Document:

Exhibit 10.1

     

    

    Execution Version

      

    

    THIS RESTRUCTURING SUPPORT AGREEMENT IS NOT AN OFFER OR ACCEPTANCE WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OF A CHAPTER 11 PLAN WITHIN THE MEANING OF SECTION 1125 OF THE BANKRUPTCY CODE.  ANY
      SUCH OFFER OR SOLICITATION WILL COMPLY WITH ALL APPLICABLE SECURITIES LAWS AND/OR PROVISIONS OF THE BANKRUPTCY CODE.  NOTHING CONTAINED IN THIS RESTRUCTURING SUPPORT AGREEMENT SHALL BE AN ADMISSION OF FACT OR LIABILITY OR, UNTIL THE OCCURRENCE OF THE
      AGREEMENT EFFECTIVE DATE ON THE TERMS DESCRIBED HEREIN, DEEMED BINDING ON ANY OF THE PARTIES HERETO.

     

    THIS RESTRUCTURING SUPPORT AGREEMENT HAS BEEN PRODUCED FOR DISCUSSION AND SETTLEMENT PURPOSES ONLY AND IS SUBJECT TO RULE 408 OF THE FEDERAL RULES OF EVIDENCE AND OTHER SIMILAR APPLICABLE STATE AND FEDERAL STATUTES,
      RULES, AND LAWS.  THIS RESTRUCTURING SUPPORT AGREEMENT AND THE INFORMATION CONTAINED HEREIN ARE SUBJECT TO THE TERMS OF ANY CONFIDENTIALITY AGREEMENTS (AS DEFINED HEREIN).

     

    RESTRUCTURING SUPPORT AGREEMENT

     

    This RESTRUCTURING SUPPORT AGREEMENT (including all exhibits, annexes, and schedules attached hereto in accordance with Section 15.02, this “Agreement”)
      is made and entered into as of April 14, 2020 (the “Execution Date”), by and among the following parties (each of the following described in sub‐clauses (i) and (ii) of this preamble, collectively, the “Parties”):1

     

    
      	 	
              i.

            	
              Frontier Communications Corporation, a company incorporated under the Laws of Delaware (“Frontier”), and each of its direct and
                indirect subsidiaries listed on Exhibit A to this Agreement that has executed and delivered counterpart signature pages to this Agreement to the Noteholder Groups Counsels (the Entities in
                this clause (i), collectively, the “Company Parties”); and

            

       

      

    

    
      	 	
              ii.

            	
              the undersigned holders of, or investment advisors, sub-advisors, or managers of discretionary accounts that hold, Senior
                Notes Claims that have executed and delivered counterpart signature pages to this Agreement on the Execution Date or subsequently delivered a Joinder or a Transfer Agreement to counsel to the Company Parties (the Entities in this
                clause (ii), collectively, the “Consenting Noteholders”).

            

    

     

    

    RECITALS

     

    WHEREAS, the Company Parties and the Consenting Noteholders have in good faith and at arm’s
        length negotiated or been apprised of certain restructuring and recapitalization transactions with respect to the Company Parties’ capital structure on the terms (a) set forth in this Agreement and (b) as specified in the restructuring term sheet
        attached as Exhibit B hereto (as may be amended, supplemented, or modified from time to time in accordance with the terms hereof, the “Restructuring Term Sheet”)

        (such transactions as described in, and in accordance with, this Agreement and the Restructuring Term Sheet, the “Restructuring Transactions”);

     

    
      
 

    
      
         

        

        	
                1

              	
                Capitalized terms used but not defined in the preamble and recitals to this Agreement have the meanings ascribed to them in Section 1 of this Agreement or the Restructuring Term Sheet (as defined below), as
                  applicable.

              

      

       

    

    
      
        

    

    WHEREAS, the Company Parties intend to implement the Restructuring Transactions, including
        through the commencement by the Debtors of voluntary cases under chapter 11 of the Bankruptcy Code in the Bankruptcy Court (the cases commenced, the “Chapter 11 Cases”); and

     

    WHEREAS, the Parties have agreed to take certain actions in support of the
        Restructuring Transactions on the terms and conditions set forth in this Agreement (including the exhibits hereto).

     

    NOW, THEREFORE, in consideration of the representations, warranties, covenants, and agreements
        contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Party, intending to be legally bound hereby, agrees as follows:

     

    AGREEMENT

     

    Section 1.            Definitions and Interpretation.

     

    1.01.      Definitions.  The following terms shall have the following definitions:

     

    “1991 Notes Indenture” means that certain Base Indenture, dated as of August 15, 1991, by and between Frontier, as issuer, and JPMorgan Chase Bank,
      N.A., as successor trustee, as amended, supplemented, or modified from time to time.

     

    “2001 Notes Indenture” means that certain Indenture, dated as of August 16, 2001, by and between Frontier, as issuer, and JPMorgan Chase Bank, N.A., as
      successor trustee, as amended, supplemented, or modified from time to time.

     

    “2006 Notes Indenture” means that certain Indenture, dated as of December 22, 2006, by and between Frontier, as issuer, and The Bank of New York, as
      trustee, as amended, supplemented, or modified from time to time.

     

     “2009 Notes Indenture” means that certain Base Indenture, dated as of April 9, 2009, by and between Frontier, as issuer, and The Bank of New York
      Mellon, as trustee, as amended, supplemented, or modified from time to time.

     

    “2010 Notes Indenture” means that certain Indenture, dated as of April 12, 2010, by and between New Communications Holdings Inc., as issuer, and the
      Bank of New York Mellon, as trustee, as amended, supplemented, or modified from time to time.

     

    “2015 Notes Indenture” means that certain Base Indenture, dated as of September 25, 2015, by and between Frontier, as issuer, and The Bank of New York
      Mellon, as trustee, as amended, supplemented, or modified from time to time.

     

    
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    “2020 April Notes” means the 8.500% unsecured notes due April 15, 2020, issued pursuant to the 2010 Notes Indenture.

     

    “2020 September Notes” means the 8.875% unsecured notes due September 15, 2020, issued pursuant to the 2015 Notes Indenture.

     

    “2021 July Notes” means the 9.250% unsecured notes due July 1, 2021, issued pursuant to the 2009 Notes Indenture.

     

    “2021 September Notes” means the 6.250% unsecured notes due September 15, 2021, issued pursuant to the 2009 Notes Indenture.

     

    “2022 April Notes” means the 8.750% unsecured notes due April 15, 2022, issued pursuant to the 2010 Notes Indenture.

     

    “2022 September Notes” means the 10.500% unsecured notes due September 15, 2022, issued pursuant to the 2015 Notes Indenture.

     

    “2023 Notes” means the 7.125% unsecured notes due January 15, 2023, issued pursuant to the 2009 Notes Indenture.

     

    “2024 Notes” means the 7.625% unsecured notes due April 15, 2024, issued pursuant to the 2009 Notes Indenture.

     

    “2025 January Notes” means the 6.875% unsecured notes due January 15, 2025, issued pursuant to the 2009 Notes Indenture.

     

    “2025 November Notes” means the 7.000% unsecured debentures due November 1, 2025, issued pursuant to the 1991 Notes Indenture.

     

    “2025 September Notes” means the 11.000% unsecured notes due September 15, 2025, issued pursuant to the 2015 Notes Indenture.

     

    “2026 Notes” means the 6.800% unsecured debentures due August 15, 2026, issued pursuant to the 1991 Notes Indenture.

     

    “2027 Notes” means the 7.875% unsecured notes due January 15, 2027, issued pursuant to the 2006 Notes Indenture.

     

    “2031 Notes” means the 9.000% unsecured notes due August 15, 2031, issued pursuant to the 2001 Notes Indenture.

     

    “2034 Notes” means the 7.680% unsecured debentures due October 1, 2034, issued pursuant to the 1991 Notes Indenture.

     

    “2035 Notes” means the 7.450% unsecured debentures due July 1, 2035, issued pursuant to the 1991 Notes Indenture.

     

    
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    “2046 Notes” means the 7.050% unsecured debentures due October 1, 2046, issued pursuant to the 1991 Notes Indenture.

     

    “Affiliate” has the meaning set forth in the Restructuring Term Sheet.

     

    “Agents” means any administrative agent, collateral agent, or other agent or similar entity under the Credit Agreement or the DIP Credit Agreement.

     

    “AG Notes Group” means the ad hoc group or committee of Consenting Noteholders represented by the AG Group Representatives.

     

    “AG Group Representatives” means Akin and Ducera.

     

    “Agreement” has the meaning set forth in the preamble to this Agreement and, for the avoidance of doubt, includes all the exhibits, annexes, and
      schedules hereto in accordance with Section 15.02.

     

    “Agreement Effective Date” means the date on which the conditions set forth in Section 2 have been satisfied or waived by the appropriate Party or
      Parties in accordance with this Agreement.

     

    “Agreement Effective Period” means, with respect to a Party, the period from the Agreement Effective Date to the Termination Date applicable to that
      Party.

     

    “Akin” means Akin Gump Strauss Hauer & Feld LLP, as counsel to the AG Notes Group.

     

    “Alternative Restructuring Proposal” means any plan, inquiry, proposal, offer, bid, term sheet, discussion, or agreement with respect to a sale,
      disposition, new-money investment, restructuring, reorganization, merger, amalgamation, acquisition, consolidation, dissolution, debt investment, equity investment, liquidation, asset sale, share issuance, tender offer, recapitalization, plan of
      reorganization, share exchange, business combination, joint venture or similar transaction involving any one or more Company Parties or the debt, equity, or other interests in any one or more Company Parties, in each case, other than the
      Restructuring Transactions.

     

    “Altman” means Altman Vilandrie & Company, as advisor to the Noteholder Groups.

     

    “Bankruptcy Code” means title 11 of the United States Code, 11 U.S.C. §§ 101–1532, as amended.

     

    “Bankruptcy Court” means the United States Bankruptcy Court for the Southern District of New York with jurisdiction over the Chapter 11 Cases.

     

    “Bankruptcy Rules” means the Federal Rules of Bankruptcy Procedure and the local rules and general orders of the Bankruptcy Court, as in effect on the
      Petition Date, if applicable, together with all amendments and modifications thereto subsequently made applicable to the Chapter 11 Cases.

     

    
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    “Benefit Agreement” means any employment, consulting, incentive compensation, bonus, deferred compensation, severance, change of control, retention,
      stock purchase, equity, or equity-based compensation or similar agreement between a Company Party or its subsidiaries, on the one hand, and any employee, officer, director, or consultant of a Company Party or any of its subsidiaries (each a “Service Provider”), on the other hand.

     

    “Benefit Plan” means any “employee benefit plan” (as defined in section 3(3) of ERISA (whether or not subject to ERISA)) and each other benefit or
      compensation, bonus, savings, pension, profit-sharing, retirement, deferred compensation, incentive compensation, stock ownership, equity or equity-based compensation, paid time off, perquisite, fringe benefit, vacation, change of control, severance,
      retention, salary continuation, disability, death benefit, hospitalization, medical, life insurance, welfare benefit or other plan, program, policy, arrangement or agreement sponsored, maintained or contributed to or required to be maintained or
      contributed to by a Company Party or its subsidiaries, in each case, providing benefits to any Service Provider or any of their respective dependents or with respect to which a Company Party or any of its subsidiaries or Affiliates has any liability,
      contingent or otherwise.

     

    “Board” means the board of directors of Frontier.

     

    “Business Day” means any day other than a Saturday, Sunday, or other day on which commercial banks are authorized to close under the Laws of, or are in
      fact closed in, the state of New York.

     

    “Causes of Action” has the meaning set forth in the Restructuring Term Sheet.

     

    “Chapter 11 Cases” has the meaning set forth in the recitals to this Agreement.

     

    “Claim” has the meaning ascribed to it in section 101(5) of the Bankruptcy Code.

     

    “Company Parties” has the meaning set forth in the preamble to this Agreement.

     

    “Compensation Consultant” means that certain compensation consultant retained jointly by the Noteholder Groups.

     

    “Confidentiality Agreement” means an executed confidentiality agreement between the Company and a Consenting Noteholder, including provisions thereunder
      with respect to the issuance of a “cleansing letter” or other public disclosure of material non-public information agreement, in connection with any proposed Restructuring Transactions.

     

    “Confirmation” means the Bankruptcy Court’s entry of the Confirmation Order on the docket of the Chapter 11 Cases within the meaning of Bankruptcy Rules
      5003 and 9021.

     

    “Confirmation Date” means the date on which Confirmation occurs.

     

    “Confirmation Order” has the meaning set forth in the Restructuring Term Sheet.

     

    “Consenting Noteholders” has the meaning set forth in the preamble to this Agreement.

     

    
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    “Credit Agreement” means that certain credit agreement, dated as of February 27, 2017, as amended, modified, or supplemented from time to time, by and
      among Frontier, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time thereto.

     

    “Debtors” means Frontier and its affiliates and subsidiaries that file chapter 11 petitions.

     

    “Definitive Documents” means the documents set forth in Section 3.01.

     

    “DIP Budget” means that certain budget provided pursuant to the terms of the DIP Credit Agreement, including any updates delivered or provided with respect thereto.

     

    “DIP Claims” means any Claim against a Debtor arising under, derived from, based on, or related to the DIP Facility Documents.

     

    “DIP Credit Agreement” means that certain credit agreement evidencing the DIP Facility in accordance with the terms, and subject in all respects to the
      conditions, as set forth in this Agreement, and pursuant to the term and conditions to be set forth in the DIP Orders.

     

    “DIP Facility” means that certain debtor-in-possession financing facility to be provided to the Company Parties in accordance with the terms, and
      subject in all respects to the conditions, as set forth in this Agreement, and pursuant to the terms and conditions of the DIP Orders.

     

    “DIP Facility Documents” means, collectively, the DIP Credit Agreement, the DIP Budget, and all other agreements,
      documents, and instruments delivered or entered into in connection therewith, including any guarantee agreements, pledge and collateral agreements, intercreditor agreements, subordination agreements, fee letters, and other security documents.

     

    “DIP Lenders” means the lenders providing the DIP Facility under the DIP Facility Documents.

     

    “DIP Motion” means the motion filed by the Debtors seeking entry of the DIP Orders.

     

    “DIP Orders” means, collectively, the Interim DIP Order and the Final DIP Order.

     

    “Disclosure Statement” means the related disclosure statement with respect to the Plan.

     

    “Disclosure Statement Order” means the order of the Bankruptcy Court approving the Disclosure Statement pursuant to section 1125 of the Bankruptcy Code.

     

    “Ducera” means Ducera Partners LLC, as financial advisor to the AG Notes Group.

     

    “Entity” has the meaning set forth in the Restructuring Term Sheet.

     

    “Equity Interests” means, collectively, the shares (or any class thereof), common stock, preferred stock, limited liability company interests, and any
      other equity, ownership, or profits interests of any Company Party, and options, warrants, rights, or other securities or agreements to acquire or subscribe for, or which are convertible into the shares (or any class thereof) of, common stock,
      preferred stock, limited liability company interests, or other equity, ownership, or profits interests of any Company Party (in each case whether or not arising under or in connection with any employment agreement and including any equity security
      (as such term is defined in Bankruptcy Code section 101(16)) in a Company Party).

     

    
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    “ERISA” means the Employee Retirement Income Act of 1974, as amended.

     

    “Execution Date” has the meaning set forth in the preamble to this Agreement.

     

    “Exit Credit Agreement” means that certain credit agreement evidencing the Exit Facility in accordance with the terms, and subject in all respects to
      the conditions, as set forth in this Agreement.

     

    “Exit Facility” means that certain credit facility to be provided to the Company Parties in accordance with the terms, and subject in all respect to the
      conditions, as set forth in this Agreement.

     

    “Exit Facility Documents” means, collectively, the Exit Credit Agreement, and all other agreements, documents, and instruments delivered or entered into
      in connection with the Exit Facility, including any guarantee agreements, pledge and collateral agreements, intercreditor agreements, subordination agreements, fee letters, and other security documents

     

    “FCC” has the meaning set forth in Section 3.01.

     

    “First Day Pleadings” means the “first-day” pleadings that the Company Parties intend to file upon the commencement of, or determine are necessary or
      desirable to file in connection with, the Chapter 11 Cases.

     

    “Final DIP Order” means the final order by the Bankruptcy Court authorizing the Debtors’ entry into the DIP Facility Documents.

     

    “Finance Committee” means the finance committee of the Board.

     

    “First Lien Notes” means the 8.000% first lien secured notes due April 1, 2027, issued by Frontier pursuant to the First Lien Notes Indenture.

     

    “First Lien Notes Claims” means any Claim against a Debtor arising under, derived from, based on, or related to the First Lien Notes or the First Lien
      Notes Indenture.

     

    “First Lien Notes Indenture” means that certain Indenture, dated as of March 15, 2019, by and among Frontier, as issuer, the subsidiary guarantors party
      thereto, JPMorgan Chase Bank, N.A., as collateral agent, and The Bank of New York Mellon, as trustee, as amended, supplemented, or modified from time to time.

     

    “Florida Sale Leaseback Transaction” means that certain proposed sale leaseback transaction to be entered into by the Company Parties with respect to
      the following properties: (a) 610 East Zack Street, Tampa, FL 33602; (b) 1701 Ringling Boulevard, Sarasota, FL 34236; (c) 821 1st Avenue North, St. Petersburg, FL 33701; and (d) 1280 Cleveland Street, Clearwater, FL 33755.

     

    
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    “Frontier” has the meaning set forth in the preamble to this Agreement.

     

    “Houlihan” means Houlihan Lokey Capital, Inc., as financial advisor to the MB Notes Group.

     

    “IDRB” means the 6.200% industrial development revenue bonds due May 1, 2030, issued pursuant to the IDRB Loan Agreement.

     

    “IDRB Claims” means any Claim against a Debtor arising under, derived from, based on, or related to the IDRB or IDRB Loan Agreement.

     

    “IDRB Loan Agreement” means that certain Loan Agreement, dated as of May 1, 1995, by and among Citizens Utilities Company and The Industrial Development
      Authority of the County of Maricopa, as issuer, as amended, modified, or supplemented from time to time.

     

    “Incremental Payments” has the meaning set forth in the Restructuring Term Sheet.

     

    “Interim DIP Order” means the interim order by the Bankruptcy Court authorizing the Debtors’ entry into the DIP Facility Documents.

     

    “Joinder” means a joinder to this Agreement substantially in the form attached hereto as Exhibit C.

     

    “Law” means any federal, state, local, or foreign law (including common law), statute, code, ordinance, rule, regulation, order, ruling, or judgment, in
      each case, that is validly adopted, promulgated, issued, or entered by a governmental authority of competent jurisdiction (including the Bankruptcy Court).

     

    “Management Incentive Plan” means the management incentive plan to be implemented with respect to Reorganized Frontier in
      accordance with the terms, and subject in all respects to the conditions, as set forth in the Restructuring Term Sheet.

     

    “MB Notes Group” means the ad hoc group or committee of Consenting Noteholders represented by the MB Group Representatives.

     

    “MB Group Representatives” means Houlihan and Milbank.

     

    “Milbank” means Milbank LLP, as counsel to the MB Notes Group.

     

    “Milestones” means the milestones set forth in Section 4.

     

    “New Common Stock” means the common stock of Reorganized Frontier to be issued on the Plan Effective Date.

     

    “NOL Rights Plan” means that certain Section 382 Rights Agreement, dated as of July 1, 2019, between Frontier and
      Computershare Trust Company, N.A., as Rights Agent, as amended, restated, modified, supplemented, or replaced from time to time.

     

    “Noteholder Groups” means, together, the MB Notes Group and the AG Notes Group.

     

    
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    “Noteholder Groups Counsels” means, together, Akin and Milbank.

     

    “Noteholder Representatives” means Akin, Altman, Ducera, Houlihan and
      Milbank.

     

    “New Organizational Documents” means the organizational and governance documents for the Reorganized Debtors and any subsidiaries thereof, including, as
      applicable, the certificates or articles of incorporation, certificates of formation or certificates of limited partnership, bylaws, limited liability company agreements, or limited partnership agreements, stockholder or
      shareholder agreements, the Registration Rights Agreement, the identity of proposed members of the Reorganized Frontier Board, indemnification agreements, and registration rights agreements (or equivalent governing documents of any of the foregoing).

     

    “October Three” means October Three Consulting LLC, as pension advisor to the MB Notes Group.

     

    “Outside Date” means the date that is twelve (12) months after the Petition Date (the “Initial Outside Date”); provided, that (a) the Initial Outside Date may be extended for two (2) additional three (3) month periods (for a total of fifteen (15) months and then eighteen (18) months from the Petition Date, respectively),
      in each case, solely to the extent that the Company Parties have otherwise complied with the terms of the Definitive Documents and all other events and actions necessary for the occurrence of the Plan Effective Date have occurred other than the
      receipt of regulatory or other approval of a governmental unit (including the FCC and PUCs) necessary for the occurrence of the Plan Effective Date and (b) the Parties shall negotiate in good faith for a further reasonable extension of the Outside
      Date if the Parties have otherwise complied with the terms of the Definitive Documents and all other events and actions necessary for the occurrence of the Plan Effective Date have occurred other than the receipt of regulatory or other approval of a
      governmental unit (including the FCC and PUCs) necessary for the occurrence of the Plan Effective Date by the Outside Date as extended pursuant to clause (a) hereof.

     

    “Parties” has the meaning set forth in the preamble to this Agreement.

     

    “Permitted Transferee” means each transferee of any Senior Notes Claims who meets the requirements of Section 9.01.

     

    “Person” means an individual, a partnership, a joint venture, a limited liability company, a corporation, a trust, an unincorporated organization, a
      group, a governmental or regulatory authority, or any legal entity or association.

     

    “Petition Date” means the date on which each of the Debtors file its respective petition for relief commencing its Chapter 11 Case.

     

    “Plan” means the joint chapter 11 plan of reorganization to be filed by the Debtors in the Chapter 11 Cases to implement the Restructuring Transactions
      in accordance with this Agreement and the Definitive Documents.

     

    “Plan Effective Date” means the date on which all conditions precedent to the effectiveness of the Plan have been satisfied or waived in accordance with
      the terms of the Plan, and the Plan is substantially consummated according to its terms.

     

    
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    “Plan Supplement” means the compilation of documents and forms of documents, schedules, and exhibits to the Plan to be filed by the Debtors with the
      Bankruptcy Court.

     

    “PNW Purchase Agreement” means that certain Purchase Agreement, dated as of May 28, 2019, by and among Frontier, Frontier Communications ILEC Holdings
      LLC, and Northwest Fiber, LLC.

     

    “PNW Sale” means the sale of all the issued and outstanding equity interest of certain subsidiaries of Frontier and Frontier Communications ILEC
      Holdings LLC that operate Frontier’s businesses in Washington, Oregon, Idaho, and Montana to Northwest Fiber, LLC as reflected in the PNW Purchase Agreement.

     

    “PNW Sale Assumption Motion” means the motion filed by the Debtors seeking approval of the Debtors’ assumption of the PNW Purchase Agreement and the PNW
      Sale, including all actions taken or required to be taken in connection with the implementation and consummation of, and performance under, the PNW Purchase Agreement, including the Transition
      Services Agreement, attached as Exhibit B thereto.

     

    “PUC” has the meaning set forth in Section 3.01.

     

    “RDOF” means the Rural Digital Opportunity Fund program administered by the FCC.

     

    “Qualified Marketmaker” means an entity that (a) holds itself out to the public or the applicable private markets as standing ready in the ordinary
      course of business to purchase from customers and sell to customers Senior Notes Claims (or enter with customers into long and short positions in Senior Notes Claims), in its capacity as a dealer or market maker in Senior Notes Claims and (b) is, in
      fact, regularly in the business of making a market in claims against issuers or borrowers (including debt securities or other debt).

     

    “Registration Rights Agreement” means any agreements providing registration rights to the Consenting Noteholders or any other parties, in each case, on account of the New Common Stock.

     

    “Reorganized Frontier” means either (a) Frontier, or any successor or assign thereto, by merger, consolidation, reorganization, or otherwise, in the
      form of a corporation, limited liability company, partnership, or other form, as the case may be, on and after the Plan Effective Date, or (b) a new corporation, limited liability company, or partnership that may be formed to, among other things,
      directly or indirectly acquire substantially all of the assets and/or stock of the Debtors and issue the New Common Stock to be distributed pursuant to the Plan.

     

    “Reorganized Frontier Board” means the board of directors (or other applicable governing body) of Reorganized Frontier.

     

    “Reorganized Debtor” means a Debtor, or any successor or assign thereto, by merger, consolidation, reorganization, or otherwise, in the form of a
      corporation, limited liability company, partnership, or other form, as the case may be, on and after the Plan Effective Date, including Reorganized Frontier.

     

    
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    “Required Consenting Noteholders” means, as of the relevant date, the Consenting Noteholders then holding, controlling, or having the ability to
      control, greater than fifty and one‐tenth percent (50.1%) of the aggregate outstanding principal amount of Senior Notes Claims that are held by all Consenting Noteholders as of such date.

     

    “Restructuring Term Sheet” has the meaning set forth in the recitals to this Agreement.

     

    “Restructuring Transactions” has the meaning set forth in the recitals to this Agreement.

     

    “Revolving Credit Claims” means any Claim against a Debtor arising under, derived from, based on, or related to the Revolving Credit Facility provided
      for in the Credit Agreement.

     

    “Revolving Credit Facility” means that certain prepetition senior secured revolving credit facility provided for under the Credit Agreement in the
      original aggregate principal amount of $850 million, subject to adjustment from time to time.

     

    “RSA Effective Date” has the meaning set forth in the Restructuring Term Sheet.

     

    “Rules” means Rule 501(a)(1), (2), (3), and (7) of the Securities Act.

     

    “Second Lien Notes” means the 8.500% second lien secured notes due April 1, 2026, issued by Frontier pursuant to the Second Lien Notes Indenture.

     

    “Second Lien Notes Claims” means any Claim against a Debtor arising from or based upon the Second Lien Notes, the Second Lien Notes Indenture, or any
      guarantee and ancillary documents executed in connection with the Second Lien Notes Indenture.

     

    “Second Lien Notes Indenture” means that certain Indenture, dated as of March 19, 2018, by and among Frontier, as issuer, the subsidiary guarantors
      party thereto, and The Bank of New York Mellon, as trustee and collateral agent, as amended, supplemented, or modified from time to time.

     

    “Securities Act” means the Securities Act of 1933, as amended.

     

    “Senior Notes” means, collectively, the 2020 April Notes, the 2020 September Notes, the 2021 July Notes, the 2021 September Notes, the 2022 April Notes,
      the 2022 September Notes, the 2023 Notes, the 2024 Notes, the 2025 January Notes, the 2025 November Notes, the 2025 September Notes, the 2026 Notes, the 2027 Notes, the 2031 Notes, the 2034 Notes, the 2035 Notes, and the 2046 Notes.

