Document:

Registration Agreement, dated October 30, 2006

 Exhibit 4.2 
 EXECUTION COPY 
 LEVEL 3 FINANCING, INC. 
 9.25% Senior Notes due 2014 
 REGISTRATION AGREEMENT 
 New York, New York 
 October 30, 2006

 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 Morgan Stanley & Co. Incorporated 
 Credit Suisse Securities (USA) LLC 
 J.P. Morgan Securities Inc. 
 Wachovia Capital Markets, LLC 
 In care of: 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 4 World Financial Center 
 North Tower 
 250 Vesey Street 
 New York, New York 10080 
 Ladies and Gentlemen: 
 Level 3 Financing, Inc., a Delaware
company (the “Issuer”), proposes to issue and sell to certain purchasers (the “Purchasers”), upon the terms set forth in a purchase agreement dated October 25, 2006, (the “Purchase Agreement”), $600,000,000
aggregate principal amount of its 9.25% Senior Notes due 2014 (the “Original Notes”) (such sale, the “Initial Placement”), to be guaranteed on an unsecured unsubordinated basis by Level 3 Communications, Inc., the direct parent
company of the Issuer (“Parent”). As an inducement to the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to your obligations thereunder, the Issuer and Parent jointly and severally agree with you,
(i) for your benefit and the benefit of the other Purchasers and (ii) for the benefit of the holders from time to time of the Original Notes (including 

 
you and the other Purchasers) (each of the foregoing a “Holder” and together the “Holders”), as follows: 
 1. Definitions. Capitalized terms used herein without definition shall have their respective meanings set forth in the Purchase Agreement. As used
in this Agreement, the following capitalized defined terms shall have the following meanings: 
 “Affiliate” of any specified
person means any other person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such specified person. For purposes of this definition, control of a person means the power, direct or indirect, to
direct or cause the direction of the management and policies of such person whether by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Commission” means the Securities and Exchange Commission. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder. 
 “Exchange Offer Prospectus” means the prospectus included in the Exchange Offer Registration Statement, as
amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the New Notes covered by such Exchange Offer Registration Statement, and all amendments and supplements thereto and all material
incorporated by reference therein. 
 “Exchange Offer Registration Period” means the 180-day period following the
consummation of the Registered Exchange Offer, exclusive of any period during which any stop order shall be in effect suspending the effectiveness of the Exchange Offer Registration Statement. 
 “Exchange Offer Registration Statement” means a registration statement of the Issuer and Parent on an appropriate form under the
Securities Act with respect to the Registered Exchange Offer, all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein. 
 “Exchanging Dealer” means any Holder (which may include the Purchasers) which
is a broker-dealer electing to exchange Original Notes acquired for its own account as a result of market-making activities or other trading activities for New Notes. 
 “Holder” has the meaning set forth in the preamble hereto. 
 “Indenture”
means the Indenture relating to the Original Notes and the New Notes, dated as of October 30, 2006, among Parent, the Issuer and The Bank of New York, as trustee, as the same may be amended from time to time in accordance with the terms
thereof. 
  

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 “Initial Placement” has the meaning set forth in the preamble hereto. 
 “Majority Holders” means the Holders of a majority of the aggregate principal amount of the Original Notes and the New Notes registered
under a Registration Statement. 
 “Managing Underwriters” means the investment banker or investment bankers and manager or
managers that shall administer an offering of securities under a Shelf Registration Statement. 
 “New Notes” means debt
securities of the Issuer identical in all material respects to the Original Notes (except that the interest rate step-up provisions and the transfer restrictions will be modified or eliminated, as appropriate), to be issued under the Indenture.

 “Original Notes” has the meaning set forth in the preamble hereto. 
 “Prospectus” means the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Original Notes or the New Notes, covered by such Registration Statement, and all amendments and supplements to the Prospectus, including post-effective amendments. 
 “Registered Exchange Offer” means the proposed offer to the Holders to issue and deliver to such Holders, in exchange for the Original
Notes, a like principal amount of the New Notes. 
 “Registration Securities” has the meaning set forth in Section 3(a)
hereof. 
 “Registration Statement” means any Exchange Offer Registration Statement or Shelf Registration Statement that
covers any of the Original Notes or the New Notes pursuant to the provisions of this Agreement, all amendments and supplements to such registration statement, including, without limitation, post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 
 “Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Shelf
Registration” means a registration effected pursuant to Section 3 hereof. 
  

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 “Shelf Registration Period” has the meaning set forth in Section 3(b) hereof.

 “Shelf Registration Statement” means a “shelf” registration statement of Parent and the Issuer pursuant to the
provisions of Section 3 hereof which covers some of or all the Original Notes or New Notes, as applicable, on an appropriate form under Rule 415 under the Securities Act, or any similar rule that may be adopted by the Commission, all
amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 
 “Trustee” means the trustee with respect to the Original Notes and the New Notes under the Indenture. 
 “underwriter” means any underwriter of securities in connection with an offering thereof under a Shelf Registration Statement.

 2. Registered Exchange Offer; Resales of New Notes by Exchanging Dealers; Private Exchange. 
 (a) The Issuer and Parent shall prepare and, not later than January 28, 2007, shall file with the Commission the Exchange Offer Registration
Statement with respect to the Registered Exchange Offer. The Issuer and Parent shall use their commercially reasonable efforts to cause the Exchange Offer Registration Statement to become effective under the Securities Act by May 28, 2007.

 (b) Upon the effectiveness of the Exchange Offer Registration Statement, the Issuer and Parent shall promptly commence the Registered
Exchange Offer, it being the objective of such Registered Exchange Offer to enable each Holder electing to exchange Original Notes for New Notes (assuming that such Original Notes do not constitute a portion of an unsold allotment acquired by such
Holder directly from the Issuer, such Holder is not an Affiliate of the Issuer or Parent, such Holder acquires the New Notes in the ordinary course of its business and such Holder has no arrangements with any person to participate in the
distribution of the New Notes) to trade such New Notes from and after their receipt without any limitations or restrictions under the Securities Act and without material restrictions under the securities laws of a substantial proportion of the
several states of the United States. 
 (c) In connection with the Registered Exchange Offer, the Issuer and Parent shall: 
 (i) mail to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate
letter of transmittal and related documents; 
  

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 (ii) keep the Registered Exchange Offer open for not less than 20 business days after the
date notice thereof is mailed to the Holders (or longer if required by applicable law); 
 (iii) utilize the services of a
depositary for the Registered Exchange Offer with an address in the Borough of Manhattan, The City of New York; and 
 (iv)
comply in all material respects with all applicable laws. 
 (d) As soon as practicable after the close of the Registered
Exchange Offer, the Issuer and Parent shall: 
 (i) accept for exchange all Original Notes tendered and not validly withdrawn
pursuant to the Registered Exchange Offer; 
 (ii) deliver to the Trustee for cancellation all Original Notes so accepted for
exchange; and 
 (iii) cause the Trustee promptly to authenticate and deliver to each Holder of Original Notes, a principal
amount of New Notes equal to the principal amount of the Original Notes of such Holder so accepted for exchange. 
 (e) The Purchasers, the
Issuer and Parent acknowledge that, pursuant to current interpretations by the Commission’s staff of Section 5 of the Securities Act, and in the absence of an applicable exemption therefrom, each Exchanging Dealer is required to deliver a
Prospectus in connection with a sale of any New Notes received by such Exchanging Dealer pursuant to the Registered Exchange Offer in exchange for Original Notes acquired for its own account as a result of market-making activities or other trading
activities. Accordingly, the Issuer and Parent shall: 
 (i) include the information set forth in Annex A hereto on the
cover of the Exchange Offer Registration Statement, in Annex B hereto in the forepart of the Exchange Offer Registration Statement in a section setting forth details of the Exchange Offer, in Annex C hereto in the underwriting or plan of
distribution section of the Prospectus forming a part of the Exchange Offer Registration Statement, and in Annex D hereto in the Letter of Transmittal delivered pursuant to the Registered Exchange Offer (it being understood that a Holder’s
participation in the Exchange Offer is conditioned on the Holder, by executing and returning the Letter of Transmittal, representing in writing to the Issuer as set forth in Rider B of Annex D hereto); and 
 (ii) use commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective under the Securities Act
during the Exchange Offer Registration Period for delivery by Exchanging Dealers in connection with sales of New Notes received pursuant to the Registered Exchange Offer, as contemplated by Section 4(h) below. 
  

