not delivered a Company Disagreement Notice with respect to the Investor, (A) the Company
and the Investor shall promptly notify the other party if the Company or the Investor, as the case may be, becomes aware prior
to the Closing Date of any facts or circumstances which could result in the Ownership Representation being or becoming incorrect
on the Closing Date, (B) the Investor shall bring down its Ownership Representation on the Closing Date, and (C) clause (i) of
the preceding paragraph shall not apply with respect to the Investor unless the Company notifies the Investor, prior to the Closing,
that the Company has actual knowledge that such Ownership Representation, as brought down to the Closing Date, is or will be incorrect,
in which case (1)

 

    3 

     

    

the Closing may be postponed for up to
10 business days, and (2) the Company and the Investor shall either (x) use their commercially reasonable efforts to take such
actions as will permit the Investor to give, on the Closing Date, an Ownership Representation as to which the Company does not
have actual knowledge that such Ownership Representation is incorrect or (y) negotiate in good faith to reach agreement acceptable
to each party on a waiver of the ownership limitations in the Company’s charter (a “Disagreement Notice Resolution”);
provided that, for the avoidance of doubt, nothing herein or in the Definitive Documents shall be deemed to constitute a
waiver of the stock ownership limitations in the Company’s charter with respect to any Shares of Common Stock issued to or
thereafter owned by the Investor, or any other shares of Common Stock (or other equity securities) owned (or treated as owned)
by the Investor at any time, which limitations shall remain in full force and effect with respect to the Investor (subject to any
waiver agreed in accordance with the preceding clause (y)). If the Company has delivered a Company Disagreement Notice to the Investor
and has not reached a Disagreement Notice Resolution with the Investor, (i) the Company shall not issue the Excess Shares to the
Investor, and (ii) the Investor shall designate another investor (a “Substitute Investor”) to acquire the Investor’s
Excess Shares on the Closing Date. If a Designated Purchaser designated by an Investor fails to provide the Ownership Representation
at the time specified above or is otherwise prohibited from purchasing Shares on the Closing Date (“Non-Compliant Purchaser”),
the Investor shall designate a Substitute Investor to acquire the Non-Compliant Purchaser’s Shares. Any Substitute Investor
designated to acquire a Non-Compliant Purchaser’s Shares or an Investor’s Excess Shares must provide the Ownership
Representation to the Company immediately prior to consummation of the Transaction.

 

To the extent that
any Designated Purchaser or Substitute Investor does not pay the purchase price for the Shares allocated to such person on the
Closing Date, (the “Defaulting Investor Shares” and any such investor, a “Defaulting Investor”),
the Closing may be postponed for up to 10 business days and the Investor shall be required to fund, or cause to be funded, such
purchase price on behalf of such Defaulting Investor, and, the Investor shall be entitled to exercise all remedies available to
it and to the Company against such Defaulting Investor for such breach (other than any remedy which would permit the Investor to
acquire any Shares of Common Stock issued to such Defaulting Investor if such Shares could not have been issued to such Investor
in compliance with clause (i) in the first paragraph of this Section D). In addition to any other rights or remedies the Investor
may have against the Defaulting Investor, but subject to compliance with clause (i) of the first paragraph of this Section D, the
Investor shall be entitled to direct the Company to issue on the Closing Date the Defaulting Investor’s Shares to another
Substitute Investor. Any Substitute Investor designated to acquire the Defaulting Investor Shares must provide the Ownership Representation
to the Company immediately prior to the consummation of the Transaction.

 

For the avoidance of
doubt, except as otherwise expressly provided in this Section D, the Company expressly agrees that nothing in its charter limits
the rights of the Investor to purchase the Shares pursuant to this LOI; provided that, for the avoidance of doubt, nothing
herein or in the Definitive Documents shall be deemed to constitute a waiver of the stock ownership limitations in the Company’s
charter with respect to any Shares of Common Stock issued to or thereafter owned by the Investor (or if applicable, any Designated
Purchaser or Substitute Investor), or any other shares of Company stock owned (or treated as owned) by the Investor (or if applicable,
any Designated Purchaser or Substitute Investor) at any time, which limitations

 

    4 

     

    

shall remain in full force and effect with
respect to the Investor (or if applicable, any Designated Purchaser or Substitute Investor) (subject to any waiver agreed in accordance
with the clause (y) in the second preceding paragraph).