     

    “Senior Notes Claims” means any Claim against a Debtor arising under, derived from, based on, or related to the Senior Notes or the Senior Notes
      Indenture.

     

    “Senior Notes Indentures”
        means, collectively, the 1991 Notes Indenture, the 2001 Notes Indenture, the 2006 Notes Indenture, the 2009 Notes Indenture, the 2010 Notes Indenture, and the 2015 Notes Indenture.

     

    
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    “Solicitation Commencement Date” means the date that the Company Parties commence solicitation of votes to approve or reject the Plan from holders of
      Senior Notes Claims.

     

    “Specified Material Actions” has the meaning set forth in Section 7.02(i) of this Agreement.

     

    “Solicitation Materials” means any materials related to the solicitation of votes for the Plan pursuant to sections 1123, 1126, and 1143 of the
      Bankruptcy Code.

     

    “Specified Period” means, with respect to each Consenting Noteholder, the period commencing as of the date such Consenting Noteholder, as applicable,
      executes this Agreement until the Termination Date, as to such Consenting Noteholder.

     

    “Takeback Debt” has the meaning set forth in the Restructuring Term Sheet.

     

    “Takeback Debt Documents” means, collectively, such agreements, documents, and instruments delivered and entered into in connection with the Takeback
      Debt, including any guarantee agreements, pledge and collateral agreements, intercreditor agreements, subordination agreements, fee letters, and other security documents.

     

    “Term Loan Facility” means that certain prepetition senior secured term loan facility provided for under the Credit Agreement in the original aggregate
      principal amount of $1.74 billion by and between certain of the Debtors as obligors or guarantors and the lenders thereto.

     

    “Term Loan Claims” means any Claim against a Debtor arising under, derived from, based on, or related to the Term Loan Credit Facility provided for in
      the Credit Agreement.

     

    “Term Sheets” means, collectively, the terms sheets attached as exhibits to this Agreement, including the Restructuring Term Sheet.

     

    “Termination Date” means the date on which termination of this Agreement as to a Party is effective in accordance with Sections 13.01, 13.02, 13.03, or
      13.04.

     

    “Transfer” means to sell, pledge, assign, transfer, hypothecate, participate, donate, or otherwise encumber or dispose of, directly or indirectly
      (including through derivatives, options, swaps, pledges, forward sales or other transactions).

     

    “Transfer Agreement” means an executed form of the transfer agreement providing, among other things, that a transferee is bound by the terms of this
      Agreement and substantially in the form attached hereto as Exhibit D.

     

    “Trustees” means, collectively, any indenture trustee, collateral trustee, or other trustee or similar entity under the Senior Notes Indentures.

     

    “Virtual Separation” has the meaning set forth in the Restructuring Term Sheet.

     

    
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    “WARN Act” means the Worker Adjustment and Retraining Notification Act of 1998 or any similar state, local or foreign Law which calls for advance
      notification, wage or benefits continuation in the event of layoffs, closure or all or part of a business or operation, or relocation of work.

     

    1.02.      Interpretation.  For purposes of this Agreement:

     

    (a)         in the appropriate context, each term, whether stated in the singular or the plural, shall include both the singular and the plural, and pronouns stated in the masculine, feminine, or
      neuter gender shall include the masculine, feminine, and the neuter gender;

     

    (b)         capitalized terms defined only in the plural or singular form shall nonetheless have their defined meanings when used in the opposite form;

     

    (c)         unless otherwise specified, any reference herein to a contract, lease, instrument, release, indenture, or other agreement or document being in a particular form or on particular terms and
      conditions means that such document shall be substantially in such form or substantially on such terms and conditions;

     

    (d)         unless otherwise specified, any reference herein to an existing document, schedule, or exhibit shall mean such document, schedule, or exhibit, as it may have been or may be amended,
      restated, supplemented, or otherwise modified from time to time; provided, that any capitalized terms herein which are defined with reference to another agreement, are defined with reference to such other
      agreement as of the date of this Agreement, without giving effect to any termination of such other agreement or amendments to such capitalized terms in any such other agreement following the date hereof;

     

    (e)         unless otherwise specified, all references herein to “Sections” are references to Sections of this Agreement;

     

    (f)          the words “herein,” “hereof,” and “hereto” refer to this Agreement in its entirety rather than to any particular portion of this Agreement;

     

    (g)         captions and headings to Sections are inserted for convenience of reference only and are not intended to be a part of or to affect the interpretation of this Agreement;

     

    (h)         references to “shareholders,” “directors,” and/or “officers” shall also include “members” and/or “managers,” as applicable, as such terms are defined under the applicable limited
      liability company Laws;

     

    (i)          the use of “include” or “including” is without limitation, whether or not they are in fact followed by those words or words of like import; and

     

    (j)          the use of “writing,” written” and comparable terms refer to printing, typing, and other means of reproducing words (including electronic media) in a visible form.

     

    
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    Section 2.            Effectiveness of this Agreement.  This Agreement shall become effective and binding upon each of the Parties at 12:00 a.m., prevailing Eastern Time, on the Agreement Effective Date, which is the date on which all of the following conditions have been
      satisfied or waived in accordance with this Agreement:

     

    (a)         each of the Company Parties shall have executed and delivered counterpart signature pages of this Agreement to the Noteholder
      Groups Counsels;

     

    (b)         holders of at least sixty-six and two-thirds percent (66.67%) of the aggregate outstanding principal amount of Senior Notes shall have executed and delivered counterpart signature pages
      of this Agreement to counsel to the Company Parties;

     

    (c)         all of the accrued and outstanding, reasonable and documented fees, costs, and expenses of the following advisors shall have been paid in full and in cash:
      (i) Akin, (ii) Altman, (iii) Ducera, (iv) Houlihan, (v) Milbank, and (vi) October Three; and

     

    (d)         counsel to the Company Parties shall have given notice to the Noteholder Groups Counsels in the manner set forth in Section 15.10 of this Agreement (by email or otherwise) that the other
      conditions to the Agreement Effective Date set forth in this Section 2 have been satisfied or waived in accordance with this Agreement.

     

    Section 3.            Definitive Documents.

     

    3.01.      The Definitive Documents governing the Restructuring Transactions shall include the following:  (A) the Plan (and any and all exhibits annexes and schedules thereto); (B) the Confirmation
      Order; (C) the Disclosure Statement and the other Solicitation Materials; (D) the Disclosure Statement Order; (E) all pleadings filed by the Company Parties in connection with the Chapter 11 Cases (or related orders), including the First Day
      Pleadings and all orders sought pursuant thereto; (F) the Plan Supplement; (G) the DIP Facility Documents; (H) the DIP Orders; (I) the Exit Facility Documents; (J) the Takeback Debt Documents; (K) the New Organizational Documents; (L) any key
      employee incentive plan or key employee retention plan; (M) all documentation with respect to any post-emergence management incentive plan, including the Management Incentive Plan; (N) any other disclosure documents
      related to the issuance of the New Common Stock; (O) any new material employment, consulting, or similar agreements; (P) any and all filings as may be required under the rules of the Federal Communications Commission (the “FCC”) and/or any state public utility commission (“PUC”) in connection with the Chapter 11 proceedings; and (Q) any and all
      other deeds, agreements, filings, notifications, pleadings, orders, certificates, letters, instruments or other documents reasonably desired or necessary to consummate and document the transactions contemplated by this Agreement or the Restructuring
      Transactions (including any exhibits, amendments, modifications, or supplements made from time to time thereto).

     

    3.02.      The Definitive Documents not executed or in a form attached to this Agreement as of the Execution Date remain subject to negotiation and completion.  Upon completion, the Definitive
      Documents and every other document, deed, agreement, filing, notification, letter or instrument related to the Restructuring Transactions shall contain terms, conditions, representations, warranties, and covenants consistent with the terms of this
      Agreement, as they may be modified, amended, or supplemented in accordance with Section 14.  Further, subject to and without limiting any additional consent or approval rights of the Parties specified elsewhere in this Agreement or in the
      Restructuring Term Sheet, the Definitive Documents not executed or in a form attached to this Agreement as of the Execution Date shall otherwise be in form and substance reasonably acceptable to the Company Parties and the Required Consenting
      Noteholders; provided, that the New Organizational Documents shall be determined by and acceptable to the Required Consenting Noteholders in their sole discretion.

     

    
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    Section 4.            Milestones.  The
      following Milestones shall apply to this Agreement unless extended or waived in writing by the Company Parties and the Required Consenting Noteholders; provided, however, that in the event that the Bankruptcy
      Court is unable to hear the Chapter 11 Cases or is otherwise inaccessible to the Company Parties for reasons related to COVID‐19, the Company Parties and the Required Consenting Noteholders agree to negotiate in good faith with respect to a
      reasonable extension of any of the following Milestones, as appropriate:

     

    (a)          no later than one (1) Business Day after the Petition Date, the Debtors shall file with the Bankruptcy Court the DIP Motion (including the proposed Interim DIP Order) and the PNW Sale
      Assumption Motion;

     

    (b)         no later than three (3) Business Days after the RSA Effective Date, the Debtors shall have used commercially reasonable efforts to deliver to the Consenting Noteholders the Debtors’ “base
      case” business plan;

     

    (c)         no later than ten (10) Business Days after the RSA Effective Date, the Debtors shall have used commercially reasonable efforts to deliver to the Consenting Noteholders (i) the Debtors’
      “reinvestment” sensitivity case and (ii) an alternative “reinvestment” sensitivity case for the Reorganized Debtors as set forth in the Restructuring Term Sheet;

     

    (d)         no later than five (5) Business Days after the RSA Effective Date,
      the Finance Committee shall have commenced a selection process for the Reorganized Debtors with respect to certain key management positions;

     

    (e)         no later than 8:00 a.m., prevailing Eastern Time April 15, 2020, the Debtors shall commence the Chapter 11 Cases and file the First Day Pleadings;

     

    (f)          no later than five (5) Business Days after the Petition Date, the Company Parties shall file all applications or notifications related to entry into Chapter 11 proceedings as may be
      required under the rules of the FCC or any PUC, unless such applications and notifications are required to be filed on an earlier date under applicable law;

     

    (g)         no later than fifteen (15) calendar days after the Petition Date, the Company Parties shall have used commercially reasonable efforts to commence evaluation of potential sales of assets
      (including identifying applicable specified markets to be considered for sale);

     

    (h)         no later than thirty (30) calendar days after the Petition Date, the Debtors shall file with the Bankruptcy Court the Plan and Disclosure Statement and motion for approval of the
      Disclosure Statement and associated solicitation procedures with the Bankruptcy Court;

     

    (i)          no later than three (3) calendar days after the Petition Date, the Bankruptcy Court shall have entered the Interim DIP Order;

     

    
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    (j)          no later than forty-five (45) calendar days after the Petition Date, the Bankruptcy Court shall have entered the Final DIP Order;

     

    (k)         no later than ninety (90) calendar days after the Petition Date, the Bankruptcy Court shall have entered the Disclosure Statement Order;

     

    (l)          no later than three (3) Business Days after entry of the Disclosure Statement Order, the Solicitation Commencement Date shall have occurred;

     

    (m)        no later than one hundred twenty (120) calendar days after the Petition Date, the Bankruptcy Court shall have entered the Confirmation Order;

     

    (n)         no later than May 28, 2020, the “Closing Date” (as such term is defined in the PNW Purchase Agreement) shall have occurred;

     

    (o)         no later than January 31, 2021, the Debtors shall have used commercially reasonable efforts to provide the following to the Consenting Noteholders: (i) new budgetary plan, as set forth in
      the Restructuring Term Sheet; and (ii) capital spending into fiber expansion and FTTx upgrades within the network;

     

    (p)         no later than five (5) Business Days after the entry of the Confirmation Order by the Bankruptcy Court, the Company Parties shall have filed any and all applications and notifications
      that are necessary or required in connection with obtaining the applicable approvals of the FCC and, as applicable, any PUCs with respect to the Restructuring Transactions; and

     

    (q)         no later than the Outside Date, all conditions to the occurrence of the Plan Effective Date shall have been either satisfied or waived in accordance with this Agreement and the Plan
      Effective Date shall have occurred.

     

    
      
        Section 5.            Commitments of the Consenting Noteholders.

         

        

      

    

    5.01.      General Commitments.

     

    (a)          During the Agreement Effective Period, each Consenting Noteholder severally, and not jointly, agrees in respect of all of its Senior Notes Claims, to:

     

    (i)          support the Restructuring Transactions as contemplated by, and within the timeframes outlined in, this Agreement and in the Definitive Documents;

     

    (ii)        take all steps reasonably necessary and desirable to consummate the Restructuring Transactions in accordance with this Agreement;

     

    (iii)        use commercially reasonable efforts to cooperate with and, subject to applicable Laws, assist the Company Parties, at the Company Parties’ sole cost and expense, in obtaining additional
      support for the Restructuring Transactions from the Company Parties’ other stakeholders;

     

    (iv)        give any notice, order, instruction, or direction to the applicable Agents/Trustees necessary to give effect to the Restructuring Transactions; and

     

    
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    (v)         negotiate in good faith and use commercially reasonable efforts to execute and implement the Definitive Documents that are consistent with this Agreement to which it is required to be a
      party.

     

    (b)          During the Agreement Effective Period, each Consenting Noteholder severally, and not jointly, agrees in respect of all of its Senior Notes Claims subject to this Agreement that it shall
      not, directly or indirectly:

     

    (i)          object to, delay, impede, or take any other action that is reasonably likely to interfere with acceptance, implementation, or consummation of the
      Restructuring Transactions;

     

    (ii)         propose, file, support, solicit, or vote for any Alternative Restructuring Proposal;

     

    (iii)        file any motion, pleading, or other document with the Bankruptcy Court or any other court (including any modifications or amendments thereof) that, in whole or in part, is not materially
      consistent with this Agreement or the Plan; provided, that nothing in this Agreement shall limit the right of any party hereto to exercise any right or remedy provided under this Agreement, the Confirmation
      Order, or any other Definitive Document;

     

    (iv)        initiate, or have initiated on its behalf, any litigation or proceeding of any kind with respect to the Chapter 11 Cases, this Agreement, or the other Restructuring Transactions
      contemplated herein against the Company Parties in violation of this Agreement other than to enforce this Agreement or any Definitive Document or as otherwise permitted under this Agreement; provided, that nothing in this Agreement shall limit the right of any party hereto to exercise any right or remedy provided under this Agreement, the Confirmation Order, or any other Definitive Document;

     

    (v)          exercise, or direct any other Person to exercise, any right or remedy for the enforcement, collection, or recovery of any of the Senior Notes Claims against the Company Parties,
      including rights or remedies arising from or asserting or bringing any claims under or with respect to any Senior Notes Claims, but only to the extent such exercise is inconsistent with this Agreement or the Restructuring Transactions; provided, that nothing in this Agreement shall limit the right of any party hereto to exercise any right or remedy provided under this Agreement, the Confirmation Order, or any other Definitive Document;

     

    (vi)        object to, delay, impede, or take any other action to interfere with the Company Parties’ ownership and possession of their assets, wherever located, or
      interfere with the automatic stay arising under section 362 of the Bankruptcy Code, but only to the extent such action is inconsistent with this Agreement or the Restructuring Transactions; provided, that
      nothing in this Agreement shall limit the right of any party hereto to exercise any right or remedy provided under this Agreement, the Confirmation Order, or any other Definitive Document; or

     

    (vii)       object to, delay, impede, or take any other action to interfere with the consummation of the PNW Sale and shall otherwise support and take all actions
      reasonably requested by the Company Parties to support and facilitate consummation of the PNW Sale.

     

    
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    5.02.      Commitments with Respect to Chapter 11 Cases.

     

    (a)          In addition to the obligations set forth in Section 5.01, during the Agreement Effective Period, each Consenting Noteholder that is entitled to vote to accept or reject the Plan pursuant
      to its terms, severally, and not jointly, agrees that it shall, subject to receipt by such Consenting Noteholder, whether before or after the commencement of the Chapter 11 Cases, of the Solicitation Materials:

     

    (i)          vote each of its Senior Notes Claims to accept the Plan by delivering its duly executed and completed ballot accepting the Plan promptly following the commencement of the solicitation of
      the Plan and its actual receipt of the Solicitation Materials and the ballot;

     

    (ii)        consent to and, if applicable, elect not to opt out of the releases set forth in the Plan by not objecting to such releases and timely delivering its duly executed and completed ballot(s)
      indicating such election; and

     

    (iii)        not change, withdraw, amend, or revoke (or cause to be changed, withdrawn, amended, or revoked) any vote or election referred to in Section 5.02(a)(i) and Section 5.02(a)(ii) above; provided, that nothing in this Agreement shall prevent any Consenting Noteholder from changing, withholding, amending or revoking (or causing the same) its vote, election, or consent with respect to the Plan if
      this Agreement has been terminated in accordance with its terms with respect to such Consenting Noteholder.

     

    (b)          During the Agreement Effective Period, each Consenting Noteholder, in respect of each of its Senior Notes Claims, severally, and not jointly, will not
      directly or indirectly object to, delay, impede, or take any other action in violation of this Agreement to interfere with any motion or other pleading or document filed by a Company Party in the Bankruptcy Court to the
      extent such action is inconsistent with this Agreement or the Restructuring Transactions; provided, that nothing in this Agreement shall limit the right of any party hereto to
      exercise any right or remedy provided under this Agreement, the Confirmation Order, or any other Definitive Document.

     

    (c)          During the Agreement Effective Period, each Consenting Noteholder agrees that it will not file, will oppose, and will not support any motion to appoint a trustee or examiner in one or
      more of the Chapter 11 Cases of any Company Party.

     

    5.03.      Notwithstanding the foregoing, nothing in this Agreement shall require any Consenting Noteholder to (a) incur any expenses, liabilities or other obligations, or agree to any commitments,
      undertakings, concessions, indemnities or other arrangements that could result in expenses, liabilities, or other obligations to any Consenting Noteholder or its Affiliates; or (b) provide any information that it reasonably determines to be sensitive
      or confidential.  Notwithstanding the immediately preceding sentence, nothing in this Section 5.03 shall serve to limit, alter, or modify any Consenting Noteholder’s express obligations under the terms of this Agreement.

     

    
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    Section 6.            Additional Provisions Regarding the Consenting
        Noteholders’ Commitments.  Notwithstanding anything contained in this Agreement, nothing in this Agreement shall: (a) affect the ability of any Consenting Noteholder to consult with any other Consenting Noteholder, the Company Parties, or
      any other party in interest in the Chapter 11 Cases (including any official committee and the United States Trustee); (b) impair or waive the rights of any Consenting Noteholder to assert or raise any objection permitted under this Agreement in
      connection with the Plan or the Restructuring Transactions; (c) prevent any Consenting Noteholder from enforcing this Agreement or contesting whether any matter, fact, or thing is a breach of, or is inconsistent with, this Agreement; or (d)
      constitute a commitment to, or obligate any of the Consenting Noteholders to, provide any new financing or credit support.

     

    Section 7.            Commitments of the Company Parties.

     

    7.01.      Affirmative Commitments.  Except as set forth in Section 8, during the Agreement Effective Period, the Company Parties agree to:

     

    (a)         support and take all steps reasonably necessary and desirable to consummate the Restructuring Transactions in accordance with this Agreement (including the Restructuring Term Sheet and
      the Milestones);

     

    (b)         support and take all steps reasonably necessary and desirable to obtain entry of the Interim DIP Order, the Final DIP Order, the Disclosure Statement Order and the Confirmation Order;

     

    (c)          to the extent any legal or structural impediment arises that would prevent, hinder, or delay the consummation of the Restructuring Transactions contemplated herein, support and take all
      steps reasonably necessary and desirable to address any such impediment;

     

    (d)          use commercially reasonable efforts to obtain any and all required governmental, regulatory and/or third-party approvals (including, as applicable, Bankruptcy Court approvals and
      approvals of the FCC and, as applicable, PUCs) for the Restructuring Transactions, including (i) promptly commence any required regulatory approval processes, including (x) cooperate in the preparation and prosecution of any required notices and
      applications with the FCC and PUCs and (y) oppose any petitions to deny or other pleadings or objections filed with respect to such notices and applications, (ii) evaluate in cooperation and coordination with the Consenting Noteholders’ advisors, the
      path to approval by jurisdiction, (iii) seek any required approvals from the FCC, public utilities commissions, and other applicable regulatory bodies with respect to the Restructuring Transactions, and, where prior approval is not required, provide
      any required notifications to the FCC, public utilities commissions, and other applicable regulatory bodies with respect to the Restructuring Transactions, and (iv) provide regular progress reports with respect to regulatory approval processes; provided, that any agreements with or commitments to the FCC or any PUCs, including any decision to accept and/or not to oppose any proposed material conditions or limitations on any such required approvals, shall
      require the prior approval of the Required Consenting Noteholders, not to be unreasonably withheld;

     

    (e)          confer and consult with the Required Consenting Noteholders with regard to material decisions in respect of negotiations with the IRS, the PBGC, or any labor union;

     

    (f)          negotiate in good faith and use commercially reasonable efforts to execute and deliver the Definitive Documents and any other required agreements to effectuate and consummate the
      Restructuring Transactions as contemplated by this Agreement;

     

    
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    (g)          use commercially reasonable efforts to seek additional support for the Restructuring Transactions from their other material stakeholders to the extent reasonably prudent;

     

    (h)         (i) provide the Noteholder Groups Counsels draft copies of (x) all First Day Pleadings three (3) days in advance of the Petition Date and (y) any other motions, documents and other pleadings materially affecting any Consenting Noteholder that the Company Parties
      intend to file with the Bankruptcy Court, as applicable, three (3) days in advance of the filing thereof to the extent reasonably practicable and, if not reasonably practicable, as soon as reasonably practicable but in any event in advance of filing
      thereof, and (ii) without limiting any approval rights set forth in this Agreement, consult in good faith with the Noteholder Groups Counsels, as applicable, regarding any comments to draft copies provided pursuant to
      sub-clause (i);

     

    (i)          pay in full and in cash all of the accrued reasonable and documented fees, costs, and expenses of the professionals and other advisors retained by the Noteholder Groups, including such
      fees, costs, and expenses of (i) Akin, (ii) Altman, (iii) Ducera, (iv) Houlihan, (v) Milbank,  (vi) October Three and (vii) the Compensation Consultant, and continue to pay such amounts as they come due and seek to pay
      such ongoing fees, costs, and expenses in connection with the Final DIP Order or other such appropriate order;

     

    (j)          (i) operate the business of the Company Parties in the ordinary course of business in a manner that is consistent with this
      Agreement and past practices, and use commercially reasonable efforts to preserve intact the Company Parties’ business organization and relationships with third parties (including lessors, licensors, content providers, suppliers, distributors,
      customers and governmental and regulatory authorities (including the FCC and PUCs) and employees, (ii) keep the Consenting Noteholders and the Noteholder Representatives reasonably informed about the operations of the Company Parties, (iii) provide
      the Consenting Noteholders and the Noteholder Representatives any information reasonably requested regarding the Company Parties and provide, and direct the Company Parties’ employees, officers, advisors and other representatives to provide, to the
      Noteholder Representatives (A) reasonable access during normal business hours on reasonable advance notice to the Company Parties’ representatives and without disruption to the operation of the Company Parties’ business, (B) reasonable access to the
      management and advisors of the Company Parties on reasonable advance notice to such persons and without disruption to the operation of the Company Parties’ business for the purposes of evaluating the Company Parties’ assets, liabilities, operations,
      businesses, finances, strategies, prospects and affairs and (C) such other information as reasonably requested by the Consenting Noteholders or the Noteholder Representatives, (iv) promptly notify the Consenting Noteholders of any material
      governmental or third party complaints, litigations, inquires, orders to show cause, cease and desist orders, notices of violation, notice of apparent liability, orders of forfeiture, investigations, or hearings (or communications indicating that any
      of the foregoing is contemplated or threatened) (the parties acknowledge and agree that any written filings by, before, or with the FCC or any PUC in which the Company Parties are seeking regulatory approval to emerge from bankruptcy is deemed
      material for purposes of this Section 7.01(j)(iv)), and (v) cooperate in good faith to structure the Restructuring Transactions in a tax efficient manner, including as a “Bruno’s transaction” in accordance with Restructuring Term Sheet, and use
      commercially reasonable efforts to analyze additional asset-level information, and, as appropriate, evaluate potential alternative value-maximizing structures, including REIT structures; provided, that,
      notwithstanding the foregoing, the Company shall not be required to (1) permit any inspection, or to disclose any information, that in the reasonable judgment of the Company, would cause the Company to violate its respective obligations with respect
      to confidentiality to a third party if the Company used its commercially reasonable efforts to obtain, but failed to obtain, the consent of such third party to such inspection or disclosure, (2) to disclose any legally privileged information of the
      Company, or (3) to violate applicable Law;

     

    
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    (k)          cooperate and consult with the Consenting Noteholders with respect to the development and adoption of the Company Parties’ RDOF bidding framework and strategy (including the terms of and
      submission of any RDOF bid);

     

    (l)          cooperate and consult with the Consenting Noteholders with respect to the development and adoption of the Company Parties’ business plan, including any business plans contemplated by the
      Restructuring Term Sheet and with respect to the Virtual Separation; provided, that (x) the Company Parties’ business plan shall be acceptable to the Company Parties and
      reasonably acceptable to the Required Consenting Noteholders, (y) the allocations of state operations with respect to the Virtual Separation shall be reasonably acceptable to the Required Consenting Noteholders and (z) the contents of the Disclosure
      Statement regarding the preparatory work for each business plan and scenario shall be reasonably acceptable to the Required Consenting Noteholders; provided, further,
      that the Debtors shall bear no obligation to attest to the Debtors’ management team’s view of reasonableness for either sensitivity case if sufficient preparatory work has not been conducted as of the date on which the Disclosure Statement is filed;

     

    (m)        timely file a formal objection to any motion filed with the Bankruptcy Court by a third party seeking the entry of an order (i) directing the appointment of a trustee or examiner (with
      expanded powers beyond those set forth in sections 1106(a)(3) and (4) of the Bankruptcy Code), (ii) converting the Chapter 11 Cases to cases under chapter 7 of the Bankruptcy Code, or (iii) dismissing the Chapter 11 Cases;

     

    (n)         timely file a formal objection to any motion filed with the Bankruptcy Court by a third party seeking the entry of an order modifying or terminating the Company Parties’ exclusive right
      to file and/or solicit acceptances of a plan of reorganization, as applicable;

     

    (o)          provide responsive information to, and confer with, the Consenting Noteholders regarding potential cost savings and concessions with respect to the Company
      Parties’ pension/OPEB plans on the terms and subject to the conditions set forth in the Restructuring Term Sheet; and

     

    (p)         the Board shall not alter or amend its prior determination that the Restructuring Transactions, the entry into this Agreement, the approval of the Plan, the entry into the Definitive
      Documents, and the consummation of the Restructuring Transactions and the other transactions contemplated by the Plan and the Definitive Documents are “Exempt Transactions” as defined in the NOL Rights Plan.

