Document:

Exhibit 10.38

Exhibit 10.38

EXECUTIVE NONCOMPETITION AGREEMENT

THIS NONCOMPETITION AGREEMENT (the “Agreement”) is made as of December 29, 2010, by and
between Communications Infrastructure Investments, LLC (the “Company”), and Dan Caruso,
residing at 6346 Snowberry Lane, Niwot Colorado (the “Executive”). Capitalized terms used
herein and not defined shall have the meanings ascribed to them in the Company’s Second Amended and
Restated Limited Liability Company Agreement dated February 9, 2009, as amended from time to time
(the “LLC Agreement”) by and among the Company, and the persons named on Schedule A
thereto.

RECITALS

WHEREAS, the Company desires to issue certain Class B Preferred Units (“Executive Preferred
Units”) to Bear Equity, LLC (“Bear Equity”) for and on behalf of the Executive pursuant to the
terms and conditions of the parties Vesting Agreement of even date herewith and the LLC Agreement;
and

WHEREAS, the Executive has substantial knowledge and experience in the Company’s and its
Subsidiaries’ businesses and intimate knowledge of their customers, processes, trade secrets and
other business information; and

WHEREAS, the Company wishes to protect it’s value from the risk of competition posed by the
Executive and it is a condition to the issuance and continued vesting of the Executive Preferred
Units that this Agreement be executed by the parties hereto, and the parties are willing to execute
this Agreement and to be bound by the provisions hereof;

NOW THEREFORE, in consideration of the foregoing, the agreements set forth below, and the
parties’ desire to preserve the value inherent in the Company for their mutual benefit, the
Executive, intending to be legally bound hereby, agrees with the Company as follows:

1. Definitions.

“Bear Equity” has the meaning specified in the Preamble to this Agreement.

“Board” means the Company’s Board of Managers.

“Cause” means the Executive’s: (i) dishonesty of a material nature with respect to the
Company (including, but not limited to, theft or embezzlement of the Company’s or any of its
Subsidiaries’ funds or assets); (ii) conviction of, or guilty plea or no contest plea, to a felony
charge or any misdemeanor involving moral turpitude, or the entry of a consent decree with any
governmental body; (iii) noncompliance in any material respect with any laws or regulations,
foreign or domestic, affecting the operation of the Company’s or any of its Subsidiaries’ business,
if such noncompliance is likely to have a material adverse effect on the Company or any of its
Subsidiaries; (iv) violation of any express direction or any rule, regulation or policy established
by the Board that is consistent with the terms of this Agreement, which violation, if reasonably
susceptible to cure, is not cured within ten (10) days of written notice thereof from the Board
(or, were such violation can not feasibly be cured within said 10 day period and Executive has not
cured such violation within a reasonable amount of time after using best efforts), and if such
violation is likely to have a material adverse effect on the Company or any of its Subsidiaries;
(v) material breach of this Agreement, which breach, if reasonably susceptible to cure, is not
cured within ten (10) days of written notice thereof from the Board (or, were such material breach
can not feasibly be cured within said 10 day period and Executive has not cured such material
breach within a reasonable amount of time after using best efforts) or a material breach of the
Executive’s fiduciary duties to the Company or any of its Subsidiaries; or (vi) gross incompetence,
gross neglect, or gross misconduct in the performance of the Executive’s duties.

					
	 	 	 	 	 
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“Competing Business” means any business engaged in owning or operating fiber networks.

“Executive Preferred Units” has the meaning specified in the Preamble to this
Agreement.

“Expiration Date” has the meaning specified in Section 2 of this Agreement.

“Fair Market Value” has the meaning set forth in the LLC Agreement.

“Good Reason” means the occurrence of any of the following events: (A) a substantial
adverse change in the nature or scope of Executive’s responsibilities, authorities, powers,
functions or duties attached to Executive’s position with the Company or any of its Subsidiaries as
of the date of this Agreement, (B) the relocation of the offices at which Executive is principally
employed to any other location that is more than 75 miles from the current location of such offices
or (C) Executive’s title as of the date of this Agreement is changed in any manner, other than as a
result of a promotion. Notwithstanding the foregoing, the occurrence of any event specified in
paragraphs (A), (B) or (C) shall not be deemed to be “Good Reason” if Executive fails to
voluntarily terminate his employment under this Agreement within sixty (60) days following such
event.

“Protected Territory” shall mean, prior to the Termination Date, the world, and
commencing on and after the Termination Date, shall include the United States and any other
geographic area in which the Company or any of its Subsidiaries conducts business as of the
Termination Date, or has developed an intention to conduct business in such geographic area on or
before the Termination Date and for which the Company or any of its Subsidiaries has prepared or
commissioned the preparation of a business plan or study on or before the Termination Date.

