Document:

Stockholders' Agreement

 Exhibit 4.1 
 EXECUTION COPY 
  

 STOCKHOLDERS’ AGREEMENT 
 of 
 VIRGIN MOBILE USA, INC. 
 by and
among 
 VIRGIN MOBILE USA, INC., 
 CORVINA HOLDINGS LIMITED 
 and 
 SPRINT VENTURES, INC. 
 Dated as of October 16, 2007 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	RECITALS	  	1
		
	ARTICLE I DEFINITIONS	  	1
	 SECTION 1.1.
	 	Certain Defined Terms	  	1
	 SECTION 1.2.
	 	Other Definitional Provisions	  	8
		
	ARTICLE II CORPORATE GOVERNANCE	  	8
	 SECTION 2.1.
	 	Board Representation	  	8
	 SECTION 2.2.
	 	Committees	  	12
	 SECTION 2.3.
	 	Available Financial Information	  	12
	 SECTION 2.4.
	 	Access	  	13
	 SECTION 2.5.
	 	Requirements for Board Action	  	13
	 SECTION 2.6.
	 	Sprint and Virgin Consent	  	14
	 SECTION 2.7.
	 	Preferred Provider Status	  	15
		
	ARTICLE III TRANSFERS	  	16
	 SECTION 3.1.
	 	Rights and Obligations of Transferees	  	16
	 SECTION 3.2.
	 	Right of First Offer by Stockholders	  	16
	 SECTION 3.3.
	 	Subscription Rights	  	17
	 SECTION 3.4.
	 	Void Transfers	  	18
		
	ARTICLE IV MISCELLANEOUS	  	18
	 SECTION 4.1.
	 	Stockholder Indemnification; Reimbursement of Expenses	  	18
	 SECTION 4.2.
	 	Effectiveness; Termination	  	20
	 SECTION 4.3.
	 	Amendments and Waivers	  	20
	 SECTION 4.4.
	 	Successors, Assigns and Transferees	  	21
	 SECTION 4.5.
	 	Legend	  	21
	 SECTION 4.6.
	 	Notices	  	21
	 SECTION 4.7.
	 	Further Assurances	  	23
	 SECTION 4.8.
	 	Entire Agreement	  	23
	 SECTION 4.9.
	 	Enabling Clause	  	24
	 SECTION 4.10.
	 	Delays or Omissions	  	24
	 SECTION 4.11.
	 	Governing Law; Jurisdiction; Waiver of Jury Trial	  	24
	 SECTION 4.12.
	 	Severability	  	24
	 SECTION 4.13.
	 	Enforcement	  	24
	 SECTION 4.14.
	 	Titles and Subtitles	  	25
	 SECTION 4.15.
	 	No Recourse	  	25
	 SECTION 4.16.
	 	Counterparts; Facsimile Signatures	  	25
			
	 Exhibits
	 		  	
		
	 Exhibit A — Assignment and Assumption Agreement
	  	

  

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 THIS STOCKHOLDERS’ AGREEMENT (this “Agreement”) is entered as of October 16,
2007, by and among Virgin Mobile USA, Inc., a Delaware corporation (the “Company”), Corvina Holdings Limited, a company incorporated in the British Virgin Islands (“Corvina”), Cortaire Limited, a company
incorporated in the British Virgin Islands (“Cortaire” and together with Corvina, “Virgin”), and Sprint Ventures, Inc., a Kansas corporation (“Sprint”). Virgin and Sprint, together with each Person
who becomes a party hereto pursuant to Section 3.1, are referred to individually as a “Stockholder” and together as the “Stockholders”. 
 RECITALS 
 WHEREAS, the Company and the Stockholders are parties to that certain
Reorganization and Purchase Agreement, dated as of October 10, 2007, as the same may hereafter be amended from time to time (the “Reorganization and Purchase Agreement”); 
 WHEREAS, following the consummation of the transactions contemplated by the Reorganization and Purchase Agreement, the Stockholders will beneficially own
Equity Securities (as defined herein) of the Company; 
 WHEREAS, the Company is currently contemplating an underwritten initial public
offering of the Class A common stock, par value $0.01 per share, of the Company (the “Initial Public Offering”); and 
 WHEREAS, in connection with, and effective upon, the Initial Public Offering, each of the Stockholders desires to promote the interests of the Company and the mutual interests of the Stockholders by establishing herein certain terms and
conditions upon which the Equity Securities of the Company will be held following completion of the Initial Public Offering, including provisions restricting the transfer of shares of Equity Securities, and providing for certain corporate governance
and other matters. 
 NOW, THEREFORE, in consideration of the foregoing recitals and of the mutual promises hereinafter set forth, the
Company and the Stockholders hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1. Certain Defined Terms. As used herein, the following
terms shall have the following meanings: 
 “Affiliate” means, with respect to any Person, any other Person directly or
indirectly controlling, controlled by, or under direct or indirect common control with, such Person. 
 “Amended and Restated PCS
Services Agreement” shall mean the Amended and Restated PCS Services Agreement between the Company and Sprint Spectrum, L.P., governing the provision of telecommunication services by Sprint Spectrum, L.P. to the Company, dated as of
October 16, 2007. 

 “Applicable Law” means, with respect to any Person, any statute, law, regulation,
ordinance, rule, injunction, order, decree, governmental approval, directive, requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by,
any governmental authority or the Exchange, applicable to such Person or its Subsidiaries or their respective assets. 
 “Audit
Committee” has the meaning assigned to such term in Section 2.2(b). 
 “beneficial owner” or
“beneficially own” has the meaning given such term in Rule 13d-3 under the Exchange Act and a Person’s beneficial ownership of Equity Securities of the Company shall be calculated in accordance with the provisions of such Rule;
provided, however, that for purposes of determining beneficial ownership, no Person shall be deemed to beneficially own any security solely as a result of such Person’s execution of this Agreement. 
 “Board” means the Board of Directors of the Company. 
 “Business Day” means 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 the City of New York. 
 “By-laws” means the By-laws of the Company, as in effect on the date hereof and as the same may be amended, supplemented or otherwise
modified from time to time in accordance with the terms thereof, the terms of the Charter and the terms of this Agreement. 
 “CEO
Designee” has the meaning assigned to such term in Section 2.1(a). 
 “Change of Control” means: 

(i) A transaction of merger, reorganization, consolidation or similar form of business transaction directly involving the Company or indirectly
involving the Company through one or more intermediaries unless, immediately following such transaction, more than 50% of the voting power of the then outstanding voting stock of the Company resulting from consummation of such transaction
(including, without limitation, any parent or ultimate parent corporation of such Person that as a result of such transaction owns directly or indirectly the Company and all or substantially all of the Company’s assets) is held by the existing
stockholders of the Company; or 
 (ii) the Company, directly or indirectly, sells, assigns, conveys, transfers, leases or otherwise disposes
of all or substantially all of its assets to another Person other than as permitted under the Reorganization and Purchase Agreement; or 
 (iii) the acquisition of control of the Company by a Person or group of Persons. For the purposes of this definition, the term “control” shall mean the possession, directly or indirectly, of the power to either (a) vote more
than fifty percent (50%) of the securities having ordinary voting power for the election of directors (or comparable positions in the case of partnerships and limited liability companies), or (b) direct or cause the direction of the
management and policies of such Person whether by contract or otherwise (for the avoidance of doubt, consent rights do not constitute control for the purpose of this definition); or 
  

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 (iv) individuals who constitute the Board (the “Incumbent Directors”) cease for any
reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date of this Agreement, whose election or nomination for election is either (A) contemplated by a written agreement among
stockholders of the Company on the date of this Agreement or (B) was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which
such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an
actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board shall be deemed to be an Incumbent Director; or

 (v) the Company’s liquidation or dissolution. 
 “Charter” means the Amended and Restated Certificate of Incorporation of the Company, as in effect on the date hereof and as the same may be amended, supplemented or otherwise modified from time to
time in accordance with the terms thereof and the terms of this Agreement. 
 “Common Stock” means the Class A common
stock, par value $0.01 per share, of the Company, which is entitled to one vote per share on all matters upon which stockholders are entitled to vote. 
 “Compensation Committee” has the meaning assigned to such term in Section 2.2(a). 
 “CPI” means the Consumer Price Index for All Urban Consumers (CPI-U) for the U.S. City Average for All Items, as published by the United States Department of Labor Bureau of Labor Statistics, or any successor organization.

 “control” (including the terms “controlled by” and “under common control with”), with
respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting
securities, as trustee or executor, by contract or otherwise. 
 “Controlled Company Event” has the meaning assigned to such
term in Section 2.1(d). 
 “Controlled Company Event Date” has the meaning assigned to such term in
Section 2.1(d). 
 “Director” means any member of the Board. 
 “Direct Strategic Competitor” shall mean 
  

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 (1) For the purposes of Section 2.1(c): (i) with respect to Virgin, any of the following
Persons and (x) their Subsidiaries as of the date hereof, (y) any other Person that becomes a Subsidiary of any such Person subsequent to the date hereof other than in connection with a Change of Control or other transaction that is not
carried out as a means to evade the terms of this definition and (z) any other Person and its Subsidiaries that is one of the ten largest competitors of Virgin or its Affiliates in each of the commercial airline, electronic media distribution
or music retailing industries as measured by worldwide revenues at the time the relevant nomination, Transfer or Change of Control occurs (understanding that the names set forth herein may not be the formal legal names of such Persons): British
Airways, Continental Airlines, Delta Air Lines, AMR Corporation, UAL Corporation, US Airways Group, Qantas Airways, Air New Zealand Limited, British Midland, Lufthansa, Viacom, Inc., HMV Media Group, Trans World Entertainment Corp, BT Wireless Ltd,
BT plc, Orange SA, France Telecom, Telstra, Telefonica, Telecom Italia, Telecom Italia Mobile, Vodafone Group, Hutchison Whampoa, Bertelsman A.G., EMI Group, Sony Music Entertainment, Universal Music Group, Vivendi Universal S.A., British Sky
Broadcasting Ltd., Tiscali Italia S.p.a., the Carphone Warehouse and Warner Music Group, provided however that for the avoidance of doubt Sprint and its Affiliates and any Ultimate Corporate Parent of Sprint and its Affiliates shall not be
deemed to be such a Person as is referred to in this sub-clause (1)(i); and (ii) with respect to Sprint, any Person that together with its Affiliates (A) is primarily engaged, directly or indirectly, in the business of providing any
Telecommunications Services or (B) derives at least $1 billion in annual revenues (based on the latest available financial statements at the time the relevant nomination, Transfer or Change of Control occurs, which threshold will be adjusted as
of the first day of each calendar year based on changes in the CPI from the date hereof) from the provision of any Telecommunications Services; and 
 (2) For the purposes of Section 2.6(ii): (i) with respect to Virgin, any person which by itself or by its Affiliates (A) generates annual revenues of $500 million or more from Telecommunication Services (based on the latest
available financial statements at the time the relevant Change of Control occurs, which threshold will be adjusted as of the first day of each calendar year based on changes in the Consumer Price Index for All Urban Consumers (CPI-U) for the U.S.
City Average for All Items, as published by the United States Department of Labor Bureau of Labor Statistics, or any successor organization, from the date hereof) or (B) is, or has an equity stake in excess of fifty percent (50%) in, one
of the ten (10) largest competitors of Virgin or its Affiliates in any of the commercial airline, electronic media distribution, physical entertainment retailing, telecommunications or retail financial services industries as measured by
worldwide revenues at the time the relevant Change of Control occurs, and (x) such person’s holding companies, Affiliates or subsidiaries as of the date hereof and (y) any other person that becomes a holding company, Affiliate or
subsidiary of any such person subsequent to the date hereof other than in connection with a Change of Control or other transaction that is not carried out as a means to evade the terms of this definition; (ii) with respect to Sprint, any Person
that together with its Affiliates (A) is primarily engaged, directly or indirectly, in the business of providing any Telecommunications Services or (B) derives at least $1 billion in annual revenues (based on the latest available financial
statements at the time the relevant nomination, Transfer or Change of Control occurs, which threshold will be adjusted as of the first day of each calendar year based on changes in the CPI from the date hereof) from the provision of any
Telecommunications Services; and (iii) with respect to the Company, any Person (other than Virgin, Sprint and their respective Affiliates) that has a share of the mobile telecommunications market in the United States of America, the U.S. Virgin
Islands or Puerto Rico, as measured by the number of subscribers, equal to or exceeding ten percent (10%); and 
  

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 For purposes of this definition, the term “Telecommunications Services” means services commonly
associated with telecommunications, including without limitation, (i) wireline local and long distance telecommunications services, (ii) voice and data telecommunications services, (iii) Internet transport, hosting, security and
managing services, and (iv) wireless services. 
 “Equity Securities” means any and all shares of common stock of the
Company and any securities issued in respect thereof, including (i) Common Stock, which is entitled to one vote per share on all matters upon which stockholders are entitled to vote; (ii) Class B common stock of the Company, which is
entitled to a number of votes per share on all matters upon which stockholders are entitled to vote that is equal to the number of shares of Class A common stock into which the partnership units in the Operating Partnership then held by the
holder of such Class B common stock is exchangeable pursuant to the terms of the Charter and the Limited Partnership Agreement; (iii) Class C common stock of the Company, which is entitled to one vote per share on all matters upon which
stockholders are entitled to vote and is convertible into Class A common stock on a one-for-one basis at any time; (iv) securities of the Company or the Operating Partnership convertible into, or exchangeable for, such shares, and options,
warrants or other rights to acquire such shares; and (v) any securities issued in substitution for the securities described in clauses (i)-(iv) above in connection with any conversion, exchange, stock split, dividend or combination, or any
reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization. 
 “Exchange” means the
New York Stock Exchange or such other stock exchange or securities market on which the Common Stock is at any time listed or quoted. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “GAAP” means generally accepted accounting principles, as in effect in the United States of America from time to time. 
 “Independent Designee” has the meaning assigned to such term in Section 2.1(a). 
 “Independent Director” shall mean an “independent director” as such term is used in the listing requirements of the Exchange. 
 “Initial Public Offering” has the meaning assigned to such term in the recitals. 
 “Initial Public Offering Closing Date” means the date of consummation of the Initial Public Offering. 
 “Limited Partnership Agreement” shall mean the limited partnership agreement of the Operating Partnership, dated October 16, 2007, as it may be amended from time to time. 
 “Losses” has the meaning assigned to such term in Section 4.1. 
  

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 “New Issuance” has the meaning assigned to such term in Section 3.3(a). 

