Document:

Limited Partnership Agreement of Virgin Mobile USA, L.P.

 Exhibit 10.3 
 EXECUTION COPY 
  

 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 VIRGIN MOBILE USA, L.P. 
 Dated as of October 16, 2007 
  

 THE PARTNERSHIP UNITS OF VIRGIN MOBILE USA, L.P.
HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE OR ANY OTHER APPLICABLE SECURITIES LAWS AND ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND SUCH LAWS. SUCH UNITS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE
STATE SECURITIES LAWS, AND ANY OTHER APPLICABLE SECURITIES LAWS; AND (II) THE TERMS AND CONDITIONS OF THIS LIMITED PARTNERSHIP AGREEMENT. THE UNITS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS AND THIS LIMITED PARTNERSHIP
AGREEMENT. THEREFORE, PURCHASERS OF SUCH UNITS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. 

 Table of Contents 
  

					
	 	  	 	  	Page
	ARTICLE I
	
	DEFINITIONS
			
	 SECTION 1.01.
	  	Definitions	  	1
	
	ARTICLE II
	
	FORMATION, TERM, PURPOSE AND POWERS
			
	 SECTION 2.01.
	  	Conversion and Formation	  	7
	 SECTION 2.02.
	  	Name	  	8
	 SECTION 2.03.
	  	Term	  	8
	 SECTION 2.04.
	  	Offices	  	8
	 SECTION 2.05.
	  	Agent for Service of Process	  	8
	 SECTION 2.06.
	  	Business Purpose	  	8
	 SECTION 2.07.
	  	Powers of the Partnership	  	9
	 SECTION 2.08.
	  	Partners; Admission of New Partners	  	9
	 SECTION 2.09.
	  	Withdrawal	  	9
	
	ARTICLE III
	
	MANAGEMENT
			
	 SECTION 3.01.
	  	General Partner	  	9
	 SECTION 3.02.
	  	Compensation	  	10
	 SECTION 3.03.
	  	Expenses	  	10
	 SECTION 3.04.
	  	Officers	  	10
	 SECTION 3.05.
	  	Authority of Partners	  	10
	 SECTION 3.06.
	  	Action by Written Consent	  	11
	
	ARTICLE IV
	
	DISTRIBUTIONS and loans
			
	 SECTION 4.01.
	  	Distributions and Loans	  	11
	 SECTION 4.02.
	  	Liquidation Distributions	  	12
	 SECTION 4.03.
	  	Limitations on Distributions	  	12

  

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	ARTICLE V
	
	 CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS;
 TAX ALLOCATIONS; TAX MATTERS

			
	 SECTION 5.01.
	  	Initial Capital Contributions	  	13
	 SECTION 5.02.
	  	No Additional Capital Contributions; Additional Funds	  	13
	 SECTION 5.03.
	  	Capital Accounts	  	14
	 SECTION 5.04.
	  	Allocations of Profits and Losses	  	14
	 SECTION 5.05.
	  	Special Allocations	  	14
	 SECTION 5.06.
	  	Curative Allocations	  	15
	 SECTION 5.07.
	  	Other Allocation Rules	  	16
	 SECTION 5.08.
	  	Tax Allocations: Code Section 704(c)	  	16
	 SECTION 5.09.
	  	Tax Withholding	  	17
	 SECTION 5.10.
	  	Successors in Interest	  	17
	 SECTION 5.11.
	  	Tax Matters	  	17
	 SECTION 5.12.
	  	Tax Classification	  	19
	 SECTION 5.13.
	  	Tax Elections	  	19
	 SECTION 5.14.
	  	Continuation of VMU LLC	  	19
	
	ARTICLE VI
	
	BOOKS AND RECORDS; REPORTS
			
	 SECTION 6.01.
	  	Books and Records	  	19
	
	ARTICLE VII
	
	PARTNERSHIP UNITS
			
	 SECTION 7.01.
	  	Units	  	20
	 SECTION 7.02.
	  	Register	  	20
	 SECTION 7.03.
	  	Splits, Distributions and Reclassifications	  	20
	 SECTION 7.04.
	  	Cancellation of Class A Common Stock and Units	  	20
	 SECTION 7.05.
	  	Incentive Plans	  	20
	 SECTION 7.06.
	  	Issuances of Securities	  	21
	 SECTION 7.07.
	  	Registered Partners	  	22
	 SECTION 7.08.
	  	Exchange of Units	  	22
	
	ARTICLE VIII
	
	TRANSFER RESTRICTIONS
			
	 SECTION 8.01.
	  	Limited Partner Transfers	  	24
	 SECTION 8.02.
	  	Permitted Transferees	  	24
	 SECTION 8.03.
	  	Further Restrictions	  	25
	 SECTION 8.04.
	  	Rights of Assignees	  	26

  

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	 SECTION 8.05.
	  	Admissions, Withdrawals and Removals	  	26
	 SECTION 8.06.
	  	Admission of Assignees as Substitute Limited Partners	  	26
	 SECTION 8.07.
	  	Withdrawal of Certain Partners	  	27
	
	ARTICLE IX
	
	DISSOLUTION, LIQUIDATION AND TERMINATION
			
	 SECTION 9.01.
	  	No Dissolution	  	27
	 SECTION 9.02.
	  	Events Causing Dissolution	  	27
	 SECTION 9.03.
	  	Distribution upon Dissolution	  	27
	 SECTION 9.04.
	  	Time for Liquidation	  	28
	 SECTION 9.05.
	  	Termination	  	28
	 SECTION 9.06.
	  	Claims of the Partners	  	28
	 SECTION 9.07.
	  	Survival of Certain Provisions	  	28
	
	ARTICLE X
	
	LIABILITY AND INDEMNIFICATION
			
	 SECTION 10.01.
	  	Liability of Partners	  	28
	 SECTION 10.02.
	  	Indemnification	  	30
	
	ARTICLE XI
	
	MISCELLANEOUS
			
	 SECTION 11.01.
	  	Severability	  	31
	 SECTION 11.02.
	  	Notices	  	31
	 SECTION 11.03.
	  	Cumulative Remedies	  	33
	 SECTION 11.04.
	  	Binding Effect	  	33
	 SECTION 11.05.
	  	Interpretation	  	33
	 SECTION 11.06.
	  	Counterparts	  	33
	 SECTION 11.07.
	  	Further Assurances	  	33
	 SECTION 11.08.
	  	Entire Agreement	  	33
	 SECTION 11.09.
	  	Governing Law	  	33
	 SECTION 11.10.
	  	Submission to Jurisdiction; Waiver of Jury Trial	  	34
	 SECTION 11.11.
	  	Expenses	  	35
	 SECTION 11.12.
	  	Amendments and Waivers	  	35
	 SECTION 11.13.
	  	No Third Party Beneficiaries	  	36
	 SECTION 11.14.
	  	Headings	  	36
	 SECTION 11.15.
	  	Construction	  	36
	 SECTION 11.16.
	  	Power of Attorney	  	36
	 SECTION 11.17.
	  	Partnership Status	  	37

  

 -iii- 

 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 VIRGIN MOBILE USA, L.P. 
 This LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Virgin Mobile USA, L.P. (the “Partnership”) is made as of the
16th day of October, 2007, by and among VMU GP I, LLC, a limited liability company organized under the laws of the State of Delaware, as general partner, Bluebottle USA Holdings L.P., a limited partnership formed under the laws of the State of
Delaware, as a Limited Partner (as defined herein) of the Partnership, Virgin Mobile USA, Inc., a Delaware corporation, as a Limited Partner of the Partnership and the other Limited Partners of the Partnership admitted in accordance with this
Agreement. 
 W I T N E S S E T H: 
 WHEREAS, Virgin Mobile USA, LLC was formed as a Delaware limited liability company on October 4, 2001 (“VMU LLC”); 
 WHEREAS, on or prior to the date hereof, all necessary action was taken to authorize VMU LLC’s conversion to the Partnership under the Third Amended and Restated Limited Liability Company Agreement of the LLC, dated as of
August 25, 2003 (as amended, the “LLC Agreement”), and the Delaware Limited Liability Company Act (the “LLC Act”); 
 WHEREAS, on the date hereof, in connection with the IPO (as such term is defined herein), VMU LLC was converted to a limited partnership (the “Conversion”) pursuant to Section 17-217 of the Delaware
Revised Uniform Limited Partnership Act (6 Del. C. § 17-101, et seq.), as amended from time to time (the “Act”), and Section 18-216 of the LLC Act by causing the filing in the office of the Secretary of State
of the State of Delaware of a Certificate of Conversion to Limited Partnership of VMU LLC to the Partnership (the “Conversion Certificate”) and a Certificate of Limited Partnership of the Partnership (the
“Certificate”); 
 WHEREAS, the parties hereto desire to enter into this Agreement in accordance with the terms hereof.

 NOW, THEREFORE, in consideration of the mutual promises and agreements herein made and intending to be legally bound hereby, the parties
hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01. Definitions. Capitalized terms used herein without definition have the following meanings
(such meanings being equally applicable to both the singular and plural form of the terms defined): 
 “Act”
has the meaning set forth in the preamble of this Agreement. 

 “Affiliate” means, with respect to a specified Person, any other Person
that directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such specified Person. 
 “Additional Funds” has the meaning set forth in Section 5.02(b). 
 “Agreement” has the meaning set forth in the preamble of this Agreement. 
 “Assignee” has the meaning set forth in Section 8.04. 
 “Assumed Tax Rate”
means a rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate prescribed for a corporate resident of New York, New York. 
 “Available Cash” means, with respect to any fiscal period, the amount of cash on hand which the General Partner, in its
reasonable discretion, deems available for distribution to the Partners, taking into account all debts, liabilities and obligations of the Partnership then due and amounts which the General Partner, in its reasonable discretion, deems necessary to
expend or retain for working capital or to place into reserves for customary and usual claims with respect to the Partnership’s operations. 
 “Beneficial Ownership” means such term as set forth in Rule 13d-3 under the Exchange Act. 
 “Capital Account” means the separate capital account maintained for each Partner in accordance with Section 5.03 hereof. 
 “Capital Contribution” means, with respect to any Partner, the aggregate amount of money contributed to the Partnership
and the Carrying Value of any property (other than money), net of any liabilities assumed by the Partnership upon contribution or to which such property is subject, contributed to the Partnership pursuant to Article V. 
 “Carrying Value” means, with respect to any asset of the Partnership, such asset’s adjusted basis for U.S. federal
income tax purposes, except that the Carrying Values of all assets of the Partnership shall be adjusted to equal their respective fair market values as determined by the General Partner, in accordance with the rules set forth in Regulations
Section 1.704-1(b)(2)(iv)(f), except as otherwise provided herein, as of: (i) the date of the acquisition of any additional Units by any new or existing Partner in exchange for more than a de minimis Capital Contribution;
(ii) the date of the distribution of more than a de minimis amount of assets of the Partnership to a Partner in redemption of Units; and (iii) any other date required by Regulations; provided, however, that adjustments
pursuant to clauses (i) and (ii) above shall be made only if the General Partner reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Partners and provided
further, that such adjustment shall be made upon the acquisition by the Ultimate Parent of Units in the IPO. The Carrying Value of any asset of the Partnership distributed to any Partner shall be adjusted immediately prior to such 

  

 2 

 
distribution to equal its fair market value. The Carrying Value of any asset contributed (or deemed contributed under Regulations
Section 1.704-1(b)(1)(iv)) by a Partner to the Partnership will be the fair market value of such asset at the date of its contribution thereto as determined in good faith by the General Partner. Upon an adjustment to the Carrying Value of any
asset pursuant to this definition of Carrying Value, the amount of the adjustment shall be included as gain or loss in computing book income or loss in accordance with Regulation Section 1.704-1(b)(2)(e) for purposes of maintaining Capital
Accounts hereunder. Upon adjustment to the Carrying Value of any asset pursuant to this definition, such Carrying Value shall thereafter be adjusted by the depreciation, amortization or cost recovery subsequently taken into account with respect to
such asset for purposes of computing Profits and Losses. 
 “Certificate” has the meaning set forth in the
preamble of this Agreement. 
 “Certificate of Incorporation” means the Amended and Restated Certificate of
Incorporation of the Ultimate Parent, to be filed on or prior to the closing date of the IPO, with the Secretary of State of the State of Delaware pursuant to the Delaware General Corporation Law, as such certificate may be amended from time to
time. 
 “Class A Common Stock” means Class A common stock, par value $0.01 per share, of the Ultimate
Parent. 
 “Class C Common Stock” means Class C common stock, par value $0.01 per share, of the Ultimate
Parent. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Common Unit” means a Unit issued pursuant to Section 2.01, 7.03, 7.05 or clause (x) of Section 7.06(a),
with the rights, powers and duties set forth herein. 
 “Common Unit Exchange Rate” has the meaning set forth
in Section 7.08(a) of this Agreement. 
 “Contingencies” has the meaning set forth in Section 9.03(b).

 “Control” (including the terms “Controlled by” and “under common Control
with”) means 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. 
 “Conversion” has the meaning set forth in the preamble of this Agreement. 
 “Conversion Certificate” has the meaning set forth in the preamble of this Agreement. 
  

 3 

 “Disabling Event” means the General Partner ceasing to be the general
partner of the Partnership pursuant to Section 17-402 of the Act. 
 “Dissolution Event” has the meaning
set forth in Section 9.02 of this Agreement. 
 “Exchange Act” means the United States Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Exchange Rate”
has the meaning set forth in Section 7.08(a) of this Agreement. 
 “Exchange Transaction” has the
meaning set forth in Section 8.01(b) of this Agreement. 
 “Fiscal Year” means the calendar year.

 “GAAP” means accounting principles generally accepted in the United States of America as in effect from
time to time. 
 “General Partner” means VMU GP I, LLC or any successor general partner admitted to the
Partnership in accordance with the terms of this Agreement, in its capacity as general partner of the Partnership. 
 “Incapacity” means, with respect to any Person, the bankruptcy, dissolution, termination, or with respect to any Person who is an individual, entry of an order of incompetence, or the insanity, permanent disability or death
of such Person. 
 “Incentive Plan” means any equity incentive or similar plan pursuant to which the Ultimate
Parent may issue shares of Class A Common Stock or other interest to existing and former directors, officers and employees of the Ultimate Parent or its direct or indirect subsidiaries from time to time. 
 “IPO” means the initial public offering and sale of Class A Common Stock by the Ultimate Parent, as contemplated by
the Ultimate Parent’s Registration Statement on Form S-1 (File No. 333-124524). 
 “Law” means any
statute, law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or other order issued or promulgated by any national, supranational, state, federal, provincial, local or municipal government or any administrative or
regulatory body with authority therefrom with jurisdiction over the Partnership or any Partner, as the case may be. 
 “LLC Act” has the meaning set forth in the recitals of this Agreement. 
 “LLC
Agreement” has the meaning set forth in the recitals of this Agreement. 
 “Limited Partner” means
each of the Persons from time to time listed as a limited partner in the books and records of the Partnership, each in its capacity as a limited partner of the Partnership. For purposes of the Act, the Limited Partners shall constitute a single
class, group or series of limited partners of the Partnership. 
  

