Document:

Exhibit 10.4

 

 

AMENDED
AND RESTATED

 

NEWCOMM
WIRELESS SERVICES, INC.

 

SHAREHOLDERS
AGREEMENT

 

 

April 20,
2005

 

 

AMENDED
AND RESTATED

NEWCOMM
WIRELESS SERVICES, INC.

SHAREHOLDERS AGREEMENT

 

THIS AMENDED AND RESTATED NEWCOMM WIRELESS
SERVICES, INC. SHAREHOLDERS AGREEMENT (this “Agreement”)
is made as of April 20,
2005, by and among TEM Puerto Rico, Inc. (as a successor in interest of
Telefonica Larga Distancia de Puerto Rico, Inc), a corporation organized and
existing under the laws of the Commonwealth of Puerto Rico (“TEMPR”),
ClearComm, L.P., a Delaware limited partnership (“ClearComm”),
Syndicated Communications Venture Partners IV, L.P., a Delaware limited
partnership (“Syncom”), Fleet Development Ventures, LLC, a Massachusetts
limited liability company (“Fleet”), Opportunity Capital Partners IV,
L.P., a Delaware limited partnership (“Opportunity”), Power Equities, Inc.,
a Delaware corporation (“Power”, collectively with Fleet and
Opportunity, the “Fleet Syndicate”), any Person who becomes a shareholder
of the Company after the date hereof and NewComm Wireless Services, Inc.,
a corporation organized and existing under the laws of the Commonwealth of
Puerto Rico (the “Company”) (TEMPR, ClearComm, Syncom and the Fleet
Syndicate are sometimes individually referred to as a “Shareholder” and
collectively referred to as the “Shareholders”).

 

WHEREAS, TEMPR, ClearComm,
Syncom, Fleet, Opportunity and Power entered into that certain joint venture
agreement dated February 4, 1999, as amended (the “Joint Venture Agreement”),
that provided for the creation, initial capitalization and operation of the
Company;

 

WHEREAS, given the
current situation of the Company and in consideration of the mutual promises
and covenants amongst the Shareholders, the aforementioned parties have decided
to terminate the Joint Venture Agreement and all the parties hereto have agreed
to provide for, among other things, the ownership, control and governance of
the Company in a more adequate way according to such new situation;

 

NOW, THEREFORE, the parties
hereto hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Capitalized terms used in this Agreement shall, unless
expressly stated otherwise, have the meanings specified in this Article I.

 

“Affiliate” shall mean, with respect to any
specified Person, any other Person that directly or indirectly through one or
more intermediaries, controls, is controlled by, or is under common control
with such specified Person.  For purposes
of this definition, “control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by representation
on the Board of Directors, management committee or similar governing body, by
contract or otherwise.

 

“Agreement” shall mean this Shareholders
Agreement, as the same may be amended or restated from time to time hereafter.

 

1

 

“Articles of Incorporation” shall mean the
Articles of Incorporation of the Company, as amended.

 

“Business” shall have the meaning set forth in Section 2.1 hereof.

 

“Business Day” shall mean any day that is not a
Saturday, a Sunday or other day on which banks are required or authorized by
law to be closed in any of the City of New York, New York United States of
America or San Juan, Puerto Rico.

 

 “Company
Officer” shall mean an Officer of the Company (including, without
limitation, the Chairman of the Board of Directors, the Chief Executive
Officer, the President, the Director of Finance and the Chief Operating Officer
of the Company).  For purposes of this
Agreement, an individual shall be deemed a “Company Officer” or an “Officer
of the Company” if he meets the definition of “Officer” with respect
to the Company, notwithstanding the fact that he is not formally elected as an
officer within the meaning of the Articles of Incorporation.

 

“Competing Enterprise” shall mean any Person
conducting personal communications service networks similar to those operated
by the Company.

 

“Directors” shall mean the members of the board
of directors of the Company.

 

“Effective Date”  shall mean the date hereof.

 

“Exchange Act” shall mean the United States
Exchange Act of 1934, as amended, together with the rules and regulations
promulgated thereunder.

 

“FCC” shall mean the Federal Communications
Commission.

 

“Fiscal Year” shall mean the fiscal year of the
Company, which shall be the calendar year.

 

“GAAP” means generally accepted accounting
principles and practices in the United States set forth from time to time in
the opinions and pronouncements of the Accounting Principles Board and the
American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board (or agencies with
similar functions of comparable stature and authority within the U.S.
accounting profession), which are applicable to the circumstances as of the
date of the report.

 

“Governmental Authority” shall mean, with
respect to any party, any United States federal, state, commonwealth or local
or any foreign federal, state, commonwealth or local government, governmental,
regulatory, or administrative authority, agency or commission or any court,
tribunal, or judicial or arbitral body, having jurisdiction over such party or
its assets.

 

“Honorary Directors” shall have the meaning set
forth in Section 3.1(a).

 

“Indemnitee” shall have the meaning set forth
in Section 8.2.

 

2

 

“Law(s)” shall mean any statute, law, rule,
regulation, ordinance, judgment, Code, order, other requirement or rule of
law of any country or any state, commonwealth, province, locality, region or
area therein, or any other jurisdiction.

 

“Licenses” shall mean each license, permit,
authorization and concession granted by any Person and held by the Company
relating to the Business, including but not limited to, the PCS licenses for
the 1902.5-1910.0 and 1982.5-1990.0 MHZ bands for the San Juan, Puerto Rico
(B488) and Mayaguez-Aguadilla-Ponce, Puerto Rico (B489) basic trading areas.

 

 “Minimum
Number” shall mean all of the issued and outstanding Shares held by the
Selling Shareholders; provided that such shares have an aggregate estimated
disposition price (before deduction of underwriting discounts and expenses of sales)
of at least Forty Million Dollars ($40,000,000.00) (but in no event in an
initial public offering less than an amount to create a viable public trading
market).

 

“Nasdaq” shall have the meaning set forth in Section 8.4.

 

“Network” shall mean a 1900 MHz band PCS
network in Puerto Rico associated with the Licenses.

 

“Notice of Transfer” shall have the meaning set
forth in Section 6.2(a).

 

“Officer” (whether or not such term is
capitalized) shall mean an individual with significant responsibilities for operations
or policy making duties for any Person that is not an individual.

 

“Optionees” shall have the meaning set forth in
Section 6.2(a).

 

“Order” shall mean any decree, determination,
injunction, judgment, order, or writ of any arbitrator or Governmental
Authority.

 

“Original Shares”, shall mean the shares owned
by each Shareholder as of the date hereof, as set forth in Exhibit A.

 

 “Other
Shareholders”, shall mean the Shareholders other than TEMPR at the
Effective Date, as set forth in Exhibit A.

 

“Person” shall mean any individual,
partnership, firm, corporation, limited liability company, joint venture,
association, trust, unincorporated organization or any other entity.

 

“Piggyback Shares” shall have the meaning set
forth in Section 8.2(a).

 

“Piggyback Registration” shall have the meaning
set forth in Section 8.2(a).

 

“Pro Rata Share” means, with respect to any
Shareholder, on a fully diluted basis, the percentage equal to (i) the
number of Shares owned by such Shareholder divided by (ii) the aggregate
Shares owned by the other Shareholders (excluding the Transferring
Shareholder).

 

3

 

“Proposal” shall have the meaning set forth in Section 6.2(a).

 

“Puerto Rico” shall mean the Commonwealth of
Puerto Rico.

 

“Purchasing Party” shall have the meaning set
forth in Section 6.2(a).

 

“Registrable Shares” shall have the meaning set
forth in Section 8.1.

 

“Sale Agreement” means the agreement dated as
of March 12, 2002 by and among TEMPR (as a successor in interest of
Telefónica Larga Distancia de Puerto Rico, Inc), ClearComm, Syncom, the Fleet
Syndicate and the Company, providing for the Transfer of Shares of the Company,
upon the delivery of a sale notice in accordance with the terms thereof which,
as of the date hereof, is in force with no amendments.

 

“SEC” shall mean the United States Securities
and Exchange Commission.

 

 “Securities
Act” shall mean the United States Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder.

 

“Selling Shareholders” shall have the meaning
set forth in Section 8.1(a).

 

“Shares” shall mean all issued and outstanding
shares of the Company.