“Notice of Election” has the meaning assigned to such term in Section 3.2(b). 
 “Notice of Issuance” has the meaning assigned to such term in Section 3.3(b). 
 “Offeree Stockholders” has the meaning assigned to such term in Section 3.2(a). 
 “Operating Partnership” means Virgin Mobile USA, L.P., a Delaware limited partnership, or any successor thereto. 
 “Option Period” has the meaning assigned to such term in Section 3.2(b). 
 “Permitted Transferee” shall mean an Affiliate of a Stockholder; provided, however, that prior to consummation of a
Transfer to such Transferee, such Transferee shall agree in writing in the form attached as Exhibit A hereto to become party to, and to be bound by and to comply with all applicable provisions of, this Agreement. For the avoidance of doubt,
(A) with respect to Virgin, Permitted Transferees shall include (i) Sir Richard Branson, (ii) any trust or other entity created by Sir Richard Branson or any member of his family, the principal beneficiaries of which are Sir Richard
Branson and/or members of his family, (iii) any spouse of Sir Richard Branson or any lineal descendants (whether natural or adopted) of Sir Richard Branson’s grandparents and their spouses, (iv) any personal representative of Sir
Richard Branson or any of the Persons referred to in (iii) above acting within that capacity and (v) any trust or other entity which is directly or indirectly controlled by any person or entity referred to in clauses (i) through
(iv) above or by any combination of them and (B) any third party acquirer of Equity Securities from a Stockholder, other than a third party acquirer of the Ultimate Corporate Parent of Virgin or Sprint, shall not be considered a Permitted
Transferee and shall not succeed as a party to this Agreement. 
 “Percentage Interest” shall mean, at the time of
determination with respect to any Stockholder, the voting power collectively held by such Stockholder and its Affiliates as a percentage of the voting power attributable to all shares of Voting Securities then outstanding. 
 “Person” means any individual, corporation, limited liability company, limited or general partnership, joint venture, association,
joint-stock company, trust, estate, unincorporated organization, government or any agency or political subdivisions thereof or any group comprised of two or more of the foregoing. 
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of October 16, 2007, among the Company and each
of the Stockholders and the other parties thereto. 
 “Registration Statement” means a registration statement on Form S-1
(File No. 333-142524) filed by the Company with the Securities and Exchange Commission in connection with the Initial Public Offering. 
 “Sale Notice” has the meaning assigned to such term in Section 3.2(a). 
  

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 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 
 “Simple Majority” shall mean a majority of the Directors present at a meeting which
has been duly called and at which a quorum was present at the time any matter is being voted upon. 
 “Subscription Right Pro Rata
Share” has the meaning assigned to such term in Section 3.3(a). 
 “Sprint Designee” means any Director
designated by Sprint pursuant to Section 2.1(a) of this Agreement. 
 “Stockholder” has the meaning set forth in the
recitals. 
 “Stockholder Designees” has the meaning assigned to such term in Section 2.1(a). 
 “Stockholder Indemnitee” has the meaning assigned to such term in Section 4.1. 
 “Subject Securities” has the meaning assigned to such term in Section 3.2(a). 
 “Subsidiary” means (i) any corporation of which a majority of the securities entitled to vote generally in the election of
directors thereof, at the time as of which any determination is being made, are owned by another entity, either directly or indirectly, and (ii) any joint venture, general or limited partnership, limited liability company or other legal entity
in which an entity is the record or beneficial owner, directly or indirectly, of a majority of the voting interests or the general partner. 
 “Supermajority” shall mean a majority of all Directors then serving on the Board at the time of the applicable vote. 
 “Tax Receivable Agreement” shall mean that certain tax receivable agreement, dated October 16, 2007, between the Company and Corvina. 
 “Transaction Agreements” has the meaning assigned to such term in Section 4.8. 
 “Transfer” (including the terms “Transferring” and “Transferred”) means, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or
involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of, any Equity Securities beneficially owned by a
Person or any interest in any Equity Securities beneficially owned by a Person. 
 “Transferee” means any Person to whom any
Stockholder or any Transferee thereof Transfers Equity Securities of the Company in accordance with the terms hereof. 
 “Ultimate
Corporate Parent” shall mean (i) with respect to Virgin and any Permitted Transferee of Virgin, the top holding company entity controlled by (1) Richard 

  

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Branson, (2) the trustees of any trust created by Richard Branson, the principal beneficiaries of which are Richard Branson and/or members of his
family, (3) any spouse of Richard Branson, any lineal descendant of Richard Branson’s grandparents, (4) any personal representative of Richard Branson or any of the Persons referred to in (3) above acting within that capacity or
(5) any Person which is directly or indirectly controlled by any Person referred to in (1) – (4) above or any combination of them; (ii) with respect to Sprint and any Permitted Transferee of Sprint, Sprint Nextel
Corporation; or (iii) with respect to any of the above, such other corporate or similar entity which is the legal successor of such Ultimate Corporate Parent or which becomes the holder of the legal title to all or substantially all of the
assets of such Ultimate Corporate Parent. 
 If, at any time, a Person’s Ultimate Corporate Parent, as named in clauses (i) through
(iii) above, as the case may be, ceases to control such Person, then the provisions of this Agreement shall cease to apply to such named Ultimate Corporate Parent, but will apply to the corporate or similar entity determined to be such
Person’s Ultimate Corporate Parent in accordance with clause (iii) above, provided that the foregoing shall not affect the rights and remedies that may be available hereunder as a result of such change in control (if any). 
 “Virgin Controlled Entities” shall mean the Ultimate Corporate Parent of Virgin and all of its Affiliates. 
 “Virgin Designee” means any Director designated by Virgin pursuant to Section 2.1(a) of this Agreement. 
 “Virgin Trademark License Agreement” shall mean the Trademark License Agreement between Virgin Enterprises Limited and the Company,
regulating the use of the “Virgin” brand by the Company, dated as of October 16, 2007. 
 “Voting Securities”
means, at any time, any class of Equity Securities of the Company, which are then entitled to vote generally in the election of Directors. 
 SECTION 1.2. Other Definitional Provisions. (a) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not
to any particular provision of this Agreement, and Article and Section references are to this Agreement unless otherwise specified. 
 (b)
The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 
 ARTICLE II

 CORPORATE GOVERNANCE 
 SECTION
2.1. Board Representation. (a) Effective as of the Initial Public Offering Closing Date and, subject to this Section 2.1, the Board shall be comprised of ten (10) Directors of whom: 
  

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 (i) three (3) shall be designees of Sprint (such persons, the “Sprint
Designees”); provided, however, that (A) if at any time the Percentage Interest held by Sprint is less than twenty-five percent (25%) but more than or equal to ten percent (10%), then Sprint shall have the right to
designate two (2) Directors to the Board; (B) if at any time the Percentage Interest held by Sprint is less than ten percent (10%) but more than or equal to five percent (5%), then Sprint shall have the right to designate one
(1) Director to the Board; and (C) subject to the second succeeding proviso, if at any time the Percentage Interest held by Sprint is less than five percent (5%), then Sprint shall not have the right to designate any Directors to the Board
pursuant to this Agreement; provided that for the purposes of clauses (A), (B) and (C) above, any increase in the Percentage Interest held by Sprint subsequent to the date of any determination shall not increase the number of
Directors that Sprint has the right to designate pursuant to this Section 2(a)(i); and provided, further, that so long as the Amended and Restated PCS Services Agreement remains in effect, Sprint shall have the right to designate
one (1) Director to the Board, irrespective of Sprint’s Percentage Interest. 
 (ii) three (3) shall be
designees of Virgin (such persons, the “Virgin Designees” and, together with the Sprint Designees, the “Stockholder Designees”); provided, however, that (A) if at any time the Percentage Interest
held by Virgin is less than twenty-five percent (25%) but more than or equal to ten percent (10%), then Virgin shall have the right to designate two (2) Directors to the Board; (B) if at any time the Percentage Interest held by Virgin
is less than ten percent (10%) but more than or equal to five percent (5%), then Virgin shall have the right to designate one (1) Director to the Board; and (C) subject to the second succeeding proviso, if at any time the Percentage
Interest held by Virgin is less than five percent (5%), then Virgin shall not have the right to designate any Directors to the Board pursuant to this Agreement; provided that for the purposes of clauses (A), (B) and (C) above, any
increase in the Percentage Interest held by Virgin subsequent to the date of any determination shall not increase the number of Directors that Virgin has the right to designate pursuant to this Section 2.1(a)(ii); and provided,
further, that so long as the Virgin Trademark License Agreement remains in effect, Virgin shall have the right to Designate one (1) Director to the Board, irrespective of Virgin’s Percentage Interest; 
 (iii) three (3) shall be Independent Directors (any Independent Director, an “Independent Designee” and
collectively, the Independent Designees”); and 
 (iv) one (1) shall be the Chief Executive Officer of the
Company in office at the time of designation (the “CEO Designee”), unless otherwise determined by a Supermajority of Directors, and who shall initially be Daniel H. Schulman. 
 (b) Sprint and Virgin shall provide each other with written notice of the name of their respective Stockholder Designees five (5) business days
prior to nominating any such Stockholder Designee to serve on the Board; 
 (c) (i) Sprint shall not nominate a Stockholder Designee that is
then serving as a director, member, partner, executive officer, other employee or agent of a Direct Strategic Competitor of Virgin; and (ii) Virgin shall not nominate a Stockholder Designee that is then 

  

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serving as a director, member, partner, executive officer, other employee or agent of a Direct Strategic Competitor of Sprint. In the event that a
Stockholder Designee serving as Director becomes otherwise ineligible to be nominated by Sprint or Virgin, as the case may be, pursuant to this Section 2.1(c), then Sprint or Virgin, as applicable, shall use its reasonable best efforts to cause
the removal or resignation of such Stockholder Designee within one year after such Stockholder Designee becomes ineligible. 
 (d)
Notwithstanding anything to the contrary provided elsewhere in this Agreement, on the date (the “Controlled Company Event Date”) that is one year after the date on which the Company ceases to qualify as a “controlled
company” within the meaning of the rules of the Exchange (a “Controlled Company Event”), Virgin shall cease to have the right to designate more than two (2) Virgin Designees and Sprint shall cease to have the right to
designate more than two (2) Sprint Designees. Immediately prior to the occurrence of the Controlled Company Event Date, each of Virgin and Sprint shall use its reasonable best efforts to cause the removal or resignation of the appropriate
number of their respective Stockholder Designees. The vacancies created thereby shall be filled with a number of Independent Directors, and/or the size of the Board shall be decreased to eliminate any further vacancies, in each case such that the
number of Independent Directors shall thereafter constitute at least a majority of the Board. Notwithstanding the foregoing, upon a Controlled Company Event the Board shall be entitled to determine (in compliance with Sections 2.5(b) and 2.6) that
it is desirable to increase the size of the Board and to fill the vacancies created thereby with a number of Independent Directors such that the number of Independent Directors shall thereafter constitute at least a majority of the Board, in which
case the other provisions described in this Section 2.1(d) need not be complied with. 
 (e) If at any time the Board is required by
Applicable Law to have additional Independent Directors beyond those provided for in this Agreement, each Stockholder shall use its reasonable best efforts to cause the size of the Board to be increased to such number as is necessary to comply with
Applicable Law. Each vacancy thus created shall be filled with an Independent Director. 
 (f) Any Person to be designated to the Board as an
Independent Director (including any Independent Designee) shall be nominated by the Audit Committee of the Board (as described below), provided that, so long as any Stockholder has the right to designate at least one Director pursuant to this
Section 2.1, each Independent Director shall be reasonably acceptable to each such Stockholder. 
 (g) For so long as (i) the
Company qualifies as a “controlled company” within the meaning of the rules of the Exchange and (ii) either Virgin or Sprint (or their respective Permitted Transferees) has the right pursuant to this Section 2.1 to designate
three (3) Directors, Virgin or Sprint (or their Permitted Transferees) as the case may be, shall have the right to designate one of its Stockholder Designees as the Chairman of the Board; provided, however, that if both Virgin and Sprint
(or their respective Permitted Transferees) have the right pursuant to this Section 2.1 to designate three (3) Directors, then each of Virgin and Sprint (or their Permitted Transferees) shall have the right to designate one of its
Stockholder Designees as a Co-Chairman of the Board and such Co-Chairman shall rotate the administrative duties of such position. If the Chairman of the Board is not otherwise designated pursuant to the foregoing provisions of this
Section 2.1(g), the Board shall fill such position with a Director who is not an executive or otherwise employed by the Company or its Subsidiaries. 
  

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 (h) To the fullest extent permitted by law, the Company and the Stockholders shall take such actions as
may be required under Applicable Law to cause the Board to consist of the number of Directors specified in this Section 2.1. 
 (i) The
Company agrees to include in the slate of nominees recommended by the Board the Stockholder Designees, the CEO Designee and each Independent Designee and to use its reasonable best efforts to cause the election of each such designee to the Board,
including nominating such individuals to be elected as Directors as provided herein. 
 (j) In the event that a vacancy is created at any
time by the death, disability, retirement, resignation or removal (with or without cause) of any Director who is a Stockholder Designee, CEO Designee or Independent Designee, the Company hereby agrees to take, at any time and from time to time, all
actions necessary to cause the vacancy created thereby to be filled as soon as practicable by a new Stockholder Designee, CEO Designee or Independent Designee, as the case may be, who is designated in the manner specified in this Section 2.1.

 (k) Each of the Stockholders agrees to vote, or act by written consent with respect to, any Voting Securities beneficially owned by it, at
each annual or special meeting of stockholders of the Company at which Directors are to be elected or to take all actions by written consent in lieu of any such meeting as are necessary to cause the Stockholder Designees, the CEO Designee and the
Independent Designees to be elected to the Board as provided in this Section 2.1. Each of the Stockholders agrees to use its commercially reasonable best efforts to cause the election of each such designee to the Board, including nominating
such individuals to be elected as members of the Board. In the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal (with or without cause) of any Director designated pursuant to
Section 2.1(a) and the remaining Directors pursuant to Section 2.1(j) have not caused the vacancy created thereby to be filled by a new Stockholder Designee, Independent Designee or CEO Designee, as applicable, then in such case each
Stockholder hereby agrees to take, at any time and from time to time, all actions necessary to fill such vacancy as provided in Section 2.1(j). Upon the written request of any Stockholder, each other Stockholder shall vote, or act by written
consent with respect to, all Voting Securities beneficially owned by him or it and otherwise take or cause to be taken all actions necessary to remove any Director designated by such Stockholder and to elect any replacement Director designated by
such Stockholder. Unless any Stockholder shall otherwise request in writing, no other Stockholder shall take any action to cause the removal of any Directors designated by such Stockholder. 
 (l) In the event that a Stockholder shall cease to have the right to designate one or more Directors in accordance with this Section 2.1 such
Stockholder shall use its reasonable best efforts to cause the removal or the resignation of the applicable designee or designees of such Stockholder, if any, and the Directors remaining in office shall decrease the size of the Board to eliminate
such vacancy; provided that in the case of a Controlled Company Event the Directors remaining in office shall be entitled to fill such vacancy or vacancies with additional Independent Designees in accordance with Section 2.1(d).