 4 

 “Liquidation Agent” has the meaning set forth in Section 9.03 of
this Agreement. 
 “Nonrecourse Deductions” has the meaning set forth in Treasury Regulations
Section 1.704-2(b). The amount of Nonrecourse Deductions of the Partnership for a fiscal year equals the net increase, if any, in the amount of Partnership Minimum Gain of the Partnership during that fiscal year, determined according to the
provisions of Treasury Regulations Section 1.704-2(c). 
 “Partners” means, at any time, each person
listed as a Partner (including the General Partner) on the books and records of the Partnership, in each case for so long as he, she or it remains a Partner as provided hereunder. 
 “Partnership” has the meaning set forth in the preamble of this Agreement. 
 “Partnership Minimum Gain” has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d).

 “Partner Nonrecourse Debt Minimum Gain” means an amount with respect to each partner nonrecourse debt (as
defined in Treasury Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were treated as a nonrecourse liability (as defined in Treasury Regulations
Section 1.752-1(a)(2)) determined in accordance with Treasury Regulations Section 1.704-2(i)(3). 
 “Partner
Nonrecourse Deductions” has the meaning ascribed to the term “partner nonrecourse deductions” set forth in Treasury Regulations Section 1.704-2(i)(2). 
 “Percentage Interest” means, with respect to any Partner, the quotient obtained by dividing the number of Common Units
then owned by such Partner by the number of Common Units then owned by all Partners. 
 “Permitted
Transferee” has the meaning set forth in Section 8.02 of this Agreement. 
 “Person” means any
individual, corporation, partnership, limited partnership, limited liability company, limited company, joint venture, trust, unincorporated or governmental organization or any agency or political subdivision thereof. 
 “Profits” and “Losses” means, for each Fiscal Year or other period, an amount equal to the
Partnership’s taxable income or loss for such year or period, determined in accordance Code Section 703(a) and for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in taxable income or loss, with the following adjustments: (a) any income of the Partnership that is exempt from U.S. federal income taxation and not otherwise taken into account in computing Profits and
Losses pursuant to this definition shall be added; (b) any items of expenditure of the Partnership described in Code Section 705(a)(2)(B) or items of expenditure treated as Code Section 705(a)(2)(B) expenditures pursuant to
Regulations 

  

 5 

 
Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant to this definition, shall be subtracted,
(c) in the event the Carrying Value of any property is adjusted pursuant to clauses (i), (ii), or (iii) of that definition, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property for
purposes of computing Profits or Losses; (d) gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Carrying Value of the
property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Carrying Value; (e) to the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code
Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Partner’s interest in the
Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken
into account for purposes of computing Profits or Losses and (f) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes the amount of depreciation, amortization or cost recovery deductions
with respect to such asset for purposes of determining Profits and Losses shall be an amount which bears the same ratio to such Carrying Value as the U.S. federal income tax depreciation, amortization or other cost recovery deductions bears to such
adjusted tax basis (provided that if the U.S. federal income tax depreciation, amortization or other cost recovery deduction is zero, the General Partner may use any reasonable method for purposes of determining depreciation, amortization or other
cost recovery deductions in calculating Profits and Losses). 
 Notwithstanding any other provision of this definition, any
items which are specially allocated pursuant to Sections 5.05 and 5.06 shall not be taken into account in computing Profits or Losses. 
 “Regulations” means the Income Tax Regulations, including Temporary Regulations, promulgated under the Code, as such Regulations may be amended (including corresponding provisions of succeeding
regulations). 
 “Regulatory Allocations” shall have the meaning specified in Section 5.07. 

“Securities” has the meaning set forth in Section 7.06(a). 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Securities Issuer” has the meaning set forth in Section 7.06(a). 
 “Tax Distributions” has the meaning set forth in Section 4.01(b). 
 “Tax Matters Partner” has the meaning set forth in Section 5.12. 
 “Transfer” means, in respect of any Unit, property or other asset, any sale, assignment, transfer, distribution or other
disposition thereof, whether voluntarily or by operation of Law, including, without limitation, the exchange of any Unit for any other security. 
  

 6 

 “Transfer Agent” has the meaning set forth in Section 7.08(a) of
this Agreement. 
 “Transferee” means any Person that is a transferee of a Partner’s interest in the
Partnership, or part thereof. 
 “Ultimate Parent” means Virgin Mobile USA, Inc., a Delaware corporation.

 “Units” means units authorized in accordance with this Agreement, which shall constitute partnership
interests in the Partnership as provided in this Agreement and under the Act, entitling the holders thereof to the relative rights, title and interests in the profits, losses, deductions and credits of the Partnership at any particular time as set
forth in this Agreement, and any and all other benefits to which a holder thereof may be entitled as a Partner as provided in this Agreement, together with the obligations of such Partner to comply with all terms and provisions of this Agreement.

 “Unit Exchange Rate” has the meaning set forth in Section 7.08(a) of this Agreement. 
 “Virgin Tax Receivable Agreement” has the meaning set forth in Section 7.06(b) of this Agreement. 
 “VMU LLC” has the meaning set forth in the preamble of this Agreement. 
 “Withheld Taxes” shall have the meaning specified in Section 5.10(a). 
 “Withholding Loan” shall have the meaning specified in Section 5.10(a). 
 ARTICLE II 
 FORMATION, TERM, PURPOSE AND
POWERS 
 SECTION 2.01. Conversion and Formation. (a) Effective as of the time of the Conversion, (i) the LLC Agreement
and all other existing organizational documents of VMU LLC are replaced and superseded in their entirety by this Agreement and the Certificate in respect of all periods beginning on or after the Conversion, (ii) VMU GP I, LLC is hereby admitted
as a general partner of the Partnership, and Virgin Mobile USA, Inc., Bluebottle USA Holdings L.P. and Sprint Ventures, Inc. are hereby admitted as limited partners of the Partnership, (iii) all of the limited liability company interests in VMU
LLC issued and outstanding immediately prior to the Conversion are converted to Common Units in the Partnership and each of the Partners has the Common Units set forth opposite its name on Schedule I hereto, and has a capital account with the
Partnership equivalent to the capital account that it had with VMU LLC, (iv) the Partners continue the business of VMU LLC without dissolution in the form of a Delaware limited partnership governed by this Agreement, and (v) in accordance
with Section 17-217(g) of the Act, for all purposes of the laws of the State of Delaware, the Partnership shall be deemed to be the same entity as VMU LLC and for all applicable tax purposes the Partnership is a continuation of VMU LLC.

  

 7 

 (b) The Partnership was formed as a limited partnership under the provisions of the Act by the filing on
the date hereof of the Conversion Certificate and the Certificate with the Secretary of State of the State of Delaware. If requested by the General Partner, the Limited Partners shall promptly execute all certificates and other documents consistent
with the terms of this Agreement necessary for the General Partner to accomplish all filing, recording, publishing and other acts as may be appropriate to comply with all requirements for (a) the formation and operation of a limited partnership
under the laws of the State of Delaware, (b) if the General Partner deems it advisable, the operation of the Partnership as a limited partnership, or partnership in which the Limited Partners have limited liability, in all jurisdictions where
the Partnership proposes to operate and (c) all other filings required to be made by the Partnership. 
 SECTION 2.02. Name.
The name of the Partnership shall be, and the business of the Partnership shall be conducted under the name of, Virgin Mobile USA, L.P. or such other name as the General Partner shall reasonably determine. 
 SECTION 2.03. Term. The term of the Partnership commenced on the date of the filing of the Certificate, and the term shall continue until the
Partnership is dissolved pursuant to this Agreement, subject to the provisions set forth in Article IX and applicable Law. The existence of the Partnership as a separate legal entity shall continue until cancellation of the Certificate in the manner
required by the Act. 
 SECTION 2.04. Offices. The Partnership may have offices at such places within or without the State of
Delaware as the General Partner from time to time may select. 
 SECTION 2.05. Agent for Service of Process. The
Partnership’s registered agent for service of process in the State of Delaware shall be as set forth in the Certificate, as the same may be amended by the General Partner from time to time. 
 SECTION 2.06. Business Purpose. The Partnership was formed for the object and purpose of, and the nature of the business to be conducted by
the Partnership is, engaging in any lawful act or activity for which limited partnerships may be formed under the Act. Except as otherwise expressly permitted under this Agreement, each of the Ultimate Parent and the General Partner shall conduct
all of its operational activities and hold all of its assets (other than (x) equity interests in direct and indirect parent entities of the General Partner and the Partnership and (y) the proceeds of any distributions from the Partnership
permitted under this Agreement and any accrued interest thereon) through the Partnership and its subsidiaries. The General Partner shall not hold any assets other than its interest in the Partnership, and for U.S. federal tax purposes shall take any
steps necessary to qualify as and remain an entity that is disregarded as separate from its owner under Section 301.7701-3 of the Regulations. Notwithstanding the foregoing, the Ultimate Parent and its subsidiaries shall be permitted to engage
in non-operational activities (it being understood that any such activities not specifically contemplated by this Agreement are permitted pursuant to this Section 2.06 only if the holders of Units other than the Ultimate Parent and its
subsidiaries would not be prejudiced economically by such activities as compared to holders of the Securities for which such Units may be exchanged pursuant to Section 7.08 of this Agreement) including, but not limited to (a) the
ownership, acquisition and disposition of Units, (b) the management of the business and the affairs of the Partnership and its subsidiaries, (c) the operation of the Ultimate Parent or any of its direct or indirect subsidiaries as a
reporting company with a class (or classes) of 

  

 8 

 
securities registered under the Exchange Act, (d) financing (debt or equity) of the business of the Partnership or any of its direct or indirect
subsidiaries, (e) activities relating to maintaining corporate, limited liability company, limited partnership or other entity existence of the Ultimate Parent or any of its direct or indirect subsidiaries, or (f) any activities as are
incidental thereto. 
 SECTION 2.07. Powers of the Partnership. Subject to the limitations set forth in this Agreement, the
Partnership will possess and may exercise all of the powers and privileges granted to it by the Act, by any other Law and this Agreement, together with all powers incidental thereto, so far as such powers are necessary or convenient to the conduct,
promotion or attainment of the purpose of the Partnership set forth in Section 2.06. 
 SECTION 2.08. Partners; Admission of New
Partners. Each of the Persons listed on Schedule I attached hereto, as the same may be amended from time to time in accordance with this Agreement, by virtue of the Conversion and the execution of this Agreement, are Partners of the Partnership.
The rights and liabilities of the Partners shall be as provided in the Act, except as is otherwise expressly provided herein. A Person may be admitted from time to time as a new Partner in accordance with Section 8.05; provided, however,
that each new Partner shall execute an appropriate supplement to this Agreement pursuant to which the new Partner agrees to be bound by the terms and conditions of the Agreement, as it may be amended from time to time. 
 SECTION 2.09. Withdrawal. No Partner shall have the right to withdraw as a Partner of the Partnership other than following the Transfer of
all Units owned by such Partner in accordance with Article VIII; provided, however, that a new General Partner or substitute General Partner may be admitted to the Partnership in accordance with Section 8.05. 
 ARTICLE III 
 MANAGEMENT 
 SECTION 3.01. General Partner. (a) The business, property and affairs of the Partnership shall be managed under the sole, absolute and
exclusive direction of the General Partner, which may from time to time delegate authority to officers or to others to act on behalf of the Partnership. 
 (b) Without limiting the foregoing provisions of this Section 3.01, the General Partner shall have the general power to manage or cause the management of the Partnership, which may be delegated to officers of the
Partnership, including, without limitation, the following powers: 
 (i) to develop and prepare a business plan each year
which will set forth the operating goals and plans for the Partnership; 
 (ii) to execute and deliver or to authorize the
execution and delivery of contracts, deeds, leases, licenses, instruments of transfer and other documents on behalf of the Partnership; 
 (iii) to employ, retain, consult with and dismiss personnel; 
  

 9 

 (iv) to establish and enforce limits of authority and internal controls with respect to
all personnel and functions; 
 (v) to engage attorneys, consultants and accountants for the Partnership; 
 (vi) to develop or cause to be developed accounting procedures for the maintenance of the Partnership’s books of account; and

 (vii) to do all such other acts as shall be authorized in this Agreement or by the Partners in writing from time to time.

 (c) If the General Partner is an entity, it shall be organized under the laws of the United States or any political subdivision thereof.
If the General Partner is an individual, it shall be a citizen of the United States. 
 SECTION 3.02. Compensation. The General
Partner shall not be entitled to any compensation for services rendered to the Partnership in its capacity as General Partner. 
 SECTION
3.03. Expenses. The Partnership shall bear and/or reimburse the General Partner for any expenses incurred by the General Partner (in its capacity as the General Partner). 
 SECTION 3.04. Officers. Subject to the direction of the General Partner, the day-to-day administration of the business of the Partnership may
be carried out by employees and agents of the General Partner, Ultimate Parent or any of their respective Subsidiaries who may be designated as officers of the Partnership by the General Partner, Ultimate Parent or any of their respective
subsidiaries, with titles including but not limited to “chief executive officer,” “president,” “vice president,” “treasurer,” “assistant treasurer,” “secretary,” “assistant
secretary,” “general manager,” “senior managing director,” “managing director,” “general counsel,” “director” and “chief financial officer,” as and to the extent authorized by the
General Partner. The officers of the Partnership shall have such titles and powers and perform such duties as shall be determined from time to time by the General Partner and otherwise as shall customarily pertain to such offices. Any number of
offices may be held by the same person. All officers shall be subject to the supervision and direction of the General Partner and may be removed from such office by the General Partner and the authority, duties or responsibilities of any officer of
the Partnership may be suspended by the General Partner from time to time, in each case in the sole discretion of the General Partner. 
 SECTION 3.05. Authority of Partners. No Limited Partner, in its capacity as such, shall participate in or have any control over the business of the Partnership. Except as expressly provided herein, the Units do not confer any
rights upon the Limited Partners to participate in the conduct, control or management of the business of the Partnership described in this Agreement, which conduct, control and management shall be vested exclusively in the General Partner. In all
matters relating to or arising out of the conduct of the operation of the Partnership, the decision of the General Partner shall be the decision of the Partnership. Except as required or permitted by Law, or expressly provided in a separate
agreement with the Partnership, no Limited Partner who is not also a General Partner (and acting in such capacity) shall take any part in the management or 

  

