Document:

Exhibit 10.42

 Exhibit 10.42 
  
 FIRST AMENDMENT 
 TO 
 AMENDED AND RESTATED 
 AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 CARR REALTY HOLDINGS, L.P. 
  
 THIS FIRST AMENDMENT TO AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (this “Amendment”) is entered into as of June 30, 2004, and shall be effective upon the UPREIT Effective Time (as defined
below), by CARRAMERICA REALTY CORPORATION, a Maryland corporation (“CarrAmerica”), as the withdrawing General Partner and a Limited Partner, for itself and on behalf of the Limited Partners of the Partnership, and CARRAMERICA REALTY
OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“Operating Partnership”), as the new General Partner and a Limited Partner, for itself and on behalf of the Limited Partners of the Partnership. 
  
 WHEREAS, Carr Realty L.P., a Delaware limited partnership (“CRLP”)
and Carr Realty LP Holdings, L.L.C., a Delaware limited liability company (“CRLP Holdings, LLC”) entered into that certain Agreement of Limited Partnership of Carr Realty Holdings, L.P. (the “Partnership”) on December 23,
2003; 
  
 WHEREAS, each of CRLP and the Partnership is party to
the Agreement and Plan of Merger, dated as of December 23, 2003 (the “Merger Agreement”), by and among CRLP, Carr Realty GP, LLC, a Delaware limited liability company, Carr Realty Merger Subsidiary, L.P., a Delaware limited
partnership (“Merger LP”), the Partnership and CRLP Holdings, LLC, pursuant to which Merger LP merged with and into CRLP, with CRLP being the surviving entity (the “Merger”); 
  
 WHEREAS, pursuant to the Merger, (i) each Class A, Class B and
Class C Unit (as defined in the CRLP Agreement) of limited partnership interest in CRLP issued and outstanding as of December 31, 2003, immediately prior to the Effective Time (as defined in the Merger Agreement), ceased to be outstanding and
was converted into and exchanged for the right to receive one Class A, Class B and Class C unit of limited partnership interest in the Partnership, respectively, and (ii) the General Partner Interest (as defined in the CRLP Agreement) in
CRLP issued and outstanding as of December 31, 2003, immediately prior to the Effective Time, ceased to be outstanding and was automatically converted into and exchanged for the right to receive the General Partner Interest in the Partnership
(collectively, “CRLP Restructuring”); 
  
 WHEREAS,
CarrAmerica has entered into that certain Amended and Restated Agreement of Limited Partnership dated as of December 31, 2003 (the “Partnership Agreement”) for itself and on behalf of the Limited Partners to reflect the CRLP
Restructuring; 
  
 WHEREAS, CarrAmerica is completing a
restructuring transaction (the “UPREIT Conversion”), pursuant to which CarrAmerica will transfer substantially all of the assets that it directly owns, including its General Partner and Limited Partner interests in the Partnership, and all
or substantially all of its related liabilities, to 

 
Operating Partnership, and Operating Partnership will assume all of the assets from CarrAmerica, including its General Partner and Limited Partner interests
in the Partnership, and all or substantially all of CarrAmerica’s related liabilities, such transfer date and time being the effective date and time of the UPREIT Conversion (the “UPREIT Effective Time”); 
  
 WHEREAS, pursuant to Section 11.2.C of the Partnership Agreement, a
committee of the Board of Directors of CarrAmerica, the General Partner of the Partnership, determined in good faith that the UPREIT Conversion, including without limitation, assignment by CarrAmerica of its interest in the Partnership to Operating
Partnership and the assumption by Operating Partnership of interests in the Partnership, would not have a material adverse effect on the value of the Limited Partnership Interests (determined without regard to any tax consequences to Limited
Partners as a result of the UPREIT Conversion); 
  
 WHEREAS,
CarrAmerica has determined that this Amendment is permitted to be undertaken by the General Partner for itself and on behalf of the Limited Partners, without the consent of the Limited Partners, pursuant to the provisions of Section 14.1.B(1),
(2) and (4) and no Limited Partner is adversely affected by this Amendment; and 
  
