Document:

EX-4.2

 Exhibit 4.2 

EXECUTION 
 SECOND
SUPPLEMENTAL INDENTURE 
 Dated as of March 9, 2015 

Among 
 TD AMERITRADE HOLDING
CORPORATION, 
 As Issuer 
 and

 U.S. BANK NATIONAL ASSOCIATION, 

As Trustee 
 2.950% Senior Notes
Due 2022 

 THIS SECOND SUPPLEMENTAL INDENTURE (the “Supplemental Indenture”), dated as of
March 9, 2015, among TD AMERITRADE HOLDING CORPORATION, a Delaware corporation (“Company”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly incorporated and existing under the laws of the United States of
America (the “Trustee”). 
 W I T N E S S E T H: 

WHEREAS, the Company and the Trustee have heretofore executed and delivered an Indenture, dated as of October 22, 2014 (the
“Original Indenture” and, as hereby supplemented, the “Indenture”), providing for the issuance from time to time of one or more series of the Company’s Securities; 

WHEREAS, pursuant to the terms of the Indenture, the Company desires to provide for the establishment of a series of Securities to be
designated as the “2.950% Senior Notes due 2022” (herein referred to as the “2022 Notes”), and the terms, provisions and conditions thereof to be set forth as provided in the Original Indenture and this Supplemental
Indenture; 
 WHEREAS, Section 2.03 of the Original Indenture provides that various matters with respect to any series of Securities
issued under the Indenture may be established in an indenture supplemental to the Indenture; 
 WHEREAS, Section 9.01(vii) of the
Original Indenture provides that the Company and the Trustee may enter into an indenture supplemental to the Indenture to establish the form or terms of Securities of any series as permitted by the Original Indenture; and 

WHEREAS, all acts and things necessary to make this Supplemental Indenture, when duly executed and delivered, a valid, binding and legal
instrument in accordance with its terms and for the purposes herein expressed, have been done and performed; and the execution and delivery of this Supplemental Indenture have been in all respects duly authorized. 

NOW, THEREFORE, in consideration of the premises and the purchase and acceptance of the 2022 Notes by the Holders thereof, and for the purpose
of setting forth, as provided in the Original Indenture, the form and substance of the 2022 Notes, it is agreed by and among the Company and the Trustee as follows: 

ARTICLE ONE 
 Relation to
Indenture; Additional Definitions 
 1.01 Relation to Indenture. This Supplemental Indenture constitutes an integral part of the
Indenture. 
 1.02 Additional Definitions. For all purposes of this Supplemental Indenture, capitalized terms used herein shall have
the respective meanings specified below or in the Original Indenture, as the case may be. 

  
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 “Comparable Treasury Issue” means that United States Treasury security selected
by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term (as measured from the redemption date) of the 2022 Notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate notes of comparable maturity to the remaining term of the 2022 Notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of four Reference Treasury
Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Interest Payment Dates” means April 1 and October 1 of each year, or if any such day is not
a Business Day, the next succeeding Business Day, until maturity, beginning on October 1, 2015. 
 “Note Registrar”
means U.S. Bank National Association, hereby appointed as an agency of the Company in accordance with Section 2.05 of the Original Indenture. 

“Original Indenture” has the meaning set forth in the first paragraph of the Recitals hereof. 

“Original Issue Date” means March 9, 2015. 

“Permitted Liens” means (i) liens created by or resulting from claims against the Company for taxes or assessments or
other governmental charges or levies (a) that are not then due and delinquent, (b) the validity of which is being contested in good faith or (c) which are less than $1,000,000 in amount; (ii) liens created by or resulting from
any litigation or legal proceedings which are being contested in good faith by the Company or which involve claims against the Company of less than $1,000,000; (iii) deposits to secure (or in lieu of) any surety, stay, appeal or customs bonds;
and (iv) such other liens as the Board of Directors of the Company determines will not materially detract from or interfere with the present value or control by the Company of the Voting Stock subject thereto. 

“Quotation Agent” means a Reference Treasury Dealer appointed by the Company. 

“Reference Treasury Dealer” means (i) each of J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner &
Smith Incorporated or any of their respective affiliates that is a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), and their respective successors, provided, however, that if any of the foregoing
shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury Dealer; and (ii) at least two other Primary Treasury Dealers selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the 

  
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Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

“2022 Maturity Date” has the meaning set forth in Section 2.03. 

“2022 Notes” has the meaning set forth in the second paragraph of the Recitals hereof. 

All references herein to Articles, Sections or Exhibits, unless otherwise specified, refer to the corresponding Articles, Sections or Exhibits
of this Supplemental Indenture. The terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this Supplemental Indenture. 

ARTICLE TWO 
 The Series
of 2022 Notes 
 2.01 Title of the 2022 Notes. The 2022 Notes shall be designated as the “2.950% Senior Notes due
2022.” 
 2.02 Limitation on Aggregate Principal Amount. The aggregate principal amount of 2022 Notes that may initially be
outstanding shall not exceed $750,000,000. The aggregate principal amount of the 2022 Notes may be increased in the future with no limit, without the consent of the Holders of the 2022 Notes, on the same terms and with the same CUSIP and ISIN
numbers as the 2022 Notes, except for the Original Issue Date and, if applicable, the issue price, the first Interest Payment Date and the initial interest accrual date, provided that no Event of Default with respect to the 2022 Notes shall have
occurred and be continuing and no additional 2022 Notes may be issued unless they will be fungible with the 2022 Notes issued on the Original Issue Date for U.S. federal income tax and securities law purposes. 

2.03 Stated Maturity. The stated maturity of the 2022 Notes shall be April 1, 2022 (the “2022 Maturity Date”).

 2.04 Principal, Interest and Interest Rate. 

(a) The principal of the 2022 Notes shall be due on the 2022 Maturity Date. 