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 (f) In the event that any Purchaser determines that it is not eligible to participate in the Registered
Exchange Offer with respect to the exchange of Original Notes constituting any portion of an unsold allotment, at the request of such Purchaser, the Issuer and Parent shall issue and deliver to such Purchaser or the party purchasing New Notes
registered under a Shelf Registration Statement as contemplated by Section 3 hereof from such Purchaser, in exchange for such Original Notes, a like principal amount of New Notes. The Issuer and Parent shall seek to cause the CUSIP Service
Bureau to issue the same CUSIP number for such New Notes as for New Notes issued pursuant to the Registered Exchange Offer. 
 3. Shelf
Registration. If, (i) because of any change in law or applicable interpretations thereof by the Commission’s staff, the Issuer and Parent determine upon advice of outside counsel that they are not permitted to effect the Registered
Exchange Offer as contemplated by Section 2 hereof, or (ii) for any other reason the Exchange Offer Registration Statement is not declared effective by May 28, 2007 or the Registered Exchange Offer is not consummated within 30
business days following the initial effectiveness date of the Exchange Offer Registration Statement, or (iii) any Purchaser so requests with respect to Original Notes (or any New Notes received pursuant to Section 2(f)) not eligible to be
exchanged for New Notes in a Registered Exchange Offer or, in the case of any Purchaser that participates in any Registered Exchange Offer, such Purchaser does not receive freely tradable New Notes, or (iv) any Holder (other than a Purchaser)
is not eligible to participate in the Registered Exchange Offer or (v) in the case of any such Holder that participates in the Registered Exchange Offer, such Holder does not receive freely tradable New Notes in exchange for tendered
securities, other than by reason of such Holder being an affiliate of the Issuer and Parent within the meaning of the Securities Act (it being understood that, for purposes of this Section 3, (x) the requirement that a Purchaser deliver a
Prospectus containing the information required by Items 507 and/or 508 of Regulation S-K under the Securities Act in connection with sales of New Notes acquired in exchange for such Original Notes shall result in such New Notes being not
“freely tradeable” but (y) the requirement that an Exchanging Dealer deliver a Prospectus in connection with sales of New Notes acquired in the Registered Exchange Offer in exchange for Original Notes acquired as a result of
market-making activities or other trading activities shall not result in such New Notes being not “freely tradeable”), the following provisions shall apply: 
 (a) The Issuer and Parent shall as promptly as practicable (but in no event more than the later of (i) January 28, 2007 or (ii) 45 days after so required or requested pursuant to this Section 3), file
with the Commission and thereafter shall use their commercially reasonable efforts to cause to become effective under the Securities Act, or, if permitted by Rule 430B under the Securities Act, otherwise designate an existing registration statement
filed with the Commission as, a Shelf Registration Statement relating to the offer and sale of the Original Notes or the New Notes, as applicable, by the Holders from time to time in accordance with the methods of distribution elected by such
Holders and set forth in such Shelf Registration Statement (such Original Notes or New Notes, as applicable, to be sold by such Holders under such Shelf Registration Statement 

  

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being referred to herein as “Registration Securities”); provided, however, that, with respect to New Notes received by a Purchaser in
exchange for Original Notes constituting any portion of an unsold allotment, the Issuer and Parent may, if permitted by current interpretations by the Commission’s staff, file a post-effective amendment to the Exchange Offer Registration
Statement containing the information required by Regulation S-K Items 507 and/or 508, as applicable, in satisfaction of their obligations under this paragraph (a) with respect thereto, and any such Exchange Offer Registration Statement, as so
amended, shall be referred to herein as, and governed by the provisions herein applicable to, a Shelf Registration Statement. Unless the Shelf Registration Statement is an automatic shelf registration statement (as defined in Rule 405 under the
Securities Act), the Issuer and Parent shall include the information required by Rule 430B(b)(2)(iii) under the Securities Act. 
 (b)
The Issuer and Parent shall use their commercially reasonable efforts to keep the Shelf Registration Statement continuously effective in order to permit the Prospectus forming part thereof to be usable by Holders for a period of two years from the
date the Shelf Registration Statement becomes effective or is designated as such or such shorter period that will terminate when all the Original Notes or New Notes, as applicable, covered by the Shelf Registration Statement have been sold pursuant
to the Shelf Registration Statement (in any such case, such period being called the “Shelf Registration Period”). The Issuer and Parent shall be deemed not to have used their commercially reasonable efforts to keep the Shelf Registration
Statement effective during the Shelf Registration Period if the Issuer, or Parent voluntarily takes any action that would result in Holders of securities covered thereby not being able to offer and sell such securities during that period, unless
(i) such action is required by applicable law or (ii) such action is taken by such party in good faith and for valid business reasons (not including avoidance of the obligations of the Issuer and Parent hereunder), including the
acquisition or divestiture of assets, so long as the Issuer and Parent promptly thereafter comply with the requirements of Section 4(k) hereof, if applicable. 
 4. Registration Procedures. In connection with any Shelf Registration Statement and, to the extent applicable, any Exchange Offer Registration Statement, the following provisions shall apply: 
 (a) (i) The Issuer and Parent shall furnish to you, prior to the filing or designation thereof with the Commission, a copy of any Exchange Offer
Registration Statement, each amendment thereof and each amendment or supplement, if any, to the Prospectus included therein and shall use its commercially reasonable efforts to reflect in each such document, when so filed or designated with the
Commission, such comments as you reasonably may propose. 
 (ii) The Issuer and Parent shall furnish to you, prior to the filing or
designation thereof with the Commission, a copy of any Shelf Registration Statement, each amendment thereof and each amendment or supplement, if any, 

  

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to the Prospectus included therein and shall use its commercially reasonable efforts to reflect in each such document, when so filed or designated with the
Commission, such comments as any Holder whose securities are to be included in such Shelf Registration Statement reasonably may propose. 
 (b) The Issuer and Parent shall ensure that (i) any Registration Statement and any amendment thereto and any Prospectus forming part thereof and any amendment or supplement thereto complies in all material respects with the Securities
Act and the rules and regulations thereunder, (ii) any Registration Statement and any amendment thereto does not, when it becomes effective (or, in the case of a previously filed registration statement that is effective at the time it is
designated as a Shelf Registration Statement, when it is so designated), contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and
(iii) any Prospectus forming part of any Registration Statement, and any amendment or supplement to such Prospectus, does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading. 
 (c) (1) The Issuer and Parent shall
advise you and, in the case of a Shelf Registration Statement, the Holders of securities covered thereby, and, if requested by you or any such Holder, confirm such advice in writing: 
 (i) when a Registration Statement and any amendment thereto has been filed (or, in the case of a previously filed registration
statement designated as a Shelf Registration Statement, when it is so designated) with the Commission and when the Registration Statement or any post-effective amendment thereto has become effective (or, in the case of a previously filed
registration statement that is effective at the time it is designated as a Shelf Registration Statement, when it is so designated); and 
 (ii) of any request by the Commission for amendments or supplements to the Registration Statement or the Prospectus included therein or for additional information. 
 (2) The Issuer and Parent shall advise you and, in the case of a Shelf Registration Statement, the Holders of securities covered thereby,
and, in the case of an Exchange Offer Registration Statement, any Exchanging Dealer which has provided in writing to the Issuer a telephone or facsimile number and address for notices, and, if requested by you or any such Holder or Exchanging
Dealer, confirm such advice in writing: 
 (i) of the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; 
  

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 (ii) of the receipt by the Issuer or Parent of any notification with respect to the
suspension of the qualification of the securities included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 
 (iii) of the happening of any event that requires the making of any changes in the Registration Statement or the Prospectus so that,
as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the light of the circumstances under
which they were made) not misleading (which advice shall be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made). 
 Each such Holder or Exchanging Dealer agrees by its acquisition of such securities to be sold by such Holder or Exchanging Dealer, that, upon being so advised by the Issuer or Parent of any event described in
clause (iii) of this paragraph (c)(2), such Holder or Exchanging Dealer will forthwith discontinue disposition of such securities under such Registration Statement or Prospectus, until such Holder’s or Exchanging Dealer’s receipt
of the copies of the supplemented or amended Prospectus contemplated by paragraph 4(k) hereof, or until it is advised in writing by the Issuer or Parent that the use of the applicable Prospectus may be resumed. 
 (d) The Issuer and Parent shall use their commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any
Registration Statement at the earliest possible time. 
 (e) The Issuer and Parent shall furnish to each Holder of securities included within
the coverage of any Shelf Registration Statement, without charge, at least one copy of such Shelf Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and, if the Holder so requests in
writing, any documents incorporated by reference therein and all exhibits thereto (including those incorporated by reference therein). 
 (f)
The Issuer and Parent shall, during the Shelf Registration Period, deliver to each Holder of securities included within the coverage of any Shelf Registration Statement, without charge, as many copies of the Prospectus (including each preliminary
Prospectus) included in such Shelf Registration Statement and any amendment or supplement thereto as such Holder may reasonably request; and each of the Issuer and Parent hereby consent to the use of the Prospectus or any amendment or supplement
thereto by each of the selling Holders of securities in connection with the offering and sale of the securities covered by the Prospectus or any amendment or supplement thereto. 
  