 WHEREAS, CarrAmerica and Operating Partnership, for themselves and on behalf of the Limited Partners of the Partnership, desire to amend the Partnership Agreement pursuant to Section 14.1 thereof to reflect
(i) the assignment of CarrAmerica’s interest in the Partnership to Operating Partnership and the withdrawal of CarrAmerica as the General Partner and a Limited Partner of the Partnership, and (ii) the assumption by the Operating
Partnership of CarrAmerica’s interest in the Partnership and the admission of Operating Partnership as the General Partner and a Limited Partner of the Partnership, and to make certain other conforming changes. 
  
 NOW, THEREFORE, in consideration of the premises contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Partnership Agreement is hereby amended as follows: 
  
 1. CarrAmerica withdraws as the General Partner and a Limited Partner of the Partnership and is released from all rights and obligations under the
Partnership Agreement, and Operating Partnership is admitted as the General Partner and a Limited Partner of the Partnership and expressly assumes and agrees to be bound by all of the terms and conditions of the Partnership Agreement. 
  
 2. All references to “the General Partner” in (a) the
definition of “Articles of Incorporation” in Article 1, (b) the definition of “Conversion Factor” in Article 1, (c) the definition of “REIT Share” in Article 1, (d) the definition of
“REIT Shares Amount” in Article 1, (e) after the words “provided that if” in the definition of “Specified Redemption Date” in Article 1, (f) Section 7.1.A(1),
(g) clauses (i) and (ii) of Section 7.9.D, and (h) the sixth line of Section 7.12.A shall be replaced with references to “CarrAmerica.” 
  
 3. Definition of “CarrAmerica” shall be added to Article 1, following definition of “Capital
Contribution” as follows: “CarrAmerica” means CarrAmerica Realty Corporation, a Maryland corporation, or its successors.” 
  

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 4. Definition of “Indemnitee” in Article 1 shall be amended by deleting such definition in its
entirety and inserting the following in lieu thereof: “Indemnitee” means (i) any Person made a party to a proceeding by reason of his, her or its status as (A) the General Partner or an Affiliate of the General Partner
(including, without limitation, CarrAmerica), (B) a Limited Partner or (C) a director or officer of the Partnership, the General Partner or an Affiliate of the General Partner and (ii) such other Persons (including Affiliates of the
General Partner or the Partnership) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion. 
  
 5. Definition of “General Partner” in Article 1 shall be
amended by deleting such definition in its entirety and inserting the following in lieu thereof: “General Partner” means CarrAmerica Realty Operating Partnership, L.P., a Delaware limited partnership, or its successors as general
partner of the Partnership, and for purposes of Section 7.5.C, “General Partner” also means CarrAmerica.” 
  
 6. Section 3.1 shall be amended by deleting such section in its entirety and inserting the following in lieu thereof: 
  
 “Section 3.1 Purpose and Business 
  
 The purpose and nature of the business to be conducted by
the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit
CarrAmerica at all times to be classified as a REIT, unless CarrAmerica ceases to qualify as a REIT for any reason or reasons not related to the business conducted by the Partnership, (ii) to enter into any partnership, joint venture or other
similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing, and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing and without
limiting CarrAmerica’s right, in its sole discretion, to cease qualifying as a REIT, the Partners acknowledge that CarrAmerica’s status as a REIT inures to the benefit of all the Partners and not solely the General Partner or its
Affiliates.” 
  
 7. Section 3.2 shall be amended by
deleting such section in its entirety and inserting the following in lieu thereof: 
  
 “Section 3.2 Powers 
  
 The Partnership is empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described
herein and for the protection and benefit of the Partnership, including, without limitation, full power and authority, directly or through its ownership interest in other entities, to enter into, perform and carry out contracts of any kind, borrow
money and issue evidences of indebtedness 

  

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whether or not secured by mortgages, deed of trust, pledge or other lien, acquire and develop real property and lease, sell, transfer and dispose of real
property; provided, however, that the Partnership shall not take, or refrain from taking, any action which, in the judgment of the General Partner, in its sole and absolute discretion, (i) could adversely affect the ability of CarrAmerica to
continue to qualify as a REIT, (ii) could subject CarrAmerica to any additional taxes under Section 857 or Section 4981 of the Code, or (iii) could violate any law or regulation of any governmental body or agency having
jurisdiction over CarrAmerica or the General Partner or the securities of either of them, unless such action (or inaction) shall have been specifically consented to by the General Partner in writing.” 
  