(b) The unpaid principal amount of the 2022 Notes shall bear interest at the rate of 2.950% per annum, from and including their
Original Issue Date, or from the most recent Interest Payment Date on which interest has been paid or provided for, to, but excluding, the 2022 Maturity Date. Such interest shall be payable semiannually in arrears, on the Interest Payment Dates of
April 1 and October 1 in each year, commencing on 

  
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October 1, 2015. Interest accrued on the 2022 Notes from the last Interest Payment Date before the 2022 Maturity Date shall be payable on the 2022 Maturity Date. 

(c) The interest so payable on any Interest Payment Date shall be paid to the Persons in whose names the 2022 Notes are registered at the
close of business on the record date for such Interest Payment Date, being the immediately preceding March 15 or September 15, as the case may be, whether or not such day is a Business Day, provided, that interest payable on the 2022
Maturity Date will be paid to the Person to whom principal is payable. 
 2.05 Place of Payment. The place or places where the
principal of and interest or redemption price on the 2022 Notes shall be payable is the office or agency of the Company maintained for such purpose, which shall initially be the Corporate Trust Office of the Trustee and any other place or places
designated by the Company pursuant to the Indenture, provided that while the 2022 Notes are represented by one or more Registered Global Securities registered in the name of the Depositary, or its nominee, the Company will cause payments of
principal and interest on such Registered Global Securities to be made to the Depositary or its nominee, as the case may be, by wire transfer to the extent, in the funds and in the manner required by agreements with, or regulations or procedures
prescribed from time to time by the Depositary or its nominee, and otherwise in accordance with such agreements, regulations or procedures. 

2.06 Place of Registration or Exchange; Notices and Demands With Respect to the 2022 Notes. The place where the Holders of the 2022
Notes may present the 2022 Notes for registration of transfer or exchange and may make notices and demands to or upon the Company in respect of the 2022 Notes shall be the Corporate Trust Office of the Trustee. 

2.07 Registered Global Securities for the 2022 Notes.  

(a) The 2022 Notes shall be issuable in whole or in part in the form of one or more Registered Global Securities in definitive, fully
registered, book-entry form, without interest coupons, registered in the name of the Depositary or its nominee. The Registered Global Securities for the 2022 Notes shall be deposited on the Original Issue Date with, or on behalf of, the Depositary.

 (b) The Depository Trust Company (“DTC”) shall initially serve as Depositary with respect to the Registered Global
Securities for the 2022 Notes. Such Registered Global Securities shall bear the legend set forth in the form of 2022 Note attached as Exhibit A. 

2.08 Form of Securities. The Registered Global Securities for the 2022 Notes shall be substantially in the form attached as
Exhibit A. 
 2.09 Note Registrar. The Trustee shall initially serve as the Note Registrar for the 2022 Notes. 

2.10 Sinking Fund Obligations. The Company shall have no obligation to redeem or purchase any 2022 Notes pursuant to any sinking fund or
analogous requirement. 

  
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 2.11 Denominations. The 2022 Notes shall be issued in denominations of $2,000, or any
integral multiple of $1,000 in excess thereof. 
 ARTICLE THREE 

Optional Redemption of the 2022 Notes 

3.01 Redemption Price of the 2022 Notes. 

(a) Prior to February 1, 2022 (two months prior to the 2022 Maturity Date), the Company shall have the right to redeem the 2022
Notes, at its option, at any time in whole, or from time to time in part, at a redemption price equal to the greater of: 
 (i) 100% of the
principal amount of the 2022 Notes to be redeemed; and 
 (ii) as determined by the Quotation Agent, the sum of the present values of the
remaining scheduled payments of principal and interest on the 2022 Notes being redeemed (excluding any portion of such payments of interest accrued and unpaid as of the date of redemption), discounted to the date of redemption on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 15 basis points; 
 plus, in each case, accrued and unpaid interest
thereon to, but not including, the redemption date. 
 On or after February 1, 2022 (two months prior to the 2022 Maturity Date), the Company shall
have the right to redeem the 2022 Notes, at its option, at any time in whole, or from time to time in part, at a redemption price equal to 100% of the principal amount of the 2022 Notes to be redeemed plus accrued and unpaid interest thereon to, but
not including, the redemption date. 
 (c) If the redemption date is after a record date and on or prior to a corresponding Interest
Payment Date, the interest will be paid on the redemption date to the Holder of record on the record date. 
 (d) If less than all of
the 2022 Notes are to be redeemed at any time, and if the 2022 Notes are held by the Depositary, the applicable operational procedures of the Depositary for selection of notes for redemption will apply. If the 2022 Notes are not held by the
Depositary, the Trustee will select 2022 Notes for redemption on a pro rata basis unless otherwise required by law or applicable stock exchange requirements. 

(e) 2022 Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the 2022
Notes held by a Holder are to be redeemed. Notices of redemption will be mailed or sent electronically by first class mail at least 30 but not more than 60 days before the date fixed for redemption to each Holder of 2022 Notes to be redeemed at
its registered address, except that redemption notices may be mailed or sent more than 60 days prior to a date fixed for redemption if the notice is issued in connection with a defeasance of the 2022 Notes or a satisfaction and discharge of the
Indenture. Notices of 

  
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redemption may not be conditional. 
 ARTICLE FOUR 

Covenants 
 4.01
Limitation on Liens. 
 (a) As long as any of the 2022 Notes are outstanding, the Company (or any successor corporation) will
not, and will not permit any Subsidiary to, create, assume, incur or guarantee any indebtedness for borrowed money secured by a pledge, lien or other encumbrance, except for Permitted Liens, on the Voting Stock of TD Ameritrade Online Holdings
Corp., TD Ameritrade Clearing, Inc. and TD Ameritrade, Inc. unless the Company shall cause the 2022 Notes to be secured equally and ratably with (or, at the Company’s option, prior to) any indebtedness secured thereby. 

