Document:

Management Stockholders' Agreement

 Exhibit 10.25 
 MANAGEMENT STOCKHOLDERS’ AGREEMENT 
 This MANAGEMENT
STOCKHOLDERS’ AGREEMENT (this “Agreement”), dated as of October 26, 2007, is by and among Sierra Holdings Corp. (“Parent”), the Majority Stockholders (as defined below) and the individuals listed on
Schedule A attached hereto (each such individual, a “Management Stockholder” and collectively, the “Management Stockholders”), and each Management Transferee (as defined below) that may become a party to this
agreement from time to time in accordance with the provisions hereof. 
 WHEREAS, each Management Stockholder has purchased or
otherwise acquired restricted stock units, shares of common stock of Parent, $0.001 par value per share (“Common Stock”), and/or options to purchase shares of Common Stock, for cash or in exchange for restricted stock units, options
to acquire shares of common stock of Avaya Inc. (“Avaya”) that were outstanding prior to the Merger and that are being continued in connection with the Merger, and/or shares of common stock of Avaya (such purchased or otherwise
acquired restricted stock units, shares of Common Stock and options (and any shares of Common Stock issuable upon the exercise thereof), the “Invested Equity”); 

WHEREAS, each Management Stockholder may be granted options to purchase Common Stock (the “Options”), pursuant to the
Sierra Holdings Corp. Equity Incentive Plan (the “Plan”) or may otherwise purchase or acquire shares of Common Stock; 
 WHEREAS, as a condition to the issuance of any shares of Common Stock or Options by Parent to a Management Stockholder prior to the occurrence of an IPO, such Management Stockholder is required to execute
this Agreement; and 
 WHEREAS, each Management Stockholder, each Majority Stockholder and Parent desire to enter into this
Agreement and to have this Agreement apply to all Shares. 
 NOW THEREFORE, in consideration of the premises hereinafter set
forth, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows. 
 1. Representations and Warranties. 
 (a) Representations and Warranties
of the Stockholders. Each Management Stockholder and each Management Transferee that becomes a party hereto hereby represents and warrants, severally and not jointly, and solely on its own behalf, to each Majority Stockholder and to Parent that
on the date hereof or, with respect to a Management Transferee that becomes a party hereto following the date hereof, on the date on which such Management Transferee becomes a party hereto: 

(i) Existence; Authority; Enforceability. If it is an entity, such Management Stockholder or Management Transferee has the
necessary power and authority to enter into this Agreement and to carry out its obligations hereunder. If it is an entity, such Management Stockholder or Management Transferee is duly organized and validly existing

 
under the laws of its jurisdiction of organization, and the execution of this Agreement, and the consummation of the transactions contemplated herein, have been authorized by all necessary
corporate or other action, and no other act or proceeding, corporate or otherwise, on its part is necessary to authorize the execution of this Agreement or the consummation of any of the transactions contemplated hereby. This Agreement has been duly
executed by such Management Stockholder or such Management Transferee and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and any implied covenant of good faith and
fair dealing. 
 (ii) Absence of Conflicts. The execution and delivery by such Management Stockholder or Management
Transferee of this Agreement and the performance of its obligations hereunder do not and will not (i) if it is an entity, conflict with, or result in the breach of any provision of the constitutive documents of such Management Stockholder or
Management Transferee; (ii) result in any violation, breach, conflict, default or event of default (or an event which with notice, lapse of time, or both, would constitute a default or event of default), or give rise to any right of
acceleration or termination or any additional payment obligation, under the terms of any material contract, agreement or permit to which such Management Stockholder or Management Transferee is a party or by which such Management Stockholder’s
or such Management Transferee’s assets or operations are bound or affected; or (iii) violate, in any material respect, any law applicable to such Management Stockholder or Management Transferee. 

(iii) Consents. Other than any consents that have already been obtained, no governmental consent, waiver, approval,
authorization, exemption, registration, license or declaration is required to be made or obtained by such Management Stockholder or Management Transferee in connection with (a) the execution, delivery or performance of this Agreement or
(b) the consummation of any of the transactions contemplated herein. 
 (b) Representations and Warranties of
Parent. Parent hereby represents and warrants to each Management Stockholder and to each Majority Stockholder that on the date hereof: 
 (i) Existence; Authority; Enforceability. Parent has the necessary power and authority to enter into this Agreement and to carry out its obligations hereunder. Parent is duly organized and
validly existing under the laws of its jurisdiction of organization, and the execution of this Agreement, and the consummation of the transactions contemplated herein, have been authorized by all necessary corporate or other action, and no other act
or proceeding on its part is necessary to authorize the execution of this Agreement or the consummation of any of the transactions contemplated hereby. This Agreement has been duly executed by Parent and constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’

  
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rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and any implied covenant of good faith and fair dealing. 

(ii) Absence of Conflicts. The execution and delivery by Parent of this Agreement and the performance of its obligations
hereunder do not and will not (i) conflict with, or result in the breach of any provision of the organizational documents of Parent or any of its subsidiaries; (ii) result in any violation, breach, conflict, default or event of default (or
an event which with notice, lapse of time, or both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any additional payment obligation, under the terms of any material contract, agreement
or permit to which Parent or any of its subsidiaries is a party or by which Parent’s or any of its subsidiaries’ assets or operations are bound or affected; or (iii) violate, in any material respect, any law applicable to Parent or
any of its subsidiaries. 
 (iii) Consents. Other than any consents that have already been obtained, no
governmental consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by Parent or any of its subsidiaries in connection with (a) the execution, delivery or performance of this
Agreement or (b) the consummation of any of the transactions contemplated herein. 
 (c) Entitlement of the Parties to
Rely on Representations and Warranties. The foregoing representations and warranties may be relied upon by Parent, by the Majority Stockholders and by the Management Stockholders in connection with the entering into of this Agreement.

 2. Issuance of Shares. Each Management Stockholder and each Management Transferee that becomes a party hereto
acknowledges and agrees that each certificate for Shares shall bear the following legends: 
 THE SALE, ASSIGNMENT, TRANSFER OR
OTHER DISPOSITION OF THE SECURITIES EVIDENCED BY THIS CERTIFICATE, AND THE VOTING THEREOF, IS RESTRICTED BY THE TERMS OF A MANAGEMENT STOCKHOLDERS’ AGREEMENT, DATED AS OF OCTOBER 26, 2007, COPIES OF WHICH ARE ON FILE WITH THE ISSUER OF THIS
CERTIFICATE. NO SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND CONDITIONS OF SUCH MANAGEMENT STOCKHOLDERS’ AGREEMENT HAVE BEEN COMPLIED WITH IN FULL. 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR
UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER APPLICABLE LAW), OR AN EXEMPTION THEREFROM.

  
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 In the event that all or any portion of a restrictive legend set forth above has ceased to
be applicable, Parent shall provide any Management Stockholder or Management Transferee that has become a party hereto, or their respective transferees, at their request, without any expense to such Persons (other than applicable transfer taxes and
similar governmental charges, if any), with new certificates for such securities of like tenor not bearing the legend (or the applicable portion thereof) with respect to which the restriction has ceased and terminated (it being understood that the
restriction referred to in the first paragraph of the legend in this Section 2 shall cease and terminate upon the termination of this Agreement). 
 3. Transfer of Shares. 
 (a) Transfer Restrictions. Each Management
Stockholder and each Management Transferee that is a party hereto hereby agrees that, at any time prior to the earlier of (x) the six (6)-month anniversary of the IPO and (y) the fifth (5th) anniversary of the Closing Date, such
Management Stockholder or Management Transferee will not cause or permit his, her or its Shares or his, her or its interest in such Shares to be Transferred (including, but not limited to, by means of a gift or testamentary transfer);
provided, however, that such Shares or any such interest may be Transferred: 
 (i) subject to compliance with
all applicable tax, securities and other laws, to a Permitted Transferee of such Management Stockholder or Management Transferee in accordance with the terms of Section 3(d); 

(ii) subject to compliance with all applicable tax, securities and other laws, to a Management Stockholder or to a Management Transferee
that is a party hereto; 
 (iii) as a Drag-Along Stockholder in accordance with Section 6 of this Agreement; or

 (iv) as a Tag-Along Stockholder in accordance with Section 7 of this Agreement, 

subject in the case of the foregoing clauses (i) and (ii) to the agreement by each Management Transferee (other than Parent, a Management
Transferee that is already a party to this Agreement, or as otherwise permitted by Parent) in writing to be bound by the terms of this Agreement as a “Management Transferee” hereunder as if such Management Transferee had been an original
signatory hereto. In the event that the Transfer restrictions described in this Section 3(a) terminate prior to the six (6)-month anniversary of the IPO, any Transfer of Shares or an interest in Shares by a Management Stockholder or a
Management Transferee that is a party hereto following such termination shall be subject to the agreement by each Management Transferee (other than Parent, a Management Transferee that is already a party to this Agreement, or as otherwise permitted
by Parent) in writing to be bound by the terms of this Agreement as a “Management Transferee” hereunder as if such Management Transferee had been an original signatory hereto. 

  
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 (b) Notwithstanding the foregoing, in no event shall any Management Stockholder or
Management Transferee be entitled to Transfer its Shares to any Person (whether or not to an Affiliate) that in the reasonable judgment of either of the Majority Stockholders, exercised in good faith, is an actual or potential competitor of, or
other Person who is adverse to the interests of, Parent or Avaya or to any Person who (directly or indirectly) (i) holds an ownership interest in such actual or potential competitor equal to five percent (5%) or more, (ii) has
invested $50,000,000 or more in such actual or potential competitor or (iii) has designated, or has the right to designate, a member of the board of directors of such actual or potential competitor, in each case without the approval of each
Majority Stockholder, the approval of a particular Majority Stockholder being required only for so long as such Majority Stockholder holds greater than five percent (5%) of the outstanding shares of Common Stock, except, in or following a QPO,
in any bona fide underwritten public offering or in any Rule 144 sale. In addition, no Management Stockholder or Management Transferee shall be entitled to Transfer its Shares at any time if such Transfer would: 

(i) violate the Securities Act, or any state (or other jurisdiction) securities or “Blue Sky” laws applicable to Parent or the
Shares; 
 (ii) cause Parent to be required to register Common Stock under Section 12(g) of the Exchange Act; 

(iii) cause Parent to become subject to the registration requirements of the U.S. Investment Company Act of 1940, as amended from time
to time; or 
 (iv) be a non-exempt “prohibited transaction” under ERISA or the Code or cause all or any portion of
the assets of Parent to constitute “plan assets” under ERISA or Section 4975 of the Code. 
 In the event of a purported Transfer
by a Management Stockholder or Management Transferee of any Shares in violation of the provisions of this Agreement, such purported Transfer will be void and of no effect, and Parent will not give effect to such Transfer. 

(c) Black-out Periods. 
 (i) Black-Out Periods for Public Sales. In the event of a Public Sale of Parent’s equity securities in an Underwritten Offering, each Management Stockholder and each Management Transferee that
has become a party hereto hereby agrees, if requested by the managing underwriter or underwriters in such Underwritten Offering and agreed to by both Majority Stockholders, not to effect any public sale or distribution of any securities (except, in
each case, as part of the applicable Registration, if permitted) or enter into any swap or other arrangement that transfers to another any of the economic consequences of any securities, if, in either case, such securities are the same as or similar
to those being Registered in connection with such Public Sale, or any securities convertible into or exchangeable or exercisable for such securities, during the period beginning seven (7) days before and ending one hundred eighty
(180) days (in the event of the IPO) or ninety (90) days (in the event of any other Public Sale) (or, in either case, such lesser period as may be permitted by Parent or such managing underwriter or underwriters) after, the effective date
of the Registration Statement filed in 

  
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connection with such Registration, to the extent timely notified in writing by Parent or the managing underwriter or underwriters; provided, however, that such restrictions shall
not apply to (i) securities acquired in the public market subsequent to the IPO and (ii) transfers to Affiliates but only if such Affiliates agree to be bound by the restrictions herein. 