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control of the operation or business of the Partnership in its capacity as a Limited Partner, nor shall any Limited Partner who is not also a General Partner
(and acting in such capacity) have any right, authority or power to act for or on behalf of or bind the Partnership in his or its capacity as a Limited Partner in any respect or assume any obligation or responsibility of the Partnership or of any
other Partner. 
 SECTION 3.06. Action by Written Consent. Any action required or permitted to be taken by the Partners pursuant
to this Agreement shall be taken if all Partners whose consent is required consent thereto in writing. 
 ARTICLE IV 
 DISTRIBUTIONS AND LOANS 
 SECTION
4.01. Distributions and Loans. (a) The General Partner, in its discretion, may authorize distributions by the Partnership to the Partners holding Common Units, which distributions shall be made pro rata in accordance with
such Partners’ respective Percentage Interests at the record date for such distribution. Notwithstanding the foregoing sentence, the General Partner, in its discretion, may authorize cash distributions by the Partnership to the Ultimate Parent
(which distributions shall be made without pro rata distributions to other Partners) be made in amounts required for Ultimate Parent to pay (A) consideration, if any, for redemption, repurchase, acquisition, cancellation or termination of
Class A Common Stock or Class C Common Stock in accordance with Section 7.04 hereof; and (B) (i) overhead, legal, accounting and other professional fees and expenses, including any judgments, settlements, penalties, fines or
other costs and expenses in respect of any claims against, or any litigation or proceedings involving, the Ultimate Parent or any of its direct or indirect subsidiaries, (ii) fees and expenses related to any securities offering, investment or
acquisition (whether or not successful) authorized by the Board of Directors of the Ultimate Parent and (iii) other fees and expenses in connection with the maintenance of existence of the Ultimate Parent and any of its direct and indirect
subsidiaries other than the Partnership and its subsidiaries (including, but not limited to, any costs or expenses associated with being a public company listed on a national securities exchange); provided, however, that the amount of
any such distributions shall be reduced, to the extent practicable, by the amount of unused cash remaining from the prior distributions by the Partnership to the Ultimate Parent, including any interest earned thereon. Partners holding Units other
than Common Units shall be entitled to such distributions as provided in the instruments governing the issuance of such Units, which terms shall be determined by the General Partner in accordance with Section 7.06. Subject to the last two
sentences of this Section 4.01(a), the General Partner, in its discretion, may cause the Partnership or any of its subsidiaries to make loans to the Ultimate Parent or any of its direct or indirect subsidiaries for any bona fide business
purposes; provided, however, that if any loan to the Ultimate Parent or any of its direct or indirect subsidiaries other than the Partnership and its subsidiaries is cancelled or is not repaid within 90 days from the date of such loan,
such loan shall be deemed to constitute a distribution to the Ultimate Parent and its direct and indirect subsidiaries pursuant to the first sentence of this Section 4.01(a) and the Partnership shall be required to make pro rata
distributions to all other Partners holding Common Units in accordance with such Partners’ respective Percentage Interests on the date of such loan. If the proceeds of any loan described in the preceding sentence are used to make payments or
distributions other than as described in the second sentence of this Section 4.01(a) and such loan is outstanding as of the date 

  

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that a Partner (other than the Ultimate Parent or its direct or indirect subsidiaries) exchanges any Units pursuant to Section 7.08, such loan shall be
deemed to constitute a distribution to the Ultimate Parent and its direct and indirect subsidiaries pursuant to the first sentence of this Section 4.01(a) and the Partnership shall be required to make pro rata distributions to all other
Limited Partners in accordance with such Partners’ respective Percentage Interests as of the date of such loan. Notwithstanding the foregoing, the General Partner shall not be permitted to cause the Partnership or any of its subsidiaries to
make any loan to the Ultimate Parent or any of its direct or indirect subsidiaries if, at any time from the time that such loan is made through and including the time that any corresponding pro rata distribution to other Partners pursuant to
the immediately preceding two sentences is or may become required to be made, the making of any such corresponding pro rata distribution is or would be prohibited. From and after the date of any loan permitted by, and made in accordance with,
the immediately preceding three sentences, if any loan to the Ultimate Parent or any of its direct or indirect subsidiaries remains outstanding, the Ultimate Parent and the General Partner agree not to enter into any contractual or other arrangement
or otherwise take any action, or cause the Partnership or any of its subsidiaries to do any of the foregoing, that would cause the Partnership not to be permitted or able to make any pro rata distribution to any Partner in accordance with
this Section 4.01(a). 
 (b) Tax Distributions. To the extent of available cash (as determined by the General Partner), at the
election of the General Partner in its sole discretion the Partnership may make cash distributions (“Tax Distributions”) to each Partner holding Common Units at such times during the calendar year as shall enable such Partners to
use such Tax Distributions to satisfy their estimated and final income tax liabilities for each taxable year. To the extent any such Tax Distribution is made, such Partners the income of which is included in the consolidated group of which the
Ultimate Parent is a member may receive, in the aggregate, Tax Distributions in an amount up to the product of (i) the amount of taxable income allocated to such Partners in respect of their Common Units in such taxable year times (ii) the
Assumed Tax Rate, and each other Partner holding Common Units shall receive a Tax Distribution which shall be proportionate to the distribution made to such Partners, based upon relative Percentage Interests at the record date of the distribution.

 SECTION 4.02. Liquidation Distributions. Distributions made upon liquidation of the Partnership shall be made as provided in
Section 9.03. 
 SECTION 4.03. Limitations on Distributions. Notwithstanding any provision to the contrary contained in this
Agreement, the General Partner shall not cause the Partnership to make a Partnership distribution to any Partner if such distribution would violate the Act or other applicable Law. 
  

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 ARTICLE V 
 CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; 
 TAX ALLOCATIONS; TAX MATTERS 
 SECTION 5.01. Initial Capital Contributions. The Partners have made or are deemed to have made, on or prior to the date hereof, Capital
Contributions and have acquired the number of Units as specified opposite their respective names on Schedule I. 
 SECTION 5.02. No
Additional Capital Contributions; Additional Funds. (a) Except as otherwise provided in this Article V or Article VII, no Limited Partner shall be required to make additional Capital Contributions to the Partnership without the consent of
such Limited Partner or permitted to make additional capital contributions to the Partnership without the consent of the General Partner. 
 (b) The General Partner may, at any time and from time to time, determine that the Partnership requires additional funds (“Additional Funds”) for such purposes relating to the Partnership’s business as the General
Partner may determine in its sole and absolute discretion. Additional Funds may be obtained by the Partnership, at the election of the General Partner, in any manner provided in, and in accordance with, the terms of this Agreement without the
approval of any Limited Partners. 
 (c) The General Partner, on behalf of the Partnership, may obtain any Additional Funds by causing the
Partnership, or arranging for any of the direct or indirect subsidiaries of the Ultimate Parent other than the Partnership, to incur indebtedness to any Person, in each case upon such terms as the General Partner determines are appropriate,
including making such indebtedness convertible, redeemable or exchangeable for Units; provided, however, that the Partnership shall not incur any such indebtedness if (i) a breach, violation or default of such indebtedness would be
deemed to occur by virtue of the Transfer of any partnership interest, (ii) such indebtedness is recourse to any Partner (unless the Partner otherwise agrees) or (iii) with respect to any Partnership borrowing in place as of the date
hereof or any subsequent refinancing or replacement thereof (but not in excess of such amounts as are in place as of the date hereof), any Partner or related person would be permitted to guarantee a Partnership borrowing or otherwise bear the
“economic risk of loss” that would result in an allocation of such borrowing to such Partner under the principles of Section 752 of the Code. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by
causing the Partnership to incur indebtedness to the Ultimate Parent or any of its subsidiaries if such indebtedness is, to the extent permitted by law, on substantially the same terms and conditions (including interest rate, repayment schedule, and
conversion, redemption, repurchase and exchange rights, but not including financial covenants) as indebtedness incurred by the Ultimate Parent or any of its subsidiaries, the net proceeds of which are loaned to the Partnership to provide such
Additional Funds; provided, however, that the Partnership shall not use the proceeds of any such indebtedness to pay, directly or indirectly, any principal amount or otherwise repay or refinance any indebtedness of the Partnership
outstanding on the date hereof. Except as provided in the penultimate sentence in Section 4.01(a), none of the Ultimate Parent or any of its direct or indirect subsidiaries other than the Partnership and its subsidiaries shall incur any
indebtedness unless the net proceeds of such indebtedness are loaned to the Partnership or its subsidiaries on substantially the same terms and conditions (other than financial covenants) as the underlying indebtedness. 
  

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 SECTION 5.03. Capital Accounts. There has been established for each Partner on the books of
the Partnership, a capital account (each being a “Capital Account”). The Capital Account of each Partner shall be credited with Capital Contributions made (or deemed to have been made) by such Partner, all Profits allocated to such
Partner pursuant to Section 5.04 and any items of income or gain which are specially allocated pursuant to Section 5.05 and 5.06; and shall be debited with all Losses allocated to such Partner pursuant to Section 5.04, any items of
loss or deduction of the Partnership specially allocated to such Partner pursuant to Section 5.05 and 5.06, and all cash and the Carrying Value of any property (net of liabilities assumed by such Partner and the liabilities to which such
property is subject) distributed by the Partnership to such Partner. Any references in any section of this Agreement to the Capital Account of a Partner shall be deemed to refer to such Capital Account as the same may be credited or debited from
time to time as set forth above. In the event of any transfer of any interest in the Partnership in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the
transferred interest. 
 SECTION 5.04. Allocations of Profits and Losses. Except as otherwise provided in this Agreement,
Profits, Losses and, to the extent necessary, individual items of income, gain, loss or deduction shall be allocated in a manner such that the Capital Account of each Partner, immediately after making such allocation is, as nearly as possible, equal
(proportionately) to (i) the distributions that would be made pursuant to Section 4.01(a) and Article IX if the Partnership were dissolved, its affairs wound up and its assets sold for cash equal to their Carrying Values, all Partnership
liabilities were satisfied (limited with respect to each non-recourse liability to the Carrying Value of the assets securing such liability), including the Partnership’s share of any liabilities of an entity treated as a partnership for U.S.
federal income tax purposes of which the Partnership is a partner and the net assets of the Partnership were distributed in accordance with Section 4.01(a) and Article IX to the Partners immediately after making such allocation, minus
(ii) such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets. 
 SECTION 5.05. Special Allocations. The following special allocations shall be made in the following order: 
 (a) Minimum Gain Chargeback. If there is a net decrease in “partnership minimum gain” (as that term is defined in Sections 1.704-2(b)(2) and 1.704-2(d) of the Regulations) during any Fiscal Year,
each Partner shall, to the extent required by Section 1.704-2(f) of the Regulations, be specially allocated items of Partnership income and gain for such Fiscal Year (and, to the extent required by Section 1.704-2(j)(2)(iii) of the
Regulations, subsequent Fiscal Years) in an amount equal to that Partner’s share of the net decrease in partnership minimum gain. Allocations pursuant to the previous sentence shall be made in accordance with Section 1.704-2(f)(6) of the
Regulations. This Section 5.05(a) is intended to comply with the minimum gain chargeback requirement in Section 1.704-2(f) of the Regulations and shall be interpreted consistently therewith. 
 (b) Partner Minimum Gain Chargeback. If there is a net decrease in “partner nonrecourse debt minimum gain” (as that term is defined in
Sections 1.704-2(i)(2) and (3) of the 

  

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Regulations) during any Fiscal Year, each Partner who has a share of that partner nonrecourse debt minimum gain as of the beginning of the Fiscal Year shall,
to the extent required by Section 1.704-2(i)(4) of the Regulations, be specially allocated items of Partnership income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) equal to that Partner’s share of the net
decrease in partner nonrecourse debt minimum gain. Allocations pursuant to the previous sentence shall be made in accordance with Section 1.704-2(i)(4) of the Regulations. This Section 5.05(b) is intended to comply with the requirement in
Section 1.704-2(i)(4) of the Regulations and shall be interpreted consistently therewith. 
 (c) Nonrecourse Deductions.
“Nonrecourse deductions” (as that term is defined in Sections 1.704-2(b)(1) and (c) of the Regulations) for any Fiscal Year or other period shall be specially allocated to the Partners in proportion to their Percentage Interests.

 (d) Partner Nonrecourse Deductions. “Partner nonrecourse deductions” (as that term is defined in Section 1.704-2(i)
of the Regulations) for any Fiscal Year or other period shall be specially allocated to the Partner who bears the economic risk of loss with respect to the “partner nonrecourse debt” (as that term is defined in Section 1.704-2(b)(4)
of the Regulations) to which such partner nonrecourse deductions are attributable, in accordance with Regulations Section 1.704-2(i)(1). 
 (e) Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations
Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the
adjustment decreases such basis) and such gain or loss shall be specially allocated to the Partners in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Regulations.

 (f) Matching Allocations. If the Ultimate Parent or any of its direct or indirect subsidiaries receives a distribution pursuant to
clause (B) of the second sentence of Section 4.01 (a) during any Fiscal Year, the Ultimate Parent or such subsidiary shall be specially allocated items of gross income for such Fiscal Year (and subsequent Fiscal Years, if necessary)
in an amount equal to such distribution. 
 SECTION 5.06. Curative Allocations. The allocations set forth in Section 5.05
(the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. It is the intent of the Partners that, to the extent possible, all Regulatory Allocations that are made be offset either with other
Regulatory Allocations or with special allocations pursuant to this Section 5.06. Therefore, notwithstanding any other provision of this Article V (other than the Regulatory Allocations), the General Partner shall make such offsetting special
allocations in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Partner’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Partner would have had if
the Regulatory Allocations were not part of the Agreement and all Partnership items were allocated pursuant to Section 5.04. In exercising its discretion under this Section 5.06, the General Partner shall take into account future
Regulatory Allocations under Sections 5.05(a) and 5.05(b) that, although not yet made, are likely to offset other Regulatory Allocations previously made under Sections 5.05(c) and 5.05(d). 
  

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 SECTION 5.07. Other Allocation Rules. 
 (a) The Partnership shall “close its books” on the date that Sprint Ventures Inc. and the former members of VMU LLC conveyed units in VMU LLC to
Virgin Mobile USA, Inc., and shall allocate Profits, Losses, or other items allocable to the portion of 2007 ending on such date to the Persons that were members of VMU LLC during such portion of 2007 in accordance with the LLC Agreement.
Thereafter, for purposes of determining the Profits, Losses, or any other items allocable to any period, Profits, Losses, and any such other items shall be determined on a daily, monthly, or other basis, as determined by the General Partner using
any permissible method under Code Section 706 and the Regulations thereunder. 
 (b) Except as otherwise provided in this Agreement, all
items of Partnership income, gain, loss, deduction, and any other allocations not otherwise provided for shall be divided among the Partners in the same proportions as they share Profits or Losses, as the case may be, for the Fiscal Year.

 (c) For purposes of determining the Partners’ shares of “nonrecourse liabilities” (as that term is defined in
Section 1.752-1(a)(2) of the Regulations), any “excess nonrecourse liabilities” (as that term is defined in Section 1.752-3(a)(3) of the Regulations) shall first be allocated in accordance with the excess “built-in
gain” that is allocable to the Partners under Code Section 704(c) (or under principles similar to Code Section 704(c) in connection with a revaluation of Partnership property), as described in Section 1.752-3(a)(3) of the
Regulations. Any remaining excess nonrecourse liabilities shall be allocated among the Partners in accordance with their Percentage Interests. 
 SECTION 5.08. Tax Allocations: Code Section 704(c). In accordance with Code Section 704(c) and the Regulations thereunder, income, gain, loss, and deduction with respect to any property contributed to the capital of
the Partnership shall, solely for tax purposes, be allocated among the Partners so as to take account of any variation between the adjusted basis of such property to the Partnership for federal income tax purposes and its initial Carrying Value.

 In the event the Carrying Value of any Partnership asset is adjusted pursuant to clauses (i), (ii), or (iii) of the definition of
Carrying Value, subsequent allocations of income, gain, loss, and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Carrying Value in the same
manner as under Code Section 704(c) and the Regulations thereunder using the “traditional method”. 
 Any elections or other
decisions relating to such allocations shall be made by the General Partner. Allocations pursuant to this Section 5.08 are solely for purposes of U.S. federal, state, and local taxes and shall not affect, or in any way be taken into account in
computing, any Partner’s Capital Account or share of Profits, Losses, other items, or distributions pursuant to any provision of this Agreement. 
  

