Document:

CORPORATE GOVERNANCE AGREEMENT

         This Agreement is entered into as of April 11, 2000 by US LEC Corp., a
Delaware corporation (the "Company"), and the Persons whose names are set forth
on Schedule 1 attached hereto (collectively, the "Investors").

         A. The Company and the Investors have entered into the Preferred Stock
Purchase Agreement dated as of the same date as this Agreement (the "Purchase
Agreement"), pursuant to the terms and conditions of which (i) the Company is
issuing and selling to the Investors, and the Investors are purchasing from the
Company an aggregate of 200,000 shares of Preferred Stock and (ii) the Company
is issuing an option to the Investors to purchase an aggregate of up to 100,000
shares of Option Preferred Stock pursuant to the terms of the Option Agreement.

         B. The parties' execution and delivery of this Agreement is a condition
of their respective obligations to close under the Purchase Agreement.

         The parties agree as follows:

         1. DEFINITIONS. Capitalized terms which are used in this Agreement and
the foregoing recitations without being defined have the same meanings that they
are given in the Purchase Agreement. In addition, the following terms have these
meanings:

         "ACQUISITION EVENT" means (i) the Company has consolidated with, or
merged with or into, any other Person and, in connection with any such
consolidation or merger, the holders of the Company's Common Stock outstanding
immediately prior to such transaction do not own, in the aggregate, at least 50%
of the outstanding stock of the surviving entity in such transaction, or (ii)
any Person has made a tender offer or exchange offer to acquire any of the
Company's Common Stock (each such offer, a "Tender Offer"), and, upon
consummation of the Tender Offer, the holders of the Company's Common Stock
outstanding immediately prior thereto do not own, in the aggregate, at least 50%
of the outstanding stock of the Person that made the Tender Offer.

         "BOARD OF DIRECTORS" or " BOARD" means the Company's board of
directors.

         "BOARD ACTION" means (i) such action by the Company as is necessary to
cause the majority of the members of the Board (including any incumbent Investor
Directors) to be persons designated by the Permitted Owners of the Underlying
Common Stock, including causing existing members of the Board to resign and
filling the vacancies created with such designees or increasing the size of the
Board and filling the vacancies created with such designees or (ii) calling a
special meeting of the Company's stockholders for the purpose of electing such
designees to fill such vacancies if they are not filled as provided in clause
(i). The action required by the Company hereunder shall be taken as soon as
practicable and shall include, if required, adoption by the Board of any
necessary amendments to the Bylaws, the preparation and submission to the
Company's stockholders of a proxy statement in connection with any special
stockholders' meeting and the filing of any required reports with the Commission
and The Nasdaq Stock Market.
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         "CERTIFICATE OF DESIGNATION" means the Certificate of Designation of
the Company relating to the Preferred Stock filed with the Secretary of State of
the State of Delaware, as amended, supplemented or otherwise modified.

         "COMMON STOCK" means the Company's Class A Common Stock, Class B Common
Stock and any other class of common stock created by the Company.

         "INITIAL OPTION STOCK" means the shares of Option Preferred Stock
actually issued by the Company to the Investors pursuant to the Option
Agreement.

         "INITIAL PREFERRED STOCK" means the 200,000 shares of Preferred Stock
issued by the Company to the Investors at the Closing pursuant to the Purchase
Agreement.

         "INVESTOR AGENT" means any person designated by the Permitted Owners to
serve in such capacity pursuant to this Agreement.

         " INVESTOR DIRECTOR" means any person nominated or designated by the
Permitted Owners to serve as a director of the Company pursuant to this
Agreement.

         "INVESTOR OBSERVER" means any person designated by the Permitted Owners
to serve as an observer at meetings of the Board pursuant to this Agreement;
provided that no person may be designated to serve as an Investor Observer whose
association with the Company would, in the opinion of a majority of the
directors, be materially damaging to the Company or who is a Competitor or
acting as a representative of a Competitor; it being understood that no Person
that is an executive of Bain Capital, Inc. or Thomas H. Lee Partners, L.P. shall
be deemed to be a representative of a Competitor solely by virtue of the fact
that Affiliates of such companies own securities of a Competitor.

         "OPTION PREFERRED STOCK" means the Series B Convertible Preferred Stock
of the Company, or any other capital stock of the Company into which such stock
is reclassified or reconstituted.

         "OPTION STOCK DESIGNATION" means the Certificate of Designation of the
Company relating to the Option Preferred Stock to be filed with the Secretary of
State of the State of Delaware in accordance with the terms and conditions of
the Option Agreement, as subsequently amended, supplemented or otherwise
modified.

         "PERMITTED OWNER" means (i) an Investor, for as long as the Investor
continues to be the beneficial owner of any shares of the Underlying Common
Stock, and (ii) each Permitted Transferee, for as long as the Permitted
Transferee continues to be the beneficial owner of any shares of Underlying
Common Stock.

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         "PERMITTED TRANSFEREE" means (i) any Affiliate of any Investor to whom
an Investor or another Affiliate of any Investor Transfers shares of Preferred
Stock or Option Preferred Stock, (ii) any other Person to whom an Investor or an
Affiliate of any Investor Transfers shares of Preferred Stock or Option
Preferred Stock with the prior written consent of the Board of Directors, (iii)
any Person to whom a transferee described in clause (ii) Transfers shares of
Preferred Stock or Option Preferred Stock with the prior written consent of the
Board of Directors and (iv) any THL Holder and any of the funds affiliated with
Bain Capital, Inc. and any general or limited partner of such funds; provided
that in no event shall any shares of Preferred Stock or Option Preferred Stock
be transferred to a Competitor or a Person acting as a representative of a
Competitor without the Company's prior written consent. No Transfer otherwise
permissible shall be effective unless the Permitted Transferee agrees in writing
expressly for the Company's benefit to be bound by the provisions of this
Agreement, and in this event, the transferor shall not be liable for the
transferee's performance of its obligations under this Agreement.

         "PREFERRED STOCK" means the Series A Convertible Preferred Stock of the
Company, or any other capital stock of the Company into which such stock is
reclassified or reconstituted.

         "SERIES C DESIGNATION" means the Certificate of Designation of the
Company relating to the Series C Preferred Stock to be filed with the Secretary
of State of the State of Delaware in such form as is permitted by the Purchase
Agreement, as amended, supplemented or otherwise modified.

         "SERIES C PREFERRED STOCK" means the Series C Convertible Preferred
Stock of the Company or any other capital stock of the Company into which such
stock is reclassified or reconstituted.

         "THL HOLDER" means (i) any general or limited partner of the THL
Entities (a "THL Partner") and any corporation, partnership, or other entity
which is an Affiliate of the THL Entities or any THL Partner (collectively, the
"THL Affiliates"), (ii) any managing director, general partner, director,
limited partner, officer or employee of the THL Entities or a THL Affiliate, or
the heirs, executors, administrators, testamentary trustees, lifetime trustees,
legatees or beneficiaries of any of the foregoing persons referred to in this
clause (iii) (collectively, "THL Associates"), (iv) a charitable institution as
defined in Section 501(c) of the Internal Revenue Code of 1986, as amended,
which receives a bona fide gift by a THL Associate of shares of Preferred Stock
or Option Preferred Stock, (v) a bank, financial institution or other lender
which receives a bona fide pledge by a THL Associate of shares of Preferred
Stock or Option Preferred Stock and (vi) any trust, the beneficiaries of which,
or any corporation, limited liability company or partnership, the stockholders,
members or general or limited partners of which include only the THL Entities,
THL Affiliates, THL Associates, their spouses or their lineal descendents. "THL
Entities" shall mean Thomas H. Lee Partners, L.P. and its affiliated entities.

         "TOTAL ENTERPRISE VALUE" means, as at any date of determination, the
Market Price of the Company's issued and outstanding equity securities
(excluding any Preferred Stock issued under the Certificate of Designation, any
Option Preferred Stock issued under the Option Stock Designation and any Series
C Preferred Stock issued under the Series C Designation), plus the Stated Value
(as defined in the Certificate of Designation) of all issued and outstanding
Preferred Stock, plus the Stated Value (as defined in the Option Stock
Designation) of all issued and outstanding Option Preferred Stock, plus the
Stated Value (as defined in the Series C Designation) of all issued and
outstanding Series C Preferred Stock, plus the amount recorded on the Company's
balance sheet attributable to any other issued and outstanding shares of
securities that is not recorded in stockholders' equity in the Company's balance
sheet, plus the face amount of any existing debt recorded on the Company's
balance sheet, less the sum of the Company's cash and cash equivalents recorded
on the Company's balance sheet. References herein to the Company's balance sheet
mean the Company's most recent (i) audited year-end balance sheet, (ii)
unaudited interim period balance sheet included in a Form 10-K, 10-Q or 8-K
filed by the Company with the Commission or (iii) unaudited month-end balance
sheet certified by the Company's Chief Financial Officer prior to the date of
determination of Total Enterprise Value.

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         "TRANSFER" means to sell, assign, transfer (voluntarily or
involuntarily), exchange (by merger or otherwise) or otherwise dispose of or to
grant a lien, encumbrance, pledge or other form of security interest, except
that any Investor may create a security interest in shares of Preferred Stock
and Option Preferred Stock to secure loans made to it so long as any Transfer
pursuant to such security interest is subject to the terms of this Agreement.

         "UNDERLYING COMMON STOCK" means all shares of Common Stock issued or
issuable upon conversion of the Initial Preferred Stock and the Initial Option
Preferred Stock (which number shall be determined, with respect to any given
date, based upon the Conversion Price of the Initial Preferred Stock or Initial
Option Preferred Stock, as applicable, in effect as of such date without giving
effect to the one year limitation on conversion) without regard to any
preferential dividends that accrue or are issued or paid with respect to the
Initial Preferred Stock or the Initial Option Stock.