     

    
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    7.02.      Negative Commitments.  Except as set forth in Section 8 or with the prior written consent of the Required Consenting Noteholders, during the Agreement Effective Period, each of the
      Company Parties shall not directly or indirectly, and shall cause their respective subsidiaries not to:

     

    (a)          object to, delay, impede, or take any other action to interfere with acceptance, implementation, or consummation of the Restructuring Transactions;

     

    (b)          take any action that is inconsistent in any material respect with, or is intended to frustrate or impede approval, implementation and consummation of the Restructuring Transactions
      described in this Agreement or the Plan;

     

    (c)          modify the Plan, in whole or in part, to reflect terms that are not consistent with this Agreement in all material respects;

     

    (d)          file any motion, pleading, or Definitive Documents with the Bankruptcy Court or any other court (including any modifications or amendments thereof) that, in whole or in part, is not
      materially consistent with this Agreement (including the consent rights of the Consenting Noteholders set forth herein as to the form and substance of such motion, pleading, or other Definitive Document) or the Plan;

     

    (e)          sell (including any sale leaseback transaction), lease, mortgage, pledge, grant, or incur any encumbrance on, or otherwise Transfer, any properties or assets of the Company Parties,
      including any Equity Interests, other than (i) sales or disposals of properties or assets in the ordinary course of business, (ii) the Florida Sale Leaseback Transaction, or (ii) the PNW Sale;

     

    (f)          purchase, lease, or otherwise acquire (by merger, exchange, consolidation, acquisition of stock or assets or otherwise) any assets or properties, other than in the ordinary course of
      business;

     

    (g)         (i) enter into any merger with or into, or consolidation or amalgamation with, any other Person, other than in the ordinary course of business, (ii) permit any other Person to enter into
      any merger with or into, or consolidation or amalgamation with, it, other than in the ordinary course of business, or (iii) enter into any joint venture, partnership, sharing of profits or other similar arrangement involving co-investment between a
      Company Party or subsidiary thereof and any other Person, other than in the ordinary course of business;

     

    (h)          split, combine, or reclassify any of their respective Equity Interests, or declare, set aside or pay any dividend or other distribution payable in cash,
      stock, property, or otherwise material with respect to any of their respective Equity Interests; provided, that nothing in this Section 7.02(h) shall apply to those certain dividends, distributions, and other
      payments described in Section 5.01(iv)(A)–(B) of the PNW Sale Agreement; or

     

    (i)          take action with respect to any of the actions set forth on Schedule 7.02(i) (the “Specified

          Material Actions”) absent prior consultation with, and prior reasonable consent of, the Required Consenting Noteholders.

     

    Section 8.            Additional Provisions Regarding Company Parties’
        Commitments.

     

    8.01.      Notwithstanding

      anything to the contrary in this Agreement, nothing in this Agreement shall require a Company Party or the board of directors, board of managers, or similar governing body of a Company Party, after consulting with counsel, to take any action or to
      refrain from taking any action with respect to the Restructuring Transactions to the extent taking or failing to take such action would be inconsistent with applicable Law or its fiduciary obligations under applicable Law, and any such action or
      inaction pursuant to this Section 8 shall not constitute a breach of this Agreement (other than a failure to comply with this Section 8); provided, that the Company Parties shall notify the Consenting
      Noteholders in writing promptly in the event of any such determination (and in any event no later than twenty-four (24) hours following such determination).

     

    
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    8.02.      Notwithstanding anything to the contrary in this Agreement, but
      subject to the terms of Section 8.01, each Company Party and their respective directors, officers, employees, investment bankers, attorneys, accountants, consultants, and other advisors or representatives shall have the rights to:

     

    (a)         consider and respond to Alternative Restructuring Proposals;

     

    (b)         provide access to
      non-public information concerning any Company Party to any Entity or enter into Confidentiality Agreements or nondisclosure agreements with any Entity;

     

    (c)         maintain or continue discussions or negotiations with respect to Alternative Restructuring Proposals; and

     

    (d)         enter into or continue discussions or negotiations with holders of Claims against or Equity Interests in a Company Party
      (including any Consenting Noteholder), any other party in interest in the Chapter 11 Cases (including any official committee and the United States Trustee), or any other Entity regarding the Restructuring Transactions or Alternative Restructuring
      Proposals; provided, that the Company Parties shall (x) provide a copy of any written Alternative Restructuring Proposal (and notice of, and a written summary of, any oral Alternative Restructuring Proposal)
      within twenty-four (24) hours of the Company Parties’ or their advisors’ receipt of such Alternative Restructuring Proposal to the Noteholder Group Advisors  and (y) provide such information to the Noteholder Groups Counsels as reasonably requested
      by the Consenting Noteholders or as necessary to keep the Consenting Noteholders contemporaneously informed as to the status and substance of such discussions.

     

    8.03.      Nothing in this Agreement shall:  (a) impair or waive the rights of any Company Party
      to assert or raise any objection permitted under this Agreement in connection with the Restructuring Transactions; or (b) prevent any Company Party from enforcing this Agreement or contesting whether any matter, fact, or thing is a breach of, or is
      inconsistent with, this Agreement.

     

    8.04.      Incremental Payments.  The Incremental Payments shall be paid pursuant to the terms set forth in the Restructuring Term Sheet.

     

    8.05.      Board Observers.  As of the Agreement Effective Date and until the Plan Effective Date, the Consenting Noteholders shall be entitled to designate two (2) observers to the Board
      pursuant to the terms set forth in the Restructuring Term Sheet.

     

    8.06.      Management Selection Designees.  As of the Agreement Effective Date, the Consenting Noteholders shall be entitled to appoint two (2) designees, to assist the Finance Committee with
      the selection process provided for in Section 4(d), pursuant to the terms set forth in the Restructuring Term Sheet.

     

    
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    Section 9.            Transfer of Interests and Securities.

     

    9.01.      During the Specified Period, no Consenting Noteholder shall Transfer any ownership (including any beneficial ownership as defined in the Rule 13d-3 under the Securities Exchange Act of
      1934, as amended) in any Senior Notes Claims to any affiliated or unaffiliated party, including any party in which it may hold a direct or indirect beneficial interest, unless:

     

    (a)          the authorized transferee is either (1) a qualified institutional buyer as defined in Rule 144A of the Securities Act, (2) a non-U.S. person in an offshore transaction as defined under
      Regulation S under the Securities Act, (3) an institutional accredited investor (as defined in the Rules), or (4) a Consenting Noteholder;

     

    (b)          either (i) the transferee executes and delivers to counsel to the Company Parties and to the Noteholder Groups Counsels, at or
      before the time of the proposed Transfer, a Transfer Agreement or (ii) the transferee is a Consenting Noteholder or an Affiliate thereof and the transferee provides notice of such Transfer (including the amount and type of any Senior Notes Claims
      Transferred) to counsel to the Company Parties and to the Noteholder Groups Counsels by the close of business on the second Business Day following such Transfer; and

     

    (c)          with respect to the Transfer of any Equity Interests only, such Transfer shall not (i) violate the terms of any order entered by the Bankruptcy Court with respect to preservation of net
      operating losses or (ii) adversely affect the Company Parties’ ability to obtain the regulatory consents or approval necessary to effectuate the Restructuring Transactions.

     

    9.02.      Upon compliance with the requirements of Section 9.01, the transferor shall be deemed to relinquish its rights (and be released from its obligations) under this Agreement to the extent of
      the rights and obligations in respect of such transferred Senior Notes Claims.  Any Transfer in violation of Section 9.01 shall be void ab initio.

     

    9.03.      This Agreement shall in no way be construed to preclude the Consenting Noteholders from acquiring additional Senior Notes Claims or other Claims or Interests (or any ownership (including
      any beneficial ownership as defined in the Rule 13d-3 under the Securities Exchange Act of 1934, as amended) in any Senior Notes Claims or other Claims or Interests; provided, that (a) such additional Senior
      Notes Claims shall automatically and immediately upon acquisition by a Consenting Noteholder be deemed subject to the terms of this Agreement (regardless of when or whether notice of such acquisition is given to counsel to the Company Parties or to
      the Noteholder Groups Counsels), other than with respect to any Senior Notes Claims acquired by a Consenting Noteholder in its capacity as a Qualified Marketmaker and (b) such Consenting Noteholder must provide notice of any acquisition of Senior
      Notes Claims (including the amount and type of such acquisition) to counsel to the Company Parties within two (2) Business Days of such acquisition.

     

    9.04.      This Section 9 shall not impose any obligation on any Company Party to issue any “cleansing letter” or otherwise publicly disclose information for the purpose
      of enabling a Consenting Noteholder to Transfer any of its Senior Notes Claims.  Notwithstanding anything to the contrary herein, to the extent a Company Party and another Party have entered into a Confidentiality Agreement, the terms of such
      Confidentiality Agreement shall continue to apply and remain in full force and effect according to its terms, and this Agreement does not supersede any rights or obligations otherwise arising under such Confidentiality Agreements.

     

    
      24

      
        

    

    9.05.      Notwithstanding Section 9.01, a Qualified Marketmaker that acquires any Senior Notes Claims with the purpose and intent of acting as a Qualified Marketmaker for such Senior Notes Claims
      shall not be required to execute and deliver a Transfer Agreement in respect of such Senior Notes Claims if (i) such Qualified Marketmaker subsequently transfers such Senior Notes Claims (by purchase, sale assignment, participation, or otherwise)
      within five (5) Business Days of its acquisition to a transferee that is an entity that is not an Affiliate, affiliated fund, or affiliated entity with a common investment advisor; (ii) the transferee otherwise is a Permitted Transferee under
      Section 9.01; and (iii) the Transfer otherwise is a Permitted Transfer under Section 9.01.  To the extent that a Consenting Noteholder is acting in its capacity as a Qualified Marketmaker, it may Transfer (by purchase, sale, assignment,
      participation, or otherwise) any right, title or interests in Senior Notes Claims that the Qualified Marketmaker acquires from a holder of the Senior Notes Claims who is not a Consenting Noteholder without the requirement that the transferee be a
      Permitted Transferee.

     

    9.06.      Notwithstanding anything to the contrary in this Section 9, the restrictions on Transfer set forth in this Section 9 shall not apply to the grant of any liens or encumbrances on any claims
      and interests in favor of a bank or broker-dealer holding custody of such claims and interests in the ordinary course of business and which lien or encumbrance is released upon the Transfer of such claims and interests.

     

    9.07.      The Company Parties will provide notice of any Transfer Agreement received pursuant to Section 9.01(b)(i) (which notice shall
      include the amount and type of Senior Notes Claims Transferred pursuant to such Transfer Agreement) to the Noteholder Groups Counsels by the later of (i) close of business on the second Business Day following the effective date of such Transfer
      Agreement and (ii) the close of business on the second Business Day after the Company Parties receive notice of any such Transfer Agreement.

     

    Section 10.          Representations and
          Warranties of Consenting Noteholders.  Each Consenting Noteholder severally, and not jointly, represents and warrants that,
        as of the date such Consenting Noteholder executes and delivers this Agreement and as of the Plan Effective Date:

     

    (a)         it is the beneficial or record owner of the face amount of the Senior Notes Claims or is the nominee, investment manager, or advisor for beneficial holders of the Senior Notes Claims
      reflected in, and, having made reasonable inquiry, is not the beneficial or record owner of any Senior Notes Claims other than those reflected in, such Consenting Noteholder’s signature page to this Agreement, a Joinder or a Transfer Agreement, as
      applicable (as may be updated pursuant to Section 9);

     

    (b)         it has the full power and authority to act on behalf of, vote and consent to matters concerning, such Senior Notes Claims, as contemplated by this Agreement and subject to applicable Law;

     

    
      25

      
        

    

    
      
      
        
          (c)        such Senior Notes Claims are free and clear of any pledge, lien, security interest, charge, claim, equity, option, proxy, voting restriction, right of first refusal, or other
            limitation on disposition, transfer, or encumbrances of any kind, that would materially and adversely affect in any way such Consenting Noteholder’s ability to perform any of its obligations under this Agreement at the time such obligations are
            required to be performed;

           

          (d)        it has the full power to vote, approve changes to, and transfer all of its Senior Notes Claims referable to it as contemplated by this Agreement and subject to applicable Law; and

           

          (e)        solely with respect to holders of Senior Notes Claims, (i) it is either (A) a qualified institutional buyer as defined in Rule 144A of the Securities Act, (B) not a U.S. person (as
            defined in Regulation S of the Securities Act), or (C) an institutional accredited investor (as defined in the Rules), and (ii) any securities acquired by the Consenting Noteholder in connection with the Restructuring Transactions will have
            been acquired for investment and not with a view to distribution or resale in violation of the Securities Act.

           

          Section 11.          Representations and Warranties of Company Parties.

           

            

          Each Company Party severally, and not jointly, represents and warrants that, as of the date such Company Party executes and delivers this Agreement:

           

          (a)         entry into this Agreement is consistent with the exercise of such Company Party’s fiduciary duties;

           

          (b)        the Board has determined that  the entry into this Agreement, the approval of the Plan, the entry into the Definitive Documents, and the consummation of the Restructuring
            Transactions and the other transactions contemplated by the Plan and the Definitive Documents are “Exempt Transactions” as defined in the NOL Rights Plan; and

           

          (c)         except (i) as set forth in the March 20, 2020 litigation audit letter from Mark Nielsen to KPMG, (ii) as set forth in the reports and forms (including exhibits, schedules and
            information incorporated therein) filed with the United States Securities and Exchange Commission by Frontier as of the Execution Date, and (iii) matters not exceeding $2,000,000 individually or factually-related items involving lesser amounts
            that do not exceed $2,000,000 in the aggregate, there is no lawsuit, legal proceeding, administrative enforcement proceeding, arbitration proceeding or similar matter pending, or, to any Company Party’s knowledge, threatened, against any
            Company Party, any current or former director or officer of any Company Party (in his or her capacity as such) or any properties or assets of any Company Party.

           

          Section 12.          Mutual Representations, Warranties and Covenants.

           

          12.01.    Each of the Parties, severally, and not jointly, represents, warrants, and covenants to each other Party, as of the date such Party executed and delivers this Agreement, and as of the
            Plan Effective Date:

           

          (a)         it is validly existing and in good standing under the Laws of the state of its organization, and this Agreement is a legal, valid, and binding obligation of such Party, enforceable
            against it in accordance with its terms, except as enforcement may be limited by applicable Laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability;

           

          
            26

            
              

          

          (b)         except as expressly provided in this Agreement, the Plan, and the Bankruptcy Code, no consent or approval is required by any other Person or entity in order for it to effectuate the
            Restructuring Transactions contemplated by, and perform its respective obligations under, this Agreement;

           

          (c)        the entry into and performance by it of, and the transactions contemplated by, this Agreement do not, and will not, conflict in any material respect with any Law or regulation
            applicable to it or with any of its articles of association, memorandum of association or other constitutional documents;

           

          (d)         except as expressly provided in this Agreement, it has (or will have, at the relevant time) all requisite corporate or other power and authority to enter into, execute, and deliver
            this Agreement and to effectuate the Restructuring Transactions contemplated by, and perform its respective obligations under, this Agreement; and

           

          (e)         except as expressly provided by this Agreement, it is not party to any restructuring or similar agreements or arrangements, including cooperation agreements, with any other entity
            or Person with respect to Senior Notes Claims that have not been disclosed to all Parties to this Agreement.

           

          Section 13.          Termination Events.

           

          13.01.   Consenting Noteholder Termination Events.  This Agreement may be terminated, with respect to the Consenting Noteholders, by the Required Consenting Noteholders, by the delivery
            to the Company Parties of a written notice in accordance with Section 15.10 hereof upon the occurrence of the following events, unless waived:

           

          (a)        the breach in any material respect by a Company Party of any of the representations, warranties, or covenants of the Company Parties set forth in this Agreement that remains uncured
            (to the extent curable) for five (5) Business Days after such terminating Consenting Noteholders transmit a written notice in accordance with Section 15.10 of this Agreement detailing any such breach;

           

          (b)        the issuance by any governmental authority, including any regulatory authority or court of competent jurisdiction, of any final, non-appealable ruling, or order that (i) would
            reasonably be expected to prevent the consummation of a material portion of the Restructuring Transactions and (ii) remains in effect for ten (10) Business Days after such terminating Consenting Noteholders transmit a written notice in
            accordance with Section 15.10 of this Agreement detailing any such issuance; provided, that this termination right may not be exercised by any Party that sought or requested such ruling or order in
            contravention of any obligation set out in this Agreement;

           

          (c)          the Bankruptcy Court enters an order denying confirmation of the Plan and such order remains in effect for five (5) Business Days after entry of such order;

           

          
            27

            
              

          

          (d)          the entry of an order by the Bankruptcy Court, or the filing of a motion or application by any Company Party seeking an order (without the prior written consent of the Required
            Consenting Noteholders, not to be unreasonably withheld) (i) dismissing one or more of the Chapter 11 Cases of a Company Party, (ii) converting one or more of the Chapter 11 Cases of a Company Party to a case under chapter 7 of the Bankruptcy
            Code, (iii) appointing an examiner with expanded powers beyond those set forth in sections 1106(a)(3) and (4) of the Bankruptcy Code or a trustee in one or more of the Chapter 11 Cases of a Company Party, or (iv) rejecting this Agreement;

           

          (e)         the failure to meet any Milestone, which has not been waived or extended in a manner consistent with this Agreement, unless such failure is the result of any act, omission, or delay
            on the part of the terminating Consenting Noteholder in violation of its obligations under this Agreement;

           

          (f)         any Company Party (i) files, waives, amends or modifies, or files a pleading seeking approval of any Definitive Document or authority to waive, amend or modify any Definitive
            Document (including any waiver of any term or condition therein) in a manner that is materially inconsistent with, or constitutes a material breach of, this Agreement (including with respect to the consent rights afforded the Consenting
            Noteholders under this Agreement), without the prior written consent of the Required Consenting Noteholders, (ii) withdraws the Plan without the prior consent of the Required Consenting Noteholders, or (iii) publicly announces its intention to
            take any such acts listed in the foregoing clause (i) or (ii), in the case of each of the foregoing clauses (i) through (iii), which remains uncured (to the extent curable) for five (5) Business Days after such terminating Consenting
            Noteholders transmit a written notice in accordance with Section 15.10 of this Agreement detailing any of the foregoing;

           

          (g)         the Bankruptcy Court grants relief that is inconsistent with this Agreement, the Restructuring Term Sheet or the Plan (in each case, with such amendments and modifications as have
            been effected in accordance with the terms hereof); provided, that, in the event that treatment of a class of claims contemplates payment of cash interest at the non-default rate during the Chapter 11
            Cases until repayment thereunder and/or no make whole, and the Company Parties are subject to litigation, threatened litigation, or otherwise as a result of such treatment, this Agreement may not be terminated with respect to the Company
            Parties by the Required Consenting Noteholders on account of such litigation, threatened litigation, or otherwise pursuant to this Section 13.01(g); provided, further,
            that this Agreement may be terminated with respect to the Company Parties by the Required Consenting Noteholders if the Company Parties (a) take any position in any such litigation, threatened litigation, or other dispute that is materially
            inconsistent with this Agreement or (b) enter into any settlement of any such litigation, threatened litigation, or other dispute that is not reasonably acceptable to the Required Consenting Noteholders;

           

          (h)          any Company Party files, proposes, or otherwise supports any plan of liquidation, asset sale of all or substantially all of a Company Party’s assets or plan or reorganization other
            than the Plan;

           

          
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          (i)        a Company Party (i) voluntarily commences any case or files any petition seeking bankruptcy, winding up, dissolution, liquidation, administration, moratorium, reorganization or other
            relief under any federal, state or foreign bankruptcy, insolvency, administrative receivership or similar law now or hereafter in effect, except as provided for in this Agreement, (ii) consents to the institution of, or fails to contest in a
            timely and appropriate manner, any involuntary proceeding or petition, (iii) applies for or consents to the appointment of a receiver, administrator, administrative receiver, trustee, custodian, sequestrator, conservator or similar official for
            a Company Party or for a substantial part of a Company Party’s assets, (iv) files an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) makes a general assignment or arrangement for the benefit
            of creditors or (vi) takes any corporate action for the purpose of authorizing any of the foregoing; or

           

          (j)          the board of directors, board of managers, or such similar governing body of any Company Party determines, after consulting with counsel, (i) that proceeding with any of the
            Restructuring Transactions would be inconsistent with the exercise of its fiduciary duties or applicable Law or (ii) in the exercise of its fiduciary duties, to pursue an Alternative Restructuring Proposal (including as contemplated by Section
            8.02).

           

          13.02.    Company Party Termination Events.  Any Company Party may terminate this Agreement as to all Parties upon prior written notice to all Parties in accordance with Section 15.10
            of this Agreement upon the occurrence of any of the following events:

           

          (a)         the breach in any material respect by Consenting Noteholders holding an amount of Senior Notes that would result in non-breaching Consenting Noteholders holding less than two-thirds
            (2/3) of the aggregate outstanding principal amount of the Senior Notes, which breach remains uncured by such breaching Consenting Noteholder (to the extent curable) for five (5) Business Days after the terminating Company Parties transmit a
            written notice in accordance with Section 15.10 of this Agreement detailing any such breach;

           

          (b)         the board of directors, board of managers, or such similar governing body of any Company Party determines, after consulting with counsel, (i) that proceeding with any of the
            Restructuring Transactions would be inconsistent with the exercise of its fiduciary duties or applicable Law or (ii) in the exercise of its fiduciary duties, to pursue an Alternative Restructuring Proposal;

           

          (c)         the issuance by any governmental authority, including any regulatory authority or court of competent jurisdiction, of any final, non-appealable ruling or order that (i) enjoins the
            consummation of a material portion of the Restructuring Transactions and (ii) remains in effect for ten (10) Business Days after such terminating Company Party transmits a written notice in accordance with Section 15.10 of this Agreement
            detailing any such issuance; provided, that, this termination right shall not apply to or be exercised by any Company Party that sought or requested such ruling or order in contravention of any
            obligation or restriction set out in this Agreement; or

           

          (d)          the Bankruptcy Court enters an order denying confirmation of the Plan.

           

          

          
            13.03.    Mutual Termination.  This Agreement, and the obligations of all Parties hereunder, may be terminated by mutual written agreement among all of the following:  (a) the
              Required Consenting Noteholders; and (b) each Company Party.

             

            

          

          
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          13.04.    Automatic Termination.  This Agreement shall terminate automatically without any further required action or notice immediately after the occurrence of: (i) the Plan Effective
            Date or (ii) the Outside Date if the Plan Effective Date has not occurred by such Outside Date.

           

          13.05.    Effect of Termination.  After the occurrence of a Termination Date as to a Party, this Agreement shall be of no further force and effect as to such Party and each Party
            subject to such termination shall be released from its commitments, undertakings, and agreements under or related to this Agreement and shall have the rights and remedies that it would have had, had it not entered into this Agreement, and shall
            be entitled to take all actions, whether with respect to the Restructuring Transactions or otherwise, that it would have been entitled to take had it not entered into this Agreement, including with respect to any and all Claims or Causes of
            Action.  Upon the occurrence of a Termination Date prior to the Confirmation Order being entered by a Bankruptcy Court, any and all consents, agreements, undertakings, tenders, waivers, forbearances, votes or ballots tendered by the Parties
            subject to such termination before a Termination Date shall be deemed, for all purposes, to be null and void from the first instance and shall not be considered or otherwise used in any manner by the Parties in connection with the Restructuring
            Transactions and this Agreement or otherwise; provided, that any Consenting Noteholder withdrawing or changing its vote pursuant to this Section 13.05 shall promptly provide written notice of such
            withdrawal or change to each other Party to this Agreement and, if such withdrawal or change occurs on or after the Petition Date, file notice of such withdrawal or change with the Bankruptcy Court.  Nothing in this Agreement shall be construed
            as prohibiting a Company Party or any of the Consenting Noteholders from contesting whether any such termination is in accordance with its terms or to seek enforcement of any rights under this Agreement that arose or existed before a
            Termination Date.  Except as expressly provided in this Agreement, nothing herein is intended to, or does, in any manner waive, limit, impair, or restrict (a) any right of any Company Party or the ability of any Company Party to protect and
            reserve its rights (including rights under this Agreement), remedies, and interests, including its claims against any Consenting Noteholder, and (b) any right of any Consenting Noteholder, or the ability of any Consenting Noteholder, to protect
            and preserve its rights (including rights under this Agreement), remedies, and interests, including its claims against any Company Party or Consenting Noteholder.  No purported termination of this Agreement shall be effective under this Section
            13.05 or otherwise if the Party seeking to terminate this Agreement is then in material breach of this Agreement, except a termination pursuant to Section 13.01(j), Section 13.02(b), or Section 13.02(d).  Nothing in this Section 13.05 shall
            restrict any Company Party’s right to terminate this Agreement in accordance with Section 13.02(b).

           

          Section 14.          Amendments and Waivers.

           

          (a)          This Agreement may not be modified, amended, or supplemented, and no condition or requirement of this Agreement may be waived, in any manner except in accordance with this Section
            14.

           

          (b)        This Agreement may be modified, amended, or supplemented, or a condition or requirement of this Agreement may be waived, in a writing signed by:  (1) each Company Party, and (2) the
            Required Consenting Noteholders; provided, that if the proposed modification, amendment, waiver, or supplement has a material, disproportionate, and adverse effect on (a) any of the Senior Notes Claims
            held by a Consenting Noteholder or (b) any individual Consenting Noteholder, as compared to similarly situated Consenting Noteholders, then the consent of each such affected Consenting Noteholder shall also be required to effectuate such
            modification, amendment, waiver, or supplement; provided, further, that (i) any modification, amendment, or supplement to the definition of “Outside Date” shall
            not be binding on any Consenting Noteholder that has not provided its prior written consent to such amendment, (ii) any modification, amendment, or supplement to the definition of “Required Consenting Noteholders” shall require the prior
            written consent of each Consenting Noteholder, and (iii) any modification, amendment, or supplement to Section 13.04 hereof shall require the prior written consent of each Consenting Noteholder.

           

          
            30

            
              

          

          (c)          Any proposed modification, amendment, waiver, or supplement that does not comply with this Section 14 shall be ineffective and void ab initio.