  

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 (m) The Company shall compensate each Stockholder Designee in the same manner and to the same extent as
it compensates its other non-employee directors and shall reimburse each Stockholder Designee for their reasonable out-of-pocket expenses incurred by them for the purpose of attending meetings of the Board or committees thereof. 
 (n) The rights of the Stockholders pursuant to this Section 2.1 are personal to the Stockholders and shall not be exercised by any Transferee other
than a Permitted Transferee. 
 SECTION 2.2. Committees. 
 (a) The Company shall establish a compensation committee that shall perform the functions usually reserved for a compensation committee (the “Compensation Committee”); provided, that such
Compensation Committee shall at all times be composed of three (3) Directors and as long as any Stockholder has the right to designate at least one (1) Director pursuant to Section 2.1, the Company shall cause the Compensation
Committee of the Board to include one Stockholder Designee of such Stockholder if such Stockholder so designates; and provided, further, that if any such Stockholder Designee is not eligible for membership on such Compensation
Committee under Applicable Law, then for so long as Applicable Law so provides, such Compensation Committee of the Board shall not be required to include such Stockholder Designee (and to the extent that such Stockholder Designee serves on such
Compensation Committee, the relevant Stockholder shall use its reasonable best efforts to secure the resignation of such Stockholder Designee from the Compensation Committee). Any vacancies on the Compensation Committee not filled in accordance with
the immediately preceding sentence shall be filled by such Independent Designees determined by the Board. 
 (b) The Company shall establish
an audit committee to perform the duties usually reserved for an audit committee (the “Audit Committee”), and certain other duties, including reviewing and recommending to the full Board (with related party Directors abstaining from
any such Board vote) all material related party transactions and nominating Independent Directors; provided, that such Audit Committee shall at all times be composed of three (3) Independent Designees and shall at no time include a
Virgin Designee or a Sprint Designee. 
 SECTION 2.3. Available Financial Information. (a) As long as any Stockholder has the
right to designate at least one (1) Director pursuant to Section 2.1, the Company will deliver, or will cause to be delivered, the following to each such Stockholder: 
 (i) as soon as available after the end of each fiscal year of the Company and in any event within ninety (90) days thereafter (or
such earlier date by which such information is required to be filed pursuant to the Exchange Act), (A) the annual financial statements required to be filed by the Company pursuant to the Exchange Act or (B) if the financial statements
described in (A) are not required to be filed pursuant to the Exchange Act, a consolidated balance sheet of the Company and its Subsidiaries, in each case as of the end of such fiscal year, and consolidated statements of income, retained
earnings and cash flows of the Company and its Subsidiaries for such year, in each case prepared in accordance with GAAP and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and
accompanied by the opinion of independent public accountants of recognized national standing selected by the Company, and a comparison to the Company’s business plan for such year as approved by the Board; and 
  

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 (ii) as soon as available after the end of the first, second and third quarterly
accounting periods in each fiscal year of the Company and in any event within forty-five (45) days thereafter (or such earlier date by which such information is required to be filed pursuant to the Exchange Act), (A) the quarterly
financial statements required to be filed by the Company pursuant to the Exchange Act or (B) if the financial statements described in (A) are not required to be filed pursuant to the Exchange Act, a consolidated balance sheet of the
Company and its Subsidiaries, in each case as of the end of each such quarterly period, and consolidated statements of income, retained earnings and cash flows of the Company and its Subsidiaries, in each case for such period and for the current
fiscal year to date, in each case prepared in accordance with GAAP (subject to normal year-end audit adjustments) and setting forth in comparative form the figures for the corresponding periods of the previous fiscal year and a comparison to the
Company’s business plan then in effect as approved by the Board in reasonable detail and certified by the principal financial or accounting officer of the Company. 
 (b) Other Information. The Company covenants and agrees to deliver to each Stockholder for as long as such Stockholder has the right to designate at least one (1) Director pursuant to Section 2.1,
with reasonable promptness, such other information, including data and reports made available to any lender of the Company or any of its Subsidiaries under any credit agreement or otherwise, as from time to time may be reasonably requested by any
such Stockholder. 
 SECTION 2.4. Access. The Company shall, and shall cause its Subsidiaries, officers, directors, employees,
auditors and other agents to, until such time as such Stockholder shall no longer have the right to designate at least one (1) Director pursuant to Section 2.1, (a) afford the officers, employees, auditors, legal counsel and other
agents of such Stockholder, during normal business hours and upon reasonable notice, reasonable access to its officers, employees, auditors, legal counsel, properties, offices, plants and other facilities and to all books and records, and
(b) afford such Stockholder the opportunity to discuss the Company’s affairs, finances and accounts with the Company’s officers from time to time as each such Stockholder may reasonably request. 
 SECTION 2.5. Requirements for Board Action. (a) Except as provided in this Agreement or required by the laws of Delaware, all actions taken
by the Board shall require the affirmative vote of a Simple Majority of the Directors present at a meeting which has been duly called and at which a quorum was present at the time such vote was taken. A quorum of the Board (without which a vote of
the Board on any matter may not be held) will consist of at least a majority of the Directors then serving on the Board; provided, that the Sprint Designees and the Virgin Designees, respectively, shall have the right to cause the Board to
postpone any such meeting for a period of up to seven (7) days from the time such meeting was originally scheduled; provided, further, that neither the Sprint Designees nor the Virgin Designees shall have the right to cause the
Board to postpone any such meeting more than one time. The CEO Designee shall be responsible for proposing matters to the Board for its consideration, provided, that any Director may pose matters to the Board for its consideration. 
  

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 (b) As long as any Stockholder has the right to designate at least one (1) Director pursuant to
Section 2.1, the following actions shall require the affirmative vote of a Supermajority of Directors: 
 (i) the
dissolution, liquidation or bankruptcy of the Company; 
 (ii) the creation or issuance of any debt or creation or issuance of
any equity securities of the Company or its subsidiaries other than (a) any issuance of Equity Securities in connection with employment or director arrangements with the Company pursuant to any employee benefit plan of the Company adopted by
the Board; (b) any issuance of securities in connection with the right of any holder of partnership units in the Operating Partnership, pursuant to the terms of the Charter and the Limited Partnership Agreement, to exchange such partnership
units for shares of Common Stock; (c) any issuance of securities to holders of Class C common stock of the Company, in connection with the right of such holders, pursuant to the terms of the Charter, to convert their shares of Class C common
stock of the Company into shares of Common Stock; and (d) any issuance of securities in accordance with the Tax Receivable Agreement; 
 (iii) amending the By-laws of the Company; 
 (iv) changing the size of the Board; 

(v) the incurrence by the Company or any of its subsidiaries of indebtedness in an amount in excess of $50,000,000 or entering into or
amending any agreement pursuant to which the Company or any of its subsidiaries has incurred or may incur indebtedness in an amount in excess of $50,000,000; and 
 (vi) the adoption of a material change to the strategy or business of the Company. 
 SECTION 2.6. Sprint and Virgin Consent. Notwithstanding anything to the contrary contained herein and subject to Section 2.1 of this
Agreement, in addition to the affirmative vote of a Supermajority of Directors, the following actions shall require the consent or a waiver of consent of each of the Stockholders; provided, that the consent or a waiver of consent of a
Stockholder shall not be required in the event that such Stockholder holds a Percentage Interest that is less than ten percent (10%) at the time of such action: 
 (i) the merger (except for any mergers with wholly-owned subsidiaries), consolidation, reorganization or sale of all or substantially all
of the assets of the Company; 
 (ii) the Change of Control of the Company to a Direct Strategic Competitor of Sprint, Virgin
or the Company; 
 (iii) the dissolution or liquidation of the Company; 
 (iv) sale of assets representing 50% or more of the assets of the Company based on the most recently available audited balance sheet of
the Company; 
  

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 (v) changing the size of the Board; 
 (vi) amending the provisions of the By-laws of the Company that give effect to Section 2.1 or this Section 2.6; and 

(vii) the issuance of new shares of equity securities of the Company other than (a) any issuance of Equity Securities in
connection with employment or director arrangements with the Company pursuant to any employee benefit plan of the Company adopted by the Board; (b) any issuance of securities in connection with the right of any holder of partnership units in
the Operating Partnership, pursuant to the terms of the Charter and the Limited Partnership Agreement, to exchange such partnership units for shares of Common Stock; (c) any issuance of securities to holders of Class C common stock of the
Company, in connection with the right of such holders, pursuant to the terms of the Charter, to convert their shares of Class C common stock of the Company into shares of Common Stock; and (d) any issuance of securities in accordance with the
Tax Receivable Agreement. 
 Notwithstanding the consent or waiver of consent of a Stockholder to any of the foregoing actions, such consent or waiver shall
not constitute a consent or waiver of any other right of a Stockholder under any other agreements, including, but not limited to, the Amended and Restated PCS Services Agreement and the Virgin Trademark License Agreement. 
 SECTION 2.7. Preferred Provider Status. So long as Virgin’s Percentage Interest is at least ten percent (10%), Virgin covenants and agrees
that, subject to the next to last sentence of this Section 2.7, for the period beginning on the date hereof and ending on the termination date of the Amended and Restated PCS Services Agreement, (i) the Virgin Controlled Entities shall
not, either directly or indirectly, individually or jointly, own in excess of ten percent (10%) of the equity interests of any Person (other than the Company) that provides mobile telecommunications services in the United States of America, the
U.S. Virgin Islands or Puerto Rico, and (ii) Virgin shall not, and Virgin shall cause each of the Virgin Controlled Entities not to, license or transfer any mobile telecommunications or mobile telecommunications-related intellectual property to
any providers of mobile telecommunications services in the United States of America, the U.S. Virgin Islands or Puerto Rico other than the Company and its Subsidiaries, Sprint or any of Sprint’s Affiliates. Notwithstanding the foregoing, the
provisions of this Section 2.7 will be inapplicable to, and will not prohibit, restrict or limit, the ability or right of the Virgin Controlled Entities to use wireless devices to enhance core services to their customers; such devices will
exclude those operating on a public communications network for mobile devices, but will include, without limitation, Virgin Atlantic or Virgin America airphones and other wireless communication devices for, in each case, in-flight use, wireless
music listening devices for in-store use in Virgin Megastores, and any other wireless communication device for use on a closed, or effectively closed, network. This Section 2.7 shall survive any termination of this Agreement or sale of Equity
Securities by Sprint (for so long as the Amended and Restated PCS Services Agreement has not terminated, in which case, this Section 2.7 shall cease to apply). 
  

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 ARTICLE III 
 TRANSFERS 
 SECTION 3.1. Rights and Obligations of Transferees. (a) No Transferee of any
Stockholder, except a Permitted Transferee, shall be entitled to any rights under this Agreement. A Permitted Transferee shall become a party to this Agreement and shall be permitted to exercise all rights of the Transferring Stockholder under this
Agreement with respect to Equity Securities Transferred. 
 (b) Notwithstanding anything to the contrary in this Agreement, no Transferee
which is not a Permitted Transferee shall become a party to this Agreement or otherwise be bound by any of the terms and conditions of this Agreement. 
 SECTION 3.2. Right of First Offer by Stockholders. (a) If a Stockholder (for purposes of this Section 3.2, a “Selling Stockholder”) proposes to Transfer (unless the proposed Transfer
is a Permitted Transfer, in which case the following provisions need not be complied with) all or any portion of its Equity Securities (the amount of Equity Securities proposed to be Transferred by the Selling Stockholder, the “Subject
Securities”), such that the consummation of the proposed sale of the Subject Securities would result in a Controlled Company Event, the Selling Stockholder shall deliver a written notice of its intention to sell (a “Sale
Notice”) to the other Stockholders that are not Affiliates of the Selling Stockholder (collectively, the “Offeree Stockholders”) setting forth the number of Subject Securities proposed to be Transferred, the terms and
conditions pursuant to which the Selling Stockholder is offering to sell such Subject Securities and an irrevocable offer to sell the Subject Securities to the Offeree Stockholders in accordance the terms of this Section 3.2. 
 (b) Upon receipt of a Sale Notice, the Offeree Stockholders shall have the right to elect to purchase at the price and on the terms and conditions stated
in the Sale Notice, either (i) all of the Subject Securities described in the Sale Notice or (ii) a portion of Subject Securities that would allow the Company to avoid such Controlled Company Event. In the event that the Offeree
Stockholders elect to purchase any of the Subject Securities, the Offeree Stockholders shall so notify the Selling Stockholder within ten (10) Business Days (the “Option Period”) after the receipt by such party of the Sale
Notice. Any such election shall be made by written notice (a “Notice of Election”) to the Selling Stockholder. 
 (c) If a
Notice of Election shall have been delivered to the Selling Stockholder, the Selling Stockholder shall sell such Subject Securities designated in the Notice of Election to the Offeree Stockholders at the price and on the terms and conditions stated
in the Sale Notice; provided that if more than one Offeree Stockholder delivers a Notice of Election, the Subject Securities shall be sold to such Offeree Stockholders pro rata on the basis of the number of Subject Securities that each such Offeree
Stockholder elected to purchase as set forth in such Offeree Stockholder’s Notice of Election. 
 (d) The closing of the sale of any
Subject Securities to the Offeree Stockholders shall take place at the offices of the Company, or such other location as the parties to the sale may mutually select, on a date the parties may mutually select, no later than fifteen 

  

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(15) Business Days following the expiration of the Option Period (or upon the expiration of such longer period required to obtain any necessary regulatory
approvals). At such closing, the Selling Stockholder shall deliver a certificate or certificates for the Subject Securities to be sold, accompanied by stock powers with signatures guaranteed and all necessary stock transfer taxes paid and stamps
affixed, if necessary, against receipt of the purchase price therefor by certified or official bank check or by wire transfer of immediately available funds. 
 (e) If the Offeree Stockholders (and/or their assignees) do not elect to purchase the Subject Securities designated in the Sale Notice by the end of the Option Period, such Subject Securities may be sold to any Person
for a period of 180 days following the expiration of the Option Period at a price not lower than the price specified in the Sale Notice and on other terms and conditions not more favorable to the purchaser than those specified in the Sale Notice;
provided, however, that the preceding restrictions on the price and terms and conditions of any such sale shall not apply to sales made pursuant to an effective registration statement under the Securities Act, pursuant to Rule 144 of the
Securities Act or otherwise, in each case based on the prevailing market price of the Subject Securities on the Exchange or any other public trading medium at the time that any such sale is effected. Any such Subject Securities not sold by such
180th day shall again be subject to the restrictions contained in this Section 3.2. 
 (f) The provisions of this Section 3.2 shall
terminate upon the occurrence of a Controlled Company Event as a result of the sale of Equity Securities in accordance with this Section 3.2 or otherwise. 
 SECTION 3.3. Subscription Rights. (a) Each Stockholder shall have the right to purchase its Subscription Right Pro Rata Share (as defined below) of newly issued Equity Securities that the Company may from
time to time following the Initial Public Offering propose to issue (a “New Issuance”). A Stockholder’s “Subscription Right Pro Rata Share” shall be, at any given time, that proportion, calculated prior to any
proposed new issuance, which the number of Equity Securities owned by such Stockholder at such time bears to the total number of Equity Securities outstanding at such time, including in each case the number of shares of Common Stock for which any
outstanding partnership interests of the Operating Partnership are then exchangeable. 
 (b) In the event the Company proposes to undertake a
New Issuance, it shall give the Stockholders a written notice (the “Notice of Issuance”) of its intention to sell such Equity Securities, the price, the identity of the purchaser and the principal terms upon which the Company
proposes to issue the same. Subject to Section 3.3(a), each Stockholder shall have ten (10) Business Days from the delivery date of any Notice of Issuance to elect to purchase a number of Equity Securities up to its Subscription Right Pro
Rata Share of Equity Securities (in each case calculated prior to the issuance) for the price and upon the terms specified in the Notice of Issuance by giving written notice to the Company and stating therein the number of Equity Securities to be
purchased. 
 (c) In the event that any Stockholder fails to purchase all of its Subscription Right Pro Rata Share pursuant to this
Section 3.3, the Company shall have 180 days after the date of the Notice of Issuance to consummate the sale of the Equity Securities with respect to 