“Termination Date” shall mean the date the Executive’s employment with the Company or
any of its Subsidiaries is terminated, whether by the Executive or the Company or any of its
Subsidiaries

					
	 	 	 	 	 
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2. Term. The term of this Agreement shall be for a period commencing on October 31,
2010 and ending three (3) years thereafter, subject to the terms and conditions below.
Notwithstanding the foregoing, in the event the Executive’s employment with the Company or any of
its Subsidiaries is terminated by the Company or any of its Subsidiaries for any reason other than
for Cause, including, but not limited to, by reason of death or disability, then the term of this
Agreement (including all restrictions contained in Section 3) shall immediately expire and be of no
further force or effect. For the avoidance of doubt, in the event the Executive’s employment with
the Company or any of its Subsidiaries is terminated by the Company or any of its Subsidiaries for
Cause OR if Executive voluntarily terminates his employment with the Company or any of its
Subsidiaries for any reason other than Good Reason, then the term of this Agreement (including all
restrictions contained in Section 3) shall continue in full force and effect for the full three (3)
term referenced above. Notwithstanding the foregoing, in the event the Company elects and/or
appoints a Chairman of the Board other than Executive (without Executive’s approval), then
Executive shall have the right (but not the obligation) to elect one of the following options: (i)
if Executive elects to have full and immediate acceleration of vesting on all unvested Executive
Preferred Units under the Vesting Agreement of the same date hereof, then such accelerated vesting
shall immediately occur and Executive shall remain subject to all of the terms and conditions of
this Agreement for the remainder of the three (3) year term referenced above, or (ii) if Executive
elects to not have full and immediate acceleration of vesting under such circumstances, then
Executive shall thereafter not be subject to any of the terms and conditions of this Agreement and
such Agreement shall immediately expire and be of no further force or effect (however, if Executive
elects this option (ii) AND continues to be employed by the Company, then Executive will be subject
to the terms and conditions of this Agreement ONLY for as long as Executive’s employment with the
Company continues — after which such restrictions shall immediately expire). If Executive is
going to exercise the above referenced election, the Executive must do so within sixty (60) days of
the date the Chairman is elected and/or appointed.. For the avoidance of doubt, the above two
options are not conditioned on or subject to the termination of Executive’s employment with Company
or any of its Subsidiaries.

3. Noncompetition and Nonsolicitation.

(a) Noncompetition. During the term of this Agreement, the Executive agrees
that Executive will not, singly, jointly, or as a partner, member, Executive, agent,
officer, director, stockholder, equity holder, lender, consultant, independent contractor,
or joint venturer of any other Person, or in any other capacity, directly, indirectly or
beneficially (except (i) as a passive holder of not more than one percent (1%) of the
outstanding stock of any company listed on a national securities exchange, or actively
traded in a national over-the-counter market, (ii) as a passive participant in any venture
capital fund where his interest therein does not exceed one percent (1%) of the total
capital commitments, or (iii) as Executive Chairman of EnVysion, (iv) as an employee,
manager, director or owner of MCCC ICG Holdings LLC, or (v) as a director or owner of GTS
Group (i.e. Consortium 1 S.a.r.l. and its affiliated companies) (collectively,
“Permitted Activities”)), own, manage, operate, join, control, or participate in the
ownership, management, operation or control of, or permit the use of his name by, or work
for, or provide consulting, financial or other assistance to, or be connected in any manner
with, a Competing Business within the Protected Territory;

					
	 	 	 	 	 
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(b) Nonsolicitation. During the term of this Agreement, the Executive agrees
that Executive will not, singly, jointly, or as a partner, member, employee, agent, officer,
director, stockholder, equity holder, lender, consultant, independent contractor, or joint
venturer of any other Person, or in any other capacity, directly, indirectly or beneficially
(except for Permitted Activities) induce or attempt to induce (i) any Person which is a
customer of the Company or any of its Subsidiaries, or which otherwise is a contracting
party with the Company or any of its Subsidiaries, as of the date hereof or at any time
hereafter during the term of this Agreement, to terminate, alter or amend any written or
oral agreement or understanding with the Company or any of its Subsidiaries, or (ii) any
Person which is an employee or contractor of the Company or any of its Subsidiaries as of
the date hereof or at any time hereafter during the term of this Agreement, to terminate or
otherwise separate their employment or contractor arrangement with the Company or any of its
Subsidiaries.

4. Injunctive Relief. The Executive agrees that the breach of this Agreement by such
Executive will cause irreparable damage to the Company and that in the event of such breach the
Company shall have, in addition to any and all remedies of law, the right to an injunction,
specific performance or other equitable relief to prevent the violation of the Executive’s
obligations hereunder.