           

          (d)         The waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as
              a further or continuing waiver of such breach or as a waiver of any other or subsequent breach.  No failure on the part of any Party to exercise, and no delay in exercising, any right, power, or remedy under this Agreement shall operate as a
              waiver of any such right, power, or remedy or any provision of this Agreement, nor shall any single or partial exercise of such right, power, or remedy by such Party preclude any other or further exercise of such right, power, or remedy or
              the exercise of any other right, power, or remedy.  All remedies under this Agreement are cumulative and are not exclusive of any other remedies provided by Law.

           

          Section 15.          Miscellaneous.

           

          15.01.    Acknowledgment.  Notwithstanding any other provision herein, this Agreement is not and shall not be deemed to be an offer with respect to any securities or solicitation of
            votes for the acceptance of a plan of reorganization for purposes of sections 1125 and 1126 of the Bankruptcy Code or otherwise.  Any such offer or solicitation will be made only in compliance with all applicable securities Laws, provisions of
            the Bankruptcy Code, and/or other applicable Law.

           

          15.02.    Exhibits Incorporated by Reference; Conflicts.  Each of the exhibits, annexes, signatures pages, and schedules attached hereto is expressly incorporated herein and made a part
            of this Agreement, and all references to this Agreement shall include such exhibits, annexes, and schedules.  In the event of any inconsistency between this Agreement (without reference to the exhibits, annexes, and schedules hereto) and the
            exhibits, annexes, and schedules hereto, this Agreement (without reference to the exhibits, annexes, and schedules thereto) shall govern.

           

          15.03.    Further Assurances.  Subject to the other terms of this Agreement, the Parties agree to execute and deliver such other instruments and perform such acts, in addition to the
            matters herein specified, as may be reasonably appropriate or necessary, or as may be required by order of the Bankruptcy Court, from time to time, to effectuate the Restructuring Transactions, as applicable; provided,
            that this Section 15.03 shall not limit the right of any party hereto to exercise any right or remedy provided for in this Agreement (including the approval rights set forth in Section 3.02).  The Parties shall cooperate with each other in good
            faith and shall coordinate their activities (to the extent practicable) in respect of all matters concerning the implementation and consummation of the Restructuring Transactions.

           

          
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          15.04.    Complete Agreement.  Except as otherwise explicitly provided herein, this Agreement constitutes the entire agreement among the Parties with respect to the subject matter
            hereof and supersedes all prior agreements, oral or written, among the Parties with respect thereto, other than any Confidentiality Agreement.

           

          15.05.    GOVERNING LAW; SUBMISSION TO JURISDICTION; SELECTION OF FORUM.  THIS AGREEMENT IS TO BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
            APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.  Each Party hereto agrees that it shall bring any action or proceeding in respect of any claim arising out of or
            related to this Agreement, to the extent possible, in the Bankruptcy Court, and solely in connection with claims arising under this Agreement:  (a) irrevocably submits to the exclusive jurisdiction of the Bankruptcy Court; (b) waives any
            objection to laying venue in any such action or proceeding in the Bankruptcy Court; and (c) waives any objection that the Bankruptcy Court is an inconvenient forum or does not have jurisdiction over any Party hereto.

           

          15.06.   TRIAL BY JURY WAIVER.  EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
            TRANSACTIONS CONTEMPLATED HEREBY.

           

          15.07.    Execution of Agreement.  This Agreement may be executed and delivered in any number of counterparts and by way of electronic signature and delivery, each such counterpart,
            when executed and delivered, shall be deemed an original, and all of which together shall constitute the same agreement.  Except as expressly provided in this Agreement, each individual executing this Agreement on behalf of a Party has been
            duly authorized and empowered to execute and deliver this Agreement on behalf of said Party.

           

          15.08.    Rules of Construction.  This Agreement is the product of negotiations among the Company Parties and the Consenting Noteholders, and in the enforcement or interpretation
            hereof, is to be interpreted in a neutral manner, and any presumption with regard to interpretation for or against any Party by reason of that Party having drafted or caused to be drafted this Agreement, or any portion hereof, shall not be
            effective in regard to the interpretation hereof.  The Company Parties and the Consenting Noteholders were each represented by counsel during the negotiations and drafting of this Agreement and continue to be represented by counsel.

           

          15.09.    Successors and Assigns; Third Parties.  This Agreement is intended to bind and inure to the benefit of the Parties and their respective successors and permitted assigns, as
            applicable.  There are no third party beneficiaries under this Agreement, and, except as set forth in Section 9, the rights or obligations of any Party under this Agreement may not be assigned, delegated, or transferred to any other Person or
            entity.

           

          
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          15.10.    Notices.  All notices hereunder shall be deemed given if in writing and delivered, by electronic mail, courier, or registered or certified mail (return receipt requested), to
            the following addresses (or at such other addresses as shall be specified by like notice):

           

          (a)          if to a Company Party, to:

           

          Frontier Communications Corporation

          401 Merritt 7

          Norwalk, Connecticut 06851

          Attention: Mark D. Nielsen, Executive Vice President, Chief Legal Officer, and Chief Transaction Officer

          E-mail address:  mark.nielsen@ftr.com

          

          

          with copies for information only (which shall not constitute notice) to:

          

          

          Kirkland & Ellis LLP

          601 Lexington Avenue

          New York, New York 10022

          Attention:   Stephen E. Hessler, P.C. and Patrick Venter

          E-mail address:    stephen.hessler@kirkland.com

          patrick.venter@kirkland.com

          

          

          and

           

          Kirkland & Ellis LLP

          300 North LaSalle Street

          Chicago, IL 60654

          Attention:  Chad J. Husnick, P.C. and Benjamin M. Rhode

          E-mail address:    chad.husnick@kirkland.com

          benjamin.rhode@kirkland.com

           

          (b)          if to a Consenting Noteholder, to the notice details identified on that Consenting Noteholder’s signature page to this Agreement or its Transfer Agreement, with a copy (which shall
            not constitute notice unless otherwise specified herein) to:

           

          If represented by Akin:

          Akin Gump Strauss Hauer & Feld LLP

          One Bryant Park

          New York, New York 10036

          Attention: Ira S. Dizengoff, Philip C. Dublin, Naomi Moss, and Daniel I. Fisher

          E-mail address:    idizengoff@akingump.com

          pdublin@akingump.com

          nmoss@akingump.com

          dfisher@akingump.com

          

          

          
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          and

          

          

          If represented by Milbank:

          Milbank LLP

          55 Hudson Yards,

          New York, New York 10001

          Attention: Dennis F. Dunne, Samuel A. Khalil, and Michael W. Price

          E-mail address:    ddunne@milbank.com

          skhalil@milbank.com

          mprice@milbank.com

           

          Any notice given by delivery, mail, or courier shall be effective when received.

           

          15.11.    Fees and Expenses.  The Company Parties shall pay and reimburse all reasonable and documented fees and expenses when due (including travel costs and expenses) and all
            outstanding and unpaid amounts incurred in connection with the Restructuring Transactions (including, for the avoidance of doubt, all reasonable and documented fees and expenses incurred prior to the date hereof) of the attorneys, accountants,
            other professionals, advisors, and consultants of the Noteholder Groups (whether incurred directly or on their behalf and regardless of whether such fees and expenses are incurred before or after the Petition Date), including the fees and
            expenses of:  (i) Akin, (ii) Altman, (iii) Ducera, (iv) Houlihan, (v) Milbank, (vi) October Three and (vii) the Compensation Consultant, including all amounts payable or reimbursable under applicable fee or engagement letters (including any
            success or transaction fees when earned) with the Company Parties (which agreements shall not be terminated by the Company Parties before the termination of this Agreement); provided, that the Company
            Parties shall not be obligated to pay any fees and expenses under this Section 15.11 to the extent such fees and expenses are incurred after the Termination Date. Subject to applicable law and applicable orders of the Bankruptcy Court, the
            occurrence of the Restructuring Transactions will be subject to the payment of the reasonable and documented fees and disbursements of Kirkland & Ellis LLP, Evercore Group L.L.C., FTI Consulting, Inc., and Communications Media Advisors,
            LLC, as advisors to the Company Parties, if any, in each case that are due and owing after receipt of applicable invoices consistent with any applicable engagement letters.

           

          15.12.    Reservation of Rights.   After the termination of this Agreement pursuant to Section 13, the Parties each fully reserve any and all of their respective rights, remedies,
            claims, and interests, subject to Section 13 in the case of any claim for breach of this Agreement.  Further, nothing in herein shall be construed to prohibit any Party from appearing as a party-in-interest in any matter to be adjudicated in
            the Chapter 11 Cases, so long as such appearance and the positions advocated in connection therewith are consistent with this Agreement and the Plan and are not for the purpose of, and could not reasonably be expected to have the effect of,
            hindering, delaying or preventing the consummation of the Restructuring Transactions.

           

          
            34

            
              

          

          15.13.    Independent Due Diligence and Decision Making.  Each Consenting Noteholder hereby confirms that its decision to execute this Agreement has been based upon its independent
            investigation of the operations, businesses, financial, and other conditions, and prospects of the Company Parties.

           

          15.14.    Enforceability of Agreement.  Each of the Parties to the extent enforceable waives any right to assert that the notice or exercise of termination rights under this Agreement
            is subject to the automatic stay provisions of the Bankruptcy Code, and expressly stipulates and consents hereunder to the prospective modification of the automatic stay provisions of the Bankruptcy Code for purposes of exercising notice and
            termination rights under this Agreement, to the extent the Bankruptcy Court determines that such relief is required.

           

          15.15.    Waiver.  If the Restructuring Transactions are not consummated, or if this Agreement is terminated for any reason, the Parties fully reserve any and all of their rights.  This
            Agreement is a part of a proposed settlement of matters that could otherwise be the subject of litigation among the Parties hereto.  Nothing herein shall be deemed an admission of any kind.  Pursuant to Federal Rule of Evidence 408 and any
            other applicable rules of evidence, this Agreement and all negotiations relating hereto shall not be admissible into evidence in any proceeding other than a proceeding to enforce its terms or the payment of damages to which a Party may be
            entitled under this Agreement.

           

          15.16.    Specific Performance.  It is understood and agreed by the Parties that money damages would be an insufficient remedy for any breach of this Agreement by any Party, and each
            non-breaching Party shall be entitled to seek specific performance and injunctive or other equitable relief (without the posting of any bond and without proof of actual damages) as a remedy of any such breach, including an order of the
            Bankruptcy Court or other court of competent jurisdiction requiring any Party to comply promptly with any of its obligations hereunder.

           

          15.17.    Several, Not Joint, Claims.  Except where otherwise specified, the agreements, representations, warranties, and obligations of the Parties under this Agreement are, in all
            respects, several and not joint.

           

          15.18.    Severability and Construction.  If any provision of this Agreement shall be held by a court of competent jurisdiction to be illegal, invalid, or unenforceable, the remaining
            provisions shall remain in full force and effect if essential terms and conditions of this Agreement for each Party remain valid, binding, and enforceable.

           

          15.19.    Remedies Cumulative.  All rights, powers, and remedies provided under this Agreement or otherwise available in respect hereof at Law or in equity shall be cumulative and not
            alternative, and the exercise of any right, power, or remedy thereof by any Party shall not preclude the simultaneous or later exercise of any other such right, power, or remedy by such Party.

           

          15.20.   Capacities of Consenting Noteholders.  Each Consenting Noteholder has entered into this Agreement on account of all Senior Notes Claims that it holds (directly or through
            discretionary accounts that it manages or advises) and, except where otherwise specified in this Agreement, shall take or refrain from taking all actions that it is obligated to take or refrain from taking under this Agreement with respect to
            all such Senior Notes Claims.  Notwithstanding anything to the contrary herein, nothing in this Agreement shall require or prohibit any Consenting Noteholder from taking any action solely in its capacity as a holder of any Claims or Interests
            other than Senior Notes Claims.

           

          
            35

            
              

          

          15.21.    Relationship Among Consenting Noteholders and the Company Parties.  None of the Consenting Noteholders shall have any fiduciary duty, any duty of trust or confidence in any
            form, or other duties or responsibilities to each other, any Consenting Noteholder, the Company Parties, or any of the Company Parties’ creditors or other stakeholders, including any holders of Senior Notes or Senior Notes Claims, and, other
            than as expressly set forth herein, there are no commitments among or between the Consenting Noteholders.  It is understood and agreed that any Consenting Noteholder may trade in any debt or equity securities of the Company Parties without the
            consent of the Company Parties or any other Consenting Noteholder, subject to applicable securities laws and this Agreement, including Section 9 hereof.  No prior history, pattern or practice of sharing confidences among or between any of the
            Consenting Noteholders and/or the Company Parties shall in any way affect or negate this understanding and agreement.  Nothing contained herein or in any other agreement referred to in this Agreement, and no action taken by any Consenting
            Noteholder pursuant hereto or thereto, shall be deemed to constitute the Consenting Noteholders as, and the Debtors acknowledges that the Consenting Noteholders do not so constitute, a partnership, an association, a joint venture or any other
            kind of entity, or create a presumption that the Consenting Noteholders are in any way acting in concert or as a group, including, without limitation, with respect to any agreement, arrangement, or understanding with respect to acting together
            for the purpose of acquiring, holding, voting, or disposing of any equity securities of any Debtor or with respect to acting as a “group” within the meaning of Rule 13d-5 under the Securities Exchange Act of 1934, as amended. Each Consenting
            Noteholder confirms that it has independently participated in the negotiation of the transactions contemplated herein. Each Consenting Noteholder shall be entitled to independently protect and enforce its rights, including, without limitation,
            the rights arising out of this Agreement and it shall not be necessary for any other Consenting Noteholder to be joined as an additional party in any proceeding for such purpose. The use of a single agreement to effectuate the transactions
            contemplated herein was solely in the control of the Debtors, not the action or decision of any Consenting Noteholder, and was done solely for the convenience of the Debtors and not because it was required or requested to do so by any
            Consenting Noteholder.

           

          15.22.   Email Consents.  Where a written consent, acceptance, approval, or waiver is required pursuant to or contemplated by this Agreement, pursuant to Section 3.01, Section 14, or
            otherwise, including a written approval by the Company Parties or the Required Consenting Noteholders, such written consent, acceptance, approval, or waiver shall be deemed to have occurred if, by agreement between counsel to the Parties
            submitting and receiving such consent, acceptance, approval, or waiver, it is conveyed in writing (including electronic mail) between each such counsel without representations or warranties of any kind on behalf of such counsel.

           

          15.24.    Survival.  Notwithstanding (a) any Transfer of any Senior Notes Claims in accordance with Section 9 or (b) the termination of this Agreement in accordance with its terms, the
            agreements and obligations of the Parties in Section 13.05, Section 15, and the Confidentiality Agreements shall survive such Transfer and/or termination and shall continue in full force and effect for the benefit of the Parties in accordance
            with the terms hereof and thereof.

           

          
            36

            
              

          

          15.25.    Publicity.  The Company Parties will submit to the Noteholder Groups Counsels all press releases, public filings, or public announcements, in each case, to be made by any of
            the Company Parties relating to this Agreement or the transactions contemplated hereby and any amendments thereof in advance of release and will consult with such counsel with respect to such communications.  Except as required by law or
            regulation or by any governmental or regulatory (including self-regulatory) authority, no Party or its advisors shall (a) use the name of any Consenting Noteholder in any public manner (including in any press release) or (b) disclose to any
            Person (including, for the avoidance of doubt, any other Consenting Noteholder), other than legal, accounting, financial and other advisors to the Company Parties, the principal amount or percentage of Senior Notes Claims, in each case, without
            such Consenting Noteholder’s prior written consent; provided, that (i) if such disclosure is required by law, subpoena, or other legal process or regulation or by any governmental or regulatory
            (including self-regulatory) authority, the disclosing Party shall afford the relevant Consenting Noteholder a reasonable opportunity to review and comment in advance of such disclosure if reasonably practicable and permitted by applicable law
            and shall take all reasonable measures to limit such disclosure to the extent permitted by applicable law and (ii) the foregoing shall not prohibit the public disclosure, including in connection with the Chapter 11 Cases, of the aggregate
            percentage or aggregate principal amount of Claims held by all the Consenting Noteholders collectively. Notwithstanding the foregoing, (x) any Party hereto may disclose the identities of the Parties hereto in any action to enforce this
            Agreement or in an action for damages as a result of any breaches hereof and (y) any Party hereto may disclose, to the extent expressly consented to in writing by a Consenting Noteholder, such Consenting Noteholder’s identity and individual
            holdings.

           

          [Remainder of Page Intentionally Left Blank]

           

          
            37

            
              

          

          IN WITNESS WHEREOF, the Parties have executed this Agreement on the day and year first above written.

           

          
            	
                    COMPANY PARTIES

                  	 
	

                  	 
	
                    By:

                  	
                    /s/ Mark D. Nielsen

                  	 
	 	 
	
                    Name:  Mark D. Nielsen

                  	 
	
                    Title:  Executive Vice President, Chief Legal Officer, and Chief Transaction Officer

                  	 

          

           

          

          
            
              

          

          [Consenting Noteholder Signature Pages]

           

           

          

          
            
              

          

          Schedule 7.02(i)

           

          Specified Material Actions

           

          
            
              	

                    	1.	
                      take any action or inaction that would result in a breach of the DIP Facility, including any failure to comply with the DIP Budget after giving effect to any variances and applicable cure provisions set forth in the DIP Budget or
                        the DIP Facility Documents;

                    

            

          

           

          
            
              	

                    	2.	
                      take, adopt, or implement a material change to any Company Party’s or any of its subsidiaries’ sales strategy and/or other material operational changes with respect to any Company Party or any of its subsidiaries;

                    

            

          

           

          
            
              	

                    	3.	
                      develop and adopt the Company Parties’ RDOF bidding framework and strategy (or submission of any RDOF bid);

                    

            

          

           

          
            
              	

                    	4.	
                      select, retain, and/or appoint individuals to key management positions, including entry into any employment agreements or incentive arrangements;

                    

            

          

           

          
            
              	

                    	5.	
                      take, adopt, or implement a material change in the relationship with, or settlement with respect to, any material wholesale business counterparties of any Company Party or any of its subsidiaries, including any material amendment
                        to a contract with respect to such counterparties;

                    

            

          

           

          
            
              	

                    	6.	
                      take, adopt, or implement any material action or position with respect to the IRS, the PBGC or any labor union of any Company Party or any of its subsidiaries other than in the ordinary course of business, including with respect
                        to negotiations with the IRS, the PBGC or any labor union that are inconsistent with the Restructuring Term Sheet;

                    

            

          

           

          
            
              	

                    	7.	
                      (a) grant to any Service Provider any increase in base salary, wages, bonuses or other incentive compensation, other than in the ordinary course of business in connection with a new hire or promotion based on job performance and
                        which, in the case of increases granted in connection with a promotion based on job performance, will not exceed $100,000 per individual and $1,000,000 in the aggregate (excluding any applicable annual merit-based increases provided
                        in the ordinary course of business consistent with past practice), (b) grant to any Service Provider any new, or increase any existing, change in control, retention, severance or termination pay, (c) issue, deliver, sell, pledge,
                        encumber or grant any equity or equity-based awards to any Service Provider, (d) fund any rabbi trust or similar arrangement or otherwise secure funding for any Benefit Plan or Benefit Agreement, (e) effectuate any plant closing,
                        relocation of work, or mass layoff that would incur any liability or obligation under the WARN Act, or (f) grant or forgive any loans to any Service Provider (other than the grant of loans for travel and business expenses, in each
                        case, in the ordinary course of business consistent with past practice, and which will not exceed $10,000 for any individual);

                    

            

          

           

          
            
              

          

          
            
              	

                    	8.	
                      make any change in any method of financial accounting or financial accounting practice, policy or procedure other than as may be appropriate to conform to changes in United States generally accepted accounting principles in
                        effect from time to time (or any interpretation thereof) after the date hereof or as may be required by changes in applicable Law after the date hereof;

                    

            

          

           

          
            
              	

                    	9.	
                      assign, sell, lease, license, dispose, cancel, abandon, grant rights to or fail to renew, maintain or diligently pursue applications for, or defend, any rights with respect to any of the following:  (i) patents and patent
                        applications, inventions, utility models and industrial designs, and all applications and issuances therefor, together with all reissuances, divisions, renewals, revisions, extensions, reexaminations, provisionals, continuations and
                        continuations-in-part with respect thereto; (ii) trademarks, trade names, service marks, trade dress, taglines, social media identifiers and related accounts, brand names, logos and corporate names, together with the goodwill
                        associated with any of the foregoing, and all applications, registrations and renewals therefor; (iii) internet domain names and other computer identifiers; (iv) copyrights, applications and registrations therefor; (v) software;
                        (vi) trade secrets, know-how, inventions, processes, procedures, databases, confidential business information and other proprietary information and rights; and (vii) all other intellectual property rights of any kind or nature;

                    

            

          

           

          
            
              	

                    	10.	
                      assign, transfer, lease, sub-lease, cancel, fail to renew or fail to extend any material certificates, licenses, permits, authorizations and approvals of or issued by any governmental authorities (including any certificates,
                        licenses, permits, authorizations and approvals of or issued by the FCC or any PUCs (collectively, “Permits”)) or discontinue any service or operations that require prior regulatory
                        approval for discontinuance;

                    

            

          

           

          
            
              	

                    	11.	
                      compromise, settle or agree to settle any claim, suit, action, hearing, litigation, administrative charge, investigation, arbitration or other material proceeding (whether civil, criminal, administrative, or investigative) in a
                        manner which:  (i) constitute or result in injunctive relief or other non-monetary relief that would impose any restriction on the operations of the Company Parties or any of their subsidiaries (excluding any commitments in routine
                        regulatory and/or compliance filings that result in immaterial process changes such as additional or modified ordinary course disclosure notices being required to be sent to customers); (ii) constitute a criminal violation; or (iii)
                        result monetary liability in excess of $2,000,000, individually or in the aggregate with any related claims;

                    

            

          

           

          
            
              	

                    	12.	
                      enter into, renew, or modify, amend or waive in any material respect any material contract, in each case, other than in the ordinary course of business consistent with past practice;

                    

            

          

           

          
            
              

          

          
            
              	

                    	13.	
                      except for any actions related to any consolidated tax returns, the effect of which is not material to the business of the Company Parties, (i) change any material tax election, tax practice or procedure, or tax accounting
                        method, (ii) settle or compromise any material tax claim, audit or assessment, enter into any closing agreement under section 7121 of the Internal Revenue Code of 1986, as amended (or any similar provision of state, local or
                        non-U.S. tax Law), (iii) consent to an extension or waiver of the limitation period applicable to any material tax claim or assessment (other than an ordinary course extension of time to file tax returns), (iv) file any material
                        amended tax return (other than any tax returns with respect to sales tax or property tax amended in the ordinary course of business), (v) initiate any material voluntary tax disclosure or (vi) file or relinquish any claim for
                        material tax refunds, in each to the extent such action would reasonably increase the tax liabilities of the Company Parties from and after the Plan Effective Date;

                    

            

          

           

          
            
              	

                    	14.	
                      enter into, or renew, any contract that restricts the ability of any Company Party or any of its subsidiaries to compete with, or conduct, any business or line of business in any geographic area, or that grants any counterparty
                        any exclusive right or right of first refusal; or

                    

            

          

           

          
            
              	

                    	15.	
                      agree, authorize or commit, whether in writing or otherwise, to do any of the foregoing.

                    

            

          

           

          
            
              

          

          EXHIBIT A

           

          Frontier Communications Corporation Affiliate Entities

           

          Citizens Capital Ventures Corp.

          Citizens Directory Services Company L.L.C.

          Citizens Louisiana Accounting Company

          Citizens Newcom Company

          Citizens Newtel, LLC

          Citizens Pennsylvania Company LLC

          Citizens SERP Administration Company

          Citizens Telecom Services Company L.L.C.

          Citizens Telecommunications Company of California Inc.

          Citizens Telecommunications Company of Idaho

          Citizens Telecommunications Company of Illinois

          Citizens Telecommunications Company of Minnesota, LLC

          Citizens Telecommunications Company of Montana

          Citizens Telecommunications Company of Nebraska

          Citizens Telecommunications Company of Nebraska LLC

          Citizens Telecommunications Company of Nevada

          Citizens Telecommunications Company of New York, Inc.

          Citizens Telecommunications Company of Oregon

          Citizens Telecommunications Company of Tennessee L.L.C.

          Citizens Telecommunications Company of the White Mountains, Inc.

          Citizens Telecommunications Company of Utah

          Citizens Telecommunications Company of West Virginia

          Citizens Utilities Capital L.P.

          Citizens Utilities Rural Company, Inc.

          Commonwealth Communication, LLC

          Commonwealth Telephone Company LLC

          Commonwealth Telephone Enterprises LLC

          Commonwealth Telephone Management Services, Inc.

          CTE Holdings, Inc.

          CTE Services, Inc.

          CTE Telecom, LLC

          CTSI, LLC

          CU Capital LLC

          CU Wireless Company LLC

          Electric Lightwave NY, LLC

          Evans Telephone Holdings, Inc.

          Fairmount Cellular LLC

          Frontier ABC LLC

          Frontier California Inc.

          Frontier Communications - Midland, Inc.

          Frontier Communications - Prairie, Inc.

           

          

          
            
              

          

          Frontier Communications - Schuyler, Inc.

          Frontier Communications Corporate Services Inc.

          Frontier Communications ILEC Holdings LLC

          Frontier Communications Northwest Inc.

          Frontier Communications of America, Inc.

          Frontier Communications of Ausable Valley, Inc.

          Frontier Communications of Breezewood, LLC

          Frontier Communications of Canton, LLC

          Frontier Communications of Delaware, Inc.

          Frontier Communications of Depue, Inc.

          Frontier Communications of Georgia LLC

          Frontier Communications of Illinois, Inc.

          Frontier Communications of Indiana, LLC

          Frontier Communications of Iowa, LLC

          Frontier Communications of Lakeside, Inc.

          Frontier Communications of Lakewood, LLC

          Frontier Communications of Michigan, Inc.

          Frontier Communications of Minnesota, Inc.

          Frontier Communications of Mississippi LLC

          Frontier Communications of Mt. Pulaski, Inc.

          Frontier Communications of New York, Inc.

          Frontier Communications of Orion, Inc.

          Frontier Communications of Oswayo River LLC

          Frontier Communications of Pennsylvania, LLC

          Frontier Communications of Rochester, Inc.

          Frontier Communications of Seneca-Gorham, Inc.

          Frontier Communications of Sylvan Lake, Inc.

          Frontier Communications of the Carolinas LLC

          Frontier Communications of the South, LLC

          Frontier Communications of the Southwest Inc.

          Frontier Communications of Thorntown, LLC

          Frontier Communications of Virginia, Inc.