  

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which such Stockholder’s subscription right was not exercised, at or above the price and upon terms not more favorable to the purchasers of such Equity
Securities than the terms specified in the initial Notice of Issuance given in connection with such sale; provided, however, that the preceding restrictions on the price and terms and conditions of any such sale shall not apply to sales based
on the prevailing market price of such Equity Securities on the Exchange or any other public trading medium at the time that any such sale is effected. 
 (d) The parties hereby agree that the subscription rights described in this Section 3.3 shall not be exercisable with respect to any issuance by the Company or any Subsidiary of the Company of the following
securities: 
 (i) any issuance of securities to officers, employees or directors of the Company in connection with such
person’s employment or director arrangements with the Company pursuant to any employee benefit plan of the Company adopted by the Board; or 
 (ii) any issuance of securities in connection with the right of any holder of partnership units in the Operating Partnership, pursuant to the terms of the Charter and the Limited Partnership Agreement, to exchange
such partnership units for shares of Common Stock; 
 (iii) any issuance of securities to holders of Class C common stock of
the Company, in connection with the right of such holders, pursuant to the terms of the Charter, to convert their shares of Class C common stock of the Company into shares of Common Stock; or 
 (iv) any issuance of securities in accordance with the Tax Receivable Agreement. 
 SECTION 3.4. Void Transfers. Any Transfer or attempted Transfer of Equity Securities in violation of any provision of this Agreement shall be
void. 
 ARTICLE IV 
 MISCELLANEOUS 
 SECTION 4.1. Stockholder Indemnification; Reimbursement of Expenses. 
 (a) To the fullest extent permitted by law, the Company agrees to indemnify and hold harmless each Stockholder, their respective stockholders, directors,
members, managers, partners, officers and employees and their Affiliates (and controlling persons thereof, and the respective stockholders, directors, members, managers, partners, officers and employees and Affiliates of such controlling persons)
(each, a “Stockholder Indemnitee”) from and against any and all liability, including, without limitation, all obligations, costs, fines, penalties, claims, actions, injuries, demands, suits, judgments, proceedings, investigations,
arbitrations (including stockholder claims, actions, injuries, demands, suits, judgments, proceedings, investigations or arbitrations) and reasonable expenses, including reasonable accountant’s and reasonable attorney’s fees and expenses
(together the “Losses”), as incurred by such Stockholder 

  

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Indemnitee before or after the date of this Agreement and arising out of, resulting from, or relating to (i) such Stockholder Indemnitee’s purchase
and/or ownership of any Equity Securities or (ii) any litigation to which any Stockholder Indemnitee is made a party in its capacity as a Stockholder or owner of securities (or a partner, director, officer, member, manager, employee, Affiliate
or controlling person of any Stockholder Indemnitee) of the Company; and will reimburse each Stockholder Indemnitee for any legal and other expenses reasonably incurred in connection with investigating and defending or settling any such obligation,
cost, fine, penalty, claim, action, injury, demand, suit, judgment, proceeding, investigation or arbitration; provided that the foregoing indemnification rights in this Section 4.1 shall not be available to the extent, but only to the
extent, that (a) any such Losses are incurred as a direct result of such Stockholder Indemnitee’s willful misconduct or gross negligence; (b) any such Losses are incurred as a direct result of non-compliance by such Stockholder
Indemnitee with any laws or regulations applicable to any of them; (c) any such Losses are incurred as a direct result of non-compliance by such Stockholder Indemnitee with its obligations under this Agreement or any Transaction Agreements or
any related agreements or instruments to which such Stockholder Indemnitee is or becomes a party or otherwise becomes bound (for the avoidance of doubt, this provision shall not affect any indemnification or other rights or obligations arising under
any such Transactions Agreements or any related agreements or instruments); or (d) subject to the rights of contribution provided for below, to the extent indemnification for any Losses would violate any applicable law, regulation or public
policy. For purposes of this Section 4.1, none of the circumstances described in the limitations contained in the proviso in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment of a court of
competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Stockholder Indemnitee as to any previously advanced indemnity payments made by the Company under this Section 4.1, then
such payments shall be promptly repaid by such Stockholder Indemnitee to the Company. The rights of any Stockholder Indemnitee to indemnification hereunder will be in addition to any other rights any such party may have under this Agreement or any
other agreement or instrument referenced above or any other agreement or instrument to which such Stockholder Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation. In the event of any payment of
indemnification pursuant to this Section 4.1, so long as any Stockholder Indemnitee is fully indemnified for all Losses, the Company will be subrogated to the extent of such payment to all of the related rights of recovery of the Stockholder
Indemnitee to which such payment is made against all other Persons. Such Stockholder Indemnitee shall execute all papers reasonably required to evidence such rights. The Company will be entitled at its election to participate in the defense of any
third party claim upon which indemnification is due pursuant to this Section 4.1 or to assume the defense thereof, with counsel reasonably satisfactory to such Stockholder Indemnitee unless, in the reasonable judgment of the Stockholder
Indemnitee, a conflict of interest between the Company and such Stockholder Indemnitee may exist, in which case such Stockholder Indemnitee shall have the right to assume its own defense and the Company shall be liable for all reasonable expenses
therefor. Except as set forth above, should the Company assume such defense all further defense costs of the Stockholder Indemnitee in respect of such third party claim shall be for the sole account of such party and not subject to indemnification
hereunder unless (i) the Company agrees to pay such costs or (ii) the Company fails promptly to assume, or in the event of a conflict of interest cannot assume, the defense of such claim or proceeding or fails to employ counsel reasonably
satisfactory to such Stockholder Indemnitee, in 

  

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which case such Stockholder Indemnitee shall have the right to employ counsel and to assume the defense of such claim or proceeding. The Company will not
without the prior written consent of the Stockholder Indemnitee consent to the entry of any judgment or effect any settlement of any threatened or pending third party claim in which such Stockholder Indemnitee is, or could have been, a party and be
entitled to indemnification hereunder unless such settlement solely involves the payment of money and includes an unconditional release, in form and substance satisfactory to such Stockholder Indemnitee, of such Stockholder Indemnitee from all
liability and claims that are the subject matter of such claim. If the indemnification provided for above is unavailable in respect of any Losses, then the Company, in lieu of indemnifying an Stockholder Indemnitee, shall contribute to the amount
paid or payable by such Stockholder Indemnitee in such proportion as is appropriate to reflect the relative fault of the Company and such Stockholder Indemnitee in connection with the actions which resulted in such Losses, as well as any other
equitable considerations. The relative fault of a Stockholder Indemnitee, on the one hand, and the Company, on the other hand, shall be determined by reference to, among other things, whether any action in question has been taken by such Stockholder
Indemnitee or the Company, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action. 
 (b) The Company agrees to pay or reimburse (i) the Stockholders for (A) all reasonable costs and expenses (including reasonable attorneys fees, charges, disbursements and expenses) incurred in connection
with any amendment, supplement, modification or waiver of any of the terms or provisions of this Agreement, the Transaction Agreements or any related agreements, and (B) in connection with any stamp, transfer, documentary or other similar
taxes, assessments or charges levied by any governmental or revenue authority in respect of this Agreement; and (ii) each Stockholder for all costs and expenses of such Stockholder (including reasonable attorneys fees, charges, disbursements
and expenses) incurred in connection with (1) the consent to any departure by the Company or any of its Subsidiaries from the terms of any provision of this Agreement and (2) the enforcement or exercise by such Stockholder of any right
granted to it or provided for hereunder. 
 SECTION 4.2. Effectiveness; Termination. This Agreement shall become effective upon
consummation of the Initial Public Offering. Subject to the early termination of any provision as a result of an amendment to this Agreement agreed to by the Company and the Stockholders as provided under Section 4.3, this Agreement will
terminate with respect to each Stockholder when such Stockholder no longer owns any Equity Securities of the Company; provided that (i) the provisions of Article II shall, with respect to each Stockholder, terminate as provided in the
applicable Section of Article II, (ii) the provisions of Section 3.2 shall terminate as provided therein and (iii) Sections 3.1, 3.4, 4.1 and 4.3 of this Agreement shall not terminate and shall survive any termination of this
Agreement. Nothing herein shall relieve any party from any liability for the breach of any of the agreements set forth in this Agreement. 
 SECTION 4.3. Amendments and Waivers. Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement shall be effective without the written approval of the Company and each Stockholder;
provided, that any Stockholder may waive (in writing) the benefit of any provision of this Agreement with respect to itself for any purpose. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as
a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 
  

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 SECTION 4.4. Successors, Assigns and Transferees. Except as otherwise provided in
Section 3.1(b), this Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns. Stockholders may assign their respective rights and obligations hereunder to
any Transferees only to the extent expressly provided herein. 
 SECTION 4.5. Legend. (a) All certificates or book entries, as
the case may be, representing the Equity Securities held by each Stockholder shall bear a legend substantially in the following form: 
 THE SECURITIES
REPRESENTED BY THIS [CERTIFICATE][BOOK ENTRY] ARE SUBJECT TO A STOCKHOLDERS’ AGREEMENT (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES
REPRESENTED BY THIS [CERTIFICATE][BOOK ENTRY] MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH STOCKHOLDERS’ AGREEMENT AND (A) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
(B) PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER. THE HOLDER OF THE SECURITIES REPRESENTED BY THIS [CERTIFICATE][BOOK ENTRY], BY ACCEPTANCE OF SUCH SECURITIES, AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH STOCKHOLDERS’
AGREEMENT. 
 (b) Upon the sale of any Equity Securities to a person other than a Permitted Transferee pursuant to (i) an effective
registration statement under the Securities Act or pursuant to Rule 144 under the Securities Act or (ii) another exemption from registration under the Securities Act or upon the termination of this Agreement, the certificates or book entries
representing such Equity Securities shall be replaced, at the expense of the Company, with certificates or book entries not bearing the legends required by this Section 4.5; provided that the Company may condition such replacement of
certificates or book entries under clause (ii) upon the receipt of an opinion of securities counsel reasonably satisfactory to the Company. 
 SECTION 4.6. Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by
confirmed facsimile if sent during normal business hours of the recipient or, if not, then on the next Business Day, provided that a copy of such notice is also sent via nationally recognized overnight courier, specifying next day delivery,
with written verification of receipt; (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one (1) Business Day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to such party’s address as set forth below or at such other address as the party shall have furnished to each other party in
writing in accordance with this provision: 
  

 21 

			
	If to the Company:	  	 Virgin Mobile USA, Inc.
 10 Independence Boulevard

 Warren, NJ 07059
 Attention: General Counsel
 Telecopy: (908) 607-4017
 Confirmation: (908) 607-4078

		
	with a copy to:
 (which shall not
constitute notice)
	  	 Simpson Thacher & Bartlett LLP
 425 Lexington
Avenue
 New York, New York 10017
 Attention: Alan M.
Klein
         Joseph H. Kaufman
 Telecopy:(212) 455-2502

		
	If to Virgin:	  	 Corvina Holdings Limited
 La Motte Chambers

La Motte Street
 St. Helier
 Jersey
 JE1 1BJ
 Channel Islands
 Attention: Abacus Secretaries (Jersey) Limited
 Telecopy: +44 1534 602000

		
	with a copy to:
 (which shall not
constitute notice)
	  	 c/o Virgin USA, Inc.
 65 Bleecker Street, 6th floor
 New York, NY 10012
 Attention: Frances Farrow
 Telecopy: (212) 497-9051
 Confirmation: (212) 981-3923

		
	and with a copy to:
 (which shall not
constitute notice)
	  	 Simpson Thacher & Bartlett LLP
 425 Lexington
Avenue
 New York, New York 10017
 Attention: Alan M.
Klein
         Joseph H. Kaufman
 Telecopy:(212) 455-2502

  

 22 

			
	If to Sprint:	  	 Sprint Ventures, Inc.
 6200 Sprint Parkway

KSOPHF0202-2B579
 Overland Park, Kansas 66251
 Attention: Vice President, Corporate
 Development
 Telecopy: (913) 523-2785
 Confirmation: (913) 794-1351

		
	with a copy to:
 (which shall not
constitute notice)
	  	 Sprint Nextel Corporation
 6200 Sprint
Parkway
 KSOPHF0302-3B626
 Overland Park, Kansas 66251

Attention: Legal
 Telecopy: (913) 523-9803
 Confirmation: (913) 794-1509

		
	with a copy to:
 (which shall not
constitute notice)
	  	 King & Spalding LLP
 1185 Avenue of the Americas

 New York, New York 10036
 Attention: E. William Bates, II, Esq.

 Telecopy: (212) 556-2222
 Confirmation: (212)
556-2100

 SECTION 4.7. Further Assurances. At any time or from time to time after the date hereof,
the parties agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and, to the fullest extent permitted by law, to take all such further action as the other party may
reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the agreements and the intent of the parties hereunder. 
 SECTION 4.8. Entire Agreement. Except as otherwise expressly set forth herein, this Agreement, together with the other agreements entered into by
the parties hereto in connection with the Initial Public Offering and filed as exhibits to the Registration Statement (collectively, the “Transaction Agreements”) embodies the complete agreement and understanding among the parties
hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way. 

 

 23 

 SECTION 4.9. Enabling Clause. To the fullest extent permitted by law the Company hereby covenants
and agrees to cause the Charter and By-laws to give effect to the terms and provisions contained in this Agreement. To the fullest extent permitted by law, each of the parties covenants and agrees to vote their Equity Securities and to take any
other action reasonably requested by the Company or any Stockholder to amend the Charter and By-laws so as to give full effect to and to avoid any conflict with the provisions hereof. 
 SECTION 4.10. Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to any party, upon any
breach, default or noncompliance by another party under this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of or in any
similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on the part of any party hereto of any breach, default or noncompliance under this Agreement or
any waiver on such party’s part of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. No waiver of any default with respect to any provision,
condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provision, condition or requirement hereof. All remedies, either under this Agreement, by law, or otherwise afforded to any
party, shall be cumulative and not alternative. 
 SECTION 4.11. Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement
shall be governed in all respects by the laws of the State of Delaware. No suit, action or proceeding with respect to this Agreement may be brought in any court or before any similar authority other than in a court of competent jurisdiction in the
State of New York, and the parties hereto hereby submit to the exclusive jurisdiction of such courts for the purpose of such suit, proceeding or judgment. Each party hereto hereby irrevocably waives any right it may have had to bring such an action
in any other court, domestic or foreign, or before any similar domestic or foreign authority. Each of the parties hereto hereby irrevocably and unconditionally waives trial by jury in any legal action or proceeding in relation to this Agreement and
for any counterclaim therein. 
 SECTION 4.12. Severability. Whenever possible, each provision of this Agreement shall 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 invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained
herein and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such provision. 
 SECTION 4.13. Enforcement. Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the
covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it may have, the non-breaching party will have the right to an
injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof. 
  