(ii) Black-Out Period for Other Offerings. In the case of a Demand Registration or a Registration pursuant to a Shelf
Registration Statement at the request of one or more Majority Stockholders, in either case for an Underwritten Offering, each Management Stockholder and each Management Transferee that has become a party hereto hereby agrees, if requested by the
participating Majority Stockholders or the managing underwriter or underwriters with respect to such Registration, not to effect any public sale or distribution of any securities that are the same as or similar to those being Registered, or any
securities convertible into or exchangeable or exercisable for such securities, during the period beginning seven (7) days before, and ending ninety (90) days (or such lesser period as may be permitted by the participating Majority
Stockholders or such managing underwriter or underwriters) after, the effective date of the Registration Statement filed in connection with such Registration (or, in the case of an offering under a Shelf Registration Statement, the date of the
closing under the underwriting agreement in connection therewith), to the extent timely notified in writing by the Majority Stockholders or the managing underwriter or underwriters. 

(iii) Waiver. To the extent the provisions of Section 3(c)(i) or Section 3(c)(ii) are waived with respect to a given
Management Stockholder or analogous provisions are waived with respect to another stockholder of the Company who is subject to such analogous provisions, the provisions of Section 3(c)(i) or Section 3(c)(ii) shall be waived for the
Management Stockholders and the Management Transferees party hereto. 
 (d) Transfers to Permitted Transferees. A
Management Stockholder or a Management Transferee that has become a party hereto may Transfer its Shares to a Permitted Transferee of such Management Stockholder or Management Transferee in accordance with Section 3(a)(i); provided that
each Permitted Transferee of any Management Stockholder or Management Transferee to whom or to which Shares are Transferred (other than Parent pursuant to clause (iii) of the definition of Permitted Transferee) shall, and such Management
Stockholder or Management Transferee shall cause such Permitted Transferee to, Transfer back to such Management Stockholder or Management Transferee (or to another Permitted Transferee of such Management Stockholder or Management Transferee) any
Shares it owns if such Permitted Transferee ceases to be a Permitted Transferee of such Management Stockholder or Management Transferee. 
 (e) Transfers of Options. Any Transfer of Options by a Management Stockholder or a Management Transferee that has become a party hereto shall be governed by and subject to the terms and conditions
of the Plan. 

  
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 4. Call and Put Rights. 

(a) Call Right. 
 (i) Except as otherwise agreed in writing by Parent and a Management Stockholder, if, prior to an IPO, a Management Stockholder’s Employment is terminated for any reason other than for Cause, or if a
Management Stockholder resigns his or her Employment for any reason, Parent (or its designated assignee) shall have the right, during the ninety (90)-day period following the later to occur of (x) the termination of such Management
Stockholder’s Employment and (y) the date that is six (6) months plus one (1) day following the most recent acquisition of Shares by such Management Stockholder, to purchase from such Management Stockholder and any Management
Transferee that holds Covered Management Shares of such Management Stockholder, and upon the exercise of such call right such Management Stockholder and such Management Transferee(s) shall sell to Parent (or its designated assignee), all (or a
portion, as designated by Parent (or its designated assignee)) of the Covered Management Shares of such Management Stockholder (other than Invested Equity) held by such Management Stockholder and such Management Transferee(s) as of the date as of
which such call right is exercised at a per-Share price equal to the Fair Market Value of a share of Common Stock, determined as of the date as of which such call right is exercised. 

(ii) Except as otherwise agreed in writing by Parent and a Management Stockholder, if, prior to an IPO, a Management Stockholder’s
Employment is terminated for Cause, Parent (or its designated assignee) shall have the right, during the ninety (90)-day period following the later to occur of (x) the termination of such Management Stockholder’s Employment and
(y) the date that is six (6) months plus one (1) day following the most recent acquisition of Shares by such Management Stockholder, to purchase from such Management Stockholder and any Management Transferee that holds Covered
Management Shares of such Management Stockholder, and upon the exercise of such call right such Management Stockholder and such Management Transferee(s) shall sell to Parent (or its designated assignee), all (or a portion, as designated by Parent
(or its designated assignee)) of the Covered Management Shares of such Management Stockholder (other than Invested Equity) held by such Management Stockholder and such Management Transferee(s) as of the date as of which such call right is exercised
at a per-Share price (the “Bad Leaver Price”) equal to the lesser of (i) the Fair Market Value of a share of Common Stock, determined as of the date as of which such call right is exercised, and (ii) the price paid, if
any, by such Management Stockholder for such Covered Management Shares; provided, that for purposes of the foregoing clause (ii), the price paid by a Management Stockholder for a share acquired upon exercise of an Option shall be deemed to be
equal to the exercise price of such Option. 
 (iii) Except as otherwise agreed in writing by Parent and a Management
Stockholder, if, prior to an IPO, a Management Stockholder resigns his or her Employment and Competes, Parent (or its designated assignee) shall have the right, during the one hundred eighty (180)-day period following the later to occur of
(x) the first date on which such Management Stockholder Competes and (y) the date that is six (6) months plus one (1) day following the most recent acquisition of Shares by such Management Stockholder, to purchase from such
Management Stockholder and any Management Transferee that holds Covered Management 

  
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Shares of such Management Stockholder, and upon the exercise of such call right such Management Stockholder and such Management Transferee(s) shall sell to Parent (or its designated assignee),
all (or a portion, as designated by Parent (or its designated assignee)) of the Covered Management Shares of such Management Stockholder (other than Invested Equity) held by such Management Stockholder and such Management Transferee(s) as of the
date as of which such call right is exercised at a per-Share price equal to the Bad Leaver Price. 
 (iv) Parent (or its
designated assignee) shall exercise its call rights under this Section 4(a) by delivering to the applicable Management Stockholder and each applicable Management Transferee a written notice specifying its intent to purchase the Covered
Management Shares of such Management Stockholder (other than Invested Equity) held by such Management Stockholder and/or such Management Transferee(s) (the “Call Notice”), the date as of which such right is to be exercised and the
number of Shares to be purchased. Such purchase and sale shall occur on such date as Parent (or its designated assignee) shall specify, which date shall not be later than ninety (90) days after the fiscal quarter-end immediately following the
date as of which Parent’s call right is exercised. 
 (v) In the event that Parent has exercised its call right pursuant
to this Section 4(a) with respect to Covered Management Shares held by (i) a Management Stockholder that (A) Competes or (B) is reasonably determined by Parent to have been eligible for termination for Cause, in either case
following Parent’s exercise of such call right, and/or (ii) one or more Management Transferees that held Covered Management Shares of such Management Stockholder, such Management Stockholder and/or such Management Transferee(s) shall be
obligated to deliver to Parent, within five (5) days following notice from Parent that such amount is due, an amount equal to the product of (x) the number of Covered Management Shares purchased by Parent in connection with such exercise
of its call right, multiplied by (y) the excess, if any, of the price per Share paid by Parent for such Covered Management Shares over the Bad Leaver Price. 
 (b) Put Right. Except as otherwise agreed in writing by Parent and a Management Stockholder, if, prior to an IPO, any Management Stockholder ceases to be employed by Parent or any of its
subsidiaries as a result of such Management Stockholder’s death or Disability (and if and to the extent permitted by the Code (including Section 409A thereof)), such Management Stockholder (or such Management Stockholder’s estate or
legal representatives) and each Management Transferee that (a) has become a party hereto, (b) is described in clause (ii) of the definition of “Management Transferee” or is a Permitted Transferee of such Management
Stockholder, and (c) holds Covered Management Shares of such Management Stockholder shall have the right to require Parent, upon thirty (30) days prior notice, out of funds legally available therefor, to repurchase all or any portion of
such Management Stockholder’s Covered Management Shares on a date that is (x) at least six (6) months after the date on which such Management Stockholder or such Management Transferee acquired such Covered Management Shares and
(y) less than one (1) year after such Management Stockholder ceases to be employed by Parent or any of its subsidiaries. The purchase price per Share for each such Covered Management Share shall be equal to the Fair Market Value of a Share
of Common Stock, determined as of the date as of which such put right is exercised. 

  
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 (c) Cash Payments. Parent shall use commercially reasonable efforts, but without any
obligation for Parent to incur any incremental cost or liability, to make any payment required by Section 4 in cash, but to the extent that (i) the payment in cash of any amount owed by Parent pursuant to Section 4(a) or
Section 4(b) or under a Promissory Note issued under this Section 4(c) or (ii) a distribution to Parent from any of its subsidiaries in an amount equal to the amount of cash required to be paid under the terms of Section 4(a) or
Section 4(b) or the amount of any payment on a Promissory Note issued under this Section 4(c) would, in any event, constitute, result in or give rise to a breach or violation of the terms or provisions of, or result in a default, event of
default or right or cause of action under, any guarantee, financing or security agreement, indenture or document entered into by Parent, Avaya or any of their Affiliates and in effect on such date in respect of indebtedness for borrowed money or
debt security, would be prohibited under Section 160 of the DGCL (“Section 160”), or would otherwise violate the DGCL (or if Parent reincorporates in another jurisdiction, the applicable business corporation law of such
jurisdiction), then Parent will not be obligated to pay such amount in cash, and will instead, to the extent permitted by Section 160, issue a Promissory Note. Notwithstanding anything herein to the contrary, any Promissory Note issued pursuant
to this Section 4(c) shall be immediately due and payable no later than the first day of the first calendar quarter commencing after payment of the principal and interest due thereon would no longer result in a breach, violation, default, event
of default or right or cause of action of the sort described in the preceding sentence. 
 (d) Prepayments. Any
Promissory Note issued under this Section 4 may be prepaid in whole or in part at any time and from time to time without premium or penalty at the election of Parent. 
 5. Right of First Offer. 
 (a) Each Majority Stockholder shall have a right
of first offer over any Shares proposed to be Transferred by a Management Stockholder or a Management Transferee that has become a party hereto, which shall be exercised in the following manner: 

(i) Any transferring Management Stockholder or Management Transferee shall provide the Majority Stockholders with written notice (an
“Offer Notice”) of its desire to Transfer such Shares. The Offer Notice shall specify the number Shares such Management Stockholder or Management Transferee wishes to Transfer, the proposed purchase price for such Shares and any
other terms and conditions material to the sale proposed by such Management Stockholder or Management Transferee. 
 (ii) The
Majority Stockholders shall have a period of (i) prior to an IPO, up to fifteen (15) Business Days following receipt of the Offer Notice and (ii) at any time after an IPO, up to three (3) Business Days following receipt of the
Offer Notice to elect to purchase (or to cause one or more of their Affiliates to purchase) all of such Shares on the terms and conditions set forth in the Offer Notice by delivering to the transferring Management Stockholder or Management
Transferee a written notice thereof. The opportunity to purchase such Shares shall be allocated among the Majority Stockholders pro rata based upon the number 