(b) When a Lien securing indebtedness for borrowed money that gave rise to the requirement under Section 4.01(a) that the 2022 Notes
be secured equally and ratably thereby is released or terminated, as the case may be, by the holder or holders thereof, then the corresponding Lien that secures the 2022 Notes shall be deemed automatically released or terminated, as the case may be,
without further act or deed on the part of any Person. At the request of the Company, the Trustee shall execute and deliver an appropriate instrument evidencing such release or termination. 

ARTICLE FIVE 

Miscellaneous Provisions 

5.01 The Indenture, as supplemented by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. 

5.02 This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall
together constitute but one and the same instrument. 
 5.03 THIS SUPPLEMENTAL INDENTURE AND THE 2022 NOTES SHALL BE GOVERNED BY AND DEEMED
TO BE A CONTRACT MADE UNDER, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

 5.04 For the avoidance of doubt, this Supplemental Indenture may be amended in accordance with Sections 9.01 and 9.02 of the Original
Indenture. 
 5.05 If any provision in this Supplemental Indenture limits, qualifies or conflicts with another provision

  
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hereof that is required to be included herein by any provisions of the Trust Indenture Act, such required provision shall control. 

5.06 In case any provision in this Supplemental Indenture or the 2022 Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 5.07 The recitals contained herein
shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the proper authorization or due execution hereof or of the 2022 Notes by the Company or as
to the validity or sufficiency of this Supplemental Indenture or the 2022 Notes. The Trustee shall not be accountable for the use or application by the Company of the 2022 Notes or the proceeds of the 2022 Notes. 

[Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the day and year first above written. 
  

			
	TD AMERITRADE HOLDING CORPORATION,
	as Issuer
		
	By:		 /s/ Fredric Tomczyk

	Name:		Fredric Tomczyk
	Title:		Chief Executive Officer
	
	 U.S. BANK NATIONAL ASSOCIATION

as Trustee

		
	By:		 /s/ Leland Hansen

	Name:		Leland Hansen
	Title:		Vice President

 Second Supplemental Indenture 

 EXHIBIT A 

CUSIP Number: 87236Y AE8 
 ISIN
Number. US87236YAE86 
 2.950% Senior Notes due 2022 
  

			
	No. [•]		$[•]

 TD AMERITRADE HOLDING CORPORATION 

promises to pay to Cede & Co., or registered assigns, 

the principal sum of $[•] on April 1, 2022. 
 Interest
Payment Dates: April 1 and October 1 
 Record Dates: March 15 and September 15 

Dated: March 9, 2015 
  

			
	TD AMERITRADE HOLDING CORPORATION
		
	 By:
		
		 	  

	 Name:
		
	 Title:
		

  
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	This is one of the Securities referred to in the within-mentioned Indenture:
	
	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee

		
	 By:
		
		 	  

			Authorized Signatory

  
 A-2 

 2.950% Senior Notes due 2022 

THIS SECURITY IS A REGISTERED GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 Capitalized terms used
herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. For the avoidance of doubt, the term “Security” as used herein shall refer only to the Securities of this series and not any other
series, unless the context requires otherwise. 
 (1) INTEREST. TD AMERITRADE HOLDING CORPORATION, a Delaware corporation (the
“Company”), promises to pay interest on the principal amount of this Security at 2.950% per annum from March 9, 2015 until maturity. The Company will pay interest semiannually in arrears on April 1 and October 1
of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Securities will accrue from the most recent date to which interest has been paid or, if
no interest has been paid, from the Original Issue Date; provided that the first Interest Payment Date shall be October 1, 2015. Interest accrued on the Securities from the last Interest Payment Date before the 2022 Maturity Date shall
be payable on the 2022 Maturity Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 (2) METHOD OF
PAYMENT. The Company will pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders of Securities at the close of business on the March 15 or September 15 next preceding the Interest Payment
Date, even if such Securities are cancelled after such record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Indenture with respect to defaulted interest; provided that interest payable on the 2022
Maturity Date or upon redemption will be paid to the Person to whom principal is payable. The Securities will be payable as to principal, premium, if any, and interest at the office or agency of the Company maintained for such purpose within or
without the City and State of New York, or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of
immediately available funds will be required with respect to principal of and interest and premium, if any, on, all Securities the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent; provided,
further, that while the Securities are represented by one or more Registered Global Securities registered in the name of the Depositary, or its nominee, the Company will cause payments of principal and

  
 A-3 

 
interest on such Registered Global Securities to be made to the Depositary or its nominee, as the case may be, by wire transfer to the extent, in the funds and in the manner required by
agreements with, or regulations or procedures prescribed from time to time by the Depositary or its nominee, and otherwise in accordance with such agreements, regulations or procedures. Such payment will be in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts. 
 (3) PAYING AGENT AND
REGISTRAR. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its
Subsidiaries may act in any such capacity. 
 (4) INDENTURE. The Company issued the Securities under an Indenture dated as of
October 22, 2014 (the “Base Indenture”), as supplemented by the Second Supplemental Indenture dated as of March 9, 2015 (the “Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”) among the Company and the Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act (the “TIA”). The
Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any provision of this Security conflicts with the express provisions of the Indenture, the provisions of the
Indenture shall govern and be controlling. The Securities are unsecured obligations of the Company. The Indenture does not limit the aggregate principal amount of Securities that may be issued thereunder. 

(5) OPTIONAL REDEMPTION. 

(a) Prior to February 1, 2022 (two months prior to the 2022 Maturity Date), the Company may redeem all or a part of the Securities at a
redemption price equal to the greater of (i) 100% of the principal amount of the Securities to be redeemed and (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and
interest on the Securities to be redeemed (excluding any portion of such payments of interest accrued and unpaid as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year, consisting of
twelve 30-day months) at the Treasury Rate plus 15 basis points, plus, in each case, accrued and unpaid interest thereon to, but not including, the date of redemption. 