 24 

 SECTION 4.14. Titles and Subtitles. The titles of the sections and subsections of this Agreement
are for convenience of reference only and are not to be considered in construing this Agreement. 
 SECTION 4.15. No Recourse.
Notwithstanding anything that may be expressed or implied in this Agreement, to the fullest extent permitted by law, the Company and each Stockholder covenant, agree and acknowledge that no recourse under this Agreement or any documents or
instruments delivered in connection with this Agreement shall be had against any current or future stockholder, director, officer, employee, general or limited partner or member of any Stockholder or of any Affiliate or assignee thereof, whether by
the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed
on or otherwise be incurred by any current or future officer, agent or employee of any Stockholder or any current or future member of any Stockholder or any current or future stockholder, director, officer, employee, partner or member of any
Stockholder or of any Affiliate or assignee thereof, as such for any obligation of any Stockholder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of
such obligations or their creation. 
 SECTION 4.16. Counterparts; Facsimile Signatures. This Agreement may be executed in any number
of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. This Agreement may be executed by facsimile signature(s). 
 [Rest of page intentionally left blank] 
  

 25 

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

			
	VIRGIN MOBILE USA, INC.
		
	 By:
	 	 /s/ Peter Lurie

	 Name:
	 	Peter Lurie
	 Title:
	 	General Counsel

  

			
	CORVINA HOLDINGS LIMITED
		
	 By:
	 	 /s/ Frank Dearie

	 Name:
	 	Frank Dearie
	 Title:
	 	Director

  

			
	CORTAIRE LIMITED
		
	 By:
	 	 /s/ Frank Dearie

	 Name:
	 	Frank Dearie
	 Title:
	 	Director

  

			
	SPRINT VENTURES, INC.
		
	 By:
	 	 /s/ Douglas B Lynn

	 Name:
	 	Douglas B Lynn
	 Title:
	 	Vice President

 Exhibit A 
 Assignment and Assumption Agreement 
 Pursuant to the Stockholders Agreement, dated as of
October 16, 2007 (the “Stockholders Agreement”), by and among Virgin Mobile USA, Inc., a Delaware corporation (the “Company”), Corvina Holdings Limited, a company incorporated in the British Virgin Islands
(“Corvina”), Cortaire Limited, a company incorporated in the British Virgin Islands (“Cortaire” and together with Corvina, “Virgin”), Sprint Ventures, Inc., a Kansas corporation
(“Sprint”) and each of the other signatories thereto,                     , (the “Transferor”) hereby
assigns to the undersigned the rights that may be assigned thereunder with respect to the Equity Securities so Transferred, and the undersigned hereby agrees that, having acquired Equity Securities as permitted by the terms of the Stockholders
Agreement, the undersigned shall assume the obligations of the Transferor under the Stockholders’ Agreement with respect to the Equity Securities so Transferred. Capitalized terms used but not defined herein shall have the meanings assigned to
them in the Stockholders’ Agreement. 
 Listed below is information regarding the Equity Securities: 
  

									
	  	 	  	 	 Number and Class of
 Equity Securities
	 	  	 	  
					
		 		 	 	 		 	

 IN WITNESS WHEREOF, the undersigned has executed this Assumption Agreement as of
                         , 20    . 
  

	
	[NAME OF TRANSFEREE]
	
	  

	 Name:

	 Title:

  

			
	 Acknowledged by:

	 VIRGIN MOBILE USA, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:Registration Rights Agreement

 Exhibit 4.2 
 EXECUTION COPY 
 REGISTRATION RIGHTS AGREEMENT 
 REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of October 16, 2007, is by and among Virgin Mobile USA, Inc., a Delaware
corporation (the “Company”), Corvina Holdings Limited, a company incorporated in the British Virgin Islands, (“Corvina”), Cortaire Limited, a company incorporated in the British Virgin Islands
(“Cortaire” and together with Corvina, “Virgin”), Sprint Ventures, Inc., a Kansas corporation (“Sprint”), Best Buy Co., Inc., a Minnesota corporation (“Best Buy”) and Freedom
Wireless, Inc., a Nevada corporation (“Freedom Wireless”). Virgin, Sprint, Best Buy and Freedom Wireless, together with each Person who becomes a party hereto pursuant to Section 11(c), are referred to individually as a
“Shareholder” and together as the “Shareholders”. 
 WHEREAS, the Company and the Shareholders are parties
to that certain Reorganization and Purchase Agreement, dated as of October 10, 2007, as the same may hereafter be amended from time to time (the “Reorganization Agreement”); and 
 WHEREAS, in connection with the initial public offering of Class A common stock of the Company (the “IPO”) and the closing of the
transactions contemplated by the Reorganization Agreement, the parties hereto desire to enter into this Agreement to provide the Shareholders with certain registration rights with respect to the Common Stock (as defined below). 
 NOW, THEREFORE, for and in consideration of the mutual agreements contained herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 Section 1.
Definitions. As used in this Agreement, the following terms shall have the following meanings, and terms used herein but not otherwise defined herein shall have the meanings assigned to them in the Reorganization Agreement: 
 “Additional Demand Shareholder” shall have the meaning set forth in Section 2(a) hereof. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or
indirect common control with, such Person. For the purposes of this definition, “control”, when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Allocated Shares” shall have the meaning set forth in Section 2(b) hereof. 
 “Common Stock” shall mean all shares hereafter authorized of any class of common stock of the Company which has the right to participate
in the election of directors of the Company. 
 “Demand Notice” shall have the meaning set forth in Section 2(a)
hereof. 

 “Demand Shareholders” shall have the meaning set forth in Section 2(a) hereof.

 “Demand Registration” shall have the meaning set forth in Section 2(a) hereof. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and any successor statute thereto and the rules and
regulations of the SEC promulgated thereunder. 
 “Initiating Demand Notice” shall have the meaning set forth in
Section 2(a) hereof. 
 “Initiating Demand Shareholder” shall have the meaning set forth in Section 2(a) hereof.

 “Joinder Demand Notice” shall have the meaning set forth in Section 2(a) hereof. 
 “Losses” shall have the meaning set forth in Section 7 hereof. 
 “Maximum Offering Size” shall have the meaning set forth in Section 2(b) hereof. 
 “NASD” shall mean the National Association of Securities Dealers, Inc., or any successor entity thereof. 
 “Percentage Interest” shall mean, at the time of determination with respect to any Shareholder, the voting power collectively held by
such Shareholder and its Affiliates as a percentage of the voting power attributable to all shares of Common Stock then outstanding. 
 “Person” shall mean any natural person, corporation, limited partnership, general partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land
trust, business trust, or other organization, whether or not a legal entity, custodian, trustee-executor, administrator, nominee or entity in a representative capacity and any government or agency or political subdivision thereof. 
 “Piggyback Notice” shall have the meaning set forth in Section 3(a) hereof. 
 “Piggyback Registration” shall have the meaning set forth in Section 3(a) hereof. 
 “Public Offering” shall mean the sale of Common Stock to the public pursuant to an effective registration statement (other than a
registration statement on Form S-4 or Form S-8 or any similar or successor form) filed under the Securities Act or any comparable law or regulatory scheme of any foreign jurisdiction. 
 “Proceeding” shall mean an action, claim, suit, arbitration or proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus” shall mean the prospectus included in
any Registration Statement (including, without limitation, any preliminary prospectus and any prospectus that discloses 

  

 2 

 
information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A or Rule 430B promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus. 
 “Registrable Securities” shall mean all shares of Class A Common Stock held directly or indirectly by a Shareholder, including any
shares of Class A Common Stock issuable or issued upon conversion or exchange of other securities of the Company or any of its subsidiaries. As to any particular Registrable Securities, once issued such securities shall cease to be Registrable
Securities when (i) they are sold pursuant to an effective Registration Statement under the Securities Act, (ii) they are sold pursuant to Rule 144, (iii) they are able to be sold without restriction pursuant to subsection (k) of
Rule 144, (iv) they shall have ceased to be outstanding or (v) they have been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of the securities. No Registrable
Securities may be registered under more than one Registration Statement at any one time. 
 “Registration Statement” shall
mean any registration statement of the Company under the Securities Act which permits the public offering of any of the Registrable Securities in accordance with the intended methods of distribution thereof pursuant to the provisions of this
Agreement, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in
such registration statement. 
 “Requested Shares” shall have the meaning set forth in Section 2(b)(i) hereof.

 “Requisite Shareholders” shall mean each of Virgin or Sprint, and their respective successors and permitted assigns as
long as such successors and permitted assigns hold, directly or together with their respective Affiliates, a Percentage Interest of 10% or more. 
 “Rule 144” shall mean Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 “SEC” shall mean the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act.

 “Securities Act” shall mean the Securities Act of 1933, as amended, and any successor statute thereto and the rules and
regulations of the SEC promulgated thereunder. 
 “Sprint Demand Shareholders” shall have the meaning set forth in
Section 2(b) hereof. 
 “underwritten registration or underwritten offering” shall mean a registration in which
securities of the Company are sold to an underwriter for reoffering to the public. 
  

 3 

 “Virgin Demand Shareholders” shall have the meaning set forth in Section 2(b)
hereof. 
 Section 2. Demand Registrations. 
 (a) Requests for Registration. Subject to the following paragraphs of this Section 2(a), each of the Requisite Shareholders shall have the right from time to time by delivering a written notice to the
Company (a “Demand Notice”) to require the Company to register, pursuant to the terms of this Agreement under and in accordance with the provisions of the Securities Act, the number of Registrable Securities requested to be so
registered pursuant to the terms of this Agreement (a “Demand Registration”); provided, however, that (i) a Demand Notice may only be made if the sale of the Registrable Securities requested to be registered by
the participating Requisite Shareholders is reasonably expected by such Requisite Shareholders to result in aggregate gross cash proceeds in excess of $50,000,000 (before deducting any underwriting discount or commission); provided that
notwithstanding the foregoing or anything to the contrary elsewhere in this Agreement, each Requisite Shareholder shall have the right to deliver an Initiating Demand Notice (as defined below) no fewer than five (5) times and a Joinder Demand
Notice (as defined below) no fewer than five (5) times; and (ii) the Company shall not be obligated to effect more than one such Demand Registration in any 180-day period without the consent of a majority of the board of directors.

 In the event any Requisite Shareholder (an “Initiating Demand Shareholder”) delivers a Demand Notice (an
“Initiating Demand Notice”), each other Requisite Shareholder shall be entitled to join in such demand for registration by delivering written notice thereof (a “Joinder Demand Notice”) to the Company and the
Initiating Demand Shareholder within ten (10) Business Days after its receipt of the Notice (as defined below) from the Company, in which case the Initiating Demand Notice shall be deemed to have been delivered jointly by the Initiating Demand
Shareholder and each other Requisite Shareholder which delivered a Joinder Demand Notice (each, an “Additional Demand Shareholder” and together with the Initiating Demand Shareholder, the “Demand Shareholders”) as
of the date of the receipt by the Company of the Initiating Demand Notice and for the number of Registrable Securities set forth in the Initiating Demand Notice with respect to the Initiating Demand Shareholder and in the respective Joinder Demand
Notice with respect to each Additional Demand Shareholder. 
 Following receipt of an Initiating Demand Notice, the Company shall file a
Registration Statement with respect to the Registrable Securities covered in such Initiating Demand Notice and, if applicable, in any related Joinder Demand Notices, and otherwise requested to be included in such Registration Statement in accordance
with this Section 2(a), as promptly as practicable, but not later than 45 days after receipt of such Initiating Demand Notice, and shall use its reasonable best efforts to cause such Registration Statement to be declared effective under the
Securities Act as promptly as practicable after the filing thereof. Any Demand Registration may be required by the Requisite Shareholders making such demand to be on an appropriate form under the Securities Act (including Form S-3ASR or any
successor form that becomes effective upon filing with the SEC if the Company is then eligible to use such form) in accordance with the methods of distribution set forth in the Registration Statement and Rule 415 under the Securities Act.

  

 4 

 No Demand Registration shall be deemed to have occurred for purposes of this Section 2 if the
Registration Statement relating thereto (i) does not become effective, (ii) is not maintained effective for the period required pursuant to this Section 2, or (iii) the offering of the Registrable Securities pursuant to such
Registration Statement is subject to a stop order, injunction or similar order or requirement of the SEC during such period in which case such Requisite Shareholders shall be entitled to an additional Demand Registration, as the case may be, in lieu
thereof. 
 Within 10 days after receipt by the Company of an Initiating Demand Notice, the Company shall give written notice (the
“Notice”) of such Initiating Demand Notice to all other holders of Registrable Securities and shall, subject to the provisions of Section 2(b) hereof, include in such registration all Registrable Securities with respect to
which the Company received written requests for inclusion therein within 15 days after such Notice is given by the Company to such holders. 
 All requests made pursuant to this Section 2 will specify the number of Registrable Securities to be registered and the intended methods of disposition thereof. Each holder of Registrable Securities which has requested to include
Registrable Securities in any Registration Statement pursuant to this Section 2(a) shall furnish to the Company in writing such other information regarding such holder and the distribution proposed by such holder as the Company reasonably
requests specifically for use in connection with such Registration Statement. 
 The Company shall be required to maintain the effectiveness
of the Registration Statement with respect to any Demand Registration for a period of at least 270 days after the effective date thereof or such shorter period in which all Registrable Securities included in such Registration Statement have actually
been sold. 
 (b) Priority on Demand Registration. 
 If any of the Registrable Securities registered pursuant to a Demand Registration are to be sold in a firm commitment underwritten offering, and the managing underwriter or underwriters advise the holders of such
securities in writing that in its view the total number or dollar amount of Registrable Securities proposed to be sold in such offering is such as to adversely affect the success of such offering (including, without limitation, securities proposed
to be included by other holders of securities entitled to include securities in such Registration Statement pursuant to incidental or piggyback registration rights), then there shall be included in such firm commitment underwritten offering the
number of Registrable Securities that in the opinion of such managing underwriter can be sold without adversely affecting such offering (the “Maximum Offering Size”), and such number of Registrable Securities shall be allocated as
follows: 
 (i) first, the securities for which inclusion in such Demand Registration was requested by the Demand Shareholders, allocated, if
necessary for the offering not to exceed the Maximum Offering Size, such that each Demand Shareholder sells the number of Registrable Securities (the “Allocated Shares”) equal to either (1) if the number of Registrable
Securities for which inclusion in such Demand 

  