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 SECTION 5.09. Tax Withholding. 
 (a) The Partnership shall withhold and/or pay over to the Internal Revenue Service or other applicable taxing authority all taxes or withholdings, and all
interest, penalties, additions to tax, and similar liabilities in connection therewith or attributable thereto (hereinafter “Withheld Taxes”) to the extent that the Tax Matters Partner in good faith determines that such withholding
and/or payment is required by the Code or any other law, rule, or regulation. The Tax Matters Partner in good faith shall determine to which Partner such Withheld Taxes are attributable. For example, Withheld Taxes measured with respect to a
Partner’s distributive share of the Partnership’s income, gain, or other Partnership item would be attributable to such Partner. All Withheld Taxes withheld and/or paid over that are attributable to a Partner shall, at the option of the
Tax Matters Partner, (i) be promptly paid to the Partnership by the Partner on whose behalf such advances of Withheld Taxes were made or (ii) be considered a loan (a “Withholding Loan”) by the Partnership to such Partner.
Whenever the Tax Matters Partner selects the option set forth in clause (ii) of the immediately preceding sentence, the borrowing Partner shall repay such Withholding Loan within ten (10) days after the Tax Matters Partner delivers a
written demand therefor, together with interest from the date such loan was made until the date of the repayment thereof at a rate per annum equal to two percent (2%) plus the prime interest rate of Chase Manhattan Bank (or its successor) in
effect during such period (or, if less, the maximum interest rate allowed under applicable law). In addition to any other rights of the Partnership to enforce its right to receive payment of the Withholding Loan, plus any accrued interest thereon,
the Partnership may deduct from any distribution to be made to a borrowing Partner or any amount available for distribution to a borrowing Partner an amount not greater than the outstanding balance of any Withholding Loan, plus any accrued interest
thereon, as a payment in total or partial satisfaction thereof. In the event that the Partnership deducts the amount of the Withholding Loan plus any accrued interest thereon from any actual distribution or amount otherwise available to be
distributed, the amount that was so deducted shall be treated as an actual distribution to the borrowing Partner for all purposes of this Agreement. With respect to any amounts not offset pursuant to the immediately preceding sentence, the maturity
of such Withholding Loan shall be the dissolution of the Partnership. 
 (b) If any amount payable to the Partnership is reduced because the
Person paying that amount withholds and/or pays over to the Internal Revenue Service or other applicable taxing authority any amount as a result of the status of a Partner, the Tax Matters Partner shall make such adjustments to amounts distributed
and allocated among Partners as it determines to be fair and equitable. For example, if a portion of interest income earned by the Partnership is withheld by the payor and paid over to the Internal Revenue Service because a particular Partner is a
non-U.S. Person, the Tax Matters Partner shall include such withheld and paid over amount in computing amounts available for distribution to the Partners pursuant to Section 4.01(a) and treat such withheld and paid over amount as if that amount
were distributed to the Partner in satisfaction of whose tax liability such amount was withheld and paid over. 
 SECTION
5.10. Successors in Interest. If a Partner Transfers all or part of its Units, references in this Article V to amounts previously contributed by such Partner or to amounts previously allocated or distributed to such Partner shall refer
to the transferee to the extent they pertain to the transferred interest. 
 SECTION 5.11. Tax Matters. The General Partner shall
be the initial “tax matters partner” within the meaning of Section 6231(a)(7) of the Code (the “Tax Matters Partner”). The Tax Matters Partner shall take reasonable action to cause each other Partner to be treated as
a 

  

 17 

 
“notice partner” within the meaning of Section 6231(a)(8) of the Code. All reasonable expenses incurred by a Partner while acting in its
capacity as Tax Matters Partner shall be paid or reimbursed by the Partnership. 
 Each Partner shall be given at least five
(5) business days advance notice from the Tax Matters Partner of the time and place of, and shall have the right to participate in (i) any material aspect of any administrative proceeding relating to the determination of partnership items
at the Partnership level and (ii) any material discussions with the Internal Revenue Service relating to allocations pursuant to Article V of this Agreement. 
 The Tax Matters Partner shall not initiate any action or proceeding in any court, extend any statute of limitations, or take any other action contemplated by Sections 6222 through 6234 of the Code that would legally
bind any other Partner or the Partnership without approval of the Partners, which approval may not be unreasonably withheld; provided, however, that, for this purpose, it shall not be unreasonable for a Partner to withhold such
approval if the action proposed to be taken could affect adversely such Partner. The Tax Matters Partner shall cause the Partnership’s tax attorneys and accountants to confer with such other Partner and its attorneys and accountants on any
matters relating to Partnership tax return or any tax election. 
 (b) The Tax Matters Partner shall timely cause to be prepared all U.S.
federal, state, local and foreign tax returns and reports (including amended returns) of the Partnership for each year or period that such returns or reports are required to be filed and, subject to the remainder of this subsection, shall cause such
tax returns to be timely filed. No later than 30 days prior to filing of all income and franchise tax returns of the Partnership, the Tax Matters Partner shall have provided copies of all such tax returns to the other Partners for review. With
respect to any income or franchise tax return of the Partnership, the other Partners shall be entitled to provide reasonable comments on such tax returns to the Tax Matters Partner no later than 15 days after receiving copies of such tax returns,
and the Tax Matters Partner shall incorporate such comments, where reasonable, prior to filing such returns. The other Partners agree to assist the Tax Matters Partner in preparing all income and franchise tax returns of the Partnership so as to
ensure that all such returns are filed on a timely basis and no filing penalties are incurred to the extent reasonably possible. 
 (c)
Within 90 days after the end of each Fiscal Year, or as soon as reasonably practical thereafter, the Tax Matters Partner shall prepare and send, or cause to be prepared and sent, to each Person who was a Partner at any time during such Fiscal Year
copies of such information as may be required for U.S. federal, state, local and foreign income tax reporting purposes, including copies of Form 1065 and Schedule K-1 or any successor form or schedule, for such Person. At any time after such
information has been provided, upon at least five (5) business days’ notice from a Partner, the Tax Matters Partner shall also provide each Partner with a reasonable opportunity during ordinary business hours to review and make copies of
all workpapers related to such information or to any return prepared under paragraph (b) above. As soon as practicable following the end of each quarter (and in any event not later than thirty (30) days after the end of such quarter), the
Tax Matters Partner shall also cause to be provided to each Partner an estimate of each Partner’s share of all items of income, gain, loss, deduction and credit of the Partnership for the quarter just completed and for the Fiscal Year to date
for federal income tax purposes. 
  

 18 

 SECTION 5.12. Tax Classification. The Tax Matters Partner shall take such action as may be
required under the Code and applicable Regulations to cause the Partnership to be taxable as a partnership for U.S. federal income tax purposes. To the extent the previous sentence does not govern the state and local classification of the
Partnership, the Tax Matters Partner shall take such action as may be required under any state or local law applicable to the Partnership to cause the Partnership to be taxable as, and in a manner consistent with, a partnership for state or local
income tax purposes. No Partner shall take any action inconsistent with such treatment for U.S. federal, state and local tax purposes. 
 SECTION 5.13. Tax Elections. The Tax Matters Partner shall elect, pursuant to Section 754 of the Code, to adjust the basis of the Partnership’s property, with respect to its federal income tax return for the taxable
year in which the IPO occurs. Except as otherwise provided herein, all other elections required or permitted to be made by the Partnership under the Code (or applicable foreign, state or local law) shall be made as may be determined by the General
Partner to be in the best interest of the Partners as a group. Notwithstanding the foregoing, if the Partnership will not otherwise qualify as a partnership under Section 6231(a)(l) of the Code which is subject to the TEFRA partnership audit
rules, the Tax Matters Partner shall cause the Partnership to make an election under Section 6231(a)(1)(B)(ii) of the Code to subject the Partnership to the TEFRA partnership audit rules. 
 SECTION 5.14. Continuation of VMU LLC. Solely for all applicable tax purposes, and for purposes of the maintenance of Capital Accounts and
the allocation of Profits and Losses, including without limitation any special allocations, under this Article V, the Partnership is a continuation of VMU LLC and the Partnership Agreement is a continuation of the LLC Agreement. 
 ARTICLE VI 
 BOOKS AND RECORDS; REPORTS

 SECTION 6.01. Books and Records. At all times during the continuance of the Partnership, the Partnership shall prepare and
maintain separate books of account for the Partnership in accordance with GAAP. The Partnership shall keep at its principal office the following: 
 (a) a current list of the full name and the last known street address of each Partner; 
 (b)
a copy of the Conversion Certificate, the Certificate and this Agreement and all amendments thereto; 
 (c) copies of the
Partnership’s federal, state and local income tax returns and reports, if any, for the three most recent years; and 
 (d) copies of any financial statements, if any, of the Partnership for the six most recent Fiscal Years. 
  

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 ARTICLE VII 
 PARTNERSHIP UNITS 
 SECTION 7.01. Units. Partnership interests in the Partnership shall be
represented by one or more classes of Units. 
 SECTION 7.02. Register. The register of the Partnership shall be the definitive
record of ownership of each Unit and all relevant information with respect to each Partner. Unless the General Partner shall determine otherwise, Units shall be uncertificated and recorded in the books and records of the Partnership. 
 SECTION 7.03. Splits, Distributions and Reclassifications. The Partnership shall not in any manner subdivide (by any Unit split, Unit
distribution, reclassification, recapitalization or otherwise) or combine (by reverse Unit split, reclassification, recapitalization or otherwise) any class or series of the outstanding Units unless an identical event is occurring with respect to
the corresponding class or series of Securities (including, but not limited to, Class A Common Stock and Class C Common Stock), in which event, the General Partner shall cause such class or series of Units to be subdivided or combined
concurrently with and in the same manner as the corresponding class or series of Securities. 
 SECTION 7.04. Cancellation of
Securities and Units. At any time a share of Class A Common Stock or Class C Common Stock is redeemed, repurchased, acquired, cancelled or terminated by or on behalf of the Ultimate Parent (other than in connection with a conversion of
shares of Class C Common Stock into Class A Common Stock), one (1) Common Unit registered in the name of the Ultimate Parent or, at the election of the General Partner in its sole discretion, any of its direct or indirect subsidiaries
(including the General Partner), will be redeemed, repurchased, acquired, cancelled or terminated by the Partnership for the same consideration, if any, as the consideration paid by or on behalf of the Ultimate Parent so that the number of Common
Units held by the Ultimate Parent and any of its direct or indirect subsidiaries (including the General Partner) at all times equals the sum of (A) the number of shares of Class A Common Stock outstanding and (B) the number of shares
of Class C Common Stock outstanding. At any time any other Securities are redeemed, repurchased, acquired, cancelled or terminated by or on behalf of the applicable Securities Issuer, the General Partner shall cause the same number of corresponding
Units in the name of the applicable Securities Issuer to be redeemed, repurchased, acquired, cancelled or terminated by the Partnership for the same consideration, if any, as the consideration paid by or on behalf of the applicable Securities Issuer
so that the number of Units of such class held by such Securities Issuer at all times equals the number of such Securities outstanding. The General Partner shall revise the register to reflect any such redemption, repurchase, acquisition,
cancellation or termination. 
 SECTION 7.05. Incentive Plans. At any time the Ultimate Parent issues a share of Class A
Common Stock pursuant to an Incentive Plan (whether pursuant to the exercise of a stock option or the grant of a restricted share award or otherwise), the following shall occur: (a) the Ultimate Parent shall be deemed to contribute to the
capital of the Partnership an amount of cash equal to the current per share market price of a share of Class A Common Stock on the date such share is issued (or, if earlier, the date the related option is exercised) and the Capital Account of
the 

  

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Ultimate Parent shall be adjusted accordingly; (b) the Partnership shall be deemed to purchase from the Ultimate Parent a share of Class A Common
Stock for an amount of cash equal to the amount of cash deemed contributed by the Ultimate Parent to the Partnership in clause (a) above and such share is deemed delivered to its owner under the Incentive Plan, the parties acknowledging that
such deemed purchase shall not cause the Partnership to own such shares for any purpose, including, without limitation, for the purpose of determining stockholders entitled to receive dividends or vote; (c) the net proceeds (including the
amount of any payments made on a loan with respect to a stock purchase award) received by the Ultimate Parent with respect to such share, if any, shall be concurrently transferred and paid to the Partnership (and such net proceeds so transferred
shall not constitute an additional Capital Contribution); and (d) the Partnership shall issue to the Ultimate Parent one (1) Unit registered in the name of the Ultimate Parent. The Partnership shall retain any net proceeds that are paid to
the Partnership. 
 SECTION 7.06. Issuances of Securities. 
 (a) Except as provided in Section 7.06(b) below, at any time the Ultimate Parent or any of its direct or indirect subsidiaries other than the
Partnership and its subsidiaries (such entity, the “Securities Issuer”) issues any shares of capital stock or other equity interests, or any rights, options, warrants or convertible or exchangeable securities having the right to
convert into, exchange for, subscribe for or purchase any shares of capital stock or other equity interests (collectively, “Securities”), other than in connection with a conversion of shares of Class C Common Stock into Class A
Common Stock pursuant to, and in accordance with, Article IV of the Certificate of Incorporation, the Partnership shall issue to such Securities Issuer (x) in the case of an issuance of shares of Class A Common Stock or Class C Common
Stock, an equal number of Common Units, registered in the name of such Securities Issuer, or (y) in the case of an issuance of any other Securities, an equal number of Units with designations, preferences and other rights, terms and conditions
(other than financial covenants applicable to such Securities Issuer, its subsidiaries or direct or indirect parent entities) that are substantially the same as the designations, preferences and other rights, terms and conditions of such other
Securities, registered in the name of such Securities Issuer. The net proceeds, if any, whether in cash or other property, received by the Securities Issuer with respect to the issuance of Securities shall be transferred to the Partnership.

