Document:

Exhibit 4.2

 Exhibit 4.2 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), 55 WATER STREET, NEW YORK, NEW YORK, TO THE COMPANY (AS DEFINED
BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING SET FORTH IN THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE OF DTC. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ITS NOMINEE TO A SUCCESSOR DEPOSITORY OR ITS NOMINEE. 
  

			
	Registered No. 001	  	PRINCIPAL AMOUNT
	CUSIP No.: 637417 AD8	  	$300,000,000.00 (subject to revision as set forth below)

 NATIONAL RETAIL PROPERTIES, INC. 
 5.500% NOTE DUE 2021 
 NATIONAL RETAIL PROPERTIES, INC., a corporation duly
organized and existing under the laws of the State of Maryland (herein referred to as the “Company” which term shall include any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay
to CEDE & CO., or registered assigns, upon presentation, the principal sum of THREE HUNDRED MILLION AND 00/100THS DOLLARS ($300,000,000.00), as may be revised by the Schedule of Increases or Decreases in Global Security attached hereto, on
July 15, 2021 and to pay interest on the outstanding principal amount thereon from July 6, 2011, or from the immediately preceding Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on
January 15 and July 15 in each year, commencing January 15, 2012, at the rate of 5.500% per annum, until the entire principal hereof is paid or made available for payment. The interest so payable and punctually paid or duly
provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be the January 1 or
July 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date,
and 

  
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may either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of the Securities not more than 15 days and not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. Payment of the principal of and interest on this Security will be made at the office or
agency maintained for that purpose in the City of St. Paul, Minnesota, or elsewhere as provided in the Indenture, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts; provided, however, that at the option of the Company payments of principal and interest on the 5.500% Notes (other than payments of principal and interest due at Maturity) may be made (i) by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer to an account of the Person entitled thereto located within the United States, provided, that such Person owns 5.500% Notes in an aggregate
principal amount of at least $1,000,000 and such Person makes a written request therefor for the appropriate Interest Payment Date. 
 Securities of this series are one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture,
dated as of March 25, 1998 (as supplemented, herein called the “Indenture”), between the Company and U.S. Bank National Association, as successor trustee to Wachovia Bank, National Association (formerly First Union National Bank)
(herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto, including, Tenth Supplemental Indenture thereto, dated July 6, 2011 between the
Company and the Trustee, reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the
Securities are authenticated and delivered. This Security is one of the series designated in the first page thereof, initially having an aggregate principal amount equal to $300,000,000, provided, that the Company may, without the consent of
the Holders of the then Outstanding 5.500% Notes, “reopen” this series of Securities so as to increase the aggregate principal amount of 5.500% Notes Outstanding in compliance with the procedures set forth in the Indenture, including
Sections 3.1 and 3.3 thereof, so long as any such additional notes have the same tenor and terms (including, without limitation, rights to receive accrued and unpaid interest) as the 5.500% Notes then Outstanding. 

Securities of this series may be redeemed prior to April 15, 2021 (three months prior to the Stated Maturity), at any time at the
option of the Company, in whole or in part from time to time, upon notice of not more than 60 nor less than 30 days prior to the Redemption Date, at a redemption price equal to the sum of (i) the principal amount of the Securities being
redeemed plus accrued interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with respect to such Securities; provided, however, that if the Company redeems the 5.500% Notes on or after April 15, 2021, the
redemption price will equal 100% of the principal amount of the Securities to be redeemed plus accrued interest thereon to the Redemption Date. 

  
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 The Indenture contains provisions for defeasance at any time of (i) the entire
indebtedness of the Company on this Security and (ii) certain restrictive covenants and the related defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth in the
Indenture, which provisions apply to this Security. 
 If an Event of Default with respect to the Securities shall occur and be
continuing, the principal of the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a
receiver or trustee or for any other remedy thereunder, unless (i) such Holder shall have previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities, (ii) the Holders of not less than 25%
in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and
(iii) the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such
proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any interest on or
after the respective due dates expressed herein. 
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of not less than a majority in principal amount of the Outstanding Securities of each series of Securities then Outstanding affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and Make-Whole Amount, if any) and interest on
this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and
subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any Place of Payment
where 

  
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the principal of (and Make-Whole Amount, if any) and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount, will
be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in registered form
without coupons in denominations of $2,000 and integral multiples of $1,000 thereafter. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series of a different authorized denomination, as requested by the Holder surrendering the same. 