On or after February 1, 2022 (two months prior to the 2022 Maturity Date), the Company may redeem all or a part of the Securities at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest thereon to, but not including, the date of redemption. 

(b) Unless the Company defaults in payment of the redemption price, on and after the date of redemption, interest will cease to accrue on the
Securities or portions thereof called for redemption. 
 (c) Any optional redemption shall be made pursuant to the provisions of
Article 3 of the Supplemental Indenture and Article 3 of the Base Indenture. 
 (6) NOTICE OF REDEMPTION. Notice of redemption
will be mailed or sent electronically at least 30 days but not more than 60 days before the redemption date to each Holder whose Securities are to be redeemed at its 

  
 A-4 

 
registered address, except that redemption notices may be mailed or sent more than 60 days prior to a date fixed for redemption if the notice is issued in connection with a defeasance of the
Securities or a satisfaction and discharge of the Indenture. Securities in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Securities held by a Holder are to be redeemed. 

(7) DENOMINATIONS, TRANSFER, EXCHANGE. The Securities are in registered form without coupons in denominations of $2,000 and integral
multiples of $1,000 in excess of $2,000. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Security or portion of a Security
selected for redemption, except for the unredeemed portion of any Security being redeemed in part. Also, the Company need not exchange or register the transfer of any Securities for a period of 15 days before a selection of Securities to be redeemed
or during the period between a record date and the corresponding Interest Payment Date. 
 (8) PERSONS DEEMED OWNERS. The registered
Holder of a Security may be treated as its owner for all purposes. 
 (9) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain
exceptions, the Indenture or the Securities may be amended or supplemented with the consent of the Holders of not less than a majority in principal amount of the Securities affected by such modification, to add, change or eliminate any provision
thereof, or to modify the rights of such Holders thereunder. Without the consent of any Holder of a Security, the Indenture or the Securities may be amended or supplemented to (i) effect the assumption of the Company’s obligations under
the Indenture by a successor Person; (ii) to impose additional covenants and Events of Default or to add guarantees of other Persons for the benefit of the Holders; (iii) to add or change any of the provisions of the Indenture relating to
the issuance or exchange of the Securities in registered form, but only if such action does not adversely affect the interests of the Holders of the Securities or related coupons in any material respect; (iv) to change or eliminate any of the
provisions of the Indenture, but only if the change or elimination becomes effective when there are no outstanding Securities of any series, or related coupon,, which are entitled to the benefit of such provision and as to which such modification
would apply; (v) to secure the Securities; (vi) to supplement any of the provisions of the Indenture to permit or facilitate the defeasance and discharge of the Securities, but only if such action does not adversely affect the interests of
the Holders of outstanding Securities of any series or related coupons in any material respect; (vii) to evidence and provide for the acceptance of appointment by a successor Trustee and to add to or change any of the provisions of the
Indenture to facilitate the administration of the trusts by more than one Trustee; (viii) to cure any ambiguity, to correct or supplement any provision in the Indenture or the Securities which may be defective or inconsistent with any other
provision herein, or to make any other provisions with respect to matters or questions arising under the Indenture or the Securities, provided that such action pursuant to this clause (viii) shall not adversely affect the interests of the
holders of outstanding Securities of any series in any material respect; (ix) to conform the text of the Indenture or the Securities to any provision of a description of such Securities appearing in a prospectus or prospectus

  
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supplement or an offering memorandum or offering circular pursuant to which such Securities were offered to the extent that such provision was intended to be a verbatim recitation of a provision
of the Indenture or the Securities; and (x) to comply with requirements of the Commission in order to effect or maintain the qualification of the Indenture under the TIA. The Indenture also contains provisions permitting Holders of specified
percentages in aggregate principal amount of the Securities of each series at the time outstanding, on behalf of all the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. 

(10) DEFAULTS AND REMEDIES. If an Event of Default with respect to the Securities of this series shall occur and be continuing, the
principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

(11) TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 

(12) NO RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator or stockholder of the Company, as such, will not have any
liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Security waives and releases all such
liability. The waiver and release are part of the consideration for the issuance of the Securities. 
 (13) AUTHENTICATION. This
Security will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 (14)
ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 (15) CUSIP NUMBERS. Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

(16) GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THIS SECURITY WITHOUT REGARD TO CONFLICTS OF LAW
PRINCIPLES THEREOF. 
 The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may
be made to: 

  
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 TD AMERITRADE HOLDING CORPORATION 

200 S. 108th Ave. 

Omaha, Nebraska 68154 
 Attention: Investor Relations 

  
 A-7 

 ASSIGNMENT FORM 

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

PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF
ASSIGNEE 
  

			
	 	
	 		 

 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

					
			
	 				
			
	 				
			
	 				

 the within Security and all rights thereunder, hereby irrevocably constituting and appointing
                             attorney to transfer said Security on the books of the Company, with full power
of substitution in the premises. 
 Dated:
                                         
    
 Signature:
                                         
    
  

	NOTICE:	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 

Signature Guarantee: 
 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-8 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE REGISTERED GLOBAL SECURITY 

The following exchanges of a part of this Registered Global Security for an interest in another Registered Global Security or for a definitive
Security, or exchanges of a part of another Registered Global Security or definitive Security for an interest in this Registered Global Security, have been made: 
  

									
	 Date of

Exchange
	  	 Amount of Decrease in
Principal Amount of
this
Global Security
	  	 Amount of Increase in
Principal Amount of
this
Global Security
	  	 Principal Amount of this
Global Security following
such
Decrease or Increase
	  	 Signature of Authorized
Signatory of Trustee
or
Custodian

  
 A-9NIHD-12.31.2014-10K-Ex 10.22

Exhibit 10.22

EMPLOYMENT AGREEMENT ENTERED INTO BY AND BETWEEN COMUNICACIONES NEXTEL DE MÉXICO, S.A. DE C.V.  (THE “COMPANY”) AS EMPLOYER, HEREIN REPRESENTED BY ANTONIO GARZA CÁNOVAS, AND SALVADOR ÁLVAREZ VALDÉS [THE “EMPLOYEE”), ON HIS OWN RIGHT, PURSUANT TO THE FOLLOWING.