 

		E.	Transfer Restriction; Standstill; Registration Rights

 

(a) [From the Closing
Date until the date that is one year from the Closing Date (the “Restricted Transfer Termination Date”), the
Investor (or if applicable, Designated Purchaser or Substitute Investor) shall not be entitled to offer, sell, contract to sell,
sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
or otherwise transfer or dispose of, directly or indirectly, any Shares of Common Stock owned by the Investor (or if applicable,
Designated Purchaser or Substitute Investor) without the prior written consent of the Company, but excluding any transfer after
the Closing Date to an Affiliate that enters into a similar lock-up agreement. In addition,] [a]t any time beginning on the date
hereof and until one year after the Closing Date, if the Company notifies the Investor (or if applicable, Designated Purchaser
or Substitute Investor) that it is commencing a capital raising transaction and the underwriters have advised that a lock-up agreement
from the Investor (or if applicable, Designated Purchaser or Substitute Investor) is necessary or advisable to consummate such
offering, the Investor (or if applicable, Designated Purchaser or Substitute Investor) will execute a lock up agreement [with respect
to the Shares containing customary terms] [containing the restrictions set out in the first sentence of this Section E]; provided
that (i) such lock up shall not restrict or limit the Investor (or if applicable, Designated Purchaser or Substitute Investor)
in identifying, negotiating with and designating Designated Purchaser and Substitute Investors pursuant to Section D above, (ii)
such lock up shall not exceed 90 days in total duration and (iii) the Company shall have the right to cause the Investor (or if
applicable, Designated Purchaser or Substitute Investor) to execute such lock up in relation to only one such capital raising transaction.

 

(b) The Definitive
Documents will require that the Company (x) shall file and keep effective a shelf registration statement (containing customary
terms) with the U.S. Securities Exchange Commission to permit the free trading of the Shares following the [Closing] [Restricted
Transfer Termination Date] pursuant to a customary shelf registration rights agreement and (y) shall ensure that any restrictive
legends relating to transfer restrictions applicable to the Shares arising pursuant to the 1933 Act be removed as promptly as practicable
upon the request of the Investor who is eligible to rely on the exemption from the registration requirements of the 1933 Act provided
by Rule 144 thereunder upon provision by the Investor (or if applicable, Designated Purchaser or Substitute Investor) of customary
certificates and opinions.

 

(c) From the Closing
Date until the date that is one year after the Closing Date (the “Standstill Period”), the Investor agrees (and
each Designated Purchaser or Substitute Investor that acquires Shares will agree in the Definitive Documents, and if no Definitive
Documents are entered into but the Shares are issued to a Designated Purchaser or a Substitute Investor, then each Designated Purchaser
or Substitute Investor will, as a condition to acquiring the Shares, agree, severally and not jointly) that, without the prior
written consent of the Company, it will not, and will not permit any of its Affiliates, directly or indirectly to:

 

    5 

     

    

(a)       acquire,
agree to acquire, propose, seek or offer to acquire, or facilitate the acquisition or ownership of, any equity securities of the
Company or any of its subsidiaries, or any warrant, option or other direct or indirect right to acquire any such securities;

 

(b)       make,
initiate, solicit or submit a proposal (public or otherwise) for, or offer of (with or without conditions), any merger, consolidation,
business combination, tender or exchange offer, recapitalization, reorganization, purchase or license or other similar transaction
involving (i) a material portion of the assets or (ii) securities of the Company or any of its subsidiaries;

 

(c)       make
or in any way participate in any “solicitation” of “proxies” to vote or become a participant in any “election
contest” (as such terms are used in the proxy rules of the 1934 Act), or agree or announce an intention to vote with any
Person undertaking a “solicitation”, or seek to advise or influence any person or group with respect to the voting
of any securities of the Company or any subsidiary thereof;

 

(d)       propose
any matter for submission to a vote of shareholders of the Company or call or seek to call a meeting of the shareholders of the
Company;

 

(e)       grant
any proxies with respect to any securities of the Company to any Person or deposit any securities of the Company in a voting trust
or enter into any other agreement or other arrangement with respect to thereof;

 

(f)       with
any other person (except affiliates), to form, join, encourage the formation of or in any way engage in discussions relating to
the formation of, or in any way participate in any “group” within the meaning of Section 13(d)(3) of the 1934 Act 
with respect to any securities of the Company or any subsidiary thereof or otherwise in connection with any of the actions prohibited
by this Section, including pursuant to any voting agreement or trust;

 

(g)       take
any action, alone or in concert with other Persons, to nominate, remove or oppose the election of any director of the Company or
to seek to change the size or composition of the Board of Directors;

 

(h)       enter
into any discussions, negotiations, arrangements or understandings with, or advise, assist, finance or encourage any person with
respect to any of the actions prohibited by this Section;

 

(i)       file
with the SEC a proxy statement or any supplement thereof or any other soliciting material in respect of the Company or its shareholders
that would be required to be filed with the SEC pursuant to Rule 14a-12 or other provisions of the Exchange Act; or

 

(j)       call,
request the calling of, or otherwise seek or assist in the calling of a special meeting of the shareholders of the Company.