This 5.500% Note is a Global Security. As provided in and subject to the provisions of the Indenture, definitive Securities shall be
issued to all owners of beneficial interests in a Global Security in exchange for such interests if: (1) the depositary with respect to the 5.500% Notes (which shall initially be DTC) notifies the Company that it is unwilling or unable to
continue as depositary for such Global Security or the depositary ceases to be a clearing agency registered under the Exchange Act, at a time when the depositary is required to be so registered in order to act as depositary, and in each case a
successor depositary is not appointed by the Company within 90 days of such notice; (2) an Event of Default has occurred and is continuing and the Security Registrar has received a request from the depositary or (3) the Company executes
and delivers to the Trustee and Security Registrar an Officers’ Certificate stating that such Global Security shall be so exchangeable. In connection with the exchange of an entire Global Security for definitive Securities pursuant to this
paragraph, such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute and the Trustee shall authenticate and deliver, to each beneficial owner identified by the depositary in exchange for
its beneficial interest in such Global Security, an equal aggregate principal amount of definitive Securities of authorized denominations. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and
any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 No recourse under or upon any obligation, covenant or agreement contained in the
Indenture or in this Security, or because of any indebtedness evidenced hereby or thereby, shall be had against any promoter, as such, or against any past, present or future shareholder, officer or director, as such, of the Company or of any
successor, either directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance of this Security by the Holder thereof and as part of the consideration for the issue of the Securities of this series. 

  
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 All capitalized terms used in this Security which are used herein but not defined herein
shall have the meanings assigned to them in the Indenture. 
 THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Pursuant to a recommendation promulgated
by the Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” numbers to be printed on the Securities of this series as a convenience to the Holders of such Securities. No representation is made as to the
correctness or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed only on the other identification numbers printed hereon. 
 Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose. 

  
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 IN WITNESS WHEREOF, NATIONAL RETAIL PROPERTIES, INC. has caused this instrument to be duly
executed under its corporate seal. 
 Dated: July 6, 2011 
  

							
		 		 	NATIONAL RETAIL PROPERTIES, INC.
				
		 		 	By:	 	  

	[SEAL]	 		 		 	Kevin B. Habicht
		 		 		 	Executive Vice President,
		 		 		 	Chief Financial Officer,
		 		 		 	Assistant Secretary and Treasurer

  

	
	 Attest:

	
	  

	 Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
 Dated: July 6, 2011 
  

							
		 		 	U.S. BANK NATIONAL ASSOCIATION,
		 		 	as Trustee
				
		 		 	By:	 	  

		 		 		 	Terence T. Rawlins
		 		 		 	Vice President

  
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 ASSIGNMENT FORM 
 FOR VALUE RECEIVED, the undersigned hereby 
 Sells, assigns and transfers unto

 PLEASE INSERT SOCIAL 
 SECURITY OR
OTHER IDENTIFYING 
 NUMBER OF ASSIGNEE 
  

			
	 	 	  

  
  

(Please Print or Typewrite Name and Address including 
 Zip Code of Assignee) 
  

 
 the within Security of National Retail
Properties, Inc. and hereby does irrevocably constitute and appoint 
  

 
 (Attorney) to transfer said Security on the books
of the within-named Company with full power of substitution in the premises. 
  

			
	Dated:	  	  

		  	  

 NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within
Security in every particular, without alteration or enlargement or any change whatever. 

  
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 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 

 

									
	 Date
	  	Amount of
Decrease in
Principal Amount
of this Global
Security	  	Amount of
Increase in
Principal Amount
of this Global
Security	  	Principal Amount of
this Global Security
Following Such
Increase or Decrease	  	Signature of
Authorized Officer
of Trustee or
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 - 8 -Exhibit 10.1

 Exhibit 10.1 
 PAETEC HOLDING CORP. 
 2011 OMNIBUS INCENTIVE PLAN 

INCENTIVE STOCK OPTION AGREEMENT 
  

			
	Background	    	 PAETEC Holding Corp., a Delaware corporation (the “Company”), has granted you an option to purchase shares of the common
stock, par value $.01 per share, of the Company (the “Stock”) pursuant to the PAETEC Holding Corp. 2011 Omnibus Incentive Plan (the “Plan”). The information concerning the number of options granted to you, the grant date, the
option price and the vesting schedule are set forth in the document entitled “Notification of Grant Award” (the “Notification”) sent to you by the Company’s equity plan administrator, Merrill Lynch. The terms of the award as
set forth in the Notification are governed by the Plan as well as the terms contained in this Incentive Stock Option Agreement (the “Agreement”).
  

Carefully review all of the terms and conditions described in this Agreement and in the Plan. You are deemed to have accepted the award as
described in the Notification and to agree to all of the terms and conditions described in the Agreement and in the Plan. Should you wish to reject the award and thereby forfeit any and all rights under the Plan you must email
stockoptions@paetec.com within 90 days after the Grant Date.