5. Amendments; Waiver. Any amendment to or modification of this Agreement, and any
waiver of any provision hereof, shall be in writing and shall require the prior written approval of
the Company. Any waiver by the Company of a breach of any provision of this Agreement shall not
operate or be construed as a waiver of any subsequent breach hereof.

6. Enforcement. The Company and the Executive agree that the covenants set forth in
this Agreement shall be enforced to the fullest extent permitted by law. Accordingly if, in any
judicial or similar proceedings, a court or any similar judicial body shall determine that such
covenant is unenforceable because it covers too extensive a geographical area or survives too long
a period of time, or for any other reason, then the parties intend that such covenant shall be
deemed to cover only such maximum geographical area and maximum period of time, and shall otherwise
be deemed to be limited in such manner, as will permit enforceability by such court or similar
body. The Company and the Executive further agree that covenants set forth in this Agreement are
reasonable in all the circumstances for the protection of the legitimate interests of the Company
and its Members. In the event that any one or more of such covenants shall, either taken by itself
or themselves together, be adjudged to go beyond what is reasonable in all the circumstances for
the protection of the interests of the Company and its Members, but would be adjudged reasonable if
any particular covenant or covenants or parts thereof were deleted, restricted or limited in a
particular manner, then the said covenants shall apply with such deletions, restrictions or
limitations, as the case may be.

7. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware applicable to contracts made and to be performed therein.

8. Consent to Jurisdiction. The Executive hereby agrees to submit to the exclusive
jurisdiction of the court in and of the State of Delaware and to the courts to which the decisions
of appeal of such courts may be taken and consents that service of process with respect to all
courts in and of the State of Delaware may be made by registered mail to Executive’s address set
forth on page 1 hereof.

					
	 	 	 	 	 
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9. Successors and Assigns. The Company shall have the right to assign this Agreement
to its successors and assigns, and all covenants and agreements hereunder shall inure to the
benefit of and be enforceable by said successors or assigns; provided, however, that the parties
hereto agree that in the event of any such assignment by the Company, the phrase “Competing
Business” shall, for purposes of being applied to Executive’s obligations hereunder to the
assignee, be limited to the business of the Company as of the date of such assignment.

10. Captions; Gender and Number. The captions of the sections of this Agreement are
for convenience of reference only and in no way define, limit or affect the scope or substance of
any section of this Agreement. The gender and number used in this Agreement are used as reference
terms only and shall apply with the same effect whether the parties are of the masculine, neuter or
feminine gender, corporate or other form, and the singular shall likewise include the plural.

11. Entire Agreement. This Agreement and each related agreement to which the
undersigned are a party constitute the full and entire understanding and agreement between the
parties with regard to the subjects hereof and thereof and supersede all prior agreements and
understandings, whether oral or written, with respect thereto and hereto.

[Remainder of page intentionally left blank]

					
	 	 	 	 	 
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IN WITNESS WHEREOF, this Agreement has been executed as of the date and year first above
written.

	 	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	COMMUNICATIONS INFRASTRUCTURE INVESTMENTS, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Scott Beer	 	 
	 	 	 	 	 	 	 
	 	 	Name: 	 	Scott Beer	 	 
	 	 	Title:	 	 General Counsel	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE:	 	 
	 
	 
	 	/s/ Dan Caruso	 	 
	 	 	 	 	 
	 	 	Dan Caruso	 	 

					
	 	 	 	 	 
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	 	9/7/2011Exhibit 10.39

Exhibit 10.39

Execution Copy (w/ NC)

Class D Common Units

EMPLOYEE EQUITY AGREEMENT

          This EMPLOYEE EQUITY AGREEMENT (this “Agreement”) is made as of January 24, 2011 by
and between Communications Infrastructure Investments, LLC, a Delaware limited liability company
(the “Company”), and [ ] (“Employee”). Unless otherwise provided in
this Agreement, capitalized terms used herein shall have the meanings set forth in Section
9 hereof.

WHEREAS, the Company desires to issue to Employee [ Amount ] thousand (
# ) of the Company’s Class D Common Units in consideration for certain services to be rendered
by Employee to one or more of the Company’s subsidiaries, upon the terms and subject to the
conditions set forth herein and in the LLC Agreement.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

Section 1. Issuance.

(a) Upon the terms and subject to the conditions of this Agreement and the LLC Agreement, on
the date of this Agreement, the Company will issue to Employee, in consideration of certain
services to be rendered by Employee to the Company, [ ] thousand ( # ) of the
Company’s Class D Common Units (the “Employee Units”). Common Unit Threshold D related to
such Employee Units shall be $45,000,000.00. Such Employee Units shall receive distributions
from the Company pursuant to the LLC Agreement when the aggregate distributions previously made
with respect to Issued Common Units pursuant to the LLC Agreement are equal to or greater than such
Common Unit Threshold D.