 

Notwithstanding the foregoing, this Section
E(c) shall be inoperative and of no force and effect if any other person or group (as defined in Section 13(d)(3) of the 1934 Securities
Exchange Act) shall enter into an agreement with respect to the acquisition of more than 50% of the outstanding voting securities
of the Company or its subsidiaries or assets representing more than 50% of the

 

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consolidated assets of the Company and
its subsidiaries. Nothing in this Section E(c) shall be understood to prohibit or otherwise limit the Investor from negotiating,
evaluating and, if applicable, consummating the Transaction or trading, directly or indirectly, in any index, exchange traded fund,
benchmark or other similar basket of securities which may contain, or otherwise reflect the performance of, any securities of the
Company.

 

		F.	Conditions

 

The Investor’s
binding obligation to consummate the Transaction shall be further governed by the Definitive Documents and shall be subject to
the satisfaction of the following conditions (which may be waived by the Investor): (i) the execution and delivery of a customary
registration rights agreement in form and substance reasonably satisfactory to the Investor and the Company, (ii) the Company shall
have filed with the NASDAQ Global Select Market a Notification Form: Listing of Additional Shares for the listing of the Shares,
and Nasdaq shall have raised no objection to the consummation of the Transaction, (iii) the Bankruptcy Court order approving the
Settlement with the Windstream Debtors shall not have been vacated, withdrawn, reversed, modified or stayed, (iv) the Settlement
shall become fully effective and consummated according to its terms substantially simultaneously with the consummation of the Transaction,
including, without limitation, the effectiveness of the release of all claims and causes of action against the Company and its
affiliates contemplated by the Settlement, (v) no judgment, writ, order, injunction, award or decree of or by any court, or judge,
justice or magistrate, including any bankruptcy court or judge, or any order of or by any governmental authority, enjoining or
preventing the consummation of the Transaction contemplated hereby or in the Definitive Documents shall have been issued or instituted;
provided, however, that the entry of a temporary restraining order preventing the consummation of the Transaction
shall not be deemed or construed as a permanent failure of this condition and shall only delay the closing for so long as such
temporary restraining order is in effect, and (vi) any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976 (the “HSR Act”) with respect to the Transaction shall have expired or terminated.

 

The Company’s
binding obligation under this LOI to consummate the Transaction with respect to the Investor shall be further governed by the Definitive
Documents and shall be subject to satisfaction of the following conditions (which may be waived by the Company): (i) those specified
under clauses (i) through (vi) above, (ii) the Investor (and, if applicable, each Designated Purchaser and Substitute Investor)
shall have paid in full its purchase price to the Company, (iii) the delivery of the Shares at the Closing to the Investor (and,
if applicable, each Designated Purchaser and Substitute Investor) shall not result in any person owning (or being treated as owning)
more than 9.8% of the Company’s Common Stock in violation of the stock ownership limitations in the Company’s charter
and (iv) no fewer than 38,633,470 shares of Common Stock will be sold at the Closing (adjusted for any stock dividend, stock split,
stock combination, reclassification or similar transaction); provided that, in the event any other purchaser of shares of Common
Stock contemplated by the Termsheet does not purchase its full allocation of shares of Common Stock, fails to designate a Designated
Purchaser or Substitute Investor to purchase such shares of Common Stock as contemplated by Section D hereof or has its Letter
of Intent terminated, the Company shall, at its option, either waive the condition in this clause (iv) or elect to have a period
of 30 calendar days after such termination or the date on which the Company becomes aware that the condition set forth in this
clause (iv) cannot be

 

    7 

     

    

satisfied to find another purchaser for
such shares of Common Stock on terms acceptable to the Company (and the Closing Date shall be extended for up to 30 calendar days
to allow the Company to find a replacement purchaser within such period) and if the Company is not able to find a purchaser for
such shares of Common Stock within such 30 calendar day calendar period, then the other purchasers of shares of Common Stock (other
than the defaulting purchaser) shall have the right (but not the obligation) to purchase on the Closing Date their pro rata portion
of such shares of Common Stock (with the additional right to purchase any excess), pursuant to the terms of the their respective
LOIs (it being understood, for the avoidance of doubt, that any such purchase made under any such LOI shall be subject to the terms
of Section D hereof or thereof, as applicable, mutatis mutandis), allocated to such defaulting purchaser to allow the condition
contemplated by this clause (iv) to be satisfied.