 8. Section 4.2.C shall be amended by deleting such section in its
entirety and inserting the following in lieu thereof: 
  
 “C. The General Partner and/or CarrAmerica may issue additional REIT Shares or equity interests or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares or
equity interests (“New Securities”) at such times and in such amounts and for such consideration as the General Partner or CarrAmerica, as applicable, in its sole and absolute discretion, determines. Under no circumstances shall the
General Partner or CarrAmerica, as applicable, be obligated to contribute to the Partnership all or any part of the proceeds from any issuance of such New Securities or from the exercise of rights contained in such New Securities, and the General
Partner or CarrAmerica, as applicable, may, in its sole and absolute discretion, retain all such proceeds, to be used by the General Partner or CarrAmerica, as applicable, as it determines, in its sole and absolute discretion, to be advisable.

  
 9. The last sentence of Section 5.1 A shall be amended by
deleting “its qualification as a REIT” and inserting “CarrAmerica’s qualification as a REIT” in lieu thereof. 
  
 10. Section 7.1.A (3) shall be amended by deleting such section in its entirety and inserting the following in lieu thereof: 
  
 “(3) the acquisition, disposition, mortgage, pledge, encumbrance,
hypothecation or exchange of any or all of the assets of the Partnership (including the exercise or grant of any conversion, option, privilege or subscription right or other right available in connection with any assets at any time held by the
Partnership) or the merger or other combination of the Partnership with or into another entity on such terms as the General Partner deems proper, which powers shall include, without limitation, the power to pledge any or all of the assets of the
Partnership to secure a loan or other financing for the benefit of the General Partner or CarrAmerica (the proceeds of which are not required to be contributed or loaned to the Partnership), all of the foregoing subject to any prior approval which
may be required by Section 7.3 hereof;” 
  

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 11. Section 7.1.A (4) shall be amended by deleting such section in its entirety and inserting
the following in lieu thereof: 
  
 “(4) the use of the
assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms it sees fit, including, without limitation, the financing of the conduct of the operations of the
General Partner, CarrAmerica, the Partnership or any of the Partnership’s Subsidiaries, the lending of funds to other Persons (including, without limitation, the Partnership’s Subsidiaries and CarrAmerica’s Subsidiaries) and the
repayment of obligations of the Partnership and its Subsidiaries and any other Person in which it has an equity investment and the making of capital contributions to its Subsidiaries;” 
  
 12. Section 7.4.C shall be amended by adding “(or is obligated to
reimburse CARC)” after “incurs” in the second line of such section. 
  
 13. Section 7.8.B shall be amended by adding, “other partnerships in which the General Partner serves as the general partner” after “on behalf of the Partnership” in the second line of such
section. 
  
 14. Section 8.6.B shall be amended by deleting
such section in its entirety and inserting the following in lieu thereof: 
  
 “B. Notwithstanding the provisions of Section 8.6.A, CarrAmerica may, in its sole and absolute discretion, assume directly and satisfy a Redemption Right by paying to the Redeeming Partner the Redemption
Amount on the Specified Redemption Date, whereupon CarrAmerica shall acquire the Partnership Units offered for redemption by the Redeeming Partner and shall be treated for all purposes of this Agreement as the owner of such Partnership Units. In the
event CarrAmerica shall exercise its right to satisfy the Redemption Right in the manner described in the preceding sentence, the Partnership shall have no obligation to pay any amount to the Redeeming Partner with respect to such Redeeming
Partner’s exercise of the Redemption Right, and each of the Redeeming Partner, the Partnership, and CarrAmerica shall treat the transaction between CarrAmerica and the Redeeming Partner as a sale of the Redeeming Partner’s Partnership
Units to the General Partner for federal income tax purposes. Each Redeeming Partner agrees to execute such documents as the General Partner may reasonably require in connection with the issuance of REIT Shares upon exercise of the Redemption Right.