         2. CORPORATE GOVERNANCE.

         2.1 APPOINTMENT OF INVESTOR DIRECTORS AND DESIGNATION OF INVESTOR
OBSERVERS. Effective as of the Closing, the Company shall increase the size of
its Board of Directors from five directors to seven directors, and, on the day
immediately following the Closing, the Board shall appoint two Investor
Directors designated by the Investors to fill the vacancies created and the
Investors shall designate two persons to serve as Investor Observers. An
Investor Director shall be appointed to each committee of the Board of
Directors.

         2.2 MAINTENANCE OF DIRECTORSHIPS.

         (a) For as long as the Permitted Owners beneficially own at least 30%
of the Underlying Common Stock, Permitted Owners shall continue to have the
right to nominate two persons who shall be included among the Company's nominees
for election to the Board and to designate two persons to serve as Investor
Observers. The Company shall nominate each person so designated and shall use
reasonable efforts to have the two nominees of the Permitted Owners elected to
the Board of Directors. The Company's obligations under this Section 2.2(a)
shall be deemed satisfied if two persons are elected to the Board by holders of
Preferred Stock and Option Preferred Stock pursuant to the Certificate of
Designation and the Option Stock Designation and two persons designated by such
Permitted Owners to serve as Investor Observers are serving in that capacity.

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         (b) If at any time the Permitted Owners beneficially own less than 30%
but at least 20% of the Underlying Common Stock, one of the two persons then
serving as an Investor Director (as specified by the Permitted Owners) shall, if
requested by the Board, immediately resign as a director and one of the two
persons then serving as an Investor Observer (as specified by the Permitted
Owners) shall immediately cease serving as an observer. For as long as the
Permitted Owners beneficially own at least 20% of the Underlying Common Stock,
the Permitted Owners shall continue to have the right to designate one person
who shall be included among the Company's nominees for election to the Board of
Directors and to designate one person to serve as an Investor Observer. The
Company shall nominate the person so designated and shall use reasonable efforts
to have the nominee of the Permitted Owners elected to the Board of Directors.
The Company's obligations under this Section 2.2(b) shall be deemed satisfied if
one person is elected to the Board by holders of Preferred Stock and Option
Preferred Stock pursuant to the Certificate of Designation and the Option Stock
Designation and one person designated by such Permitted Owners to serve as an
Investor Observer is serving in that capacity.

         (c) If at any time Permitted Owners beneficially own less than 20% of
the Underlying Common Stock, Permitted Owners shall cease to be entitled to
nominate any person for election to the Board or any person as an Investor
Observer, and the Investor Director currently serving as a director (or both
Investor Directors currently serving as directors, as the case may be) shall, if
requested by the Board, immediately resign, and the Investor Observer (or both
Investor Observers, as the case may be) shall immediately cease serving as
observers.

         2.3 REMOVAL AND REPLACEMENT.

         (a) If at any time Permitted Owners notify the Board of Directors of
their wish to remove any incumbent Investor Director as a director, that
incumbent Investor Director shall immediately resign from the Board or the Board
shall vote to remove the Investor Director (if his or her removal is permitted
under the Bylaws and the DGCL). Removal of an incumbent Investor Director by the
Board or the resignation of an incumbent Investor Director otherwise than at the
request of the Permitted Owners shall require their prior written consent unless
the removal is based upon the Investor Director's willful misconduct; provided
that an incumbent Investor Director shall resign from the Board if a majority of
the remaining directors determine in good faith that he or she has engaged in
conduct that could be materially damaging to the Company or is a Competitor or
acting as a representative of a Competitor; it being understood that no Person
that is an executive of Bain Capital, Inc. or Thomas H. Lee Partners, L.P. shall
be deemed to be a representative of a Competitor solely by virtue of the fact
that Affiliates of such companies own securities of a Competitor.

         (b) If at any time a vacancy is created on the Board by reason of the
incapacity, death, removal or resignation of an incumbent Investor Director, the
Permitted Owners may designate a person to fill the vacancy (who promptly shall
be appointed by the incumbent directors). If at any time an incumbent Investor
Observer is unable to serve in that capacity by reason of his or her incapacity,
death or resignation, the Permitted Owners may designate a person to fill the
vacancy or may leave the position unfilled.

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         (c) At each meeting of stockholders of the Company at which directors
are elected, the nominees for directors proposed by the Company shall include
the Investor Director or Investor Directors required pursuant to this Agreement.

         2.4 NOTICE AND MEETINGS; COMPLIANCE WITH POLICIES AND EXCHANGE ACT.

         (a) Each incumbent Investor Director and Investor Observer shall
receive notice of each meeting of the Board of Directors at the same time and in
the same manner as other members of the Board. Each Investor Observer shall be
entitled to receive all information provided generally to members of the Board
of Directors and shall treat such information as confidential to the same extent
as would be required by an Investor Director in the observance of his or her
fiduciary responsibilities as a director of the Company. Any Investor Observer
may be excluded from meetings of the Board during consideration by the Board of
any matter that, in the opinion of counsel to the Company, is or may be subject
to the attorney-client privilege and any materials relating to any such matter
may be withheld from such observer. Each incumbent Investor Director shall be
entitled to indemnification rights, travel and expense reimbursement and cash
compensation (but not options or other equity-based compensation) substantially
similar to those of other non-employee directors of the Company and each
Investor Observer shall be entitled to such similar travel and expenses
reimbursement. The Company shall at all times maintain a directors' and officer'
insurance policy covering each incumbent Investor Director that provides in the
aggregate substantially the same coverage as the policy covering the current
directors of the Company as of the date of this Agreement.

         (b) Each Investor Director and Investor Observer shall comply with the
policies established by the Company with respect to the timing of purchases or
sales of the Company's Common Stock and shall in any event comply with the
provisions of the Exchange Act and the rules of the Commission thereunder with
respect to information they receive from the Company as Investor Directors or
Investors Observers. Each Investor Director shall timely file all reports that
he or she may be required to file under the Exchange Act and the rules of the
Commission thereunder.

         2.5 ACTIONS BY PERMITTED OWNERS. Any action by Permitted Owners under
this Section 2 shall be by majority vote of the number of shares of Underlying
Common Stock then beneficially owned by them, with each such share having one
vote.

         3. CERTAIN ACTIONS OF THE COMPANY.

         3.1 INVESTOR AGENTS. Until the covenants in Section 3.2 terminate as
provided in Section 3.5, the Permitted Owners shall appoint two persons to serve
as Investor Agents to act in accordance with Sections 3.3, 3.4 and 5.2. Until
the Permitted Owners notify the Company of the persons who they have designated
as the Investor Agents, Michael A. Krupka and Anthony J. DiNovi shall be deemed
to be the Investor Agents.

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         3.2 ACTIONS. Subject to Section 3.5, the Company shall not, directly or
indirectly through any Subsidiary, do any of the following (whether in one or a
series of related actions or transactions) without the approval of the Investor
Agents:

         (a) increase the size of the Board to more than 11 directors;

         (b) amend, modify or change any provision of the Certificate of
Incorporation, or Bylaws, other than (i) in a manner that would not reasonably
be expected to adversely affect the holders of the Preferred Stock or Option
Preferred Stock or (ii) as contemplated by the Transaction Documents;

         (c) incur any Indebtedness in excess of $200 million in the aggregate,
other than (i) Indebtedness arising under the Senior Loan Agreement and (ii)
Permitted Debt (as defined in subsections (ii), (iii), (v) and (vi) of the
definition of Permitted Debt in the Senior Loan Agreement);

         (d) acquire an interest in or invest in any business (through an
acquisition, purchase of assets, purchase of securities, formation of a division
or otherwise) for cash or other consideration having a value in excess of $25
million if the business is outside the business of selling
telecommunications-related services and activities reasonably related thereto;

         (e) declare or pay any dividend or make any distribution or other
payment to holders of Common Stock or any other securities junior in right of
payment to the Preferred Stock or Option Preferred Stock other than pursuant to
Common Stock subdivisions or combinations as described in Section 4.3 of the
Certificate of Designation or Option Stock Designation;

         (f) directly, or indirectly, purchase, redeem or retire any shares of
the Company's capital stock or any shares of capital stock of its Subsidiaries
which shares are not owned by the Company or a wholly-owned Subsidiary of the
Company or make any offer to purchase, redeem or retire, any shares of the
Company's outstanding capital stock, other than the Preferred Stock pursuant to
Section 5 of the Certificate of Designation, Option Preferred Stock pursuant to
Section 5 of the Option Stock Designation or Series C Preferred Stock pursuant
to Section 5 of the Series C Designation, in each case as in effect on the date
of initial issuance of any shares thereunder; provided that the Company may
repurchase up to $100 million of the Common Stock at prices less than $30 per
share (as adjusted for the events described in Section 4.3 of the Certificate of
Designation or Option Stock Designation), but only if, in the written opinion of
counsel to the Company in form and substance reasonably satisfactory to the
Investor Agents, any of such purchases would not be treated as the receipt of
cash or property by stockholders for purposes of Section 305(b)(2) of the Code;

         (g) enter into, or permit any Subsidiary to enter into, any transaction
(including, without limitation, making any advance to or investment in a
customer or any purchase, sale, lease or exchange of property or the rendering
of any service), or amend any agreements in effect as of the date of this
Agreement, with (i) any Affiliate of the Company (other than a Subsidiary) or
(ii) any Person in which any Affiliate of the Company has, in the case of any
private entity, an investment of at least $250,000 (the "Private Entity
Threshold") or, in the case of a public entity, beneficially owns at least 5% of
the publicly traded securities of any such entity that files or is required to
file reports pursuant to Section 13(a) or 15(d) of the Exchange Act (the "Public
Entity Threshold") or (iii) any Person in which any Affiliate of the Company
has, in the case of any private entity, an investment of less than the Private
Entity Threshold or, in the case of a public entity, beneficially owns less than
the Public Entity Threshold unless such transaction is entered into on an
arms-length basis; provided, however, that nothing contained in this Section
3.2(g) shall prohibit:

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                  (i) transactions existing as of the date hereof that are
         listed on Schedule 5.21 to the Purchase Agreement;

                  (ii) any issuance of securities, or other payments, awards or
         grants in cash, securities or otherwise pursuant to, or the funding of,
         employment arrangements, stock options, stock purchase plans, stock
         ownership plans or other equity-based incentive or compensation plans
         and other reasonable fees, compensation, benefits and indemnities paid
         or entered into by the Company or its Subsidiaries in the ordinary
         course of business to or with its officers, directors or employees;
         provided, however, that neither Richard T. Aab nor Tansukh V. Ganatra
         shall be entitled to participate in any stock option, stock ownership,
         stock appreciation or similar equity-based plan;

                  (iii) loans or advances to employees (other than Richard T.
         Aab and Tansukh V. Ganatra) in the ordinary course of business of the
         Company or any of its Subsidiaries not to exceed $1,000,000 in the
         aggregate at any one time outstanding;

                  (iv) transactions between the Company and a wholly-owned
         Subsidiary or between wholly-owned Subsidiaries;

                  (v) payments to Three Morrocroft Centre, LLC in accordance
         with the terms of the Company's lease for the use and occupancy of its
         corporate offices in Charlotte, North Carolina;

                  (vi) payments to Lincoln Harris LLC for real estate services
         in accordance with past practices, not to exceed $400,000 in any fiscal
         year;

                  (vii) payments to an Affiliate of Richard T. Aab for the use
         by the Company's directors, executive officers and key employees for
         business purposes of an aircraft owned by such Affiliate, not to exceed
         $150,000 in any fiscal year, at rates no higher than those that could
         be obtained in an arms' length transaction with an unrelated third
         party; and

                  (viii) sales contracts for telecommunication services entered
         into by the Company's sales representatives on an arms-length basis
         with customers in the ordinary course of business on terms which are
         consistent with past practices or which are consistent with practices
         in the industry at the time any such contract is negotiated and that
         provide for payments to the Company of not more than $5,000 per month
         or $60,000 per year by a single customer;

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         (h) terminate the employment of or hire a replacement for any one of
Tansukh V. Ganatra, Michael K. Robinson or Aaron D. Cowell, Jr. (each a "Key
Employee"); provided that a Key Employee may be replaced by any other Key
Employee or, if the position to be replaced is the Chief Executive Officer or
President of the Company and the replacement is not a Key Employee, the
replacement individual or individuals shall have been approved by a majority of
the members of the Board which majority shall include at least one Investor
Director;

         (i) acquire, or permit any Subsidiary to acquire, any interest in any
Person or business (whether by purchase of assets, purchase of stock, merger or
otherwise), involving an aggregate consideration (including assumed liabilities)
equal to 20% or more of the Total Enterprise Value of the Company in any one
transaction or series of related transactions; or

         (j) enter into, or become the subject of, or permit any Subsidiary to
enter into or become the subject of, any transaction of merger, acquisition or
consolidation, or convey, sell, lease, transfer or otherwise dispose of, or
permit any Subsidiary to convey, sell, lease, transfer or otherwise dispose of,
in one transaction or a series of transactions, all or any substantial part of
the Company's or any Subsidiary's business or assets, whether now owned or
hereafter acquired, other than (i) a merger or consolidation between the Company
and any wholly-owned Subsidiary or between one wholly-owned Subsidiary and
another, and (ii) acquisitions permitted pursuant to Section 3.1(i).

         3.3 NOTICE REQUIREMENTS AND DEFAULT.

         (a) The Company shall notify the Investor Agents of any inadvertent or
other violation of a covenant in Section 3.2 within five Business Days of the
occurrence thereof (which notice shall contain a brief description of such
violation and the actions, if any, that the Company proposes to take to cure any
such violation) (the "Company Notice"). In addition, the Investor Agents may
notify the Company at any time that they believe there has been a violation of a
covenant in Section 3.2 (the "Agent Notice").

         (b) Upon the issuance of a Company Notice or Agent Notice, the Company
shall, for a period of 30 days from the date of such notice, have the right to
cure any violation specified in the Company Notice or Agent Notice or in the
event that such breach is not susceptible to cure in such 30-day period and is
susceptible to cure within 90 days, such longer period, not to exceed 90 days,
so long as the Company is proceeding diligently and in good faith during such
90-day period to cure any such violation and notifies the Investor Agents of the
Company's proposed curative actions (the "Cure Period"). The Investor Agents and
Permitted Owners shall not take any action to hinder or delay the Company's
efforts to cure any such violation. If, upon the expiration of the Cure Period,
the Company has not cured any such violation to the reasonable satisfaction of
the Investor Agents, then the Investor Agents may give notice to the Company
that such violation is a default by the Company in the observance of the
covenants in Section 3.2 (which notice shall specify the covenant or covenants
as to which a default has occurred). Upon receipt of such notice by the Company
(an "Event of Default"), the Investor Agents shall be entitled to exercise the
remedies set forth in Section 3.4 that, do not by their terms, operate
automatically upon an Event of Default.

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         3.4 REMEDIES UPON AN EVENT OF DEFAULT.

         (a) If an Event of Default occurs with respect to the covenant in
Section 3.2(a), the Investor Agents shall be entitled to take or cause the
Company to take a Board Action.

         (b) If an Event of Default occurs with respect to a covenant in Section
3.2(b), (c), (d), (g), (i) or (j), the Investor Agents shall be entitled to take
or cause the Company to take a Board Action and the Conversion Price of the
Preferred Stock then in effect under the Certificate of Designation, and the
Conversion Price of the Option Preferred Stock then in effect under the Option
Stock Designation, shall each be automatically decreased by 10%; provided that
for purposes of determining whether the remedies under this Section 3.4(b) shall
apply, the dollar amount set forth in Section 3.2(c) shall be deemed to be $240
million and the dollar amount set forth in Section 3.2(d) shall be deemed to be
$30 million.

         (c) If an Event of Default occurs with respect to a covenant in Section
3.2(e) or (f), the Conversion Price of the Preferred Stock then in effect under
the Certificate of Designation, and the Conversion Price of the Option Preferred
Stock then in effect under the Option Stock Designation shall each be
automatically decreased by 10%.

         (d) If an Event of Default occurs with respect to the covenant in
Section 3.2(h), the Investor Agents shall be entitled to nominate one additional
Investor Director to the Board who shall serve in such capacity, subject to the
provisions of Sections 2.3 and 2.4, until such time as the Permitted Owners
cease to be entitled to nominate any person to the Board pursuant to Section
2.2(c).

         3.5 TERMINATION. The covenants in Section 3.2 shall terminate as
follows.

         (a) The covenants in Sections 3.2(a), (b), (c), (d), (e) and (f) shall
terminate when the Permitted Owners, in the aggregate, cease to beneficially own
at least 50,000 shares of the Preferred Stock or at least 50,000 shares of
Option Preferred Stock, in each case determined without regard to any
preferential dividends that accrue or are issued or paid with respect to the
Preferred Stock and the Option Preferred Stock.

         (b) The covenants in Sections 3.2(g) and (h) shall terminate when the
Permitted Owners, in the aggregate, cease to beneficially own at least 25% of
the Underlying Common Stock.

         (c) The covenant in Section 3.2(i) shall terminate upon the earlier of
(A) the fourth anniversary of the Closing Date or (B) the redemption of the
Preferred Stock pursuant to Section 5.2(b) of the Certificate of Designation and
the Option Preferred Stock pursuant to Section 5.2(b) of the Option Stock
Designation or (C) when the Permitted Owners, in the aggregate, cease to
beneficially own at least 25% of the Underlying Common Stock.

         (d) The covenant in Section 3.2(j) shall terminate upon the earlier of
(A) the fourth anniversary of the Closing Date or (B) the redemption of the
Preferred Stock pursuant to Section 5.2(b) of the Certificate of Designation and
the Option Preferred Stock pursuant to Section 5.2(b) or the Option Stock
Designation or (C) when the Permitted Owners, in the aggregate, cease to
beneficially own at least 25% of the Underlying Common Stock; provided that if
(x) the Permitted Owners of Preferred Stock or Option Preferred Stock shall have
converted all of such Preferred Stock or Option Preferred Stock into Common
Stock pursuant to Section 5.2(a) of the Certificate of Designation or Section
5.2(a) of the Option Stock Designation at any time on or after the third
anniversary of the Closing Date, (y) prior to the fourth anniversary of the
Closing Date any of the actions described in Section 3.2(j) shall occur, and (z)
as a result of such actions, the Permitted Owners receive less than the
equivalent value (in cash or other consideration) of 150% of the Conversion
Price in effect at the time their Preferred Stock or Option Preferred Stock, as
applicable, was converted into Common Stock, then the Company shall pay to such
Permitted Owners the deficiency in cash (which determination shall be made by
the Company's independent auditors as soon as practicable whose determination,
absent demonstrable error, shall be final) simultaneously with the consummation
of any action in Section 3.2(j).

                                       10
<PAGE>

         4. RESTRICTIONS ON TRANSFER.

         No Investor shall Transfer any Preferred Stock, any rights under the
Option Agreement or Option Preferred Stock except for (a) Transfers to Permitted
Transferees, and (b) after the third anniversary of the Closing Date, Transfers
of Preferred Stock or Option Preferred Stock in amounts greater than $50 million
(determined based upon the Stated Value of such shares); provided that in no
event shall shares of Preferred Stock, rights under the Option Agreement or
Option Preferred Stock be transferred to a Competitor or any person acting as a
representative of a Competitor. The foregoing restrictions on Transfers shall
not apply to (i) the Transfer of any Preferred Stock or Option Preferred Stock
which a Permitted Owner has a right to have redeemed pursuant to Section 5.1 of
the Certificate of Designation or Section 5.1 of the Option Stock Designation
but which for any reason the Company has failed to redeem within 30 days after
the Permitted Owner's exercise of his or its redemption right or (ii) Transfers
of any Preferred Stock, rights under the Option Agreement or Option Preferred
Stock upon the occurrence of an Acquisition Event or Change of Control. Shares
of Common Stock issued upon conversion of the Preferred Stock or the Option
Preferred Stock shall not be subject to any restrictions on Transfer except such
restrictions as may apply under the Securities Act or the rules of the
Commission issued thereunder.