  
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of shares of Common Stock held by each Majority Stockholder unless the Majority Stockholders otherwise agree, provided that if one Majority Stockholder does not elect to purchase its full
allotment of Shares, the other Majority Stockholder shall be permitted to purchase such shortfall. 
 (iii) If any Majority
Stockholder elects to purchase (or to cause one or more of its Affiliates to purchase) all of the Shares which are the subject of the proposed Transfer within the applicable response period, such purchase shall be consummated within the later of
(A) ten (10) Business Days after the date on which such Majority Stockholder notifies the transferring Management Stockholder or Management Transferee of such election or (B) three (3) Business Days after all required
governmental approvals have been obtained (or all required governmental waiting periods have elapsed). If the Majority Stockholders fail to elect to purchase all of the Shares within the fifteen (15) Business Day or three (3) Business Day
period, as the case may be, mentioned above, the transferring Management Stockholder or Management Transferee may Transfer such Shares at any time within ninety (90) days following such period at a price which is not less than the purchase
price specified in the Offer Notice and on other terms and conditions no more favorable, in any material respect, to the purchaser than those specified in the Offer Notice. 
 (b) In connection with the Transfer of all or any portion of a Management Stockholder’s or a Management Transferee’s Shares pursuant to this Section 5, the transferring Management
Stockholder or Management Transferee shall only be required to represent and warrant as to its authority to sell, the enforceability of agreements against such Management Stockholder or Management Transferee, the Shares to be Transferred shall be
free and clear of any liens, claims or encumbrances (other than restrictions imposed by this Agreement and pursuant to applicable federal, state and foreign securities laws), that it is the record and beneficial owner of such Shares and that it has
obtained or made all necessary consents, approvals, filings and notices from governmental authorities or third parties to consummate the Transfer. 
 (c) The provisions of this Section 5 shall not apply to Transfers of Shares (i) to Permitted Transferees in accordance with Section 3(a)(i) and Section 3(c), (ii) made pursuant
to, or consequent upon, the exercise of the drag-along or tag-along rights set forth in Section 6 and Section 7, respectively, (iii) made pursuant to a registered public offering or (iv) made pursuant to Rule 144. The provisions
of this Section 5 shall terminate upon the completion of an IPO that generates gross proceeds to Parent of at least $250,000,000. 
 6. Drag Along Rights. 
 (a) If one or more Majority Stockholders agree to
enter into a transaction which would result in the Transfer, in a single transaction or a series of related transactions, of a number of shares of Common Stock representing Control of Parent to a non-Affiliate third party (a “Drag-Along
Buyer”) that is not a Majority Stockholder Permitted Transferee, such Majority Stockholder(s) (the “Transferring Stockholders”) may compel each Management Stockholder and each Management Transferee that has become a party
hereto (together, the “Drag-Along Stockholders”) to sell such Management Stockholder’s or Management Transferee’s, as applicable, Shares by delivering written notice (a “Drag-Along Notice”) to the
Drag-Along 

  
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Stockholders not later than three (3) Business Days prior to the consummation of the proposed Transfer, stating that such Transferring Stockholders wish to exercise their rights under this
Section 6(a) with respect to such Transfer, and setting forth the name and address of the Drag-Along Buyer, the number of shares of Common Stock proposed to be Transferred, the proposed amount and form of the consideration, and all other
material terms and conditions offered by the Drag-Along Buyer; provided, that any Shares that would be Transferred by Drag-Along Stockholders to a Drag-Along Buyer pursuant to this Section 6 shall be included in determining whether or
not a proposed transaction would result in the Transfer of a number of shares of Common Stock representing Control of Parent, and provided further, that in order for one Majority Stockholder to exercise its drag-along rights under this
Section 6, it must receive the consent of the other Majority Stockholder, such consent being required for so long as such other Majority Stockholder, together with its Affiliates, beneficially owns at least five percent (5%) of the
outstanding shares of Common Stock. For purposes of this Section 6, “Control of Parent” shall mean at least forty percent (40)% of the issued and outstanding shares of Common Stock or securities representing at least forty
percent (40%) of the voting power of Parent. 
 (b) Upon delivery of a Drag-Along Notice, each Drag-Along Stockholder shall
be required to Transfer its Pro Rata Portion, on the same terms and conditions (including, without limitation, as to price, time of payment and form of consideration) as agreed by the Transferring Stockholders and the Drag-Along Buyer, subject to
Section 6(f) and, in the case of Options, Section 8. Each Drag-Along Stockholder shall make to the Drag-Along Buyer representations, warranties, covenants, indemnities and agreements comparable to those made by the Transferring
Stockholders in connection with the Transfer (other than any non-competition, non-solicitation or similar agreements or covenants that would bind the Drag-Along Stockholder or its Affiliates), and shall agree to the same conditions to the Transfer
as the Transferring Stockholders agree, it being understood that all such representations, warranties, covenants, indemnities and agreements shall be made by each Transferring Stockholder and each Drag-Along Stockholder severally and not jointly and
that the aggregate amount of the liability of the Drag-Along Stockholder shall not exceed, except with respect to individual representations, warranties, covenants, indemnities and other agreements of the Drag-Along Stockholder as to the
unencumbered title to its Shares and the power, authority and legal right to Transfer such Shares, such Drag-Along Stockholder’s pro rata share of any such liability, to be determined in accordance with such Drag-Along
Stockholder’s portion of the total number of shares of Common Stock included in such Transfer; provided, that in any event the amount of liability of any Drag-Along Stockholder shall not exceed the proceeds such Drag-Along Stockholder
received in connection with such Transfer. 
 (c) In the event that any such Transfer is structured as a merger, consolidation,
or similar business combination, each Drag-Along Stockholder agrees to (i) vote in favor of the transaction, (ii) take such other action as may be required to effect such transaction (subject to Section 6(b)) and (iii) take all
action to waive any dissenters, appraisal or other similar rights with respect thereto. 
 (d) Solely for purposes of
Section 6(c)(i) and in order to secure the performance of each Drag-Along Stockholder’s obligations under Section 6(c)(i), each Drag-Along Stockholder hereby irrevocably appoints each other Drag-Along Stockholder that qualifies

  
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as a Drag-Along Proxy Holder (as defined below) the attorney-in-fact and proxy of such first Drag-Along Stockholder (with full power of substitution) to vote or provide a written consent with
respect to its Shares as described in this paragraph if, and only in the event that, such Drag-Along Stockholder fails to vote or provide a written consent with respect to its Shares in accordance with the terms of Section 6(c)(i) (each such
Drag-Along Stockholder, a “Breaching Drag-Along Stockholder”) within three (3) days of a request for such vote or written consent. Upon such failure, the Transferring Stockholders or any of them shall have and are hereby
irrevocably granted a proxy to vote or provide a written consent with respect to each such Breaching Drag-Along Stockholder’s Shares for the purposes of taking the actions required by Section 6(c)(i) (such Transferring Stockholders each
and collectively, a “Drag-Along Proxy Holder”). Each Drag-Along Stockholder intends this proxy to be, and it shall be, irrevocable and coupled with an interest, and each Drag-Along Stockholder will take such further action and
execute such other instruments as may be necessary to effectuate the intent of this proxy and hereby revoke any proxy previously granted by it with respect to the matters set forth in Section 6(c)(i) with respect to the Shares held by such
Drag-Along Stockholder. Notwithstanding the foregoing, the conditional proxy granted by this Section 6(d) shall be deemed to be revoked upon the termination of this Section 6 in accordance with its terms. 

(e) If any Drag-Along Stockholder fails to deliver to the Drag-Along Buyer the certificate or certificates, if any, evidencing Shares to
be sold pursuant to this Section 6, the Transferring Stockholders may, at their option, in addition to all other remedies they may have, deposit the purchase price (including any promissory note constituting all or any portion thereof) for such
Shares with any national bank or trust company having combined capital, surplus and undivided profits in excess of $100 million (the “Escrow Agent”), and Parent shall cancel on its books the certificate or certificates representing
such Shares and thereupon all of such Drag-Along Stockholder’s rights in and to such Shares shall terminate. Thereafter, upon delivery to Parent by such Drag-Along Stockholder of the certificate or certificates evidencing such Shares (duly
endorsed, or with stock powers duly endorsed, for transfer, with signature guaranteed, free and clear of any liens or encumbrances, and with any stock transfer tax stamps affixed), the Transferring Stockholders shall instruct the Escrow Agent to
deliver the purchase price (without any interest from the date of the closing to the date of such delivery, any such interest to accrue to Parent) to such Drag-Along Stockholder. 

(f) In the event that the consideration to be paid in exchange for Shares in a proposed Transfer pursuant to this Section 6 includes
any securities, and the receipt thereof by a Drag-Along Stockholder would require under applicable law (a) the registration or qualification of such securities or of any Person as a broker or dealer or agent with respect to such securities
where such registration or qualification is not otherwise required for the proposed Transfer by the Transferring Stockholders or (b) the provision to any Drag-Along Stockholder of any specified information regarding Parent or any of its
subsidiaries, such securities or the issuer thereof that is not otherwise required to be provided for the proposed Transfer by the Transferring Stockholders, then such Drag-Along Stockholder shall not Transfer Shares in such proposed Transfer. In
such event, the Transferring Stockholders shall have the obligation to cause to be paid to such Drag-Along Stockholder in lieu thereof, against surrender of the Shares that would have otherwise been Transferred by such Drag-Along Stockholder to the
Drag-Along 

  
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Buyer in the proposed Transfer, an amount in cash equal to the Fair Market Value of such Shares as of the date such securities would have been issued in exchange for such Shares. 

(g) In the event that a Drag-Along Stockholder receives Illiquid Securities as proceeds in connection with a Transfer pursuant to this
Section 6, such Drag-Along Stockholder shall receive the right to tag-along on transfers by the Majority Stockholders and be subject to drag-along rights of the Majority Stockholders with respect to such securities that are substantially
similar to the tag-along rights and drag-along rights applicable to Shares under this Agreement. 
 (h) Each Majority
Stockholder, each Management Stockholder and each Management Transferee that has become a party hereto shall be responsible for his, her or its proportionate share of the costs of a Transfer under this Section 6 to the extent not paid or
reimbursed by the proposed Drag-Along Buyer, Parent or Avaya. 
 7. Tag-Along Rights. 

(a) After compliance with Section 5 (if applicable and to the extent the right specified therein is not exercised), if a Majority
Stockholder or a Majority Stockholder Permitted Transferee (the “Selling Stockholder”) proposes to Transfer any of its shares of Common Stock (a “Proposed Transfer”) (other than (i) to a Majority Stockholder
Permitted Transferee, (ii) pursuant to or consequent upon the exercise of the drag-along rights set forth in Section 6, (iii) pursuant to Rule 144, (iv) pursuant to a registered offering or (v) any Transfers made by a
stockholder of Parent after an IPO if such Selling Stockholder, together with its Affiliates, beneficially owns less than five percent (5%) of the outstanding shares of Common Stock), each Management Stockholder and each Management Transferee
that has become a party hereto shall have the right to participate in the Selling Stockholder’s Transfer by transferring up to its Pro Rata Portion to the proposed Transferee (the “Proposed Purchaser”) (each Management
Stockholder or Management Transferee who exercises its rights under this Section 7(a), a “Tagging Stockholder”). 
 (b) The Selling Stockholder shall give written notice (a “Tag-Along Notice”) to each Management Stockholder and each Management Transferee that has become a party hereto of a Proposed
Transfer to which this Section 7 applies, setting forth the number of shares of Common Stock proposed to be so Transferred, the name and address of the Proposed Purchaser, the proposed amount and form of consideration and other terms and
conditions of payment offered by the Proposed Purchaser. The Selling Stockholder shall deliver or cause to be delivered to each Management Stockholder and each Management Transferee that has become a party hereto copies of all transaction documents
relating to the Proposed Transfer as the same become available. The tag-along rights provided by this Section 7 must be exercised by a Management Stockholder or a Management Transferee that has become a party hereto within a period of
(i) prior to an IPO, ten (10) Business Days from the date of the Tag-Along Notice or (ii) at any time after an IPO, three (3) Business Days from the date of the Tag-Along Notice, by delivery of a written notice to the Selling
Stockholder indicating its desire to exercise its rights and specifying the number of Shares it desires to Transfer. If the Selling Stockholder is unable to cause the Proposed Purchaser to purchase all of the shares of Common Stock proposed to be

  
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Transferred by the Selling Stockholder and the Tagging Stockholders, then the number of Shares that each such Management Stockholder or Management Transferee is permitted to sell in such Proposed
Transfer shall be reduced pro rata based on the number of Shares proposed to be Transferred by such Management Stockholder or Management Transferee relative to the aggregate number of shares of Common Stock proposed to be Transferred
by all stockholders of Parent participating in such Proposed Transfer. The Selling Stockholder shall have a period of sixty (60) days following the expiration of the ten (10) Business Day or three (3) Business Day period, as the case
may be, mentioned above to enter into a definitive agreement to sell all of the shares of Common Stock agreed to be purchased by the Proposed Purchaser on the terms specified in the notice required by the first sentence of this Section 7(b). If
the Proposed Purchaser agrees to purchase more shares of Common Stock than specified in the Tag-Along Notice in the Proposed Transfer, the Management Stockholders and the Management Transferees that have become parties hereto shall also have the
same right to participate in the Transfer of such shares of Common Stock that are in excess of the amount set forth on the Tag-Along Notice in accordance with this Section 7. 