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 (g) The Issuer and Parent shall furnish to each Exchanging Dealer which so requests, without charge, at
least one copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including financial statements and schedules and, if the Exchanging Dealer so requests in writing, any documents incorporated by reference therein
and all exhibits thereto (including those incorporated by reference therein). 
 (h) The Issuer and Parent shall, during the Exchange Offer
Registration Period, promptly deliver to each Exchanging Dealer, without charge, as many copies of the Prospectus included in such Exchange Offer Registration Statement and any amendment or supplement thereto as such Exchanging Dealer may reasonably
request for delivery by such Exchanging Dealer in connection with a sale of New Notes received by it pursuant to the Registered Exchange Offer; and the Issuer and Parent hereby consent to the use of the Prospectus or any amendment or supplement
thereto by any such Exchanging Dealer, as aforesaid. 
 (i) Prior to the Registered Exchange Offer or any other offering of securities
pursuant to any Registration Statement, the Issuer shall register or qualify or cooperate with the Holders of securities included therein and their respective counsel in connection with the registration or qualification of such securities for offer
and sale under the securities or blue sky laws of such jurisdictions as any such Holder reasonably requests in writing and do any and all other acts or things necessary or advisable to enable the offer and sale in such jurisdictions of the
securities covered by such Registration Statement; provided, however, that the Issuer will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would
subject it to general service of process or to taxation in any such jurisdiction where it is not then so subject. 
 (j) The Issuer and
Parent shall cooperate with the Holders of Original Notes to facilitate the timely preparation and delivery of certificates representing Original Notes to be sold pursuant to any Registration Statement free of any restrictive legends and in such
denominations and registered in such names as Holders may request prior to sales of securities pursuant to such Registration Statement. 
 (k) Upon the occurrence of any event contemplated by paragraph (c)(2)(iii) above, the Issuer and Parent shall promptly prepare a post-effective amendment to any Registration Statement or an amendment or supplement to the related
Prospectus or file any other required document so that, as thereafter delivered to purchasers of the securities included therein, the Prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading. 
  

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 (l) Not later than the effective date (or the designation date, in the case of a previously filed
registration statement that is effective at the time it is designated as a Shelf Registration Statement) of any such Registration Statement hereunder, the Issuer and Parent shall provide a CUSIP number for each of the Original Notes or the New
Notes, as the case may be, registered under such Registration Statement, and provide the Trustee with printed certificates for such Original Notes or New Notes, in a form, if requested by the applicable Holder or Holder’s counsel, eligible for
deposit with The Depository Trust Company or any successor thereto under the Indenture. 
 (m) The Issuer and Parent shall use their
commercially reasonable efforts to comply with all applicable rules and regulations of the Commission to the extent and so long as they are applicable to the Registered Exchange Offer or the Shelf Registration and will make generally available to
the security holders of the Issuer a consolidated earnings statement (which need not be audited) covering a twelve-month period commencing after the effective date (or the designation date, in the case of a previously filed registration statement
that is effective at the time it is designated as a Shelf Registration Statement) of the Registration Statement and ending not later than 15 months thereafter, as soon as practicable after the end of such period, which consolidated earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act. 
 (n) The Issuer and Parent shall cause the Indenture to
be qualified under the Trust Indenture Act of 1939, as amended, on or prior to the effective date (or the designation date, in the case of a previously filed registration statement that is effective at the time it is designated as a Shelf
Registration Statement) of any Shelf Registration Statement or Exchange Offer Registration Statement. 
 (o) The Issuer and Parent may
require each Holder of securities to be sold pursuant to any Shelf Registration Statement to furnish to the Issuer in writing such information regarding the Holder and the distribution of such securities as the Issuer may from time to time
reasonably require for inclusion in such Registration Statement. The Issuer may exclude from any such Registration Statement the securities of any such Holder who fails to furnish such information within a reasonable time after receiving such
request. Each Holder as to which any Shelf Registration is being effected agrees to furnish promptly to the Issuer all information required to be disclosed in order to make the information previously furnished to the Issuer by such Holder not
materially misleading. Each Holder further agrees that, neither such Holder nor any underwriter participating in any disposition pursuant to any Shelf Registration Statement on such Holder’s behalf, will make any offer relating to the
securities to be sold pursuant to such Shelf Registration Statement that would constitute an issuer free writing 

  

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prospectus (as defined in Rule 433 under the Securities Act) or that would otherwise constitute a “free writing prospectus” (as defined in Rule 405
under the Securities Act) required to be filed by the Issuer and Parent with the Commission or retained by the Issuer and Parent under Rule 433 of the Securities Act, unless it has obtained the prior written consent of the Issuer and Parent (and
except for as otherwise provided in any underwriting agreement entered into by the Issuer and Parent and any such underwriter). 
 (p) The
Issuer and Parent shall, if requested, promptly incorporate in a Prospectus supplement or post-effective amendment to a Shelf Registration Statement, such information as the Managing Underwriters, if any, and the Majority Holders reasonably agree
should be included therein and shall make all required filings of such Prospectus supplement or post-effective amendment as soon as notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment. 
 (q) (i) In the case of any Shelf Registration Statement, the Issuer and Parent shall enter into such agreements (including underwriting agreements)
and take all other appropriate actions in order to expedite or facilitate the registration or the disposition of the Original Notes, and in connection therewith, if an underwriting agreement is entered into, cause the same to contain indemnification
provisions and procedures no less favorable than those set forth in Section 6 hereof (or such other provisions and procedures acceptable to the Majority Holders and the Managing Underwriters, if any), with respect to all parties to be
indemnified pursuant to Section 6 hereof. 
 (ii) Without limiting in any way paragraph (q)(i), no Holder may participate in
any underwritten registration hereunder unless such Holder (x) agrees to sell such Holder’s securities to be covered by such registration on the basis provided in any underwriting arrangements approved by the Majority Holders and the
Managing Underwriters and (y) completes and executes in a timely manner all customary questionnaires, powers of attorney, underwriting agreements and other documents reasonably required by the Issuer or the Managing Underwriters in connection
with such underwriting arrangements. 
 (r) In the case of any Shelf Registration Statement, the Issuer and Parent shall (i) make
reasonably available for inspection by the Holders of securities to be registered thereunder, any underwriter participating in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by the
Holders or any such underwriter all relevant financial and other records, pertinent corporate documents and properties of Parent and its subsidiaries reasonably requested by such person; (ii) cause the officers, directors and employees of the
Issuer and Parent to supply all relevant information reasonably requested by the Holders or any such underwriter, attorney, accountant or agent in connection with any such Registration Statement as is customary for 

  

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due diligence examinations in connection with primary underwritten offerings; provided, however, that any information that is nonpublic at the
time of delivery of such information shall be kept confidential by the Holders or any such underwriter, attorney, accountant or agent, unless such disclosure is made in connection with a court proceeding or required by law, or such information
becomes available to the public generally or through a third party without an accompanying obligation of confidentiality; provided further, however, that such Holders or any such underwriter, attorney, accountant or agent may disclose
to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of any transaction contemplated therein and all materials of any kind (including opinions or other tax analyses) that are provided to such Holders
or any such underwriter, attorney, accountant or agent relating to such U.S. tax treatment and U.S. tax structure, other than any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws;
(iii) make such representations and warranties to the Holders of securities registered thereunder and the underwriters, if any, in form, substance and scope as are customarily made by an issuer to underwriters in primary underwritten offerings;
(iv) obtain opinions of counsel to the Issuer and Parent (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the Managing Underwriters, if any) addressed to each selling Holder and the underwriters, if
any, covering such matters as are customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such Holders and underwriters; (v) obtain “cold comfort” letters (or, in
the case of any person that does not satisfy the conditions for receipt of a “cold comfort” letter specified in Statement on Auditing Standards No. 72, an “agreed-upon procedures” letter under Statement on Auditing Standards
No. 35) and updates thereof from the independent certified public accountants of Parent (and, if necessary, any other independent certified public accountants of any subsidiary of Parent or of any business acquired by Parent for which financial
statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to each selling Holder of securities registered thereunder and the underwriters, if any, in customary form and
covering matters of the type customarily covered in “cold comfort” letters in connection with primary underwritten offerings; and (vi) deliver such documents and certificates as may be reasonably requested by the Majority Holders and
the Managing Underwriters, if any, including those to evidence compliance with Section 4(k) and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Issuer and Parent. The foregoing
actions set forth in clauses (iii), (iv), (v) and (vi) of this Section 4(r) shall be performed (A) on the effective date (or the designation date, in the case of a previously filed registration statement that is effective at the
time it is designated as a Shelf Registration Statement) of such Registration Statement and each post-effective amendment thereto and (B) at each closing under any underwriting or similar agreement as and to the extent required thereunder.