(b) The Employee Units are being issued as profits interests for federal income tax purposes
pursuant to Revenue Procedures 93-27 and 2001-43 (or pursuant to any subsequent authority) and
notwithstanding anything to the contrary in this Agreement or the LLC Agreement, any allocation or
distribution pursuant to the LLC Agreement with respect to the Employee Units issued pursuant to
this Agreement shall be adjusted to the extent necessary so that such Employee Units shall be
treated as profits interests for federal income tax purposes.

Section 2. Closing Conditions. The obligation of the Company to
consummate the transactions contemplated hereby and issue Employee Units hereunder is subject to
Employee’s execution and delivery of (i) a counterpart signature to the LLC Agreement and (ii) a
Non Disclosure and Developments Agreement.

Section 3. Representations and Warranties of Employee. In connection
with the issuance of the Employee Units hereunder, Employee represents and warrants to the Company
as of the date hereof as follows:

(a) Employee has had an opportunity to ask questions and receive answers concerning the terms
and conditions of the Employee Units. Employee has reviewed, or has had an opportunity to review a
copy of the LLC Agreement.

 

 

 

(b) Each of this Agreement and the LLC Agreement constitutes the legal, valid and binding
obligation of Employee, enforceable against Employee in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and limitations on the availability of equitable remedies,
and the
execution, delivery, and performance of this Agreement and the LLC Agreement by Employee does
not and will not conflict with, violate, or cause a breach of any agreement, contract, or
instrument to which Employee is a party or any judgment, order, or decree to which Employee is
subject.

(c) As a condition precedent to the issuance of the Employee Units pursuant to this Agreement,
Employee shall execute and deliver to the Company and the Internal Revenue Service (the
“IRS”) a timely, valid election under Section 83(b) of the Code (the “83(b)
Election”). Employee understands that under Section 83(b) of the Code, the Treasury
regulations promulgated thereunder, and certain IRS administrative announcements (including Revenue
Procedures 93-27 and 2001-43), in the absence of an effective election under Section 83(b) of the
Code, the excess of the fair market value of the Employee Units on the date on which any forfeiture
restrictions applicable to such Employee Units lapse over the price paid for such units is
reportable as ordinary income at that time. For this purpose, the term “forfeiture restrictions”
means the restrictions on transferability, the repurchase and forfeiture provisions and the vesting
conditions imposed under Section 5 and Section 6 hereof. Employee understands that
(i) in making the 83(b) Election, Employee may be taxed at the time the Employee Units are acquired
hereunder to the extent the fair market value of the Employee Units exceeds the purchase price for
such units and (ii) in order to be effective, the 83(b) Election must be filed with the IRS within
thirty (30) days after the date upon which the Employee Units were issued to Employee hereunder.
Employee hereby acknowledges that: (x) the foregoing description of the tax consequences of the
83(b) Election is not intended to be complete and, among other things, does not describe state,
local or foreign income and other tax consequences; (y) none of the Company, the Investor Members
or any of the their respective affiliates, officers, employees, agents or representatives (each, a
“Related Person”) has provided or is providing Employee with tax advice regarding the 83(b)
Election or any other matter, and the Company and the Investor Members have urged Employee to
consult Employee’s own tax advisor with respect to income taxation consequences of purchasing,
holding and disposing of the Employee Units; and (z) none of the Company, the Investor Members or
any Related Person has advised Employee to rely on any determination by it or its representatives
as to the fair market value specified in the 83(b) Election and will have no liability to Employee
if the actual fair market value of the Employee Units on the date hereof exceeds the amount
specified in the 83(b) Election.

(d) None of the Company, the Investor Members or any Related Person has made any
representation or warranty, express or implied, as to the future performance of the Company or the
present or future value of the Employee Units to be purchased by Employee. Employee further
acknowledges that: (i) all forecasts, projections or illustrations of amounts that might be
realized as a result of Employee’s purchase of the Employee Units that the Company, the Investor
Members or a Related Person shared with Employee (collectively, “Illustrations”), if any,
were purely hypothetical; (ii) none of the Company, the Investor Members or any Related Person
intended for Employee to rely upon such Illustrations in the process of making an investment
decision, and (iii) Employee has not relied on such Illustrations in the process of making an
investment decision.

 

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Section 4. Representations and Warranties of the Company. In connection
with the issuance of the Employee Units hereunder, the Company represents and warrants to Employee
as of the date hereof as follows:

(a) Organization, Limited Liability Company Power. The Company is a limited liability
company duly organized, validly existing and in good standing under the laws of the State of
Delaware. The Company possesses all requisite limited liability company power and authority
necessary to own and operate its properties, to carry on its businesses as presently conducted and
to carry out the transactions contemplated by this Agreement.