 

“Stock Purchase Agreement” shall mean the Stock
Purchase Agreement, dated March 12, 2002, among TEMPR (as a successor in
interest of Telefónica Larga Distancia de Puerto Rico, Inc), and ClearComm, as
amended.

 

“Subsidiary” or “Subsidiaries” shall
mean the Persons in which the Company, at any time, directly or indirectly,
beneficially owns an equity interest greater than or equal to 50%, or which the
Company, at any time, directly or indirectly, controls.

 

“Territory” shall mean Puerto Rico.

 

“Transfer” shall mean to sell, assign,
transfer, give, encumber, pledge, hypothecate or in any other way dispose of.

 

“Transferring Shareholder” shall have the
meaning set forth in Section 6.2(a).

 

“Violation” shall have the meaning set forth in
Section 8.2.

 

ARTICLE II

THE COMPANY;
CONVERSION OF OUTSTANDING SHARES

 

2.1                                 Purpose.  The Company is a wireless telecommunications
service provider operating the Network throughout the Territory (the “Business”).

 

4

 

2.2                                 No
Partnership.  Nothing in this
Agreement shall be construed as creating among the Shareholders a partnership,
joint venture, fiduciary or other similar relationship not expressly provided
for herein.

 

2.3                                 Effectiveness.  This Agreement shall be effective as of the
Effective Date.

 

2.4                                 One
Class of Shares.  Upon the
Effective Date, the Shareholders shall cause the Certificate of Incorporation
of the Company to be amended to provide that the Company shall have only one
class of Shares outstanding, each Share of which shall be entitled to one vote
and which shall be issued to the Shareholders in exchange for the outstanding
Shares held by them in such amounts as to reflect their respective economic
interests in the Company.

 

ARTICLE III

MANAGEMENT OF THE
COMPANY

 

3.1                                 Board
of Directors.  Each Shareholder
hereby agrees to vote all of its Shares in favor of any action necessary to implement
or effectuate the intent of this Agreement, including, without limitation, the
purposes set forth in this Section 3.1.

 

(a)                                  Number
of Directors; Voting for Directors.

 

(a1)                            On
the Effective Date, the authorized number of Directors of the Company shall be
established at six (6) Directors and each of ClearComm and TEMPR shall
have the right to designate Directors as follows:

 

(i)                                     two
(2) persons shall be designated by TEMPR and the Shareholders shall vote
all of their Shares in favor of such nominees; and

 

(ii)                                  four
(4) persons shall be designated by ClearComm.

 

 (a2)                         On
the closing date of the Stock Purchase Agreement, or at any other date when
TEMPR for whatever reason becomes the holder of more than 50% of the Shares,
the authorized number of Directors of the Company shall be established at seven
(7) Directors and each of ClearComm and TEMPR shall have the right to
designate Directors as follows:

 

(iii)                               four
(4) persons shall be designated by TEMPR and the Shareholders shall vote
all of their Shares in favor of such nominees; and

 

(iv)                              three
(3) persons shall be designated by ClearComm (one (1) of which must
be a director of SuperTel Communications Corp.) and the Shareholders shall vote
all of their Shares in favor of such nominees. 
ClearComm shall further have the right to designate up to three honorary
directors (the “Honorary Directors”) who shall be entitled to attend all
meetings of the Board of Directors but shall have no voting or other rights to
participate in the meetings.

 

(b)                                 Term.  Each Director shall hold office for one year,
renewable, or until his or her death, resignation, or his or her successor has
been duly appointed as set forth herein and in the bylaws of the Company.

 

5

 

(c)                                  Vacancies.  In the event that any Director designated
hereunder by any of the Shareholders for any reason ceases to serve as a member
of the Board of Directors during, or upon the expiration of, his or her term of
office, the resulting vacancy on the Board shall be filled by a representative
designated by the Shareholder entitled to designate such Director pursuant to Section 3.1(a) above.

 

(d)                                 Removal
of Directors.  The removal of any
director from the Board of Directors shall be made in accordance with the
procedure for the removal of directors set forth in Section 3(c) of
the bylaws of the Company, or any successor section thereof setting forth
the procedures for the removal of directors. 
The Company shall reimburse each Director and the Honorary Directors for
their customary and reasonable expenses incurred in attending the meetings of
the Board of Directors.

 

3.2                                 Chairman
of the Board of Directors.  The Board
of Directors shall elect as its Chairman one of the Directors designated by
ClearComm, as long as Section 3.1.(a1) applies, or by TEMPR, when Section 3.1.(a2)
applies.

 

3.3                                 Board
Meetings.  The Board of Directors
shall hold regular meetings once every quarter, for a total of four (4) regular
meetings per year at the principal offices of the Company.  Any two (2) of the Directors designated
by TEMPR or a majority of the Directors designated by ClearComm may call a
special meeting upon at least five (5) Business Days’ prior written notice
to the other Directors, specifying the date, time, place and agenda of the
meeting; provided, however, that meetings may
be called upon shorter notice with the unanimous consent of all of the
Directors.  Meetings of the Board of
Directors shall be conducted in English and shall be held at the principal
office of the Company or in any other place (or country) specified in the
notice.  Directors may participate in
such meetings by means of a conference telephone or similar means of
communication if all persons participating in such meeting are able to hear
each other at all times, and any Director participating in such manner shall be
deemed to be present at such meeting. 
The Company’s Secretary shall be responsible for taking minutes of the
meetings and safekeeping them on behalf of the Company.  The Company shall deliver a copy of the
minutes of each meeting of the Board of Directors to each Director, promptly
after each such meeting is held in sufficient time to permit revisions of the
same prior to the next meeting of the Board of Directors at which time the
minutes shall be presented for formal approval. 
A resolution in writing and in English (in one or more counterparts),
signed by all of the Directors, shall be as valid and effectual as if passed
with a meeting of the Directors duly convened and held.

 

3.4                                 Indemnification.  Neither the Company nor the Shareholders
shall amend the provisions of the Company’s Articles of Incorporation or its
bylaws to eliminate or reduce the indemnification provided for all directors
and such provisions as written shall be regarded as a binding obligation of the
Company to indemnify each director as set forth therein.

 

3.5                                 Quorum;
Voting Requirement for Action.  A
majority of the Directors shall constitute a quorum for purposes of a meeting
of the Board of Directors.  All actions
of the Company shall require the affirmative vote of at least a majority of the
Directors present at a meeting of the Board of Directors, except as otherwise
provided herein or unless otherwise required by applicable Law.

 

6

 

3.6                                 Super
Majority Board Matters.  The approval
of at least a majority of the Directors which must include the affirmative vote
of at least one of the Directors designated by ClearComm (who must also be a
director of SuperTel Communications Corp.) and the affirmative vote of at least
one of the Directors designated by TEMPR is required to approve:

 

(a)                                  the
liquidation, dissolution or winding up of the Company’s business operations;

 

(b)                                 the
sale, exchange or other disposition of all or substantially all of the Company’s
assets, business or any of the Licenses;

 

(c)                                  the
merger, spin-off, strategic alliance or other business combination or
reorganization of the Company with any corporation, partnership, limited
liability company or other entity;

 

(d)                                 any
material change in the nature of the Business;

 

(e)                                  the
issuance of any shares of capital stock (or any security convertible into or
exchangeable for shares of capital stock or securities granted to the holder of
an option to acquire any such shares of capital stock) to any person or entity,
including persons who are then Shareholders, or the addition of any new
shareholder of the Company, provided that only a majority vote shall be
required to approve issuances of capital stock (i) as may be necessary
from time to time to fund cash flow deficiencies not in excess of $12.9 million
in 2005, $15.8 million in 2006 and $17.4 million in 2007, in the aggregate per
year and (ii) as may be necessary for TEMPR to own 50.1% of the issued and
outstanding equity interest of the Company on a fully-diluted basis in
accordance with Section 2.01 of the Stock Purchase Agreement;

 

(f)                                    the
redemption of all or part of the Shares outstanding or the prepayment of any
debt securities;

 

(g)                                 except
as may be required in the ordinary course of the Business consistent with prior
practice, the incurrence of any indebtedness in excess of Three Million Dollars
($3,000,000) in any single transaction, consent to which shall not be
unreasonably withheld;

 