  
 15. Section 11.2.B shall be amended by deleting such
section in its entirety and inserting the following in lieu thereof: “B. [Intentionally omitted]”. 
  

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 16. Section 11.2.C shall be amended by deleting such section in its entirety and inserting the
following in lieu thereof: 
  
 “C. Except as otherwise
provided in Section 11.2.D, neither CarrAmerica nor the General Partner shall engage in any merger, consolidation or other business combination with or into another Person or a sale of all or substantially all of its assets (a
“Transaction”), unless either (i) the Board of Directors of CarrAmerica, on behalf of CarrAmerica or the General Partner, as applicable, determines in good faith that the Transaction likely will not have a material adverse effect on
the value of the Limited Partnership Interests (determined without regard to any tax consequences to Limited Partners as a result of the Transaction) or (ii) a majority of the Percentage Interests of the Limited Partners, excluding Limited
Partnership Interests held by the General Partner, Consents to the Transaction. 
  
 17. Section 11.2.D shall be amended by deleting such section in its entirety and inserting the following in lieu thereof: 
  

“D. Notwithstanding Section 11.2.C, CarrAmerica and/or the General Partner may engage in a merger, consolidation or other business
combination if (i) substantially all of the consideration that equityholders of the General Partner or CarrAmerica, as applicable, are retaining or receiving in connection with the Transaction is a common equity interest in the surviving
company and (ii) the surviving company (if not the General Partner or CarrAmerica, as applicable) is assuming all of the obligations of the General Partner under the Partnership Agreement. 
  
 18. Section 11.3.D shall be amended by deleting such section in its
entirety and inserting the following in lieu thereof: 
  
 “D. No transfer of Partnership Units by a Limited Partner may be made to any Person if (i) in the opinion of legal counsel for the Partnership, it would result in the Partnership being treated as an association taxable as a
corporation for federal income tax purposes, (ii) in the opinion of legal counsel for the Partnership, it would adversely affect the ability of CarrAmerica to continue to qualify as a REIT or would subject CarrAmerica to any additional taxes
under Section 857 or Section 4981 of the Code, or (iii) such transfer is attempted to be effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within
the meaning of Section 7704 of the Code.” 
  
 19.
Section 13.2.A shall be amended by deleting “shares of stock in the General Partner” in the eleventh line thereof and inserting “equity or other securities of the General Partner, CarrAmerica or any other entity” in lieu
thereof. 
  
 20. Section 15.11 shall be added to the
Partnership Agreement as follows: 
  
 “Section 15.11
Entire Agreement 
  
 This Agreement contains
the entire understanding and agreement among the Partners with respect to the subject matter hereof and supersedes 

  

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any prior written oral understandings or agreements among them with respect thereto.” 
  
 21. Subsection (iii) of Exhibit E shall be amended by replacing “REIT Shares (as determined by the General
Partner)” in the fifth and sixth lines with “REIT Shares Amount (as determined by CarrAmerica)” in lieu thereof. 
  
 All capitalized terms used in this Amendment and not otherwise defined shall have the meanings assigned to such terms in the Partnership Agreement. Except
as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms and conditions the parties hereby ratify and affirm. 
  
 This Amendment may be executed in counterparts, each of which shall be considered an original and all of which taken
together shall be considered a single agreement. 
  
 [signature
page follows] 
  

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 IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first set forth above.

  

			
	WITHDRAWING PARTNER:
	
	CARRAMERICA REALTY CORPORATION
		
	 By:
	 	 /s/ Stephen E. Riffee

	 Name:
	 	 Stephen E. Riffee

	 Title:
	 	 Chief Financial Officer and Treasurer

  

					
	GENERAL PARTNER:
	
	CARRAMERICA REALTY OPERATING PARTNERSHIP, L.P.
		