  

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 (s) In the case of any Exchange Offer Registration Statement, the Issuer and Parent shall (i) make
reasonably available for inspection by each Purchaser, and any attorney, accountant or other agent retained by such Purchaser, all relevant financial and other records, pertinent corporate documents and properties of Parent and its subsidiaries
reasonably requested by such person; (ii) cause the officers, directors and employees of the Issuer and Parent to supply all relevant information reasonably requested by such Purchaser or any such attorney, accountant or agent in connection
with any such Registration Statement as is customary for due diligence examinations in connection with primary underwritten offerings; provided, however, that any information that is nonpublic at the time of delivery of such
information shall be kept confidential by such Purchaser or any such attorney, accountant or agent, unless such disclosure is made in connection with a court proceeding or required by law, or such information becomes available to the public
generally or through a third party without an accompanying obligation of confidentiality; provided further, however, that such Purchaser or any such attorney, accountant or agent may disclose to any and all persons, without limitation
of any kind, the U.S. tax treatment and U.S. tax structure of any transaction contemplated therein and all materials of any kind (including opinions or other tax analyses) that are provided to such Purchaser or any such attorney, accountant or agent
relating to such U.S. tax treatment and U.S. tax structure, other than any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws; (iii) make such representations and warranties to such
Purchaser, in form, substance and scope as are customarily made by an issuer to underwriters in primary underwritten offerings; (iv) obtain opinions of counsel to the Issuer and Parent (which counsel and opinions (in form, scope and substance)
shall be reasonably satisfactory to such Purchaser and its counsel), addressed to such Purchaser, covering such matters as are customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested
by such Purchaser or its counsel; (v) obtain “cold comfort” letters and updates thereof from the independent certified public accountants of Parent (and, if necessary, any other independent certified public accountants of any
subsidiary of Parent or of any business acquired by Parent for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to such Purchaser, in customary
form and covering matters of the type customarily covered in “cold comfort” letters in connection with primary underwritten offerings, or if requested by such Purchaser or its counsel in lieu of a “cold comfort” letter, an
agreed-upon procedures letter under Statement on Auditing Standards No. 35, covering matters requested by such Purchaser or its counsel; and (vi) deliver such documents and certificates as may be reasonably requested by such Purchaser or
its counsel, including those to evidence compliance with Section 4(k) and with conditions customarily contained in underwriting agreements. The foregoing actions set forth in clauses (iii), (iv), (v) and (vi) of this Section 4(s)
shall be performed (A) at the close of the Registered Exchange Offer and (B) on the effective date of any post-effective amendment to the Exchange Offer Registration Statement. 
  

 14 

 5. Registration Expenses. The Issuer and Parent shall jointly and severally bear
all expenses incurred in connection with the performance of their obligations under Sections 2, 3 and 4 hereof and, in the event of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one
firm or counsel (in addition to one local counsel in each relevant jurisdiction) designated by the Majority Holders to act as counsel for the Holders in connection therewith. Notwithstanding the foregoing, the Holders of the securities being
registered shall pay all agency or brokerage fees and commissions and underwriting discounts and commissions attributable to the sale of such securities and the fees and disbursements of any counsel or other advisors or experts retained by such
Holders (severally or jointly), other than the counsel and experts specifically referred to above in this Section 5, transfer taxes on resale of any of the securities by such Holders and any advertising expenses incurred by or on behalf of such
Holders in connection with any offers they may make. 
 6. Indemnification and Contribution. (a) In connection
with any Registration Statement, the Issuer and Parent jointly and severally agree to indemnify and hold harmless each Holder of securities covered thereby (including each Purchaser and, with respect to any Prospectus delivery as contemplated in
Section 4(h) hereof, each Exchanging Dealer), the directors, officers, employees and agents of each such Holder and each other person, if any, who controls any such Holder within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or other Federal or state statutory law or
regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement as originally filed or in any amendment thereof, or in any preliminary Prospectus or Prospectus, or in any amendment thereof or supplement thereto, or in any issuer free writing prospectus approved for use by the Issuer and
Parent, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and agrees to reimburse each such indemnified
party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Issuer and Parent will not be
liable in any case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with
written information furnished to the Issuer or Parent by or on behalf of any such Holder specifically for inclusion therein. This indemnity agreement will be in addition to any liability which the Issuer and Parent may otherwise have. 
  

 15 

 The Issuer and Parent also jointly and severally agree to indemnify or contribute to
Losses (as defined below) of, as provided in Section 6(d), any underwriters of Original Notes or New Notes registered under a Shelf Registration Statement, their officers, directors, employees and agents and each person who controls such
underwriters on substantially the same basis as that of the indemnification of the Purchasers and the selling Holders provided in this Section 6(a) and shall, if requested by any Holder, enter into an underwriting agreement reflecting such
agreement, as provided in Section 4(q) hereof. 
 (b) Each Holder of securities covered by a Registration Statement
(including each Purchaser and, with respect to any Prospectus delivery as contemplated in Section 4(h) hereof, each Exchanging Dealer) severally and not jointly agrees to indemnify and hold harmless the Issuer, Parent, each of their directors
and officers and each other person, if any, who controls the Issuer or Parent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Issuer and Parent
to each such Holder, but only with reference to written information relating to such Holder furnished to the Issuer by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity
agreement will be in addition to any liability which any such Holder may otherwise have. 
 (c) Promptly after receipt by an
indemnified party under this Section 6 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 6, notify the indemnifying party
in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and
such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any
action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties except as set forth below);
provided, however, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to represent the indemnified party in an action, the indemnified
party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel (and local counsel) if (i) the use of counsel chosen by the
indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying
party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or 

  

 16 

 
additional to those available to the indemnifying party, (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the
indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the
indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an
unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding. It is understood, however, that the Issuer and Parent shall, in connection with any one such action or separate but
substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of only one separate firm of attorneys (in addition to any local counsel)
at any time for all such Holders and controlling persons. An indemnifying party shall not be liable under this Section 6 to any indemnified party regarding any settlement or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such
settlement, compromise or consent is consented to by such indemnifying party, which consent shall not be unreasonably withheld. 
 (d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 6 is unavailable to or insufficient to hold harmless an indemnified party for any reason, then the Issuer, Parent and the Holders, in lieu
of indemnifying such indemnified party, shall have a joint and several obligation to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or
defending same) (collectively “Losses”) to which the Issuer, Parent and the Holders may be subject in such proportion as is appropriate to reflect the relative benefits received by the Issuer and Parent, on the one hand, and by the
Holders, on the other hand, from the Initial Placement and the Registration Statement which resulted in such Losses; provided, however, that in no case shall any Purchaser or any subsequent Holder of any Original Note or New Note be
responsible, in the aggregate, for any amount in excess of the purchase discount or commission applicable to such Original Note, or in the case of a New Note, applicable to the security which was exchangeable into such New Note, as set forth in the
Final Memorandum and in the Purchase Agreement, nor shall any underwriter be responsible for any amount in excess of the underwriting discount or commission applicable to the securities purchased by such underwriter under the Registration Statement
which resulted in such Losses. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the Issuer, Parent and the Holders severally shall contribute in such proportion as is appropriate to reflect not only
such relative benefits but also the relative fault of the Issuer and Parent, on the one hand, and the Holders, on the other hand, in connection with 

  