(c) Any Transfer of Shares by a Tagging Stockholder to a Proposed Purchaser pursuant to this Section 7 shall be on the same terms
and conditions (including, without limitation, price, time of payment and form of consideration) as to be paid to the Selling Stockholder, subject to Section 7(d) and, in the case of Options, Section 8; provided, that in order to be
entitled to exercise its tag-along right pursuant to this Section 7, each Tagging Stockholder must agree to make to the Proposed Purchaser representations, warranties, covenants, indemnities and agreements the same mutatis mutandis as
those made by the Selling Stockholder in connection with the Proposed Transfer (other than any non-competition, non-solicitation or similar agreements or covenants that would bind the Tagging Stockholder or its Affiliates), and agree to the same
conditions to the Proposed Transfer as the Selling Stockholder agrees, it being understood that all such representations, warranties, covenants, indemnities and agreements shall be made by the Selling Stockholder and each Tagging Stockholder
severally and not jointly and that the aggregate amount of the liability of the Tagging Stockholder shall not exceed, except with respect to individual representations, warranties, covenants, indemnities and other agreements of the Tagging
Stockholder as to the unencumbered title to its Shares and the power, authority and legal right to Transfer such Shares, such Tagging Stockholder’s pro rata share of any such liability to be determined in accordance with such
Tagging Stockholder’s portion of the total number of shares of Common Stock included in such Transfer; provided that, in any event the amount of liability of any Tagging Stockholder shall not exceed the proceeds such Tagging Stockholder
received in connection with such Transfer. Each Tagging Stockholder shall be responsible for his, her or its proportionate share of the costs of the Proposed Transfer to the extent not paid or reimbursed by the Proposed Purchaser, Parent or Avaya.
The provisions of this Section 7 shall terminate upon a QPO. 
 (d) In the event that the consideration to be paid in
exchange for Shares in a Proposed Transfer pursuant to this Section 7 includes any securities, and the receipt thereof by a Tagging Stockholder would require under applicable law (a) the registration or qualification of such securities or
of any Person as a broker or dealer or agent with respect to such securities where such registration or qualification is not otherwise required for the Transfer by the Selling Stockholder or (b) the provision to any Tagging Stockholder of any
specified information 

  
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regarding Parent or any of its subsidiaries, such securities or the issuer thereof that is not otherwise required to be provided for the Transfer by the Selling Stockholder, then such Tagging
Stockholder shall not have the option to Transfer Shares in such Proposed Transfer. In such event, the Selling Stockholder shall have the right, but not the obligation, to cause to be paid to such Tagging Stockholder in lieu thereof, against
surrender of the Shares that would have otherwise been Transferred by such Tagging Stockholder to the Proposed Purchaser in the Proposed Transfer, an amount in cash equal to the Fair Market Value of such Shares as of the date such securities would
have been issued in exchange for such Shares. 
 (e) In the event that a Tagging Stockholder receives Illiquid Securities as
proceeds in connection with a Transfer pursuant to this Section 7, such Tagging Stockholder shall receive the right to tag-along on transfers by the Majority Stockholders and be subject to drag-along rights of the Majority Stockholders with
respect to such securities that are substantially similar to the tag-along rights and drag-along rights applicable to Shares under this Agreement. 
 8. Calculations. For purposes of Sections 4, 5, 6 and 7, and the definition of “Pro Rata Portion,” the number of Shares held by a Management Stockholder or a Management Transferee that
has become a party hereto shall be deemed to include all Options held by such Management Stockholder or Management Transferee that are then vested or that will vest upon the event in connection with which such calculation is being made, and such
Options shall be treated as Shares for purposes of such Sections. If any Management Stockholder or Management Transferee shall sell Options pursuant to Section 6 or Section 7 as contemplated by this Section 8, such Management
Stockholder or Management Transferee shall receive in exchange for such Options consideration in the amount (if greater than zero) equal to the purchase price received by the Drag Along Stockholders or Tagging Stockholders, as applicable, in such
sale for the number of shares of Common Stock that would be issued upon exercise of such Options less the exercise price, if any, of such Options , subject to reduction for any tax or other amounts required to be withheld under applicable law.

 9. Termination. Except with respect to Section 2 and Section 3(c), which shall survive the termination of
this Agreement, and each Section hereof that specifies when such Section shall terminate, this Agreement shall terminate automatically (without any action by any party hereto) as to each Management Stockholder and each Management Transferee that has
become a party hereto when such Management Stockholder or Management Transferee ceases to hold any Shares. 
 10. Legal
Fees. Parent shall be liable for the reasonable legal fees and related expenses incurred in connection with work performed prior to the Closing Date by one (1) counsel employed by the Management Stockholders in connection with the
negotiation and execution of this Agreement and all other equity and employment-related arrangements that are negotiated and executed in connection with the Merger. 
 11. Confidentiality. 

  
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 (a) Nondisclosure and Nonuse of Confidential Information. All Confidential
Information created by a Management Stockholder or a Management Transferee that has become a party hereto or to which such a Management Stockholder or Management Transferee has access as a result of a Management Stockholder’s Employment or such
Management Stockholder’s or Management Transferee’s other associations with Parent or an Affiliate of Parent is and shall remain the sole and exclusive property of Parent or such Affiliate of Parent. Each Management Stockholder and each
Management Transferee that has become a party hereto hereby agrees that such Management Stockholder or Management Transferee will never, directly or indirectly, use or disclose any Confidential Information (a) except, with respect to a
Management Stockholder, as required for the proper performance of such Management Stockholder’s regular duties for Parent or an Affiliate of Parent and (b) except, with respect to a Management Stockholder or a Management Transferee,
(i) as expressly authorized in writing in advance by Parent or an Affiliate of Parent, (ii) as required by applicable law or regulation, (iii) to such Management Stockholder’s or Management Transferee’s attorneys,
accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring such Management Stockholder’s or Management Transferee’s investment in Parent (provided they agree not to
disclose such Confidential Information to others, except as authorized by this Section 11), (iv) to any prospective purchaser of any Shares from such Management Stockholder or Management Transferee (at a time when such Transfer is
permissible under the terms of this Agreement and other applicable agreements), so long as such prospective purchaser agrees to be bound by the provisions of this Section 11 and to use such Confidential Information solely for purposes of
evaluating a possible investment in Parent, or (v) as may be reasonably determined by such Management Stockholder or Management Transferee to be necessary in connection with the enforcement of such Management Stockholder’s or Management
Transferee’s rights in connection with this Agreement or such Management Stockholder’s or Management Transferee’s investment in Parent. The provisions of this Section 11 shall continue to apply after the termination of this
Agreement and, with respect to a Management Stockholder, after the termination of such Management Stockholder’s Employment, howsoever caused. Each Management Stockholder and each Management Transferee that has become a party hereto shall
furnish prompt notice to Parent of any required disclosure of Confidential Information sought pursuant to subpoena, court order or any other legal process or requirement, and shall provide Parent a reasonable opportunity to seek protection of the
Confidential Information prior to any such disclosure, to the greatest extent time and circumstances permit. 
 (b) Use and
Return of Documents. All documents, records and files, in any media of whatever kind and description, relating to the business, present or otherwise, of Parent or an Affiliate of Parent and any copies (including without limitation electronic),
in whole or in part, thereof (the “Documents” and each individually, a “Document”), whether or not prepared by a Management Stockholder or a Management Transferee that has become a party hereto, shall be the sole
and exclusive property of Parent or such Affiliate of Parent. Except, with respect to a Management Stockholder, as required for the proper performance of such Management Stockholder’s regular duties for Parent or an Affiliate of Parent, and
except, with respect to a Management Stockholder or a Management Transferee, as expressly authorized in writing in advance by Parent or an Affiliate of Parent, such Management Stockholder or Management Transferee hereby agrees that it will not copy
any Documents or, with respect to a Management 

  
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Stockholder, remove any Documents or copies or derivatives thereof from the premises of Parent or such Affiliate of Parent. Each Management Stockholder and each Management Transferee that has
become a party hereto hereby agrees that it will safeguard and return to Parent, with respect to a Management Stockholder, immediately upon termination of such Management Stockholder’s Employment, and, with respect to a Management Stockholder
or a Management Transferee, at such other times as may be specified by Parent, all Documents and any other property of Parent and any documents, records and files of Parent’s (or an Affiliate of Parent’s) customers, subcontractors, vendors
and suppliers (“Third-Party Documents” and each individually a “Third-Party Document”), as well as any other property of such customers, subcontractors, vendors and suppliers, then in such Management
Stockholder’s or such Management Transferee’s possession or control. If a Document or Third-Party Document is on electronic media, such Management Stockholder or Management Transferee may, in lieu of surrendering a Document or Third-Party
Document, provide a copy thereof on electronic media (e.g., a properly formatted diskette) to Parent and delete and overwrite all other electronic media copies thereof; provided that upon the request of any duly authorized officer of Parent,
such Management Stockholder or Management Transferee will disclose all passwords necessary or desirable to enable Parent to obtain access to any such Documents or Third-Party Documents. Notwithstanding any provision of this Section 11(b) to the
contrary, such Management Stockholder or Management Transferee shall be permitted to retain copies of all Documents evidencing, with respect to a Management Stockholder, such Management Stockholder’s hire, equity and other compensation rate and
benefits, and, with respect to a Management Stockholder or a Management Transferee, this Agreement and any other agreements between such Management Stockholder or Management Transferee and Parent that such Management Stockholder or Management
Transferee has signed. 
 12. Merger with Avaya. In the event of any merger, statutory share exchange or other business
combination of Parent with Avaya or any of its subsidiaries, (i) each of the Management Stockholders and each of the Management Transferees that have become parties hereto and Avaya (or the applicable subsidiary) shall, to the extent necessary,
as they determine, execute a stockholders’ agreement with terms that are substantially equivalent to this Agreement; provided that such stockholders’ agreement shall terminate upon the same terms and conditions as provided herein,
and (ii) Parent shall distribute any securities issued to Parent pursuant to such merger to the Management Stockholders and the Management Transferees that have become parties hereto pro rata in accordance with their respective ownership of
Shares. 
 13. Amendment; Assignment. This Agreement may be amended, superseded, canceled, renewed or extended, and the
terms hereof may be waived, only by a written instrument signed by authorized representatives of Parent, each Majority Stockholder and Management Stockholders and/or Management Transferees that have become parties hereto holding a majority of the
Shares that are subject to this Agreement. No such written instrument shall be effective unless it expressly recites that it is intended to amend, supersede, cancel, renew or extend this Agreement or to waive compliance with one or more of the terms
hereof, as the case may be. Except for the right of each Management Stockholder and each Management Transferee that has become a party hereto to assign his, her or its rights under Section 3(a) and Parent’s right to assign its rights under
Section 4, no party to this Agreement may assign any of 

  
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its rights or obligations under this Agreement without the prior written consent of the other parties hereto. 
 14. Definitions. For purposes of this Agreement: 

“Affiliate” shall mean, with respect to any Person, any other Person that directly or indirectly controls, is controlled
by, or is under common control with, such Person. For these purposes, “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise; provided, that, for purposes of this Agreement, (i) no stockholder of Parent shall be deemed an Affiliate of Parent or any of its subsidiaries, (ii) Sierra Co-Invest, LLC
shall not be deemed an Affiliate of either Majority Stockholder, and (iii) portfolio companies of the Majority Stockholders and their respective investment fund affiliates shall not be deemed to be Affiliates of the Majority Stockholders.