          Frontier Communications of Wisconsin LLC

          Frontier Communications Online and Long Distance Inc.

          Frontier Communications Services Inc.

          Frontier Directory Services Company, LLC

          Frontier Florida LLC

          Frontier Infoservices Inc.

          Frontier Midstates Inc.

          Frontier Mobile LLC

          Frontier North Inc.

          Frontier Security Company

          Frontier Services Corp.

          Frontier Southwest Incorporated

          Frontier Subsidiary Telco LLC

           

          

          
            
              

          

          Frontier Techserv, Inc.

          Frontier Telephone of Rochester, Inc.

          Frontier Video Services Inc.

          Frontier West Virginia Inc.

          GVN Services

          Navajo Communications Co., Inc.

          N C C Systems, Inc.

          Newco West Holdings LLC

          Ogden Telephone Company

          Phone Trends, Inc.

          Rhinelander Telecommunications, LLC

          Rib Lake Cellular for Wisconsin RSA #3, Inc.

          Rib Lake Telecom, Inc.

          SNET America, Inc.

          TCI Technology & Equipment LLC

          The Southern New England Telephone Company

          Total Communications, Inc.

          

          

          
            
              

          

          
            Execution Version

          

           

         
          EXHIBIT B

           

          Restructuring Term Sheet

           

          

          
            
              
                

              

              

              Frontier Communications Corporation et al.

               

              Restructuring Term Sheet

               

              April 14, 2020

               
                

               

              THIS TERM SHEET DOES NOT CONSTITUTE (NOR SHALL IT BE CONSTRUED AS) AN OFFER WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OR REJECTIONS AS TO ANY EXCHANGE OR PLAN OF
                REORGANIZATION, IT BEING UNDERSTOOD THAT SUCH A SOLICITATION, IF ANY, SHALL BE MADE ONLY IN COMPLIANCE WITH SECTION 4(A)(2) OF THE SECURITIES ACT OF 1933 AND/OR SECTION 1145 OF THE BANKRUPTCY CODE AND APPLICABLE PROVISIONS OF SECURITIES,
                BANKRUPTCY, AND/OR OTHER APPLICABLE STATUTES, RULES, AND LAWS.

               

              THIS TERM SHEET DOES NOT ADDRESS ALL MATERIAL TERMS THAT WOULD BE REQUIRED IN CONNECTION WITH ANY POTENTIAL RESTRUCTURING AND ANY AGREEMENT IS SUBJECT TO THE EXECUTION OF DEFINITIVE
                DOCUMENTATION CONSISTENT WITH THIS TERM SHEET AND OTHERWISE REASONABLY ACCEPTABLE TO THE REQUIRED CONSENTING NOTEHOLDERS AND THE COMPANY PARTIES (EACH AS DEFINED HEREIN) IN THE MANNER SET FORTH IN THE RSA.  THIS TERM SHEET HAS BEEN PRODUCED
                FOR DISCUSSION AND SETTLEMENT PURPOSES ONLY AND IS SUBJECT TO RULE 408 OF THE FEDERAL RULES OF EVIDENCE AND OTHER SIMILAR APPLICABLE STATE AND FEDERAL STATUTES, RULES, AND LAWS.  THIS TERM SHEET AND THE INFORMATION CONTAINED HEREIN ARE
                STRICTLY CONFIDENTIAL AND SHALL NOT BE SHARED WITH ANY OTHER PARTY WITHOUT THE PRIOR WRITTEN CONSENT OF THE COMPANY PARTIES AND THE REQUIRED CONSENTING NOTEHOLDERS.

               

              This Term Sheet (including the annexes attached hereto, this “Term Sheet”) sets forth the principal terms of a financial restructuring (the “Restructuring”) of the existing debt of, existing
                equity interests in, and certain other obligations of Frontier Communications Corporation (“Frontier”) and certain of its direct and indirect subsidiaries1
                (collectively with Frontier, the “Company Parties” or “Debtors”), through a pre-negotiated plan of reorganization (the “Plan”) to be filed by the Company Parties after commencing cases (the “Chapter 11 Cases”) in
                the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”).2  Following the occurrence of the Plan effective date (the “Plan Effective Date”), Frontier (or an entity formed to indirectly acquire substantially all of the assets and/or stock of the
                Debtors as may be contemplated by the Restructuring) shall be referred to herein as “Reorganized Frontier”.  This Term Sheet is for discussion purposes only, and is non-binding, and is not an express or implied offer with regard to
                the transactions described herein, and does not include all of the terms or conditions relating to such transactions.  Without limiting the generality of the foregoing, the terms contained herein are subject to, among other things,
                completion of due diligence and requisite internal approvals.  Any agreements with respect to the matters discussed herein shall be subject in all respects to the negotiation and execution of definitive documentation, including, without
                limitation, a restructuring support agreement (the “RSA”) among the Debtors and certain holders of unsecured notes (the “Consenting Noteholders”) issued by Frontier (the “Senior Notes”) including members of the (a) ad
                hoc group represented by Milbank LLP and Houlihan Lokey Capital, Inc. and (b) ad hoc group represented by Akin Gump Strauss Hauer & Feld LLP and Ducera Partners LLC ((a) and (b), the “Noteholder Committees”).  Nothing herein
                shall constitute or be construed as an admission of any fact or liability, and each statement contained herein is made without prejudice, solely for settlement purposes.

              

              
                

               

              

              
                
                  
                    	1	
                            Applicable Debtors to be mutually agreed by Frontier and the Required Consenting Noteholders.

                          

                  

                

                 

                
                  
                    	2	
                            Capitalized terms used but not otherwise defined or referenced herein shall have the meanings ascribed to such terms as set forth in the RSA.

                          

                  

                

                 

              

              
                - 1 -

                
                  

              

              	
                      OVERVIEW

                    
	
                      Implementation

                    	
                      No earlier than April 12, 2020 and no later than April 15, 2020, the Debtors will have commenced the Chapter 11 Cases.  Subject to the terms and conditions of the RSA (which shall
                        include additional milestones, consent rights, and conditions not set forth in this Term Sheet), the Restructuring will be structured, implemented, and accomplished through the Plan and other definitive documentation to be
                        consistent with this Term Sheet and otherwise reasonably acceptable to the Company Parties and the Required Consenting Noteholders3; provided, however, that the Company Parties and Required Consenting Noteholders agree that the Company Parties shall not be required to file a motion to
                        assume for the RSA to be effectuated on or after the commencement of the Chapter 11 Cases.  No later than 120 calendar days after the Petition Date, the Company Parties shall obtain confirmation of the Plan, which shall, for the
                        avoidance of doubt, be on terms consistent with the RSA and this Term Sheet.

                    
	
                      Required Support

                    	
                      The effectiveness of the RSA shall occur upon execution of the RSA by the following parties (such date, the “RSA Effective Date”):

                       

                      

                      •   holders of at least sixty-six and two-thirds (66.67) percent of the aggregate outstanding principal amount of Senior Notes; and

                       

                      

                      •    the Company Parties.

                    
	
                      TREATMENT OF CLAIMS AND INTERESTS4

                    
	
                      Revolving Credit Facility5

                    	
                      To the extent not already satisfied in full during the Chapter 11 Cases from the proceeds of the DIP Facility (as defined herein), paid in full on the Plan Effective Date.

                       

                      

                      •  To receive cash interest at non-default rate during the Chapter 11 Cases until repayment of the Revolving Credit Facility (as
                        applicable).

                    

              

              
                

              

              
                	
                        3

                      	
                        “Required Consenting Noteholders” means, as of the relevant date, the Consenting Noteholders holding greater than 50.1% of the aggregate outstanding principal amount of Senior Notes that are
                          subject to the RSA.

                      

                 

                

              

              
                	
                        4

                      	
                        Wherever more than one potential treatment for a class of claims is contemplated (e.g., Revolving Credit Facility, 1L Term Loan, 1L Notes, 2L Notes), the
                          Debtors’ election of specific treatment for claims (including any election to satisfy such claims prior to the Plan Effective Date) to be subject to the reasonable consent of the Required Consenting Noteholders.  Any adequate
                          protection to be consistent with this Term Sheet and otherwise reasonable and customary and subject to the reasonable consent of the Required Consenting Noteholders.

                      

                 

                

              

              For the avoidance of doubt, in the event that treatment of a class of claims contemplates payment of cash interest at the non‐default rate during the Chapter 11 Cases until repayment
                thereunder and/or no make whole, and the Company Parties are subject to litigation, threatened litigation, or otherwise as a result of such treatment, the RSA may not be terminated with respect to the Company Parties by the Required
                Consenting Noteholders on account of such litigation, threatened litigation, or otherwise; provided, that the RSA may be terminated with respect to the Company Parties by the Required Consenting
                Noteholders if the Company Parties (a) take any position in any such litigation, threatened litigation, or other dispute that is materially inconsistent with this Term Sheet or (b) enter into any settlement of any such litigation,
                threatened litigation, or other dispute that is not reasonably acceptable to the Required Consenting Noteholders.

               

              

              Further, for the avoidance of doubt, although the RSA will require the Consenting Noteholders to support the treatments specified herein (including voting for the Plan when properly
                solicited) in their capacities as holders of Senior Notes, nothing shall preclude a Consenting Noteholder from asserting any rights in its capacity as a holder of other claims against or interests in the Company Parties.

               

                

              
                	
                        5

                      	
                        If, prior to the commencement of the Chapter 11 Cases, the Company Parties agree to a proposed treatment for the holders of Revolving Credit Facility Claims that differs from the treatment stated in
                          this Term Sheet, any Consenting Noteholder that objects to such treatment shall have the right, within 24 hours of notice by the professionals representing the Company Parties to the professionals representing the Noteholder
                          Committees, to withdraw its executed signature page to the RSA.

                      

              

               

              

              
                - 2 -

                
                  

              

              	
                      1L Term Loan6

                    	
                      To the extent not already satisfied in full during the Chapter 11 Cases from the proceeds of the DIP Facility, paid in full on the Plan Effective Date or, solely in the event the
                        Company Parties cannot procure financing on terms acceptable to the Company Parties and the Required Consenting Noteholders to repay the 1L Term Loan in full, reinstated pursuant to section 1124 of the Bankruptcy Code on the Plan
                        Effective Date.

                       

                      

                      •    To receive cash interest at non-default rate during the Chapter 11 Cases until repayment or reinstatement of the 1L Term Loan (as
                        applicable); no make whole.

                    
	
                      1L Notes7

                    	
                      To the extent not already satisfied in full during the Chapter 11 Cases from the proceeds of the DIP Facility, paid in full on the Plan Effective Date or, solely in the event the
                        Company Parties cannot procure financing on terms acceptable to the Company Parties and the Required Consenting Noteholders to repay the 1L Notes in full, reinstated pursuant to section 1124 of the Bankruptcy Code on the Plan
                        Effective Date.

                       

                      

                      •    To receive cash interest at non-default rate during the Chapter 11 Cases until repayment or reinstatement of the 1L Notes (as
                        applicable); no make whole.

                    
	
                      2L Notes

                    	
                      To the extent not already satisfied in full during the Chapter 11 Cases from the proceeds of the DIP Facility, paid in full on the Plan Effective Date or, solely in the event the
                        Company Parties cannot procure financing on terms acceptable to the Company Parties and the Required Consenting Noteholders to repay the 2L Notes in full, reinstated pursuant to section 1124 of the Bankruptcy Code on the Plan
                        Effective Date.

                       

                      

                      •    The Company Parties and the Required Consenting Noteholders shall mutually agree to one of the following forms of treatment:

                       

                      

                      o     to receive cash interest at non-default rate during the Chapter 11 Cases until repayment or reinstatement of the 2L Notes (as
                        applicable); no make whole; or

                       

                      

                      o    no cash interest payments during the Chapter 11 Cases; to receive accrued non-default rate interest on the Plan Effective Date; no make
                        whole.

                    

              

              
                

              

              
                	
                        6

                      	
                        If, prior to the commencement of the Chapter 11 Cases, the Company Parties agree to a proposed treatment for the holders of 1L Term Loan Claims that differs from the treatment stated in this Term
                          Sheet, any Consenting Noteholder that objects to such treatment shall have the right, within 24 hours of notice by the professionals representing the Company Parties to the professionals representing the Noteholder Committees, to
                          withdraw its executed signature page to the RSA.

                      

                 

                

              

              
                	
                        7

                      	
                        If, prior to the commencement of the Chapter 11 Cases, the Company Parties agree to a proposed treatment for the holders of 1L Notes Claims that differs from the treatment stated in this Term Sheet,
                          any Consenting Noteholder that objects to such treatment shall have the right, within 24 hours of notice by the professionals representing the Company Parties to the professionals representing the Noteholder Committees, to
                          withdraw its executed signature page to the RSA.

                      

                 

                

              

              
                - 3 -

                
                  

              

              	
                      Senior Notes8

                    	
                      On or as soon as reasonably practicable following the Plan Effective Date, each holder of Senior Notes will receive its pro rata share of:

                      •   100% of the common equity of Reorganized Frontier (the “New Common Stock”), subject to dilution by the Management Incentive
                        Plan (as defined below);

                       

                      

                      •    The Takeback Debt (as defined below); and

                       

                      

                      •    Any Surplus Cash remaining after payments of the Incremental Payments as contemplated hereunder.9

                    
	
                      Subsidiary Secured Notes

                    	
                      Reinstated pursuant to section 1124 of the Bankruptcy Code on or as soon as reasonably practicable following the Plan Effective Date.

                      •    To receive cash interest at non-default rate during the Chapter 11 Cases.

                    
	
                      Subsidiary Unsecured Notes

                    	
                      Reinstated pursuant to section 1124 of the Bankruptcy Code on or as soon as reasonably practicable following the Plan Effective Date.

                      •    To receive cash interest at non-default rate during the Chapter 11 Cases.

                    
	
                      Trade Claims/Other Unsecured Claims (other than Parent Litigation Claims)

                    	
                      To the extent not already satisfied during the Chapter 11 Cases, on or as soon as reasonably practicable following the Plan Effective Date, each holder of a Trade Claim or other
                        unsecured claim (other than Parent Litigation Claims), if applicable, that is not a Senior Notes Claim or Subsidiary Unsecured Notes Claim will receive:

                      •    payment in full in cash;

                       

                      

                      •    reinstatement pursuant to section 1124 of the Bankruptcy Code; or

                       

                      

                      •    such other treatment rendering such Trade Claim/Other Unsecured Claim unimpaired, in each case set forth above, as reasonably
                        acceptable to the Company Parties and the Required Consenting Noteholders.

                    

              

                
                  

              

              

              
                	
                        8

                      	
                        Confirmation order to provide that, for determining distributions of New Common Stock, Takeback Debt, and Surplus Cash, the allowed amount of Senior Notes Claims shall be reduced on a
                          dollar-for-dollar basis by the amount of Incremental Payments that are to be made on account of each series of Senior Notes on the Plan Effective Date.

                      

                 

                

              

              
                	
                        9

                      	
                        “Surplus Cash” means the amount of unrestricted balance sheet cash in excess of $150 million on the Plan Effective Date as projected 30 days prior to the anticipated Plan Effective Date (in
                          each case, estimated and calculated in a manner reasonably acceptable to the Company Parties and the Required Consenting Noteholders, including in respect of available net after-tax cash proceeds from the PNW Sale (as defined
                          below) and less any deferred pension contribution payments, and any interest associated therewith, of the Company Parties under the CARES Act or applicable IRS/PBGC waiver, potential costs related to regulatory settlements, and
                          other restructuring related payments due on the Plan Effective Date, including any required repayments of debt and the Incremental Payments (as defined below)); provided, the Company
                          Parties shall use commercially reasonable best efforts to raise an $850 million Exit Facility (including seeking proposals from Consenting Noteholders), to be comprised of a revolving credit facility and/or other funded
                          instrument, with any such proceeds expressly excluded from Surplus Cash; provided, further, that to
                          the extent the Exit Facility commitment is below $850 million, the amount of Surplus Cash shall be reduced in an amount equal to the difference between $850 million and the actual Exit Facility commitment.  Further, for the
                          avoidance of doubt, the Exit Facilities (as defined herein) shall remain undrawn as of the Plan Effective Date (excluding any required LCs).

                      

                 

                

              

              
                - 4 -

                
                  

              

              	
                      Parent Litigation Claims

                    	
                      Unimpaired, provided that litigation-related claims against Frontier that would be subject to the automatic stay (except those subject to
                        the police and regulatory exception) (the “Parent Litigation Claims”) will be allowed in an amount that does not exceed existing insurance coverage plus $25 million.  In the event the foregoing condition is not satisfied,
                        treatment of Parent Litigation Claims to be acceptable to the Company Parties and the Required Consenting Noteholders.  During the Chapter 11 Cases, the Required Consenting Noteholders shall have consultation rights with respect to
                        the settlement, disposition, and/or resolution of any material Parent Litigation Claims.  For the avoidance of doubt, the Parent Litigation Claims shall not include any litigation-related claims against any of Frontier’s direct or
                        indirect subsidiaries.

                    
	
                      Administrative, Priority Tax, Other Priority Claims, or Other Secured Claims

                    	
                      On or as soon as reasonably practicable following the Plan Effective Date, each holder of an Administrative, Priority Tax, Other Priority, or Other Secured Claim will receive:

                      •    payment in full in cash;

                       

                      

                      •    reinstatement pursuant to section 1124 of the Bankruptcy Code;

                       

                      

                      •   delivery of the collateral securing any such secured claim and payment of any interest required under section 506(b) of the
                        Bankruptcy Code; or

                       

                      

                      •  such other treatment rendering such Administrative, Priority Tax, Other Priority, or Other Secured Claim unimpaired.

                    
	
                      Intercompany Claims

                    	
                      On the Plan Effective Date, all Intercompany Claims shall be, at the option of Reorganized Frontier, either (a) reinstated or (b) cancelled without any distribution on account of
                        such interests.

                    
	
                      Existing Equity Interests in Frontier

                    	
                      No recovery.

                    
	
                      OTHER KEY TERMS

                    
	
                      Incremental Payments

                    	
                      Subject to the occurrence of the RSA Effective Date and acceptance of the Plan by the Senior Notes class, Frontier will make a cash payment on the Plan Effective Date (to the
                        extent of available Excess Cash10) to each holder of Senior Notes (the “Incremental Payments”).  The Incremental Payments allocable to each
                        holder of each series of Senior Notes shall be based on each such series’s pro rata share of the Incremental Payment Amount (as defined below).

                       

                      

                      “Incremental Payment Amount” means, with respect to each series of Senior Notes, (a) if the amount of Excess Cash is equal to or greater than the sum of all Series Accrued
                        Amounts, the Series Accrued Amount for such series, (b) if the amount of Excess Cash is less than the sum of all Series Accrued Amounts but greater than zero, an amount equal to Excess Cash multiplied by the Series Ratable Share for
                        such series, or (c) if Excess Cash is zero, zero.

                       

                      

                      “Series Accrued Amount” means, with respect to any series of Senior Notes, the Series Accrued Amount specified on Annex 2
                        with respect to such series of Senior Notes.

                       

                      

                      “Series Ratable Share” means, with respect to any series of Senior Notes, the Series Ratable Share specified on Annex 2 with
                        respect to such series of Senior Notes.

                       

                      

                      Payment of the Incremental Payments shall be made to every holder of each series of Senior Notes in respect of the portion of the Series Accrued Amounts related to such holder’s
                        holdings in such series of Senior Notes.  For the avoidance of doubt, for purposes of determining distributions of New Common Stock, Takeback Debt, and Surplus Cash, the allowed amount of Senior Notes Claims shall be reduced on a
                        dollar-for-dollar basis by the amount of Incremental Payments that are to be made on the Plan Effective Date.

                    

              

              
                
                  

              

              

                	
                        10

                      	
                        “Excess Cash” means the amount of unrestricted balance sheet cash in excess of $150 million on the Plan Effective Date as projected 30 days prior to the anticipated Plan Effective Date (in
                          each case, estimated and calculated in a manner reasonably acceptable to the Company Parties and the Required Consenting Noteholders, including in respect of available net after-tax cash proceeds from the PNW Sale (as defined
                          below) and less any deferred pension contribution payments, and any interest associated therewith, of the Company Parties under the CARES Act or applicable IRS/PBGC waiver, potential costs related to regulatory settlements, and
                          other restructuring related payments due on the Plan Effective Date, including any required repayments of debt but excluding the Incremental Payments).  For the avoidance of doubt, any Incremental Payments will be made from Excess
                          Cash first prior to the determination of, and distribution of, any Surplus Cash.  Further, for the avoidance of doubt, the Exit Facilities shall remain undrawn as of the Plan Effective Date (excluding any required LCs).

                      

                 

                

              

              
                - 5 -

                
                  

              

              	
                      DIP Facility

                    	
                      The Debtors will use commercially reasonable best efforts to obtain commitments on the best available terms for a superpriority secured debtor-in-possession financing facility,
                        with an option for conversion into an Exit Facility (as defined below) on the Plan Effective Date, on terms and conditions (including as to principal amount), in each case, reasonably acceptable to the Company Parties and reasonably
                        acceptable to the Required Consenting Noteholders.  The proceeds of all or a portion of the DIP Facility may be used to repay some or all of the Debtors’ existing secured debt (i.e., the
                        Revolving Credit Facility, the 1L Term Loan, the 1L Notes, and the 2L Notes).  To the extent not converted into an Exit Facility, DIP Claims will be paid in cash on the Plan Effective Date.

                    
	
                      Exit Facilities

                    	
                      The Debtors will use commercially reasonable best efforts to obtain commitments on the best available terms for one or more third-party debt facilities to be entered into on the
                        Plan Effective Date (the “Exit Facilities”).  The Exit Facilities shall be in an amount reasonably sufficient to facilitate Plan distributions and ensure incremental liquidity on the Plan Effective Date, and will otherwise be
                        on terms and conditions (including as to amount) reasonably acceptable to the Debtors and reasonably acceptable to the Required Consenting Noteholders.

                       

                      

                      The Exit Facilities shall remain undrawn as of the Plan Effective Date (excluding any required LCs).

                    
	
                      Takeback Debt

                    	
                      One or more of the reorganized Debtors will issue takeback debt (the “Takeback Debt”), solely for the purpose of distribution to each holder of Senior Notes pursuant to the
                        Plan.  Unless otherwise agreed to by the Company Parties and the Required Consenting Noteholders, the terms of such Takeback Debt shall include:

                       

                      

                      •    Principal amount:  $750 million, subject to downward adjustment by Consenting Noteholders holding at least 66 2/3% of the aggregate
                        outstanding principal amount of Senior Notes that are subject to the RSA (the “Determining Noteholders”), with such determination to be made no later than 30 days before the occurrence of the Plan Effective Date.

                       

                      

                      •    Interest rate:  (i) no more than 250 basis points higher than the interest rate of the next most junior secured debt facility to be
                        entered into on the Plan Effective Date if the Takeback Debt is secured on a third lien basis or (ii) no more than 350 basis points higher than the interest rate of the most junior secured debt facility to be entered into on the
                        Plan Effective Date if the Takeback Debt is unsecured.

                    

               

              

              
                - 6 -

                
                  

              

              	 	
                      •    Maturity:  No less than one year outside of the longest-dated debt facility to be entered into on the Plan Effective Date, subject
                        to an outside maturity date of 8 years from the Plan Effective Date.

                       

                      

                      •    Security:  (i) to the extent the 2L Notes are reinstated under the Plan, the Takeback Debt will be third lien debt, or (ii) to the
                        extent the 2L Notes are paid in full in cash during the pendency of the Chapter 11 Cases or under the Plan, the Company Parties and the Required Consenting Noteholders will agree on whether the Takeback Debt will be secured or
                        unsecured within 3 business days of the Debtors’ delivery to the Consenting Noteholders of a term sheet for financing to repay the 2L Notes that contains terms and conditions reasonably acceptable to the Company Parties and the
                        Required Consenting Noteholders; provided that such agreement will be binding in the event the 2L Notes are refinanced on substantially similar terms; provided,
                        further, that in the event the Takeback Debt is third lien debt, a standard intercreditor agreement shall be executed and delivered by the relevant parties in conjunction with the execution
                        and delivery of any third-lien debt documents.  For the avoidance of doubt, the Debtors will exercise commercially reasonable best efforts to obtain financing to repay the 2L Notes on terms and conditions reasonably acceptable to
                        the Company Parties and the Required Consenting Noteholders.

                       

                      

                      •    Additional Terms:

                       

                      

                      o     All other terms including, without limitation, covenants and governance, shall be reasonably acceptable to the Company Parties and the
                        Required Consenting Noteholders; provided that in no event shall such terms be more restrictive than those in the indenture for the 2L Notes.

                       

                      

                      o    Any terms may be modified subject to consent by the Company Parties and the Required Consenting Noteholders; provided, that as noted above, downward adjustment of principal amount shall require consent of the Company Parties and the Determining Noteholders.

                       

                      

                      o    The Takeback Debt may be replaced with cash proceeds of third-party market financing that becomes available prior to the Plan Effective
                        Date; provided that the third-party market financing shall contain terms no worse than those contemplated for the Takeback Debt.

                    
	
                      Pension/OPEB

                    	
                      The Company Parties and the Consenting Noteholders shall confer regarding potential cost savings and concessions under the Company Parties’ pension/OPEB plans and determine in
                        good faith whether to pursue further concessions; provided, that from and after the RSA Effective Date, the Finance Committee of the Board, in consultation with the Required Consenting
                        Noteholders, shall be charged with overseeing and making decisions on behalf of the Company Parties with respect to any negotiations regarding the “freeze” of the Company Parties’ pension/OPEB plans.

                    

               

              

              
                - 7 -

                
                  

              

              	
                      Business Plan

                    	
                      The Restructuring contemplates the development and implementation of a business plan for Reorganized Frontier that is consistent with this Term Sheet and otherwise acceptable to
                        the Company Parties and reasonably acceptable to the Required Consenting Noteholders.

                       

                      

                      The Debtors shall solicit a Disclosure Statement containing go-forward financial projections for: (a) the Debtors’ “base case” business plan; (b) the Debtors’ “reinvestment”
                        sensitivity case; and (c) an alternative “reinvestment” sensitivity case that will be delivered to the Consenting Noteholders by the RSA Effective Date.  The contents of the Disclosure Statement shall provide appropriate disclosures
                        regarding the preparatory work for each business plan and scenario and otherwise be reasonably acceptable to the Required Consenting Noteholders; provided, that the Debtors shall bear no
                        obligation to attest to the Debtors’ management team’s view of reasonableness for either sensitivity case if sufficient preparatory work has not been conducted as of the date on which the Disclosure Statement is filed.