		
	Incentive Stock Option	    	The option is intended to be an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), and will be interpreted
accordingly. If you cease to be an employee of the Company, its parent or a Subsidiary or other Affiliate (“Employee”) but continue to provide Service, the option will be deemed a non-qualified stock option three (3) months after you cease
to be an Employee. In addition, to the extent that all or part of the option exceeds the $100,000 rule of Section 422(d) of the Code, the option or the lesser excess part will be deemed to be a non-qualified stock option.
		
	Vesting	    	 The option is only exercisable before it expires and then only with respect to the vested portion of the option. Subject to the
preceding sentence, you may exercise the option, in whole or in part, to purchase a whole number of vested shares that is not less than 100 shares, unless the number of shares purchased is the total number available for purchase under the option, by
following the procedures set forth in the Plan and below in this Agreement.
  

Your right to purchase shares of Stock under the option will vest according to the vesting schedule set forth in the Notification beginning on the first
year anniversary of the Grant Date, provided you then continue in Service. The resulting aggregate number of vested shares will be rounded to the nearest whole number (with 0.5 of a share rounded down), and you may not vest in more than the number
of shares covered by the option. Please see Schedule 1 attached hereto for vesting schedule examples.
  
 No additional shares of Stock will vest after your Service has terminated for any reason.

  

					
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	Term	    	The option will expire in any event at the close of business at Company headquarters on the day before the tenth (10th) anniversary of the Grant Date; provided, however, that if you are a Ten Percent Stockholder, an option granted to you
that is intended to be an incentive stock option will expire at the close of business at Company headquarters on the day before the fifth (5th) anniversary of the Grant Date. The option will expire earlier if your Service terminates, as described
below.
		
	Regular Termination	    	If your Service terminates for any reason, other than death, Disability or Cause, then the option will expire at the close of business at Company headquarters on the ninetieth
(90th ) day after your termination date.
		
	Termination for Cause	    	If your Service is terminated for Cause, then you will immediately forfeit all rights to the option and the option will immediately expire.
		
	Termination for Death	    	 If your Service terminates because of your death, then the option will expire at the close of business at Company headquarters on the
date that is twelve (12) months after the date of death. During that twelve-month period, your estate or heirs may exercise all or any portion of the option that was vested as of the date of death.

 
 In addition, if you die during the 90-day period described in connection with a
regular termination (i.e., a termination of your Service not on account of your death, Disability or Cause), and a vested portion of the option has not yet been exercised, then the option will instead expire on the date that is the day before
twelve (12) months after your termination date. In such a case, during the period following your death up to the date that is the day before twelve (12) months after your termination date, your estate or heirs may exercise all or any portion of the
option that was vested as of the date of your termination of employment with the Company.

		
	Termination for Disability	    	If your Service terminates because of your Disability, then the option will expire at the close of business at Company headquarters on the date that is twelve (12) months after your
termination date. During that twelve-month period, you may exercise all or any portion of the option that was vested as of your termination date.
		
	Leaves of Absence	    	 For purposes of the option, your Service does not terminate when you go on a bona fide employee leave of absence that was approved by
the Company in writing, if the terms of the leave provide for continued Service crediting, or when continued Service crediting is required by applicable law. However, your Service will be treated as terminating three (3) months after you go on
employee leave, unless your right to return to active work is guaranteed by law or by a contract. Your Service terminates in any event when the approved leave ends unless you immediately return to active employee work.

 
 The Company will determine, in its sole discretion, which leaves count for this
purpose, and when your Service terminates, for all purposes under the Plan.

  

					
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	Notice of Exercise	    	 When you wish to exercise the option, you must notify the Company by filing the proper “Notice of Exercise” form at the
address given on the form or by providing another notice of exercise to the extent that the Company authorizes such alternative provision of notice in writing. Your notice must specify the number of whole shares you wish to purchase (in a parcel of
at least 100 shares, generally). Your notice must also specify how your shares of Stock should be registered (in your name only or in your and your spouse’s names as joint tenants with the right of survivorship). The notice will be effective
when it is received by the Company.
  
 If someone else wants to exercise the
option after your death, that person must prove to the Company’s satisfaction that he or she is entitled to do so.

		
	Form of Payment	    	 When you submit your notice of exercise, you must include payment of the option price for the shares you are purchasing. Payment may be
made in one (or a combination) of the following forms:
  
 •      Cash, your personal check, a cashier’s check, a money order or another cash equivalent acceptable to the Company.

 
 •      By
delivery (on a form prescribed by the Company) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell Stock and to deliver all or part of the sale proceeds to the Company in payment of the aggregate option
price and any withholding taxes.