 “Agreement” shall have the meaning ascribed to such term in the preamble. 

“Avaya” shall have the meaning ascribed to such term in the recitals. 

“Bad Leaver Price” shall have the meaning ascribed to such term in Section 4(a)(ii). 

“Board” shall mean Parent’s Board of Directors. 

“Breaching Drag-Along Stockholder” shall have the meaning ascribed to such term in Section 6(d). 

“Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banks in New York, New York and Fort
Worth, Texas are authorized or obligated by law or executive order to close. 
 “Call Notice” shall have the
meaning ascribed to such term in Section 4(a)(iv). 
 “Cause” shall have the meaning ascribed to such term
in the Plan. 
 “Closing Date” means the date of the consummation of the Merger. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Common Stock” shall have the meaning ascribed to such term in the recitals. 

“Compete” shall mean, with respect to a Management Stockholder, to work for or provide services to, in any capacity,
whether as an employee, independent contractor or otherwise, whether with or without compensation, any Material Competitor at any time during the twelve (12) months following the termination of such Management Stockholder’s Employment, and
“Competes” and “Competing” shall each have a correlative meaning; provided, however, for the avoidance of doubt, that the following actions do not constitute

  
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Competing for purposes hereunder: (i) the passive ownership by such Management Stockholder of no more than two percent (2%) of the equity securities of any publicly traded company;
(ii) such Management Stockholder’s providing services to a division or subsidiary of a multi-division entity or holding company, so long as no division or subsidiary to which such Management Stockholder provides services is a Material
Competitor, and the Management Stockholder does not otherwise engage in competition on behalf of the multi-division entity or any competing division or subsidiary thereof. 
 “Confidential Information” shall mean any and all information of Parent or an Affiliate of Parent, whether or not in writing, that is not generally known by others with whom Parent or
such Affiliate of Parent competes or does business, or with whom Parent or such Affiliate of Parent plans to compete or do business, and any and all information, which, if disclosed, would assist in competition against Parent or an Affiliate of
Parent, including but not limited to (a) all proprietary information of Parent or an Affiliate of Parent, including but not limited to the products and services, technical data, methods, processes, know-how, developments, inventions, and
formulae of Parent or such Affiliate of Parent, (b) the development, research, testing, marketing and financial activities and strategic plans of Parent or such Affiliate of Parent, (c) the manner in which Parent or such Affiliate of
Parent operates, (d) the costs and sources of supply of Parent or such Affiliate of Parent, (e) the identity and special needs of the customers, prospective customers and subcontractors of Parent or such Affiliate of Parent, and
(f) the people and organizations with whom Parent or such Affiliate of Parent has business relationships and the substance of those relationships. Without limiting the generality of the foregoing, “Confidential Information” shall
specifically include: (i) any and all product testing methodologies, product test results, research and development plans and initiatives, marketing research, plans and analyses, strategic business plans and budgets, and technology grids;
(ii) any and all vendor, supplier and purchase records, including without limitation the identity of contacts at any vendor, any list of vendors or suppliers, any lists of purchase transactions and/or prices paid; and (iii) any and all
customer lists and customer and sales records, including without limitation the identity of contacts at purchasers, any list of purchasers, and any list of sales transactions and/or prices charged by Parent or an Affiliate of Parent.
“Confidential Information” shall also include any information that Parent or an Affiliate of Parent may receive or has received from customers, subcontractors, suppliers or others, with any understanding, express or implied, that the
information would not be disclosed. Notwithstanding the foregoing, “Confidential Information” shall not include information that (A) is known or becomes known to the public in general (other than as a result of a breach of
Section 11), (B) is or has been independently developed or conceived without use of Confidential Information of Parent or an Affiliate of Parent or (C) is or has been made known or disclosed by a third party without a breach of any
obligation of confidentiality such third party may have to Parent or an Affiliate of Parent of which the Person to whom such information is or has been made known or disclosed is aware. 

“Control of Parent” shall have the meaning ascribed to such term in Section 6(a). 

“Covered Management Share” shall mean, with respect to a Management Stockholder, a Share that (i) is then owned by
such Management Stockholder, (ii) has been Transferred by such Management Stockholder to a Permitted Transferee of such Management Stockholder or 

  
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(iii) was issued directly to a Management Transferee at the request of such Management Stockholder. 
 “Demand Registration” means a request by a Majority Stockholder to Parent for Registration of all or part of the securities of Parent held by such Majority Stockholder. 

“DGCL” means the Delaware General Corporation Law, as amended. 

“Disability” shall have the meaning ascribed to such term in the Plan. 

“Document” and “Documents” shall have the meanings ascribed to such terms in Section 11(b).

 “Drag-Along Buyer” shall have the meaning ascribed to such term in Section 6(a). 

“Drag-Along Notice” shall have the meaning ascribed to such term in Section 6(a). 

“Drag-Along Proxy Holder” shall have the meaning ascribed to such term in Section 6(d). 

“Drag-Along Stockholders” shall have the meaning ascribed to such term in Section 6(a). 

“Employment” shall have the meaning ascribed to such term in the Plan. 

“Escrow Agent” shall have the meaning ascribed to such term in Section 6(e). 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

“Fair Market Value” shall have the meaning ascribed to such term in the Plan. 

“Family Member” shall mean, with respect to any natural Person, (a) any immediate family member of such natural
Person, (b) any spouse or former spouse of any of the foregoing, (c) any legal representative or estate of any of the foregoing, or the ultimate beneficiaries of the estate of any of the foregoing, if deceased, (d) any not-for-profit
corporation or private charitable foundation and (e) any trust, partnership or other estate planning vehicle for the exclusive benefit of an immediate family member of such natural Person; provided, in the case of a transfer pursuant to
clause (a), that the transferee and, in the case of a transfer to a partnership pursuant to clause (e), that each partner of such partnership, qualifies as a “family member” as defined in Rule 701(c)(3) promulgated under the Securities Act
or in the instructions to Form S-8. 
 “Illiquid Securities” shall mean securities which are not traded or
quoted on the New York Stock Exchange, American Stock Exchange or the Nasdaq National Market or on a comparable securities market or exchange existing now or in the future or which are so traded or quoted but which are subject to a contractual
restriction on transfer which does not apply to securities of the same type which are held by the Majority Stockholders. 

  
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 “Invested Equity” shall have the meaning ascribed to such term in the
recitals. 
 “IPO” shall mean the first underwritten public offering and sale of the equity securities of
Parent or its successor for cash pursuant to an effective registration statement (other than on Form S-4, S-8 or a comparable form) under the Securities Act. 
 “Majority Stockholders” shall mean each of TPG and Silver Lake, and “Majority Stockholder” shall mean either of them. 

“Majority Stockholder Permitted Transferee” shall mean (i) an Affiliate of a Majority Stockholder, (ii) in the
case of any Majority Stockholder that is a partnership, limited liability company, or any foreign equivalent thereof, any partner, member or foreign equivalent thereof of such Majority Stockholder and (iii) an entity created by the Majority
Stockholders to which they contribute their Common Stock and in which their respective ownership interests are in proportion to the number of shares of Common Stock contributed by each; provided, however, that a partner, member or
foreign equivalent thereof of a Majority Stockholder shall not be a Majority Stockholder Permitted Transferee under clause (ii) unless the Transfer to such Person is made in a pro rata distribution in accordance with the
applicable partnership agreement, limited liability company agreement or foreign equivalent thereof, as the case may be. 

“Management Stockholder” or “Management Stockholders” shall have the meaning ascribed to such terms in
the preamble. 
 “Management Transferee” shall mean (i) a stockholder of Parent that acquired Shares from
a Management Stockholder or a Permitted Transferee of a Management Stockholder or (ii) a Person to whom or to which shares of Common Stock were issued at the request of a Management Stockholder. 

“Material Competitor” shall mean an entity, or a division or subsidiary of a multi-division entity or holding company,
which engages in one or more of the fields in which Avaya and its Affiliates conduct business and from which Avaya and its Affiliates derive at least 10% of their annual gross revenues, as determined, with respect to a Management Stockholder, on the
date of such Management Stockholder’s termination of Employment. 
 “Merger” shall mean the merger of
Sierra Merger Corp. with and into Avaya, with Avaya as the surviving corporation. 
 “Offer Notice” shall have
the meaning ascribed to such term in Section 5(a)(i). 
 “Options” shall have the meaning ascribed to such
term in the recitals. 
 “Parent” shall have the meaning ascribed to such term in the preamble. 

“Permitted Transferee” means, (i) with respect to a Management Stockholder or a Management Transferee that is a
natural person, (a) a Family Member of such Management Stockholder or Management Transferee, (b) on such Management Stockholder’s or such 

  
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Management Transferee’s death, such Management Stockholder’s or Management Transferee’s executors, administrators, testamentary trustees, legatees or beneficiaries, and (c) a
Person the applicable Transfer to whom or to which has been specifically approved by the Board; (ii) with respect to a Management Transferee that is not a natural person, an Affiliate of such Management Transferee and (iii) with respect to
any Management Stockholder, Parent pursuant to an agreement between such Management Stockholder and Parent set forth in the manager stock rollover agreement pursuant to which such Management Stockholder subscribed for Shares from Parent. 

“Person” shall mean an individual, corporation, association, limited liability company, limited liability partnership,
partnership, estate, trust, joint venture, unincorporated organization or a government or any agency or political subdivision thereof. 
 “Plan” shall have the meaning ascribed to such term in the recitals. 
 “Promissory Note” shall mean a promissory note issued by Parent (i) with a principal amount equal to the applicable amount due under Section 4(a) or Section 4(b) or under a
prior Promissory Note that was not paid in cash, (ii) on which interest will accrue on the principal thereof at a rate equal to the average annual prime rate plus one percent (1%) (during the period commencing on the date on which the
applicable amount due under Section 4(a) or Section 4(b) would have been paid but for the issuance of such promissory note and ending on the date on which the payment in connection with which interest is being calculated is paid), and
(iii) for which the principal, together with the interest thereon, will, subject to the last sentence of Section 4(c), become due and payable in three (3) equal annual installments payable on, the first, second and third anniversaries
of the date of issuance thereof. 
 “Proposed Purchaser” shall have the meaning ascribed to such term in
Section 7(a). 
 “Proposed Transfer” shall have the meaning ascribed to such term in Section 7(a).

 “Pro Rata Portion” shall mean: 
 (a) For purposes of Section 6 hereof, with respect to a Drag-Along Stockholder, a number of Shares determined by multiplying (i) the aggregate number of Shares held by such Drag-Along
Stockholder by (ii) a fraction, the numerator of which is the aggregate number of shares of Common Stock proposed to be Transferred by the Transferring Stockholders to the Drag-Along Buyer and the denominator of which is the aggregate number of
shares of Common Stock held by the Majority Stockholders. 
 (b) For purposes of Section 7 hereof, with respect to a
Tag-Along Stockholder, a number of shares of Common Stock determined by multiplying (i) the total number of shares of Common Stock proposed to be Transferred by the Selling Stockholders to the Proposed Purchaser, by (ii) a fraction, the
numerator of which is the number of shares of Common Stock held by such Tagging Stockholder and the denominator of which is the aggregate number of shares of Common Stock held by all stockholders of Parent that have tag-along rights with respect to
the applicable Proposed Transfer. 