                       

                      

                      The analyses contained in the Debtors’ “reinvestment” sensitivity case shall be premised on the following:

                       

                      

                      •    Material de-leveraging of the balance sheet;

                       

                      

                      •    Modernization of network, systems and operations, and improved quality of service for consumer, commercial and wholesale customers;

                       

                      

                      •    Reinvestment of capital into fiber expansion and FTTx upgrades with IRR profiles that are viewed as acceptable to Company Parties;
                        and

                       

                      

                      •    Opportunistic participation in next generation of government subsidies for rural broadband (“RDOF” program).

                       

                      

                      The Debtors will use commercially reasonable efforts to provide a detailed report within 120 days of the RSA Effective Date on the following:

                       

                      

                      •    Specific initiatives for modernization and improved quality of service; and

                       

                      

                      •    A plan for participation in the upcoming RDOF auction including the following:

                       

                      

                      o     technology plan;

                       

                      

                      o     building strategy to maximize success at the accretive returns; and

                       

                      

                      o     assessment of potential sensitivities around different return requirement thresholds.

                    

               

              

              
                - 8 -

                
                  

              

              	 	
                      The Debtors will use commercially reasonable efforts to provide by January 31, 2021 the following:

                       

                      

                      •   New budgetary plan, which shall be developed in consideration of the foregoing materials, including, but not limited to, as
                        appropriate, information derived from results of upcoming RDOF auction and concepts of investment underlying Virtual Separation (as defined below); and

                        

                      

                      •    Capital spending into fiber expansion and FTTx upgrades within the network.

                       

                      

                      The Debtors will use commercially reasonable best efforts to provide a detailed report by no later than the Plan Effective Date detailing analysis and development of the
                        following:

                       

                      

                      •    a virtual separation under the same ownership structure of select state operations where the reorganized Debtors will conduct fiber
                        deployments (“InvestCo”) from those state operations where the reorganized Debtors will perform broadband upgrades and operational improvements (“ImproveCo”), with such allocation of state operations to be reasonably
                        acceptable to the Company Parties and the Required Consenting Noteholders (the “Virtual Separation”), such that the Reorganized Frontier Board (as defined below) may, at its determination, adopt and implement the Virtual
                        Separation at any time on or after the Plan Effective Date; and

                       

                      

                      •    an internal revenue and cost sharing model based around the Virtual Separation.11

                       

                        

                      The Debtors will use commercially reasonable efforts to deliver by no later than the applicable date specified below, on a one-time basis, based on available analytics, each of
                        the following:

                       

                      

                      •    no later than 3 business days after the RSA Effective Date, the Debtors’ “base case” business plan; and

                       

                      

                      •    no later than 10 business days after the RSA Effective Date, (a) the Debtors’ “reinvestment” sensitivity case and (b) an
                        alternative “reinvestment” sensitivity case for the reorganized Debtors in a form consistent with the analysis underlying the Virtual Separation, and otherwise reasonably acceptable to the Required Consenting Noteholders; provided, however, the Company Parties shall not be bound by how the ImproveCo and InvestCo clusters are defined in these cases, as all parties recognize
                        that the composition of these clusters may change from time to time as part of the Virtual Separation evaluation process.

                       

                      

                      Notwithstanding anything to the contrary herein, any materials that constitute material, non-public information shall only be delivered to the Consenting Noteholders’ advisors and
                        the Company Parties will not have an obligation to disclose any such materials to any Consenting Noteholders unless the Company Parties and such Consenting Noteholders have entered into a mutually acceptable confidentiality
                        agreement with respect to such information.

                    

              

              
                
                  

              

              

              
                	
                        11

                      	
                        Within 14 days after the RSA Effective Date, the advisors to the Company Parties will provide to the advisors to the Consenting Noteholders (on a professionals’ eyes only basis) a detailed timeline
                          with respect to the Virtual Separation and will provide updates to the advisors to the Consenting Noteholders (on a professionals’ eyes only basis) not less frequently than monthly as to progress with respect to the Company
                          Parties’ efforts in connection therewith.

                      

                 

                

              

              
                - 9 -

                
                  

              

              	
                      Pre-Effective Date Implementation

                    	
                      Upon the RSA Effective Date, the finance committee of Frontier’s Board (the “Finance Committee”) will oversee certain initiatives and decisions during the period from the
                        RSA Effective Date until the Plan Effective Date, including the following:

                       

                      

                      •    Management evaluation and selection process for the reorganized Debtors with respect to certain key management positions.

                       

                      

                      •   Evaluation and oversight of any material asset sale proposals and implementation of any asset sales, if any (including selection of
                        the M&A financial advisor with respect thereto, if applicable).

                       

                      

                      •    Material strategic decisions relating to the restructuring.

                       

                      

                      •    The Debtors’ use of commercially reasonable best efforts to analyze and develop a detailed report regarding Virtual Separation by
                        no later than the Plan Effective Date in accordance with this Term Sheet.

                       

                      

                      Upon the RSA Effective Date, and until the earlier of (a) the Plan Effective Date and (b) the date on which the RSA is terminated in accordance with its terms, the Consenting
                        Noteholders shall be entitled to designate two observers to Frontier’s Board (and the Finance Committee) that are reasonably acceptable to Frontier’s Board (who shall be “independent” within the meaning of the rules of any stock
                        exchange on which the shares of Frontier are listed (or if not so listed, would qualify under the rules of the New York Stock Exchange)): one observer to be appointed by the Consenting Noteholders represented by Akin Gump Strauss
                        Hauer & Feld LLP and Ducera Partners LLC and one observer to be appointed by the Consenting Noteholders represented by Milbank LLP and Houlihan Lokey Capital, Inc.

                       

                      

                      Such board observer rights shall permit the observers’ active and regular participation in Board (and Finance Committee) discussions and deliberations; provided, that, any such participation shall be subject to agreements reasonably acceptable to the Company Parties and the Required Consenting Noteholders that preserve
                        confidentiality and privilege of such discussions and deliberations.  Each observer shall be paid a reasonable and customary fee and reimbursed for all reasonable out-of-pocket expenses.

                       

                      

                      The Company Parties shall consult with the Consenting Noteholders with respect to certain Specified Material Actions.12  The Company Parties shall not take action with respect to the Specified Material Actions absent reasonable consent from the Required Consenting Noteholders.

                       

                      

                      Promptly following the RSA Effective Date, the Finance Committee, together with one designee to be appointed by the Consenting Noteholders represented by Akin Gump Strauss Hauer
                        & Feld LLP and Ducera Partners LLC and one designee to be appointed by the Consenting Noteholders represented by Milbank LLP and Houlihan Lokey Capital, Inc. (such designees, the “Management Selection Designees”) shall
                        commence and oversee a management selection process for the reorganized Debtors with respect to certain key management positions.  The identity and compensation of any person that is proposed to be retained for, appointed to or
                        hired for a key management position (effective either before or upon the Plan Effective Date), including any person occupying a management role on or after the RSA Effective Date, but before the Plan Effective Date who is proposed
                        to retain such position or be appointed to a different senior management position shall be reasonably acceptable to the Management Selection Designees and reasonably acceptable to the Required Consenting Noteholders.

                    

              

              
                
                  

                  

                  

                

              

              
                	
                        12

                      	
                        “Specified Material Actions” to be mutually agreed by Frontier and the Required Consenting Noteholders prior to the RSA Effective Date.

                      

                 

                

              

              
                - 10 -

                
                  

              

              	
                      New Board of Directors

                    	
                      The board of directors of Reorganized Frontier (the “Reorganized Frontier Board”) shall consist of directors, the number and identities of which shall be determined by the
                        Required Consenting Noteholders.

                    
	
                      Key Employee Incentive / Retention Plans

                    	
                      During the Chapter 11 Cases, the Debtors shall implement a key employee incentive plan and key employee retention plan for certain employees, in amounts, allocations, and subject
                        to customary terms, conditions, documentation and metrics, in each case, that are reasonably acceptable to the Required Consenting Noteholders.

                    
	
                      Management Incentive Plan

                    	
                      On the Plan Effective Date, the reorganized Debtors will reserve a pool of 6% (on a fully diluted
                        basis) of the New Common Stock (the “Management Incentive Plan Pool”) for a post-emergence management incentive plan for management employees of the reorganized Debtors, which will contain terms and conditions (including,
                        without limitation, with respect to participants, form, allocation, structure, duration and timing and extent of issuance and vesting), in each case, as determined at the discretion of the Reorganized Frontier Board after the Plan
                        Effective Date; provided, that up to 50% of the Management Incentive Plan Pool may be allocated prior to the Plan
                          Effective Date as emergence grants (“Emergence Awards”) to individuals selected to serve in key senior management positions after the Plan
                        Effective Date (as and when such individuals are selected as contemplated by and subject to the consent rights specified in this Term Sheet); provided, further,
                        that the Emergence Awards will have terms and conditions (including, without limitation, with respect to form, allocation, structure, duration, timing and extent of issuance and vesting) that
                        are acceptable to the Debtors and the Required Consenting Noteholders.  For the avoidance of doubt, the Debtors and the Required Consenting Noteholders shall work jointly in good faith to effectuate the
                          intent of the foregoing.

                    
	
                      Asset Sales

                    	
                      The Debtors shall use commercially reasonable efforts to evaluate potential sales of assets during the Chapter 11 Cases (in certain specified markets and other markets as may be
                        identified) and, as appropriate, prepare for and commence a marketing process for and, if applicable and approved by the Required Consenting Noteholders, consummate such potential sales of assets.

                       

                      

                      The Finance Committee shall oversee any such asset sale process.

                       

                      

                      Any material asset sales to be subject to monitoring by and reasonable consent of the Required Consenting Noteholders, including with respect to any such sale process.

                    
	
                      PNW Sale

                    	
                      The Debtors will promptly file a motion after the Petition Date to assume the Purchase Agreement, dated as of May 28, 2019, among Frontier, Frontier Communications ILEC Holdings
                        LLC, and Northwest Fiber, LLC, as amended, amended and restated, or otherwise modified from time to time, and close the sale (the “PNW Sale”) as soon as reasonably practicable.  Any extension or material amendment of the
                        Purchase Agreement shall be on terms reasonably acceptable to the Required Consenting Noteholders.

                    

               

              

              
                - 11 -

                
                  

              

              	
                      Noteholder Reporting

                    	
                      The Debtors shall make certain additional reporting (including key performance indicators to be agreed) available to Noteholders during the course of the Chapter 11 Cases pursuant
                        to mutually agreed upon procedures.

                    
	
                      Structure/Tax

                    	
                      The Debtors and the Consenting Noteholders will cooperate in good faith to structure the Restructuring as a “Bruno’s transaction” pursuant to which Frontier sells substantially
                        all the assets and/or stock of the Debtors in a taxable transaction to an indirect subsidiary of Reorganized Frontier; provided, however, that if
                        the Debtors and the Required Consenting Noteholders determine that an alternative structure would be more value maximizing than such a “Bruno’s transaction,” then the Debtors and the Required Consenting Noteholders will cooperate in
                        good faith to implement such alternative structure in the Restructuring.  The Debtors shall use commercially reasonable efforts to analyze additional asset-level information and, as appropriate, evaluate potential alternative
                        value-maximizing structures, including REIT structures.

                    
	
                      Regulatory

                    	
                      The Debtors will use commercially reasonable efforts to, (i) as soon as reasonably practicable, commence any required regulatory approval processes, (ii) evaluate the path to
                        approval by jurisdiction including a cost/benefit analysis of any conditions of approval, (iii) secure approval from the FCC, PUCs, and other applicable regulatory bodies, and (iv) provide progress reports to the Required Consenting
                        Noteholders’ advisors with respect to regulatory approval processes.

                    
	
                      Reorganized Frontier New Common Stock

                    	
                      As determined by the Required Consenting Noteholders and the Debtors prior to the Plan Effective Date, upon emergence from the Chapter 11 Cases, the New Common Stock may be listed
                        on a recognized U.S. stock exchange.  In the event the Required Consenting Noteholders and the Debtors determine that the New Common Stock should be listed on a recognized U.S. stock exchange, Reorganized Frontier shall use
                        commercially reasonable efforts to have the New Common Stock listed on a recognized U.S. stock exchange as promptly as reasonably practicable on or after the Plan Effective Date, and prior to any such listing to use commercially
                        reasonable efforts to qualify its shares for trading in the pink sheets.

                    
	
                      MISCELLANEOUS PROVISIONS

                    
	
                      Conditions Precedent to Consummation of the Restructuring

                    	
                      The occurrence of the Plan Effective Date shall be subject to the following conditions precedent:

                      •   The Bankruptcy Court shall have entered the order confirming the Plan (the “Confirmation Order”), and such Confirmation Order
                        shall be a Final Order and in full force and effect;

                       

                      

                      •    Reorganized Frontier’s New Common Stock shall have been issued;

                       

                      

                      •    The Plan Supplement, including any amendments, modifications, or supplements to the documents, schedules, or exhibits included
                        therein shall have been filed with the Bankruptcy Court;

                       

                      

                      •    Any and all requisite regulatory approvals, and any other authorizations, consents, rulings, or documents required to implement and
                        effectuate the Plan shall have been obtained;

                       

                      

                      •    Payment of all professional fees and other amounts contemplated to be paid under the RSA and the Plan;

                       

                      

                      •   The Debtors shall have used commercially reasonable best efforts to analyze and develop a detailed report regarding Virtual
                        Separation; and

                       

                      

                      •    Such other conditions as mutually agreed by the Company Parties and the Required Consenting Noteholders.

                    

               

              

              
                - 12 -

                
                  

              

              	
                      Releases and Exculpation

                    	
                      The releases to be included in the Plan will be consistent with those set forth in Annex 1 to this Term Sheet.13

                    
	
                      Fiduciary Out

                    	
                      Notwithstanding anything to the contrary herein, nothing in this Term Sheet or any of the Definitive Documents shall require the Company Parties, nor any of the Company Parties’
                        directors, managers, or officers, to take or refrain from taking any action to the extent such person or persons determines based on advice of counsel that taking such action, or refraining from taking such action, as applicable,
                        would be inconsistent with applicable law or its fiduciary obligations under applicable law; provided, that the Company Parties shall be required to notify the Consenting Noteholders
                        promptly in the event of any such determination, in which case the Consenting Noteholders will have a termination right.

                       

                      

                      The Definitive Documents shall provide that such agreements or undertakings, as applicable, shall be terminable by the Company Parties and the Consenting Noteholders where any
                        Company Parties’ board of directors or similar governing body, determines in good faith and upon the advice of counsel that continued performance would be inconsistent with its fiduciary duties under applicable law.

                    
	
                      Corporate Governance Documents

                    	
                      In connection with the Plan Effective Date, and consistent with section 1123(a)(6) of the Bankruptcy Code, Reorganized Frontier shall adopt customary corporate governance
                        documents, including amended and restated certificates of incorporation, bylaws, and shareholders’ agreements in form and substance reasonably acceptable to the Company Parties and the Required Consenting Noteholders.  Such
                        governance documents shall contain indemnification provisions no less favorable than those contained in the existing governance documents of the Company Parties.

                    
	
                      Director, Officer, Manager, and Employee Insurance

                    	
                      On the Plan Effective Date, the applicable Debtors shall be deemed to have assumed all unexpired directors’, managers’, and officers’ liability insurance policies.

                    
	
                      Exemption from SEC Registration

                    	
                      The issuance of all securities in connection with the Plan will be exempt to the extent permitted under section 1145 of the Bankruptcy Code and otherwise pursuant to Section
                        4(a)(2) of the Securities Act of 1933, as amended.

                    
	
                      Indemnification of Prepetition Directors, Officers, Managers, et al.

                    	
                      Under the Restructuring, all indemnification provisions currently in place (whether in the by-laws, certificates of incorporation or formation, limited liability company
                        agreements, other organizational documents, board resolutions, indemnification agreements, employment contracts, or otherwise) for the current and former directors, officers, managers, employees, attorneys, accountants, investment
                        bankers, and other professionals of the Company Parties, as applicable, shall be assumed and survive the effectiveness of the Restructuring.

                    

              

              
                
                  

                  	
                          13

                        	
                          Defined terms used but not otherwise defined in Annex 1 to this Term Sheet shall have the meaning ascribed to such terms in the RSA.

                        

                   

                  

                

              

              
                - 13 -

                
                  

              

              	
                      Plan Supplement

                    	
                      The following documents shall be filed by the Debtors no later than 7 days before the Confirmation hearing or such later date as may be approved by the Bankruptcy Court on notice
                        to parties in interest, and additional documents prior to the Plan Effective Date as amendments, including the following, as applicable:

                       

                      

                      (a) the form of certificate or articles of incorporation, bylaws, or such other applicable formation documents (if any) of Reorganized Frontier or any other reorganized Debtor, as
                        applicable; (b) to the extent known, the identity and members of the Reorganized Frontier Board; (c) the Rejected Executory Contracts and Unexpired Lease List (if applicable); (d) the Schedule of Retained Causes of Action; (e) the
                        Exit Facility Documents; (f) the Restructuring Transactions Memorandum; (g) as applicable, and consistent with the consent rights in this Term Sheet, documentation relating to the Emergence Awards, and (h) any additional documents
                        necessary to effectuate the Plan.

                    
	
                      Restructuring Fees and Expenses

                    	
                      The Company Parties shall pay all accrued and future fees and expenses of the Noteholder Committees in connection with the Restructuring, including the reasonable and documented
                        fees and disbursements of (a) Akin Gump Strauss Hauer & Feld LLP, (b) Milbank LLP, (c) Ducera Partners LLC, (d) Houlihan Lokey Capital, Inc., (e) Altman Vilandrie & Company, and (f) October Three, in their capacities as
                        counsel, financial advisors, and consultants, as applicable, and any other professionals retained by the Noteholder Committees in connection with the Restructuring, as set forth in the RSA; provided, that, the Company Parties shall
                        not be obligated to pay any fees and expenses incurred by the Consenting Noteholders incurred after the Plan Effective Date.  For the avoidance of doubt, all accrued fees and expenses for the Noteholder Committees shall be paid upon
                        the RSA Effective Date.  The Company Parties shall use commercially reasonable best efforts to obtain court approval for such payment promptly after commencement of the Chapter 11 Cases.14

                    

              

              
                
                  

                

              

              
                	
                        14

                      	
                        Notwithstanding anything to the contrary, all “Transaction Fees” (as defined in the applicable engagement letters) to be deemed fully earned upon execution of the RSA and to be paid in full by no
                          later than consummation of the Plan (and if a portion of such fee is payable on an earlier date pursuant to the applicable engagement letter, on such earlier date to the extent then payable, in each case, with any support
                          condition to be deemed satisfied upon execution of the RSA).  Upon the occurrence of the RSA Effective Date, the Company Parties will provide agreed advance payment retainers to the advisors to the Noteholder Committees.

                      

                 

                

              

              
                - 14 -

                
                  

              

              Annex 1

               

              Proposed Plan Releases and Exculpation Provisions

               

              	
                      Definitions

                    	
                      The following terms shall have the following definitions for purposes of this Annex 1:

                       

                      

                      •    “Affiliate” shall have the meaning set forth in section 101(2) of the Bankruptcy Code.

                       

                      

                      •   “Avoidance Actions” means any and all actual or potential avoidance, recovery, subordination, or other Causes of Action or
                        remedies that may be brought by or on behalf of the Debtors or their estates or other parties in interest under the Bankruptcy Code or applicable non bankruptcy law, including Causes of Action or remedies under sections 502, 510,
                        542, 544, 545, 547–553, and 724(a) of the Bankruptcy Code or under other similar or related local, state, federal, or foreign statutes and common law, including fraudulent transfer laws.

                       

                      

                      •    “Causes of Action” any action, Claim, damage, judgment, cause of action, controversy, demand, right, action, suit,
                        obligation, liability, debt, account, defense, offset, power, privilege, license, Lien, indemnity, guaranty or franchise of any kind or character whatsoever, whether known or unknown, foreseen or unforeseen, existing or hereinafter
                        arising, contingent or non-contingent, liquidated or unliquidated, secured or unsecured, assertable directly or derivatively, matured or unmatured, suspected or unsuspected, in contract or in tort, at law or in equity, or pursuant
                        to any other theory of law or otherwise.  For the avoidance of doubt, “Causes of Action” include:  (a) any right of setoff, counterclaim, or recoupment and any claim arising from any contract or for breach of duties imposed by law
                        or in equity; (b) any claim based on or relating to, or in any manner arising from, in whole or in part, tort, breach of contract, breach of fiduciary duty, violation of local, state, federal, or foreign law, or breach of any duty
                        imposed by law or in equity, including securities laws, negligence, and gross negligence; (c) any right to object to or otherwise contest Claims or Equity Interests; (d) any claim pursuant to sections 362 or chapter 5 of the
                        Bankruptcy Code; (e) any claim or defense, including fraud, mistake, duress, usury, and any other defenses set forth in section 558 of the Bankruptcy Code; and (e) any Avoidance Action.

                       

                      

                      •     “Entity” shall have the meaning set forth in section 101(15) of the Bankruptcy Code.

                       

                      

                      •     “Lien” shall have the meaning set forth in section 101(37) of the Bankruptcy Code.

                       

                      

                      •    “Related Party” means, with respect to any Entity, in each case in its capacity as such with respect to such Entity, such
                        Entity’s current and former directors, managers, officers, investment committee members, special committee members, equity holders (regardless of whether such interests are held directly or indirectly), affiliated investment funds
                        or investment vehicles, managed accounts or funds, predecessors, participants, successors, assigns, subsidiaries, affiliates, partners, limited partners, general partners, principals, members, management companies, fund advisors or
                        managers, employees, agents, trustees, advisory board members, financial advisors, attorneys, accountants, investment bankers, consultants, representatives, and other professionals and advisors.

                       

                      

                      •    “Released Parties” means, collectively, each Released Company Party and each Released Noteholder Party.

                       

                      

                      •    “Releasing Parties” means, collectively, each Company Releasing Party and each Noteholder Releasing Party.

                    
	
                      Company Releasing Parties

                    	
                      Each of the Company Parties and each of the Company Parties on behalf of their respective current and former Affiliates and Related Parties.

                    
	
                      Consenting Noteholder Releasing Parties

                    	
                      Each Consenting Noteholder, on its own behalf and on behalf of each of its Affiliates and Related Parties, in each case, solely in their respective capacities as such with respect to such Noteholder
                        and solely to the extent such Noteholder has the authority to bind such Affiliate or Related Party in such capacity.

                    

               

              

              
                - 15 -

                
                  

              

              	
                      Released Company Parties

                    	
                      Collectively, and in each case in its capacity as such:  (a) each Company Party; (b) each reorganized Debtor; (c) each current and former Affiliate of each Entity in clause (a) through the following
                        clause (d); and (d) each Related Party of each Entity in clauses (a) through this clause (d).

                    
	
                      Released Noteholder Parties

                    	
                      Collectively, and in each case in its capacity as such: (a) each Consenting Noteholder; (b) each Trustee; (c) each current and former Affiliate of each Entity in clause (a) through the following
                        clause (d); and (d) each Related Party of each Entity in clauses (a) through this clause (d).

                    
	
                      Debtor Release

                    	
                      Except as expressly set forth in this Agreement, effective on the Plan Effective Date, in exchange for good and valuable consideration, the adequacy of which is hereby confirmed, each Released Party
                        is hereby conclusively, absolutely, unconditionally, irrevocably, and forever released and discharged by each and all of the Company Releasing Parties, in each case on behalf of themselves and their respective successors, assigns,
                        and representatives, and any and all other Entities who may purport to assert any Cause of Action, directly or derivatively, by, through, for, or because of, the foregoing Entities, from any and all Causes of Action, whether known
                        or unknown, including any derivative claims, asserted or assertable on behalf of any of the Company Releasing Parties, whether known or unknown, foreseen or unforeseen, matured or unmatured, existing or hereafter arising, in law,
                        equity, contract, tort or otherwise, that the Company Releasing Parties would have been legally entitled to assert in their own right (whether individually or collectively) or on behalf of the Holder of any Claim against, or
                        Interest in, a Company Releasing Party, based on or relating to, or in any manner arising from, in whole or in part, the Company Parties (including the management, ownership or operation thereof), their capital structure, the
                        purchase, sale, or rescission of any security of the Company Parties, the subject matter of, or the transactions or events giving rise to, any Claim or Interest that is treated in the Plan, the business or contractual arrangements
                        between any Company Party and any Released Party, the Chapter 11 Cases and related adversary proceedings, the Credit Facilities, the First Lien Notes, the Second Lien Notes, the IDRB, the Senior Notes, the DIP Facility, the Exit
                        Facility, the assertion or enforcement of rights and remedies against the Company Parties’ out-of-court restructuring efforts, intercompany transactions between or among a Company Party and another Company Party, the formulation,
                        preparation, dissemination, negotiation, or filing of this Agreement, the Definitive Documents, or any Restructuring Transaction, contract, instrument, release, or other agreement or document created or entered into in connection
                        with this Agreement or the Definitive Documents, the pursuit of consummation of the Plan, the administration and implementation of the Restructuring Transaction, or upon any other act or omission, transaction, agreement, event, or
                        other occurrence related to the Company Parties taking place on or before the Plan Effective Date.

                    
	
                      Third-Party Release

                    	
                      Except as expressly set forth in this Agreement, effective on the Plan Effective Date, in exchange for good and valuable consideration, the adequacy of which is hereby confirmed, each Released Party
                        is hereby conclusively, absolutely, unconditionally, irrevocably, and forever released and discharged by each and all of the Consenting Noteholder Releasing Parties, in each case on behalf of themselves and their respective
                        successors, assigns, and representatives, and any and all other Entities who may purport to assert any Cause of Action, from any and all Causes of Action, whether known or unknown, foreseen or unforeseen, matured or unmatured,
                        existing or hereafter arising, in law, equity, contract, tort, or otherwise, including any derivative claims asserted or assertable on behalf of any of the Company Parties, that such Entity would have been legally entitled to assert
                        in its own right (whether individually or collectively or on behalf of the Holder of any Claim against, or Interest in, a Debtor or other Entity), based on or relating to, or in any manner arising from, in whole or in part, the
                        Company Parties (including the management, ownership or operation thereof), their capital structure, the purchase, sale, or rescission of any security of the Company Parties, the subject matter of, or the transactions or events
                        giving rise to, any Claim or Interest that is treated in the Plan, the business or contractual arrangements between any Company and any Released Party, the Credit Facilities, the First Lien Notes, the Second Lien Notes, the IDRB,
                        the Senior Notes, the DIP Facility, the Exit Facility, the assertion or enforcement of rights and remedies against the Company Parties’ out-of-court restructuring efforts, intercompany transactions between or among a Company Party
                        and another Company Party, the formulation, preparation, dissemination, negotiation, or filing of this Agreement, the Definitive Documents, or any Restructuring Transaction, contract, instrument, release, or other agreement or
                        document created or entered into in connection with this Agreement or the Definitive Documents, the pursuit of consummation of the Plan, the administration and implementation of the Restructuring Transaction, or upon any other act
                        or omission, transaction, agreement, event, or other occurrence related to the Company Parties taking place on or before the Plan Effective Date.