 17 

 
the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits received by the Issuer and Parent
shall be deemed to be equal to the sum of (x) the total net proceeds from the Initial Placement (before deducting expenses) as set forth in the Final Memorandum and in the Purchase Agreement and (y) the total amount of additional interest
which the Issuer was not required to pay as a result of registering the securities covered by the Registration Statement which resulted in such Losses. Benefits received by the Purchasers shall be deemed to be equal to the total purchase discounts
and commissions as set forth in the Final Memorandum and in the Purchase Agreement, and benefits received by any other Holders shall be deemed to be equal to the value of receiving Original Notes or New Notes, as applicable, registered under the
Securities Act. Benefits received by any underwriter shall be deemed to be equal to the total underwriting discounts and commissions, as set forth on the cover page of the Prospectus forming a part of the Registration Statement which resulted in
such Losses. Relative fault shall be determined by reference to whether any alleged untrue statement or omission relates to information provided by the Issuer and Parent, on the one hand, or by Holders, on the other hand. The parties agree that it
would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this
paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For
purposes of this Section 6, each person who controls a Holder within the meaning of either the Securities Act or the Exchange Act and each director, officer, employee and agent of such Holder shall have the same rights to contribution as such
Holder, and each person who controls the Issuer or Parent within the meaning of either the Securities Act or the Exchange Act, each of their officers who shall have signed the Registration Statement and each of their directors shall have the same
rights to contribution as the Issuer and Parent, subject in each case to the applicable terms and conditions of this paragraph (d). 
 (e) The provisions of this Section 6 will remain in full force and effect, regardless of any investigation made by or on behalf of any Purchaser, any other Holder, the Issuer and Parent or any underwriter or any
of the officers, directors or controlling persons referred to in this Section 6, and will survive the sale by a Holder of securities covered by a Registration Statement. 
 7. Miscellaneous. 
 (a) No Inconsistent Agreements. None of the Issuer or Parent has, as of the date hereof, entered into, nor shall it, on or after the date hereof, enter into, any agreement with respect to its securities that
limits the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 
 (b) Amendments and
Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, qualified, modified or 

  

 18 

 
supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Issuer has obtained the written consent of the
Holders of at least a majority of the then outstanding aggregate principal amount of Original Notes (or, after the consummation of any Exchange Offer in accordance with Section 2 hereof, of New Notes); provided that, with respect to any
matter that directly or indirectly affects the rights of any Purchaser hereunder, the Issuer shall obtain the written consent of each such Purchaser against which such amendment, qualification, supplement, waiver or consent is to be effective.
Notwithstanding the foregoing (except the foregoing proviso), a waiver or consent to departure from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose securities are being sold pursuant to a
Registration Statement and that does not directly or indirectly affect the rights of other Holders may be given by the Majority Holders, determined on the basis of securities being sold rather than registered under such Registration Statement.

 (c) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail, facsimile, or air courier guaranteeing overnight delivery: 
 (1) if to a Holder, at the most current
address given by such Holder to the Issuer in accordance with the provisions of this Section 7(c), which address initially is, with respect to each Holder, the address of such Holder maintained by the registrar under the Indenture, with a copy
in like manner to Merrill Lynch, Pierce, Fenner & Smith Incorporated by facsimile (212-449-3207) and confirmed by mail to it at Merrill Lynch World Headquarters, North Tower, World Financial Center, New York, New York 10281-1201, Attention:
Global Origination Counsel; 
 (2) if to you, initially at the address set forth in the Purchase Agreement; and

 (3) if to the Issuer or Parent, initially at the address set forth in the Purchase Agreement. 
 All such notices and communications shall be deemed to have been duly given when received. 
 The Purchasers or the Issuer by notice to the other may designate additional or different addresses for subsequent notices or communications. 

(d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties,
including, without the need for an express assignment or any consent by the Issuer and Parent or subsequent Holders of Original Notes and/or New Notes. The Issuer and Parent hereby agree to extend the benefits of this Agreement to any Holder of
Original Notes and/or New Notes and any such Holder may specifically enforce the provisions of this Agreement as if an original party hereto. 
  

 19 

 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW
YORK (WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS THEREOF). 
 (h) Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
 (i) Securities Held by the Issuer or Parent, etc. Whenever the consent or approval of Holders of a specified percentage of principal amount of
Original Notes or New Notes is required hereunder, Original Notes or New Notes, as applicable, held by the Issuer, Parent or their Affiliates (other than subsequent Holders of Original Notes or New Notes if such subsequent Holders are deemed to be
Affiliates solely by reason of their holdings of such Original Notes or New Notes) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
 (j) Termination. This Agreement shall automatically terminate, without any further action on the part of the Issuer and Parent or the Purchasers,
upon the termination or cancellation of the Purchase Agreement prior to the Closing Date. 
  

 20 

 Please confirm that the foregoing correctly sets forth the agreement among Parent, the Issuer and you.

  

			
	Very truly yours,
	
	Level 3 Financing, Inc.
		
	By:	 	 /s/ Neil J. Eckstein

	Name:	 	Neil J. Eckstein
	Title:	 	Senior Vice President
	
	Level 3 Communications, Inc.
		
	By:	 	 /s/ Sunit S. Patel

	Name:	 	Sunit S. Patel
	Title:	 	Senior Vice President

  

 21 

			
	The foregoing Agreement is hereby
	confirmed and accepted as of the date first above written.
	
	Merrill Lynch, Pierce, Fenner & Smith Incorporated
	
	Morgan Stanley & Co. Incorporated
	
	Credit Suisse Securities (USA) LLC
	
	J.P. Morgan Securities Inc.
	
	Wachovia Capital Markets, LLC
		
	By:	 	Merrill Lynch, Pierce, Fenner & Smith Incorporated
		
	By:	 	 /s/ Heather Lamberton

	Name:	 	Heather Lamberton
	Title:	 	Vice President

  

 22 

 ANNEX A 
 Each broker-dealer that receives New Notes for its own account pursuant to the Registered Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such New Notes. The Letter
of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection with resales of New Notes received in exchange for Original Notes where such New Notes were acquired by such broker-dealer as a result of market-making activities or other
trading activities. The Issuer and Parent have agreed that, starting on the date hereof (the “Expiration Date”) and ending on the close of business on the day that is 180 days following the Expiration Date, it will make this Prospectus
available to any broker-dealer for use in connection with any such resale. See “Plan of Distribution.” 

 ANNEX B 
 Each broker-dealer that receives New Notes for its own account in exchange for Original Notes, where such Original Notes were acquired by such broker-dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection with any resale of such New Notes. See “Plan of Distribution.” 

 ANNEX C 
 PLAN OF DISTRIBUTION 
 Each broker-dealer that receives New Notes for its own account pursuant to the Registered Exchange Offer
must acknowledge that it will deliver a prospectus in connection with any resale of such New Notes. The Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of New Notes
received in exchange for Original Notes where such Original Notes were acquired as a result of market-making activities or other trading activities. Each of the Issuer and Parent has agreed that, starting on the Expiration Date and ending on the
close of business on the day that is 180 days following the Expiration Date, it will make this Prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition, until , 2007, all dealers
effecting transactions in the Exchange Securities may be required to deliver a prospectus.* 
 Neither the Issuer nor Parent will receive any proceeds from any sale of New Notes by broker-dealers. New Notes received by broker-dealers for their own
account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the New Notes or a combination of such methods of resale,
at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the
form of commissions or concessions from any such broker-dealer and/or the purchasers of any such New Notes. Any broker-dealer that resells New Notes that were received by it for its own account pursuant to the Registered Exchange Offer and any
broker or dealer that participates in a distribution of such New Notes may be deemed to be an “underwriter” within the meaning of the Securities Act and any profit of any such resale of New Notes and any commissions or concessions received
by any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that
it is an “underwriter” within the meaning of the Securities Act. 
  

	*	In addition, the legend required by Item 502(e) of Regulation S-K will appear on the back cover page of the Exchange Offer Prospectus. 

 For a period of 180 days after the Expiration Date, the Issuer and Parent will promptly send additional
copies of this Prospectus and any amendment or supplement to this Prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The Issuer and Parent have agreed to pay all expenses incident to the Exchange Offer (other
than the expenses of counsel for the Holders of the Original Notes) other than commissions or concessions of any brokers or dealers and will indemnify the Holders of the Original Notes (including any broker-dealers) against certain liabilities,
including liabilities under the Securities Act. 
 [If applicable, add information required by Regulation S-K Items 507 and/or 508.]

  

 2 

 ANNEX D 
 Rider A 
 CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND
10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO. 
  