  
 -22-

 “Public Sale” shall mean an offering of the equity securities of Parent by
Parent for its own account or for the account of any other Persons (other than (i) in connection with an IPO (including a primary or secondary offering of shares of Common Stock, or a combination thereof), (ii) a Registration on Form S-4
or S-8 or any successor form to such Forms, (iii) a Registration of securities solely relating to an offering and sale to employees or directors of Parent pursuant to any employee stock plan or other employee benefit plan arrangement or
(iv) a Demand Registration or a Registration pursuant to a Shelf Registration Statement at the request of one or more Majority Stockholders). 
 “QPO” shall mean the first public offering and sale pursuant to an effective registration statement (other than on Form S-4, S-8 or a comparable form) under the
Securities Act or Rule 144 sale, which, in combination with any previous public offering and sale pursuant to an effective registration statement (other than on Form S-4, S-8 or a comparable form) under the Securities Act or Rule 144 sale, results
in an aggregate of at least thirty-five percent (35%) of the common stock of Parent or its successor having been sold in public offerings and sales pursuant to an effective registration statement (other than on Form S-4, S-8 or a comparable
form) under the Securities Act or under Rule 144.  
 “Registration” means a registration with the SEC
of Parent’s securities for offer and sale to the public under a Registration Statement. The term “Register” shall have a correlative meaning. 
 “Registration Statement” means any registration statement of Parent filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act,
including the related prospectus, all amendments and supplements to such prospectus, and all other material incorporated by reference in such prospectus; amendments and supplements to such registration statement, including pre- and post-effective
amendments; and all exhibits and all material incorporated by reference in such registration statement. 
 “Rule
144” shall mean Rule 144 under the Securities Act. 
 “SEC” means the Securities and Exchange
Commission. 
 “Section 160” shall have the meaning ascribed to such term in Section 4(c). 

“Securities Act” shall have the meaning ascribed to such term in Section 2. 

“Selling Stockholder” shall have the meaning ascribed to such term in Section 7(a). 

“Shares” shall, subject to Section 8, mean shares of Common Stock acquired by any Management Stockholder from
whatever source on or following the date of this Agreement; provided that the term “Shares” shall include securities of any kind whatsoever distributed with respect to the Common Stock acquired by a Management Stockholder or a
Management Transferee pursuant to the Plan or otherwise and any securities issued or issuable with respect to such Common Stock by way of a stock dividend or distribution payable thereon or stock split,

  
 -23-

 
reverse stock split, recapitalization, reclassification, reorganization, exchange, subdivision or combination thereof. 
 “Shelf Registration Statement” means a Registration Statement of Parent filed with the SEC on either (i) Form S-3 (or any successor form or other appropriate form under the
Securities Act) or (ii) if Parent is not permitted to file a Registration Statement on Form S-3, a Registration Statement on Form S-1 (or any successor form or other appropriate form under the Securities Act), in each case for an offering to be
made on a continuous basis pursuant to Rule 415 under the Securities Act (or any similar rule that may be adopted by the SEC) covering securities of Parent, as applicable. 
 “Silver Lake” shall mean, collectively, Silver Lake Partners II, L.P., Silver Lake Technology Investors II, L.P., Silver Lake Partners III, L.P., Silver Lake Technology Investors III,
L.P. and their respective Affiliates that hold shares of Common Stock. 
 “Tag-Along Notice” shall have the
meaning ascribed to such term in Section 7(b). 
 “Tagging Stockholder” shall have the meaning ascribed to
such term in Section 7(a). 
 “Third Party Document” and “Third Party Documents” shall
have the meanings ascribed to such terms in Section 11(b). 
 “TPG” shall mean, collectively, TPG Partners
V, L.P. and its respective Affiliates that hold shares of Common Stock. 
 “Transfer” shall mean, with respect
to any shares of Common Stock or Options, as the case may be, a direct or indirect transfer, sale, exchange, redemption, assignment, pledge, hypothecation or other encumbrance or other disposition of such shares of Common Stock, including the grant
of an option or other right, whether directly or indirectly, whether voluntarily, involuntarily or by operation of law; and “Transferred”, “Transferee”, “Transferability”, and
“Transferor” shall each have a correlative meaning. For the avoidance of doubt, a transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of an interest in any stockholder of Parent all
or substantially all of whose assets are shares of Common Stock shall constitute a “Transfer” for purposes of this Agreement, as if such interest was a direct interest in Parent. 

“Transferring Stockholders” shall have the meaning ascribed to such term in Section 6(a). 

“Underwritten Offering” means a Registration in which securities of Parent are sold to an underwriter or underwriters on
a firm commitment basis for reoffering to the public. 
 15. Notices. Unless otherwise specified herein, all notices,
consents, approvals, reports, designations, requests, waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly
given or made upon receipt) by personal hand-delivery, 

  
 -24-

 
by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing
overnight delivery, sent to the parties at the following addresses (or such other address as such parties may specify by written notice to the other parties): 
 If to a Management Stockholder, to the most recent address of such Management Stockholder as shown on records of Parent, with a copy (which shall not constitute notice) to: 

Morgan Lewis & Bockius LLP 
 1701 Market Street 
 Philadelphia, Pennsylvania 19103 

Attention: Robert J. Lichtenstein 
 Telephone: 215.963.5726 
 Fax: 215.963.4815; 

If to a Management Transferee that has become a party hereto, to the address of such Management Transferee shown on the signature page
hereto signed by such Management Transferee, with a copy (which shall not constitute notice) to: 
 Morgan Lewis &
Bockius LLP 
 1701 Market Street 
 Philadelphia, Pennsylvania 19103 
 Attention: Robert J. Lichtenstein 

Telephone: 215.963.5726 
 Fax: 215.963.4815; 
 If to Parent, to: 

Sierra Holdings Corp. 
 c/o Avaya Inc. 
 211 Mt. Airy Road 

Basking Ridge, New Jersey 07920 
 Attention: Pamela F. Craven, Chief Administrative Officer 

Telephone: 908.953.6000 
 Fax: 908.953.3902 
 with a copy (which shall not constitute
notice) to: 
 Ropes & Gray LLP 

One International Place 
 Boston, Massachusetts 02110 
 Attention: Alfred O. Rose, Esq.

 Telephone: 617.951.7372 

Fax: 617.951.7050; 

  
 -25-

 If to Silver Lake, to: 

Silver Lake Partners III, L.P. 
 9 West 57th Street, 25th Floor 
 New York, New York 10019

 Attention: Greg Mondre 

Telephone: 212.981.5600 
 Fax: 212.381.3535 
 with a copy (which shall not constitute
notice) to: 
 Ropes & Gray LLP 

One International Place 
 Boston, Massachusetts 02110 
 Attention: Alfred O. Rose, Esq.

 Telephone: 617.951.7372 

Fax: 617.951.7050; and 
 If to TPG, to: 
 TPG Partners V, L.P. 

301 Commerce Street 
 Suite 3300 
 Fort Worth, Texas 76102 

Attention: Clive D. Bode 
 Telephone: 817.871.4000 
 Fax: 817.871.4001 

with a copy (which shall not constitute notice) to: 

Ropes & Gray LLP 
 One International Place 
 Boston, Massachusetts 02110 

Attention: Alfred O. Rose, Esq. 
 Telephone: 617.951.7372 
 Fax: 617.951.7050. 

16. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but
each of which together shall constitute one and the same document. 
 17. Governing Law; Jurisdiction. THIS AGREEMENT
SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT MAY BE BROUGHT AND
ENFORCED EXCLUSIVELY IN THE COURTS OF THE STATE OF DELAWARE OR (TO THE EXTENT 

  
 -26-

 
SUBJECT MATTER JURISDICTION EXISTS THEREFOR) THE U.S. DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH COURTS IN RESPECT OF ANY
SUCH ACTION OR PROCEEDING. 
 18. Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE
WAIVED, EACH PARTY HERETO WAIVES, AND COVENANTS THAT SUCH PARTY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM OR PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE
SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH THE DEALINGS OF ANY PARTY IN CONNECTION WITH ANY OF THE ABOVE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE. Any party hereto may file an
original counterpart or a copy of this Section 18 with any court as written evidence of the consent of the parties hereto to the waiver of their rights to trial by jury. 
 19. Binding Effect. This Agreement shall be binding upon, inure to the benefit of, and be enforceable by the heirs, personal representatives, successors and permitted assigns of the parties hereto.
Nothing expressed or referred to in this Agreement is intended or shall be construed to give any person other than the parties to this Agreement, or their respective heirs, personal representatives, successors or assigns, any legal or equitable
rights, remedy or claim under or in respect of this Agreement or any provision contained herein. 
 20. Entire Agreement.
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof. 
 21.
Descriptive Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning of the terms contained herein. 

22. Severability. If any term, provision, covenant or restriction of this Agreement, is held by a court of competent jurisdiction
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 

23. Aggregation of Shares of Common Stock. All shares of Common Stock held by a Majority Stockholder shall be aggregated together
for purposes of determining the availability of any rights hereunder. As among the members of any Majority Stockholder, such Majority Stockholder may allocate the ability to exercise any rights under this Agreement in any manner that such Majority
Stockholder sees fit. 
 24. Exculpation Among Stockholders. Each Management Stockholder acknowledges that it is not
relying upon any person, firm or corporation (including without limitation any other Management Stockholder or any Majority Stockholder), other than the Parent and its officers, directors and other representatives (acting solely in their capacity as
representatives of the Parent), in deciding to invest and in making its investment in the Parent. Each Management 

  
 -27-

 
Stockholder agrees that no other Management Stockholder or Majority Stockholder nor the respective controlling persons, officers, directors, partners, members, agents or employees of any other
Management Stockholder or Majority Stockholder shall be liable to such Management Stockholder for any losses incurred by such Management Stockholder in connection with its investment in the Parent. 

[The remainder of this page is intentionally left blank] 

  
 -28-

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

					
	SIERRA HOLDINGS CORP.
		
	By:	 	 /s/ Pamela Craven

		 	Name: Pamela Craven
		 	Title: Chief Administrative Officer
	
	 THE MAJORITY STOCKHOLDERS:
  

SILVER LAKE PARTNERS II, L.P.

		
	By:	 	Silver Lake Technology Associates II, L.L.C.,
	its General Partner
		
	By:	 	Silver Lake Group, L.L.C.,
	its Managing Member
		
	By:	 	 /s/ Jim Davidson

		 	Name: Jim Davidson
		 	Title: Managing Member

[Signature Page to Management Stockholders’ Agreement] 

 
					
	SILVER LAKE TECHNOLOGY INVESTORS II, L.P.
		
	By:	 	Silver Lake Technology Associates II, L.L.C.,
	its General Partner
		
	By:	 	Silver Lake Group, L.L.C.,
	its Managing Member
		
	By:	 	 /s/ Jim Davidson

		 	Name: Jim Davidson
		 	Title: Managing Member
	
	SILVER LAKE PARTNERS III, L.P.
		
	By:	 	Silver Lake Technology Associates III, L.P.,
	its General Partner
		
	By:	 	SLTA III (GP), L.L.C.,
	its General Partner
		
	By:	 	Silver Lake Group, L.L.C.,
	its Managing Member
		
	By:	 	 /s/ Jim Davidson

		 	Name: Jim Davidson
		 	Title: Managing Member

[Signature Page to Management Stockholders’ Agreement] 

 
					
	SILVER LAKE TECHNOLOGY INVESTORS III, L.P.
		
	By:	 	Silver Lake Technology Associates III, L.P.,
	its General Partner
		
	By:	 	SLTA III (GP), L.L.C.,
	its General Partner
		
	By:	 	Silver Lake Group, L.L.C.,
	its Managing Member
		
	By:	 	 /s/ Jim Davidson

		 	Name: Jim Davidson
		 	Title: Managing Member

[Signature Page to Management Stockholders’ Agreement] 

 
					
	TPG PARTNERS V, L.P.
		