	 By:
	 	CarrAmerica Realty Corporation, its sole general partner
			
	 	 	 By:
	 	 /s/ Stephen E. Riffee

	 	 	 Name:
	 	 Stephen E. Riffee

	 	 	 Title:
	 	 Chief Financial Officer and Treasurer

  

					
	LIMITED PARTNERS:
	
	CARRAMERICA REALTY OPERATING PARTNERSHIP, L.P., as Attorney-in-Fact for the Limited Partners
		
	 By:
	 	CarrAmerica Realty Corporation, its sole general partner
			
	 	 	 By:
	 	 /s/ Stephen E. Riffee

	 	 	 Name:
	 	 Stephen E. Riffee

	 	 	 Title:
	 	 Chief Financial Officer and Treasurer

  

			
	CARRAMERICA REALTY CORPORATION, exclusively for purposes of Sections 4.2.C, 7.5.C, 7.7, 8.6, 11.2.C and 11.2.D
		
	 By:
	 	 /s/ Stephen E. Riffee

	 Name:
	 	 Stephen E. Riffee

	 Title:
	 	 Chief Financial Officer and Treasurer2006-2007 Integration Overachievement Plan

 Exhibit 10.1 
 SPRINT NEXTEL CORPORATION 
 2006/2007 INTEGRATION OVERACHIEVEMENT PLAN 
 February, 2006 
 This
document sets forth the terms of the Integration Overachievement Plan (the “Plan”) of Sprint Nextel (the “Company). 
 1. Overview and
Effective Date 
 The Plan is intended to reward key members of the Company’s management for exceeding specific integration performance goals
over a two-year period commencing January 1, 2006. The Plan offers Participants (as defined below) the opportunity to receive a cash payment, or a combination of cash & stock-based payments, at the discretion of the Human Capital and
Compensation Committee (the “Committee”) of the Board of Directors (the “Board”), if the Company exceeds certain objectives that are deemed critical to the long-term success of the Company. 
 The Plan is effective as of January 1, 2006 (the “Effective Date”) and was authorized by the Committee on February 21, 2006 (the “Approval
Date”). 
 2. Plan Administration 
 The Plan,
as it pertains to Chief Executive Officer, Chairman of the Board, Chief Operating Officer, their direct reports and other officers subject to Section 16 of the Exchange Act (the “Principle Senior Officers”) as determined by the
Committee and/or Board, shall be administered by the Committee and/or the Board. The Committee’s and/or the Board’s powers and authority include, but are not limited to (1) selecting individuals who are eligible to participate
(“Participants”), (2) determining target award opportunities for Participants, (3) determining performance goals, (4) interpreting the Plan’s provisions, (5) approving final payments under the Plan, and
(6) administering the Plan in a manner that is consistent with its purpose. 
 The Chief Executive Officer of the Company shall have the powers and
authority described in clause (1) and (2) above with respect to Participants not defined as a Principle Senior Officer, to the extent designated by the Committee and/or Board and in accordance with the parameters established by the
Committee and/or the Board. 

 The Committee and/or the Board may delegate certain administrative functions to management, such as maintenance of
Participant lists, periodic communication with regard to performance against targets over time, and other functions as determined by the Committee and/or the Board. 
 3. Performance Period 
 Performance will be measured over the two-year period from January 1, 2006 to December 31, 2007 (the “Performance Period”). There is no obligation or intent on the part of the Company or Committee and/or the Board to
commence a new performance period prior to, subsequent to, or upon completion of the Performance Period. 
 4.
Eligibility and Participation 
 Key members of the Company’s management team responsible for the design and execution of the Company’s
business strategy are eligible to participate in the Plan. Participants who are Principle Senior Officers are recommended by the Chief Executive Officer and approved by the Committee and/or Board. Participants not defined as a Principle Senior
Officer are recommended by a Principle Senior Officer and approved by the Chief Executive Officer in accordance with the parameters established by the Committee and/or the Board. 
 Participants may be added after the Approval Date of the Plan as recommended by the Chief Executive Officer and approved by the Committee and/or Board with respect to a Principle Senior Officer, and as recommended by
a Principle Senior Officer and approved by the Chief Executive Officer with respect to Participants not defined as a Principle Senior Officer in accordance with the parameters established by the Committee and/or the Board. 
 Participants will receive a letter from the Company indicating their participation in the Plan and the Target Award Opportunity as set forth in Section 5.

