Document:

Management Rights Agreement

 EXHIBIT 10.13 
 NEUTRAL TANDEM, INC. 
 November 26, 2003 
 DCM III, L.P. 
 DCM III-A, L.P. 
 DCM Affiliates Fund III, L.P. 
 2420 Sand Hill Road, Suite 200 
 Menlo Park, CA 94025 
 Re: Management Rights 
 Gentlemen: 
 This letter will confirm our agreement that
pursuant to and effective as of your purchase of shares of Series A Preferred Stock of Neutral Tandem, Inc. (the “Company”), each of DCM III, L.P., DCM III-A, L.P. and DCM Affiliates Fund III, L.P. (each, an “Investor”) shall be
entitled to the following contractual management rights, in addition to any rights to non-public financial information, inspection rights and other rights specifically provided to all investors in the current financing: 
 1. The Investor shall be entitled to consult with and advise management of the Company on significant business issues, including management’s
proposed annual operating plans, and management will meet with you regularly during each year at the Company’s facilities at mutually agreeable times for such consultation and advice and to review progress in achieving said plans. 

2. The Investor may examine the books and records of the Company and inspect its facilities and may request information at reasonable times and
intervals concerning the general status of the Company’s financial condition and operations, provided that access to highly confidential proprietary information and facilities need not be provided. 
 3. If the Investor is not represented on the Company’s Board of Directors, the Company shall give a representative of the Investor copies of all
notices, minutes, consents and other material that the Company provides to its directors, except that the representative may be excluded from access to any material or meeting or portion thereof if the Company believes, upon advice of counsel, that
such exclusion is reasonably necessary to preserve the attorney-client privilege, to protect highly confidential proprietary information or for other similar reasons. Upon reasonable notice and at a scheduled meeting of the Board or such other time,
if any, as the Board may determine in its sole discretion, such representative may address the Board 

 
of Directors with respect to the Investor’s concerns regarding significant business issues facing the Company. 
 The Investor agrees, and any representative of the Investor will agree, to hold in confidence and trust and not disclose any confidential information
provided to or learned by it in connection with its rights under this letter. 
 The rights described herein shall terminate and be of no
further force or effect upon (a) the consummation of the sale of the Company’s securities pursuant to a registration statement filed by the Company under the Securities Act of 1933, as amended, in connection with a firm-commitment
underwritten offering of its securities to the public or (b) the consummation of a merger or consolidation of the Company that is effected (i) for independent business reasons unrelated to extinguishing such rights and (ii) for
purposes other than (A) the reincorporation of the Company in a different state or (B) the formation of a holding company that will be owned exclusively by the Company’s stockholders and will hold all of the outstanding shares of
capital stock of the Company’s successor. The confidentiality provisions hereof will survive any such termination. 
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intentionally left blank] 
  

 2 

			
	Very truly yours,
	
	NEUTRAL TANDEM, INC.
		
	By:	 	 /s/ Ron Gavillet

	Title:	 	Executive Vice President

  

			
	AGREED AND ACCEPTED:
	
	DCM III, L.P.
	DCM III-A, L.P.
	 DCM Affiliates Fund III, L.P

	By:	 	DCM Investment Management III, L.L.C.
		 	General Partner
		
	By	 	 /s/ D. R. Doll

		 	General PartnerManagement Rights Agreement

 EXHIBIT 10.14 
 NEUTRAL TANDEM, INC. 
 Two North LaSalle Street 
 Suite 1615 
 Chicago, IL 60602 
 November 26, 2003 
 New Enterprise
Associates 10, Limited Partnership 
 1119 St. Paul Street 
 Baltimore, MD 21202 
  

	 	Re:	Management Rights 

 Ladies and Gentlemen: 
 This letter will confirm our agreement that effective upon your purchase of 3,700,000 shares of Series A Convertible Preferred Stock of Neutral
Tandem, Inc. (the “Company”), you will be entitled to the following contractual management rights, in addition to rights to certain non-public financial information, inspection rights and other rights that you may be entitled to pursuant
to the Series A Convertible Preferred Stock Purchase Agreement: 
 (1) You shall be permitted to consult with and advise management of
the Company on significant business issues, including management’s proposed annual operating plans, and management will make itself available to meet with you at the Company’s facilities at mutually agreeable times for such consultation
and advice and to review progress in achieving said plans. 
 (2) You may examine the books and records of the Company and inspect its
facilities and may request information at reasonable times and intervals concerning the general status of the Company’s financial condition and operations, provided that access to highly confidential proprietary information and facilities need
not be provided. 
 (3) If and for so long as you do not have a representative on the Company’s Board of Directors, the Company shall
invite you to send a representative to attend in a nonvoting observer capacity all meetings of its Board of Directors and, in this respect, shall give your representative copies of all notices, minutes, consents, and other material that it provides
to its Directors; provided, however, that the Company reserves the right to exclude your representative from access to any material or meeting or portion thereof if the Company believes upon advice of counsel that such exclusion is reasonably
necessary 