	By:	 	TPG GenPar V, L.P.,
	its General Partner
		
	By:	 	TPG Advisors V, Inc.,
	its General Partner
		
	By:	 	 /s/ Clive Bode

		 	Name:	 	Clive Bode
		 	Title:	 	Vice President

 [Signature Page to
Management Stockholders’ Agreement] 

 SCHEDULE A 
 MANAGEMENT STOCKHOLDERS 

  
 A-1First Amendment to Amended and Restated Credit Agreement

 Exhibit 10.1 
 FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 This FIRST
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of March 10, 2011, but effective as of January 31, 2011 (the “First Amendment Effective Date”), and is entered into by
and among MODUSLINK GLOBAL SOLUTIONS, INC., a Delaware corporation (“Holdings”); each of the Domestic Subsidiaries of Holdings signatory hereto (together with Holdings, the “Borrowers”); BANK OF AMERICA,
N.A., as a Lender and the L/C Issuer; SILICON VALLEY BANK, as a Lender; and HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender; and acknowledged and agreed to by BANK OF AMERICA, N.A., in its capacity as Administrative Agent
(the “Administrative Agent”). 
 WHEREAS, the Borrowers, the Administrative Agent, the Lenders, and the L/C
Issuer entered into that certain Amended and Restated Credit Agreement, dated as of February 1, 2010 (as such agreement may be amended, restated, or otherwise modified from time to time, the “Credit Agreement”); 

WHEREAS, the Borrowers have requested that the Administrative Agent and the Lenders agree to amend certain provisions of the Credit
Agreement as described herein, subject to the terms and conditions set forth herein; and 
 WHEREAS, the Borrowers, the
Administrative Agent, and the Lenders have agreed to so amend the Credit Agreement as hereinafter set forth, in each case subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, intending to be legally bound hereby and in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the
parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Initially capitalized terms used but not otherwise defined in this Amendment have the respective meanings set forth in the Credit Agreement, as amended hereby. 

ARTICLE II 

AMENDMENTS TO CREDIT AGREEMENT 
 2.01. Consolidated EBITDA. Effective as of the First Amendment Effective Date, Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of “Consolidated
EBITDA” contained therein with the following definition: 
 “Consolidated EBITDA” means, at
any date of determination, an amount equal to Consolidated Net Income of the Borrowers and their Subsidiaries for the most recently completed Measurement Period plus (a) the following, without duplication, to the extent deducted in
calculating such Consolidated Net Income: (i) Consolidated Interest Charges, (ii) the provision for Federal, state, local and foreign income taxes payable, (iii) depreciation and amortization expense, (iv) all Net Non-Cash
Restructuring Charges recognized by Borrowers and their Subsidiaries during such Measurement Period (to the extent calculations of the Net Non-Cash Restructuring Charges for such Measurement Period result in a positive number), (v) unrealized,
non-cash foreign exchange losses, (vi)

 
an amount equal to all non-cash goodwill impairment charges recognized by Borrowers and their Subsidiaries, (vii) adjustments for equity investments held by CMG@Ventures Entities or from
impairment charges on Investments, (viii) non-cash stock compensation expenses; and (ix) non-cash intangible asset impairment charges recognized by Borrowers and their Subsidiaries; minus (b) the following to the extent
included in calculating such Consolidated Net Income: (i) Federal, state, local and foreign income tax credits, (ii) unrealized, non-cash foreign exchange gains, and (iii) adjustments for equity investments held by CMG@Ventures
Entities or from gains on Investments. 
 2.02. Loan Documents. Effective as of the First Amendment Effective Date,
Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of “Loan Documents” contained therein with the following definition: 

“Loan Documents” means, collectively, (a) this Agreement, (b) the Revolving Credit Notes,
(c) the Collateral Documents, (d) each Issuer Document, and (e) the First Amendment. 
 2.03. First Amendment.
Effective as of the First Amendment Effective Date, Section 1.01 of the Credit Agreement is hereby amended by inserting the following new term in the correct alphabetical order: 

“First Amendment” means that certain First Amendment to Amended and Restated Credit Agreement by and
among the Administrative Agent, the Lenders, the L/C Issuer, and the Borrowers dated as of March 10, 2011, but effective as of January 31, 2011. 
 2.04. Compliance Certificate. Effective as of the First Amendment Effective Date, Exhibit C of the Credit Agreement is hereby deleted in its entirety and replaced by Exhibit C attached
hereto as Exhibit A. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 Each Borrower hereby represents and warrants to the
Administrative Agent and the Lenders, as of the date hereof and as of the First Amendment Effective Date, as follows: 
 3.01.
Representations and Warranties. After giving effect to this Amendment, the representations and warranties set forth in the Credit Agreement, including without limitation those set forth in Article V thereof, and in each other Loan
Document are true and correct on and as of the date hereof and on and as of the First Amendment Effective Date with the same effect as if made on and as of the date hereof and the First Amendment Effective Date, except to the extent such
representations and warranties expressly relate solely to an earlier date. Each Borrower certifies, represents, and warrants to the Administrative Agent and the Lenders that the security interests granted to the Administrative Agent pursuant to the
Collateral Documents are in full force and effect and constitute valid, perfected, first-priority security interests in the Collateral described therein. 
 3.02. No Defaults. After giving effect to this Amendment, each of the Borrowers is in compliance with all terms and conditions of the Credit Agreement and the other Loan Documents on
its part to be observed and performed and no Default or Event of Default has occurred and is continuing.  

  
 2 

 3.03. Authority and Pending Actions. The execution, delivery, and performance by each Borrower
of this Amendment has been duly authorized by each such Borrower and there is no action pending or any judgment, order, or decree in effect which is likely to restrain, prevent, or impose materially adverse conditions upon the performance by any
Borrower of its obligations under the Credit Agreement or the other Loan Documents. 
 3.04. Enforceability. This Amendment
constitutes the legal, valid, and binding obligation of each Borrower, enforceable against each such Borrower in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, moratorium,
reorganization, or other similar laws affecting the enforcement of creditors’ rights or by the effect of general equitable principles. 

3.05. Breach; Conflicts. The execution, delivery, and performance by each Borrower of this Amendment do not and will not conflict with, or
constitute a violation or breach of, or result in the imposition of any Lien upon the property of such Borrower, by reason of the terms of (a) any contract, mortgage, lease, agreement, indenture, or instrument to which such Borrower is a party
or which is binding upon it; (b) any Law with respect to such Borrower; or (c) the Organization Documents of such Borrower. 
 ARTICLE IV 
 CONDITIONS PRECEDENT 

4.01. Conditions Precedent. The amendments contained in Article II shall not be binding upon the Administrative Agent and the
Lenders until each of the following conditions precedent have been satisfied in form and substance satisfactory to the Administrative Agent: 
 (a) The Administrative Agent shall have received counterparts of this Amendment executed by the Borrowers, the Administrative Agent, the Lenders, and the L/C Issuer; 

(b) All fees and expenses of the Administrative Agent, the Lenders, and the L/C Issuer (including without limitation all
reasonable fees and expenses of counsel to the Administrative Agent), shall have been paid; 
 (c) The
Administrative Agent shall have received certified copies of resolutions or other action, incumbency certificates, and/or other certificates of duly authorized officers of the Borrowers as the Administrative Agent may reasonably require evidencing
the identity, authority, and capacity of each duly authorized officer authorized to act on behalf of the Borrowers in connection with this Amendment; 
 (d) The Administrative Agent shall have received such other documents, legal opinions, instruments, and certificates relating to this Amendment as it shall reasonably request and such other documents,
legal opinions, instruments, and certificates that shall be satisfactory in form and substance to the Administrative Agent and the Lenders. All corporate proceedings taken or to be taken in connection with this Amendment and documents incidental
thereto whether or not referred to herein shall be reasonably satisfactory in form and substance to the Administrative Agent and the Lenders; and 
 (e) All proceedings taken in connection with the transactions contemplated by this Amendment and all documentation and other legal matters incident thereto shall be satisfactory to the Administrative
Agent in its sole and absolute discretion. 

  
 3 

 ARTICLE V 
 COSTS AND EXPENSES 
 Without limiting the terms and conditions of the Loan
Documents, the Borrowers jointly and severally agree to pay on demand: (a) all reasonable costs and expenses incurred by the Administrative Agent in connection with the preparation, negotiation, and execution of this Amendment and the other
Loan Documents executed pursuant to this Amendment and any and all subsequent amendments, modifications, and supplements to this Amendment, including without limitation, the reasonable costs and fees of the Administrative Agent’s legal counsel;
and (b) all reasonable costs and expenses reasonably incurred by the Administrative Agent in connection with the enforcement or preservation of any rights under the Credit Agreement, this Amendment, and/or the other Loan Documents, including
without limitation, the reasonable costs and fees of the Administrative Agent’s legal counsel. 
 ARTICLE VI

 MISCELLANEOUS 
 6.01. Instrument Pursuant to Credit Agreement. This Amendment is a Loan Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated herein) be
construed, administered, and applied in accordance with the terms and provisions of the Credit Agreement. 
 6.02. Acknowledgment of the
Borrowers. Each Borrower hereby represents and warrants that the execution and delivery of this Amendment and compliance by such Borrower with all of the provisions of this Amendment: (a) are within the powers and purposes of such
Borrower; (b) have been duly authorized or approved by the board of directors (or other appropriate governing body) of such Borrower; and (c) when executed and delivered by or on behalf of such Borrower will constitute valid and binding
obligations of such Borrower, enforceable in accordance with its terms. Each Borrower reaffirms its obligation to pay all amounts due to the Administrative Agent, the Lenders, and the L/C Issuer under the Loan Documents (including, without
limitation, its obligations under the Revolving Credit Notes) in accordance with the terms thereof, as amended and modified hereby. 
 6.03.
Entire Agreement. This Amendment, together with all the other Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject
matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party
hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or
commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except
in writing and in accordance with Section 10.01 of the Credit Agreement. 
 6.04. Full Force and Effect of Agreement. Except
as hereby specifically amended, modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to their respective terms.

 6.05. Counterparts. This Amendment may be executed in any number of counterparts each of which when so executed and delivered
shall be deemed an original, and it shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart executed by any party 

  
 4 

 
hereto. Without limiting the foregoing, the provisions of Section 10.10 of the Credit Agreement shall be applicable to this Amendment. Delivery of an executed counterpart of a signature page
of this Amendment by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Amendment. 
 6.06. Governing Law. This Amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of Illinois applicable to contracts executed and to be
performed entirely within such State, and, without limiting the generality of Section 6.01 hereof, the provisions of Sections 10.14 and 10.15 of the Credit Agreement are hereby incorporated by reference as if fully set forth herein.

 6.07. Enforceability. Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable
as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto. 
 6.08.
References. All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby. 
 6.09. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the Borrowers, the Administrative Agent, the Lenders, the L/C Issuer, and their respective
successors, legal representatives, and assignees to the extent such assignees are permitted assignees as provided in Section 10.06 of the Credit Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 5 

 IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the day and
year first written above. 
  

			
	BORROWERS:
	
	MODUSLINK GLOBAL SOLUTIONS, INC.
		
	By:	 	/s/ Peter L. Gray
	Name:	 	Peter L. Gray
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	MODUSLINK CORPORATION
		
	By:	 	/s/ Peter L. Gray
	Name:	 	Peter L. Gray
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	MODUSLINK PTS, INC.
		
	By:	 	/s/ Peter L. Gray
	Name:	 	Peter L. Gray
	Title:	 	Secretary

  

			
	SOL HOLDINGS, INC.
		
	By:	 	/s/ Peter L. Gray
	Name:	 	Peter L. Gray
	Title:	 	Secretary

  

			
	MODUS MEDIA INTERNATIONAL (IRELAND) LIMITED
		
	By:	 	/s/ Peter L. Gray
	Name:	 	Peter L. Gray
	Title:	 	Secretary

  

			
	TECH FOR LESS LLC
		
	By:	 	/s/ Peter L. Gray
	Name:	 	Peter L. Gray
	Title:	 	Secretary

 [Signatures continue on
next page.] 