 5. Target Award Opportunity 
 Each Participant
will be assigned a “Target Award Opportunity” expressed as a dollar amount at the beginning of the Performance Period. The Target Award Opportunity will not be subject to adjustment during the Performance Period, except in such
circumstances determined by the Committee and/or the Board that warrant such adjustment. 
  

 - 2 - 

 Both the Target Award Opportunity and any adjustment to the Target Award Opportunity during the Performance Period will
be recommended by the Chief Executive Officer and approved by the Committee and/or Board with respect to a Principle Senior Officer, and recommended by a Principle Senior Officers and approved by the Chief Executive Officer for Participants not
defined as a Principle Senior Officer in accordance with the parameters established by the Committee and/or the Board. 
 The amount of actual payment may be
higher or lower than the Target Award Opportunity based on actual performance versus the goals set forth for the Performance Period. 
 6. Performance Goals and Award Determination 
 The percentage of the Target Award Opportunity earned by
Participants will be determined by the HC&CC based on 2007 adjusted OIBDA Margin performance achievement versus the approved target which will be set in conjunction with the 2007 budget plan. The Human Capital and Compensation Committee will
have the discretionary ability to adjust the Target Award Opportunity such that the payout may equal any percentage from 0% to 150% of the Target Award Opportunity for any portion of participants (such as proxy officers or Principle Senior Officers)
or for all participants after considering the following factors: 
  

	1.	2007 Adjusted OIBDA Margin 

 Adjusted OIBDA is defined as
operating income before depreciation, amortization and special items. In the case of the Wireless business, Adjusted OIBDA Margin is defined as Adjusted OIBDA divided by non-equipment net operating revenues. In the case of the Long
Distance business, Adjusted OIBDA Margin is defined as Adjusted OIBDA divided by net operating revenues. 
  

	2.	2006-2007 Incremental Cash Flow 

 2006-2007 Incremental
Cash Flow is comprised of increased revenue, reduced operating expenses, reduced capital expenditures and working capital savings attributed to the synergy plan of $14.5 billion. To be approximated based on normal accounting recognition of revenues
and expenditures without regard to actual timing of cash flows lagging the end of the accounting period. 
  

	3.	Integration Costs to achieve synergies 

 Integration costs
are defined as costs incurred to achieve the synergies. 
  

 - 3 - 

	4.	Total shareholder return of Sprint Nextel stock relative to the Dow Jones US Telecommunications Index 

 This components of this measure are defined as: 
  

	 	•	 	The Dow Jones U.S. Telecommunications stock index currently tracks twenty one telecommunication companies of which twelve are classified as fixed line and nine are mobile
telecommunication companies. Dow Jones will adjust the Index periodically as they deem appropriate for changes in the component companies. 

  

	 	•	 	During the Performance Period, the total shareholder return of Sprint Nextel stock will be adjusted for the New Local Company spin-off and any other transactions consistent with the
methodology used by Dow Jones in adjusting Sprint Nextel stock within the Index. 

  

	 	•	 	The beginning and ending measurement points for both the Sprint Nextel stock and the Index will be based upon a 20 business day average measurement prior to January 1, 2006 and
following December 31, 2007. 

 Award Determination 
 At the end of the Performance Period, the amount of each Participant’s award for performance during the two-year period will be calculated as follows: 
  

	 	1.	The HC&CC will determine achievement of the 2007 adjusted OIBDA margin target. 

  

	 	2.	The HC&CC will then evaluate performance relating to 2006-2007 Incremental Cash Flow, Integration costs, and Sprint Nextel stock price performance relative to the Dow Jones US
Telecommunications Index. Based on level of attainment of the 2007 adjusted OIBDA margin target and evaluation of the other related performance factors the HC&CC will determine if any payment between 0 – 150% of the Target Award Opportunity
will be made to any or all of the participants. 