                    

               

              

              
                - 16 -

                
                  

              

              	
                      Exculpated Party

                    	
                      Collectively, and in each case in its capacity as such:  (a) each of the Debtors; (b) each of the reorganized Debtors; (c) the holders of Senior Notes; (d) each current and former Affiliate of each
                        Entity in clause (a) through the following clause (e); and (e) each Related Party of each Entity in clause (a) through this clause (e).

                    
	
                      Exculpation

                    	
                      Effective as of the Plan Effective Date, to the fullest extent permissible under applicable law and without affecting or limiting either the Debtor Release or the Third‐Party Release, and except as
                        otherwise specifically provided in the Plan, no Exculpated Party shall have or incur, and each Exculpated Party is released and exculpated from any Cause of Action for any act or omission in connection with, relating to, or arising
                        out of, the Chapter 11 Cases, the formulation, preparation, dissemination, negotiation, filing, or consummation of the Restructuring Support Agreement, the Disclosure Statement, the Plan, any Definitive Documents, or any
                        Restructuring Transaction, contract, instrument, release, or other agreement or document created or entered into in connection with the Disclosure Statement or the Plan, the filing of the Chapter 11 Cases, the pursuit of
                        Confirmation, the pursuit of consummation of the Plan, the administration and implementation of the Plan, including the issuance of Securities pursuant to the Plan, or the distribution of property under the Plan or any other related
                        agreement (including, for the avoidance of doubt, providing any legal opinion requested by any Entity regarding any transaction, contract, instrument, document, or other agreement contemplated by the Plan or the reliance by any
                        Exculpated Party on the Plan or the Confirmation Order in lieu of such legal opinion), except for Causes of Action related to any act or omission that is determined in a Final Order of a court of competent jurisdiction to have
                        constituted actual fraud, willful misconduct, or gross negligence, but in all respects such Entities shall be entitled to reasonably rely upon the advice of counsel with respect to their duties and responsibilities pursuant to the
                        Plan.  The Exculpated Parties have, and upon consummation of the Plan shall be deemed to have, participated in good faith and in compliance with the applicable laws with regard to the solicitation of votes and distribution of
                        consideration pursuant to the Plan and, therefore, are not, and on account of such distributions shall not be, liable at any time for the violation of any applicable law, rule, or regulation governing the solicitation of acceptances
                        or rejections of the Plan or such distributions made pursuant to the Plan.

                    

              

              

              
                - 17 -

                
                  

              

              Annex 2

               

              	
                      Series of Senior Notes

                    	
                      Series Accrued Amount ($)15

                    	
                      Series Ratable Share (%)

                    
	
                      2020 April Notes

                    	
                      5,515,998.56

                    	
                      1.47

                    
	
                      2020 September Notes

                    	
                      2,194,528.87

                    	
                      0.59

                    
	
                      2021 July Notes

                    	
                      1,536,172.61

                    	
                      0.41

                    
	
                      2021 September Notes

                    	
                      6,214,268.09

                    	
                      1.66

                    
	
                      2022 April Notes

                    	
                      16,498,148.66

                    	
                      4.40

                    
	
                      2022 September Notes

                    	
                      103,940,094.57

                    	
                      27.72

                    
	
                      2023 Notes

                    	
                      9,135,260.60

                    	
                      2.44

                    
	
                      2024 Notes

                    	
                      21,565,437.17

                    	
                      5.75

                    
	
                      2025 January Notes

                    	
                      8,036,955.27

                    	
                      2.14

                    
	
                      2025 September Notes

                    	
                      179,198,176.94

                    	
                      47.79

                    
	
                      2025 November Notes

                    	
                      3,254,226.83

                    	
                      0.87

                    
	
                      2026 Notes

                    	
                      8,918.58

                    	
                      0.002

                    
	
                      2027 Notes

                    	
                      4,108,332.02

                    	
                      1.10

                    
	
                      2031 Notes

                    	
                      6,416,686.24

                    	
                      1.71

                    
	
                      2034 Notes

                    	
                      19,885.23

                    	
                      0.005

                    
	
                      2035 Notes

                    	
                      1,732,462.73

                    	
                      0.46

                    
	
                      2046 Notes

                    	
                      5,624,447.02

                    	
                      1.50

                    
	
                      TOTAL

                    	
                      375,000,000.00

                    	
                      100.00

                    

              

              

              
                
                  

              

              

              
                	
                        15

                      	
                        Amount of interest accrued but unpaid on each series of Senior Notes as of March 15, 2020, subject to an aggregate cap of $375,000,000.00.

                      

                 

                

                
                  - 18 -

                  
                    

                

              

            

          

          EXHIBIT C

           

          Form of Joinder

           

          The undersigned (“Joinder Party”) hereby acknowledges that it has read and understands the Restructuring Support Agreement, dated as of __________
            (the “Agreement”)1 by and among Frontier Communications Corporation (“Frontier”),

            the other Company Parties bound thereto and the Consenting Noteholders and agrees to be bound by the terms and conditions thereof to the extent the other Consenting Noteholders are thereby bound, and shall be deemed a “Consenting Noteholder”
            under the terms of the Agreement.

           

          The Joinder Party specifically agrees to be bound by the terms and conditions of the Agreement and makes all representations and warranties contained therein applicable to a Consenting
            Noteholder as of the date hereof and any further date specified in the Agreement.

           

          Date Executed:

           

          
            	
                    [CONSENTING NOTEHOLDER]

                  	
                     

                  
	

                  	
                     

                  
	
                    [INSERT ENTITY NAME]

                  	
                     

                  
	

                  	
                     

                  
	Name:	
                     

                  
	
                    Title:

                  	
                     

                  
	

                  	
                     

                  
	
                    Address:

                  	 
	

                  	 
	
                    E-mail address(es):

                  	 

          

          

          

          	
                  Aggregate Amounts Beneficially Owned or Managed on Account of:

                
	
                  2020 April Notes

                	 
	
                  2020 September Notes

                	 
	
                  2021 July Notes

                	 
	
                  2021 September Notes

                	 
	
                  2022 April Notes

                	 
	
                  2022 September Notes

                	 
	
                  2023 Notes

                	 
	
                  2024 Notes

                	 
	
                  2025 January Notes

                	 
	
                  2025 September Notes

                	 
	
                  2025 November Notes

                	 
	
                  2026 Notes

                	 
	
                  2027 Notes

                	 
	
                  2031 Notes

                	 
	
                  2034 Notes

                	 
	
                  2035 Notes

                	 
	
                  2046 Notes

                	 

          

          

          
            

          

          

          
            
              
                	1	
                        Capitalized terms not used but not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.

                      

              

            

             

            
              
                

            

          

          EXHIBIT D

           

          Provision for Transfer Agreement

           

          The undersigned (“Transferee”) hereby acknowledges that it has read and understands the Restructuring Support Agreement, dated as of __________
            (the “Agreement”),1 by and among Frontier Communications Corporation (“Frontier”),

            the other Company Parties bound thereto and the Consenting Noteholders, including the transferor to the Transferee of any Senior Notes Claims or Incremental Payments (collectively, the “Transferred Claims,”

            and each such transferor, a “Transferor”), and agrees to be bound by the terms and conditions thereof to the extent the Transferor was thereby bound, and shall be deemed a “Consenting Noteholder”
            under the terms of the Agreement.

           

          The Transferee specifically agrees to be bound by the terms and conditions of the Agreement and makes all representations and warranties contained therein applicable to a Consenting Noteholder
            as of the date of the Transfer, including the agreement to be bound by the vote of the Transferor if such vote was cast before the effectiveness of the Transfer discussed herein.

           

          Date Executed:

           

          
            
              	
                      [CONSENTING NOTEHOLDER]

                    	
                       

                    
	

                    	
                       

                    
	
                      [INSERT ENTITY NAME]

                    	
                       

                    
	

                    	
                       

                    
	Name:	
                       

                    
	
                      Title:

                    	
                       

                    
	

                    	
                       

                    
	
                      Address:

                    	 
	

                    	 
	
                      E-mail address(es):

                    	 

            

          

          

          

          	
                  Aggregate Amounts Beneficially Owned or Managed on Account of:

                
	
                  2020 April Notes

                	 
	
                  2020 September Notes

                	 
	
                  2021 July Notes

                	 
	
                  2021 September Notes

                	 
	
                  2022 April Notes

                	 
	
                  2022 September Notes

                	 
	
                  2023 Notes

                	 
	
                  2024 Notes

                	 
	
                  2025 January Notes

                	 
	
                  2025 September Notes

                	 
	
                  2025 November Notes

                	 
	
                  2026 Notes

                	 
	
                  2027 Notes

                	 
	
                  2031 Notes

                	 
	
                  2034 Notes

                	 
	
                  2035 Notes

                	 
	
                  2046 Notes

                	 

          

          

        

        
          

        
          
            
               

              

              	1	
                      Capitalized terms not used but not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.Exhibit
10.1

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This Executive Employment
Agreement (“Agreement”) is made and entered into as of this 10th day of April, 2020, by and between Leap
Therapeutics, Inc., a Delaware corporation (the “Company”), and Douglas E. Onsi (hereinafter, the “Executive”).

 

WITNESSETH:

 

WHEREAS, the Company currently
employs the Executive as the Chief Financial Officer of the Company pursuant to that certain Executive Employment Agreement, dated
as of August 29, 2016, between the Company and the Executive (the “Prior Agreement”).

 

WHEREAS, the Company desires
to promote and continue to employ the Executive as the Chief Executive Officer, President and Chief Financial Officer of the Company
effective as of April 1, 2020 (the “Effective Date”), and the Executive desires to continue to be employed by
the Company as the Chief Executive Officer, President and Chief Financial Officer of the Company effective as of the Effective
Date, on the terms herein described.

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which are mutually acknowledged, the Company and the Executive hereby agree as follows:

 

1.                  
Definitions. When used in this Agreement, the following terms shall have the following meanings:

 

(a)               
 “Accrued Obligations” means:

 

(i)                 
all accrued but unpaid Base Salary through the end of the Term of Employment;

 

(ii)               
any unpaid or unreimbursed expenses incurred in accordance with Company policy, including amounts due under Section 5(a) hereof,
to the extent incurred during the Term of Employment;

 

(iii)              
any accrued but unpaid benefits provided under the Company’s employee benefit plans, subject to and in accordance with the
terms of those plans;

 

(iv)              
any earned and unpaid Bonus in respect to any completed fiscal year that has ended on or prior to the end of the Term of Employment;

 

(v)               
any accrued but unpaid rights to indemnification by virtue of the Executive’s position as an officer or director of the Company
or its subsidiaries and the benefits under any directors’ and officers’ liability insurance policy maintained by the
Company, in accordance with its terms thereof; and

 

(vi)              
any accrued but unused vacation pay.

 

     

     

    

 

(b)               
 “Base Salary” means the salary amount provided for in Section 4(a) hereof or any increase thereto as
salary granted to Executive pursuant to Section 4(a) hereof.

 

(c)                
 “Beneficial Ownership” shall have the meaning ascribed to such term in Rule 13d-3 promulgated under the
Exchange Act.

 

(d)               
 “Board” means the Board of Directors of the Company.

 

(e)               
 “Bonus” means any bonus earned and payable to the Executive pursuant to Section 4(b) hereof.

 

(f)                 
 “Cause” means the occurrence of any of the following: (i) a conviction of the Executive, or a plea of
nolo contendere, to a felony (other than a felony related to the operation of a motor vehicle); or (ii) willful misconduct or gross
negligence by the Executive resulting, in either case, in material harm to the Company or any Related Entities; or (iii) a willful
failure by the Executive to carry out the reasonable and lawful directions of the Board and failure by the Executive to remedy
such willful failure within thirty (30) days after receipt of written notice of same from the Board; or (iv) fraud, embezzlement,
theft or dishonesty of a material nature by the Executive, or a willful material violation by the Executive of a written policy
or procedure of the Company or any Related Entity, resulting, in any case, in material harm to the Company or any Related Entity;
or (v) a material breach by the Executive of this Agreement, and failure by the Executive to remedy the material breach within
thirty (30) days after receipt of written notice of same, by the Board. For clarity, the inability of Executive to perform any
or all of his duties, responsibilities or obligations under this Agreement on account of Executive’s death or disability
shall not be deemed or treated as a material breach of this Agreement by the Executive and shall not constitute Cause for any purpose
of this Agreement.

 

(g)               
 “Change in Control” means:

 

(i)                 
The acquisition by any Person of Beneficial Ownership of at least twenty percent (20%) of either (A) the value of the then outstanding
shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting
power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”) (the foregoing Beneficial Ownership hereinafter being referred to as a “Controlling
Interest”); provided, however, that for purposes of this definition, the following acquisitions shall not
constitute or result in a Change in Control: (v) any acquisition directly from the Company; (w) any acquisition by the Company;
(x) any acquisition by any person that owns, or by any person that collectively with such person’s affiliates own, Beneficial
Ownership of a Controlling Interest on the Effective Date; (y) any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any subsidiary of the Company; or (z) any acquisition by any corporation or other Person
pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (ii) below; or

 

(ii)               
Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving
the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or
the acquisition of assets or stock or equity interests of another entity by the Company or any of its subsidiaries (each a “Business
Combination”), in each case, unless, immediately following such Business Combination, (A) all or substantially all
of the Persons who were the Beneficial Owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting
Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%)
of the then combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors
(or equivalent persons) of the corporation or other Person resulting from such Business Combination (including, without limitation,
a corporation or other Person which as a result of such transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more subsidiaries) (such resulting or acquiring corporation or other Person is referred
to herein as the “Acquiring Person”) in substantially the same proportions as their beneficial ownership,
immediately prior to such Business Combination, of the combined voting power of the Outstanding Company Voting Securities, and
(B) at least a majority of the members of the Board of Directors or equivalent body of the corporation or other Person resulting
from such Business Combination were members of the incumbent Board at the time of the execution of the initial agreement, or of
the action of the Board, providing for such Business Combination; or

 

    2

     

    

 

(iii)              
approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.

 

(h)      
           “COBRA” means the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended from time to time.

 

(i)                 
 “Code” means the Internal Revenue Code of 1986, as amended.

 

(j)                 
 “Date of Termination” means the earliest of: (i) immediately after the Company gives notice to Executive
of Executive’s termination, with or without Cause, unless the Company specifies a later date, in which case, termination
shall be effective as of such later date; (ii) immediately upon the Executive’s death; (iii) thirty (30) days after the Company
gives notice to Executive of Executive’s termination on account of Executive’s Disability, unless the Company specifies
a later date, in which case, termination shall be effective as of such later date, provided, that Executive has not returned to
the full time performance of Executive’s duties prior to such date; or (iv) thirty (30) days after the Executive gives written
notice to the Company of Executive’s resignation with or without Good Reason. Executive will receive compensation through
any required notice period. In the event notice of a termination under subsections (i), (iii) and (iv) is given orally, at the
other party’s request, the party giving notice must provide written confirmation of such notice within five business days
of the request in compliance with the requirement of Section 14 below. In the event of a termination for Cause or Good Reason written
confirmation shall specify the subsection(s) of the definition of Cause or Good Reason relied on to support the decision to terminate
but shall not include further explanation.

 

(k)               
 “Disability” means the Executive’s inability, or failure, to perform the essential functions of
his position, with or without reasonable accommodation, for any period of ninety (90) consecutive days, or (ii) for one-hundred
and eighty (180) days in the aggregate during any twelve (12) month period or based on the written certification by two licensed
physicians of the likely continuation of such condition for either such period. This definition shall be interpreted and applied
consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law.

 

    3

     

    

 

(l)               
“Equity Awards” means any stock options, restricted stock, restricted stock units, stock appreciation
rights, phantom stock or other equity based awards granted by the Company to the Executive.

 

(m)             
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(n)             
 “Excise Tax” means any excise tax imposed by Section 4999 of the Code, together with any interest and
penalties imposed with respect thereto, or any interest or penalties that are incurred by the Executive with respect to any such
excise tax.

 

(o)               
 “Good Reason” means the occurrence of any of the following: (i) a material diminution in the Executive’s
Base Salary; or (ii) a material diminution in the Executive’s authority, duties, responsibilities, or reporting relationship;
or (iii) a material diminution in the authority, duties, responsibilities, or reporting relationship of the supervisor to whom
the Executive is required to report, including a requirement that the Executive report to a corporate officer or executive instead
of reporting directly to the Board; or (iv) the Company’s or Related Entity’s requiring the Executive to be based at
any office or location outside of fifty (50) miles from Cambridge, Massachusetts, except for travel reasonably required in the
performance of the Executive’s responsibilities; or (v) any other action or inaction that constitutes a material breach by
the Company of this Agreement. For purposes of this Agreement, Good Reason shall not be deemed to exist unless the Executive’s
termination of employment for Good Reason occurs within one (1) year following the initial existence of one of the conditions specified
in clauses (i) through (v) above, the Executive provides the Company with written notice of the existence of such condition within
ninety (90) days after the initial existence of the condition, and the Company fails to remedy the condition within thirty (30)
days after its receipt of such notice.

 

(p)               
 “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used
in Sections 13(d) and 14(d) thereof.

 

(q)               
“Pro-Rata Bonus” means the Bonus that (but for the cessation of the Executive’s employment) would
otherwise have been earned and payable to the Executive for the fiscal year in which the Termination Date occurs (based on actual
performance outcomes for that year), multiplied by the following fraction: (i) the number of days that the Executive was employed
by the Company during that fiscal year, divided by (ii) three hundred sixty five (365). For this purpose, the Bonus that would
otherwise have been earned and payable to the Executive shall be determined in good faith and in the same manner applicable to
active named executive officers of the Company.

 

(r)                
 “Related Entity” means any Person controlling, controlled by or under common control with the Company
or any of its subsidiaries. For this purpose, the terms “controlling,” “controlled by” and “under
common control with” mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise,
including (without limitation) the ownership, directly or indirectly, of securities having the power to elect a majority of the
board of directors or similar body governing the affairs of such Person.

 

(s)                
 “Severance Amount” shall mean an amount equal to one hundred fifty percent (150%) of the Executive’s
annualized Base Salary, as in effect immediately prior to the Termination Date.

 

(t)                
 “Target Bonus” has the meaning described in Section 4(b).

 

(u)               
 “Term of Employment” means the period during which the Executive shall be employed by the Company pursuant
to the terms of this Agreement, which period shall begin effective as of the Effective Date and continue until terminated in accordance
with Section 6 hereof.

 

    4

     

    

 

(v)               
 “Termination Date” means the date on which the Term of Employment ends.

 

2.                  
Employment. The Company hereby agrees to continue to employ the Executive, and the Executive hereby agrees
to continue to serve the Company, during the Term of Employment on the terms and conditions set forth herein.

 

3.                  
Duties of Executive.

 

(a)               
Position and Position Duties. During the Term of Employment, the Executive shall be employed and serve as the Chief
Executive Officer, President and Chief Financial Officer of the Company, and shall have such duties typically associated with such
titles.

 

(b)               
Duties in General. The Executive shall faithfully and diligently perform all services as may be assigned to him by
the Board, and shall exercise such power and authority as may from time to time be delegated to him by the Board. The Executive
shall devote time, attention and efforts to the performance of his duties under this Agreement, render such services to the best
of his ability, and use his reasonable best efforts to promote the interests of the Company. The Executive shall not engage in
any other business or occupation during the Term of Employment that (i) conflicts with the interests of the Company or its subsidiaries,
(ii) interferes with the proper and efficient performance of his duties for the Company, or (iii) interferes with the exercise
of his judgment in the Company’s best interests. Notwithstanding the foregoing or any other provision of this Agreement,
it shall not be a breach or violation of this Agreement for the Executive to (v) serve as a Managing Director of HealthCare Ventures,
(w) serve on outside corporate or scientific advisory boards with prior written notice to the Company, (x) serve on civic or charitable
boards or committees, (y) deliver lectures, fulfill speaking engagements or teach at educational institutions, or (z) manage personal
investments, so long as such activities do not significantly interfere with or significantly detract from the performance of the
Executive’s responsibilities to the Company in accordance with this Agreement.

 

(c)                
Company Policies and Procedures. The employment relationship between the parties also shall be subject to the Company’s
personnel and compliance policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the
Company’s sole discretion. The Company reserves the right to change, alter, or terminate any such policy or procedure in
its sole discretion. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict
with the Company’s general employment policies or practices, this Agreement shall control.

 

4.                  
Compensation.

 

(a)               
Base Salary. The Executive shall receive a Base Salary at the annualized rate of $550,000 during the Term of Employment,
with such Base Salary payable in installments consistent with the Company’s normal payroll schedule, subject to applicable
withholding and other taxes. The Base Salary shall be reviewed, at least annually, for merit increases and may, by action and in
the discretion of the Board, be increased at any time or from time to time, but may not be decreased from the then current Base
Salary.

 

(b)              
Bonuses. During the Term of Employment, the Executive shall participate in the Company’s annual incentive compensation
plan, program and/or arrangements applicable to senior-level executives, as established and modified from time to time by the Compensation
Committee of the Board (for the avoidance of doubt, for any period during which there is not a Compensation Committee, all matters
under this Agreement shall be addressed by the Board) in its sole discretion. During the Term of Employment, the Executive shall
have a target bonus opportunity under such plan or program equal to 50% of his current Base Salary (the “Target Bonus”),
based on satisfaction of performance criteria to be established by the Compensation Committee of the Board within the first three
months of each fiscal year that begins during the Term of Employment. Payment of annual incentive compensation awards shall be
made in the same manner and at the same time that other senior-level executives receive their annual incentive compensation awards
and, except as otherwise provided herein, will be subject to the Executive’s continued employment through the applicable
payment date.

 

    5

     

    

 

(c)               Equity
Awards. Any and all existing Equity Awards that the Executive has or holds in the Company will be treated consistent with
the terms of the applicable plans and agreements under which such Equity Awards have been granted. The Executive may be granted
additional Equity Awards from time to time in accordance with the Company’s normal business practice and in the sole discretion
of the Compensation Committee of the Board. The terms of any future Equity Awards granted to the Executive will be consistent with
any plan under which such Equity Awards are granted and the terms of the applicable agreement for such Equity Awards. Notwithstanding
the foregoing, any and all outstanding unvested Equity Awards shall automatically become fully vested and exercisable on an accelerated
basis (i) immediately prior to any Change in Control that is consummated at any time after the Effective Date or (ii) pursuant
to, and in accordance with, the provisions of Section 6(e) of this Agreement.

 

5.                
Expense Reimbursement and Other Benefits.

 

(a)              
Reimbursement of Expenses. Upon the submission of proper substantiation by the Executive, and subject to such rules
and guidelines as the Company may from time to time adopt with respect to the reimbursement of expenses of executive personnel,
the Company shall reimburse the Executive for all reasonable expenses actually paid or incurred by the Executive during the Term
of Employment in the course of and pursuant to the business of the Company. The Executive shall account to the Company in writing
for all expenses for which reimbursement is sought and shall supply to the Company copies of all relevant invoices, receipts or
other evidence reasonably requested by the Company.

 

(b)             
Compensation/Benefit Programs. During the Term of Employment, the Executive shall be entitled to participate in all
benefit plans on the same basis as similarly situated executives in the Company’s benefit plans in effect from time to time
during Executive’s employment. All matters of eligibility for coverage or benefits under any benefit plan shall be determined
in accordance with the provisions of such plan.

 

(c)             
Working Facilities. During the Term of Employment, the Company shall furnish the Executive with an office, administrative
help, and such other facilities and services suitable to his position and adequate for the performance of his duties hereunder.
The Executive’s principal place of employment (subject to reasonable travel) shall be Cambridge, Massachusetts.

 

(d)            
Vacation. The Executive shall be entitled to paid vacation each calendar year during the Term of Employment pursuant
to the policies of the Company applicable to Executives, to be taken at such times as the Executive and the Company shall mutually
determine and provided that no vacation time shall significantly interfere with the duties required to be rendered by the Executive
hereunder.

 

    6

     

    

 

6.                  
Termination.

 

(a)               
General. The Term of Employment shall terminate upon the earliest to occur of (i) the Executive’s death, (ii)
a termination by the Company by reason of the Executive’s Disability, (iii) a termination by the Company with or without
Cause, or (iv) a termination by Executive with or without Good Reason. Upon any termination of Executive’s employment for
any reason, except as may otherwise be requested by the Company in writing and agreed upon in writing by Executive, the Executive
shall resign from any and all directorships, committee memberships or any other positions Executive holds with the Company or any
of its Related Entities.

 

(b)               
Termination By Company for Cause. In the event the Executive is terminated by the Company for Cause, the Company’s
obligation to make payments under this Agreement shall cease upon the Date of Termination, except that the Company shall pay Executive
any Base Salary earned but unpaid prior to termination, all accrued but unused vacation and any business expenses that were incurred
but not reimbursed as of the Date of Termination. Vesting of any unvested stock options and/or other equity securities shall cease
on the Date of Termination, unless otherwise provided in any plan, instrument or agreement to which such unvested stock options
and/or other equity securities may be subject.

 

(c)                
Disability. The Company shall have the option, in accordance with applicable law, to terminate the Term of Employment
upon written notice to the Executive, at any time during which the Executive is suffering from a Disability. In the event that
the Term of Employment is terminated due to the Executive’s Disability, the Executive shall be entitled to (i) the Accrued
Obligations, payable as and when those amounts would have been paid had the Term of Employment not ended, and (ii) any insurance
benefits to which he and his beneficiaries are entitled as a result of his Disability. Vesting of any unvested stock options and/or
other equity securities shall cease on the Date of Termination, unless otherwise provided in any plan, instrument or agreement
to which such unvested stock options and/or other equity securities may be subject.

 

(d)               
Death. In the event that the Term of Employment is terminated due to the Executive’s death, the Executive’s
estate shall be entitled to (i) the Accrued Obligations, payable as and when those amounts would have been paid had the Term of
Employment not ended, and (ii) any insurance benefits to which he and his beneficiaries are entitled as a result of his death.
Vesting of any unvested stock options and/or other equity securities shall cease on the Date of Termination, unless otherwise provided
in any plan, instrument or agreement to which such unvested stock options and/or other equity securities may be subject.