(h)                                 except
as may be required in the ordinary course of the Business consistent with prior
practice, the granting of any mortgage or deed of trust or the placing of any
other lien or encumbrance on the assets of the Company or any portion thereof
that exceeds Three Million Dollars ($3,000,000) in value, to secure any loan
except as otherwise provided herein, and provided that consent to such action
shall not be unreasonably withheld;

 

(i)                                     except
as may be required in the ordinary course of the Business consistent with prior
practice, the making of a single expenditure in excess of Five Million Dollars
($5,000,000), consent to which shall not be unreasonably withheld;

 

(j)                                     the
approval of any dividend distribution to Shareholders in excess of the net
income for the year of the distribution, net of any prior year losses;

 

7

 

(k)                                  any
transaction between the Company and a Shareholder or an Affiliate of such
Shareholder or Officer of a Shareholder or of an Affiliate of a Shareholder;

 

(l)                                     the
annual strategic business plan and operating budgets for each fiscal year and
any variations or modifications which individually or in the aggregate exceed
ten percent of the operating budget for such annual period; in this respect,
the parties acknowledge that the Company and ClearComm have proposed an annual
budget and business plan to the meeting of the board of directors of the
Company held on November 30, 2004, which has been adopted by such board as
of such date and is attached as Exhibit B;

 

(m)                               the
appointment of the general manager, the chief financial officer and all
directors of each division of the Company, as well as the compensation of each
such person, consent to which shall not be unreasonably withheld;

 

(n)                                 the
engagement of a new marketing consultant and the subsequent approval of
marketing strategies, promotions, advertising and product development different
from those in effect on the date hereof, consent to which shall not
unreasonably be withheld;

 

(o)                                 any
modification to the Certificate of Incorporation or bylaws of the Company; and

 

(p)                                 a
change in outside attorneys or auditors.

 

Any proposed amendment,
modification or waiver of all or any portion of this Section 3.6 shall be
deemed to be an amendment of this Agreement and shall therefore be subject to
the voting requirements for amendments to this Agreement set forth in Section 12.6
hereof.

 

3.7                                 Executive
Officers.  The number and types of
employees hired, retained or dismissed by the Company shall be consistent with
the scope of the operations of the Company.

 

The parties acknowledge
that (i) Mr. Javier Lamoso has been designated as the general manager
of the Company, and the directors of each division are those listed in Exhibit C
attached hereto; (ii) TEMPR will have the right to appoint a new general
manager and new directors of each division when Section 3.1.(a2) applies; (iii) the
Company shall maintain its current chief financial officer in place until the
later of December 31, 2005 or such date on which the Board of Directors
approves a new chief financial officer in accordance with the following clause
(iv); and (iv) TEMPR shall have the right to nominate the chief financial
officer of the Company, as long as Section 3.1.(a1) applies, and ClearComm
shall have the right to nominate the chief financial officer of the Company, as
long as Section 3.1.(a2) applies, subject to the approval of the Board,
which shall not be unreasonably withheld or delayed (the sole basis for a
reasonable objection shall relate to the qualifications of the nominee). The
Company shall retain the right to dismiss the chief financial officer at any
time for just cause, in which case, the appointing party will have the sole
right to nominate a new chief financial officer for approval by the Board of
Directors. The appointing party will have the right to directly consult and
communicate with the chief financial officer.

 

8

 

ARTICLE IV

SHAREHOLDERS
MEETINGS

 

4.1                                 Annual
Meeting of the Shareholders.  The
annual meeting of the Shareholders of the Company shall be held at such time
and at the principal offices of the Company or at such other place in the
domicile of the Company as the Board of Directors shall designate in the notice
of annual meeting.

 

4.2                                 Notice
of Annual Meeting of the Shareholders. 
Notice of the annual meeting of the Shareholders shall be served in
writing, via telecopy or registered mail, by the Secretary of the Company, no
less than fifteen (15) days prior to the date of the said meeting.  The attendance by a Shareholder at the said
meeting shall constitute a waiver of all right to object to the form or
timeliness of the notice thereof.

 

4.3                                 Special
Meetings of the Shareholders.  Special meetings of Shareholders
may be called at any time at the principal office of the Company by a majority
of the Directors designated by 
ClearComm, as long as Section 3.1.(a1) applies, or by TEMPR, when Section 3.1.(a2)
applies, and shall be called by a majority of the Directors at the request of
Shareholders owning (in the aggregate) more than thirty-five percent (35%) of
the issued and outstanding Shares. 
Notice of such special meeting shall conform to the requirements
provided in Section 4.2 hereof; but
such notice shall set forth the purpose for which the meeting is called, and no
other business shall be permitted to be transacted at such meeting unless the
consent of the holders of thirty-five percent (35%) of the issued and
outstanding Shares is first obtained, except in those instances where the
provisions of this Agreement provide that a vote of a lower percentage of the
issued and outstanding Shares is required to approve the other business in
question (in which instances such lower percentage of the issued Shares may
consent to the transaction of such other business).  All special meetings of the shareholders
shall be held at the principal offices of the Company or at such other place in
the domicile of the Company as specified in the notice of special meeting.

 

4.4                                 Proceedings
at Meetings of the Shareholders. 
Meetings of the Shareholders shall be conducted in English.  Shareholders may participate in such meeting
by means of a telephonic conference call or similar means of communication if
all persons participating in such meeting are able to hear each other at all
times, and any Shareholder participating in such meeting shall be deemed to be
present at such meeting.  A resolution in
writing in English (in one or more counterparts), signed by all of the
Shareholders, shall be as valid and effectual as if passed with a meeting of
Shareholders duly convened and held.

 

4.5                                 Quorum.  A quorum for the transaction of business at a
meeting of the Shareholders shall be fifty percent (50%) of the issued Shares.

 

4.6                                 Required
Vote.  The affirmative vote of the
holders of more than fifty percent (50%) of the quorum shall be required for
all actions by the Shareholders except in those instances where the provisions
of this Agreement provide that a vote of a higher percentage of the issued
Shares is required for the action in question, including, but not limited to
the Super Majority Matters set forth in Section 4.7 below and amendments
to this Agreement as set forth in Section 12.6 hereof.  Nothing set forth in this Section shall
conflict with the requirements

 

9

 

applicable to Section 3.6 hereof nor shall this Section 4.6
be construed as permitting any vote or action by the Shareholders to override
the terms of Section 3.6 hereof.

 

4.7                                 Super
Majority Matters.  The following
actions (each, a “Super Majority Matter”) shall require the affirmative
vote of the holders of sixty-six and two-thirds percent (662/3%)
of the issued Shares:

 

(a)                                  the
dissolution or liquidation of the Company;

 

(b)                                 the
commencement by the Company or any of its subsidiaries of a case, proceeding or
other action under any law relating to bankruptcy, insolvency, reorganization
or relief of debtors or seeking appointment of a receiver, trustee, custodian
or other similar Person for the Company or any of its subsidiaries; and

 

(c)                                  any
modification in the number of members to be designated by the Shareholders to
serve on the Board of Directors of the Company.

 

ARTICLE V

FINANCIAL
STATEMENTS

 

5.1                                 Maintenance
of Records.  The Company will
maintain correct and complete books, records and accounts in which complete,
correct and timely entries are made of all of its business transactions
pursuant to a system of accounting established and administered in accordance
with GAAP and will set aside on its books all such proper accruals and reserves
as shall be required under GAAP.

 

5.2                                 Information
Obligations. The Company will deliver to TEMPR, as long as Section 3.1.(a1)
applies, or to ClearComm, when Section 3.1.(a2) applies:

 

(a)                                  within
ninety (90) days after the end of each fiscal year of the Company, an income
statement for such fiscal year, a balance sheet and a statement of shareholder’s
equity and a statement of cash flows as of the end of such year, each to be
prepared in accordance with GAAP;

 

(b)                                 within
thirty (30) days after the end of each month, an unaudited income statement,
statement of cash flows and balance sheet for and as of the end of such month
prepared in accordance with GAAP (except for the absence of footnotes and
subject to year-end adjustments);

 

(c)                                  within
forty-five (45) days as of the end of each quarter, an unaudited income
statement, statement of cash flows, a balance sheet and a statement of
shareholder’s equity for and as of the end of such quarter, prepared in
accordance with GAAP (except for the absence of footnotes and subject to
year-end adjustments);

 

(d)                                 within
thirty (30) days after submission, a copy of any management letters and
documents submitted to auditors; and

 

10

 

(e)                                  within
a commercially reasonable period of time after request by ClearComm or TEMPR,
as applicable, such other information as it may reasonably request. In the
event that the information requested by ClearComm or TEMPR, as applicable,
pursuant to clause (e), is not customarily produced for the management of the
Company or its board of directors, then such information, subject to prior
notice from the Company that such information is not customarily produced for
the management and as to the estimated cost of its production, may be provided
at the expense of the party requesting such information.