(b) Employee Units Duly Issued. When issued pursuant to this Agreement, all of the
Employee Units will be duly authorized, validly issued and will have been issued by the Company in
compliance with applicable federal and state securities laws.

(c) Authorization; No Breach; Consents. The execution, delivery and performance by
the Company or its officers of this Agreement and the LLC Agreement and the offer, sale and
issuance of the Employee Units hereunder have been duly authorized by the Company. Each of this
Agreement and the LLC Agreement constitutes a valid and binding obligation of the Company,
enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and
limitations on the availability of equitable remedies.

Section 5. Vesting. The Employee Units issued to Employee pursuant to
this Agreement will “vest” as provided in this Section 5. The provisions of this
Section 5 will be in all respects subject to the provisions of Section 6
below.

(a) General. The vesting start date is January 1, 2011 (the “Vesting Start
Date”). The issuance date is January 24, 2011 (the “Issuance Date”). The vesting end
date is January 1, 2014 (the “Vesting End Date”). Subject to Section 5(b) below, (i) on
January 1, 2012 (the “First Vesting Date”), [ Insert 1/3 of grant ] Employee Units of the
Employee Units acquired by Employee hereunder shall vest and become Vested Units and (ii)
thereafter, on a monthly basis measured from the First Vesting Date through the Vesting End Date, a
number of Employee Units equal to 1/36 of the aggregate number of Employee Units acquired by
Employee hereunder shall vest and become Vested Units; provided that all of the Employee
Units will immediately vest and become Vested Units five months after the consummation of a Sale of
the Company if Employee has remained continuously employed by the Company or any Subsidiary of the
Company from the date hereof through when such Sale of the Company is consummated and such Employee
does not voluntarily terminate such Employee’s employment with the Company prior to the date
five-months after the consummation of the Sale of the Company and (A) all of the consideration paid
in respect of such Sale of the Company consists of cash or Marketable Securities, (B) the
consideration paid in respect of such Sale of the Company is not all cash or Marketable Securities
and the Board determines in the Board’s sole discretion that the Sale of the Company constituted a
Management Control Acquisition or (C) the Board determines in the Board’s sole discretion that the
Employee Units shall immediately vest and become Vested Units. As of any date, the term
“Vested Units” means the Employee Units that have vested as of such date pursuant to this
Section 5 and the term “Unvested Units” means the Employee Units that are not
Vested Units as of such date.

 

3

 

(b) Termination of Vesting. Notwithstanding Sections 5(a) above, if Employee
ceases to be employed by the Company or any of its Subsidiaries prior to a Sale of the Company,
then vesting will cease, with the effect that from and after the date of such cessation the number
of the Employee Units issued to Employee pursuant to Section 1 above that will be Vested
Units will be the number of such units that constitute Vested Units as determined pursuant to
Section 5(a) above as of the date such employment ceased, whether or not a Sale of the
Company occurs thereafter.

(c) Transfer. Employee may transfer Vested Units or Unvested Units only in accordance
with the LLC Agreement and Section 10(b) below. Furthermore, Employee may not agree to
offer or sell, grant any call option with respect to, pledge, hypothecate, borrow against, grant a
lien, security interest or other encumbrance in or on, dispose of or enter into any swap or
derivative transaction with respect to any Vested Unit or Unvested Unit or any interest therein
without the prior written consent of the Board. Any attempted or purported transfer, sale, grant,
pledge, hypothecation or other agreement in violation of this Agreement shall be void ab initio.

(d) Rights as a Member. Employee shall be the record owner of the Employee Units
until or unless such Employee Units are forfeited or repurchased pursuant to Section 6
below or transferred in accordance with the terms of the LLC Agreement, and as record owner shall
be entitled to all rights granted to owners of Common Units.

Section 6. Repurchase and Forfeiture of Units.

(a) Repurchase Option. If Employee ceases to be employed by the Company or any of its
Subsidiaries (the “Termination” of Employee), the Unvested Units shall automatically, and
without any action on the part of the Company, be forfeited and cease to exist as of the date of
the Termination, and the Vested Units shall either (i) if such Termination was by the Company for
subjection (iv) of the definition of Cause set forth in Section 9 herein, be,
automatically, and without any action on the part of the Company, forfeited and cease to exist as
of the date of the Termination (ii) if such Termination was by the Company for subjection (i), (ii)
or (iii) of the definition of Cause set forth in Section 9 herein, be subject to repurchase
by the Company (or its nominee) pursuant to the terms and conditions set forth in this Section
6, or (iii) if such Termination was for any reason other than a Termination by the Company for
Cause, be retained by Employee.