 
to preserve the attorney-client privilege, to protect highly confidential proprietary information or for other similar reasons. 
 The rights described herein shall terminate and be of no further force or effect upon the earliest to occur of (a) the closing of a public offering
of shares of the Company’s capital stock pursuant to a registration statement filed by the Company under the Securities Act of 1933 which has become effective thereunder (other than a registration statement relating solely to employee benefit
plans or a transaction covered by Rule 145), (b) such time as the Company becomes required to file reports with the Securities and Exchange Commission under Sections 12(g) or 15(d) of the Securities Exchange Act of 1934, or
(c) such time as you hold, in the aggregate, less than 500,000 shares of the Series A Convertible Preferred Stock purchased by you on the date hereof. 
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	Very truly yours,
	
	NEUTRAL TANDEM, INC.
		
	By:	 	 /s/Ron Gavillet

	Name:	 	Ron Gavillet
	Title:	 	Executive Vice PresidentObservation Rights Agreement

 EXHIBIT 10.15 
 NEUTRAL TANDEM, INC. 
 1 South Wacker Drive 
 Suite 200 
 Chicago, IL 60606 
 November 19, 2004 
 Mesirow Capital
Partners VIII, L.P. 
 350 N. Clark St. 
 Chicago, IL 60610

 Re: Observation Rights 
 Ladies and
Gentlemen: 
 This letter will confirm our agreement that effective upon your purchase of
                     shares of Series B-1 Convertible Preferred Stock of Neutral Tandem, Inc. (the “Company”), and for so long
as you continue to own 50% of such shares, you will be entitled to the following board observation rights, in addition to rights to certain non-public financial information, inspection rights and other rights that you may be entitled to pursuant to
the Stock Purchase Agreement and Stockholders’ Agreement among the Company and the investor parties thereto, each dated as of the date hereof: 
 The Company shall permit one representative of Mesirow Capital Partners VIII, L.P. (“Mesirow”) to attend all meetings of the Board of Directors in a non-voting observer capacity (except as expressly provided herein), which
observation right shall include the ability to participate in discussions of the Board of Directors, and shall provide such representative with copies of all notices, minutes, written consents, and other materials that it provides to members of the
Board of Directors, at the time it provides them to such members. The observation right must be exercised in person. Mesirow agrees, on behalf of itself and any representative exercising the observation rights set forth herein, that so long as it
shall exercise its observation right (i) it shall hold in strict confidence all information and materials that it may receive or be given access to in connection with meetings of the Board of Directors and to act in a fiduciary manner with
respect to all information so provided (provided that this shall not limit its ability to discuss such matters with its officers, directors or legal counsel, as necessary), and (ii) the Board of Directors may withhold from it certain
information or material furnished or made available to the Board of Directors or exclude it from certain confidential “closed sessions” of the Board of Directors if the furnishing or availability of such information or 

 
material or its presence at such “closed sessions” would jeopardize the Company’s attorney-client privilege or if the Board of Directors
otherwise reasonably so requires. 
 The rights described herein shall terminate and be of no further force or effect upon the earliest to
occur of (a) the closing of a public offering of shares of the Company’s capital stock pursuant to a registration statement filed by the Company under the Securities Act of 1933 which has become effective thereunder, (b) such time as
the Company becomes required to file reports with the Securities and Exchange Commission under Sections 12(g) or 15(d) of the Securities Exchange Act of 1934, or (c) such time as you hold, in the aggregate, less than
                     shares of the Series B-1 Convertible Preferred Stock purchased by you on the date hereof. 
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	 Very truly yours,
	 	
		
	 NEUTRAL TANDEM, INC.
	 	
			
	 By:
	 	 /s/ Ron Gavillet
	 	
	 Name:
	 	 Ron Gavillet
	 	
	 Title:
	 	 Executive Vice President
	 	

  

			
	 ACKNOWLEDGED AND AGREED:

	
	 MESIROW CAPITAL PARTNERS VIII, L.P.

		
	 By:
	 	Mesirow Financial Services, Inc.
		 	Its General Partner
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 [signature page to Mesirow Observation Rights Letter]

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