 

In the event that
ClearComm or TEMPR, as applicable, does not receive each or all of the reports,
filings and notifications described above, such party shall promptly notify the
Company.  If the Company fails to deliver
such reports within ten (10) days after receipt of such written notice,
then such party shall have the right and authority, at the Company’s sole
expense, to request an audit of the Company by an accounting firm designated by
such party.

 

ARTICLE VI

RESTRICTIONS ON
ISSUANCE AND TRANSFER

 

6.1                                 Restrictions
on Issuance.

 

(a)                                  Except
as provided in Section 3.6(e) of
this Agreement, the Company shall not issue any shares of capital stock
(directly, indirectly or in bankruptcy) including any interest in any such
shares or any contractual right that may entitle the holder to acquire any such
shares of stock or any interest therein, whether by operation of law or
otherwise.

 

(b)                                 Special
Dilution Provision

 

(i) In the event the Company proposes to issue
additional shares of capital stock, the Company shall deliver to each
Shareholder a written notice (an “Issuance Notice”) of such proposed Issuance
at least forty (40) Business Days prior to the date of the proposed issuance
(the “Subscription Period”).  Such
Issuance Notice shall set forth all material terms of the proposed issuance in
reasonable detail, including: (i) the number and class of shares proposed
to be issued, (ii) the materials terms and conditions of the proposed
issuance, (iii) the intended use of proceeds, (iv) the identity of
any third party purchaser seeking to participate in the subscription and the
terms of any agreement, term sheet or discussions with such purchaser,
including pricing proposals, and (iv) the subscription price.

 

(ii) Within ten (10) days upon receipt of
the Issuance Notice, TEMPR will notify the Company whether or not it will, at
its own discretion and cost, appoint an internationally recognized investment
bank selected from the list on Section 2.02(b) of the Disclosure Schedule for
the Stock Purchase Agreement to undertake an external and independent equity
valuation of the Company (the “Option Notice”). If that is the case, in
preparing the equity valuation, the selected investment bank shall consider in
the context of a non-public company seeking to raise equity (i) at least
the following methods of valuation: discounted cash flows;

 

11

 

comparable transactions; and trading prices of shares
of comparable publicly-held companies (applying such methods consistently with
the application of such valuation methods and standards in the personal
communications networks industry) and (ii) the indebtedness of the
Company.  The Company shall cooperate in
good faith with the investment bank, and provide all the documentation and
information requested to perform the equity valuation.  Upon receipt of the documentation and
information necessary to complete the equity valuation, the investment bank
shall present a report including its equity valuation within fifteen (15)
Business Days of its selection by TEMPR, including, among other things, a
fairness opinion as to the proposed subscription price addressed to TEMPR, as
of the date of the equity valuation.

 

(iii)                               Upon
the earlier to occur of (a) the receipt of the external equity valuation,
or (b) the receipt of the Option Notice whereby TEMPR notifies that it
will not request the external equity valuation, the Company shall deliver
written notification (the “Valuation Notification”) to each Shareholder of the
issuance price, and a copy of the external equity valuation, as applicable, and
the proposed date of Issuance, which shall be no less than ten (10) and no
more than forty (40) Business Days after the delivery of the Valuation Notification
to each Shareholder.  Each Shareholder
shall have the option, exercisable at any time during the Subscription Period
by delivering written notice to the Company (a “Subscription Acceptance”) to
subscribe for up to its Proportionate Share of any such additional Shares (a “Preemptive
Right”), at the same price per security and upon same terms as those of the
proposed Issuance of such additional Shares. 
The “Proportionate Share” of each Shareholder shall be equal to a
fraction, the numerator of which is the number of outstanding shares owned by
such Party, on a fully diluted basis, and the denominator of which is the
aggregate number of Shares outstanding on a fully diluted basis.

 

(iv)                              In
the event the external equity valuation is equal to or higher than 85% of the
subscription price set forth in the Issuance Notice or TEMPR does not request
an external equity valuation, if TEMPR (i) waives its Preemptive Right
attached to its Original Shares prior to the expiration of the Subscription
Period by giving prior written notice to the Company, or (ii) fails to
deliver its Subscription Acceptance within the Subscription Period, TEMPR shall
be obligated to transfer, at no cost, to the Other Shareholders the number of
its Original Shares needed for the Original Shares held by the Other
Shareholders not to be diluted because of the issuance.

 

(v)                                 In
the event the external equity valuation is equal to or higher than 85% of the
subscription price set forth in the Issuance Notice or TEMPR does not request
an external equity valuation, if TEMPR elects to partially, but not fully
subscribe its Proportional Share as regards its Original Shares, TEMPR shall be
obligated to transfer, at no cost, to the Other Shareholders the number of its
Original Shares needed for the Original Shares held by the Other Shareholders
not to be diluted because of the issuance with respect only to the part of the
Proportional Share not subscribed by TEMPR.

 

12

 

(vi)                              The
aggregate number of Shares to be transferred by TEMPR to the Other Shareholders
pursuant to Section 6.1(b)(iv) or (v), as applicable, (i) shall,
under no circumstance, (y) exceed the aggregate number of Original Shares owned
by TEMPR immediately prior to the Issuance Notice, (z) be affected by the
exercise, if any, by the Other Shareholders of their respective Preemptive
Rights pursuant to Section 6.1(b)(i), and (ii) shall be allocated
among such Other Shareholders proportionately based upon the relative number of
Original Shares owned by such Other Shareholders immediately prior to the
Issuance Notice.  For avoidance of doubt,
the transfer and dilution mechanisms set forth in Section 6.1(b)(iv) and
(v), as applicable, shall only apply in the event (i) TEMPR (y) does not
exercise its Preemptive Right or (z) elects to exercise its Preemptive Rights
for less than the total number of shares it is entitled to acquire thereunder
and (ii) the external equity valuation is not below 85% of the
subscription price set forth in the Issuance Notice or there is no external
equity valuation.

 

(vii)                           It
is acknowledged and agreed that for so long as TEMPR is a shareholder of the
Company, TEMPR may elect, at its sole and absolute discretion and option, to
subscribe to any such issuance either by capital contribution, or by converting
any FCC Related Debt (valued at principal plus accrued and unpaid interest)
that it may hold as of the date of such issuance into shares at the
subscription price.

 

(viii)                        This
clause 6.1 (b) shall be applicable for such period of time as TEMPR may
exercise its call rights (including any extension agreed by the Parties) under
the Stock Purchase Agreement.

 

6.2                                 Restrictions
on Transferability; Rights of Optionees. 
Except for the transfers according to Section 6.1.b above (Special
Dilution Provision), which will follow the mechanism set forth thereto, the
following rules shall apply:

 

(a) Any Shareholder desiring to transfer its
Shares (the “Transferring Shareholder”) may Transfer any of its Shares
to any third party if it receives a bona fide offer (the “Proposal”)
from a reputable, financially responsible person (the “Purchasing Party”)
which is acceptable to it, and not less than thirty (30) days prior to the
closing date of the proposed sale, gives written notice thereof (the “Notice
of Transfer”) to each of the other Shareholders (individually, an “Optionee”
and collectively, the “Optionees”) at the addresses provided by the
Company (which shall be provided within one Business Day after request),
subject to the provisions of this Section 6.2;

 

(b)                                 The
Notice of Transfer shall state that a Proposal has been received and shall
contain all the terms and conditions of the Proposal and a copy of all
supporting documents.

 

(c)                                  (i)                                     The
Optionees shall each have the option for a period of thirty (30) days (the “Option
Period”) after receipt of the Notice of Transfer to (A) if the
Transfer is for all of the Transferring Shareholder’s Shares, commit to
purchase all, but not less than all, of the Shares of the Transferring
Shareholder on the same terms and conditions as set

 

13

 

forth in the Proposal, or
(B) if the Transfer is a sale or exchange of less than all of the
Transferring Shareholder’s Shares, elect to join in the sale or exchange; in
each case by delivering written notice of its election to the Transferring
Shareholder within the thirty-day period.