 (b) If the Securities Issuer does not receive any net proceeds from the issuance of such Securities (including an issuance by the Ultimate
Parent of Securities to Corvina Holdings Limited (or its successors, assignees or affiliates) pursuant to that certain Tax Receivable Agreement between Corvina Holdings Limited and the Ultimate Parent (the “Virgin Tax Receivable
Agreement”), but excluding any transactions described in Section 7.03, Section 7.05 or 7.08), (i) the Partnership shall issue an equal number of Units with designations, preferences and other rights, terms and conditions
(other than financial covenants applicable to such Securities Issuer, its subsidiaries or direct or indirect parent entities) that are substantially the same as the designations, preferences and other rights, terms and conditions of such Securities,
registered in the name of such Securities Issuer and (ii) the Partnership shall make a corresponding pro rata issuance to all other Partners (other than the Ultimate Parent and its direct or indirect subsidiaries) in accordance with
their Percentage Interests (as determined immediately prior to the transactions described in this Section 7.06(b)) of Units with designations, preferences and other rights, terms and conditions (other than financial covenants applicable to such
Securities Issuer, its subsidiaries 

  

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or direct or indirect parent entities) that are substantially the same as the designations, preferences and other rights, terms and conditions of such
Securities; provided that no pro rata issuance contemplated by this clause (ii) shall be required in respect of any transactions approved by the board of directors of the Ultimate Parent where such Securities are issued in
satisfaction of bona fide obligations of the Partnership to third parties (it being understood that this proviso shall not apply to any issuance by the Ultimate Parent of Securities to Corvina Holdings Limited (or its successors, assignees or
affiliates) pursuant to the Virgin Tax Receivable Agreement). 
 (c) The intent of this Section 7.06 and Sections 7.03, 7.04 and 7.05 is
to ensure that the number of Units held by the Ultimate Parent and any of its direct or indirect subsidiaries (including the General Partner) at all times equals the sum of (A) the number of shares of Class A Common Stock outstanding,
(B) the number of shares of Class C Common Stock outstanding and (C) the number of other Securities outstanding, and such provisions shall be interpreted consistently with such intent. 
 SECTION 7.07. Registered Partners. The Partnership shall be entitled to recognize the exclusive right of a Person registered on its records
as the owner of Units for all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as otherwise
provided by the Act. 
 SECTION 7.08. Exchange of Units. 
 (a) Subject to adjustment as provided in this Section 7.08, each holder of a Unit (other than the Ultimate Parent and its subsidiaries) shall be
entitled to exchange, at any time and from time to time, any or all of such holder’s Units, (i) in the case of Common Units, on a one-for-one basis, for the same number of shares of Class A Common Stock (the number of shares of
Class A Common Stock for which a Common Unit is entitled to be exchanged is referred to herein as the “Common Unit Exchange Rate”), (ii) in the case of Units, other than Common Units, issued pursuant to Section 7.03
or Section 7.06(b), on a one-for-one basis, into the same number of Securities with designations, preferences and other rights, terms and provisions that are substantially the same as the designations, preferences and other rights, terms and
provisions of Securities that originally triggered the issuance of such Units to such holder pursuant to Section 7.03 or Section 7.06(b) (the number of Securities for which a Unit is entitled to be exchanged pursuant to this clause (ii),
the “Unit Exchange Rate” and, together with Common Unit Exchange Rate, the “Exchange Rate”). Any exchange right pursuant to this Section 7.08(a) shall be exercised by a written notice to the Ultimate Parent
from the holder of such Units stating that such holder desires to exchange a stated number of Units pursuant to this Section 7.08(a), accompanied by instruments of transfer to the Ultimate Parent, in form satisfactory to the Ultimate Parent and
to the Ultimate Parent’s transfer agent (the “Transfer Agent”), duly executed by such holder or such holder’s duly authorized attorney, and transfer tax stamps or funds therefor, if required pursuant to
Section 7.08(e), in respect of the Units to be exchanged, in each case delivered during normal business hours at the principal executive offices of the Ultimate Parent or at the office of the Transfer Agent. Notwithstanding the foregoing, no
holder of a Unit shall be entitled to exchange such Unit if such exchange would be prohibited under applicable federal or state securities laws or regulations. 
  

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 (b) As promptly as practicable following the surrender for exchange of Units in the manner provided in
this Section 7.08 and the payment in cash of any amount required by the provisions of Section 7.08(e), the Ultimate Parent shall deliver or cause to be delivered, as the case may be (i) the cash, if any, to be paid to such holder
pursuant to Section 7.08(a) in accordance with delivery instructions provided by such holder or (ii) at the principal executive offices of the Ultimate Parent or at the office of the Transfer Agent the number of shares of Class A
Common Stock or other Securities issuable upon such exchange, issued in such name or names as such holder may direct. Upon the date any such Units are surrendered for exchange, all rights of the holder of such Units as a Partner of the Partnership
with respect to such Units shall cease, and the person or persons in whose name or names the shares of Class A Common Stock or other Securities are to be issued shall be treated for all purposes as having become the record holder or holders of
such shares of Class A Common Stock or other Securities. 
 (c) The Exchange Rate shall be adjusted accordingly if there is:
(1) any subdivision (by any unit split, unit distribution, reclassification, recapitalization or otherwise) or combination (by reverse unit split, reclassification, recapitalization or otherwise) of any class or series of Units that is not
accompanied by an identical subdivision or combination of the corresponding class or series of Securities; or (2) any subdivision (by any stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse
stock split, reclassification, recapitalization or otherwise) of any class or series of Securities that is not accompanied by an identical subdivision or combination of the corresponding class or series of Units. In the event of a reclassification
or other similar transaction as a result of which one class or series of Securities is converted into another class or series of Security, then a holder of the corresponding class or series of Units shall be entitled to receive upon exchange the
amount of such security that such holder would have received if such exchange of Units had occurred immediately prior to the effective date of such reclassification or other similar transaction. Except as may be required in the immediately preceding
sentence, no adjustments in respect of dividends shall be made upon the exchange of any Unit; provided, however, that if a Unit shall be exchanged subsequent to the record date for the payment of a dividend or other distribution on Units but prior
to the date of such payment, then the registered holder of such Unit at the close of business on such record date shall be entitled to receive the dividend or other distribution payable on such Unit on such payment date notwithstanding the exchange
thereof or the default in payment of the dividend or distribution due on such payment date. 
 (d) Each Securities Issuer shall at all times
reserve and keep available out of its authorized but unissued Securities, solely for the purpose of issuance upon exchange of Units, such number of Securities that shall be issuable upon the exchange of all such outstanding Units; provided, that
nothing contained herein shall be construed to preclude the Securities Issuer from satisfying its obligations in respect of the exchange of the Units by delivery of purchased Securities which are held in the treasury of the Securities Issuer. Each
Securities Issuer covenants that if any Securities require registration with or approval of any governmental authority under any federal or state law before such Securities may be issued upon exchange, the Securities Issuer shall use its reasonable
best efforts to cause such shares to be duly registered or approved, as the case may be. The Ultimate Parent shall use its reasonable best efforts to list the shares of Class A Common Stock required to be delivered upon exchange prior to such
delivery upon each national securities exchange or inter-dealer quotation system upon which the outstanding Class A Common Stock may be listed or traded at the time of such delivery. Each Securities Issuer covenants that all Securities that
shall be issued upon exchange of Units will, upon issue, be validly issued, fully paid and non-assessable. 
  

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 (e) The issuance of Securities upon exchange of Units shall be made without charge to the holders of such
Units for any stamp or other similar tax in respect of such issuance; provided, however, that if any such shares to be issued in a name other than that of the holder of the Units exchanged, then the person or persons requesting the issuance thereof
shall pay to the Ultimate Parent the amount of any tax that may be payable in respect of any transfer involved in such issuance or shall establish to the satisfaction of the Ultimate Parent that such tax has been paid or is not payable. 

(f) Notwithstanding anything to the contrary elsewhere in this Agreement, the General Partner shall have the right to require any holder of Units
(other than the Ultimate Parent and its subsidiaries) who, together with its Affiliates (other than the Ultimate Parent and its subsidiaries), has a Percentage Interest of one percent (1%) or less to exchange all (but not less than all) of such
holder’s Units into shares of Class A Common Stock (in the case of Common Units) or, if applicable, into Securities that originally triggered the issuance of such Units (in the case of Units other than Common Units) in accordance with this
Section 7.08. Such right can be exercised by the General Partner at any time by a written notice to such holder from the General Partner. 
 ARTICLE VIII 
 TRANSFER RESTRICTIONS 
 SECTION 8.01. Limited Partner Transfers. (a) Except as provided in Section 7.08 and in clause (b) of this Section 8.01 or in Section 8.02, no Limited Partner or Assignee thereof
may Transfer all or any portion of its Units (or beneficial interest therein) without the prior written consent of the General Partner, which consent shall not be unreasonably withheld but may be made subject to such conditions (including, without
limitation, the receipt of such legal opinions and other documents that the General Partner may require) as are reasonably determined by the General Partner to be necessary or appropriate. Any purported Transfer of Units that is not in accordance
with, or subsequently violates, this Agreement shall be null and void. 
 (b) Notwithstanding clause (a) above, each Limited Partner
(and each Permitted Transferee of such Limited Partner) may exchange all or a portion of Units owned by such Limited Partner or such Permitted Transferee in accordance with Section 7.08 of this Agreement and Article V of the Certificate of
Incorporation or, if the General Partner and the exchanging Limited Partner or Permitted Transferee shall mutually agree, Transfer such Units to the Ultimate Parent or any of its direct or indirect subsidiaries (including the General Partner and the
Partnership) for other consideration (in each case, an “Exchange Transaction”) at any time following the consummation of the IPO. 
 SECTION 8.02. Permitted Transferees. Notwithstanding clause (a) of Section 8.01 and subject to Section 8.07, upon 30 days prior written notice to the General Partner and subject to the policies and procedures that
the General Partner may promulgate from time to time in its sole discretion, each Limited Partner may Transfer all or a portion of the Units owned by such Limited Partner to any of its Affiliates (any such entity, in relation to such Limited
Partner, being referred to 

  

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herein as such Limited Partner’s “Permitted Transferee”). Any Units Transferred by a Limited Partner to a Permitted Transferee of such
Limited Partner pursuant to the preceding sentence shall remain subject to the same restrictions on Transfer to which such Units would be subject if such Units had not been so Transferred. Before any Permitted Transferee ceases to be a Permitted
Transferee of the relevant Limited Partner, it shall transfer full legal and beneficial ownership of such Units to the relevant Limited Partner or, subject to this Article 8, another Permitted Transferee of the relevant Limited Partner. Furthermore,
before any transfer of Units by any Limited Partner (or any Permitted Transferee of any Limited Partner), the proposed transferee of such Units must enter into a written acknowledgement and agreement with the General Partner and the Partnership that
such transferee will receive such Units subject to, and such transferee will be bound by, the provisions of this Agreement, including but not limited to, the transfer restrictions set forth in this Article 8. 
 SECTION 8.03. Further Restrictions. Notwithstanding any contrary provision in this Agreement, in no event may any Transfer of a Unit be made
by any Limited Partner or Assignee if: 
 (a) such Transfer is made to any Person who lacks the legal right, power or capacity
to own such Unit; 
 (b) such Transfer would require the registration of such transferred Unit or of any class or series of
Unit pursuant to any applicable United States federal or state securities laws (including, without limitation, the Securities Act or the Exchange Act) or other foreign securities laws or would constitute a non-exempt distribution pursuant to
applicable state securities laws; 
 (c) such Transfer would cause any portion of the assets of the Partnership to constitute
assets of any employee benefit plan pursuant to the regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations, or any successor regulations; 
 (d) such Transfer would cause any portion of the assets of the Partnership to become “plan assets” of any benefit plan investor
within the meaning of regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations, or any successor regulations, or to be regulated under the Employee
Retirement Income Security Act of 1974, as amended from time to time; or 
 (e) to the extent requested by the General
Partner, the Partnership does not receive such legal and/or tax opinions and written instruments (including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as an Assignee)
that are in a form reasonably satisfactory to the General Partner. 
 Notwithstanding any other provision of this Agreement, no Partner or
its Affiliates shall Transfer any or all of its Units, or take any other action, if such Transfer or action could (by itself or in conjunction with other actions) result in the Partnership being treated as a “publicly 

  

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traded partnership” within the meaning of Section 7704 of the Code and the Regulations promulgated thereunder; and provided further that, to the
fullest extent permitted by law, any such Transfer or action shall be null and void, ab initio. 
 SECTION 8.04. Rights of
Assignees. Subject to Section 8.03, the transferee of any permitted Transfer pursuant to this Article VIII (other than a Transfer in a Permitted Exchange) will be an assignee only (“Assignee”), and only will receive, to the
extent transferred, the distributions and allocations of income, gain, loss, deduction, credit or similar item to which the Limited Partner which transferred its Units would be entitled, and such Assignee will not be entitled or enabled to exercise
any other rights or powers of a Limited Partner, such other rights, and all obligations relating to, or in connection with, such Interest remaining with the transferring Limited Partner. The transferring Limited Partner will remain a Limited Partner
even if it has transferred all of its Units to one or more Assignees until such time as the Assignee(s) is admitted to the Partnership as a Partner pursuant to Section 8.06. 
 SECTION 8.05. Admissions, Withdrawals and Removals. No Person may be admitted to the Partnership as an additional General Partner or
substitute General Partner without the prior written consent or ratification of the General Partner. No Limited Partner will be removed or entitled to withdraw from being a Partner of the Partnership except in accordance with Section 7.08,
8.06 or Section 8.07. A Person may be admitted as a Limited Partner upon its execution of a supplement to this Agreement as described in Section 2.08. A General Partner will not be entitled to Transfer all of its Units or to withdraw from
being a General Partner of the Partnership unless an additional General Partner shall have been admitted hereunder (and not have previously been removed or withdrawn), which such additional General Partner may be deemed admitted effective
immediately prior to the Transfer, and is hereby authorized to, and shall, continue the Partnership without dissolution. Except as otherwise provided in Article IX, no admission, substitution, withdrawal or removal of a Partner will cause the
dissolution of the Partnership. To the fullest extent permitted by law, any purported admission, withdrawal or removal that is not in accordance with this Agreement shall be null and void. 
 SECTION 8.06. Admission of Assignees as Substitute Limited Partners. An Assignee will become a substitute Limited Partner only if and when
each of the following conditions is satisfied: 
 (a) the General Partner consents in writing to such admission, which consent
may be given or withheld, or made subject to such conditions as are determined by the General Partner, in each case in the General Partner’s sole discretion; 
 (b) if required by the General Partner, the General Partner receives written instruments (including, without limitation, copies of any
instruments of Transfer and such Assignee’s consent to be bound by this Agreement as a substitute Limited Partner) that are in a form satisfactory to the General Partner (as determined in its sole discretion); 
 (c) if required by the General Partner, the General Partner receives an opinion of counsel satisfactory to the General Partner to the
effect that such Transfer is in compliance with this Agreement and all applicable laws; and 
  

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 (d) if required by the General Partner, the parties to the Transfer, or any one of them,
pays all of the Partnership’s reasonable expenses connected with such Transfer (including, but not limited to, the reasonable legal and accounting fees of the Partnership). 
 SECTION 8.07. Withdrawal of Certain Partners. If a Partner ceases to hold any Units, then such Partner shall cease to be a Partner and to
have the power to exercise any rights or powers of a Partner in accordance with Section 7.08 or when all of such Partner’s Assignees have been admitted as Partners in accordance with Section 8.02 or Section 8.06. 
 ARTICLE IX 
 DISSOLUTION, LIQUIDATION AND
TERMINATION 
 SECTION 9.01. No Dissolution. The Partnership shall not be dissolved by the admission of additional Partners in
accordance with the terms of this Agreement. The Partnership may be dissolved, liquidated and terminated only pursuant to the provisions of this Article IX, and the Partners hereby irrevocably waive to the fullest extent permitted by law any and all
other rights they may have to cause a dissolution of the Partnership or a sale or partition of any or all of the Partnership assets. 
 SECTION 9.02. Events Causing Dissolution. The Partnership shall be dissolved and its affairs shall be wound up upon the occurrence of any of the following events (each, a “Dissolution Event”): 
 (a) the expiration of the term of the Partnership as provided in Section 2.03; 
 (b) the entry of a decree of judicial dissolution under Section 17-802 of the Act; 
 (c) at any time there are no limited partners of the Partnership unless the Partnership is continued in accordance with the Act; or

 (d) the Incapacity or removal of the General Partner or the occurrence of a Disabling Event with respect to the General
Partner; provided, that the Partnership will not be dissolved or required to be wound up in connection with any of the events specified in this Section 9.02(d) if: (i) at the time of the occurrence of such event there is at least
one other general partner of the Partnership who is hereby authorized to, and elects to, carry on the business of the Partnership; or (ii) all remaining Limited Partners consent to or ratify the continuation of the business of the Partnership
and the appointment of another general partner of the Partnership within 90 days following the occurrence of any such Incapacity or removal effective as of the occurrence of such event, which consent shall be deemed (and if requested each Limited
Partner shall provide a written consent for ratification) to have been given for all Limited Partners if the holders of more than two-thirds of the Units then outstanding agree in writing to so continue the business of the Partnership. 