			
	Name:	  	  

		
	Address:	  	  

		
		  	  

 Rider B 
 If the undersigned is not a broker-dealer, the undersigned represents that it acquired the New Notes in the ordinary course of its business, it is not engaged in, and does not intend to engage in, a distribution of
New Notes and it has no arrangements or understandings with any person to participate in a distribution of the New Notes. If the undersigned is a broker-dealer that will receive New Notes for its own account in exchange for Original Notes, it
represents that the Original Notes to be exchanged for New Notes were acquired by it as a result of market-making activities or other trading activities and acknowledges that it will deliver a prospectus in connection with any resale of such New
Notes; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act.Transition and Separation Agreement

 EXHIBIT 10.1 
  

			
		  	 ON Semiconductor Corporation
 5005 E.
McDowell Road
 Phoenix, AZ 85008

 SEMICONDUCTOR COMPONENTS INDUSTRIES, LLC 
 Confidential Communication 
 October 27, 2006 
 Peter Green 
 3532 E. Kachina Drive

 Phoenix, Arizona 85044 
 Re: Transition and Separation Agreement 
 Dear Peter: 
 As you know, November 30, 2006 will be your last day of employment with Semiconductor Components Industries, LLC (collectively, “Company,” “us” or “we”). Between the current date and
November 30, 2006, you have stated that you will assist us with leadership transition. You and we have reached agreement with regard to this transition and your severance benefits upon your ultimate separation from the Company. 
 This letter agreement (“Letter Agreement”) is intended to formalize our mutual understanding with regard to the transition and your severance benefits. In
addition, this Letter Agreement delineates certain other understandings between you and the Company. 
  

	 	1.	You acknowledge that effective October 31, 2006, you are no longer the Company’s Senior Vice President and General Manager, Digital and Consumer Products Group, and as of
the date of this Letter Agreement through November 30, 2006 (“Transition Period”), subject to this Letter Agreement, you will assist us with the leadership transition and other projects as requested or specified by us in our sole and
absolute discretion. 

  

	 	2.	During the Transition Period, you will remain an employee of the Company at your current base salary of $332,500 per annum and your current benefits (i.e., medical benefits,
eligible for bonus plan and 401(k) participation, etc.). Your unvested options will also continue to vest as an employee. 

  

	 	3.	 You and we agree that your employment with the Company shall terminate effective November 30, 2006 (“Termination Date”) and after the Termination
Date, but no later than the close of business on December 7, 2006, you and we shall execute the separation agreement (“Separation Agreement”) attached hereto as Exhibit A, including its waiver 

  

 1 

 
Green Termination Letter 
 October 27, 2006 
 Page 2 of 3 
  

	 	 
and release provisions. You acknowledge that you have read and understand the Separation Agreement. Among other things, the Separation Agreement provides
that, upon its effectiveness and pursuant to its terms: 

 (i) Base Salary Related Payments. You will
receive a series of severance payments totaling $166,250, subject to applicable tax and payroll deductions, representing six (6) months of your annual base salary as of the Termination Date. This amount would be paid by us in accordance with
our ordinary payroll practices for base salaries. 
 (ii) ONcentive Bonus. You will be eligible to receive your
“ONcentive” bonus payment under the ON Semiconductor 2002 Executive Incentive Plan for the performance cycle for the second half of 2006 (“H2-06 Performance Cycle”), prorated for your period of employment with the Company during
the H2-06 Performance Cycle (i.e., through November 30, 2006), subject to ONcentive bonuses being earned and paid to the Company’s employees for the H2-06 Performance Cycle and further subject to applicable tax and payroll deductions. Any
such bonus would be paid to you when bonuses are paid to active employees under ONcentive for the H2-06 Performance Cycle. 
 (iii) Health and Medical Benefits. You may elect to continue your health insurance benefits for you and your immediate family as provided under Section 4980B of the Internal Revenue Code of 1986 and Section 601 of the
Employee Retirement Income Security Act of 1974, as amended (which provisions are commonly known as “COBRA”). The Company will then, at our option, pay directly or reimburse you for the cost of such COBRA benefits for a period of up to six
(6) months from your Termination Date. If you become eligible for medical benefits in connection with new employment during this period, the coverage and payment/reimbursement provided by us under this subsection will terminate immediately.

 (iv) Outplacement Services. Within fifteen (15) days following the Termination Date, ON shall pay you $5,000
in lieu of providing any executive or other similar outplacement services. 
 The Separation Agreement also contains various restrictive covenants,
and a waiver and release. 
  

	 	4.	Upon execution of this Letter Agreement, you agree to sign and return to us a resignation letter in the form of the letter attached hereto as Exhibit B.

  

	 	5.	 You understand and agree that neither the granting of any benefits set forth in this Letter Agreement, nor this Letter Agreement, shall constitute or be evidence of
any agreement or understanding, either expressed or implied, on the part of the Company to employ you for any definite period of time. During the Transition Period, you are an “at-will” employee, which means that you or the Company may
terminate the employment relationship at any time and for any reason, with or without notice and with or without cause and you will only be entitled to the amounts specified in your Separation 

  

 2 

 
Green Termination Letter 
 October 27, 2006 
 Page 3 of 3 
  

	 	 
Agreement, subject to this agreement becoming effective. Specifically, the Transition Period may be shortened by the Company in its sole discretion at any
time and for any reason. 

  

	 	6.	You agree and acknowledge that this Letter Agreement contains all of the terms of your transition with and separation from the Company and that you have not relied on any oral or
written representations that are not explicitly set forth in this Letter Agreement in deciding whether to accept these arrangements. 

  

	 	7.	This Letter Agreement may be executed in two or more counterpart, each of which shall be deemed to constitute an original, but all of which together shall constitute one and the
same documents. A facsimile of a signature shall be deemed to be and have the same force and effect as an original. 

 Please acknowledge your
agreement to the foregoing by signing in the appropriate space below. This Letter Agreement shall be effective as of October 27, 2006 provided that it is executed by each of the parties hereto. 
 Very truly yours, 

	
	Semiconductor Components Industries, LLC
	
	/S/ George “Sonny” Cave
	George “Sonny” Cave
	Senior Vice President and General Counsel

  

	
	Accepted and Agreed to as of the date first written above:
	
	/S/ Peter Green
	Peter Green

  

	Enclosures:	Exhibit A – Separation Agreement 

	    	Exhibit B – Resignation Letter 

  

 3 

 Exhibit A 
 SEPARATION AGREEMENT 
 This Separation Agreement (“Agreement”) is made and entered
into as of                          , 2006 by and between Peter Green (“you”), a resident of the state of
Arizona, and Semiconductor Component Industries, LLC, doing business as ON (“ON”), a Delaware limited liability company, with its principal place of business in Phoenix, Arizona. 
 You and ON have agreed that your employment will conclude as provided in this Agreement and, in connection with the termination of your employment, ON
has agreed to provide you with certain payments and other benefits to which you would not be entitled absent your execution of this Agreement. Further, you and ON desire to settle any and all disputes related directly or indirectly to your
employment by ON and/or your termination from employment, in accordance with the terms and conditions set forth in this Agreement. Therefore, in consideration of the mutual covenants and agreements set forth in this Agreement and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, you and ON agree as follows: 
 1. Termination of
Employment. Your employment with ON is terminated effective November 30, 2006 (“Termination Date”). Except as otherwise provided in this Agreement or as set forth in the applicable employee benefit plan, all of your privileges
as an ON employee will end as of the close of business on the Termination Date. 
 2. ON’s Severance Commitment and Other.

 (a) In exchange for your agreement to abide by the commitments set forth in this Agreement and upon its effectiveness, ON
will provide you with the following severance benefits in consideration for, among other things, your effective waiver and release in paragraph 9 hereof: 
 (i) Base Salary Related Payments. Pursuant to this Agreement, ON shall pay you a series of severance payments totaling $166,250, subject to applicable tax and payroll deductions, representing six
(6) months of your annual base salary as of the Termination Date. This amount shall be paid in accordance with ON’s ordinary payroll practices for base salaries in effect from time to time and such payments shall begin as soon as
practicable after the Effective Date (as defined in paragraph 10 hereof) of this Agreement. 
 (ii) ONcentive Bonus.
You will be eligible to receive your “ONcentive” bonus payment under the ON Semiconductor 2002 Executive Incentive Plan for the performance cycle for the second half of 2006 (“H2-06 Performance Cycle”), prorated for your period
of employment with ON during the H2-06 Performance Cycle (i.e., through November 30, 2006), subject to ONcentive bonuses being earned and paid to ON employees for the H2-06 Performance Cycle and, further subject to applicable tax and payroll
deductions. Any such bonus would be paid to you when bonuses are paid to active employees under the ONcentive program and related bonus plans for the H2-06 Performance Cycle. 
 (iii) Health and Medical Benefits. If you elect continuation of health insurance benefits for you and your immediate family as
provided under Section 4980B of the Internal Revenue Code of 1986 and Section 601 of the Employee Retirement Income Security Act of 1974, as amended (which provisions are commonly known as “COBRA”), ON shall, at its 