 

(ii)                                  If
the Transfer is for all of the Transferring Shareholder’s Shares, any Optionee
that wishes to purchase the Transferring Shareholder’s Shares shall provide the
Transferring Shareholder with a written notice specifying the number of the
Transferring Shareholder’s Shares (up to such Optionee’s Pro Rata Share) which
such Optionee desires to purchase, within fifteen (15) days after receipt of
the Notice of Transfer, and may, at the Optionee’s option, indicate the maximum
number of the Transferring Shareholder’s Shares such Optionee would purchase in
excess of such Optionee’s Pro Rata Share of the Transferring Shareholder’s
Shares (the “Excess Amount”).  If
any Optionee fails to respond within such period, such failure shall be
regarded as a rejection by such Optionee of its right to participate.  If one or more of the Optionees declines to
participate in such purchase or elects to purchase less than such Optionee’s
Pro Rata Share, then those Shares not being purchased by such Optionee (the “Excess
Offered Shares”) shall automatically be deemed to be accepted by Optionees
who specified an Excess Amount in their respective notice of acceptance,
allocated among such Optionees (with rounding to avoid fractional shares) in
proportion to their respective Pro Rata Shares determined based only on those
Optionees seeking to purchase Excess Amounts but in no event shall an amount
greater than any Optionee’s Excess Amount be allocated to such Optionee.  This procedure shall be employed until the
first to occur of the Entire Excess Amount of each Optionee being satisfied or
all Excess Offered Shares have been allocated. 
All of such allocations must be completed within the Option Period.  Unless the Optionees elect to purchase all of
the Transferring Shareholder’s Shares, the Transferring Shareholder shall be
entitled to sell all of the Transferring Shareholder’s Shares in the manner
specified in Section 6.2(e) below
and the Optionees shall have no rights with respect thereto.

 

(iii)                               If
the Transfer is a sale or exchange of less than all of the Transferring
Shareholder’s Shares, an Optionee may elect to join in the sale or exchange,
and will be entitled to sell or exchange, pursuant to the terms of the
Proposal, a number of its Shares determined by multiplying the Applicable
Percentage times the number of Shares held by such Optionee.  In such event, the Transferring Shareholder
shall use commercially reasonable efforts to obtain the agreement of the
Purchasing Party to the participation of such Optionee in the sale or exchange,
but if no such agreement is obtained, the Transferring Shareholder shall not
transfer any of such Transferring Shareholder’s Shares to the Purchasing
Party.  For purposes of this Section 6.2(c)(iii), the Applicable Percentage means a
percentage determined by dividing the number of Shares the Transferring
Shareholder proposes to transfer by the number of Shares held by the Transferring
Shareholder.

 

(d)                                 If
any of the Optionees elect to purchase Shares of the Transferring Shareholder,
the closing of the purchase shall take place on the date designated as the
closing date of the Proposal, but in no event later than thirty (30) days after
the expiration of the Option Period, in the Company offices, or at such other
time and place as may be mutually agreed upon

 

14

 

in writing by the
Transferring Holder and the Optionees; provided, however, that
such period shall be extended for such period that the Optionee, if so required
by applicable law, is in good faith and diligently pursuing the receipt of all
required regulatory approvals for such transfer.  In the event the Optionee is advised that
such approvals will not be granted, it shall immediately notify the
Transferring Shareholder and the Optionee’s rights hereunder with respect to
such proposed Transfer shall terminate.

 

(e)                                  In
the event the Optionees, as a group, (i) fail to exercise the Option in
full within the Option Period, or (ii) after electing to purchase the
Transferring Shareholder’s Shares, fail to close the purchase hereunder (unless
such failure to close is attributable to the action or inaction of the
Transferring Shareholder), the Transferring Shareholder shall have the right to
Transfer its Shares to the Purchasing Party designated in the Notice of
Transfer in accordance with the terms of the Proposal.  However, as a condition to the effectiveness
of such Transfer, the Purchasing Party shall thereupon become a party to this
Agreement with the same rights and obligations of the Transferring Shareholder
and shall confirm such fact by executing a counterpart to this Agreement.

 

6.3                                 Prohibited
Transfers.  Notwithstanding anything
to the contrary provided in this Agreement, the Shareholders will not Transfer
any of their Shares to any person (other than to another Shareholder) (i) who
is engaged or proposes to engage in activities which would be prohibited under Section 9.1(a) hereof, except in the event of a
Transfer of Shares of the Company as contemplated by the Sale Agreement, or (ii) if
such person’s ownership of Shares would breach the stock ownership limitations
imposed upon the Shares by the United States federal communications laws or the
rules and regulations promulgated by the FCC thereunder.  In addition, no Shareholder (other than
TEMPR) will Transfer any Shares to any direct or indirect competitor of TEMPR
in Puerto Rico and TEMPR will not Transfer any of the Shares owned by it to any
direct or indirect competitor of ClearComm in Puerto Rico, except in the event
of a Transfer of Shares of the Company as contemplated by the Sale Agreement or
in the event TEMPR or ClearComm, respectively, hold less than 20% of the capital
stock of the Company.

 

6.4                                 Permitted
Transfers.

 

(a)                                  The
Transfer restrictions provided for in this Article VI will not apply to the Transfer by any Shareholder of all, or any
part of, or interest in, the Shares of the Company held by it at any time to its
respective Affiliates.

 

(b)                                 No
Transfer pursuant to this Section 6.4
shall be effective until such transferee has executed and delivered to the
Company an instrument, in the form prescribed by the Company, agreeing to be
bound by this Agreement.

 

15

 

6.5                                 Waiver
of Rights. The parties hereto hereby expressly agree to unconditionally and
irrevocably waive all rights of first refusal, pre-emptive rights, tag-along
rights or other similar rights held by such parties in the event of a Transfer
of Shares by ClearComm to TEMPR pursuant to the Stock Purchase Agreement, which
will be subject solely to the terms and conditions set forth therein.

 

ARTICLE VII

CONFLICTS WITH
CERTIFICATE OF INCORPORATION AND BYLAWS

 

If any
conflict exists between the certificate of incorporation or the bylaws of the
Company and the terms of this Agreement, the Shareholders agree that the terms
of this Agreement shall control and supersede the applicable provisions of the
certificate of incorporation and bylaws of the Company.  On Effective Date, the Shareholders will
amend the bylaws to conform with the terms of this Agreement, as set forth in Exhibit D,
and will consent the amendments of the certificate of incorporation set forth
in Exhibit E that will have been proposed by the board of directors.

 

ARTICLE VIII

REGISTRATION
RIGHTS

 

Section 8.1                                      Required
Registration.

 

(a)                                  At
any time after the Effective Date, any Shareholders  (the “Selling Shareholders”) may
request the Company to register under the Securities Act at least the Minimum
Number of Shares (the “Registrable Shares”) for sale in the manner
specified in such notice.  The Selling
Shareholders shall be entitled to select the lead managing underwriter for any
request made under this Section 8.1,
which underwriter shall be reasonably satisfactory to TEMPR and ClearComm.  Notwithstanding anything to the contrary
contained herein, the Company shall not be required to cause a registration
statement requested hereunder to become effective prior to one hundred eighty
(180) days following the effective date of the most recent registration by the
Company of securities under the Securities Act (other than on Form S-4 or
S-8 or any successor to such forms); provided, however, that the Company shall
use all commercially reasonable efforts to achieve such effectiveness promptly
following such one hundred eighty (180) day period if the Selling Shareholders’
request has been made prior to the expiration of such one hundred eighty (180)
day period.  The Company shall not be
required to effect more than one registration pursuant to this Section 8.1(a). 
In the event the Company shall have filed a registration statement upon
the request of the Selling Shareholders pursuant to this Section 8.1(a), and a Selling Shareholder subsequently
shall have withdrawn such request for registration (other than as a result of
the delays contemplated by Section 8.1(b)),
such withdrawn registration shall constitute the one demand registration
permitted by such Selling Shareholder pursuant to this Section 8.1(a).