		
	Withholding Taxes	    	You will not be allowed to exercise the option unless you make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the option exercise or
sale of Stock acquired under the option. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to the exercise or sale of shares arising from this grant, the Company will
have the right to require such payments from you, or withhold such amounts from other payments due to you from the Company or any Affiliate. Subject to the prior approval of the Company, which may be withheld by the Company, in its sole discretion,
you may elect to satisfy this withholding obligation, in whole or in part, by causing the Company to withhold Stock otherwise issuable to you or by delivering to the Company Stock already owned by you. The Stock so delivered or withheld must have an
aggregate Fair Market Value equal to the withholding obligation and may not be subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.

  

					
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	Transfer of Option	    	 During your lifetime, only you (or, in the event of your legal incapacity or incompetency, your guardian or legal representative) may
exercise the option. You may not transfer or assign the option. For instance, you may not sell the option or use it as security for a loan. If you attempt to do any of these things, the option will immediately become invalid. You may, however,
dispose of the option in your will or it may be transferred upon your death by the laws of descent and distribution.
  
 Regardless of any marital property settlement agreement, the Company is not obligated to honor a notice of exercise from your spouse, nor is the Company obligated to recognize your spouse’s interest
in the option in any other way.

		
	Retention Rights	    	Neither the option nor this Agreement gives you the right to be retained by the Company (or any parent, Subsidiary or other Affiliate) in any capacity. The Company reserves (and any
parent, Subsidiary or other Affiliate reserves) the right to terminate your Service at any time and for any reason.
		
	Stockholder Rights	    	You, or your estate or heirs, have no rights as a stockholder of the Company until a certificate for the option’s shares has been issued (or an appropriate book entry or direct
registration entry has been made). No adjustments are made for dividends or other rights if the applicable record date occurs before your stock certificate is issued (or an appropriate book entry or direct registration entry has been made), except
as described in the Plan.
		
	Adjustments	    	In the event of a stock split, a stock dividend, reverse stock split or a similar change in the Stock, the number of shares of Stock covered by the option and the option price per
share will be adjusted (and rounded down to the nearest whole number) if required pursuant to the Plan. The option will be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such
corporate activity, to the extent specified in the Plan.
		
	Applicable Law	    	This Agreement will be interpreted and enforced under the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Agreement to the substantive law of another jurisdiction.
		
	Forum Selection	    	At all times each party hereto: (1) irrevocably submits to the exclusive jurisdiction of any New York court or Federal court sitting in New York; (2) agrees that any action or
proceeding arising out of or relating to this Agreement or the transactions contemplated hereby will be heard and determined in such New York or Federal court; (3) to the extent permitted by law, irrevocably waives (i) any objection such
party may have to the laying of venue of any such action or proceeding in any of such courts, or (ii) any claim that such party may have that any such action or proceeding has been brought in an inconvenient forum; and (4) to the extent
permitted by law, irrevocably agrees that a final nonappealable judgment in any such action or proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
section entitled “Forum Selection” will affect the right of any party hereto to serve legal process in any manner permitted by law.

  

					
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	The Plan	    	 The text of the Plan is incorporated in this Agreement by reference. Certain capitalized terms used in this Agreement are defined in the
Plan, and have the meanings set forth in the Plan.
  
 This Agreement, the
Notification and the Plan constitute the entire understanding between you and the Company regarding the option. Any prior agreements, commitments or negotiations concerning the option are superseded. In the event any provision of this Agreement or
the Notification should appear to be inconsistent with the Plan, the Plan will control.

		
	Data Privacy	    	 In order to administer the Plan, the Company may process personal data about you. Such data include, but are not limited to, the
information provided in this Agreement and any changes thereto, other appropriate personal and financial data about you such as home address and business addresses and other contact information, payroll information and any other information that
might be deemed appropriate by the Company to facilitate the administration of the Plan.
  
 By receiving the option, you give explicit consent to the Company to process any such personal data. You also give explicit consent to the Company to transfer any such personal data outside the country in
which you work or are employed (including, with respect to non-U.S. resident Grantees, to the United States) to transferees who will include the Company and other persons who are designated by the Company to administer the Plan.

		
	Consent to Electronic Delivery	    	The Company may choose to deliver certain statutory materials relating to the Plan in electronic form. By receiving the option grant you agree that the Company may deliver the Plan
prospectus, the Company’s annual proxy materials and its annual report to stockholders and other documents to you in an electronic format. If at any time you would prefer to receive paper copies of these documents, as you are entitled to, the
Company would be pleased to provide copies. Please contact Estacia Vosika, PAETEC Holding Corp., 704-319-1922, or stockoptions@paetec.com to request paper copies of these documents.
		
	Certain Dispositions	    	If you sell or otherwise dispose of Stock acquired pursuant to the exercise of the option sooner than the one-year anniversary of the date you acquired the Stock, then you agree to
notify the Company in writing of the date of sale or disposition, the number of shares of Stock sold or disposed of and the sale price per share within ten (10) days after such sale or disposition.

 This is not a stock certificate or a negotiable instrument. 

  

					
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