 5 

 
Registration was requested by such Demand Shareholder (such number, the “Requested Shares”) is equal to, or less than, 50% of the Maximum
Offering Size, then the Requested Shares; or (2) if the Requested Shares are greater than 50% of the Maximum Offering Size, then the number of Registrable Securities equal to the greater of (A) 50% of the Maximum Offering Size and
(B) the difference between (w) the Maximum Offering Size and (x) the number of Registrable Securities for which inclusion in such Demand Registration was requested by the other Demand Shareholder; provided that for the purposes
of the allocation in this Section 2(b)(i), (y) Sprint and its successors and permitted assigns that are each Requisite Shareholders and are participating in such offering (the “Sprint Demand Shareholders”) shall be deemed
to constitute one Demand Shareholder and (z) Virgin and its successors and permitted assigns that are each Requisite Shareholders and are participating in such offering (the “Virgin Demand Shareholders”) shall be deemed to
constitute one Demand Shareholder; and provided further, that following the allocation described above, each of Sprint and Virgin shall have the right to determine the further allocation of their respective Allocated Shares among the Sprint
Demand Shareholders and the Virgin Demand Shareholders, respectively, in their sole discretion; 
 (ii) second, among the other holders of
Registrable Securities on the basis of the percentage of the Registrable Securities owned directly or indirectly by each such Shareholder or other Person pro rata relative to the number of Registrable Securities owned directly or indirectly by all
such Persons; and 
 (iii) third, the securities for which inclusion in such Demand Registration was requested by the Company. 
 For purposes of any underwriter cutback, all Registrable Securities held by any Shareholder shall also include any Registrable Securities held by the
shareholders or Affiliates of such holder, or the estates and family members of any such holder, any trusts for the benefit of any of the foregoing persons and, at the election of such holder or such trusts or Affiliates, any charitable
organization, in each case to which any of the foregoing shall have distributed, transferred or contributed Common Stock prior to the execution of the underwriting agreement in connection with such underwritten offering; provided that such
distribution, transfer or contribution occurred not more than 90 days prior to such execution, and such holder and other persons shall be deemed to be a single selling holder, and any pro rata reduction with respect to such selling holder shall be
based upon the aggregate amount of Common Stock owned by all entities and individuals included in such selling holder, as defined in this sentence. No securities excluded from the underwriting by reason of the underwriter’s marketing limitation
shall be included in such registration. 
 (c) Postponement of Demand Registration. The Company shall be entitled to postpone (but
not more than once in any 12-month period), for a reasonable period of time not in excess of 60 days, the filing of a Registration Statement if the Company delivers to the holders requesting registration a certificate signed by both the chief
executive officer and chief financial officer of the Company certifying that, in the good faith judgment of the board of directors of the Company, based on the advice of counsel, such registration and offering would 

  

 6 

 
reasonably be expected to materially adversely affect or materially interfere with any bona fide material financing of the Company or any material
transaction under consideration by the Company or would require disclosure of information that has not been, and is not otherwise required to be, disclosed to the public, the premature disclosure of which would materially adversely affect the
Company. Such certificate shall contain a statement of the reasons for such postponement and an approximation of the anticipated delay. The holders receiving such certificate shall keep the information contained in such certificate confidential
subject to the same terms set forth in Section 5(p). If the Company shall so postpone the filing of a Registration Statement, each of the Requisite Shareholders shall have the right to withdraw its request for registration by giving written
notice to the Company within 20 days of the anticipated termination date of the postponement period, as provided in the certificate delivered to the holders. 
 (d) Cancellation of Demand Registration. Each Requisite Shareholder that delivered (or is deemed to have delivered) the Demand Notice pursuant to this Section 2 shall have the right to withdraw from such
registration by a written notice to the Company, in which event the Company shall abandon or withdraw such registration statement; provided, however, that if the Company and the other Shareholders participating in such registration
have requested to be included in such registration Registrable Securities in the aggregate amount of at least $50,000,000, then the Company and such other Shareholders shall have the right to continue with such registration regardless of the
withdrawal of the Requisite Shareholder that initially delivered the Demand Notice. 
 Section 3. Piggyback Registration.

 (a) Right to Piggyback. Except with respect to a Demand Registration, the procedures for which are addressed in Section 2, if
the Company proposes to file a registration statement under the Securities Act with respect to an offering of Common Stock (other than a registration statement on Form S-4, Form S-8 or any successor forms thereto relating to shares of Common Stock
to be issued solely in connection with (i) any acquisition of another entity or business or (ii) a stock option or any other employee benefit or dividend reinvestment plan), then, each such time, the Company shall give prompt written
notice of such proposed filing at least twenty (20) days before the anticipated filing date (the “Piggyback Notice”) to all of the holders of Registrable Securities. The Piggyback Notice shall offer such holders the opportunity
to include in such registration statement the number of Registrable Securities as each such holder may request (a “Piggyback Registration”). Subject to Section 3(b) hereof, the Company shall include in each such Piggyback
Registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within fifteen (15) days after notice has been given to the applicable holder. Each holder of Registrable Securities
which has requested to include Registrable Securities in any Registration Statement pursuant to this Section 3(a) shall furnish to the Company in writing such other information regarding such holder and the distribution proposed by such holder
as the Company reasonably requests specifically for use in connection with such Registration Statement. The eligible holders of Registrable Securities shall be permitted to withdraw all or part of the Registrable Securities from a Piggyback
Registration at any time at least two business days prior to the effective date of such Piggyback Registration. The Company shall not be required to maintain the effectiveness of the Registration Statement for a Piggyback Registration beyond the
earlier to occur of (i) 180 days after the effective date thereof and (ii) consummation of the distribution by the holders of the Registrable Securities included in such Registration Statement. 
  

 7 

 (b) Priority on Piggyback Registrations. The Company shall use reasonable efforts to cause the
managing underwriter or underwriters of a proposed underwritten offering to permit holders of Registrable Securities requested to be included in the registration for such offering to include all such Registrable Securities on the same terms and
conditions as any other shares of capital stock, if any, of the Company included therein. Notwithstanding the foregoing, if the managing underwriter or underwriters of such underwritten offering have informed the Company in writing that it is their
good faith opinion that the total number or dollar amount of securities that such holders, the Company and any other Persons having rights to participate in such registration, intend to include in such offering is such as to adversely affect the
success of such offering, then there shall be included in such firm commitment underwritten offering the number or dollar amount of Registrable Securities that in the opinion of such managing underwriter or underwriters can be sold without adversely
affecting such offering, and such number of Registrable Securities shall be allocated as follows: 
 (i) first, the number of
shares of Common Stock proposed to be registered by the Company; and 
 (ii) second, among the other holders of Registrable
Securities on the basis of the percentage of the Registrable Securities owned directly or indirectly by each such Shareholder or other Person pro rata relative to the number of Registrable Securities owned directly or indirectly by all such Persons.

 For purposes of any underwriter cutback, all Registrable Securities held by any Shareholder shall also include any Registrable Securities
held by the shareholders or Affiliates of such holder, or the estates and family members of any such holder, any trusts for the benefit of any of the foregoing persons and, at the election of such holder or such trusts or Affiliates, any charitable
organization, in each case to which any of the foregoing shall have distributed, transferred or contributed Common Stock prior to the execution of the underwriting agreement in connection with such underwritten offering; provided that such
distribution, transfer or contribution occurred not more than 90 days prior to such execution, and such holder and other persons shall be deemed to be a single selling holder, and any pro rata reduction with respect to such selling holder shall be
based upon the aggregate amount of Common Stock owned by all entities and individuals included in such selling holder, as defined in this sentence. No securities excluded from the underwriting by reason of the underwriter’s marketing limitation
shall be included in such registration. 
 (c) Shelf Take-Downs. At any time that a shelf registration statement covering Registrable
Securities pursuant to Section 2 or this Section 3 is effective, if any holder or group of holders of Registrable Securities delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect an
underwritten offering of all or part of its Registrable Securities included by it on the shelf registration statement (a “Shelf Underwritten Offering”) and stating the number of the Registrable Securities to be included in the Shelf
Underwritten Offering, then, the Company shall amend or supplement the shelf registration statement as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Shelf Underwritten Offering (taking into account
the inclusion of Registrable Securities by any other holders pursuant to this Section 3(c)). In connection with any Shelf Underwritten Offering: 
 (i) such proposing holder(s) shall also deliver the Take-Down Notice to all other Shareholders included on such shelf registration statement and permit each such Shareholder to include its Registrable Securities
included on the shelf registration statement in the Shelf Underwritten Offering if such Shareholder notifies the proposing Shareholders and the Company within one business day after delivery of the Take-Down Notice to such holder; and 
  

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 (ii) in the event that the underwriter determines that marketing factors (including an adverse effect on
the per share offering price) require a limitation on the number of shares which would otherwise be included in such take-down, the underwriter may limit the number of shares which would otherwise be included in such take-down offering in the same
manner as is described in Section 2(b) with respect to a limitation of shares to be included in a registration. 
 (d) Postponement
of Registrations. The Company shall be entitled to postpone (but not more than once in any 12-month period), for a reasonable period of time not in excess of 60 days, the filing of any Registration Statement or any offering pursuant to this
Section 3 if the Company delivers to the holders participating in any such registration or offering a certificate signed by both the chief executive officer and chief financial officer of the Company certifying that, in the good faith judgment
of the board of directors of the Company, based on the advice of counsel, such registration or offering would reasonably be expected to materially adversely affect or materially interfere with any bona fide material financing of the Company
or any material transaction under consideration by the Company or would require disclosure of information that has not been, and is not otherwise required to be, disclosed to the public, the premature disclosure of which would materially adversely
affect the Company. Such certificate shall contain a statement of the reasons for such postponement and an approximation of the anticipated delay. The holders receiving such certificate shall keep the information contained in such certificate
confidential subject to the same terms set forth in Section 5(p). If the Company shall so postpone any registration or offering, each of the holders of Registrable Securities participating in such registration or offering shall have the right
to withdraw its request for registration by giving written notice to the Company within 20 days of the anticipated termination date of the postponement period, as provided in the certificate delivered to the holders. 
 Section 4. Restrictions on Public Sale by Holders of Registrable Securities; Restrictions on the Company. Each holder of Registrable
Securities agrees, in connection with any underwritten offering made pursuant to a Registration Statement filed pursuant to Section 2 or Section 3 hereof (whether or not such holder elected to include Registrable Securities in such
Registration Statement), if requested (pursuant to a written notice) by the managing underwriter or underwriters in an underwritten offering, not to effect any public sale or distribution of any of the Company’s common equity (or securities
convertible into or exchangeable or exercisable for common equity) (except as part of such underwritten offering), including a sale pursuant to Rule 144 or any swap or other economic arrangement that transfers to another any of the economic
consequences of owning the Common Stock, or to give any Demand Notice during the 90-day 

  

 9 

 
period commencing on the date of the Prospectus (or Prospectus supplement if the offering is made pursuant to a “shelf” registration) pursuant to
which such Public Offering shall be made, plus such extension period, which shall be no longer than 17 days, as may be proposed by the managing underwriter to address NASD regulations regarding the publishing of research, or such lesser period as is
required by the managing underwriter. Notwithstanding the foregoing, any discretionary waiver or termination of this lock-up provision by the Company or the underwriters with respect to either of the Requisite Shareholders shall apply to the other
Requisite Shareholder as well, pro rata based upon the number of shares subject to such obligations. 
 If any registration pursuant to
Section 2 of this Agreement shall be in connection with any underwritten Public Offering, the Company will not effect any public sale or distribution of any common equity (or securities convertible into or exchangeable or exercisable for common
equity) (other than a registration statement on Form S-4, Form S-8 or any successor forms thereto relating to shares of Common Stock to be issued solely in connection with (i) any acquisition of another entity or business or (ii) a stock
option or any other employee benefit or dividend reinvestment plan) for its own account, within 90 days (or such shorter periods as the managing underwriters may agree to with the Requisite Shareholders) after the date of the Prospectus (or
Prospectus supplement if the offering is made pursuant to a “shelf” registration) pursuant to which such Public Offering shall be made, plus such extension period, which shall be no longer than 17 days, as may be proposed by the managing
underwriter to address NASD regulations regarding the publishing of research. 
 Section 5. Registration Procedures. If and
whenever the Company is required to use its reasonable best efforts to effect the registration of any Registrable Securities under the Securities Act as provided in Section 2 and Section 3 hereof, the Company shall effect such registration
to permit the sale of such Registrable Securities in accordance with the intended method or methods of disposition thereof, and pursuant thereto the Company shall cooperate in the sale of the securities and shall, as expeditiously as possible:

 (a) Prepare and file with the SEC a Registration Statement or Registration Statements on such form which shall be available for the sale
of the Registrable Securities by the holders thereof or the Company in accordance with the intended method or methods of distribution thereof, and use its reasonable best efforts to cause such Registration Statement to become effective and to remain
effective as provided herein (including by means of a shelf registration pursuant to Rule 415 under the Securities Act if so requested and if the Company is then eligible to use such registration); provided, however, that before filing
a Registration Statement or Prospectus or any amendments or supplements thereto (including documents that would be incorporated or deemed to be incorporated therein by reference), the Company shall furnish or otherwise make available to the
Shareholders who are including Registrable Securities in such Registration Statement, their counsel and the managing underwriters, if any, copies of all such documents proposed to be filed, which documents will be subject to the reasonable review
and comment of such counsel, and such other documents reasonably requested by such counsel, including any comment letter from the SEC, and, if requested by such counsel, provide such counsel reasonable opportunity to participate in the preparation
of such Registration Statement and each Prospectus included therein and such other opportunities to conduct a reasonable investigation within the meaning of the Securities Act, including reasonable access to the Company’s books and records,
officers, accountants and other 

  

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advisors. The Company shall not include any information relating to a Requisite Shareholder in any such Registration Statement or Prospectus or any
amendments or supplements thereto (including such documents that, upon filing, would be incorporated or deemed to be incorporated by reference therein) with respect to a Demand Registration or Piggyback Registration to which the Requisite
Shareholder (if such Registration Statement includes Registrable Securities of such Requisite Shareholder), shall reasonably object, in writing, on a timely basis, unless, in the opinion of the Company, the inclusion of such information is necessary
to comply with applicable law. 
 (b) Prepare and file with the SEC such amendments and post-effective amendments to each Registration
Statement as may be necessary to keep such Registration Statement continuously effective during the period provided herein and comply in all material respects with the provisions of the Securities Act with respect to the disposition of all
securities covered by such Registration Statement; and cause the related Prospectus to be supplemented by any Prospectus supplement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of the
securities covered by such Registration Statement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act. 
 (c) Notify each selling holder of Registrable Securities and the managing underwriters, if any, promptly, and (if requested by any such Person) confirm
such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective,
(ii) of any request by the SEC or any other Federal or state governmental authority for amendments or supplements to a Registration Statement or related Prospectus or for additional information, (iii) of the issuance by the SEC of any stop
order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iv) if at any time the representations and warranties of the Company contained in any agreement (including any underwriting
agreement) contemplated by Section 5(o) below cease to be true and correct, (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, and (vi) of the happening of any event that makes any statement made in such Registration Statement or related Prospectus or any
document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in such Registration Statement, Prospectus or documents so that, in the case of the Registration
Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, not misleading, and that in the case of the Prospectus, it will not
contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (d) Use its reasonable best efforts to avoid the issuance of any order suspending the effectiveness of a Registration Statement or the lifting of any
suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, or, if issued, to obtain the withdrawal or lifting of any such order or suspension as promptly as practicable.