SECTION 9.03. Distribution upon Dissolution. Upon dissolution, the Partnership shall not be terminated and shall continue until the
winding up of the affairs of the Partnership is completed. Upon the winding up of the Partnership, the General Partner, or any other Person designated by the General Partner (the “Liquidation Agent”), shall take full account of the
assets 

  

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and liabilities of the Partnership and shall, unless the General Partner determines otherwise, liquidate the assets of the Partnership as promptly as is
consistent with obtaining the fair value thereof. The proceeds of any liquidation shall be applied and distributed in the following order: 
 (a) First, to the satisfaction of debts and liabilities of the Partnership (including satisfaction of all indebtedness to Partners and/or their Affiliates to the extent otherwise permitted by law) including the
expenses of liquidation (whether by payment or the making of reasonable provision for payment thereof); 
 (b) Second, the
balance, if any, to the Partners in accordance with Section 4.01(a). 
 SECTION 9.04. Time for Liquidation. A reasonable
amount of time shall be allowed for the orderly liquidation of the assets of the Partnership and the discharge of liabilities to creditors so as to enable the Liquidation Agent to minimize the losses attendant upon such liquidation. 
 SECTION 9.05. Termination. The Partnership shall terminate when all of the assets of the Partnership, after payment of or due provision for
all debts, liabilities and obligations of the Partnership, shall have been distributed to the holders of Units in the manner provided for in this Article IX, and the Certificate shall have been cancelled in the manner required by the Act.

 SECTION 9.06. Claims of the Partners. The Partners shall look solely to the Partnership’s assets for the return of their
Capital Contributions, and if the assets of the Partnership remaining after payment of or due provision for all debts, liabilities and obligations of the Partnership are insufficient to return such Capital Contributions, the Partners shall have no
recourse against the Partnership or any other Partner or any other Person. No Partner with a negative balance in such Partner’s Capital Account shall have any obligation to the Partnership or to the other Partners or to any creditor or other
Person to restore such negative balance during the existence of the Partnership, upon dissolution or termination of the Partnership or otherwise. 
 SECTION 9.07. Survival of Certain Provisions. Notwithstanding anything to the contrary in this Agreement, the provisions of Section 10.02 and Section 11.09 shall survive the termination of the Partnership. 

ARTICLE X 
 LIABILITY AND INDEMNIFICATION

 SECTION 10.01. Liability of Partners. 
 (a) Except as otherwise specifically provided by the Act, no Limited Partner shall be liable for any debt obligation or liability of the Partnership or of any other Partner or have any obligation to restore any
deficit balance in its Capital Account solely by reason of being a Partner of the Partnership. With respect to any Partnership borrowing in place as of the date hereof or any subsequent refinancing or replacement thereof (but not in excess of such
amounts as are in place as of the date hereof), no Partner or related person shall be permitted to guarantee a Partnership borrowing or otherwise bear the “economic risk of loss” that would result in an allocation of such 

  

 28 

 
borrowing to such Partner under the principles of Section 752 of the Code, provided, however that it is understood that the General Partner may
provide a guarantee with respect to such borrowing secured by a pledge of its assets, which will consist solely of its interest in the Partnership. 
 (b) Notwithstanding any other provision of this Agreement or any duty otherwise existing at law or in equity, the parties hereby agree that each Partner (including the General Partner), shall, to the maximum extent permitted by law,
including Section 17-1101(d) of the Act, owe no fiduciary duties to the Partnership, the other Partners or any other Person bound by this Agreement; provided, however, that the Partners (including the General Partner) shall act in
accordance with the implied contractual covenant of good faith and fair dealing. Whenever in this Agreement a Partner is permitted or required to take any action or to make a decision, such Partner shall be entitled to take such action or make such
decision in its sole discretion, and such Partner shall be entitled to consider, and make its determination based upon, such interests and factors as it desires. No Partner shall have any liability to the Partnership or the other Partners except as
provided herein. 
 (c) The Partners (including without limitation, the General Partner) acting under this Agreement will not be liable to
the Partnership or to any other Partner for breach of fiduciary duty for their good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they expand or restrict or eliminate the duties and
liabilities of any Partner (including without limitation, the General Partner) otherwise existing at law or in equity, are agreed by the Partners to modify to that extent such other duties and liabilities of the Partners (including without
limitation, the General Partner). 
 (d) The General Partner may consult with legal counsel, accountants and financial or other advisors and
any act or omission suffered or taken by the General Partner on behalf of the Partnership or in furtherance of the interests of the Partnership in good faith in reliance upon and in accordance with the advice of such counsel, accountants or
financial or other advisors will be full justification for any such act or omission, and the General Partner will be fully protected in so acting or omitting to act so long as such counsel or accountants or financial or other advisors were selected
with reasonable care. 
 (e) Except as set forth herein or in any other written agreement with the Partnership, the Ultimate Parent or any of
their respective subsidiaries to which a Partner or its Affiliate is a party or in the organizational documents of the Ultimate Parent, the Partners and their respective Affiliates may engage in or possess an interest in other business ventures of
every nature and description, independently or with others, whether or not similar to or in competition with the business of the Partnership (and whether or not such engagement or possession would be an actual or potential conflict of interest with
the Partnership), and neither the Partnership nor any Partner shall have, by virtue of this Agreement, at law or otherwise, any right in or to such other business ventures or to any ownership or other interest in or the income or profits derived
therefrom. Except as set forth herein or in any other written agreement with the Partnership to which a Partner or its Affiliate is a party, the Partners shall not be obligated to present any particular investment or business opportunity to the
Partnership or any Partner even if such opportunity is of a character which, if presented to the Partnership or any Partner, could be taken by the Partnership or any Partner, and each of the Partners and their respective Affiliates shall have the
right to take for its own account and with others or to recommend to others any such opportunity. 
  

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 SECTION 10.02. Indemnification. 
 (a) Indemnification. To the fullest extent permitted by law, the Partnership shall indemnify any Person (and such Person’s heirs, executors or
administrators) who was or is made or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding (brought in the right of the Partnership or otherwise), whether civil, criminal,
administrative or investigative, and whether formal or informal, including appeals, by reason of the fact that such person, or a person for whom such person was the legal representative, is or was a Partner (including without limitation, the General
Partner) or a director, officer or agent of a Partner (including without limitation, the General Partner) or the Partnership or, while a director, officer or agent of a Partner (including without limitation, the General Partner) or the Partnership,
is or was serving at the request of the Partnership as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust, limited liability company, nonprofit entity or other enterprise, for and
against all loss and liability suffered and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement reasonably incurred by such person or such heirs, executors or administrators in connection with such action, suit
or proceeding, including appeals; provided that such person shall not be entitled to indemnification hereunder only to the extent such person’s conduct constituted fraud or willful misconduct. Notwithstanding the preceding sentence, except as
otherwise provided in Section 10.02(c), the Partnership shall be required to indemnify a person described in such sentence in connection with any action, suit or proceeding (or part thereof) commenced by such person only if the commencement of
such action, suit or proceeding (or part thereof) by such person was authorized by the General Partner. 
 (b) Advancement of
Expenses. To the fullest extent permitted by law, the Partnership shall promptly pay expenses (including attorneys’ fees) incurred by any person described in Section 10.02(a) in appearing at, participating in or defending any action,
suit or proceeding in advance of the final disposition of such action, suit or proceeding, including appeals, upon presentation of an undertaking on behalf of such person to repay such amount if it shall ultimately be determined that such person is
not entitled to be indemnified under this Section 10.02 or otherwise. Notwithstanding the preceding sentence, except as otherwise provided in Section 10.02(c), the Partnership shall be required to pay expenses of a person described in such
sentence in connection with any action, suit or proceeding (or part thereof) commenced by such person only if the commencement of such action, suit or proceeding (or part thereof) by such person was authorized by the General Partner. 
 (c) Unpaid Claims. If a claim for indemnification (following the final disposition of such action, suit or proceeding) or advancement of expenses
under this Section 10.02 is not paid in full within thirty (30) days after a written claim therefor by any person described in Section 10.02(a) has been received by the Partnership, such person may file suit to recover the unpaid
amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action the Partnership shall have the burden of proving that such person is not entitled to the requested
indemnification or advancement of expenses under applicable law. 
 (d) Insurance. To the fullest extent permitted by law, the
Partnership may purchase and maintain insurance on behalf of any person described in Section 10.02(a) against any liability asserted against such person, whether or not the Partnership would have the power to indemnify such person against such
liability under the provisions of this Section 10.02 or otherwise. 
  

 30 

 (e) Non-Exclusivity of Rights. The provisions of this Section 10.02 shall be applicable to
all actions, claims, suits or proceedings made or commenced after the date of this Agreement, whether arising from acts or omissions to act occurring before or after its adoption. The provisions of this Section 10.02 shall be deemed to be a
contract between the Partnership and each person entitled to indemnification under this Section 10.02 (or legal representative thereof) who serves in such capacity at any time while this Section 10.02 and the relevant provisions of
applicable law, if any, are in effect, and any amendment, modification or repeal hereof shall not affect any rights or obligations then existing with respect to any state of facts or any action, suit or proceeding then or theretofore existing, or
any action, suit or proceeding thereafter brought or threatened based in whole or in part on any such state of facts. If any provision of this Section 10.02 shall be found to be invalid or limited in application by reason of any law or
regulation, it shall not affect the validity of the remaining provisions hereof. The rights of indemnification provided in this Section 10.02 shall neither be exclusive of, nor be deemed in limitation of, any rights to which any person may
otherwise be or become entitled or permitted by contract, this Partnership Agreement or as a matter of law, both as to actions in such person’s official capacity and actions in any other capacity, it being the policy of the Partnership that
indemnification of any person whom the Partnership is obligated to indemnify pursuant to Section 10.02(a) shall be made to the fullest extent permitted by law. 
 For purposes of this Section 10.02, references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with
respect to an employee benefit plan; and references to “serving at the request of the Partnership” shall include any service as a director, officer, employee or agent of the Partnership which imposes duties on, or involves services by,
such director, officer, employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries. 
 This
Section 10.02 shall not limit the right of the Partnership, to the extent and in the manner permitted by law, to indemnify and to advance expenses to, and purchase and maintain insurance on behalf of, Persons other than persons described in
Section 10.02(a). 
 ARTICLE XI 
 MISCELLANEOUS 
 SECTION 11.01. Severability. If any term or other provision of this Agreement is held to be invalid,
illegal or incapable of being enforced by any rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is
not affected in any manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
 SECTION 11.02. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and
shall be deemed to have been 

  

 31 

 
duly given upon receipt) by delivery in person, by courier service, by fax or by registered or certified mail (postage prepaid, return receipt requested) to
the respective parties at the following addresses (or at such other address for a party as shall be specification notice given in accordance with this Section 11.02): 
  

							
		 	(a) If to the Partnership, the General Partner or any Partner other than Sprint, to:
			
		 		 	Virgin Mobile USA, L.P.
		 		 	c/o Virgin Mobile USA, Inc.
		 		 	10 Independence Boulevard
		 		 	Warren, NJ 07059
		 		 	Attention: General Counsel
		 		 	Telecopy: (908) 607-4017
		 		 	Confirmation: (908) 607-4078
			
		 		 	with a copy to (which shall not constitute notice):
			
		 		 	Simpson Thacher & Bartlett LLP
		 		 	425 Lexington Avenue
		 		 	New York, New York 10017
		 		 	Attention:	  	Alan M. Klein
		 		 		  	Joseph H. Kaufman
		 		 	Telecopy:	  	(212) 455-2502
		
		 	(b) If to Sprint, to:
			
		 		 	Sprint Nextel Corporation
		 		 	6200 Sprint Parkway
		 		 	KSOPHF0302-3B626
		 		 	Overland Park, Kansas 66251
		 		 	Attention: Legal
		 		 	Telecopy: (913) 523-9803
		 		 	Confirmation: (913) 794-1509
		
		 	with a copy to (which shall not constitute notice):
			
		 		 	Sprint Ventures, Inc.
		 		 	c/o Sprint Nextel Corporation
		 		 	6200 Sprint Parkway
		 		 	KSOPHF0302-3B651
		 		 	Overland Park, Kansas 66251
		 		 	Attention: Vice President, Tax
		 		 	Telecopy: (913) 794-0153
		 		 	Confirmation: (913) 794-1510
		
		 	with a copy to (which shall not constitute notice):
			
		 		 	King & Spalding LLP
		 		 	1180 Peachtree St. NE
		 		 	Atlanta, GA 30309
		 		 	Attention: James H. Lokey, Jr.
		 		 	Telecopy: (404) 572-5130
		 		 	Confirmation: (404) 572-4927

  

 32 

 SECTION 11.03. Cumulative Remedies. The rights and remedies provided by this Agreement are
cumulative and the use of any one right or remedy by any party shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in addition to any other rights the parties may have by Law. 
 SECTION 11.04. Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent
permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 
 SECTION
11.05. Interpretation. Throughout this Agreement, nouns, pronouns and verbs shall be construed as masculine, feminine, neuter, singular or plural, whichever shall be applicable. Unless otherwise specified, all references herein to
“Articles,” “Sections” and paragraphs shall refer to corresponding provisions of this Agreement. 
 SECTION
11.06. Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered
shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed
counterparts for purposes of this Section 11.06. 
 SECTION 11.07. Further Assurances. Each Limited Partner shall perform
all other acts and execute and deliver all other documents as may be necessary or appropriate to carry out the purposes and intent of this Agreement. 
 SECTION 11.08. Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings
pertaining thereto. 
 SECTION 11.09. Governing Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of Delaware. 
  