 

		G.	Exclusivity

 

In furtherance of the
foregoing, the Company agrees that from the date hereof until the earlier of termination of this paragraph pursuant to the last
sentence of this Section G and the Closing Date, (a) the Company will not, and will not permit any controlled affiliate to, directly
or indirectly (including through any of the Company’s or its controlled affiliates’ respective advisors or representatives),
initiate, solicit or deliberately encourage any other proposal or participate in any discussions relating to a Similar Transaction
(defined below); (b) the Company shall notify the Investor if the Company or, to the Company’s knowledge, any of its controlled
affiliates receives from any person other than the Investor any inquiry, proposal or offer relating to a Similar Transaction and
shall provide to the Investor a description of the nature of such inquiry, proposal or offer and the material terms thereof (including
any material updates thereto) from any other Party relating to a Similar Transaction; (c) the Company will not, and will not permit
its controlled affiliates to, directly or indirectly (including through any of its or its controlled affiliates’ respective
advisors or representatives) negotiate or execute a confidentiality agreement relating to a Similar Transaction, or otherwise engage
in discussions or negotiations relating to a Similar Transaction, or furnish or disclose any non-public information relating to
a Similar Transaction, in each case with or to any person other than the Investor; (d) the Company will not approve, endorse or
recommend any Similar Transaction (other than the Transaction); and (e) the Company will not enter into any letter of intent, agreement
in principle or other contract relating to any Similar Transaction (other than the Transaction).

 

For the purposes of this LOI, “Similar
Transaction” means a capital-raising transaction to finance the “Purchase Amount” as defined in the Termsheet
referenced herein and shall not include (1) any transactions entered into on the date hereof with other investors who are entering
into letters of intent with the Company on substantially the same terms set forth herein and (2) the marketing and sale by the
Company of the shares of Common Stock of a defaulting purchaser as contemplated by clause (iv) of the second paragraph of Section
F hereof.

 

The foregoing exclusivity
provision shall terminate and be of no further force or effect on the earliest to occur of (i) December 31, 2020 if definitive
documentation related to the Settlement has not been executed by all parties thereto, (ii) the occurrence of the “Termination
Date” under the Plan Support Agreement that could reasonably be expected to prevent the acceptance, consummation or implementation
of the Uniti Transactions (as defined in the Plan Support Agreement), (iii) upon written notice by the Company to the Investor
if the closing

 

    8 

     

    

conditions with respect to the Investor
or the Company set forth above are not capable of being satisfied as determined by the Company acting reasonably (provided
that the Company shall provide notice to the Investor of such determination and the Investor shall have ten business days to seek
to remedy such situation, including through waiver of any condition applicable to them, and exclusivity shall terminate after such
ten business day period if such situation remains uncured), (iv) upon written notice by the Company to the Investor if the Investor
is in material breach of this LOI (provided that the Company shall provide notice to the Investor of such alleged material
breach and the Investor shall have ten business days to seek to remedy such situation, and exclusivity shall terminate after such
ten business day period if such situation remains uncured), or (v) the date of the consummation of the Transaction; provided,
that, any such termination of the exclusivity provision shall not relieve any party from any breach of the exclusivity provision
prior to the termination thereof.

 

		H.	Binding Nature; Remedies

 

The Parties acknowledge
and agree that their respective obligations under this LOI are binding and may be enforced in accordance with this Section H. Each
of the Company and the Investor acknowledges that it would be impossible to determine the amount of damages that would result from
any breach of this LOI by it and that the remedy at law for any breach, or threatened breach, of any of such provisions would likely
be inadequate and, accordingly, agrees that the other Party shall, in addition to any other rights or remedies which it may have,
be entitled to obtain equitable and injunctive relief as may be available from any court of competent jurisdiction to compel specific
performance of, or restrain the breaching Party from violating, any of such provisions. In connection with any action, suit or
proceeding for injunctive relief, each of the Company and the Investor hereby waives the claim or defense that a remedy at law
alone is adequate and agrees, to the maximum extent permitted by law, to have each provision of this agreement specifically enforced
against it, without the necessity of posting bond or other security against it, and consents to the entry of injunctive relief
against it enjoining or restraining any breach or threatened breach of such provisions of this agreement.