  

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 (e) If requested by the managing underwriters, if any, or the holders of a majority of the then
outstanding Registrable Securities being sold in connection with an underwritten offering, promptly include in a Prospectus supplement or post-effective amendment such information as the managing underwriters, if any, and such holders may reasonably
request in order to permit the intended method of distribution of such securities and make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Company has received such request;
provided, however, that the Company shall not be required to take any actions under this Section 5(e) that are not, in the opinion of counsel for the Company, in compliance with applicable law. 
 (f) Furnish or make available to each selling holder of Registrable Securities, and each managing underwriter, if any, without charge, at least one
conformed copy of the Registration Statement, the Prospectus and Prospectus supplements, if applicable, and each post-effective amendment thereto, including financial statements (but excluding schedules, all documents incorporated or deemed to be
incorporated therein by reference, and all exhibits, unless requested in writing by such holder, counsel or underwriter). 
 (g) Deliver to
each selling holder of Registrable Securities, and the underwriters, if any, without charge, as many copies of the Prospectus or Prospectuses (including each form of Prospectus) and each amendment or supplement thereto as such Persons may reasonably
request in connection with the distribution of the Registrable Securities; and the Company, subject to the last paragraph of this Section 5, hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the
selling holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any such amendment or supplement thereto. 
 (h) Prior to any public offering of Registrable Securities, use its reasonable best efforts to register or qualify or cooperate with the selling holders
of Registrable Securities, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the
securities or “Blue Sky” laws of such jurisdictions within the United States as any seller or underwriter reasonably requests in writing and to keep each such registration or qualification (or exemption therefrom) effective during the
period such Registration Statement is required to be kept effective and to take any other action that may be necessary or advisable to enable such holders of Registrable Securities to consummate the disposition of such Registrable Securities in such
jurisdiction; provided, however, that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it is not then so qualified or (ii) take any action that would subject it to general
service of process in any such jurisdiction where it is not then so subject. 
 (i) Cooperate with the selling holders of Registrable
Securities and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities to be sold after receiving written 

  

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representations from each holder of such Registrable Securities that the Registrable Securities represented by the certificates so delivered by such holder
will be transferred in accordance with the Registration Statement, and enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters, if any, or holders may request at least two
(2) business days prior to any sale of Registrable Securities in a firm commitment public offering, but in any other such sale, within ten (10) business days prior to having to issue the securities. 
 (j) Use its reasonable best efforts to cause the Registrable Securities covered by the Registration Statement to be registered with or approved by such
other governmental agencies or authorities within the United States, except as may be required solely as a consequence of the nature of such selling holder’s business, in which case the Company will cooperate in all reasonable respects with the
filing of such Registration Statement and the granting of such approvals, as may be necessary to enable the seller or sellers thereof or the underwriters, if any, to consummate the disposition of such Registrable Securities. 
 (k) Upon the occurrence of any event contemplated by Section 5(c)(ii), 5(c)(iii), 5(c)(iv), 5(c)(v) or 5(c)(vi) above, prepare as promptly as
practicable a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that,
as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (l) Prior to the effective date of
the Registration Statement relating to the Registrable Securities, provide a CUSIP number for the Registrable Securities. 
 (m) Provide and
cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration Statement from and after a date not later than the effective date of such Registration Statement. 
 (n) Use its reasonable best efforts to cause all shares of Registrable Securities covered by such Registration Statement to be authorized to be listed
on a national securities exchange if shares of the particular class of Registrable Securities are at that time, or will be immediately following the offering, listed on such exchange. 
 (o) Enter into such agreements (including an underwriting agreement in form, scope and substance as is customary in underwritten offerings) and take all
such other actions reasonably requested by the holders of a majority of the Registrable Securities being sold in connection therewith (including those reasonably requested by the managing underwriters, if any) to expedite or facilitate the
disposition of such Registrable Securities, and in such connection, whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten registration, (i) make such representations and warranties to
the holders of such Registrable Securities and the underwriters, if any, with respect to the business of the Company and its subsidiaries, and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by
reference therein, in each case, in form, 

  

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substance and scope as are customarily made by issuers in underwritten offerings, and, if true, confirm the same if and when requested, (ii) use its
reasonable best efforts to furnish to the selling holders of such Registrable Securities opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the
managing underwriters, if any, and counsels to the selling holders of the Registrable Securities), addressed to each selling holder of Registrable Securities and each of the underwriters, if any, covering the matters customarily covered in opinions
requested in underwritten offerings and such other matters as may be reasonably requested by such counsel and underwriters, (iii) use its reasonable best efforts to obtain “cold comfort” letters and updates thereof from the
independent registered public accounting firm of the Company (and, if necessary, any other independent registered public accounting firms of any subsidiary of the Company or of any business acquired by the Company for which financial statements and
financial data are, or are required to be, included in the Registration Statement) who have certified the financial statements included in such Registration Statement, addressed to each selling holder of Registrable Securities (unless such
accountants shall be prohibited from so addressing such letters by applicable standards of the accounting profession) and each of the underwriters, if any, such letters to be in customary form and covering matters of the type customarily covered in
“cold comfort” letters in connection with underwritten offerings, (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures substantially to the effect set forth in
Section 7 hereof with respect to all parties to be indemnified pursuant to said Section except as otherwise agreed by the Requisite Shareholders and (v) deliver such documents and certificates as may be reasonably requested by the holders
of a majority of the Registrable Securities being sold, their counsel and the managing underwriters, if any, to evidence the continued validity of the representations and warranties made pursuant to Section 5(o)(i) above and to evidence
compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. The above shall be done at each closing under such underwriting or similar agreement, or as and to the extent required
thereunder. 
 (p) Make available for inspection by a representative of the selling holders of Registrable Securities, any underwriter
participating in any such disposition of Registrable Securities, if any, and any attorneys or accountants retained by such selling holders or underwriter, at the offices where normally kept, during reasonable business hours, all financial and other
records, pertinent corporate documents and properties of the Company and its subsidiaries, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information in each case reasonably requested by any such
representative, underwriter, attorney or accountant in connection with such Registration Statement; provided, however, that any information that is determined in good faith by the Company in writing to be not generally publicly
available at the time of delivery of such information shall be kept confidential by such Persons unless (i) disclosure of such information is required by court or administrative order or is necessary to respond to inquiries of regulatory
authorities, (ii) disclosure of such information, in the opinion of counsel to such Person, is required by law, (iii) disclosure of such information, in the opinion of counsel, to such Person is necessary or advisable to defend such Person
in any litigation relating to any such disposition or proposed disposition of Registrable Securities, (iv) such information becomes generally available to the public other than as a result of a disclosure or failure to safeguard by such Person
or (v) such information becomes available to such Person from a source other than the Company and such 

  

 14 

 
source is not known by such Person to be bound by a confidentiality agreement with the Company. In the case of a proposed disclosure pursuant to (i),
(ii) or (iii) above, such Person shall use its reasonable best efforts to give the Company written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the Company in seeking to prevent or
limit the proposed disclosure. Without limiting the foregoing, no such information shall be used by such Person as the basis for any market transactions in securities of the Company or its subsidiaries in violation of law. 
 (q) Cause its officers to use their reasonable best efforts to support the marketing of the Registrable Securities covered by the Registration Statement
(including, without limitation, participation in “road shows”) taking into account the Company’s business needs. 
 (r)
Cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the NASD; and

 (s) Otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its
security holders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, as soon as reasonably practicable, but not more than 45 days after the end of any 12-month period (or 90 days, if
such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Securities are sold to underwriters in an underwritten public offering or (ii) if not sold to underwriters in such an offering, commencing
on the first day of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement, which statements shall cover said 12-month periods. 
 The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish to the Company in writing such
information required in connection with such registration regarding such seller and the distribution of such Registrable Securities as the Company may, from time to time, reasonably request in writing and the Company may exclude from such
registration the Registrable Securities of any seller who unreasonably fails to furnish such information within a reasonable time after receiving such request. 
 Each holder of Registrable Securities agrees if such holder has Registrable Securities covered by such Registration Statement that, upon receipt of any notice from the Company of the happening of any event of the kind
described in Section 5(c)(ii), 5(c)(iii), 5(c)(iv), 5(c)(v) or 5(c)(vi) hereof, such holder will forthwith discontinue disposition of such Registrable Securities covered by such Registration Statement or Prospectus until such holder’s
receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof, or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and has received copies of any
additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus; provided, however that the Company shall extend the time periods under Section 2 and Section 3 with
respect to the length of time that the effectiveness of a Registration Statement must be maintained by the amount of time the holder is required to discontinue disposition of such securities. 
  

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 Section 6. Registration Expenses. All fees and expenses incident to the performance of or
compliance with this Agreement by the Company (including, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with the National
Association of Securities Dealers, Inc. and (B) of compliance with securities or Blue Sky laws, including, without limitation, any fees and disbursements of counsel for the underwriters in connection with Blue Sky qualifications of the
Registrable Securities pursuant to Section 5(h)), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities in a form eligible for deposit with The Depository Trust Company and of
printing Prospectuses if the printing of Prospectuses is requested by the managing underwriters, if any, or by a Requisite Shareholder or the holders of a majority of the Registrable Securities included in any Registration Statement),
(iii) messenger, telephone and delivery expenses of the Company, (iv) fees and disbursements of counsel for the Company, (v) expenses of the Company incurred in connection with any road show, (vi) fees and disbursements of all
independent registered public accounting firms referred to in Section 5(o)(iii) hereof (including, without limitation, the expenses of any “cold comfort” letters required by this Agreement) and any other persons, including special
experts retained by the Company, and (vii) (A) reasonable fees and disbursements of counsel for each of the Requisite Shareholders, and (B) if none of such Requisite Shareholders is participating in the offering, reasonable fees and
disbursements of one counsel for holders of Registrable Securities whose shares are included in a Registration Statement, which counsel in the case of this clause (B) shall be selected by the holders of a majority of the Registrable Securities
included in such Registration Statement) shall be borne by the Company whether or not any Registration Statement is filed or becomes effective. In addition, the Company shall bear all of its internal expenses (including, without limitation, all
salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit, the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange
on which similar securities issued by the Company are then listed and rating agency fees and the fees and expenses of any Person, including special experts, retained by the Company. 
 The Company shall not be required to pay (i) except as noted above, fees and disbursements of any counsel retained by any holder of Registrable
Securities or by any underwriter (except as set forth in clauses 6(i)(B) and 6(vii)), (ii) any underwriter’s fees (including discounts, commissions or fees of underwriters, selling brokers, dealer managers or similar securities industry
professionals) relating to the distribution of the Registrable Securities (other than with respect to Registrable Securities sold by the Company), or (iii) any other expenses of the holders of Registrable Securities not specifically required to
be paid by the Company pursuant to the first paragraph of this Section 6. 
 Section 7. Indemnification. 
 (a) Indemnification by the Company. The Company shall, and shall cause each of its subsidiaries to, without limitation as to time, indemnify and
hold harmless, to the fullest extent permitted by law and on a joint and several basis, each holder of Registrable Securities whose Registrable Securities are covered by a Registration Statement or Prospectus, the officers, directors, partners,
members, managers, shareholders, accountants, attorneys, agents and employees of each of them, each Person who controls each such holder (within the meaning 

  

 16 

 
of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, partners, members, managers, shareholders,
accountants, attorneys, agents and employees of each such controlling person, each underwriter, if any, and each Person who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) such
underwriter (collectively, “Holder Indemnitees”), from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, costs of preparation and reasonable attorneys’ fees and any legal or
other fees or expenses incurred by such party in connection with any investigation or Proceeding), expenses, judgments, fines, penalties, charges and amounts paid in settlement (collectively, “Losses”), as incurred, arising out of
or based upon any untrue statement (or alleged untrue statement) of a material fact contained in any Prospectus, or other offering document (including any related Registration Statement, notification, or the like) incident to any such registration,
qualification, or compliance, or based on any 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 any violation by the Company of the Securities
Act or any rule or regulation thereunder applicable to the Company or of the Exchange Act or any rule or regulation thereunder applicable to the Company, and will reimburse each Holder Indemnitee for any legal and any other expenses reasonably
incurred in connection with investigating and defending or settling any such claim, loss, damage, liability, or action, provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability,
or expense arises out of or is based on any untrue statement or omission by any holder or underwriter, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such Registration
Statement, Prospectus, or other offering document in reliance upon and in conformity with written information furnished to the Company by such holder or underwriter. It is agreed that the indemnity agreement contained in this Section 7(a) 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 or delayed). Such indemnity agreement
shall remain in full force and effect regardless of any investigation made by or on behalf of any Holder Indemnitee and shall survive the transfer of Registrable Securities by any such Holder Indemnitee. 
 (b) Indemnification by Holder of Registrable Securities. In connection with any Registration Statement in which a holder of Registrable
Securities includes Registrable Securities, such holder of Registrable Securities agrees to indemnify, to the fullest extent permitted by law, severally and not jointly, the Company, each other holder of Registrable Securities which includes
Registrable Securities in such Registration Statement, their respective directors and officers and each Person who controls the Company and such holders (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
Act) (collectively, “Company/Holder Indemnitees”), from and against all Losses arising out of or based on any untrue statement of a material fact contained in any such Registration Statement, Prospectus, or other offering document,
or any omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in light of the circumstances under which they were made) not misleading, and will reimburse
each Company/Holder Indemnitee for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action, in each case to the extent, but only to the extent, that such
untrue statement or omission is made in such Registration Statement, Prospectus, or other offering document in reliance upon and in 

  

 17 

 
conformity with written information furnished to the Company by such holder expressly for inclusion in such Registration Statement, Prospectus, or other
offering document; provided, however, that the obligations of such holder hereunder shall not apply to amounts paid in settlement of any such claims, losses, damages, or liabilities (or actions in respect thereof) if such settlement is
effected without the consent of such holder (which consent shall not be unreasonably withheld); and provided, further, that the liability of each selling holder of Registrable Securities hereunder shall be limited to the net proceeds
received by such selling holder from the sale of Registrable Securities giving rise to such indemnification obligation. In addition, insofar as the foregoing indemnity relates to any such untrue statement or omission made in a preliminary Prospectus
but eliminated or remedied in an amended or supplemented preliminary Prospectus on file with the SEC at the time the Registration Statement becomes effective, or in any amendment or supplement thereto at or prior to the pricing of the sale of the
Registrable Securities giving rise to the indemnification obligation, and such new preliminary Prospectus or amendment or supplement thereto is delivered to the underwriter, the indemnity agreement in this Section 7(b) shall not inure to the
benefit of any Person if a copy of such amended or supplemented preliminary Prospectus was not furnished to the Person asserting the Loss at or prior to the pricing of the sale of the Registrable Securities giving rise to the indemnification
obligation. 
 (c) Conduct of Indemnification Proceedings. If any Person shall be entitled to indemnity hereunder (an
“indemnified party”), such indemnified party shall give prompt notice to the party from which such indemnity is sought (the “indemnifying party”) of any claim or of the commencement of any Proceeding with respect to
which such indemnified party seeks indemnification or contribution pursuant hereto; provided, however, that the delay or failure to so notify the indemnifying party shall not relieve the indemnifying party from any obligation or
liability except to the extent that the indemnifying party has been prejudiced by such delay or failure. The indemnifying party shall have the right, exercisable by giving written notice to an indemnified party promptly after the receipt of written
notice from such indemnified party of such claim or Proceeding, to, unless in the indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, assume, at
the indemnifying party’s expense, the defense of any such claim or Proceeding, with counsel reasonably satisfactory to such indemnified party; provided, however, that an indemnified party shall have the right to employ separate
counsel in any such claim or Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless: (i) the indemnifying party agrees to pay such fees and
expenses; or (ii) the indemnifying party fails promptly to assume, or in the event of a conflict of interest cannot assume, the defense of such claim or Proceeding or fails to employ counsel reasonably satisfactory to such indemnified party, in
which case the indemnified party shall have the right to employ counsel and to assume the defense of such claim or proceeding; provided, further, however, that the indemnifying party shall not, in connection with any one such
claim or Proceeding or separate but substantially similar or related claims or Proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one firm of attorneys
(in addition to appropriate local counsel) at any time for all of the indemnified parties, or for fees and expenses that are not reasonable. Whether or not such defense is assumed by the indemnifying party, such indemnified party will not be subject
to any liability for any settlement made without its consent (but such consent will not be unreasonably withheld). The indemnifying party shall not consent 

  

 18 

 
to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release, in form and substance reasonably satisfactory to the indemnified party, from all liability in respect of such claim or litigation for which such indemnified party would be entitled to indemnification hereunder.