 
option, pay directly or reimburse you for the cost of such COBRA benefits for a period of up to six (6) months from your Termination Date. ON will make
these benefits available to you as soon as possible after the Effective Date of this Agreement. If you become eligible for medical benefits in connection with new employment during this period, the coverage and payment/reimbursement provided by ON
under this subsection shall terminate immediately. You agree that you will notify ON promptly of your subsequent employment and eligibility for benefits. 
 (iv) Outplacement Services. Within fifteen (15) days following the Termination Date, ON shall pay you $5,000 in lieu of providing any executive or other similar outplacement services. 
 (b) Any stock options will become vested at their normal vesting dates until your Termination Date, at which time all non-vested stock
options shall be forfeited. You will have the right to exercise any vested options within ninety (90) days after the end of the Termination Date. 
 (c) ON will pay you your base salary that is accrued but not yet paid through the Termination Date, and will also pay you your accrued and unused vacation balance, if any, subject to applicable tax and payroll
deductions, within three (3) business days of your Termination Date. 
 (d) Except as provided above, you acknowledge
that you have received all other compensation and benefits due and owing to you from ON and that you have no further claim to any compensation or employee benefits from ON. You acknowledge that you are only entitled to the severance benefits in
paragraph 2(a) upon the Effective Date of this Agreement and that these severance benefits constitute consideration in addition to anything of value to which you would otherwise be entitled if you did not sign the Agreement and allow it to become
effective. 
 3. Your Death. In the event of your death prior to the date any of the payments provided hereunder become due and
payable, ON agrees that such amounts will be paid to your beneficiaries or estate, as applicable, to the extent they would otherwise have been paid to you. 
 4. Unemployment Compensation. ON agrees not to challenge your entitlement to unemployment compensation benefits as provided by law. 
 5. Confidential Information. Except to the extent this Agreement is or becomes publicly available (other than as a result of a disclosure
by you or one of your representatives), you agree to keep the terms of the Agreement wholly and completely confidential. Subject to the preceding sentence, you agree in this regard not to disclose the amount, terms, substance, or contents of this
Agreement to any person or persons, excluding only family members in your immediate household, your attorneys and/or your tax advisors, and any government agency to which you may be required by law to reveal the terms of this Agreement.
Confidentiality is a material term of this Agreement to ON, such that a violation will discharge ON’s payment obligations, and entitle ON to reimbursement of payments made in reliance on this confidentiality provision. You acknowledge that in
the course of your employment with ON you have had access to Confidential Information (as defined below) and attorney-client privileged information and communications relating to business affairs of ON and/or ON Affiliated Entities (as defined
below). You agree that you will maintain the confidentiality of ON’s Confidential Information and attorney-client privileged information and communications. You agree that at no 

  

 2 

 
time following your execution of this Agreement, will you disclose, use or otherwise make available to any person, company or other party Confidential
Information or attorney-client privileged information and communications. This Agreement shall not limit any obligations you have under any other ON or ON Affiliated Entities confidentiality agreement or applicable federal or state law.
“Confidential Information” means any ON and/or ON Affiliated Entities proprietary information, technical data, trade secrets or know-how, including, but not limited to, research, product plans, marketing plans, products, services, customer
lists and customers, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, financial or other business information disclosed to you by ON or ON Affiliated
Entities either directly or indirectly in writing, electronically, orally or by drawings or observation of parts or equipment. 
 6.
Return of ON Property. You acknowledge that on or prior to your last day of active employment, you returned all property owned by ON which was in your possession, including, but not limited to, any and all (originals and copies, if
any) Confidential Information, attorney-client privileged information and communications, company credit card (or credit card on which ON is a guarantor), laptop computer, telephone, pager, fax, printer, documents, magnetic media or data, passwords
and access codes. 
 7. Waiver and Release. In consideration for the severance benefits set forth in paragraph 2(a) of this
Agreement, you agree to and hereby do fully release and forever discharge the Released Parties (as defined below in this paragraph 7) from, and waive any and all claims asserting, liability for damages or remedies or claims of any kind arising out
of any action, inaction, decision, or event occurring through the date of your execution of this Agreement: 
  

	 	•	 	ON, and its predecessor companies; 

  

	 	•	 	All companies owned by, connected with, or affiliated with ON, including its sole member, ON Semiconductor Corporation (“ON Affiliated Entities”); and

  

	 	•	 	Current and former directors, officers, managers, employees, shareholders, insurers, legal counsel, auditors, advisors and agents of ON and any of ON Affiliated Entities.

 With all of the above collectively referred to as “Released Parties.” 
 You understand that you are giving up any and all manner of actions or causes of actions, suits, debts, claims, complaints, or demands of any kind
whatsoever with respect to the Released Parties, whether direct or indirect, fixed or contingent, known or unknown, in law or in equity, that you have or may have arising under or based on, but not limited to, the: 
  

	 	•	 	Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act; 

  

	 	•	 	Americans with Disabilities Act; 

  

	 	•	 	Employee Retirement Income and Security Act; 

  

	 	•	 	Fair Labor Standards Act; 

  

	 	•	 	Family and Medical Leave Act; 

  

	 	•	 	National Labor Relations Act; 

  

	 	•	 	Occupational Safety and Health Act; 

  

 3 

	 	•	 	Rehabilitation Act; 

  

	 	•	 	Title VII, as amended by the Civil Rights Act of 1991; 

  

	 	•	 	Worker Adjustment and Retaining Notification Act of 1988; and/or 

  

	 	•	 	Any other federal, state or local law, including any attorneys’ fees that could be awarded in connection with these or any other claims. 

 You further understand that this Agreement extends to, but is not limited to, all claims that you have or may have in contract or tort theories with
respect to the Released Parties. This includes, but is not limited to, the following potential claims: 
  

	 	•	 	Wrongful discharge, or wrongful discharge in violation of public policy; 

  

	 	•	 	Breach of contract, breach of an express or implied promise, breach of the implied covenant of good faith and fair dealing, or breach of fiduciary duty; 

  

	 	•	 	Interference with contractual relations; 

  

	 	•	 	Promissory estoppel; 

  

	 	•	 	Breach of employee handbooks, manuals or other policies; 

  

	 	•	 	Assault or battery; 

  

	 	•	 	Intentional or negligent misrepresentation, or fraud; 

  

	 	•	 	Retaliation, or intentional or negligent infliction of emotional distress; 

  

	 	•	 	Defamation (including all forms of libel, slander, and self-defamation); 

  

	 	•	 	Negligent hiring, retention or supervision; and/or 

  

	 	•	 	Any other claim otherwise based on any theory, whether developed or undeveloped, arising from or related to your employment or the termination of your employment with ON, or any
other fact or matter occurring prior to your execution of this Agreement. 

 Your release of claims, as set forth above, is not
intended to and does not waive or release your rights to claims arising after your execution of this Agreement, or to rights to seek post-termination insurance continuation or other post-termination benefits under “COBRA”,
“ERISA”, or other state or federal laws or regulations relating to insurance continuation rights or other vested benefits, or any other vested rights, if any, which you have pursuant to ON’s qualified or non-qualified employee benefit
plans, 401(k) plans or other retirement plans, as applicable. Similarly, nothing in this Agreement shall prevent you from challenging the validity of the waiver(s) and release(s) in a charge with an appropriate agency (which ON reserves the right to
contest); provided however, that all of ON’s obligations under this Agreement, including the severance benefits pursuant to paragraph 2(a) of this Agreement, are conditioned upon the validity and full effectiveness of such waiver(s) and
release(s). To the extent not prohibited by law, you agree that in the event of the waiver(s) and release(s) are deemed unenforceable or ineffective in any respect, ON will be entitled to repayment of all moneys paid to you under paragraph 2(a) this
Agreement. 
 8. Consideration Period. You have been informed that the terms of this Agreement shall be open for consideration
by you for a period of at least twenty-one (21) calendar days after the date you received this Agreement, during which time you may consider whether or not to accept this Agreement and you are advised that you should seek legal counsel to
advise you of your rights. You further understand that you are not required to take the entire twenty-one (21)

  