         5. MISCELLANEOUS.

         5.1 NOTICES. All notices, requests, claims, demands and other
communications ("Notices") under this Agreement shall be in writing and sent by
certified or registered mail, return receipt requested, a recognized overnight
courier service, telecopier or personal delivery, as follows:

                                       11
<PAGE>

                  (a)      if to Company, to:

                                    US LEC Corp.
                                    Transamerica Square
                                    401 N. Tryon Street, Suite 1000
                                    Charlotte, North Carolina  28202
                                    Attention:       General Counsel
                                    Telecopier:      (704) 319-3098

                           with a required copy to:

                                    Moore & Van Allen, PLLC
                                    100 North Tryon Street, Floor 47
                                    Charlotte, North Carolina  28202-4003
                                    Attention:  Barney Stewart III
                                    Telecopier:  (704) 331-1151

                  (b)      if to the Investors and/or the Investor Agents, in
                           care of:

                                    Bain Capital, Inc.
                                    Two Copley Place
                                    Boston, Massachusetts 02116
                                    Attention:  Ian K. Loring
                                    Telecopier:  (617) 572-3274

                                                     and

                                    Thomas H. Lee Partners, L.P.
                                    75 State Street, 26th Floor
                                    Boston, Massachusetts 02109
                                    Attention:  Anthony J. DiNovi
                                    Telecopier:  (617) 227-3514

                           with a required copy to:

                                    Ropes & Gray
                                    One International Plaza
                                    Boston, Massachusetts  02110-2624
                                    Attention:  Philip J. Smith
                                    Telecopier:  (617) 951-7050

All Notices shall be deemed to have been duly given: when delivered by hand, if
personally delivered; when delivered by courier, if delivered by commercial
overnight courier service; five business days after being deposited in the mail,
postage prepaid, if mailed; and when receipt is acknowledged, if telecopied. A
party may change its address for purposes of this Agreement by Notice in
accordance with this Section 5.1.

                                       12
<PAGE>

         5.2 DETERMINATIONS, REQUESTS OR CONSENTS.

         (a) Any amendment, supplement or modification of or to any provision of
this Agreement, any waiver of any provision of this Agreement, and any consent
to any departure of the Company from the terms of any provision of this
Agreement, shall be effective (i) only if it is made or given in writing and
signed by the Company and the holders of at least 51% of the Underlying Common
Stock than beneficially owned by the Permitted Owners in accordance with this
Section 5.2, and (ii) only in the specific instance and for the specific purpose
for which made or given. All determinations, requests, consents, waivers or
amendments to be made by the Permitted Owners in their opinion or judgment or
with their approval or otherwise pursuant to this Agreement shall be made by
Permitted Owners beneficially owning at least 51% of the Underlying Common
Stock.

         (b) Notwithstanding the foregoing provisions of Section 5.2(a), any
request by the Company for a consent to or waiver of a violation of a covenant
in Section 3.2 shall be made in writing to the Investor Agent(s) and shall state
clearly in bold face letters that it is a request for a consent or waiver with
respect to the covenants set forth in Section 3.2 of this Agreement. The
Investor Agents shall endeavor to respond in writing to such request within ten
Business Days of the receipt thereof and, if the Investor Agent(s) fail to
respond within such ten Business Day period, the violation that was the subject
of the Company's request for a consent or waiver shall be deemed to have been
denied. The Company shall be entitled to rely on any action or failure to act by
the Investor Agent(s) pursuant to the foregoing sentence as an act or failure to
act on behalf of, and binding upon, all of the Permitted Owners.

         5.3 ENTIRE AGREEMENT. This Agreement supersedes all prior agreements
between the parties with respect to its subject matter and constitutes a
complete and exclusive statement of the terms of the agreement between the
parties with respect to its subject matter.

         5.4 NO THIRD PARTY BENEFICIARIES. Nothing in this Agreement shall be
considered to give any Person other than the parties (and Permitted Transferees)
any legal or equitable right, claim or remedy under or in respect of this
Agreement or any provision of this Agreement. This Agreement and all of its
provisions are for the sole and exclusive benefit of the parties and their
respective successors and permitted assigns.

         5.5 EQUITABLE RELIEF. In addition to any other remedies which may be
available (including any remedies available under Section 3.4), the Company and
each Permitted Owner shall be entitled to seek equitable relief, including
injunctive relief and specific performance, in the event of any breach of the
provisions of this Agreement, the Certificate of Designation or the Option Stock
Designation by another party.

         5.6 SEVERABILITY. If any provision of this Agreement is held invalid or
unenforceable by a court of competent jurisdiction, the other provisions of this
Agreement shall remain in full force and effect. Any provision of this Agreement
which is held invalid or unenforceable only in part shall remain in full force
and effect to the extent not held invalid or unenforceable.

                                       13
<PAGE>

         5.7 CAPTIONS. The captions of sections of this Agreement are for
convenience only and shall not affect the construction or interpretation of this
Agreement.

         5.8 CONSTRUCTION. All references in this Agreement to "Section" or
"Sections" refer to the corresponding section or sections of this Agreement. All
words used in this Agreement shall be construed to be of the appropriate gender
or number as the context requires. Unless otherwise expressly provided, the word
"including" does not limit the preceding words or terms.

         5.9 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be considered an original copy of this
Agreement and all of which, when taken together, shall be considered to
constitute one and the same agreement.

         5.10 GOVERNING LAW. This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware without regard to that
state's conflicts of laws principles.

         5.11 BINDING EFFECT. This Agreement shall apply to, be binding in all
respects upon and inure to the benefit of parties and their respective
successors and permitted assigns.

                                       14
<PAGE>

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

                                  US LEC CORP.

                                 By: /s/ Michael K. Robinson
                                     ------------------------------------
                                      Name:  Michael K. Robinson
                                      Title: Executive Vice President and
                                             Chief Financial Officer

                                 BAIN CAPITAL CLEC INVESTORS, L.L.C.

                                 By:      Bain Capital Fund VI, L.P.,
                                          its Administrative Member
                                 By:      Bain Capital Partners VI, L.P.,
                                          its General Partner
                                 By:      Bain Capital Investors VI, Inc.,
                                          its general partner

                                 By: /s/ Michael A. Krupka
                                     ------------------------------------
                                      Name:  Michael A. Krupka
                                      Title: Managing Director

                                 THOMAS H. LEE EQUITY FUND IV, L.P.

                                 By:      THL Equity Advisors IV, LLC,
                                          its general partner

                                 By: /s/ Anthony J. DiNovi
                                     ------------------------------------
                                      Name:  Anthony J. DiNovi
                                      Title: Managing Director

                                       15
<PAGE>

                                 THOMAS H. LEE FOREIGN FUND IV-B, L.P.

                                 By:      THL Equity Advisors IV, LLC,
                                          its general partner

                                 By: /s/ Anthony J. DiNovi
                                     ------------------------------------
                                      Name:  Anthony J. DiNovi
                                      Title: Managing Director

                                 THOMAS H. LEE FOREIGN FUND IV, L.P.

                                 By:      THL Equity Advisors IV, LLC,
                                          its general partner

                                 By: /s/ Scott M. Sperling
                                     ------------------------------------
                                      Name:  Scott M. Sperling
                                      Title: Managing Director

                                 PUTNAM INVESTMENTS, INC.

                                 By: /s/ William H. Woolverton
                                     ------------------------------------
                                      Name:  William H. Woolverton
                                      Title: Managing Director

                                 1997 THOMAS H. LEE NOMINEE TRUST

                                 By: /s/ Gerald Wheeler
                                     ------------------------------------
                                      Trustee

                                       16
<PAGE>

                                 THOMAS H. LEE CHARITABLE INVESTMENT L.P.

                                 By: /s/ Thomas H. Lee
                                     ------------------------------------
                                      Name:  Thomas H. Lee
                                      Title: President

                                 /s/ David V. Harkins
                                 ------------------------------------
                                 DAVID V. HARKINS

                                 THE HARKINS 1995 GIFT TRUST

                                 By: /s/ Sheryll J. Harkins
                                     ------------------------------------
                                      Trustee

                                 /s/ Scott A. Schoen
                                 ------------------------------------
                                 SCOTT A. SCHOEN

                                 /s/ C. Hunter Boll
                                 ------------------------------------
                                 C. HUNTER BOLL

                                 /s/ Scott M. Sperling
                                 ------------------------------------
                                 SCOTT M. SPERLING

                                 /s/ Anthony J. DiNovi
                                 ------------------------------------
                                 ANTHONY J. DINOVI

                                 /s/ Thomas M. Hagerty
                                 ------------------------------------
                                 THOMAS M. HAGERTY

                                 /s/ Warren C. Smith, Jr.
                                 ------------------------------------
                                 WARREN C. SMITH, JR.