 (d) Contribution. If the indemnification provided for in this Section 7 is unavailable to an indemnified party in respect of
any Losses (other than in accordance with its terms), then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Losses, in
such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the actions, statements or omissions that resulted in such Losses as well
as any other relevant equitable considerations. The relative fault of such indemnifying party, on the one hand, and indemnified party, on the other hand, shall be determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been taken by, or relates to information supplied by, such indemnifying party or indemnified party, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 7(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 7(d), an indemnifying party that is a selling holder of Registrable Securities shall not be required to contribute any amount in
excess of the amount by which the net proceeds to the indemnifying party from the sale of the Registrable Securities sold in a transaction that resulted in Losses in respect of which contribution is sought in such proceeding pursuant to this
Section 7(d), exceed the amount of any damages that such indemnifying party has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (e) The indemnity and contribution agreements contained in this Section 7 are in addition to any liability that the indemnifying parties may
otherwise have to the indemnified parties. Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering
are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 
 Section 8. Rule 144;
Rule 144A. 
 (a) At all times after the effective date of the first registration statement filed by the Company under the Securities Act
or the Exchange Act, the Company shall (i) file the reports required to be filed by it under the Securities Act and the Exchange Act 

  

 19 

 
in a timely manner, (ii) take such further action as any holder of Registrable Securities may reasonably request, and (iii) furnish to each holder
of Registrable Securities forthwith upon written request, (x) a written statement by the Company as to its compliance with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (y) a copy of the most recent
annual or quarterly report of the Company, and (z) such other reports and documents so filed by the Company as such holder may reasonably request in availing itself of Rule 144, all to the extent required from time to time to enable such holder
to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144. Upon the request of any holder of Registrable Securities, the Company shall deliver to such holder a written
statement as to whether it has complied with such requirements. 
 (b) At any time that the Company is not subject to the reporting
requirements of the Exchange Act, each holder of Registrable Securities and each prospective holder of Registrable Securities who may consider acquiring Registrable Securities in reliance upon Rule 144A under the Securities Act (or any successor or
similar rule then in force) (“Rule 144A”) shall have the right to request from the Company, and the Company will provide upon such request, such information regarding the Company and its business, assets and properties, if any, as is at
the time required to be made available by the Company under the Rule 144A so as to enable such holder to transfer Registrable Securities to such prospective holder in reliance upon Rule 144A. 
 Section 9. Underwritten Registrations. If any offering pursuant to a Registration Statement filed in connection with a Demand Registration is
an underwritten offering, the Requisite Shareholders that delivered (or are deemed to have delivered) such Demand Notice pursuant to Section 2 of this Agreement shall have the right to jointly select the managing and other underwriters to
administer the offering, subject to approval by the Company, not to be unreasonably withheld. The Company shall have the right to select the managing and other underwriters to administer any offering in connection with any Piggyback Registration.

 No Person may participate in any underwritten offering hereunder unless such Person (i) agrees to sell the Registrable Securities it
desires to have covered by the registration on the basis provided in any underwriting arrangements in customary form and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents required under the terms of such customary underwriting arrangements, provided that such Person shall not be required to make any representations or warranties other than those related to title and ownership of shares and as to the
accuracy and completeness of statements made in a Registration Statement, Prospectus, or other offering document in reliance upon and in conformity with written information furnished to the Company or the managing underwriter by such Person and
provided further, that such Person’s liability in respect of such representations and warranties shall not exceed such Person’s gross proceeds from the offering. 
 Section 10. Other Agreements. The Company covenants and agrees that neither the Company nor any of its subsidiaries has entered, as of the
date hereof, nor shall the Company or any of its subsidiaries, on or after the date hereof, enter, into any agreement with respect to its securities that is inconsistent with the rights granted to the Shareholders in this Agreement or otherwise
conflicts with the provisions hereof. The Company covenants and agrees that, so long as any Person holds any Registrable Securities in respect of which any registration rights 

  

 20 

 
provided for in Section 2 or 3 of this Agreement remain in effect, the Company will not, directly or indirectly, grant to any Person or agree to or
otherwise become obligated in respect of (a) rights of registration in the nature or substantially in the nature of those set forth in Section 2 or 3 of this Agreement that would have priority over the Registrable Securities with respect
to the inclusion of such securities in any registration, (b) rights of registration in the nature or substantially in the nature of those set forth in Section 2 or 3 of this Agreement that would be pari passu with the Registrable
Securities with respect to the inclusion of such securities in any registration, unless otherwise consented to by the Requisite Shareholders or (c) demand registration rights exercisable prior to such time as the Requisite Shareholders can
first exercise their rights under Section 2. 
 Section 11. Miscellaneous. 
 (a) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given without the written consent of each of the Requisite Shareholders; provided, however, that any modification or amendment of this Agreement that
would subject any Shareholder to adverse differential treatment relative to the other Shareholders shall require the agreement of the differentially treated Shareholder. Notwithstanding the foregoing, a waiver or consent to depart from the
provisions hereof with respect to a matter that relates exclusively to the rights of holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of
other holders of Registrable Securities may be given by holders of at least a majority of the Registrable Securities being sold by such holders pursuant to such Registration Statement. No waiver of any default with respect to any provision,
condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in
any manner impair the exercise of any such right accruing to it thereafter. 
 (b) Notices. All notices required to be given hereunder
shall be in writing and shall be personally delivered, telecopied and confirmed, or mailed by certified mail, return receipt requested, or overnight delivery service with proof of receipt maintained, at the following address (or any other address
that any such party may designate by written notice to the other parties): 
 if to the Company, to its principal executive
offices: 
 Virgin Mobile USA, Inc. 
 10 Independence Boulevard 
 Warren, NJ 07059 
 Attention: General Counsel 
 Telecopy: (908) 607-4017 
 Confirmation: (908) 607-4078 
  

 21 

 if to Virgin: 
 La Motte Chambers 
 La Motte Street 
 St. Helier 
 Jersey 
 JE1
1BJ 
 Channel Islands 
 Attention: Abacus Secretaries (Jersey) Limited 
 Telecopy: +44 1534 602000 
 with a copy to (which shall not constitute notice): 
 Virgin Management Ltd. 
 120 Campden Hill Road 
 London W8 7A3 
 United Kingdom 
 Attention: The Company Secretary 
 Telecopy: +44 207 313 2085 
 Confirmation: +44 207 313 2000 
 and a copy (which shall not constitute notice) to: 
 Simpson Thacher & Bartlett, LLP

 425 Lexington Avenue 
 New York, NY 10017 

			
	Attention:	 	Alan M. Klein
		 	Joe Kaufman

 Telecopy: (212) 455-2502 
 if to Sprint: 
 Sprint Ventures, Inc. 
 6200 Sprint Parkway 
 KSOPHF0202-2B579 
 Overland Park, Kansas 66251 
 Attention: Vice President, Corporate Development 
 Telecopy: (913) 523-2785 
 Confirmation: (913) 794-1351 
 with a copy to: 
 Sprint Nextel Corporation 
 6200 Sprint Parkway 
 KSOPHF0302-3B626 
 Overland Park, Kansas 66251 
 Attention: Legal 
 Telecopy: (913) 523-9803 
 Confirmation: (913) 794-1509 
  

 22 

 and a copy (which shall not constitute notice) to: 
 King & Spalding LLP 
 1185 Avenue of the Americas 
 New York, New York 10036 
 Attention: E. William Bates, II, Esq. 
 Telecopy: (212) 556-2222 
 Confirmation: (212) 556-2100 
 if to Best Buy: 
 Best Buy Co., Inc. 
 7601 Penn Avenue South 
 Richfield MN 55423 

			
	Attention:	 	Christian Tapernoux
		 	Jennifer Schaidler

 Telecopy: (612) 292-2323 
 and a copy (which shall not constitute notice) to: 
 Best Buy Co., Inc. 
 7601 Penn Avenue South 
 Richfield MN 55423 
 Attention: General Counsel 
 Telecopy: (612) 292-2323 
 if to Freedom Wireless: 
 Freedom Wireless Inc. 
 132 South Central, Suite 232 
 Phoenix, AZ 85004 
 Attn: Larry Day 
 Tel: 602-664-1053 
 Fax: 
 Email: larryday@earthlink.net 
 Any such notice shall be deemed given and effective upon actual receipt (or refusal of receipt). 
 (c) Successors and
Assigns; Shareholder Status. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including subsequent holders of Registrable Securities acquired, directly or
indirectly, from the Shareholders. The rights of each Shareholder hereunder, including the right to have the Company register Registrable Securities in accordance with the terms hereof, shall be 

  

 23 

 
automatically assignable by each Shareholder to any Person who is the transferee of such Registrable Securities, or the securities into which such
Registrable Securities are convertible into or exchangeable for, to which such rights relate; provided, however, that such successor or assign shall not be entitled to such rights unless the successor or assign shall have executed and
delivered to the Company an Addendum Agreement substantially in the form of Exhibit A hereto promptly following the acquisition of such Registrable Securities, in which event such successor or assign shall be deemed a Shareholder for purposes of
this Agreement. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any Person other than the parties hereto and their respective successors and permitted assigns any legal or equitable right, remedy or claim
under, in or in respect of this Agreement or any provision herein contained. 
 (d) Counterparts. This Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 (e) Headings. The section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 (f) Governing Law. The provisions of this Agreement shall be governed by and construed in accordance with the internal laws of the State of New
York. 
 (g) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the
parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to
be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (h) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement, and is intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or
therein, with respect to the registration rights granted by the Company with respect to Registrable Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
 (i) Securities Held by the Company or its subsidiaries. Whenever the consent or approval of holders of a specified percentage of Registrable
Securities is required hereunder, Registrable Securities held by the Company or its subsidiaries shall not be counted in determining whether such consent or approval was given by the holders of such required percentage. 
  

 24 

 (j) Term of Registration Rights. The registration rights granted pursuant to this Agreement shall
terminate with respect to a Shareholder on the date on which such Shareholder ceases to own Registrable Securities or securities which are convertible into or exchangeable for Registrable Securities; provided, that, for the avoidance of doubt, any
underwriter lock-up that a Shareholder has executed prior to a Shareholder’s termination in accordance with this clause shall remain in effect in accordance with its terms. 
 (k) Specific Performance. The parties hereto recognize and agree that money damages may be insufficient to compensate the holders of any
Registrable Securities for breaches by the Company of the terms hereof and, consequently, that the equitable remedy of specific performance of the terms hereof will be available in the event of any such breach. 
 (l) Consent to Jurisdiction. The parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of the courts of the State of New
York and the federal courts of the United States of America located in New York, and appropriate appellate courts therefrom, over any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby, and each party
hereby irrevocably agrees that all claims in respect of such dispute or proceeding may be heard and determined in such courts. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now
or hereafter have to the laying of venue of any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each
of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. This consent to jurisdiction is being given solely for purposes of this Agreement
and is not intended to, and shall not, confer consent to jurisdiction with respect to any other dispute in which a party to this Agreement may become involved. 
 Each of the parties hereto hereby consents to process being served by any party to this Agreement in any suit, action, or proceeding of the nature specified in the paragraph above by the mailing of a copy thereof in
the manner specified by the provisions of subsection (b) of this Section 11. 
 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
  

 25 

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

  

			
	 VIRGIN MOBILE USA, INC.

		
	By:	 	 /s/ Peter Lurie

	Name:	 	Peter Lurie
	Title:	 	General Counsel

  

			
	 CORVINA HOLDINGS LIMITED

		
	By:	 	 /s/ Frank Dearie

	Name:	 	Frank Dearie
	Title:	 	Director

  

			
	 CORTAIRE LIMITED

		
	By:	 	 /s/ Frank Dearie

	Name:	 	Frank Dearie
	Title:	 	Director

  

			
	 SPRINT VENTURES, INC.

		
	By:	 	 /s/ Douglas B Lynn

	Name:	 	Douglas B Lynn
	Title:	 	Vice President

  

			
	 BEST BUY CO., INC.

		
	By:	 	 /s/ Ryan D Robinson

	Name:	 	Ryan D Robinson
	Title:	 	SVP, CFO New Growth Platforms

  

			
	 FREEDOM WIRELESS, INC.

		
	By:	 	 /s/ Larry L Day

	Name:	 	Larry L Day
	Title:	 	President

 [Registration Rights Agreement Signature Page] 

 EXHIBIT A 
 ADDENDUM AGREEMENT 
 This Addendum Agreement is made this      day of
        , 20    , by and between
                                        
(the “New Shareholder”) and Virgin Mobile USA, Inc. (the “Company”), pursuant to a Registration Rights Agreement dated as of October 16, 2007 (as the same may be amended from time to time, the “Agreement”), between
and among the Company and the Shareholders. Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to them in the Agreement. 
 WITNESSETH: 
 WHEREAS, the Company has agreed to provide registration rights with respect to the Registrable
Securities as set forth in the Agreement; and 
 WHEREAS, the New Shareholder has acquired Registrable Securities directly or indirectly from
a Shareholder; and 
 WHEREAS, the Company and the Shareholders have required in the Agreement that all persons desiring registration rights
must enter into an Addendum Agreement binding the New Shareholder to the Agreement to the same extent as if it were an original party thereto; 
 NOW, THEREFORE, in consideration of the mutual promises of the parties, the New Shareholder acknowledges that it has received and read the Agreement and that the New Shareholder shall be bound by, and shall have the benefit of, all of the
terms and conditions set out in the Agreement to the same extent as if it were an original party to the Agreement and shall be deemed to be a Shareholder thereunder. 

	
	  

	New Shareholder

 Address (for notices pursuant to Section 11(b) of the Agreement): 

	
	  

	  

 AGREED TO on behalf of VIRGIN MOBILE USA, INC. pursuant to Section 11(c) of the Agreement.

  

			
	VIRGIN MOBILE USA, INC.
		
	By:	 	  

	Name:	 	
	 Title:

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