R E P R E S E N T A T I O N S

I. The Company represents that it is a business corporation duly incorporated according to the laws of Mexico, mainly engaged in rendering mobile telecommunication services to the public; that its main place of business is located at Paseo de los Tamarindos #90, Floor 24, Col. Bosques de las Lomas, Del. Cuajimalpa, C.P. 05120, Tax Id CNM980114 PI2 and Social Security Number Y54-35206-10-6.

II. The Employee represents that he is a Mexican national, of 48 years of age, married, and that his address is located at Calle de Montaña No. 161, House 4, Col. Jardines del Pedregal, Mexico, DF, with CURP AAVS651120HNELL08, Tax Id AAVS651120CK4 and Social Security Number 01926504984.

III. The Company requires the services of a person to hold the position of “President”.

IV. The Employee hereby represents to have the knowledge and experience required to render the services under the position referred to in the preceding representation

BY VIRTUE OF THE FOREGOING, the parties enter into this agreement and agree to the following:

S E C T I O N S

Section 1.    Description of Personal Services.

1.1    Position.  The Employee hereby agrees to render his personal services to the Company under the position of “President” which position the Employee agrees to perform at all times with the utmost diligence and efficiency.

1.2     Description of Functions and Duties.  The Employee’s main duties shall include, but not be limited to being responsible for the strategic leadership of the organization to ensure its future relevance, credibility, and viability. The Employee is responsible for establishing organizational objectives and priorities and for reviewing and evaluating the progress and work for attainment of objectives and performance goals, pursuant to the guidelines provided to him by the Company’s Shareholders Meeting. The Employee will plan, develop, organize, implement, direct and evaluate the organization's business performance. The Employee will provide technical financial advice and knowledge to others within the financial discipline, as well as provide for continual improvement of the budgeting process through education of department managers on financial issues impacting their budgets overseeing all design, marketing, promotion, delivery and quality of programs, products and services. The Employee will recommend the yearly budget for the Company’s Shareholders Meeting approval and prudently manage the organization's resources within those budget guidelines according to current laws and regulations. The Employee will effectively manage the human resources of the organization according to authorized personnel policies and procedures that fully conform to current laws and regulations. The Employee is also responsible for assuring the organization and its mission, programs, products and services are consistently presented in strong, positive image to relevant stakeholders. The Employee will participate in the development of the corporation's plans and programs as a strategic partner. The Employee will evaluate and advise on the impact of long range planning, introduction of new programs/strategies and regulatory action. The Employee will enhance and/or develop, implement and enforce policies and procedures of the organization by way of systems that will improve the overall operation and effectiveness of the corporation. The Employee will establish credibility throughout the organization as an effective developer of solutions to business challenges. In addition to the above, the Employee shall also perform any other activity connected or related to his main duties, even though said 

activities may be required to be performed outside of the workplace.  The Employee shall be subject to the orders and instructions given by the persons appointed by the Company’s Shareholders Meeting.  The Employee understands and agrees that he may be required to work together and coordinate efforts with other companies or subsidiaries or parents of the Company.  The Employee acknowledges and expressly agrees, however, that he is not and will not become, under any circumstance, an Employee of any entity other than the Company, whether or not affiliated with the Company.

1.3     Additional/Other Duties.  The Employee understands and agrees that above-referenced functions, duties, and responsibilities are not exhaustive, and that the Employee must comply with all other functions, duties, responsibilities, limitations, or instructions given by the Company from time to time, and/or which are derived from or related to the Employee’s job and with no additional compensation, as the salary of the Employee already includes any required compensation.  The Employee acknowledges that the Company has the right to modify reasonably, at its discretion, the Employee’s functions, duties, and responsibilities, provided however such functions, duties and responsibilities are compatible with the Employee’s position.

1.4     Observance of Laws and Company’s Policies.  The Employee expressly agrees to comply with all local laws of Mexico, as well as to adhere to the Company’s professional policies and procedures while on duty, including but not limited to the Company’s Code of Business Conduct and Ethics, as well as to policies and procedures related to expenses and travel, drugs and alcohol, and any other policies or procedures that the Company may establish from time to time.

1.5    Availability of Policies.  The Employee expressly understands and acknowledges that all Company policies and procedures are available on the Company’s intranet site.  The Employee will undertake the obligation to review these materials and to be in full compliance with all of their terms and conditions.  In the event any specific policy or procedure is not available or is not displayed properly on the intranet site, the Employee understands that all such materials are available from the Employee’s Legal   Representative.

Section 2.     Exclusivity of Services.

The Employee expressly agrees that he will render his services exclusively to the Company and expressly acknowledges that the only existing employment relationship is with the Company.  For the duration of this Agreement, the Employee agrees that he shall not undertake, for compensation or gratuitously, directly or through third parties, be it individuals or legal entities, activities similar or analogous to those contemplated in this Agreement, or which may constitute the corporate purposes of the Company, for parties other than the Company, unless otherwise instructed by the Company.  Moreover, the Employee agrees not to invest in or acquire an interest, shares and/or participation, directly or indirectly, in companies, entities, assets, enterprises, business, ventures, and/or institutions that conduct activities analogous or similar to those contemplated in this Agreement or those which constitute the corporate purposes of the Company, whether as owner, part-owner, stockholder, partner, director, officer, trustee, representative, agent, consultant or in any other capacity, on his own behalf or on behalf of any corporation, partnership or other business organization, and not to recruit, or otherwise solicit or induce a person who is an employee or consultant of the Company to terminate his or her employment with, or otherwise cease his/her relationship with, the Company.

It is expressly understood that the current positions held by the Employee on the board of directors and the current passive investment in companies that the Employee currently owns which are mentioned in Annex “A” to this Agreement. 