 33 

 SECTION 11.10. Submission to Jurisdiction; Waiver of Jury Trial. 
 (a) Any and all disputes which cannot be settled amicably, including any ancillary claims of any party, arising out of, relating to or in connection with
the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) shall be finally settled by arbitration conducted by a single
arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the dispute fail to agree on the selection of an arbitrator within thirty (30) days of the receipt of
the request for arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator shall be reasonably selected by the General Partner, shall be a lawyer and shall conduct the proceedings in the English language.
Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. Notwithstanding any provision of the Agreement to the contrary, this Section 11.10(a) shall be construed to the maximum extent possible
to comply with the laws of the State of Delaware, including the Uniform Arbitration Act (10 Del. C. § 5701 et seq.) (the “Delaware Arbitration Act”). If, nevertheless, it shall be determined by a court of
competent jurisdiction that any provision or wording of this Section 11.10(a), including any rules of the American Arbitration Association, shall be invalid or unenforceable under the Delaware Arbitration Act, or other applicable law, such
invalidity shall not invalidate all of this Section 11.10(a). In that case, this Section 11.10(a) shall be construed so as to limit any term or provision so as to make it valid or enforceable within the requirements of the Delaware
Arbitration Act or other applicable law, and, in the event such term or provision cannot be so limited, this Section 11.10(a) shall be construed to omit such invalid or unenforceable provision. 
 (b) Notwithstanding the provisions of paragraph (a), the General Partner may bring, or may cause the Partnership to bring, on behalf of the General
Partner or the Partnership or on behalf of one or more Partners, an action or special proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an
arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each Partner (i) expressly consents to the application of paragraph (c) of this Section 11.10 to any such action or proceeding,
(ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the General
Partner as such Partner’s agent for service of process in connection with any such action or proceeding and agrees that service of process upon such agent, who shall promptly advise such Partner of any such service of process, shall be deemed
in every respect effective service of process upon the Partner in any such action or proceeding. 
 (c) (i) EACH PARTNER HEREBY IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS SECTION 11.10, OR ANY JUDICIAL PROCEEDING ANCILLARY
TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial
relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the fora designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another.

  

 34 

 (ii) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which
they now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in paragraph (c) (i) of this Section 11.10 and such parties agree not
to plead or claim the same. 
 SECTION 11.11. Expenses. Except as otherwise specified in this Agreement, the Partnership shall be
responsible for all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with its operation. 
 SECTION 11.12. Amendments and Waivers. (a) This Agreement (including the Annexes hereto) may be amended, supplemented, waived or
modified by the written consent of the General Partner; provided that no such amendment, supplement, waiver or modification shall adversely affect a Limited Partner’s Units without the written consent of the Limited Partner so affected;
provided further, that the General Partner may, without the written consent of any Limited Partner or any other Person, amend, supplement, waive or modify any provision of this Agreement and execute, swear to, acknowledge, deliver, file and
record whatever documents may be required in connection therewith, to reflect: (i) any amendment, supplement, waiver or modification that the General Partner determines to be required in order to create, authorize or issue any class or series
of equity interest in the Partnership as permitted by, and in accordance with the terms of, this Agreement, provided, however, no such amendment, supplement, waiver or modification shall alter or change the powers, preferences or
special rights of Units so as to affect them adversely without the written consent of the Limited Partner so affected; (ii) the admission, substitution, withdrawal or removal of Partners in accordance with this Agreement; (iii) a change in
the name of the Partnership, the location of the principal place of business of the Partnership, the registered agent of the Partnership or the registered office of the Partnership; (iv) any amendment, supplement, waiver or modification that
the General Partner determines to be required to comply with applicable Law; or (v) a change in the Fiscal Year or taxable year of the Partnership; provided further, that Schedule I to this Agreement shall be revised from time to time by
the General Partner to reflect the admission of a new Partner, the withdrawal or resignation of a Partner, and the adjustment of the Units resulting from any Transfer or other disposition of a Unit, in each case that is made in accordance with the
provisions hereof. 
 (b) No failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or
delay beyond a period of time specified herein) shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 
 (c) The General Partner may, in
its sole discretion, unilaterally amend this Agreement on or before the effective date of the final regulations to provide for (i) the election of a safe harbor under Proposed Treasury Regulation Section 1.83-3(l) (or any similar
provision) under which the fair market value of a partnership interest that is transferred is treated as being equal to the liquidation value of that interest, (ii) an agreement by the Partnership and each of its Partners to 

  

 35 

 
comply with all of the requirements set forth in such regulations and Notice 2005-43 (and any other guidance provided by the Internal Revenue Service with
respect to such election) with respect to all partnership interests transferred in connection with the performance of services while the election remains effective, (iii) the allocation of items of income, gains, deductions and losses required
by the final regulations similar to Proposed Treasury Regulation Section 1.704-1(b)(4)(xii)(b) and (c), and (iv) any other related amendments. 
 (d) Except as may be otherwise required by law in connection with the winding-up, liquidation, or dissolution of the Partnership, each Partner hereby irrevocably waives any and all rights that it may have to maintain
an action for judicial accounting or for partition of any of the Partnership’s property. 
 SECTION 11.13. No Third Party
Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties hereto and their permitted assigns and successors and nothing herein, express or implied, is intended to or shall confer upon any other Person or
entity, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. Without limiting the foregoing, any obligation of the Partners to make Capital Contributions to the Partnership under this
Agreement is an agreement only between the Partners and no other person or entity, including the Partnership, shall have any rights to enforce such obligations. 
 SECTION 11.14. Headings. The headings and subheadings in this Agreement are included for convenience and identification only and are in no way intended to describe, interpret, define or limit the scope,
extent or intent of this Agreement or any provision hereof. 
 SECTION 11.15. Construction. Each party hereto acknowledges and
agrees it has had the opportunity to draft, review and edit the language of this Agreement and that no presumption for or against any party arising out of drafting all or any part of this Agreement will be applied in any dispute relating to, in
connection with or involving this Agreement. Accordingly, the parties hereby waive the benefit of any rule of Law or any legal decision that would require that in cases of uncertainty, the language of a contract should be interpreted most strongly
against the party who drafted such language. 
 SECTION 11.16. Power of Attorney. Each Limited Partner, by its execution hereof,
hereby irrevocably makes, constitutes and appoints the General Partner as its true and lawful agent and attorney in fact, with full power of substitution and full power and authority in its name, place and stead, to make, execute, sign, acknowledge,
swear to, record and file (a) this Agreement and any amendment to this Agreement that has been adopted as herein provided; (b) the original Certificate and all amendments thereto required or permitted by law or the provisions of this
Agreement; (c) all certificates and other instruments (including consents and ratifications which the Limited Partners have agreed to provide upon a matter receiving the agreed support of Limited Partners) deemed advisable by the General
Partner to carry out the provisions of this Agreement and Law or to permit the Partnership to become or to continue as a limited partnership or partnership wherein the Limited Partners have limited liability in each jurisdiction where the
Partnership may be doing business; (d) all instruments that the General Partner deems appropriate to reflect a change or modification of this Agreement or the Partnership in accordance with this Agreement, including, without limitation, the
admission of additional Limited Partners or 

  

 36 

 
substituted Limited Partners pursuant to the provisions of this Agreement; (e) all conveyances and other instruments or papers deemed advisable by the
General Partner to effect the liquidation and termination of the Partnership; and (f) all fictitious or assumed name certificates required or permitted (in light of the Partnership’s activities) to be filed on behalf of the Partnership.

 SECTION 11.17. Partnership Status. The parties intend to treat the Partnership as a partnership for U.S. federal income tax
purposes. 
  

 37 

 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement or have caused this Agreement to
be duly executed by their respective authorized officers, in each case as of the date first above stated. 
  

					
	General Partner:
	
	VMU GP I, LLC
		
	By:	 	 /s/ Peter Lurie

	Name:	 	Peter Lurie
	Title:	 	General Counsel
	
	Limited Partners:
	
	VIRGIN MOBILE USA, INC.
		
	By:	 	 /s/ Peter Lurie

	Name:	 	Peter Lurie
	Title:	 	General Counsel
	
	SPRINT VENTURES, INC.
		
	By:	 	 /s/ Douglas B Lynn

	Name:	 	Douglas B Lynn
	Title:	 	Vice President
	
	BLUEBOTTLE USA HOLDINGS L.P.
	
	By: Bluebottle USA Investments L.P., its General Partner
			
		 	By:	 	VMU GP, LLC, its General Partner
			
		 	By:	 	 /s/ John Feehan

		 	Name:	 	John Feehan
		 	Title:	 	Chief Financial Officer

 SCHEDULE I 
 PARTNERS; PERCENTAGE INTERESTS 
  

						
	 Partner
	  	Initial Number
of Common
Units	  	Initial
Percentage
Interest	 
	 General Partner(s)
	  		  		
			
	 VMU GP I, LLC
	  	427	  	0.0007	%
			
	 Limited Partner(s)
	  		  		
			
	 Bluebottle USA Holdings L.P.
	  	40,192,026	  	61.6483	%
	 Sprint Ventures, Inc.
	  	12,058,626	  	18.496	%
	 Virgin Mobile USA, Inc.
	  	12,944,644	  	19.8551	%Amended and Restated Trademark License Agreement

 Exhibit 10.6 
 VIRGIN ENTERPRISES LIMITED 
 and 
 VIRGIN MOBILE USA, LLC 
  

 AMENDED AND RESTATED TRADEMARK LICENSE AGREEMENT 
  

 CONTENTS 
  

			
	 Clause
	  	Page
	 DEFINITIONS
	  	1
		
	 ACKNOWLEDGEMENTS
	  	8
		
	 GRANT
	  	9
		
	 PAYMENT OF ROYALTIES
	  	19
		
	 CONDITIONS OF USE
	  	21
		
	 MARK PROTECTION
	  	24
		
	 DEALINGS AND SUB-LICENSING
	  	25
		
	 VEL’S WARRANTIES
	  	27
		
	 TERMINATION AND EFFECTS OF TERMINATION
	  	27
		
	 INFRINGEMENTS AND INJUNCTIVE RELIEF
	  	30
		
	 INDEMNITY
	  	32
		
	 CONFIDENTIALITY
	  	33
		
	 NOTICES
	  	33
		
	 GENERAL
	  	34
		
	 WAIVER
	  	34
		
	 MODIFICATIONS
	  	34
		
	 INVALIDITY
	  	34
		
	 ENTIRE AGREEMENT
	  	35
		
	 INDEPENDENT CONTRACTORS
	  	35
		
	 GOVERNING LAW
	  	35
		
	 COUNTERPARTS
	  	35
		
	 FURTHER ASSURANCES
	  	35
		
	 COSTS
	  	36
		
	 INSURANCE
	  	36
		
	 DISPUTE RESOLUTION
	  	36
		
	 GOVERNANCE MATTERS
	  	37
		
	 SCHEDULE 1 (TRADEMARKS)
	  	I
		
	 SCHEDULE 2 (THE SIGNATURE)
	  	II
		
	 SCHEDULE 3 (ACCESSORIES)
	  	III
		
	 SCHEDULE 4 (ADDITIONAL SITES)
	  	IV

  

 1 

			
		
	 EXHIBIT A (NONDISCLOSURE AGREEMENT)
	  	V
		
	 EXHIBIT B (TM GUIDELINES)
	  	X
		
	 EXHIBIT C (CODE OF CONDUCT)
	  	XI
		
	 EXHIBIT D (CUSTOMER SERVICE LEVELS)
	  	XII

  

 2 

 THIS AMENDED AND RESTATED TRADEMARK
LICENSE AGREEMENT is made on October 16, 2007, 
 BETWEEN 
 VIRGIN ENTERPRISES LIMITED (Company Number 01073929) a company incorporated in England whose registered office is at 120 Campden Hill Road, London W8 7AR, England
(VEL); and 
 VIRGIN MOBILE USA, LLC, a Delaware limited liability company, with a principal place of business at 10 Independence
Boulevard, Warren, New Jersey 07059 whose registered office in the State of Delaware is c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801, United States of America (the
Licensee) (VEL and the Licensee collectively the Parties and each a Party). 
 RECITAL 

WHEREAS, VEL is the beneficial and title owner of the Marks (as defined below), and has agreed to grant the Licensee a license to use the Marks on the
terms and conditions of this Agreement; 
 WHEREAS, on October 4, 2001 the Parties entered into a license agreement, as amended, whereby
VEL granted Licensee the right to use the Marks in accordance with the terms and conditions set forth therein (the License Agreement); and 
 WHEREAS, the Parties hereto desire to enter into this Amended and Restated License Agreement to modify the rights and obligations of the Parties under the License Agreement as set forth herein and with effect from the Commencement Date (as
defined below); 
 In consideration of the mutual covenants and agreements set forth herein, and for good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the Parties hereby agree to amend the License Agreement in its entirety to read as follows: 
 DEFINITIONS 
 1.1 In this Agreement, the Recital above and the Schedules and Exhibits to it, the following terms shall have
the following meanings. 
 Accessories means those accessories listed in Schedule 3 and any others used in conjunction with Handsets and
agreed in writing between the Parties; 
 Accounting Period means each of the annual accounting periods ending on the Annual Accounting Date
during the Term and, in the case of the first such period, the period from the Commencement Date to the first Annual Accounting Date, and, in the case of the last period, the period from the commencement of such period until close of business on the
final day of the Term or the date of termination of this Agreement, whichever occurs sooner; 
 Additional Mark means any V Mark or other mark
which VEL permits the Licensee to use at the Licensee’s request pursuant to Clause 3.7; 

 Additional Site means any additional domain name incorporating a Mark, including those set forth in
Schedule 4 which VEL permits the Licensee to use at the Licensee’s request pursuant to Clause 3.7; 
 Adult Content means the
provision of content and services that are specifically targeted to, and should only be able to be received by, Customers over the age of 18; 
 Adverse Change of Control means with respect to Licensee, 
  

	(a)	a person or group of persons (who are not Affiliates of Licensee) (individually or collectively, the Controlling Acquirer), who in one transaction or a series of
transactions, acquires, directly or indirectly, more than fifty percent (50%) of the outstanding voting securities or assets by value of Licensee or has the ability to direct the affairs of the Licensee whether by way of contract, ownership of
shares or otherwise; and 

  

	(b)	the Controlling Acquirer is a Direct Strategic Competitor of VEL; 

 Affiliate shall mean with respect to any person, any other person that, either directly or indirectly, through one or more agents, nominees, intermediaries, trusts, or other arrangements, whether formal or informal, controls,
is controlled by or is under common control with that person. The term “control” shall mean the possession, directly or indirectly, of the power to either (a) vote more than fifty percent (50%) of the securities having ordinary
voting power for the election of directors (or comparable positions in the case of partnerships and limited liability companies), or (b) direct or cause the direction of the management and policies of such person whether by contract or
otherwise; 
 Annual Accounting Date means 31 January save as such date may be adjusted (if in a material manner, then by written
agreement between the Parties) to avoid an Annual Accounting Date falling on a day which is not a Business Day and/or to ensure that all Annual Accounting Dates fall on the same day of the relevant week; 
 Brand Values means the following values as represented and embodied by the Virgin brand and which reflect Virgin’s position as ‘the
consumer’s champion’: (a) fun; (b) value for money; (c) quality; (d) innovative; (e) competitive challenge (to existing markets and monopolies); (f) excellent customer service; and (g) straightforward,
accessible, easy to use products and services; 
 Branded Content Services means all 
 (a) (i) text or short messaging (SMS); (ii) instant messaging (IM); (iii) multimedia messaging (MMS), including but not limited to picture messaging;
(iv) group or chat messaging services; (v) any means for the provision of an email or mobile phone number address to a Customer using the URL virginmobileUSA.com or such other email address format as may be approved in advance by VEL; and
(vi) a web subscriber address facility or other unified messaging application that allows Customers to access any or all of the foregoing messaging services, in each case to enable Customers to create, send and receive email, mobile media
and/or messages; access and save email mobile media and/or messages and group lists; search email, mobile media and/or messages, manage electronic address books, and access other services incidental thereto (Messaging Services);