(b) Purchase Price. The purchase price for each Vested Unit shall be the Fair Market
Value (as defined below) for such unit as of the date of the Termination. The “Fair Market
Value” of any Vested Unit on any date means the amount that would be distributed to the owner
of such Vested Unit if the Company were to sell all of its assets for their fair market value, pay
its indebtedness and other obligations, and distribute all remaining cash to the Members in
accordance with the provisions of the liquidating provisions of the LLC Agreement, all as
determined in good faith by the Board.

(c) Repurchase Procedures. The Company (or its nominee) may elect to purchase all or
any portion of the Vested Units by delivering written notice (the “Repurchase Notice”) to
the holder or holders of such Vested Units within 90 days following
the last day of the Employment Period. The Repurchase Notice shall set forth the number of
Vested Units to be acquired from each holder of Employee Units, the aggregate consideration to be
paid for such Vested Units and the time and place for the closing of the transaction. At any time
prior to the closing of such transaction, the Company may rescind the Repurchase Notice for any
reason (including for no reason at all) without liability to the holders of Employee Units. The
Vested Units to be repurchased by the Company shall first be satisfied to the extent possible from
the Employee Units held by Employee at the time of delivery of the Repurchase Notice. If the
number of Vested Units then held by Employee is less than the total number of Vested Units that the
Company has elected to purchase, the Company shall purchase the remaining Vested Units to be
purchased from the other holder(s) of Employee Units under this Agreement, pro rata according to
the number of Vested Units held by such other holder(s) at the time of delivery of such Repurchase
Notice (determined as close as practicable to the nearest whole units).

 

4

 

(d) Closing of Repurchase. The closing of the purchase of such Employee Units
pursuant to Sections 6(c) above shall take place on the date designated by the Company in
the Repurchase Notice. The Company (or its nominee) shall pay for such Employee Units to be
purchased by delivery, at the sole option of the Company, of either (i) a check or wire transfer of
immediately available funds or (ii) an unsecured promissory note in form and substance reasonably
acceptable to the Board and Employee; provided that such promissory note shall (A) accrue
interest at the then Applicable Federal Rate as published by the Internal Revenue Service, (B) have
a stated maturity of five years, (C) provide that the principal and all accrued interest thereon
shall be due and payable in arrears at maturity, (D) allow for voluntary prepayments of principal
and interest without penalty or premium and (E) be subordinated to any indebtedness for borrowed
money of the Company and its Subsidiaries. In connection with the purchase of Employee Units
hereunder, the Company shall be entitled to receive customary representations and warranties from
the sellers regarding such sale of units (including representations and warranties regarding good
title to such units, free and clear of any liens or encumbrances).

(e) Termination of Repurchase Option. The right of the Company to repurchase Employee
Units pursuant to this Section 6 shall terminate upon the first to occur of a Sale of the
Company or a Qualified Public Offering.

Section 7. Non-Compete. Employee hereby agrees that during Employee’s
employment and for a period of one year after Employee’s Termination, Employee will not directly or
indirectly engage or participate in (whether as an employee, consultant, proprietor, partner,
director or otherwise) any position (i) of a business development/mergers and acquisitions nature,
with any person, firm, corporation or business that engages in owning or operating fiber networks
in the United States, or (ii) a sales, sales management, or sales engineering nature if such
position involves products or services similar to the Company’s being sold to one or more of the
Company’s top 50 customers. Notwithstanding the foregoing, this Section 7 shall not apply (i) in
any case where the Termination of Employee by the Company was not for Cause, (ii) at any time after
January 1, 2014 or (iii) at any time after 5 months after the Sale of Company shall have been
consummated. For avoidance of doubt, this Section 7 will apply in any case where the Employee
voluntarily terminates their employment with the Company or where the Employee is
terminated with Cause.

 

5

 

Section 8. Withholding. If the Company or any of its subsidiaries
determines in their sole discretion that they are or could be obligated to withhold any tax in
connection with the issuance of Employee Units, or in connection with the transfer of, or the lapse
of restrictions on, the Employee Units, the Company, or the applicable subsidiary, may, in its
discretion, withhold the appropriate amount of tax in cash from the Employee’s wages or other
remuneration. The Employee further agrees that, if the Company or the applicable subsidiary does
not withhold an amount sufficient to satisfy the withholding obligation
of the Company or the subsidiary, the Employee will on demand reimburse the Company or the
subsidiary in cash for the amount underwithheld.

Section 9. Definitions.