 The percent achievement is then applied against the target
award to determine final payout. 
  

 - 4 - 

 7. Form of Payout and Timing 
 Form and timing of payout will be as follows: 
  

	•	 	50% of the Payout will be paid in cash in 1st Quarter 2008, and 

  

	•	 	50% of the Payout (the “Restricted Payout”) will be delivered at the election of the Committee or the Board either: 

  

	 	•	 	in 1st Quarter 2008 in the form of Restricted
Stock Units that vest 100 percent one year from the grant date, or 

  

	 	•	 	in 1st Quarter 2009 in cash.

 Restricted Stock Units represent the right to receive Common Stock at the end of a specified restricted period, as defined in the Sprint
1997 Long-term Stock Incentive Program (the “Incentive Equity Plan”) or its successor plan. Restricted Stock Units shall be issued under and in accordance with the terms and conditions of the Incentive Equity Plan or a successor plan.

 If the Committee and/or Board elects to pay all or a portion of the Restricted Payout in Stock Units, the number of Restricted Stock Units to be granted
to each Participant will be determined using the average high and low market price of a share of the Company’s Common Stock on the grant date. 
 If the
Committee and/or Board elects to pay all or a portion of the Restricted Payout in cash, no interest shall be credited on the cash awards. 
 Payouts will be subject to all applicable tax withholding requirements (e.g., federal, state, local, etc.). 
 8. Termination Provisions 
 Unless determined otherwise by the Committee and/or the Board, a Participant will
forfeit all unpaid amounts if not in active full-time employment with the Company on the date of a cash payment or on a vesting date associated with any payouts in Restricted Stock Units. 
 An exception to the above applies in the event of death or Disability (as defined in Sprint’s 1997 Long-term Stock Incentive Program or it’s successor plan) or
an Involuntary Termination without cause that occurs on or after December 31, 2006 and in each case, where a participant has a minimum twelve full months plan participation. In such cases, a prorated payment shall be paid in accordance with the
terms of payment applicable to other Participants in the Plan in active full-time employment with the Company, adjusted to reflect the portion of the Performance Period actually completed in full months as of the date of the Involuntary Termination
without cause, 
  

 - 5 - 

 Death or Disability. The entire adjusted amount will be paid in cash in 1st Quarter 2008 unless determined otherwise by the Committee and/or the Board. 
 In the event of termination, for any reason, including involuntary termination without cause, death or Disability, that occurs prior to December 31, 2006, all rights to future payouts will be forfeited.

 9. Pro-Rata Payments 
 Employees that become
Participants in the Plan after the Approval Date (e.g., as a result of promotion, new hire, etc.) will be assigned a Target Award Opportunity that reflects the portion of the Performance Period they are anticipated to complete based on the date that
individual becomes a Participant. 
 10. Amendments and Termination 
 The Committee and/or the Board reserve the right to amend or terminate the Plan as they deem necessary and appropriate. 
 11. Other 
  

	(a)	No individual rights—Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to continue to be employed or to continue to provide
services to the Company, any subsidiary, or related entity. The right to terminate the employment of or performance of services by any Participant at any time and for any reason is specifically reserved to the Company. 

  

	(b)	Unfunded plan—the Plan shall be unfunded and shall not create (or be construed to create) a trust or a separate fund or funds. To the extent any Participant holds any
obligation of the Company hereunder by virtue of an award granted under the Plan, such obligation shall constitute a general unsecured liability of the Company and accordingly shall not confer upon such person any right, title, or interest in any
assets of the Company. 

  

	(c)	Non-benefit bearing—compensation received under the Plan and/or the Target Award Opportunity shall not be considered for purposes of determining benefits under any other plan
or arrangement maintained by the Company as of the Effective Date of the Plan or adopted subsequently, unless such plan or arrangement specifically provides for inclusion of amounts earned under the Plan. 

  

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