 
			
	 BANK OF AMERICA, N.A.,
 as a Lender and L/C Issuer

		
	By:	 	/s/ David Bacon
	Name: 	 	David Bacon
	Title:	 	Senior Vice President

  

			
	 SILICON VALLEY BANK,
 as a Lender

		
	By:	 	/s/ Larisa B. Chilton
	Name: 	 	Larisa B. Chilton
	Title:	 	Director

  

			
	 HSBC BANK USA, NATIONAL ASSOCIATION,
 as a Lender

		
	By:	 	/s/ Andrew Brown
	Name: 	 	Andrew Brown
	Title:	 	Vice President

  

			
	 ACKNOWLEDGED AND AGREED TO BY:
  

BANK OF AMERICA, N.A.,
 as Administrative
Agent

		
	By:	 	/s/ Bozena Janociak
	Name:	 	Bozena Janociak
	Title:	 	Assistant Vice President

 EXHIBIT A 

REPLACEMENT EXHIBIT C TO CREDIT AGREEMENT 
 See attached. 

 EXHIBIT C 

FORM OF COMPLIANCE CERTIFICATE 
 Financial Statement Date:                     
        , 20         
  

	To:	Bank of America, N.A., as Administrative Agent 

Ladies and Gentlemen: 

Reference is made to that certain Amended and Restated Credit Agreement, dated as of February 1, 2010 (as amended, restated,
extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among MODUSLINK GLOBAL SOLUTIONS, INC., a Delaware corporation
(“Holdings”), each of the Domestic Subsidiaries of Holdings signatory thereto (together with Holdings, the “Borrowers”), each lender from time to time party thereto (collectively, the “Lenders” and
individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent and L/C Issuer. 
 The
undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the [chief executive officer / chief financial officer / treasurer / controller] of Holdings, and that, as such, he/she is authorized to execute and deliver
this Compliance Certificate to the Administrative Agent on the behalf of the Borrowers, and that: 
 [Use following paragraph
1 for fiscal year-end financial statements] 
 1. Holdings has delivered the year-end audited financial statements required
by Section 6.01(a) of the Agreement for the fiscal year of Holdings ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section. 

[Use following paragraph 1 for month-end financial statements for the months of October, January, and April] 

1. Holdings has delivered the unaudited financial statements required by Section 6.01(b) of the Agreement for the month ended
as of the above date. Such consolidated financial statements fairly present the financial condition, results of operations and cash flows of Holdings and its Subsidiaries in accordance with Modified GAAP as at such date and for such period, subject
only to normal year-end audit adjustments and the absence of footnotes to the effect that such statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of Holdings and its
Subsidiaries. Holdings has also delivered (i) internally prepared documentation sufficient to establish that all deviations from GAAP identified on such financial statements delivered pursuant to Section 6.01(b) in accordance with
Modified GAAP have been conformed and/or modified to be in accordance with GAAP as of such fiscal quarter; (ii) a consolidating balance sheet of Holdings and its Subsidiaries as at the end of such fiscal quarter and the related consolidating
statements of income or operations for such fiscal quarter and for the portion of Holdings’ fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and
the corresponding portion of the previous fiscal year, all in reasonable detail, such consolidating statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of Holdings to the effect that such
statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of Holdings and its Subsidiaries, and (iii) a statement of all consolidated cash balances maintained by Holdings and its
Subsidiaries for each country. 

 2. The undersigned has reviewed and is familiar with the terms of the Agreement and has
made, or has caused to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Borrowers and their Subsidiaries during the accounting period covered by such financial statements.

 3. A review of the activities of the Borrowers and their Subsidiaries during such fiscal period has been made under the
supervision of the undersigned with a view to determining whether during such fiscal period the Borrowers and their Subsidiaries (as applicable) performed and observed all their Obligations under the Loan Documents, and 

[select one:] 
 [to the best knowledge of the undersigned, during such fiscal period each of the Borrowers and their Subsidiaries performed and observed each covenant and condition of the Loan Documents applicable to it,
and no Default has occurred and is continuing.] 
 -or- 

[to the best knowledge of the undersigned, the following covenants or conditions have not been performed or observed and the following is
a list of each such Default and its nature and status:] 
 4. The representations and warranties of the Borrowers contained in
Article V of the Agreement and all representations and warranties of any Borrower that are contained in any document furnished at any time under or in connection with the Loan Documents, are true and correct on and as of the date hereof,
except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Compliance Certificate, the representations
and warranties contained in subsection (a) of Section 5.05 of the Agreement shall be deemed to refer to the most recent statements furnished pursuant to subsection (a) of Section 6.01 of the Agreement, including the
statements in connection with which this Compliance Certificate is delivered. 
 5. The financial covenant analyses and
information set forth on Schedules 1 and 2 attached hereto are true and accurate on and as of the date of this Compliance Certificate. 
 [SIGNATURE PAGE FOLLOWS] 

  
 C-2

 IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of
                                 ,
20        . 
  

			
	MODUSLINK GLOBAL SOLUTIONS, INC., as the Borrower Agent
		
		 	
	By:	 	 
	Name:	 	 
	Title:	 	 

	
	For the Month/Year ended
                        ,          (“Statement
Date”)

 SCHEDULE 1 
 to the Compliance Certificate 
 ($ in 000’s) 

 

									
	I.      	 	Section 7.11(a) – Consolidated Leverage Ratio.	  			
				
		 	A.	  	Consolidated Funded Indebtedness at Statement Date	  	 	$______	  
				
		 	B.	  	Consolidated EBITDA of the Borrowers and their Subsidiaries on a consolidated basis for Measurement Period ending on above date (“Subject Period”) (including
Consolidated EBITDA with respect to any newly-created or acquired Subsidiary calculated on a pro forma basis for such Measurement Period as if the acquisition had been consummated as of the first day of the Measurement Period):	  			
				
		 		  	 1.      Consolidated Net Income for Subject Period:
	  	 	$______	  
				
		 		  	 2.      Consolidated Interest Charges for Subject Period:
	  	 	$______	  
				
		 		  	 3.      Provision for income taxes for Subject Period:
	  	 	$______	  
				
		 		  	 4.      Depreciation expenses for Subject Period:
	  	 	$______	  
				
		 		  	 5.      Amortization expenses for Subject Period:
	  	 	$______	  
				
		 		  	 6.      All Net Non-Cash Restructuring Charges recognized by Borrowers and their Subsidiaries
during Subject Period (to the extent calculations of the Net Non-Cash Restructuring Charges for Subject Period result in a positive number):
	  	 	$______	  
				
		 		  	 7.      Unrealized, non-cash foreign exchange losses for Subject Period:
	  	 	$______	  
				
		 		  	 8.      An amount equal to all non-cash goodwill impairment charges recognized by Borrowers and
their Subsidiaries for Subject Period:
	  	 	$______	  
				
		 		  	 9.      Adjustments for equity investments held by CMG@Ventures Entities or from impairment
charges on Investments for Subject Period:
	  	 	$______	  
				
		 		  	 10.    Non-cash stock compensation expenses for Subject Period:
	  	 	$______	  
				
		 		  	 11.    Non-cash intangible asset impairment charges recognized by Borrowers and their Subsidiaries for
Subject Period:
	  	 	$______	  
				
		 		  	 12.    Income tax credits for Subject Period:
	  	 	$______	  
				
		 		  	 13.    Unrealized, non-cash foreign exchange gains for Subject Period:
	  	 	$______	  

SCHEDULE 1 TO EXHIBIT C – PAGE 1 

							
		 		  	 14.    Adjustments for equity investments held by CMG@Ventures Entities or from gains on Investments for
Subject Period:
	  	$______
				
		 		  	 15.    Consolidated EBITDA (Lines I.A.1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9
+ 10 + 11 – 12 – 13 – 14):
	  	$______
				
		 	 C.
	  	Consolidated Leverage Ratio (Line I.A ÷ Line I.B.15):	  	         to 1.0
				
		 		  	Maximum permitted:                 2.0:1.0	  	
			
	 II.
	 	 Section 7.11(b)– Consolidated Core Cash Flow Coverage Ratio
	  	
				
		 	 A.
	  	Consolidated EBITDA for Subject Period (Line I.B.15 above):	  	$______
				
		 	 B.
	  	Rentals payable under leases of real or personal, or mixed, property, in each case as reflected on the Borrowers’ income statements for Subject Period:	  	$______
				
		 	 C.
	  	Consolidated Interest Charges for Subject Period:	  	$______
				
		 	 D.
	  	The aggregate principal amount of all regularly scheduled principal payments or redemptions or similar acquisitions for value of outstanding debt for borrowed money, but
excluding any such payments to the extent refinanced through the incurrence of additional Indebtedness otherwise expressly permitted under Section 7.02 of the Agreement for Subject Period:	  	$______
				
		 	 E.
	  	Rentals paid under leases of real or personal, or mixed, property, in each case as reflected on the Borrowers’ income statements for Subject Period:	  	$______
				
		 	 F.
	  	Net Cash Restructuring Payments (to the extent that calculations of the Net Cash Restructuring Payments for Subject Period result in a positive number):	  	$______
				
		 	 G.
	  	Consolidated Core Cash Flow Coverage Ratio (Line II.A + Line II.B) ÷ (Line II.C + Line II.D + Line II.E + Line II.F): 	  	         to 1.0
			
		 		  	Minimum required:                 1.5:1.0
			
	 III.   
	 	Section 7.11(c)– Minimum Global Cash. Balance of cash (as determined under GAAP), cash equivalents (as determined under GAAP), and Cash Equivalents as
of Statement Date (on a consolidated basis): 	  	$______
				
		 		  	Minimum required:                $60,000,000	  	

 SCHEDULE 1 TO EXHIBIT C – Page 2 

 For the Quarter/Year ended
                             (“Statement Date”) 

SCHEDULE 2 

to the Compliance Certificate 
 ($ in 000’s) 
 Consolidated EBITDA 

(in accordance with the definition of Consolidated EBITDA 
 as set forth in the Agreement) 
  

																					
	 Consolidated EBITDA
	  	Quarter
Ended	 	  	Quarter
Ended	 	  	Quarter
Ended	 	  	Quarter
Ended	 	  	Twelve
Months
Ended	 
	 Consolidated Net Income
	  				  				  				  				  			
	 +        Consolidated Interest Charges
	  				  				  				  				  			
	 +        income taxes
	  				  				  				  				  			
	 +        depreciation expense
	  				  				  				  				  			
	 +        amortization expense
	  				  				  				  				  			
	 +        Net Non-Cash Restructuring Charges (to the extent calculations of the Net
Non-Cash Restructuring Charges for Subject Period result in a positive number)
	  				  				  				  				  			
	 +        unrealized, non-cash foreign exchange losses
	  				  				  				  				  			
	 +        non-cash goodwill impairment charges
	  				  				  				  				  			
	 +        adjustments for equity investments held by CMG@Ventures Entities or from
impairment charges on Investments
	  				  				  				  				  			
	 +        Non-cash stock compensation expenses
	  				  				  				  				  			

  

SCHEDULE 2 TO EXHIBIT C - Page 1 

																					
	 +        non-cash intangible asset impairment charges
	  				  				  				  				  			
	 –        income tax credits
	  				  				  				  				  			
	 –        unrealized, non-cash foreign exchange gains
	  				  				  				  				  			
	 –        adjustments for equity investments held by CMG@Ventures Entities or from
gains on Investments
	  				  				  				  				  			
	 =        Consolidated EBITDA
	  				  				  				  				  			

  

SCHEDULE 2 TO EXHIBIT C - Page 2

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