Section 3.     Trusted Employee.

Considering the confidential nature of the work to be performed by the Employee, and that the applicable legal requirements therefore are met, both parties acknowledge and agree that the Employee is, and for all legal purposes shall be considered as a trusted employee.

Section 4.     Workplace.

Both parties agree that the place where the Employee shall provide his services will be the Company’s address in Mexico City and the Employee shall be available to travel temporarily to any other address within the Republic of Mexico, and if needed in a foreign country or in any other place requested by the Company.  The Company shall be entitled to change the workplace with the Employee’s consent.

Section 5.     Work Schedule.

5.1    The Employee’s work schedule shall be forty eight (48) hours per week, to be allocated by the Employee along a five-day week from Monday to Friday, in accordance with the needs of the Company, so as to attain the greatest efficiency of the human and material resources of the Company.

5.2    The Employee hereby authorizes the Company to modify the above work schedule or the form of allocation of working hours, subject to the Company’s needs, without liability for the Company, since the Employee expressly agrees that his work schedule will be variable. 

Section 6.    Compensation.

6.1    Monthly Salary.  The Employee shall receive, while the Agreement is in effect, as compensation for the services rendered and the obligations assumed hereunder, a gross base salary of USD$51,923.00, which at the agreed exchange rate of $13 pesos per US$1 dollar is the amount of $675,000.00  (SIX HUNDRED SEVENTY-FIVE     THOUSAND PESOS 00/100) per month. Said compensation shall be payable in accordance with Sections 6.3 and 6.4, in arrears, fortnightly (hereinafter a “Payday”).  In the event that a Payday is not a business day in Mexico, then the compensation shall be paid on the preceding business day.

6.2    Exchange rate fluctuation.  The parties agree that should a negative or positive variation of over 15% in the exchange rate between Mexican pesos and American dollars as published in the Official Gazette in any given quarter occur, the Employee and the Company will negotiate in good faith a possible exchange rate compensation for the quarter.

6.3    Electronic Receipts.  

In order to optimize the material and human resources of the Company, and to expedite the payment of the Employee’s salaries and benefits, the Company has implemented an electronic payment control system or electronic receipts, with the following procedure, with which the Employee expressly agrees and adheres to:

		
	•
	The payroll department of the Company has enabled a server for the Employee to access his salary receipts.

		
	•
	Employee must access the server with his personal ID and password, for which the Employee is solely responsible, and should carefully review the content; if the Employee does not agree or finds an error he must give immediate notice to the Department of Human Resources.

The Employee acknowledges and agrees that the electronic signature of the receipt shall be deemed as an acknowledgment by the Employee that the compensation so received covers the work performed theretofore, without any right by the Employee to later require the payment of any benefit owed whatsoever including mandatory holidays, weekly rest days, and overtime, therefore the Employee should carefully review its contents before signing it electronically. The Employee also understands that the electronic receipts will remain in the information system of the Company and that his signature as provided through the information system’s electronic signature will constitute a full release for the Company of all salary and all other benefits to which the Employee may have had a right for the services performed up through that date, regardless of whether the receipt omits a statement to that effect.

Finally, if the Company deems it necessary and requests it, the Employee agrees to sign paper receipts periodically.

6.3    Method of Payment.  The Employee expressly agrees that the Company may pay the compensation by depositing his salary and the amounts of any other payment benefits in the bank account designated by the Employee, after all applicable withholdings, taxes and reductions are made.

6.4    Currency of Payment.  It is agreed and understood between the parties hereto that all payments to be made by the Company to the Employee, including all payments of compensation provided for in this agreement, will be made in Mexican pesos.

6.5    Deductions.  The Employee acknowledges and agrees that the Company has the right to deduct from the Employee’s salary any sums which the Employee may owe to the Company, including without limitation, any over-payments, loans, or costs derived from losses suffered by the Company as a result of the Employee’s negligence or breach of Company’s policies and procedures or failure to return Company property provided however that the same have been notified to the Employee.  

Section 7.     Weekly Rest.

The Employee shall be entitled to one weekly paid day of rest per week and an additional day of rest according to second paragraph of article 59 of the Federal Labor Law, which shall be determined by the Company according to the needs of the services by the Company, on the understanding that the compensation for such days of rest is included in the compensation contemplated in Section 6.1 above, since said compensation represents the total monthly compensation to the Employee. 

Section 8.     Holidays.

For the duration of this Agreement, the Employee shall have the right to enjoy the mandatory holidays provided in the Federal Labor Law, with the salary for such holidays also included in the monthly salary set forth in Section 6.1 above, since said salary represents the total monthly compensation to the Employee.

Section 9.     Vacation.

9.1    Vacation period.  For the duration of this Agreement, the Employee shall be entitled to an annual vacation period of 20 days in conformance with Article 76 of the Federal Labor Law.  The salary for such period is also included within the monthly salary set forth in Section 6 above.

9.2    Vacation Premium.  In addition, the Company shall pay a 70% vacation premium, calculated on the total amount of days’ base salary that the Employee is entitled to for the vacation period.  

Section 10.     Overtime.

The Employee is prohibited from working overtime, except with the prior consent of, and upon written instructions from the Company.  If for any reason the Employee must work more hours than those included in the work schedule contemplated in Section 5 above, the Employee shall first obtain the Company’s written instructions and consent there for; otherwise, no amount shall be paid to the Employee for any such overtime work. 

Section 11.     Christmas Bonus.

On a proportional basis for the duration of this Agreement, the Employee shall enjoy a Christmas bonus equivalent to 30 days’ base salary, payable no later than the 20th day of December each year, pursuant to Article 87 of the Federal Labor Law.

Section 12.    Major Medical Expenses Insurance.

The Company may obtain with a carrier of its election a medical insurance policy in favor of the Employee and of his family. 

Section 13.    Confidentiality.