“Affiliate” shall mean, as to any Person, any other Person which directly or indirectly
controls, or is under common control with, or is controlled by, such Person. As used in this
definition, “control” (including, with its correlative meanings, “controlled by” and “under common
control with”) shall mean possession, directly or indirectly, of power to direct or cause the
direction of management or policies (whether through ownership of securities or partnership or
other ownership interests, by contract or otherwise).

“Board” means the board of managers of the Company.

“Business Day” means a day that is not a Saturday, a Sunday or a statutory or civic holiday
in the State of Colorado.

“Cause” means (i) any continued or repeated absence from the Company, unless such absence
is (A) in compliance with Company policy or approved or excused by the Board or (B) is the result
of Employee’s permitted vacation, illness, disability or incapacity, (ii) use of illegal drugs by
Employee or repeated public drunkenness or commission by Employee of any act of moral turpitude,
(iii) conviction of, or a plea of guilty or no contest or similar plea with respect to, a felony
(other than a driving-related offense, including alcohol-related driving offenses) or (iv) the
commission by Employee of an act of fraud or embezzlement.

“Common Unit Threshold D” has the meaning set forth in the LLC Agreement.

“Common Units” has the meaning set forth in the LLC Agreement.

“Code” means the United States Internal Revenue Code of 1986, as in effect from time to
time.

“Employment Period” means the period beginning on the date hereof and ending on the
day on which Employee ceases to be employed by the Company or any of its Subsidiaries.

“Investor Members” has the meaning set forth in the LLC Agreement.

“Issued Common Units” has the meaning set forth in the LLC Agreement.

“LLC Agreement” means the Second Amended and Restated Limited Liability Company
Operating Agreement of Communications Infrastructure Investments, LLC, dated as of February 9,
2009, as amended and in effect from time to time.

 

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“Management Control Acquisition” means a Sale of the Company with respect to which (i)
immediately prior to such Sale of the Company, Dan Caruso is serving the Company as Chief Executive
Officer and (ii) after giving effect to the consummation of the Sale of the Company, Dan Caruso is
not the Chief Executive Officer of the combined company resulting from such Sale of the Company.

“Marketable Securities” means securities of a class listed on a national securities
exchange or quoted on Nasdaq or a successor thereof (a) which the holders thereof would have the
right to sell in a Public Sale (whether pursuant to Rule 144 or exercise of registration rights or
otherwise) within 180 days following their issuance to the holders, disregarding for this purpose
any lock-up agreements or other contractual restrictions on transfer and (b) which can be
reasonably expected to be able to be sold in Public Sales within 180 days of their issuance without
having any material adverse effect upon the market for other securities of the same class.

“Person” means an individual, a partnership, a corporation, a limited liability
company, an association, a joint share company, a trust, a joint venture, an unincorporated
organization and a governmental entity or any department, agency or political subdivision thereof.

“Public Offering” means an underwritten public offering and sale of any common
ownership interest of the Company or any securities issued with respect to, or in exchange for any
common ownership interest of the Company pursuant to an effective registration statement under
the Securities Act.

“Public Sale” means any sale of securities registered pursuant to a registration
statement under the Securities Act or pursuant to the provisions of Rule 144 or Rule 145 adopted
under the Securities Act or any substantially equivalent sale made in compliance with successor
provisions of the federal securities laws and regulations as amended.

“Qualified Public Offering” means a Public Offering after which the Company’s common
equity securities will be traded on a U.S. national securities exchange or on the NASDAQ Stock
Market.

“Sale of the Company” means any of the following: (a) a merger or consolidation of
the Company or its Subsidiaries into or with any other Person or Persons, or a transfer of units in
a single transaction or a series of transactions, in which in any case the Members of the Company
or the members of its Subsidiaries immediately prior to such merger, consolidation, sale, exchange,
conveyance or other disposition or first of such series of transactions possess less than a
majority of the voting power of the Company’s or its Subsidiaries’ or any successor entity’s issued
and outstanding capital securities immediately after such transaction or series of such
transactions; or (b) a single transaction or series of transactions, pursuant to which a Person or
Persons who are not direct or indirect wholly-owned Subsidiaries of the Company acquire all or
substantially all of the Company’s or its Subsidiaries’ assets determined on a consolidated basis,
in each case, other than (i) the issuance of additional capital securities in a Public Offering or
private offering for the account of the Company or a (ii) a foreclosure or similar transfer of
equity occurring in connection with a creditor exercising remedies upon the default of any
indebtedness of the Company.