                                 /s/ Seth W. Lawry
                                 ------------------------------------
                                 SETH W. LAWRY

                                       17
<PAGE>

                                 /s/ Kent R. Weldon
                                 ------------------------------------
                                 KENT R. WELDON

                                 /s/ Terrence M. Mullen
                                 ------------------------------------
                                 TERRENCE M. MULLEN

                                 /s/ Todd M. Abbrecht
                                 ------------------------------------
                                 TODD M. ABBRECHT

                                 /s/ Charles A. Brizius
                                 ------------------------------------
                                 CHARLES A. BRIZIUS

                                 /s/ Scott Jaeckel
                                 ------------------------------------
                                 SCOTT JAECKEL

                                 /s/ Soren Oberg
                                 ------------------------------------
                                 SOREN OBERG

                                 /s/ Thomas R. Shepherd
                                 ------------------------------------
                                 THOMAS R. SHEPHERD

                                 /s/ Wendy L. Masler
                                 ------------------------------------
                                 WENDY L. MASLER

                                 /s/ Andrew D. Flaster
                                 ------------------------------------
                                 ANDREW D. FLASTER

                                 ROBERT SCHIFF LEE 1988 IRREVOCABLE TRUST

                                 By: /s/ Charles W. Robins
                                     --------------------------------
                                      Trustee

                                       18
<PAGE>

                                 /s/ Stephen Zachary Lee
                                 ------------------------------------
                                 STEPHEN ZACHARY LEE

                                 /s/ Charles W. Robins
                                 ------------------------------------
                                 CHARLES W. ROBINS AS CUSTODIAN FOR
                                 JESSE LEE

                                 /s/ Charles W. Robins
                                 ------------------------------------
                                 CHARLES W. ROBINS AS CUSTODIAN FOR
                                 NATHAN LEE

                                 /s/ Charles W. Robins
                                 ------------------------------------
                                 CHARLES W. ROBINS

                                 /s/ James Westra
                                 ------------------------------------
                                 JAMES WESTRA

                                 THL-CCI INVESTORS LIMITED
                                 PARTNERSHIP

                                 By:      THL Investment Management Corp.,
                                          its general partner

                                 By:
                                     ------------------------------------
                                      Name:
                                      Title:

                                 /s/ Adam A. Abramson
                                 ------------------------------------
                                 ADAM A. ABRAMSON

                                 /s/ Joanne M. Ramos
                                 ------------------------------------
                                 JOANNE M. RAMOS

                                 /s/ P. Holden Spaht
                                 ------------------------------------
                                 P. HOLDEN SPAHT

                                       19
<PAGE>

                                 /s/ Nancy M. Graham
                                 ------------------------------------
                                 NANCY M. GRAHAM

                                 /s/ Gregory A. Ciongoli
                                 ------------------------------------
                                 GREGORY A. CIONGOLI

                                 /s/ Wm. Matthew Kelly
                                 ------------------------------------
                                 WM. MATTHEW KELLY

                                 /s/ Kevin F. Sullivan
                                 ------------------------------------
                                 KEVIN F. SULLIVAN

                                 /s/ Diane M. Barriere
                                 ------------------------------------
                                 DIANE M. BARRIERE

                                 /s/ Kim H. Oakley
                                 ------------------------------------
                                 KIM H. OAKLEY

                                       20REGISTRATION RIGHTS AGREEMENT

         This Agreement is entered into as of April 11, 2000 by US LEC Corp., a
Delaware corporation (the "Company"), and the Persons whose names are set forth
on the attached Schedule I (collectively, the "Investors").

         A. The Company and the Investors have entered into a Series A
Convertible Preferred Stock Purchase Agreement, dated as of the same date as
this Agreement (the "Purchase Agreement"), pursuant to the terms and conditions
of which (i) the Company is issuing and selling to the Investors, and the
Investors are purchasing from the Company, an aggregate of up to 200,000 shares
of Series A Convertible Preferred Stock and (ii) the Company is issuing an
option (the "Option") to the Investors to purchase an aggregate of 100,000
shares of convertible preferred stock pursuant to the terms and conditions of an
Option Agreement, dated as of the same date as this Agreement (the 200,000
shares of Series A Convertible Preferred Stock, the number of shares of
convertible preferred stock (the "Option Stock") issued to the Investors upon
the exercise of the Option, and any shares of convertible preferred stock issued
as preferential dividends pursuant to the terms of the Series A Convertible
Preferred Stock and Option Stock are collectively referred to herein as the
"Preferred Shares").

         B. The parties' execution and delivery of this Agreement is a condition
of their respective obligations to close the Purchase Agreement.

         The parties agree as follows:

1. DEFINITIONS.

         Capitalized terms which are used in this Agreement without being
defined have the same meanings that they are given in the Purchase Agreement. In
addition, the following terms have these meanings:

         "REGISTRABLE SECURITIES" means (i) any shares of Common Stock issued or
issuable upon conversion of the Preferred Shares and (ii) any shares of Common
Stock issued or issuable (A) as a dividend or distribution in respect of, or
(B), in exchange for or replacement of, or (C) upon conversion or exercise of
any warrant or other security issued or issuable as a dividend or distribution
in respect of or in exchange for or replacement of, the Preferred Shares and any
shares of Common Stock issued or issuable upon conversion of the Preferred
Shares. Any Registrable Securities shall cease to be Registrable Securities (i)
when they have been distributed to the public pursuant to a offering registered
under the Securities Act or sold to the public through a broker, dealer or
market maker in compliance with Rule 144 under the Securities Act (or any
similar rule then in force) or repurchased by the Company or any Subsidiary or
(ii) if and when they (or, in respect of issuable but not yet issued Registrable
Securities, the underlying Preferred Shares or Common Stock) cease to be held by
an Investor, a Permitted Transferee (as "Permitted Transferee" is defined in the
Corporate Governance Agreement) or a transferee to whom an Investor or a
Permitted Transferee has transferred Registrable Securities with a value of at
least $50 million.
<PAGE>

         "REGISTRATION EXPENSES" means all expenses incident to the Company's
performance of or compliance with this Agreement, including all registration and
filing fees, fees and expenses of compliance with securities or blue sky laws,
printing expenses, messenger and delivery expenses, fees and disbursements of
custodians, and fees and disbursements of counsel for the Company and all
independent certified public accountants, underwriters (excluding discounts,
commissions and underwriters' counsel fees) and other Persons retained by the
Company.

         "VIOLATION" means any of the following statements, omissions or
violations: (i) any untrue statement or alleged untrue statement of a material
fact contained or incorporated by reference in a registration statement pursuant
to this Agreement, including any related preliminary or final prospectus, any
amendment or supplement, or any document filed under state securities or "blue
sky" laws, (ii) the omission or alleged omission to state a material fact
required to be stated in any such registration statement, prospectus, amendment,
supplement or document or necessary to make the statements in any such
registration statement, prospectus, amendment, supplement or document not
misleading, or (iii) any violation or alleged violation by the Company of the
Securities Act, the Exchange Act, any state securities law, or any rule or
regulation promulgated under the Securities Act, the Exchange Act or any state
securities law.

2. DEMAND REGISTRATIONS.

         2.1 GENERAL. On or at any time after the second anniversary of Closing,
holders of a majority of the Registrable Securities then outstanding may request
registration under the Securities Act of all or any portion of their Registrable
Securities. All registrations requested pursuant to this Section 2.1 are
referred to in this Agreement as "Demand Registrations." Holders of Registrable
Securities then outstanding shall be limited to three Demand Registrations and
each such Demand Registration must include an initial request to register
Registrable Securities having an aggregate offering value of at least $20
million. In regard to Demand Registrations:

                  (a) Each request for a Demand Registration shall specify the
         approximate number of Registrable Securities requested to be
         registered. Within 10 Business Days after receipt of any request for a
         Demand Registration, the Company shall give written notice of the
         requested registration to all other holders of Registrable Securities
         and, subject to Section 2.2 below, shall include in the registration
         all Registrable Securities with respect to which the Company has
         received written requests for inclusion within 15 Business Days after
         receipt of the Company's notice.

                  (b) A Demand Registration shall not be counted as one of the
         three permitted Demand Registrations unless (i) it has become effective
         and (ii) the Persons making the request are able to register and sell
         at least 75% of the Registrable Securities included in the
         registration.

                                       2
<PAGE>

                  (c) The Company shall pay all Registration Expenses in
         connection with any Demand Registration whether or not it is counted as
         one of the three permitted Demand Registrations.

                  (d) Demand Registrations shall be on Form S-2 or Form S-3 or
         any similar short-form registration statement, if available. Otherwise
         Demand Registrations shall be on Form S-1 or any similar long-form
         registration statement.

                  (e) The Company shall have the right to select the managing
         underwriters in connection with an underwritten public offering of
         Registrable Securities, subject to the approval of a majority of the
         holders of the Registrable Securities included in any Demand
         Registration which approval shall not be unreasonably withheld, and
         holders of a majority of the Registrable Securities included in any
         Demand Registration shall have the right to select a co-managing
         underwriter, subject to the Company's approval which shall not be
         unreasonably withheld.

                  (f) The holders of a majority of the Registrable Securities
         included in any Demand Registration shall have the right to select the
         investment banker(s) and manager(s) to administer an offering of
         Registrable Securities that is not an underwritten public offering,
         subject to the Company's approval which shall not be unreasonably
         withheld.

         2.2 PRIORITY ON DEMAND REGISTRATIONS. The Company will not include in
any Demand Registrations any securities which are not Registrable Securities
without the prior written consent of the holders of a majority of the
Registrable Securities included in such registration. If a Demand Registration
is an underwritten offering and the managing underwriters advise the Company in
writing that in their opinion the number of Registrable Securities and, if
permitted hereunder, other securities requested to be included in such offering
exceeds the number of Registrable Securities, and other securities, if any, that
can be sold without adversely affecting the marketability of the offering, the
Company shall include in the registration (i) FIRST, the number of Registrable
Securities requested to be included which in the opinion of the underwriters can
be sold without adversely affecting the marketability of the offering, pro rata
among the respective holders thereof on the basis of the number of Registrable
Securities owned by each such holder, and (ii) SECOND, other securities
requested to be included in such Demand Registration, pro rata among the holders
of such securities on the basis of the number of such securities owned by each
such holder.