 4 

 
day period to decide whether you wish to execute the Agreement and that you may do so on an accelerated basis without prejudice to your own rights or the
rights of ON under this Agreement. 
 9. Right to Revoke. You understand that you have the right to rescind this Agreement for
any reason by informing ON in writing of your intent to rescind this Agreement within seven (7) calendar days after you sign it. You understand that this Agreement will not become effective or enforceable unless and until you execute the
Agreement and the applicable revocation period has expired. Any such revocation must be in writing and hand-delivered to the person listed below or, if sent by mail or other means, must be carrier-confirmed to have been received by such person
within the applicable 7 day time period, and addressed as follows: 
 G. Sonny Cave 
 Senior Vice President, General Counsel, Chief Compliance & Ethics Officer and Secretary 
 ON Semiconductor Corporation 
 5005 E.
McDowell Road, MD A700 
 Phoenix, AZ 85008 
 Facsimile: 602-244-5500 
 If you exercise your right to revoke hereunder, you shall forfeit your right to
receive any of the severance benefits set forth in paragraph 2(a) of this Agreement and to the extent related benefits have already been received, you agree that you will immediately reimburse ON for the amounts of such benefits. 
 10. Effective Date. This Agreement shall become effective, enforceable and irrevocable on the eighth (8th) day after the date on which it is executed by you and returned to the person named in paragraph 9 above; provided, however, only
if the Agreement has not been rescinded by you under the procedures set forth in paragraph 9 (“Effective Date”). 
 11. Non
Solicitation and Non-Interference. For six (6) months following the Termination Date, you will not, directly or indirectly through any entity, employee, agent, consultant, or any other person working for or on behalf of any organization
with which you are directly or indirectly affiliated, engage in any of the conduct set forth below, which you agree and acknowledge would damage legitimate business interests of ON which are appropriately protected by these restrictions. No
non-compete provision is included in this Agreement since ON is instead relying on the below non-interference restrictions on you. 
 (a) You shall not call upon or solicit for business any client, customer, supplier, distributor, broker, contractor or other business partner of ON or any of the ON Affiliated Entities, with which/whom you had any contact in your capacity
as an employee of ON within the eighteen (18) month period immediately preceding the Termination Date (“Protectable Business Relationships”) with the purpose, effect, or potential of: (i) doing or planning any business or
transactions related to products or services that are the same, similar, competitive with, or related to services or products provided by ON, or planned to be provided by ON, as of the Termination Date, or (ii) in any way interfering with, or
reducing the amount or value of, business or transactions that any Protected Business Relationship transacts with ON. 
  

 5 

 (b) You shall not accept work, product orders, contracts or any other pecuniary benefit
from any of the Protected Business Relationships related to or arising from activities, products or services that are the same, similar, competitive with, or related to services or products provided by ON, or planned to be provided by ON, as of the
Termination Date. 
 (c) You shall not hire, engage or solicit for employment or similar engagement any person who was known
to you to have been employed or engaged by ON or any of the ON Affiliated Entities within the eighteen (18) months preceding the termination of your employment with ON. 
 Should a situation arise that may cause you to feel that your activities may violate this paragraph, you shall seek written consent from the Chief
Executive Officer of ON, who will make himself available to you on reasonable notice to consider whether ON wishes to restrict such activity under this paragraph. You agree to promptly make any employer aware of each of the provisions in this
paragraph 11 while it is in effect. 
 12. Non-Disparagement. You and ON, when acting through its Chief Executive Officer and
any person holding the title of Senior Vice President and above, mutually agree to refrain from making any derogatory or disparaging statements concerning you and ON and any of the Released Parties to any third party. The Parties agree that it is in
their best interests to maintain an amicable termination and post-termination relationship. The Parties further agree that they will cooperate with each other in refuting any derogatory or disparaging statement made by any third party made in
respect of you or ON or its affiliates or their directors, members, officers or executives. Subject to applicable privileges, nothing in this Agreement shall be construed to limit, impede or impair the right of any party to communicate with
government agencies regarding matters that are within the jurisdictions of such agencies. 
 13. No Admission. This Agreement
is not an admission by ON, any of the ON Affiliated Entities, or any other ON affiliate that any of their respective actions or inactions is unjustified, unwarranted, discriminatory, wrongful or in violation of any federal, state or local law and
this Agreement shall not be interpreted as such. ON, all ON Affiliated Entities and other ON affiliates disclaim any liability to you or any other person on the part of itself and/or its current or former directors, officers, employees,
representatives, and agents. This Agreement is offered pursuant to Rule 408 of the Federal Rules of Evidence (or similar state law rules or policies), and neither this Agreement nor the offer of this Agreement shall be admissible in any proceeding
other than an action to enforce its terms. 
 14. Effect of Breach. A breach of any provision of this Agreement may give rise
to a legal action. In the event that you breach any provision of this Agreement, ON will have no further obligation under paragraph 2(a) of this Agreement. You agree that in the event of your breach, ON will be entitled to repayment of all
moneys paid to you under paragraph 2(a) this Agreement. The prevailing party in any action based on a breach of this Agreement will be entitled to recover its costs and reasonable attorneys’ fees. 
 15. No Adequate Remedy. You agree that it is impossible to measure in money all of the damages which will accrue to ON by reason of your
breach of any of your obligations under this Agreement. Therefore, if ON shall institute any action or proceeding to enforce the provisions hereof, you hereby waive the claim or defense that ON has an adequate remedy at law, and you shall not raise
in any such action or proceeding the claim or defense that ON has an adequate remedy at law. 
  

 6 

 16. No Assignment. This Agreement is personal to you and may not be assigned by you. You
represent that none of the claims under this Agreement have been assigned by you or your community, or by operation of law. 
 17.
Governing Law, Etc. & Enforceable Contract. This Agreement shall be governed by and construed in accordance with the laws of the State of Arizona, without reference to its principles of conflicts of law. Any claim or cause of
action brought under this Agreement, or that requires interpretation or application of this Agreement, must be brought in the state or federal courts sitting in Maricopa County, Arizona. 
 18. Entire Agreement. You agree that this Agreement contains the entire agreement between you and ON with respect to the subject matter
hereof and there are no promises, undertakings or understandings outside of this Agreement, except as specifically set forth otherwise herein. This Agreement supersedes all prior or contemporaneous discussions, negotiations and agreements, whether
written or oral. Any modification or addition to this Agreement must be in writing, signed by an officer of ON and you. 
 19.
Counterparts & Facsimile. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which counterpart, when so executed and delivered, shall be deemed to be an
original and all of which counterparts, taken together, shall constitute but one of the same Agreement. A facsimile of a signature shall be deemed to be and have the effect of an original signature. 
 20. Acknowledgment. You affirm that you received this Agreement on
                         , 2006 that you have read this Agreement, and have had adequate time to consider the terms
of the Agreement. Further, you have been advised that you should consult with an attorney prior to signing this Agreement. You acknowledge that you have carefully read this Agreement, the provisions of this Agreement are understandable to you and to
the extent that you have not understood any section, paragraph, sentence, clause or term, you have taken steps to ensure that it was explained to you. You have entered into this Agreement freely and voluntarily. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 7 

 IN WITNESS WHEREOF, the parties have executed this Agreement by their signatures below. 
  

									
	Peter Green	 		 	Semiconductor Components Industries, LLC
				
	  	 		 	 By:
	 	  
		 		 		 	Name:	 	George “Sonny” Cave
		 		 		 	Its:	 	Senior Vice President and General Counsel
			
	Date:                          ,
2006	 		 	Date:                          ,
2006

  

 8 

 Exhibit B 
  

			
		  	 ON Semiconductor Corporation
 5005 E.
McDowell Road
 Phoenix, AZ 85008

 Confidential Communication 
 October 27, 2006 
 Mr. George “Sonny” Cave 
 Senior Vice President, General Counsel, 
     Chief Compliance and Ethics Officer and Secretary

 ON Semiconductor Corporation 
 5005 E. McDowell Road 
 Phoenix, Arizona 85008 
 Dear Mr. Cave: 
 I hereby voluntarily resign from all officer positions, which I hold with ON Semiconductor Corporation and Semiconductor Components Industries, effective as of October 31, 2006. Positions and memberships from
which I resign include, but are not limited to, the following: 
 ON Semiconductor Corporation 
 Senior Vice President and General Manager, Digital and Consumer Products Group 
 Semiconductor Components Industries, LLC 
 Senior Vice President and General Manager, Digital and Consumer Products Group 
 I also agree to promptly provide any other documents necessary to
effectuate the resignation(s) referred to in this letter and other resignations from other ON Semiconductor Corporation subsidiaries and affiliates. 
  

	
	Sincerely,
	
	   
	Peter Green

  

 1

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