 

If the Parties fail
to enter into Definitive Documents by the date the Bankruptcy Court approves the Settlement, (i) the Investor may waive entry into
Definitive Documents and any other conditions to its obligations to consummate the Transaction and compel the Company, subject
to the satisfaction of the conditions to the Company’s obligations set forth in Section F, (a) to list the Shares on the
NASDAQ Global Select Market and, subject to Section D, to issue and sell the Shares to the Investor (and, if applicable, each Designated
Purchaser and Substitute Investor) at the Purchase Price as set forth in Sections A and B and (b) to comply with its covenants
and agreements in Section E(b) and (ii) the Company may waive entry into Definitive Documents and any other conditions to its obligations
to consummate the Transaction and compel the Investor, subject to the satisfaction of the conditions to the Investor’s obligations
set forth in Section F, to purchase the Shares at the Purchase Price as set forth in Sections A and B and (b) to comply with its
covenants and agreements in Sections D and E hereof.

 

    9 

     

    

		I.	No Fiduciary Duties etc.

 

Neither Party nor its
respective affiliates or representatives shall have any legal, fiduciary or other duty to the other Party or its respective affiliates
or representatives with respect to the negotiation, execution or the consummation of the Transaction.

 

		J.	Miscellaneous

 

This LOI constitutes
the entire agreement between the Company and the Investor, and supersedes all prior communications, agreements and understandings,
written or oral, with respect to the subject matter hereof (it being understood that the Definitive Documents shall supersede this
LOI to the extent expressly set forth therein). Each of the Parties represents and warrants to the other party that the execution
and delivery of this LOI and the performance of its obligations hereunder have been duly authorized by all necessary organizational
action. This LOI shall be governed by the laws of the State of New York without regard to any conflict of laws principles thereof
that would cause the laws of any other jurisdiction to be applied to this LOI. All actions, suits and proceedings arising out of
or related to this LOI shall be heard and determined in a state or federal court located in New York County, New York and each
Party hereto irrevocably submits to the exclusive jurisdiction and venue of such courts in any such action, suit or proceeding
and irrevocably waives the defense of an inconvenient forum to the maintenance of any such action, suit or proceeding in any such
court. This LOI may be executed in one or more counterparts, each of which when executed shall be deemed to be an original but
all of which taken together shall constitute one and the same agreement. Facsimile signatures or signatures delivered by email
via a “PDF” shall constitute the effective execution and delivery of this LOI and have the same effect as an original
signature. This LOI may not be amended or modified except by an instrument in writing signed by each of the Parties hereto. Any
agreement on the part of a Party hereto to any waiver of any right granted to such Party hereunder shall be valid only if set forth
in a written instrument signed by such Party. No failure or delay by any Party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof
or the exercise of any other right, power or privilege. The Investor may not assign any of its rights or obligations hereunder
other than to an affiliate of the Investor or a Designated Purchaser or Substitute Investor as set forth in Section D above; provided
that any such assignment will not relieve the Investor of its obligations hereunder and any affiliate of the Investor that becomes
an assignee hereunder will expressly agree to be bound by the obligations binding on the Investor set forth herein, including Section
G. The Company represents and warrants to the Investor that the number of shares of Common Stock outstanding as of the date hereof
is 193,263,981.

 

		K.	Termination

 

This LOI shall terminate
(i) by mutual agreement of the Parties upon execution and delivery of such termination in a writing signed by the Parties; (ii)
by written notice of either Party to the other Party, if a court of competent jurisdiction has entered a final, non-appealable
order prohibiting the consummation of the closing of the Transaction, (iii) on December 31, 2021, if the Parties have not entered
into Definitive Documents, (iv) by written notice of either Party to the other Party following the occurrence of the “Termination
Date” under the Plan Support Agreement that could reasonably be expected to prevent the acceptance, consummation

 

    10 

     

    

or implementation of the Uniti Transactions
(as defined in the Plan Support Agreement), or (v) by written notice of either Party to the other Party if the closing conditions
with respect to the terminating Party’s obligation to consummate the Transaction are not capable of being satisfied (provided
that the terminating Party shall provide notice to the other Party of such termination and the other Party shall have ten business
days to satisfy such condition.).

 

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    11 

     

    

	 	Very truly yours,
	 	[●] 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	  	 
	 	 	Name:	 	 
	 	 	Title:	 	 

     

     

    

	ACKNOWLEDGED AND AGREED:
	UNITI GROUP INC.
	 
	 
	By:	  	 
	 	Name:	 	 
	 	Title:

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