                                       3
<PAGE>

         2.3 RESTRICTIONS ON DEMAND REGISTRATIONS. The Company shall not be
obligated to effect more than two Demand Registrations in any 12-month period.
The Company shall not be obligated to effect any Demand Registration within 180
days after the effective date of a previous Demand Registration or a previous
registration in which the holders of Registrable Securities were given piggyback
rights pursuant to Section 3 and, in the case of a previous Demand Registration,
were able to register and sell at least 75% of the Registrable Securities
proposed to be included in such registration or, in the case of a previous
Piggyback Registration, were able to register and sell at least 50% of the
Registrable Securities proposed to be included in such registration. The Company
may postpone for up to 90 days the filing or the effectiveness of a registration
statement for a Demand Registration if a certificate signed by an executive
officer of the Company is promptly furnished to the holders requesting the
Demand Registration stating that the Board of Directors of the Company has
determined that such a Demand Registration would reasonably be expected to have
a material adverse effect on any proposal or plan by the Company to engage in
any acquisition of assets (other than in the ordinary course of business) or any
merger, consolidation, tender offer, reorganization or similar transaction. In
addition, the Company may postpone for up to 180 days the filing of a
registration statement for a Demand Registration if a certificate signed by an
executive officer of the Company is promptly furnished to the holders requesting
the Demand Registration stating that the Company intends to file a registration
statement for a primary offering of its debt or equity securities within the
next 60 days so long as the Company is at all times proceeding in good faith to
make such registration statement effective. In the event the filing or the
effectiveness of a registration statement is postponed pursuant to this Section
2.3, the holders of Registrable Securities initially requesting the Demand
Registration shall be entitled to withdraw their request. If their request is
withdrawn, the Demand Registration shall not count as one of the three permitted
Demand Registrations and the Company will pay all Registration Expenses in
connection with such registration. The Company may delay the filing or suspend
the effectiveness of a Demand Registration pursuant to this Section 2.3 only
once in any 12-month period.

3. PIGGYBACK REGISTRATIONS.

         3.1 RIGHT TO PIGGYBACK. After the first anniversary of Closing,
whenever the Company proposes to register any of its equity securities under the
Securities Act (other than (i) pursuant to a Demand Registration or (ii) a
registration on Form S-4 or Form S-8 or any successor or similar form) and the
registration form to be used may be used for the registration of Registrable
Securities (a "Piggyback Registration"), whether or not for sale for its own
account, the Company shall give prompt written notice to all holders of
Registrable Securities of its intention to effect such a registration and shall
include in the registration all Registrable Securities with respect to which the
Company has received written requests for inclusion within 15 Business Days
after receipt of the Company's notice. Holders of Registrable Securities shall
be entitled to unlimited Piggyback Registrations for their Registrable
Securities.

         3.2 PIGGYBACK EXPENSES. The Registration Expenses of the holders of
Registrable Securities shall be paid by the Company in all Piggyback
Registrations.

                                       4
<PAGE>

         3.3 PRIORITY ON PRIMARY REGISTRATIONS. If a Piggyback Registration is
an underwritten primary registration on behalf of the Company, and the managing
underwriters advise the Company in writing that in their opinion the number of
securities requested to be included in the registration exceeds the number that
can be sold without adversely affecting the marketability of the offering, the
Company shall include in the registration (i) first, the securities that the
Company proposes to sell, (ii) second, the Registrable Securities requested to
be included in the registration and any other securities requested to be
included in such registration by the holders thereof who have been granted
rights by the Company to participate in a Piggyback Registration pari passu with
the holders of Registrable Securities pursuant to Section 10.1, pro rata among
the holders of the Registrable Securities and the holders of such other
securities on the basis of the number of the Registrable Securities and such
other securities owned by each holder, and (iii) third, any other securities
requested to be included in the registration.

         3.4 PRIORITY ON SECONDARY REGISTRATIONS. If a Piggyback Registration is
an underwritten secondary registration on behalf of holders of the Company's
securities (other than on behalf of holders of Registrable Securities that have
initiated a Demand Registration pursuant to Section 2), and the managing
underwriters advise the Company in writing that in their opinion the number of
securities requested to be included in the registration exceeds the number that
can be sold without adversely affecting the marketability of the offering, the
Company shall include in the registration (i) first, the securities requested to
be included therein by the holders requesting such registration and the
Registrable Securities requested to be included in the registration, pro rata
among the holders thereof on the basis of the number of such securities and
Registrable Securities owned by each such holder, and (ii) second, any other
securities requested to be included in the registration.

         3.5 OTHER REGISTRATIONS. If the Company has previously filed a
registration statement with respect to Registrable Securities pursuant to
Section 2 or pursuant to this Section 3, and if the previous registration has
not been withdrawn or abandoned, the Company shall not file or cause to be
effected any other registration of any of its equity securities or securities
convertible or exchangeable into or exercisable for its equity securities under
the Securities Act (except on Form S-4 or Form S-8 or any successor or similar
forms), whether on its own behalf or at the request of any holder or holders of
its securities, until a period of at least 180 days has elapsed from the
effective date of the previous registration or, if shorter, a period of at least
60 days has elapsed from the date all securities covered by such registration
have been disposed of.

4. HOLDBACK AGREEMENTS.

         4.1 HOLDERS OF REGISTRABLE SECURITIES. Each holder of Registrable
Securities shall not effect any public sale or distribution (including sales
pursuant to Rule 144) of equity securities of the Company, or any securities
convertible into or exchangeable or exercisable for equity securities of the
Company, during the seven days prior to and the 120-day period beginning on the
effective date of any Demand Registration or any underwritten Piggyback
Registration in which Registrable Securities are included (except as part of
such underwritten offering), unless the underwriters managing the registered
public offering otherwise agree.

                                       5
<PAGE>

         4.2 COMPANY. The Company shall not effect any public sale or
distribution of its equity securities, or any securities convertible into or
exchangeable or exercisable for such securities, during such period prior to and
following the effective date of any underwritten Demand Registration or any
underwritten Piggyback Registration as the Company and the underwriters managing
the offering may agree.

5. REGISTRATION PROCEDURES.

         Whenever holders of Registrable Securities have requested that any
Registrable Securities be registered pursuant to this Agreement, the Company
shall use its reasonable best efforts to effect the registration and the sale of
such Registrable Securities in accordance with the intended method of
disposition. In this regard, the Company will as expeditiously as possible:

         (a) prepare and file with the Commission a registration statement with
respect to such Registrable Securities and use its reasonable best efforts to
cause the registration statement to become effective;

         (b) notify each holder of Registrable Securities of the effectiveness
of each registration statement filed under this Agreement and prepare and file
with the Commission any amendments and supplements to the registration statement
and the prospectus that may be necessary to keep the registration statement
effective for a period of either (i) not less than 120 days (subject to
extension pursuant to Section 8.2), or if such registration statement relates to
an underwritten offering, such longer period as in the opinion of counsel for
the underwriters a prospectus is required by law to be delivered in connection
with sales of Registrable Securities by an underwriter or dealer or (ii) such
shorter period as will terminate when all of the securities covered by such
registration statement have been disposed of in accordance with the intended
methods of disposition by the seller or sellers thereof set forth in such
registration statement (but in any event not before the expiration of any longer
period required under the Securities Act), and to comply with the provisions of
the Securities Act with respect to the disposition of all securities covered by
such registration statement until such time as all of such securities have been
disposed of in accordance with the intended methods of disposition by the seller
or sellers thereof set forth in such registration statement;

         (c) furnish to each seller of Registrable Securities the number of
copies of the registration statement, each amendment and supplement, the
prospectus included in the registration statement (including each preliminary
prospectus) and any other documents that each seller may reasonably request in
order to facilitate the disposition of the seller's Registrable Securities;

         (d) use its best efforts to register or qualify the Registrable
Securities under such other securities or blue sky laws of such jurisdictions as
any seller reasonably requests and do any and all other acts and things which
may be reasonably necessary or advisable to enable the seller to consummate the
disposition in those jurisdictions of the Registrable Securities owned by the
seller (but the Company shall not be required to (i) qualify generally to do
business in any jurisdiction where it would not otherwise be required to qualify
but for this subparagraph, (ii) subject itself to taxation in any such
jurisdiction or (iii) consent to general service of process in any such
jurisdiction);

                                       6
<PAGE>

         (e) notify each seller of Registrable Securities, at any time when a
prospectus relating to those securities is required to be delivered under the
Securities Act, of the happening of any event as a result of which the
prospectus included in the registration statement contains an untrue statement
of a material fact or omits any fact necessary to make the statements in the
prospectus not misleading; and, at the request of any seller, the Company shall
prepare a supplement or amendment to the prospectus so that, when delivered to
purchasers of the Registrable Securities, the prospectus, as supplemented or
amended, does not contain an untrue statement of a material fact or omit to
state any fact necessary to make the statements in the prospectus not
misleading;

         (f) cause all such Registrable Securities to be quoted on the Nasdaq
National Market System and listed on any other exchange on which the Company's
shares of Common Stock are listed;

         (g) provide a transfer agent and registrar for all such Registrable
Securities not later than the effective date of the registration statement;

         (h) enter into such customary agreements (including underwriting
agreements in customary form) and take all other actions that holders of a
majority of the Registrable Securities being sold or the underwriters, if any,
reasonably request in order to expedite or facilitate the disposition of the
Registrable Securities;

         (i) make available for inspection by any seller of Registrable
Securities, any underwriter participating in any disposition pursuant to the
registration statement and any attorney, accountant or other agent retained by
any such seller or underwriter, all financial and other records, pertinent
corporate documents and properties of the Company, and cause the Company's
officers, employees and independent accountants to supply all information
reasonably requested by any such seller, underwriter, attorney, accountant or
agent in connection with the registration statement;

         (j) otherwise use its best efforts to comply with all applicable rules
and regulations of the Commission, and make available to its security holders,
as soon as reasonably practicable, an earnings statement covering the period of
at least twelve months beginning with the first day of the Company's first full
calendar quarter after the effective date of the registration statement, which
earnings statement shall satisfy the provisions of Section 11(a) of the
Securities Act and Rule 158; and

         (k) in the event of the issuance of any stop order suspending the
effectiveness of a registration statement, or of any order suspending or
preventing the use of any related prospectus or suspending the qualification of
any securities included in the registration statement for sale in any
jurisdiction, use its reasonable best efforts promptly to obtain the withdrawal
of such order.