 

(b)                                 The
Selling Shareholders shall bear and pay all expenses incurred in connection
with the registration, filing or qualification of Registrable Shares pursuant
to this Section 8.1, including,
without limitation, all registration, filing and qualification fees, printing
and accounting fees relating or apportionable thereto, the fees and
disbursements of counsel, underwriting discounts and commissions.

 

16

 

Section 8.2                                      Piggyback
Registration.

 

(a)                                  If
the Company at any time (other than the initial public offering of Company
Shares) proposes to register any of its securities under the Securities Act for
sale to the public, whether for its own account or for the account of other
shareholders or both (except with respect to registration statements on Forms S-4,
S-8 or any successor to such forms), each such time it will give written notice
to the Selling Shareholders of its intention to do so.  Upon the written request of a Selling
Shareholder, received by the Company within twenty (20) days after the giving
of any such notice by the Company, the Company will use its commercially
reasonable efforts to cause the Shares of such Selling Shareholder as to which
registration shall have been so requested to be included in the securities to
be covered by the registration statement proposed to be filed by the Company,
all to the extent requisite to permit the sale or other disposition by such
Selling Shareholder of such Shares so registered.  In the event that any registration pursuant
to this Section 8.2 shall be, in
whole or in part, an underwritten public offering of Shares, the number of
Shares of the Selling Shareholders to be included in such an underwriting may
be reduced if and to the extent that the managing underwriter shall be of the
opinion that such inclusion would adversely affect the marketing of the
securities to be sold by the Company therein. 
Notwithstanding the foregoing provisions, the Company may withdraw any
registration statement referred to in this Section 8.2 without thereby incurring any liability to such Selling
Shareholders.

 

(b)                                 In
the event any Piggyback Shares are included in a registration statement under
this Agreement:

 

(i)                                     To
the extent permitted by law, the Company will indemnify and hold harmless the
Selling Shareholders and each of their respective officers and directors, any
underwriter (as defined in the Securities Act) of the Selling Shareholders and
each person, if any, who controls such Selling Shareholders or the underwriter
within the meaning of the Securities Act or the Exchange Act (each, for
purposes of this Section 8.2, an “Indemnitee”),
against any losses, claims, damages or liabilities to which they may become
subject under the Securities Act, or the Exchange Act or other federal or state
law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arising out of or are based upon any of the following
statements, omissions or violations (collectively, a “Violation”): (A) any
untrue statement or alleged untrue statement of a material fact contained in
such registration statement, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto, (B) the
omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading, or (C) any
violation or alleged violation by the Company of the Securities Act, the
Exchange Act, any state securities law or any rule or regulation
promulgated under the Securities Act, or the Exchange Act or any state
securities law; and the Company will pay to each such Indemnitee, as incurred,
any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action; provided,
however, that this indemnity agreement shall not apply to amounts paid
in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Company (which consent shall
not be unreasonably withheld), nor shall the Company be liable in any such case
for any such loss, claim,

 

17

 

damage, liability or
action to the extent that it arises out of or is based upon a Violation which
occurs in reliance upon and in conformity with written information furnished
expressly for use in connection with such registration by any such Indemnitee.

 

(ii)                                  to
the extent permitted by law, each Selling Shareholder will indemnify and hold
harmless the Company, each of its directors, each of its officers who has
signed the registration statement, each person, if any, who controls the
Company within the meaning of the Securities Act, any underwriter, any other
Company shareholder selling securities in such registration statement and any
controlling person of any such underwriter of such other Company shareholder,
against any losses, claims, damages, or liabilities to which any of the foregoing
persons may become subject under the Securities Act, or the Exchange Act or
other federal or state law, insofar as such losses, claims, damages, or
liabilities (or actions in respect thereto) arise out of or are based upon any
Violation, in each case to the extent (and only to the extent) that such
Violation occurs in reliance upon and in conformity with written information
furnished by such Selling Shareholder expressly for use in connection with such
registration; and such Selling Shareholder will pay, as incurred, any legal or
other expenses reasonably incurred by any person intended to be indemnified
hereunder, in connection with investigation or defending any such loss, claim,
damage, liability, or action; provided, however, that this
indemnity agreement shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or action if such settlement is effected without
the consent of such Selling Shareholder, which consent shall not be
unreasonably withheld.

 

(iii)                               Promptly
after receipt by an indemnified party of notice of the commencement of any
action (including any governmental action), such indemnified party will, if a
claim in respect thereof is to be made against any indemnifying party, deliver
to the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an
indemnified party (together with all other indemnified parties which may be
represented without conflict by one counsel) shall have the right to retain one
separate counsel, with the fees and expenses to be paid by the indemnifying
party, if representation of such indemnified party by the counsel retained by
the indemnifying party would be inappropriate due to actual or potential
differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. 
The failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action, if materially prejudicial
to its ability to defend such action, shall relieve such indemnifying party of
any liability to the indemnified party to the extent of such prejudice, but the
omission so to deliver written notice to the indemnifying party will not
relieve it of any liability that it may otherwise have to any indemnified
party.

 

(iv)                              the
obligations of the Company and each Selling Shareholder under this Section 8.2 shall survive the completion of any
offering of Shares under this Agreement and termination of this Agreement.

 

18

 

Section 8.3                                      “Market
Stand-Off” Agreement.  During the
period of duration specified by the Company and an underwriter of Shares (or
other securities convertible into Shares) of the Company (which period shall
not exceed one hundred eighty (180) days), following the effective date of a
registration statement of the Company filed under the Securities Act, no
Shareholder shall, to the extent requested by the Company and such underwriter,
directly or indirectly sell, offer to sell, contract to sell (including,
without limitation, any short sale), grant any option to purchase or otherwise
transfer or dispose of (other than to those who agree to be similarly bound)
any Shares (or other securities convertible into Shares) of the Company held by
it at any time during such period (except, (i) transfers between or among
Shareholders; (ii) the Shares included in such registration; and (iii) transfers
to Affiliates of the transferor).

 

Section 8.4                                      Listing.  In connection with a registration pursuant to
Article VIII of this Agreement, the
Company will use all commercially reasonable efforts to qualify the Company
stock sold pursuant to such registration to trade on a United States national
securities exchange or on the National Association of Securities Dealers
Automated Quotation (“Nasdaq”) system and to maintain the inclusion of
such Shares on a United States national securities exchange or the Nasdaq
system for a period of four years after the effective date of a registration
statement filed with the SEC pursuant to this Agreement.  The Nasdaq system shall mean the Nasdaq
National Market.

 

ARTICLE IX

OTHER AGREEMENTS

 

Section 9.1                                      General.  Each of the Shareholders covenants and agrees
as follows:

 

(a)                                  No
Shareholder nor any Affiliate thereof shall, during the term of this Agreement
and for a period of three years after it ceases to own any Shares, and in the
service and/or geographic areas set forth and described in the terms and
conditions of the Licenses or in any license or concession that is currently
pending or has been requested by the Company, directly or indirectly own,
manage, operate, control, finance or participate in the ownership, management,
operation, control or financing of any Competing Enterprise; provided, however,
that this provision shall not apply to any Shareholder’s ownership or
acquisition, solely as an investment, of equity or debt securities that
represent no more than three percent (3%) of the outstanding voting securities
of a Competing Enterprise that is listed or admitted for trading on a
securities exchange or similar system. 
To the extent that the covenants provided for in this Section 9.1 may later be deemed by a court to be too
broad to be enforced with respect to its duration or with respect to any
particular activity or geographic area, the court making such determination
shall have the power to reduce the duration or scope of the provision, and to
add or delete specific words or phrases to or from the provision.  The provision as modified shall then be
enforced.

 

(b)                                 No
Shareholder nor any Affiliate thereof shall, during the term of this Agreement
and for a period of three years after it ceases to own any Shares, directly or
indirectly, for itself or for any other Person: 
(i) attempt to solicit the employment of any employee of the
Company, and/or (ii) call on or solicit any of the actual or targeted
prospective customers or clients of the Company with regard to the sale of
goods or services competitive

 

19

 

with the Company, nor any Shareholder make known the
names and addresses of such customers or any information relating in any manner
to the Company’s relationships with such customers.