13.1     The Employee understands that: (a) prior to the date hereof, he has had access to information and materials relating to the Company, and (b) after the date hereof, before, and during the course of his employment hereunder, he may have access to information and materials relating to the Company, as well as other information and materials, not generally known in the trade that the Company considers proprietary, confidential and to contain trade secrets.  Such information and materials (“Confidential Information”) may include any information relating to contractual negotiations, work-in-process, strategic plans, marketing and advertising plans, pricing programs, customer lists, supplier contacts, computer programs, algorithms, systems, business or financial affairs, methods of operation, transactions, internal controls or security procedures, of either the Company, its main office, any of its affiliates, or any existing or prospective vendor or customer of the Company or any of its affiliates.  Furthermore, the Employee understands that Confidential Information may be such regardless of whether such information and materials were furnished to the Employee by the Company, its parents or any of its affiliates or customers or developed in connection with or as a result of Employee’s performance of services for the Company. 

13.2    The Employee agrees during the course of his employment hereunder and following termination thereof: (a) to treat all Confidential Information as strictly confidential; (b) not to disclose Confidential Information or allow it to be disclosed to anyone not having a “need to know” on behalf of the Company, and not to anyone outside of the direct employ of the Company, without the prior written consent of the Company; (c) not to use any Confidential Information except as required for the performance of the Employee’s  duties for the Company; (d) not to copy any documents or media containing any Confidential Information, or remove them from the premises of the Company or premises where the Company is performing services, except as required in the performance of the Employee’s duties for the Company, in which event the Employee shall, at all times, take all reasonable measures to prevent the disclosure or non-authorized use of such Confidential Information.  In the event the Employee shall copy any such documents or media as may be permitted in accordance with the foregoing, the copyright and other proprietary notices of the Company or its customers shall be faithfully reproduced in all such copies.  The Employee further agrees to pre-clear with the Company any scholarly, educational or technical publications or lectures written or prepared by him during the employment period or within one year thereafter pertaining in any manner to his duties for or the research and development of the Company.

13.3    After cessation of the Employee’s employment hereunder, the Employee will promptly return to the Company any and all documents, media and other materials in tangible form containing any Confidential Information, without retaining any copies thereof whatsoever, together with any and all other property and keys of the Company, within his possession or control.

13.4    The Employee agrees to comply with all security procedures of the Company including, without limitation, those regarding computer security and passwords; not to access any computer of the Company, or of any client or vendor of the Company or any of its affiliates or its Clients, except as authorized; and not to access any such computers in any manner after the cessation of Employee’s employment hereunder.  The Employee agrees to advise the Company promptly in the event he learns of any such violation or unauthorized entry by others of any unauthorized use, reproduction of, or tampering with the software, trade secrets, Confidential Information or other research and development materials or equipment, of the Company or any of its affiliates by others.

13.5    The Employee acknowledges and agrees that all business opportunities (in any way related to the then-existing or proposed business of the Company whether or not then known by the Employee) presented to the Employee during the employment period are and shall be owned by and belong exclusively to the Company, and the Employee shall: (a) promptly disclose any such business opportunity to the Company and (b) execute and deliver to the Company, without additional compensation, such instruments as the Company may require from time to time to evidence its ownership of such business opportunity.

13.6    Both parties agree that any breach by the Employee of the terms mentioned in Sections 13.1, 13.2, 13.4, and 13.5 above shall be considered as a justified cause of termination of the employment relationship by the Company, without the Company incurring in any liability whatsoever.  Additionally, it is expressly understood and agreed by the Employee, that in the event of any breach of the obligations contained in this Section, the Employee shall incur legal liability, including but not limited to the criminal liability referred to in Article 223, sections IV, V and VI, of the Industrial Property Law.

Section 14.     Incentive Programs.

14.1    The Company at its sole discretion and according to the Employee’s established goals and achievements may determine incentives to motivate the Employee by offering him certain pay premium, compensation, bonus, or incentives.  In such cases, the Company at its sole discretion shall fix such premium, compensation, bonus, or incentives and shall also determine when and under what conditions the Employee shall be entitled to receive them.

14.2    The Company and/or its Shareholders Meeting assume no obligations whatsoever with respect to the above, since the granting of such incentives shall be voluntary; therefore, the Company may or may not establish the incentive programs above described.  Accordingly, the Company, at its sole discretion, may or may not modify, increase or reduce, or maintain or cancel such programs, in which case the Employee shall not be entitled to any payment or compensation.

14.3 Short Term Incentive 

14.3.1 Short Term Incentive 2014. 

For the reminder of 2014 only, the Employee is eligible to earn up to 150% of his Annual Compensation (which includes the Employee’s base salary plus his Christmas Bonus)   on a prorated basis for 2014, if he meets his bonus and performance targets for the year. Such amount is not guaranteed and is subject to goals to be determined by the Company. The bonus is paid quarterly, and the Employee will be eligible to participate for a prorated third quarter and full fourth quarter of 2014. 

14.3.2 Short Term Incentive 2015.

For 2015 the Employee will be provided with an annual target bonus commiserate with other senior executives or if there is no annual bonus plan in 2015, the Employee will be entitled to participate and earn a bonus up to  100% of his Annual Compensation (base salary + Christmas Bonus). Any of these bonuses will be subject to all the following conditions:

		
	a) 
	The Employee will be only eligible to participate in one of the bonus plans,

		
	b) 
	No bonus is guaranteed and it depends on actual pre-established goals achievements; and

		
	c) 
	The Employee must continue to be employed by the Company by December 31, 2015. Should the Employee resign or his employment be terminated before December 31, 2015 for cause according to the Federal Labor Law, the Employee will not be entitled to any partial payment for 2015 Bonus as the main condition to earn the bonus is to continue rendering services for the Company until December 31, 2015.

2015 Bonus will be paid as soon as reasonable practicable after December 31, 2015 and after all deductions and withholdings.