                                       7
<PAGE>

6. REGISTRATION EXPENSES.

         6.1 PAYMENT BY COMPANY. All Registration Expenses shall be borne as
provided in this Agreement, except that the Company shall, in any event, pay its
internal expenses (including all salaries and expenses of its officers and
employees performing legal or accounting duties), the expense of any annual
audit or quarterly review and the expenses and fees for listing the securities
to be registered on the Nasdaq National Market System or any other exchange on
which the Company's shares of Common Stock are listed.

         6.2 FEES OF COUNSEL. In connection with each Demand Registration and
each Piggyback Registration, the Company shall reimburse the holders of
Registrable Securities included in the registration for the reasonable fees and
disbursements of one counsel chosen by the holders of a majority of the
Registrable Securities included in such registration.

         6.3 PAYMENT BY HOLDERS. To the extent that Registration Expenses are
not required to be paid by the Company, each holder of securities included in
any registration under this Agreement shall pay those Registration Expenses
allocable to the registration of such holder's securities so included, and any
Registration Expenses not so allocable shall be borne by all sellers of
securities included in the registration in proportion to the aggregate selling
price of the securities to be so registered.

7. INDEMNIFICATION.

         7.1 INDEMNIFICATION BY COMPANY. The Company agrees to indemnify, to the
extent permitted by law, each holder of Registrable Securities, each Person who
controls such holder (within the meaning of the Securities Act), and their
respective partners, shareholders, trustees, members, officers and directors
against all losses, claims, damages, liabilities and expenses caused by any
Violation, except insofar as the Violation is caused by or contained in any
information furnished in writing to the Company by the holder expressly for use
in a registration statement, prospectus, amendment, supplement or related
document or is caused by the holder's failure to deliver a copy of the
registration statement or prospectus or any amendment or supplements after the
Company has furnished the holder with a sufficient number of copies. In
connection with an underwritten offering, the Company shall indemnify such
underwriters, their officers and directors and each Person who controls such
underwriters (within the meaning of the Securities Act) to the same extent
provided in this Section 7.1 with respect to the indemnification of holders of
Registrable Securities.

         7.2 INDEMNIFICATION BY HOLDER. In connection with any registration
statement pursuant to which a holder of Registrable Securities is selling
Registrable Securities, the holder shall furnish to the Company in writing such
information and affidavits as the Company reasonably requests for use in
connection with the registration statement or prospectus and, to the extent
permitted by law, shall indemnify the Company, its directors and any of its
officers who signs such registration statement and each Person who controls the
Company (within the meaning of the Securities Act) against any losses, claims,
damages, liabilities and expenses resulting from any Violation to the extent
that the Violation is caused by or contained in any information furnished in
writing to the Company by the holder expressly for use in such registration
statement, prospectus, amendment, supplement or related document. This
obligation to indemnify shall be individual, not joint and several, for each
holder and shall be limited to the net amount of proceeds received by the holder
from the sale of Registrable Securities pursuant to the registration statement.

                                       8
<PAGE>

         7.3 PROCEDURES. Any Person entitled to indemnification under this
Section 7 shall, promptly after the receipt of notice of the commencement of any
action, investigation, claim or other proceeding against such indemnified party
in respect of which indemnity may be sought from an indemnifying party under
this Section 7, notify the indemnifying party in writing of the commencement
thereof. The omission of any indemnified party so to notify an indemnifying
party of any such action shall not relieve the indemnifying party from any
liability which it may have to such indemnified party under this Section 7
unless, and only to the extent that, such omission results in the indemnifying
party's forfeiture of substantive rights or defenses or the indemnifying party
is otherwise irrevocably prejudiced in defending such proceeding. In case any
such action, claim or other proceeding shall be brought against any indemnified
party for which indemnification is claimed pursuant to Section 7.1, and it shall
notify the Company of the commencement thereof, the Company shall be entitled to
assume the defense thereof at its own expense, with counsel satisfactory to the
Company; provided, that any such indemnified party may, at its own expense,
retain separate counsel to participate in such defense. Notwithstanding the
foregoing, in any action, claim or proceeding in which both the Company, on the
one hand, and an indemnified party, on the other hand, is, or is reasonably
likely to become, a party, such indemnified party shall have the right to employ
separate counsel at the Company's expense and to control its own defense of such
action, claim or proceeding if, (a) the Company has failed to assume the defense
and employ counsel as provided herein, (b) the Company has agreed in writing to
pay such fees and expenses of separate counsel or (c) in the reasonable opinion
of counsel to such indemnified party, a conflict or likely conflict exists
between the Company, on the one hand, and such indemnified party, on the other
hand, that would make such separate representation advisable, provided, however,
that the Company shall not in any event be required to pay the fees and expenses
of more than one separate counsel (and if deemed necessary by such separate
counsel, appropriate local counsel who shall report to such separate counsel).
The Company agrees that it will not, without the prior written consent of an
indemnified party, settle, compromise or consent to the entry of any judgment in
any pending or threatened claim, action or proceeding relating to the matters
contemplated hereby (if such indemnified party is a party thereto or has been
actually threatened to be made a party thereto) unless such settlement,
compromise or consent includes an unconditional release of such indemnified
party from all liability arising or that may arise out of such claim, action or
proceeding. The Company shall not be liable for any settlement of any claim,
action or proceeding effected against an indemnified party without the prior
written consent of the Company. The rights accorded to indemnified parties
hereunder shall be in addition to any rights that any indemnified party may have
at common law, by separate agreement or otherwise.

                                       9
<PAGE>

         7.4 SURVIVAL. The indemnification under this Section 7 shall remain in
full force and effect regardless of any investigation made by or on behalf of
the indemnified party or any officer, director or controlling Person of the
indemnified party and shall survive the transfer of securities. The Company and
each holder subject to Section 7.2 also agree to make such provisions as are
reasonably requested by any indemnified party for contribution to the
indemnified party in the event that the Company's or such holder's
indemnification is unavailable for any reason.

8. PARTICIPATION IN UNDERWRITTEN REGISTRATION.

         8.1 COOPERATION WITH UNDERWRITERS. No Person may participate in any
underwritten registration pursuant to this Agreement unless the Person (i)
agrees to sell securities on the basis provided in the underwriting arrangements
and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents required under the
terms of the underwriting arrangements. In any event, however, no holder of
Registrable Securities included in any underwritten registration shall be
required to make any representations or warranties to the Company or the
underwriters (other than representations and warranties regarding the holder and
the holder's intended method of distribution) or to undertake any
indemnification obligations to the Company or the underwriters except as
otherwise provided in Section 7.2.

         8.2 DISCONTINUANCE OF DISPOSITIONS. Each Person that is participating
in any registration hereunder agrees that, upon receipt of any notice from the
Company of the happening of any event of the kind described in Section 5(e)
above, such Person will forthwith discontinue the disposition of its Registrable
Securities pursuant to the registration statement until such Person receives
copies of a supplemented or amended prospectus as contemplated by such Section
5(e). In the event the Company shall give any such notice, the applicable time
period mentioned in Section 5(b) during which a registration statement is to
remain effective shall be extended by the number of days during the period from
and including the date of the giving of such notice pursuant to this Section to
and including the date when each seller of a Registrable Security covered by
such registration statement shall have received the copies of the supplemented
or amended prospectus contemplated by Section 5(e).

9. CURRENT PUBLIC INFORMATION.

         The Company will timely file all reports required to be filed by it
under the Securities Act and the Exchange Act and the rules and regulations
adopted by the Commission thereunder, and will take such further action as any
holder or holders of Registrable Securities may reasonably request, all to the
extent required to enable such holders to sell Registrable Securities pursuant
to Rule 144 adopted by the Commission under the Securities Act (as such rule may
be amended from time to time) or any similar rule or regulation hereafter
adopted by the Commission and pursuant to Form S-3 or any similar short form
registration statement. Upon written request, the Company will deliver to such
holders a written statement as to whether it has complied with such
requirements. In addition, unless the Common Stock is listed for trading on the
New York Stock Exchange, the Company will continue to cause its Common Stock and
any Common Stock issuable upon conversion of Purchaser Preferred Stock
(including preferential dividends issued thereon) to be listed for trading on
the Nasdaq National Market System.

                                       10
<PAGE>

10. MISCELLANEOUS.

         10.1 NO INCONSISTENT AGREEMENTS. The Company shall not enter into any
agreement with respect to its securities which is inconsistent with or violates
the rights granted to the holders of Registrable Securities in this Agreement.
Without limiting the generality of the foregoing, until the initial holders of
Registrable Securities cease to hold at least 25% of the Underlying Common
Stock, the Company shall not grant to any Person, other than Affiliates of the
Company as of the date hereof, the right to request the Company to register any
equity securities of the Company, or any securities convertible or exchangeable
into or exercisable for such securities, without the prior written consent of
the holders of a majority of the Registrable Securities. The Company may grant
rights to other Persons to participate in Piggyback Registrations, however, so
long as (i) such rights are subordinate to the rights of the holders of
Registrable Securities with respect to such Piggyback Registrations as set forth
in Sections 3.3 and 3.4 of this Agreement or (ii) such rights are pari passu
with the rights of the holders of Registrable Securities with respect to such
Piggyback Registration as set forth in Sections 3.3 and 3.4 of this Agreement
and have been consented to by the holders of a majority of the Registrable
Securities.