 

(c)                                  No
Shareholders nor any Affiliate thereof shall at any time divulge, communicate or
use to the detriment of the Company or for the benefit of any other person or
persons, or misuse in any way, the contents of this Agreement or any
arrangements contemplated hereby or any confidential information pertaining to
the Company or its business.  Any
confidential information or data now known or hereafter acquired by any
Shareholder with respect to the Company and its business shall be deemed a
valuable, special and unique asset of the Company that is received by any
Shareholder in confidence and as a fiduciary, and such Shareholder shall remain
a fiduciary to the Company with respect to all of such information.

 

Section 9.2                                      Injunction.  It is recognized and hereby acknowledged by
the parties hereto that a breach or violation by any Shareholder of any or all
of the covenants and agreements contained in this Section 9.1 may cause
irreparable harm and damage to the Company in a monetary amount which may be
virtually impossible to ascertain.  As a
result, each Shareholder recognizes and hereby acknowledges that the Company
shall be entitled to an injunction from any court of competent jurisdiction
enjoining and restraining any breach or violation of any or all of the
covenants and agreements contained in this Section 9.1 by the Company
and/or its associates, Affiliates, partners or agents, either directly or
indirectly, and that such right to injunction shall be cumulative and in
addition to whatever other rights or remedies the Company may possess
hereunder, at law or in equity.  Nothing
contained in this Section 9.1 shall be construed to prevent the Company
from seeking and recovering from a Shareholder damages sustained by it as a
result of any breach or violation by such Shareholder of any of the covenants
or agreements contained herein.

 

Section 9.3                                      List
of Stockholders.  The Company
represents and warrants to the Shareholders that the list of existing
shareholders and their respective shareholding set forth on Exhibit A
hereto is the full, complete and accurate list of the Company’s shareholders and
there are no other shareholders of the Company.

 

Section 9.4                                      Issuance
of shares in connection with the Stock Purchase Agreement. In the event of
an issuance of shares pursuant to Section 3.6 (e) in connection with
the Stock Purchase Agreement, the parties hereby agree that (x) they will vote
in favor of such issuance and waive all their pre-emptive rights and (y) the
subscription price will be calculated based on the Equity Valuation performed
by the investment bank in accordance with Section 2.02 of the Stock
Purchase Agreement.

 

ARTICLE X

SHARE PROVISIONS

 

10.1                           Legend.  Each certificate representing the Shares
shall be stamped or otherwise imprinted with a legend in substantially the
following form (in addition to any legend required under applicable securities
Laws):

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN COVENANTS, AS SET
FORTH IN

 

20

 

THE
AMENDED AND RESTATED SHAREHOLDERS AGREEMENT BETWEEN THE SHAREHOLDERS OF THE
COMPANY, DATED AS OF APRIL 20, 2005. 
A COPY OF SUCH AGREEMENT MAY BE OBTAINED FROM THE SECRETARY OF THE
COMPANY.

 

Each Shareholder consents
to the Company’s making a notation on its records and giving instructions to
any transfer agent of the Shares in order to implement the restrictions on
Transfer established in this Section 10.1.

 

ARTICLE XI

TERMINATION

 

This Agreement (other than Article IX hereof) shall terminate upon the date of the
first to occur of any of the following events:

 

(a)                                  the
(voluntary or involuntary) dissolution or liquidation of the Company;

 

(b)                                 the
expiration of ninety (90) days after a petition in bankruptcy (or similar
petition) shall have been filed by or against the Company if not dismissed or
discharged within such 90 day period, provided that a voluntary petition
for bankruptcy by the Company shall not cause the termination of this
Agreement;

 

(c)                                  the
appointment of a receiver for the Company or the making of an assignment by the
Company for the benefit of creditors;

 

(d)                                 the
mutual written consent of all persons (or entities) then holding all of the
issued and outstanding Shares; and/or

 

(e)                                  any
merger or share exchange involving all of the issued and outstanding Shares
effected for a significant business purpose (and not solely or primarily to
effect a termination of this Shareholders Agreement), or any sale, transfer,
conveyance or disposition of all or substantially all of the assets and
properties of the Company.

 

Nothing contained in this Article XI shall affect or impair any rights or obligations
arising prior to the time of termination, or which may arise by an event
causing the termination, of this Agreement. 
Except with respect to Article IX,
this Agreement shall terminate as to any specific Shareholder upon the date
such Shareholder ceases to own any Shares (if and only if transferred or
disposed of in accordance with this Agreement).

 

ARTICLE XII

GENERAL PROVISIONS

 

12.1                           Credit
Agreements. Each of the Shareholders agrees that it will not exercise any
of its rights under this Agreement if such exercise results, or with the
passage of time would result, in a default or an event of default under any
executed credit agreement, guarantee, sponsor

 

21

 

contribution agreement or any other executed document
related to a credit facility that may be granted to the Company, and which is
in effect at the time of such exercise.

 

12.2                           Remedies.  Each Shareholder agrees that it would be
impossible or inadequate to measure and calculate the damages to the other
parties hereto and to the Company resulting from any breach of the restrictions
or obligations imposed by this Agreement. 
Accordingly, each Shareholder agrees that if such party breaches any
such restrictions or obligations, each other party hereto and the Company will
have, in addition to any other right or remedy available, the right to obtain
an injunction from a court of competent jurisdiction restraining such breach or
threatened breach and to specific performance of such arrangement.

 

12.3                           Governing
Law; Submission to Jurisdiction; Venue; Costs and Expenses.  The substantive rights and obligations of the
parties arising out of, in connection with or ancillary to this Agreement shall
be governed by the substantive laws of the State of Florida, excluding conflict
of laws principles.

 

12.4                           Arbitration.

 

(a)                                  Any
dispute, controversy or claim of any kind or character arising out of, relating
to or in connection with this Agreement (whether based in tort, contractual or
statutory principles), including any question regarding its existence, validity
or termination, or regarding a breach thereof (hereafter, “Dispute”)
shall be submitted to a representative of each of the parties involved to
attempt to reach an amicable resolution. 
A party wishing to initiate consideration of a dispute by such
representative shall give written notice to the other parties hereto of the
existence of such dispute and of the party’s desire to have such representative
consider the dispute.  Such notice shall
set forth a brief description of the nature of the dispute to be considered.

 

(b)                                 If
a Dispute is not settled within thirty (30) days after the notice is given to
the other parties seeking representative consideration of a Dispute, such
Dispute shall be submitted for resolution to the American Arbitration
Association in accordance with the International Arbitration Rules of the
American Arbitration Association. A party wishing to submit a Dispute to
arbitration shall give written notice to such effect to the other parties hereto.  The arbitration shall be resolved by a
three-person arbitration panel.

 

(c)                                  The
site of the arbitration shall be Miami, Florida, or such other location as the
parties in arbitration may mutually agree in writing, any award shall be deemed
to have been made there, and the language to be used in the arbitration
proceedings shall be the English language with a simultaneous translation into
Spanish.  Any award shall be in writing
in the English language and state the reasons and contain reference to the legal
grounds upon which it is based.  The
award may be made public only with the written consent of all parties to the
arbitration; provided, however, that any ruling or award, final
or otherwise, may be cited in any subsequent dispute or proceeding to enforce
such ruling.

 

12.5                           English
Language.  In the construction and
interpretation of the terms and provisions of this Agreement, the English
language version of this Agreement shall be the official version of this
Agreement and any version of this Agreement that has been translated

 

22

 

into another language shall have no force and effect
except for purposes of enforcing this Agreement in a court of law that requires
that the Agreement be presented in another language; provided, however,
that any such translation must be reviewed and accepted by both parties.

 

12.6                           Entire
Agreement.  This Agreement
constitutes the entire agreement among the parties with respect to the subject
matter hereof and supersede all prior agreements and understandings between
them or any of them as to such subject matter.

 

12.7                           Amendment.  This Agreement may be amended only upon the
written consent of the Company and the Shareholders owning seventy-five percent
(75%) of the Shares.

 

12.8                           Successors.  This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective heirs,
executors, legal representatives, successors, and permitted transferees, except
as may be expressly provided otherwise herein.

 

12.9                           Binding
Effect; Assignment.  This Agreement,
including the rights and conditions contained herein in connection with
disposition of Shares, shall be binding upon the parties hereto, together with
their respective executors, administrators, successors, personal
representatives, heirs and assigns permitted under this Agreement.