 

7

 

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

“Subsidiary” means, with respect to any Person, any corporation, limited liability
company, partnership, association or other business entity of which (i) if a corporation, a
majority of the total voting power of units entitled (without regard to the occurrence of any
contingency) to vote in the election of directors thereof is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a
combination thereof, or (ii) if a limited liability company, partnership, association or other
business entity, a majority of the limited liability company, partnership or other similar
ownership interest thereof is at the time owned or controlled, directly or indirectly, by any
Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a
Person or Persons shall be deemed to have a majority ownership interest in a limited liability
company, partnership, association or other business entity if such Person or Persons shall be
allocated a majority of limited liability company, partnership, association or other business
entity gains or losses or shall be or control the managing director or general partner of such
limited liability company, partnership, association or other business entity.

Section 10. Miscellaneous.

(a) Consent to Amendments. No modification, amendment or waiver of any provision of
this Agreement shall be effective against any party hereto unless such modification, amendment or
waiver is approved in writing by such party. No other course of dealing between the Company and
Employee or any delay in exercising any rights hereunder will operate as a waiver by any of the
parties hereto of any rights hereunder.

(b) Successors and Assigns. All covenants and agreements contained in this Agreement
by or on behalf of any of the parties hereto will bind and inure to the benefit of the respective
successors and permitted assigns of the parties hereto whether so expressed or not. In addition to
other transfer restrictions set forth in this Agreement and the LLC Agreement, Employee may not
transfer
any units purchased hereunder until the transferee of such units shall have agreed in writing
to be bound by the provisions of this Agreement affecting the units so transferred.

(c) Severability. Whenever possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Agreement is held to be prohibited by or invalid under applicable law, such provision will
be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement.

(d) Counterparts. This Agreement may be executed simultaneously in two or more
counterparts, any one of which need not contain the signatures of more than one party, but all such
counterparts taken together will constitute one and the same Agreement.

(e) Descriptive Headings; Interpretation. The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a substantive part of this Agreement. The
use of the word “including” in this Agreement will be by way of example rather than by limitation.

 

8

 

(f) Governing Law. ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY,
ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT AND THE EXHIBITS AND SCHEDULES HERETO SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING
EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF
DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY
JURISDICTION OTHER THAN THE STATE OF DELAWARE. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW
OF THE STATE OF DELAWARE SHALL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT (AND
THE SCHEDULE HERETO), EVEN THOUGH UNDER DELAWARE’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE
SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

(g) Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF
ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL
TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS
RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT,
TORT, EQUITY, OR OTHERWISE. EACH PARTY TO THIS AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH
CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT
THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY
COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO
TRIAL BY JURY.

(h) Notices. All notices, demands or other communications to be given or delivered by
reason of the provisions of this Agreement shall be in writing and shall be deemed to have been
given (i) on the date of personal delivery to the recipient or an officer of the recipient, or (ii)
when sent by telecopy or facsimile machine to the number shown below on the date of such confirmed
facsimile or telecopy transmission (provided that a confirming copy is sent via overnight mail), or
(iii) when properly deposited for delivery by a nationally recognized commercial overnight delivery
service, prepaid, or by deposit in the United States mail, certified or registered mail, postage
prepaid, return receipt requested. Such notices, demands and other communications will be sent to
each party at the address indicated for such party below:

 If to the Company to:

Communications Infrastructure Investments, LLC

400 Centennial Parkway, Suite 200

Louisville, CO 80027

Attention: Chief Financial Officer (CFO)

 

9

 

 with a copy (which will not constitute notice to the Company) to:

Communications Infrastructure Investments, LLC

400 Centennial Parkway, Suite 200

Louisville, CO 80027

Attention: General Counsel

If to Employee to:

The address listed on the signature page hereto.

or to such other address or to the attention of such other person as the recipient party has
specified by prior written notice to the sending party.

(i) No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or
interpretation arises, this Agreement will be construed as if drafted jointly by the parties
hereto, and no presumption or burden of proof will arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this Agreement.

(j) Entire Agreement. Except as otherwise expressly set forth in this Agreement, this
Agreement and the other agreements referred to in this Agreement embody the complete agreement and
understanding among the parties to this Agreement with respect to the subject matter of this
Agreement, and supersede and preempt any prior understandings, agreements, or representations by or
among the parties or their predecessors, written or oral, which may have related to the subject
matter of this Agreement in any way.

(k) Time is of the Essence. Time is of the essence for each and every provision of
this Agreement. Whenever the last day for the exercise of any privilege or the discharge or any
duty hereunder shall fall upon a day that is not a Business Day, the party having such privilege or
duty may exercise such privilege or discharge such duty on the next succeeding day which is a
Business Day.

* * * * *

 

10

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written
above.

	 	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	COMMUNICATIONS INFRASTRUCTURE INVESTMENTS, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[Name]	 	 
	 
	 	 	 	 	 	 
	 	 	Address: [ Insert ]	 	 

Communications Infrastructure Investments, LLC

Employee Equity Agreement Signature Page

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