Section 15.     Training.

The Company agrees to train the Employee or to cause the Employee to be trained, under the Training and Teaching Plan and Programs duly recorded with the competent authorities.

Section 16.    Sign-On And Retention Bonus 

With the purpose of retaining the Employee and without any implication of custom or precedent of any nature, in case the Employee continues to be employed by the Company by December 31, 2014 the Company shall make a one-time special payment to the Employee in the gross amount of pesos $2,600,000.00 as soon as administratively possible after December 31, 2014. Both parties agree that through the payment of such bonus the Company assumes no future 

obligation whatsoever, since the granting of said bonus is discretionary and absolutely extraordinary, not integrating the salary under any effect. Also, should the Employee resign or his employment be terminated for cause according to the Federal Labor Law before December 31, 2014, the Employee will not be entitled to any partial payment as the main condition to earn the bonus is to continue rendering services for the Company until December 31, 2014.

Section 17.    Termination Payment

In case the Employee’s employment with the Company is terminated by the Company without cause as determined by the Federal Labor Law and subject to the execution of a voluntary separation agreement and general release between both parties and to Company’s satisfaction according to article 53 section I of the Federal Labor Law, the Employee will receive the greater of:

Option 1

		
	a)
	90 (ninety) days of his Daily Total Compensation (Total Compensation for purposes of this clause is  the Employee’s Base Salary plus any cash compensation actually received by the Employee during his last 12 months of service divided by 360); plus

		
	b)
	20 (twenty) days of his Daily Total Compensation; for each complete year of service

Or
Option 2

One year of the Employee’s base salary and prorated target bonus.  

Under either option, should such termination occur before 12 months has elapsed from the date of hire, the Employee would also be entitled to the value of 1/3 of the restricted stock grant provided in connection with his initial hiring, which will be paid in cash and based on the closing price on the last trading day immediately prior to the date of departure, and to the sign on bonus described in Section 16 above if it has not already been paid.  It is expressly agreed that these amounts are gross and subject to applicable tax withholdings.  Moreover, this paragraph will be left without effect after the date of the first anniversary of the Employee’s employment with the Company.

It is agreed that any payment under this Section 17 is subject and will not be valid until the voluntary termination agreement between both parties is executed otherwise this clause will be immediately ineffective due to the fact that the condition in which it is subject to wouldn’t have materialized and the Company will be released from all obligation and/or responsibilities in respect to what is stipulated in this clause.

Section 18.     Expense Reimbursement.

The Company shall reimburse per the terms and conditions of the Expenses and Travel Policy including all transportation all costs and expenses incurred by the Employee in the performance of this Agreement.  Such reimbursement shall be made based on receipts provided by the Employee.

Section 19.    Governing Law and Arbitration.

Both parties agree that, except as provided for herein, the provisions of the Mexican Labor Law shall apply, and as to any dispute arising in connection with the interpretation or enforcement of, and/or compliance with, this Agreement, the parties expressly submit to the jurisdiction and competence of the corresponding Conciliation and Arbitration Board.

Section 20.     Notices.

Any notices, consents, approvals, statements, authorizations, documents or other communications (collectively “Notices”) required or permitted to be given hereunder shall be in writing and shall be delivered personally or mailed by certified mail (postage prepaid and return receipt requested), to the parties at their respective addresses as set forth 

above or at such other addresses as may be given by any of them to the other in writing from time to time. It is understood and agreed that unless the Company receives written notice of any change of address, the Employee’s address mentioned above shall be the one to which all communications to the Employee shall be addressed.

Section 21.    Other Agreements.

This Agreement prevails over, and completely supersedes, any other agreement entered in the past, orally or in writing, between the Company or any of its affiliated parties or companies, for the services of the Employee.

Section 22.     Hiring Date .

The parties acknowledge that the Employee’s hiring and seniority date, for all legal purposes is July 14, 2014 regardless of the date of execution of this Agreement.

Section 23.     Prevailing Language.

This Agreement has been prepared in both English and Spanish versions.  In case of conflict, the Spanish version shall prevail.

IN WITNESS WHEREOF, the parties having read and being well aware of its contents and legal force, executed this AGREEMENT in Mexico City, on the 3rd of July, 2014.

THE COMPANY
LA EMPRESA

/s/ ANTONIO GARZA CÁNOVAS
ANTONIO GARZA CÁNOVAS

THE EMPLOYEE
EL EMPLEADO

/s/ SALVADOR ÁLVAREZ VALDÉS
SALVADOR ÁLVAREZ VALDÉS

ANNEX “A” TO THE EMPLOYMENT AGREEMENT ENTERED INTO BY AND BETWEEN COMUNICACIONES NEXTEL DE MÉXICO, S.A. DE C.V.  (THE “COMPANY”) AS EMPLOYER, HEREIN REPRESENTED BY ANTONIO GARZA CÁNOVAS, AND SALVADOR ÁLVAREZ VALDÉS (THE “EMPLOYEE”), ON HIS OWN RIGHT

The parties agree that the Employee is authorized to hold the current positions on the board of directors and the current passive investment and the Employee confirms that there are no other positions or investments:

BOARD POSITIONS

Member of the Board of Grupo Bafar (Company listed in the BMV, brands: Parma, Bafar, Burr, etc.) since 2003

Member of the Board of Directors - Finterra, since 2002

Member of the Board of Directors of MZ Financiera since 2011

Member of the Board of Directors of Lactoproductos La Loma 

PASSIVE INVESTMENTS

4 Play Telecom, S.A. de C.V. (investment of approximately USD$50,000 in capital stock)  

THE COMPANY
LA EMPRESA

/s/ ANTONIO GARZA CÁNOVAS
ANTONIO GARZA CÁNOVAS

THE EMPLOYEE
EL EMPLEADO

/s/ SALVADOR ÁLVAREZ VALDÉS
SALVADOR ÁLVAREZ VALDÉS

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