 

12.10                     Future
Actions.  The Company and the
Shareholders shall execute and deliver all such future instruments and take
such other and further action as may be reasonably necessary or appropriate to
effectuate the provisions of this Agreement and the intention of the parties as
expressed herein.  The Company and the
Shareholders further agree to negotiate in good faith with respect to any
amendments of this Agreement which may be required in order to obtain approval
of the transactions contemplated herein or in the Stock Purchase Agreement by
any Governmental Authority.

 

12.11                     Invalidity
of Provisions.  In the case any one
or more of the provisions contained in this Agreement shall for any reason be
held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provision of this
Agreement and such invalid, illegal and unenforceable provision shall be reformed
and construed so that it will be valid, legal, and enforceable to the maximum
extent permitted by applicable Law.

 

12.12                     Confidentiality.  Each party hereto agrees that it will keep
confidential and will not disclose or divulge any confidential, proprietary or
secret information which such party may obtain from the Company pursuant to
financial statements, reports and other materials submitted by the Company to
such party pursuant to this Agreement, or pursuant to visitation or inspection
rights granted hereunder, or by virtue of its relationship as a shareholder of
the Company, unless such information is (a) known, or until such
information becomes known, to the public other than due to disclosure thereof
by such party, (b) other than as a result of a breach of an obligation of
confidentiality to the Company (x) is already in such party’s possession
and was not subject to confidentiality under any other agreement between the
parties, or (y) becomes available to such party on a non-confidential
basis from a source other than the Company; provided, however,
that such party may disclose such information (i) on a confidential basis
to its attorneys, accountants, consultants and other professionals to the
extent necessary to obtain their services in connection

 

23

 

with its investment in the Company; (ii) on a
confidential basis to its Affiliates when obligated to do so; and (iii) as
required by applicable Law or a Governmental Authority, in which case such
party will promptly notify the Company of such request and cooperate with the
Company in its efforts to obtain a protective order or other appropriate remedy
to limit the scope of such disclosure.

 

12.13                     Notice.  Any notice, demand or request required or
permitted to be given by the Company or the Shareholders pursuant to the terms
of this Agreement shall be in writing, shall be delivered personally, by
messenger, recognized overnight or international courier service, or by
facsimile at the addresses of the parties set forth on Exhibit F hereto or
such other address as a party may request by notifying the other in writing,
and shall be deemed delivered upon receipt.

 

12.14                     No Waiver.  Any party’s failure to enforce any provision
or provisions of this Agreement shall not in any way be construed as a waiver
of any such provision or provisions, nor prevent that party thereafter from
enforcing each and every other provision of this Agreement.  The rights granted both parties herein are
cumulative and shall not constitute a waiver of any party’s right to assert all
other legal remedies available to it under the circumstances.

 

12.15                     Headings.  All Section headings herein and in the
table of contents hereto are for convenience of reference only and are not part
of this Agreement, and no construction or inference shall be derived there
from.

 

12.16                     Variation
in Terms.  All pronouns and any
variations thereof shall be deemed to refer to the masculine, feminine, or
neuter, singular or plural, as the identity of the person or persons or entity
or entities may require. Each defined term herein may be used in either its
singular or plural form whether or not so defined.

 

12.17                     Exhibits.  The Exhibits are a part of this Agreement as
if fully set forth herein.  All
references to Sections and Exhibits shall be deemed references to such parts of
this Agreement, unless the context shall otherwise require.

 

12.18                     Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be enforceable against the parties
actually executing such counterparts, and all of which together shall
constitute one instrument.

 

24

 

This SHAREHOLDERS
AGREEMENT is hereby executed as of the date first above written.

 

	
   

  	
  NEWCOMM WIRELESS SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TEM PUERTO RICO, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:
  Francisco Martínez-Davis

  
	
   

  	
  Title:
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Juan
  Ramón Balcells

  
	
   

  	
  Title:
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CLEARCOMM, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SuperTel
  Communications Corp., its

  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SYNDICATED COMMUNICATIONS

  VENTURE PARTNERS IV, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  ,

  
	
   

  	
   

  	
  its General
  Partner

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
													

 

25

 

	
   

  	
  FLEET DEVELOPMENT VENTURES,

  LLC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPPORTUNITY CAPITAL PARTNERS IV,

  L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  ,

  
	
   

  	
  its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  POWER EQUITIES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
											

 

26Exhibit 4.1

 

VISTULA COMMUNICATIONS SERVICES,
INC.

 

PROMISSORY NOTE

 

	
  $970,000

  	
   

  	
  March 15, 2005

  

 

Vistula Communications Services, Inc., a Delaware
corporation with offices at Suite 801, 405 Park Avenue, New York, NY 10022 (the
“Company”), for value received, hereby promises to pay to the order of MRS
Partners LLC, a Nevada limited liability company (hereinafter referred to as
the “Payee”) the principal sum of Nine Hundred Seventy Thousand Dollars ($970,000),
with interest on the unpaid principal balance on the terms set forth herein; provided, however, that the principal sum
payable hereunder is subject to setoff and adjustment as provided below.  This note (the “Note”) is being issued
pursuant to that certain Asset Purchase Agreement, dated as of January 5, 2004,
by and between the Company and the Payee, as amended by that Amendment and
Indemnification Agreement, dated as of May 5, 2004, by and between the Company,
the Payee and certain members of Payee, and as further amended by that certain
Second Amendment to Asset Purchase Agreement, dated as of March 15, 2005, by
and between the Company, the Payee and certain members of the Payee (the “Purchase
Agreement”), and is the Purchase Note referred to therein.  Capitalized terms used but not defined herein
shall have the meanings given them in the Purchase Agreement.

 

1.  Interest Rate.  Interest shall accrue on the unpaid principal
balance hereof at the rate of eight and one quarter percent (8.25%) per annum,
calculated on a daily basis beginning, on April 1, 2005.

 

2.  Payment.

 

                (a)  Method of Payment.  Principal and interest shall be payable in
lawful money of the United States of America, in immediately available funds,
to the Payee.

 

                (b)  Principal Payments.  The Company shall pay the principal on this
Note in the following manner:

 

(i)            $100,000
of the unpaid principal (or, if less, the amount of any then remaining unpaid
principal) shall be paid on each of September 30, 2005 and December 31, 2005;
and

 

(ii)           all
remaining unpaid principal shall be payable on the first anniversary of the
date of issuance of this Note as set forth above.

 

                (c)  Interest Payments.  The Company shall pay interest on the unpaid
principal balance of this Note in the following manner:

 

(i)            all
accrued but unpaid interest shall be paid monthly in arrears on the last day of
each month; and

 

 

(ii)           all
accrued but unpaid interest shall be payable on the first anniversary of the
date of issuance of this Note as set forth above or, if earlier, upon the
payment in full of the unpaid principal balance of this Note.

 

                (d)  Prepayment by Company.  The Company may prepay this Note, in whole or
in part, at any time without premium or penalty.

 

                (e)  Acceleration on Event of Default.  All outstanding principal and interest
hereunder shall become due and payable upon the occurrence of any of the
following events:

 

(i)  any failure by the Company to make any
payment hereunder when due, which failure is not cured by the Company within 30
days;

 

(ii)  the commencement by the Company of any
liquidation proceedings, assignment for the benefit of creditors or the
adoption of a winding up resolution by the Company, or the appointment of a
receiver or trustee over the whole or any part of Company’s assets, or the
calling by Company of a meeting of creditors for the purpose of entering into a
scheme or arrangement with them, or if the Company shall admit in writing its
inability to pay its debts as they become due; or

 

(iii)  the levy of an attachment or the institution
of execution proceedings against the whole or a substantial part of the Company’s
assets.

 

3.  Setoff.  The principal amount due under this Note may
be set off by the Company against any payments, obligations or liabilities
owing to the Company by Seller under the Purchase Agreement.  Any such set off shall be applied to the next
installment(s) to be paid under this Note.

 

4.  Miscellaneous.

 

                (a)  This Note may not be transferred without the
written consent of the Company.

 

                (b)  This Note shall be governed by, and construed
in accordance with, the laws of the State of Delaware and shall have the effect
of a sealed instrument.

 

	
   

  	
  VISTULA COMMUNICATIONS
  SERVICES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ George R. Vaughn

  	
   

  
	
   

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attest: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Paul Bork

  	
   

  
	
   

  	
   

  	
  Assistant Secretary

  	
   

  

 

2

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