 

(e)               
Termination Without Cause or Resignation With Good Reason. The Company may terminate the Term of Employment without
Cause, and the Executive may terminate the Term of Employment for Good Reason, at any time upon written notice, and upon compliance
with Section 6(h) below. If the Term of Employment is terminated by the Company without Cause (other than due to the Executive’s
death or Disability) or by the Executive for Good Reason, in either case prior to the date of a Change in Control or more than
one year after a Change in Control, the Executive shall be entitled to the following:

 

(i)                 
The Accrued Obligations, payable as and when those amounts would have been paid had the Term of Employment not ended;

 

(ii)               
A Pro-Rata Bonus, payable within two and one-half (21⁄2) months following the end of the fiscal year in which the Termination
Date occurs;

 

    7

     

    

 

(iii)              
The Severance Amount, payable in equal installments consistent with the Company’s normal payroll schedule over the eighteen
(18)-month period beginning with the first regularly scheduled payroll date that occurs more than thirty (30) days following the
Termination Date;

 

(iv)              
Provided that the Executive timely elects continued coverage under COBRA, the Company will reimburse the Executive for the monthly
COBRA cost of continued health and dental coverage of the Executive and his qualified beneficiaries paid by the Executive under
the health and dental plans of the Company, less the amount that the Executive would be required to contribute for health and dental
coverage if the Executive were an active employee of the Company, for eighteen (18) months (or, if less, for the duration that
such COBRA coverage is available to Executive), payable in equal installments consistent with the Company’s normal payroll
schedule over the eighteen (18)-month period beginning with the first regularly scheduled payroll date that occurs more than thirty
(30) days following the Termination Date; and

 

(v)               
One hundred percent (100%) accelerated vesting on the Termination Date of any and all then outstanding unvested Equity Awards,
and, if the Termination Date occurs at any time after the first anniversary of a Change in Control, the right to exercise any and
all Equity Awards that are outstanding on the Termination Date at any time and from time to time during the period of one year
following the Termination Date.

 

(f)                 
Termination by Executive Without Good Reason. The Executive may terminate his employment without Good Reason at any
time by providing the Company 30 days’ written notice of such termination. In the event of a termination of employment by
the Executive under this Section 6(f), the Executive shall be entitled only to the Accrued Obligations payable as and when those
amounts would have been payable had the Term of Employment not ended; provided, however, that in the event of a termination
of employment by Executive under this Section 6(f) at any time from and after the 6th month anniversary of the occurrence
of a Change in Control, then, in lieu of the payments, rights and benefits described in this Section 6(f), the Executive shall
be entitled to the same payments, rights and benefits described in Section 6(e) as if such termination by Executive had been a
termination under Section 6(e) for Good Reason more than one year after a Change in Control. In the event of termination of the
Executive’s employment under this Section 6(f), the Company may, in its sole and absolute discretion, by written notice,
accelerate the Date of Termination and still have it treated as a termination without Good Reason.

 

(g)               
Other Instances of Termination Following a Change in Control of the Company. If the Executive’s employment
is terminated by the Company (or any entity to which the obligations and benefits under this Agreement have been assigned, pursuant
to Section 10) without Cause or by the Executive for Good Reason at any time during the one-year period immediately following a
Change in Control, then the Executive shall be entitled to the same payments, rights and benefits described in Section 6(e) as
if such termination had been a termination by the Company or the Executive under Section 6(e), subject to the following enhancements:

 

(i)                 
The Severance Amount will be increased to two hundred percent (200%) of the Executive’s annualized Base Salary, as in effect
immediately prior to the Termination Date, and will be paid in a single lump-sum payment on the first regularly scheduled payroll
date that occurs more than thirty (30) days following the Termination Date (rather than in installments over eighteen (18) months);

 

    8

     

    

 

(ii)               
Provided that the Executive timely elects continued coverage under COBRA, the Company will reimburse the Executive for the monthly
COBRA cost of continued health and dental coverage of the Executive and his qualified beneficiaries paid by the Executive under
the health and dental plans of the Company, less the amount that the Executive would be required to contribute for health and dental
coverage if the Executive were an active employee of the Company, for twenty four (24) months (or, if less, for the duration that
such COBRA coverage is available to Executive), paid in a single lump-sum payment on the first regularly scheduled payroll date
that occurs more than thirty (30) days following the Termination Date (rather than in installments over eighteen (18) months);
and

 

(iii)              
The Executive shall have a period of up to two years after any termination pursuant to this Section 6(g) to exercise all outstanding
Equity Awards (rather than the one year period provided for in Section 6(e)(v) above).

 

(h)               
Release. All rights, payments and benefits due to the Executive under this Article 6 (other than the Accrued Obligations)
shall be conditioned on the Executive’s execution of a general release of claims against the Company and its affiliates substantially
in the form attached hereto as Exhibit A within 60 days of the Date of Termination (the “Release”)
and on that Release becoming irrevocable within sixty (60) days following the Termination Date.

 

(i)                 
Section 280G Certain Reductions of Payments by the Company.

 

(i)                 
In the event that a Change in Control occurs at any time during the Term of Employment, and the severance and other benefits provided
for in this Agreement or otherwise payable to Executive (a) constitute “parachute payments” within the meaning of Section 280G
of the Code and (b) but for this Section, would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s
severance and other benefits constituting parachute payments will be either:

 

(1)               
delivered in full, or

 

(2)               
delivered as to such lesser extent which would result in no portion of such severance and other benefits being subject to the excise
tax under Section 4999 of the Code,

 

whichever of the foregoing amounts, taking
into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999 of the Code,
results in the receipt by Executive, on an after-tax basis, of the greatest amount of severance and other benefits, notwithstanding
that all or some portion of such severance and other benefits may be taxable under Section 4999 of the Code.  If a reduction
in the severance and other benefits constituting “parachute payments” is necessary so that no portion of such severance
and other benefits is subject to the excise tax under Section 4999 of the Code, the reduction shall occur in the following
order:  (a) reduction of the cash severance payments; (b) cancellation of accelerated vesting of equity awards; and (c) reduction
of continued employee benefits.  In the event that acceleration of vesting of equity award compensation is to be reduced,
such acceleration of vesting shall be cancelled in the reverse order of the date of grant of Executive’s equity awards.

 

(ii)               
A nationally recognized certified professional services firm selected by the Company, the Company’s legal counsel or such
other person or entity to which the parties mutually agree (the “Firm”) shall perform the foregoing calculations
related to the Excise Tax.  The Company shall bear all expenses with respect to the determinations by the Firm required to
be made hereunder.  For purposes of making the calculations required by this Section 6(i), the Firm may make reasonable
assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the
application of Sections 280G and 4999 of the Code.  The Company and Executive will furnish to the Firm such information and
documents as the Firm may reasonably request in order to make a determination under this Section 6(i).  The Firm engaged to
make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company
and Executive within 15 calendar days after the date on which Executive’s right to the severance benefits or other payments
is triggered (if requested at that time by the Company or Executive) or such other time as requested by the Company or Executive. 
Any good faith determinations of the Firm made hereunder shall be final, binding, and conclusive upon the Company and Executive.

 

    9

     

    

 

(j)                 
Cooperation. Following the Term of Employment, the Executive shall give his assistance and cooperation willingly,
upon reasonable advance notice with due consideration for his other business or personal commitments, in any matter relating to
his position with the Company, or his expertise or experience as the Company may reasonably request, including his attendance and
truthful testimony where deemed appropriate by the Company, with respect to any investigation or the Company’s defense or
prosecution of any existing or future claims or litigations or other proceedings relating to matters in which he was involved or
potentially had knowledge by virtue of his employment with the Company. In no event shall his cooperation materially interfere
with his services for a subsequent employer or other similar service recipient. To the extent permitted by law, the Company agrees
that (i) it shall promptly reimburse the Executive for his reasonable and documented expenses in connection with his rendering
assistance and/or cooperation under this Section 6(j) upon his presentation of documentation for such expenses and (ii) the Executive
shall be reasonably compensated for any continued material services as required under this Section 6(j).

 

(k)               
Return of Company Property. Following the Termination Date, the Executive or his personal representative shall immediately
return all Company property in his possession, including but not limited to all computer equipment (hardware and software), telephones,
facsimile machines, tablets and other communication devices, credit cards, office keys, security access cards, badges, identification
cards and all copies (including drafts) of any documentation or information (however stored) relating to the business of the Company,
its customers and clients or its prospective customers and clients (provided that the Executive may retain a copy of the addresses
contained in his rolodex, smartphone or similar device or the Company and, at the Executive’s request, the Company shall
provide a thumb drive of his contacts).

 

(l)                 
Compliance with Section 409A.

 

(i)                 
General. It is the intention of both the Company and the Executive that the benefits and rights to which the Executive
could be entitled pursuant to this Agreement comply with Section 409A of the Code and the Treasury Regulations and other guidance
promulgated or issued thereunder (“Section 409A”), to the extent that the requirements of Section 409A
are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that intention.

 

(ii)               
Distributions on Account of Separation from Service. If and to the extent required to comply with Section 409A, no
payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall
be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

 

    10

     

    

 

(iii)              
Six Month Delay for Specified Employees. If the Executive is a “specified employee” (within the meaning
of Section 409A(a)(2)(B)(i) of the Code), then no payment or benefit that is payable on account of the Executive’s “separation
from service”, as that term is defined for purposes of Section 409A, shall be made before the date that is six (6) months
after the Executive’s “separation from service” (or, if earlier, the date of the Executive’s death) if
and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation)
under Section 409A and such deferral is required to comply with the requirements of Section 409A. Any payment or benefit delayed
by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in
order to catch up to the original payment schedule.

 

(iv)              
Treatment of Each Installment as a Separate Payment. For purposes of applying the provisions of Section 409A to this
Agreement, each separately identified amount to which the Executive is entitled under this Agreement shall be treated as a separate
payment. In addition, any series of installment payments under this Agreement shall be treated as a right to a series of separate
payments.

 

(v)               
Taxable Reimbursements and In-Kind Benefits.

 

(A)               
Any reimbursements by the Company to the Executive of any eligible expenses under this Agreement that are not excludable from the
Executive’s income for Federal income tax purposes (the “Taxable Reimbursements”) shall be made
by no later than the last day of the taxable year of the Executive following the year in which the expense was incurred.

 

(B)               
The amount of any Taxable Reimbursements, and the value of any in-kind benefits to be provided to the Executive, during any taxable
year of the Executive shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other
taxable year of the Executive.

 

(C)               
The right to Taxable Reimbursement, or in-kind benefits, shall not be subject to liquidation or exchange for another benefit.

 

(vi)              
Company Discretion. Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion,
that the payment of the COBRA premiums under Section 6(e)(iv) or 6(g)(ii) above would result in a violation of the nondiscrimination
rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including but not limited to the 2010 Patient
Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing
the COBRA premiums, the Company may instead pay Executive, fully taxable cash payments equal to and paid at the same time as the
COBRA premiums that otherwise would have been paid, subject to applicable tax withholdings. In the event the COBRA premium reimbursement
is made on an after-tax basis, the Company will provide a tax gross-up to the Executive equal to the amount of taxes withheld on
the COBRA premium reimbursement with such amount to be paid at the same time of the COBRA premium reimbursement. To receive the
payments under Sections 6(e)(ii) and (iii) above, Executive’s termination or resignation must constitute a “separation
from service” within the meaning of Section 409A, and Executive must execute and allow the Release to become effective
within sixty (60) days of Executive’s termination or resignation. Such payments shall not be paid prior to the sixtieth (60th)
day following Executive’s termination or resignation, rather, subject to the aforementioned conditions, on the sixtieth (60th)
day following Executive’s termination or resignation, the Company will pay Executive such payments in a lump sum that Executive
would have received on or prior to such date under the original schedule, with the balance of such payments being paid as originally
scheduled.

 

    11

     

    

 

(vii)            
Timing of Payment and Execution of Release. Notwithstanding any provision of this Agreement to the contrary, in no
event shall the timing of the execution of the Release, directly or indirectly, result in the Executive designating the calendar
year of a payment, and if a payment that is subject to execution of the Release could be made in more than one taxable year, payment
shall be made in the later taxable year to the extent required under Section 409A. In no event may the Executive, directly or indirectly,
designate the calendar year of a payment.

 

(viii)          
No Guaranty of 409A Compliance. Notwithstanding the foregoing, the Company does not make any representation to the
Executive that the payments or benefits provided under this Agreement are exempt from, or satisfy, the requirements of Section
409A, and the Company shall have no liability or other obligation to indemnify or hold harmless the Executive or any beneficiary
of the Executive for any tax, additional tax, interest or penalties that the Executive or any beneficiary of the Executive may
incur in the event that any provision of this Agreement, or any amendment or modification thereof, or any other action taken with
respect thereto, is deemed to violate any of the requirements of Section 409A.

 

7.                
Proprietary Information, Invention, Non-Competition, and Non-Solicitation. The Executive and the Company have previously
entered into that certain Employee Proprietary Information, Invention, Non-Competition and Non-Solicitation Agreement , dated as
of January 1, 2016, between the Company and the Executive (the “Confidentiality Agreement”), and the terms and provisions
of the Confidentiality Agreement shall be incorporated into this Agreement by reference for all purposes.

 

8.                
Representations and Warranties of Executive. The Executive represents and warrants to the Company that:

 

(a)              
The Executive’s employment has not conflicted with or resulted in, and will not conflict with or result in, his breach of
any agreement to which he is a party or otherwise may be bound;

 

(b)              
The Executive has not violated, and in connection with his employment with the Company will not violate, any non-solicitation,
non-competition or other similar covenant or agreement of a prior employer by which he is or may be bound; and

 

(c)              
In connection with Executive’s employment with the Company, he has not used, and will not use, any confidential or proprietary
information that he may have obtained in connection with employment with any prior employer.

 

9.                
Taxes. All payments or transfers of property made by the Company to the Executive or his estate or beneficiaries
shall be subject to the withholding of such amounts relating to taxes as the Company may reasonably determine it should withhold
pursuant to any applicable law or regulation.

 

10.               Assignment. The Company shall have the right to assign this Agreement and its rights and
obligations hereunder in whole, but not in part, to any corporation or other entity with or into which the Company may
hereafter merge or consolidate or to which the Company may transfer all or substantially all of its assets, if in any such
case said corporation or other entity shall by operation of law or expressly in writing assume all obligations of the Company
hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign this Agreement or its
rights and obligations hereunder. The Executive may not assign or transfer this Agreement or any rights or obligations
hereunder.

 

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11.              
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the internal laws
of the Commonwealth of Massachusetts, without regard to principles of conflict of laws.

 

12.              
Jurisdiction and Venue. The parties acknowledge that a substantial portion of the negotiations, anticipated performance
and execution of this Agreement occurred or shall occur in Cambridge, Massachusetts, and that, therefore, without limiting the
jurisdiction or venue of any other federal or state courts, each of the parties irrevocably and unconditionally (i) agrees that
any suit, action or legal proceeding arising out of or relating to this Agreement which is expressly permitted by the terms of
this Agreement to be brought in a court of law, may be brought in the courts of record of the Commonwealth of Massachusetts (Middlesex
or Suffolk Counties) or the court of the United States, District of Massachusetts; (ii) consents to the jurisdiction of each such
court in any such suit, action or proceeding; (iii) waives any objection which it or he may have to the laying of venue of any
such suit, action or proceeding in any of such courts; and (iv) agrees that service of any court papers may be effected on such
party by mail, as provided in this Agreement, or in such other manner as may be provided under applicable laws or court rules in
such courts.

 

13.              
Entire Agreement; Termination of Prior Agreement; Amendment. This Agreement, together with the exhibit attached hereto,
constitutes the entire agreement between the patties hereto with respect to the subject matter hereof and, upon its effectiveness,
shall supersede all prior agreements, understandings and arrangements, both oral and written, between the Executive and the Company
(or any of its Related Entities) with respect to such subject matter, including, without limitation the Prior Agreement. The Company
and the Executive hereby agree that the Prior Agreement is hereby terminated effective immediately upon the execution and delivery
of this Agreement. This Agreement may not be modified in any way unless by a written instrument signed by both the Company and
the Executive.

 

14.              
Notices. All notices required or permitted to be given hereunder shall be in writing and shall be personally delivered
by courier, sent by registered or certified mail, return receipt requested or sent by confirmed facsimile transmission addressed
as set forth herein. Notices personally delivered, sent by facsimile or sent by overnight courier shall be deemed given on the
date of delivery and notices mailed in accordance with the foregoing shall be deemed given upon receipt by the addressee, as evidenced
by the return receipt thereof. Notice shall be sent (i) if to the Company, addressed to its headquarters, Attention: President,
and (ii) if to the Executive, to his address as reflected on the payroll records of the Company, or to such other address as either
party shall request by notice to the other in accordance with this provision.

 

15.              
Benefits; Binding Effect. This Agreement shall be for the benefit of and binding upon the parties hereto and their
respective heirs, personal representatives, legal representatives, successors and, where permitted and applicable, assigns, including,
without limitation, any successor to the Company, whether by merger, consolidation, sale of stock, sale of assets or otherwise.

 

    13

     

    

 

16.              
Right to Consult with Counsel; No Drafting Party. The Executive acknowledges having read and considered all of the
provisions of this Agreement carefully, and having had the opportunity to consult with counsel of his own choosing, and, given
this, the Executive agrees that the obligations created hereby are not unreasonable. The Executive acknowledges that he has had
an opportunity to negotiate any and all of these provisions and no rule of construction shall be used that would interpret any
provision in favor of or against a party on the basis of who drafted the Agreement.

 

17.              
Severability. The invalidity of any one or more of the words, phrases, sentences, clauses, provisions, sections or
articles contained in this Agreement shall not affect the enforceability of the remaining portions of this Agreement or any part
thereof, all of which are inserted conditionally on their being valid in law, and, in the event that any one or more of the words,
phrases, sentences, clauses, provisions, sections or articles contained in this Agreement shall be declared invalid, this Agreement
shall be construed as if such invalid word or words, phrase or phrases, sentence or sentences, clause or clauses, provisions or
provisions, section or sections or article or articles had not been inserted. If such invalidity is caused by length of time or
size of area, or both, the otherwise invalid provision will be considered to be reduced to a period or area which would cure such
invalidity.

 

18.              
Waivers. The waiver by either party hereto of a breach or violation of any term or provision of this Agreement shall
not operate nor be construed as a waiver of any subsequent breach or violation.

 

19.              
Damages; Attorneys’ Fees. Nothing contained herein shall be construed to prevent the Company or the Executive
from seeking and recovering from the other damages sustained by either or both of them as a result of its or his breach of any
term or provision of this Agreement. Each party shall bear its own costs and attorneys’ fees.

 

20.              
Waiver of Jury Trial. The Executive hereby knowingly, voluntarily and intentionally waives any right that the Executive
may have to a trial by jury in respect of any litigation based hereon, or arising out of, under or in connection with this Agreement
and any agreement, document or instrument contemplated to be executed in connection herewith, or any course of conduct, course
of dealing statements (whether verbal or written) or actions of any party hereto.

 

21.              
No Set-off or Mitigation. The Company’s obligation to make the payments provided for in this Agreement and
otherwise to perform its obligations hereunder shall not be affected by any set off, counterclaim, recoupment, defense or other
claim, right or action which the Company may have against the Executive or others. In the event of any termination of the Executive’s
employment under this Agreement, he shall be under no obligation to seek other employment or otherwise in any way to mitigate the
amount of any payment provided for hereunder.

 

22.              
Defend Trade Secrets Act. Pursuant to 18 U.S.C. § 1833(b), Executive will not be held criminally or civilly liable
under any Federal or State trade secret law for the disclosure of a trade secret of the Company or its affiliates that (a) is made
(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to Executive's attorney
and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other
document that is filed under seal in a lawsuit or other proceeding. If Executive files a lawsuit for retaliation by the Company
for reporting a suspected violation of law, Executive may disclose the trade secret to Executive's attorney and use the trade secret
information in the court proceeding, if Executive (x) files any document containing the trade secret under seal, and (y) does not
disclose the trade secret, except pursuant to court order. Nothing in this Agreement is intended to conflict with 18 U.S.C. §
1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.

 

    14

     

    

 

23.              
Section Headings. The article, section and paragraph headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement.

 

24.              
No Third Party Beneficiary. The Related Entities are intended third party beneficiaries of this Agreement. Otherwise,
nothing expressed or implied in this Agreement is intended, or shall be construed, to confer upon or give any person other than
the Company, the parties hereto and their respective heirs, personal representatives, legal representatives, successors and permitted
assigns, any rights or remedies under or by reason of this Agreement.

 

25.              
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original but all of which together shall constitute one and the same instrument and agreement.

 

[Signatures on Following
Page]

 

    15

     

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Agreement on the date first above written.

 

	 	COMPANY:
	 	 	 
	 	LEAP THERAPEUTICS, INC.
	 	 	 
	 	By:	/s/
    Christopher Mirabelli
	 	Name:	Christopher Mirabelli
	 	Title:	Chairman of the Board
    of Directors
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/ Douglas E. Onsi
	 	Name:	Douglas E. Onsi

 

    1

     

    

 

Exhibit A

 

General Release of Claims

 

1.                  
[_________] (“Executive”), for himself and his family, heirs, executors, administrators, legal representatives
and their respective successors and assigns, in exchange for the consideration (other than the Accrued Obligations) received pursuant
to Article 6 of the Employment Agreement (the “Severance Benefits”) to which this release is attached
as Exhibit A (the “Employment Agreement”), does hereby release and forever discharge Leap Therapeutics,
Inc. (the “Company”), its subsidiaries, affiliated companies, successors and assigns, and its current
or former directors, officers, employees, stockholders or agents in such capacities (collectively with the Company, the “Released
Parties”) from any and all actions, causes of action, suits, controversies, claims and demands whatsoever, whether
known or unknown, from the beginning of time through the date upon which Executive signs this General Release of Claims, including,
without limitation, claims under any applicable laws, in each case in connection with Executive's employment or termination thereof,
whether for tort, breach of express or implied employment contract, wrongful discharge, intentional infliction of emotional distress,
or defamation or injuries incurred on the job or incurred as a result of loss of employment. Without limiting the generality of
the release provided above, Executive expressly waives any and all claims under Age Discrimination in Employment Act (“ADEA”)
that he may have as of the date hereof. Executive further understands that, by signing this General Release of Claims, he is in
fact waiving, releasing and forever giving up any claim under the ADEA as well as all other laws within the scope of this paragraph
1 that may have existed on or prior to the date hereof, including, but not limited to, [additional citations to be added prior
to execution at the time of separation]. Notwithstanding anything in this paragraph 1 to the contrary, this General Release
of Claims shall not apply to (i) any rights to receive any payments or benefits to which the Executive is entitled under the Employment
Agreement or COBRA, (ii) any rights or claims that may arise as a result of events occurring after the date this General Release
of Claims is executed, (iii) any indemnification and advancement rights Executive may have as a former employee, officer or director
of the Company or its subsidiaries or affiliated companies (including any rights under any directors' and officers' indemnification
agreement or under the Company’s charter or bylaws), (iv) any claims for benefits under any directors' and officers' liability
policy maintained by the Company or its subsidiaries or affiliated companies in accordance with the terms of such policy, (v) rights
to vested benefits under the Company’s 401(k) plan or other employee benefits plans, (vi) any rights as a holder of equity
securities or debt securities/notes of the Company and (vii) any rights that Executive may have under any contracts or agreements
with the Company or any of its subsidiaries or affiliated companies (other than the Employment Agreement) to the extent that such
rights do not pertain to compensation or remuneration in connection with Executive’s employment with the Company or any of
its subsidiaries or affiliated companies or the termination of such employment.

 

2.                  
Executive represents that he has not filed against the Released Parties any complaints, charges, or lawsuits arising out of his
employment, or any other matter arising on or prior to the date of this General Release of Claims, and covenants and agrees that
he will never individually or with any person file, or commence the filing of any lawsuits, complaints or proceedings with any
governmental agency, or against the Released Parties with respect to any of the matters released by Executive pursuant to paragraph
1 hereof; provided, that nothing herein shall prevent Executive from filing a charge or complaint with the Equal Employment Opportunity
Commission (“EEOC”) or similar federal or state agency or Executive’s ability to participate in
any investigation or proceeding conducted by such agency. Executive does agree, however, that he is waiving his right to recover
any money in connection with such an investigation or charge filed by him or by any other individual, or a charge filed by the
Equal Employment Opportunity Commission or any other federal, state or local agency.

 

    2

     

    

 

3.                  
Executive acknowledges that, in the absence of his execution of this General Release of Claims, the Severance Benefits would not
otherwise be due to him.

 

4.                  
Executive acknowledges and agrees that he received adequate consideration in exchange for agreeing to the covenants contained in
the Confidentiality Agreement and incorporated into the Employment Agreement by virtue of Section 7 of the Employment Agreement,
that such covenants remain reasonable and necessary to protect the legitimate business interests of the Company and its affiliates
and that he will continue to comply with those covenants.

 

5.                  
Executive hereby acknowledges that the Company has informed him that he has up to twenty-one (21) days to sign this General Release
of Claims and he may knowingly and voluntarily waive that twenty-one (21)-day period by signing this General Release of Claims
earlier. Executive is advised to consult with an attorney before signing this General Release of Claims. Executive also understands
that he shall have seven (7) days following the date on which he signs this General Release of Claims within which to revoke it
by providing a written notice of his revocation to the Company in the manner described in Section 14 of the Employment Agreement.

 

6.                  
Executive expressly acknowledges and agrees that Executive will not make any statements that are professionally or personally disparaging
about, or adverse to, the Company or its business (including its officers, directors, employees and consultants) including, but
not limited to, any statements that disparage any person, product, service, finances, financial condition, capability or any other
aspect of the business of the Company, and that Executive shall not engage in any conduct which could reasonably be expected to
harm professionally or personally the reputation of the Company (including its officers, directors, employees and consultants).
Notwithstanding the foregoing, Executive shall not be (i) required to make any statement Executive believes to be false or inaccurate
or (ii) restricted in connection with any litigation, arbitration or similar proceeding or with respect to Executive’s response
to any legal process.

 

7.                  
Executive acknowledges and agrees that this General Release of Claims will be governed by and construed and enforced in accordance
with the internal laws of the Commonwealth of Massachusetts applicable to contracts made and to be performed entirely within such
state.

 

8.                  
Executive acknowledges that he has read this General Release of Claims, that he has been advised that he should consult with an
attorney before he executes this general release of claims, and that he understands all of its terms and executes it voluntarily
and with full knowledge of its significance and the consequences thereof.

 

9.                  
This General Release of Claims shall become irrevocable on the eighth day following Executive's execution of this General Release
of Claims, unless previously revoked in accordance with paragraph 5, above.

 

Intending to be legally
bound hereby, Executive has executed this General Release of Claims on ___________ ____, ______.

 

    3

     

    

 

	 	EXECUTIVE:
	 	 
	 	 
	 	Name:

 

    4

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