         10.2 NOTICES. All notices, claims, demands and other communications
("Notices") under this Agreement shall be in writing and sent by certified or
registered mail, return receipt requested, a recognized overnight courier
service, telecopier or personal delivery, as follows:

                  (a)      if to the Company, to:

                                    US LEC Corp.
                                    Transamerica Square
                                    401 N. Tryon Street, Suite 1000
                                    Charlotte, North Carolina 28202
                                    Attention:  General Counsel
                                    Telecopier:  (704) 319-3098

                  with a required copy to:

                                    Moore & Van Allen, PLLC
                                    100 North Tryon Street, Floor 47
                                    Charlotte, North Carolina 28202-4003
                                    Attention:  Barney Stewart III
                                    Telecopier:  (704) 331-1151

                                       11
<PAGE>

                  (b)      if to the Investors, in care of:

                                    Bain Capital, Inc.
                                    Two Copley Place
                                    Boston, Massachusetts 02116
                                    Attention:  Ian K. Loring
                                    Telecopier:  (617) 572-3274

                                       and

                                    Thomas H. Lee Partners, L.P.
                                    75 State Street, 26th Floor
                                    Boston, Massachusetts 02109
                                    Attention:  Anthony J. DiNovi
                                    Telecopier:  (617) 227-3514

                  with a required copy to:

                                    Ropes & Gray
                                    One International Plaza
                                    Boston, Massachusetts 02110-2624
                                    Attention:  Philip J. Smith
                                    Telecopier:  (617) 951-7050

All Notices shall be deemed to have been duly given: when delivered by hand, if
personally delivered; when delivered by courier, if delivered by commercial
overnight courier service; five Business Days after being deposited in the mail,
postage prepaid, if mailed; and when receipt is acknowledged by the individual
to whom the telecopy is sent, if telecopied. A party may change its address for
purposes of this Agreement by Notice in accordance with this Section 10.2.

         10.3 WAIVER. The rights and remedies of the Company and holders of
Registrable Securities are cumulative and not alternative. Neither the failure
nor any delay by the Company or any holder of Registrable Securities in
exercising any right, power or privilege under this Agreement shall operate as a
waiver of that right, power or privilege, and no single or partial exercise of
any right, power or privilege shall preclude any other or further exercise of
that right, power or privilege or the exercise of any other right, power or
privilege. All waivers shall be in writing signed by the party to be charged
with the waiver, and no waiver that may be given by a party shall be applicable
except in the specific instance for which it is given.

         10.4 AMENDMENT. This Agreement may not be amended except by a written
agreement signed by the Company and holders of a majority of the Registrable
Securities.

         10.5 SEVERABILITY. If any provision of this Agreement is held invalid
or unenforceable by a court of competent jurisdiction, the other provisions of
this Agreement shall remain in full force and effect. Any provision of this
Agreement which is held invalid or unenforceable only in part shall remain in
full force and effect to the extent not held invalid or unenforceable.

                                       12
<PAGE>

         10.6 CAPTIONS. The captions of sections of this Agreement are for
convenience only and shall not affect this the construction or interpretation of
this Agreement.

         10.7 CONSTRUCTION. All references in this Agreement to "Section" or
"Sections" refer to the corresponding section or sections of this Agreement. All
words used in this Agreement shall be construed to be of the appropriate gender
or number as the context requires. Unless otherwise expressly provided, the
word" including" does not limit the preceding words or terms.

         10.8 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be considered an original copy of this
Agreement and all of which, when taken together, shall be considered to
constitute one and the same agreement.

         10.9. ENTIRE AGREEMENT. This Agreement supercedes all prior agreements
between the parties with respect to its subject matter and constitutes a
complete and exclusive statement of the terms of the agreement between the
parties with respect to its subject matter.

         10.10 GOVERNING LAW. This Agreement shall be governed by the Laws of
the State of Delaware without regard to conflicts of laws principles.

         10.11 BINDING EFFECT. This Agreement shall apply to, be binding in all
respects upon and inure to the benefit of the parties and their respective
successors and permitted assigns and transferees.

                                       13
<PAGE>

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

                                  US LEC CORP.

                                 By: /s/ Michael K. Robinson
                                     -------------------------------------
                                      Name:  Michael K. Robinson
                                      Title: Executive Vice President and
                                               Chief Financial Officer

                                 BAIN CAPITAL CLEC INVESTORS, L.L.C.

                                 By:      Bain Capital Fund VI, L.P.,
                                          its Administrative Member
                                 By:      Bain Capital Partners VI, L.P.,
                                          its General Partner
                                 By:      Bain Capital Investors VI, Inc.,
                                          its general partner

                                 By: /s/ Michael A. Krupka
                                     -------------------------------------
                                      Name:  Michael A. Krupka
                                      Title: Managing Director

                                 THOMAS H. LEE EQUITY FUND IV, L.P.

                                 By:      THL Equity Advisors IV, LLC,
                                          its general partner

                                 By: /s/ Anthony J. DiNovi
                                     -------------------------------------
                                      Name:  Anthony J. DiNovi
                                      Title: Managing Director

                                       14
<PAGE>

                                 THOMAS H. LEE FOREIGN FUND IV-B, L.P.

                                 By:      THL Equity Advisors IV, LLC,
                                          its general partner

                                 By: /s/ Anthony J. DiNovi
                                     -------------------------------------
                                      Name:  Anthony J. DiNovi
                                      Title: Managing Director

                                 THOMAS H. LEE FOREIGN FUND IV, L.P.

                                 By:      THL Equity Advisors IV, LLC,
                                          its general partner

                                 By: /s/ Scott M. Sperling
                                     -------------------------------------
                                      Name:  Scott M. Sperling
                                      Title: Managing Director

                                 PUTNAM INVESTMENTS, INC.

                                 By: /s/ William H. Woolverton
                                     -------------------------------------
                                      Name:  William H. Woolverton
                                      Title: Managing Director

                                 1997 THOMAS H. LEE NOMINEE TRUST

                                 By: /s/ Gerald Wheeler
                                     -------------------------------------
                                      Trustee

                                 THOMAS H. LEE CHARITABLE INVESTMENT L.P.

                                 By: /s/ Thomas H. Lee
                                     -------------------------------------
                                      Name:  Thomas H. Lee
                                      Title: President

                                 /s/ David V. Harkins
                                 -------------------------------------
                                 DAVID V. HARKINS

                                       15
<PAGE>

                                 THE HARKINS 1995 GIFT TRUST

                                 By: /s/ Sheryll J. Harkins
                                     -------------------------------------
                                      Trustee

                                 /s/ Scott A. Schoen
                                 -------------------------------------
                                 SCOTT A. SCHOEN

                                 /s/ C. Hunter Boll
                                 -------------------------------------
                                 C. HUNTER BOLL

                                 /s/ Scott M. Sperling
                                 -------------------------------------
                                 SCOTT M. SPERLING

                                 /s/ Anthony J. DiNovi
                                 -------------------------------------
                                 ANTHONY J. DINOVI

                                 /s/ Thomas M. Hagerty
                                 -------------------------------------
                                 THOMAS M. HAGERTY

                                 /s/ Warren C. Smith, Jr.
                                 -------------------------------------
                                 WARREN C. SMITH, JR.

                                 /s/ Seth W. Lawry
                                 -------------------------------------
                                 SETH W. LAWRY

                                 /s/ Kent R. Weldon
                                 -------------------------------------
                                 KENT R. WELDON

                                 /s/ Terrence M. Mullen
                                 -------------------------------------
                                 TERRENCE M. MULLEN

                                       16
<PAGE>

                                 /s/ Todd M. Abbrecht
                                 -------------------------------------
                                 TODD M. ABBRECHT

                                 /s/ Charles A. Brizius
                                 -------------------------------------
                                 CHARLES A. BRIZIUS

                                 /s/ Scott Jaeckel
                                 -------------------------------------
                                 SCOTT JAECKEL

                                 /s/ Soren Oberg
                                 -------------------------------------
                                 SOREN OBERG

                                 /s/ Thomas R. Shepherd
                                 -------------------------------------
                                 THOMAS R. SHEPHERD

                                 /s/ Wendy L. Masler
                                 -------------------------------------
                                 WENDY L. MASLER

                                 /s/ Andrew D. Flaster
                                 -------------------------------------
                                 ANDREW D. FLASTER

                                 ROBERT SCHIFF LEE 1988 IRREVOCABLE TRUST

                                 By: /s/ Charles W. Robins
                                     -------------------------------------
                                     Trustee

                                 /s/ Stephen Zachary Lee
                                 -------------------------------------
                                 STEPHEN ZACHARY LEE

                                 /s/ Charles W. Robins
                                 -------------------------------------
                                 CHARLES W. ROBINS AS CUSTODIAN FOR
                                 JESSE LEE

                                       17
<PAGE>

                                 /s/ Charles W. Robins
                                 -------------------------------------
                                 CHARLES W. ROBINS AS CUSTODIAN FOR
                                 NATHAN LEE

                                 /s/ Charles W. Robins
                                 -------------------------------------
                                 CHARLES W. ROBINS

                                 /s/ James Westra
                                 -------------------------------------
                                 JAMES WESTRA

                                 THL-CCI INVESTORS LIMITED
                                 PARTNERSHIP

                                 By:      THL Investment Management Corp.,
                                          its general partner

                                 By:
                                    -------------------------------------
                                      Name:
                                      Title:

                                 /s/ Adam A. Abramson
                                 -------------------------------------
                                 ADAM A. ABRAMSON

                                 /s/ Joanne M. Ramos
                                 -------------------------------------
                                 JOANNE M. RAMOS

                                 /s/ P. Holden Spaht
                                 -------------------------------------
                                 P. HOLDEN SPAHT

                                 /s/ Nancy M. Graham
                                 -------------------------------------
                                 NANCY M. GRAHAM

                                 /s/ Gregory A. Ciongoli
                                 -------------------------------------
                                 GREGORY A. CIONGOLI

                                 /s/ Wm. Matthew Kelly
                                 -------------------------------------
                                 WM. MATTHEW KELLY

                                       18
<PAGE>

                                 /s/ Kevin F. Sullivan
                                 -------------------------------------
                                 KEVIN F. SULLIVAN

                                 /s/ Diane M. Barriere
                                 -------------------------------------
                                 DIANE M. BARRIERE

                                 /s/ Kim H. Oakley
                                 -------------------------------------
                                 KIM H. OAKLEY

                                       19

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