  

 2 

 (b) Customer Support Services; 
 (c) advertising supported services in the form of (i) free airtime in return for the viewing of advertising by Customers (currently offered using the Marks in the form of the Name “Virgin Mobile Sugar Mama” or under any
Additional Mark approved in advance by VEL in accordance with the provisions of Clause 3.7); or (ii) subject to the prior written approval of VEL with respect to the use of the Names, mobile Content Services offered at free or reduced rates in
return for the inclusion of interstitial advertising (both (i) and (ii) collectively, Advertising Supported Services); 
 (d) Value
Added Services; 
 (e) graphics and wallpaper images provided that such graphics and wallpaper images shall not include any images which, in the reasonable
opinion of VEL, could be considered to be offensive, derogatory or sexually explicit; 
 (f) mobile Internet search engine services; 
 (g) Customer’s calendar and contact applications, including but not limited to applications that permit sharing of calendar and contact information between Handsets
and personal computers; and 
 (h) services, and the content of services, whether created or provided by third parties, Licensee or Customers, that involve
solely the delivery of information, opinion or editorial material, including information relating to domestic and international news, movies, music, entertainment, television, radio, professional or participatory sports, leisure activities and
interests, and U.S. city-based listing services covering local events, film, television, radio and local entertainment (Information Services), 
 in each case as provided to Customers, including location-based services related thereto, and whether transmitted in real time or not. For the avoidance of doubt, Branded Content Services shall exclude all Non-Branded Content Services;

 Breaching Party has the meaning set forth in Clause 9.2; 
 Business Day means any day (excluding Saturdays and Sundays) on which the United States Postal Service is open for business; 
 Cap has the meaning set forth in Clause 4.1; 
 Commencement Date means the earlier of the date
that Licensee closes an initial public equity offering and January 1, 2008; 
 Content Services means all Branded Content Services and
Non-Branded Content Services; 
 Cure Period has the meaning set forth in Clause 9.2(b)(iii); 
  

 3 

 Customer means a customer of the Licensee who has contracted with the Licensee for the provision of Mobile
Voice and Data Services provided under and by reference to the Names and who remains a current customer of the Licensee at the relevant time; 
 Customer Support Services means all support services, including information about Products and services, technical support, and billing assistance offered to Customers or prospective customers by the Licensee (including
without limitation through call centers and through the Licensee’s Site) in relation to the Licensed Activities; 
 Default has the
meaning set forth in Clause 9.2; 
 Direct Strategic Competitor means with respect to VEL, any person which by itself and/or by its Affiliates:

  

	 	(a)	generates annual revenues of USD 500,000,000 (five hundred million United States dollars) or more from telecommunication services in the financial reporting period ending
immediately before the Adverse Change of Control occurs; or 

  

	 	(b)	that is, or has an equity stake in excess of fifty percent (50%) in, one of the ten (10) largest competitors of VEL or its Affiliates in each of the commercial airline,
electronic media distribution, physical entertainment retailing, telecommunications or retail financial services industries as measured by worldwide revenues at the time the relevant transfer or change of control occurs, 

 and (i) such person’s holding companies, Affiliates or subsidiaries as of the date hereof and (ii) any other person that becomes a holding company,
Affiliate or subsidiary of any such person subsequent to the date hereof other than in connection with an Adverse Change of Control or other transaction that is not carried out as a means to evade the terms of this definition; 
 Financial Year means the financial year of the Licensee; 
 Fixed Network means a public switched telecommunications system which supports the transfer of messages between fixed locations; 
 Game Services means all video or personal computer games, online games of chance and/or skill and interactive entertainment game products; 
 Gross Sales means the total amount received by the Licensee in connection with the carrying on of the Licensed Activities; 
 Handset means a mobile device specifically designed for use by a Customer to access Mobile Voice and Data Services over which a mobile digital cellular Network is able to transmit or receive Messages using a service for
carrying such Messages by means of guided and/or unguided electromagnetic energy provided over that Network; 
 Internet Access means the
provision of a service aimed primarily at persons within the Territory that affords to subscribers of that service access to the Internet whether with or without other services; 
  

 4 

 Kiosk means any temporary, mobile cart or similar vehicle no larger than 8 feet x 12 feet in size plus the
area immediately adjacent to such cart or vehicle, which is intended for use in shopping malls or similar retail environments for the sale of Products and, for the avoidance of doubt, shall not include Retail Stores; 
 Law means any statute, law, ordinance, rule or regulation of any governmental entity; 
 Licensed Activities means those activities referred to in Clauses 3.1, 3.2 and 3.3; 
 Licensee’s
Site means the website located at the URL virginmobileusa.com and any successor websites thereto or any other website approved in writing in advance by VEL from time to time; 
 mark means a trademark, service mark or other indicator of source; 
 Marks means: 
 (a) those marks which are registered to VEL or which are or may be in the future the subject of a pending application for registration in the name of VEL, short details
of which are contained in Schedule 1; 
 (b) the Virgin Signature and the Virgin Name and any translation or transliteration thereof; 
 (c) any V Mark or other marks that VEL permits the Licensee to use pursuant to Clause 3.7; 
 (d) other applications for registration of any of the marks referred to in (a), (b) and (c) above which may be made by VEL pursuant to this Agreement and any resulting registrations; and 
 (e) common law and unregistered rights in, and trade names approved by VEL consisting of or containing, the marks referred to in (a), (b) and (c) above;

 Messages mean any sign, signal, writing image, sound, or intelligence of information of any nature submitted by wireless telecommunications;

 Mobile Voice and Data Services means voice and data radio communication services including both one-way and two-way radio communication
services conducted through a wireless Network carried on or between mobile stations and/or receivers and land stations, and between mobile stations and/or receivers communicating among themselves and the services made available to Customers over
mobile receivers. For the avoidance of doubt, Mobile Voice and Data Services shall exclude Internet Access, Content Services and Retail Activities; 
 Music Content Services means all radio broadcasting services, original musical works, music videos, music downloads and sound recordings; 
 Names means the following names only, subject to Clause 3.5.1(b) below: (a) Virgin Mobile USA; (b) Virgin Mobile; (c) VirginXL or Virgin XL; (d) VirginXtras or Virgin Xtras; (e) Virgin Alerts;
(f) Virgin Mobile Sugar Mama; (g) any V Marks or further names which VEL permits the 

  

 5 

 
Licensee to use in writing under Clause 3.7; (h) subject to Clause 3.2, Virgin Mobile Stash; (i) VAM; (j) Virgin2Virgin; (k) VM (solely
in connection with Clause 3.1(q)); and (l) the Virgin Signature in combination with the words “Mobile USA,” “Mobile” or “Xtras”; 
 Network means a system, or series of systems, that carries or is capable of carrying, communications by means of guided and/or unguided electromagnetic energy excluding any fixed (as opposed to wireless network); 

Non-Branded Content Services means: 
  

	(a)	Adult Content; 

  

	(b)	Social Networking Services; 

  

	(c)	mobile user-generated content services; 

  

	(d)	electronic data services and applications, Internet services and applications, electronic commerce, audio and/or visual recordings of any artistic, dramatic or literary work, film
or, broadcasts and cable programs, save to the extent that such services, applications or recordings are expressly included within the scope of the Branded Content Services; 

  

	(e)	dating services and personal advertisements; 

  

	(f)	Music Content Services; and 

  

	(g)	Game Services, 

 in each case as provided to Customers; 
 PCS Services Agreement has the meaning set forth in Clause 9.3(b); 
 Products means Handsets, Accessories, Mobile Voice and Data Services, Stored Value Cards, Vouchers, Branded Content Services, Non-Branded Content Services, provision of access to Content Services (in each case subject to
Clause 3.5), Internet Access (subject to Clause 3.5), and Roaming Services, which in all instances other than with respect to Non-Branded Content Services, are branded with the Marks in the form of the Names; 
 Program Agreement has the meaning set forth in Clause 3.2(c)(ii); 
 Program Manager has the meaning set forth in Clause 3.2(c)(i); 
 Proposed Manager has the meaning set forth in Clause
3.2(c)(ii); 
 Retail Activities means the sale of Products in or through: (a) the physical Retail Stores or Kiosks branded and owned or
managed by third parties; (b) physical Retail Stores and Kiosks branded with the Marks in the form of the Names, provided that the Licensee shall obtain the prior written approval of VEL (in VEL’s reasonable discretion) in advance of
opening any Retail Stores; and (c) the Internet, mail order or telesales, online and all other forms of direct sales routes; 
  

 6 

 Retail Store means any fixed, permanent retail establishment (whether stand alone or forming a concession
within a larger retail outlet) which sells Products and all other fixed, permanent retail environments other than Kiosks; 
 Roaming Services
means services offered to Customers by the Licensee which permit Customers to use their Handsets outside the Territory through agreements with third-party providers to access to such third party’s Mobile Voice and Data Services, Content
Services and Value Added Services when outside of the Territory; 
 Royalties means the payments described in Clause 4; 
 Social Networking Services means all social networking applications and services, excluding dating services and personal advertisements; 
 SPCS has the meaning set forth in Clause 9.3(b); 
 SPCS
Change of Control Termination has the meaning set forth in Clause 9.3(b); 
 Stored Value Card means a re-loadable, pre-paid debit or
stored value card to be used by Customers of Licensee for the purchase of goods and services, including Products, and allows Customers to earn points or credits redeemable for Products; 
 subsidiary and holding company shall be construed in accordance with Section 736 of the Companies Act 1985; 
 Term means the period beginning on the Commencement Date and ending December 31, 2027; 
 Territory
means the United States of America, the US Virgin Islands and Puerto Rico; 
 TM Guidelines means the guidelines approved by VEL in
relation to the permitted form, manner and context in which the Marks may be used, as amended from time to time, which include the Virgin Brand Book, the Little Red Book, the Direct Selling Guidelines and Outsourcing Guidelines set out in Exhibit
B; 
 V Mark means any mark that: 
  

	(a)	includes the letter ‘V’ as a separate element, in a form such as V-NET or V.SHOP; or 

  

	(b)	includes ‘V’ in a stylized form; 

 Value Added
Services means all voicemail, caller identification, directory assistance, call forwarding, conference calling and digital mobile fax services, and any other services approved by VEL from time to time, in each case provided by means of
Mobile Voice and Data Services via a Handset; 
 Virgin Entity means any of: 
  

	(a)	any company which has been authorised to use the Virgin Name by VEL or by any licensee of VEL from time to time; and/or 

  

 7 

	(b)	a company which is a direct or indirect subsidiary or holding company of VEL or a direct or indirect subsidiary of that holding company; 

 Virgin Mobile Stash Card means a Stored Value Card branded with the Marks in the form of the Name “Virgin Mobile Stash” or other Name approved in
advance by VEL; 
 Virgin Name means the name “Virgin” standing alone; 
 Virgin Signature means the “Virgin” signature set out in Schedule 2 and any future signature or design provided by VEL; and 
 Vouchers means physical or electronic vouchers or top-up cards for the payment for usage of Mobile Voice and Data Services or Content Services in the Territory. 
 1.2 The Schedules and Exhibits form part of the operative provisions of this Agreement and references to this Agreement shall, unless the context otherwise requires,
include references to the schedules and exhibits. 
 1.3 For the avoidance of doubt the recitals do not form part of the operative provisions of this
Agreement. 
 1.4 The index to and the headings in this Agreement are for information only and are to be ignored in construing the same. 
 1.5 The Parties acknowledge and agree that: 
  

	(a)	each of them has fully considered the language, terms and provisions of this Agreement; and 

  

	(b)	this Agreement has been drafted by both Parties and ambiguities in it, if any, shall not be construed against the drafter of any particular Clause. 

 ACKNOWLEDGEMENTS 
 2.1 The Licensee acknowledges that:

  

	(a)	as between the Parties, all rights in the Marks belong to VEL; 

  

	(b)	the Licensee shall not acquire or claim any title to any of the Marks by virtue of the rights granted to it by this Agreement or through its use of the Marks or any V Mark either
before or after the date of this Agreement; 

  

	(c)	the Licensee shall not at any time do or omit to do anything which is reasonably likely to prejudice VEL’s rights in the Marks; 

  

	(d)	all goodwill generated by use of the Marks or any V Mark by the Licensee shall at all times be deemed to have accrued to VEL; 

  

 8 

	(e)	any rights accrued to the Licensee through use of the Marks or any V Mark, including but not limited to any mixed brand rights shall be deemed to have accrued to VEL; and

  

	(f)	for the avoidance of doubt, the Licensee shall do any act, reasonably required to give effect to this Clause 2.1, and the Parties shall share equally all reasonable, out-of-pocket
expenses related thereto other than such expenses related to any infringement litigation, which shall be governed by Clauses 10.1 through 10.5. 

 2.2 VEL acknowledges that the Licensee shall be free to use or register in its own name any mark other than a mark which is: (i) one of the Marks; (ii) a V Mark; (iii) confusingly similar to either; or (iv) a combination
mark that contains any of the marks referred to in this Clause 2.2 as a composite mark. 
 2.3 VEL acknowledges that all goodwill generated by use or
registration of a mark by the Licensee in its own name in accordance with Clause 2.2 shall at all times be deemed to have accrued to the Licensee. 
 GRANT 
  

	3.1	License Grant 

 With effect from the Commencement Date, in
consideration of the Royalties and the covenants and undertakings contained in this Agreement, and subject to the provisions of Clauses 3.4 through 3.11 herein, VEL grants to the Licensee an exclusive (even as against VEL) license to use the Marks
in the form of the Names (but not the Virgin Name or the Virgin Signature alone) in the Territory for the Term: 
  

	(a)	in relation to the provision of Mobile Voice and Data Services predominantly targeted to young (under 35) customers or potential customers; 

  

	(b)	subject to the remaining terms of this Agreement, to do all acts the doing of which falls within the exclusive rights of the proprietor of marks in the Marks in connection with the
carrying on and provision of the Licensed Activities; 

  

	(c)	as part of the Internet domain names for the Licensee’s Site and Additional Sites in connection with the carrying on and provision of the Licensed Activities;

  

	(d)	on or in relation to Handsets; 

  

	(e)	in relation to Retail Activities; 

  

	(f)	to provide Customers with access to Content Services via a Handset; 

  

	(g)	to provide Customers with access to Content Services via a computer or other device with a connection to the Internet, whether dial-up, fixed line, wi-fi, WiMAX, broadband or other
methods of Internet Access provided: 

  

	 	(i)	such access is limited to enhanced versions of the Content Services available via Handsets or is intended to support or provide information or configuration functionality for such
Content Services; and 

  

 9 

	 	(ii)	such access is targeted only at Customers; and 

  

	 	(iii)	Internet Access is not provided by the Licensee; 

  

	(h)	to provide Roaming Services to Customers; 

  

	(i)	solely for the purposes of providing the Content Services, to provide Customers with Internet Access via a Handset using Mobile Voice and Data Services; 

  

	(j)	on or in relation to Vouchers and Stored Value Cards, including the Virgin Mobile Stash Card; 

  

	(k)	on or in relation to Accessories, provided that the Accessories are solely intended for use in conjunction with Handsets; 

  

	(l)	on or in relation to advertisements in any media (including without limitation, advertisements on the Internet and advertisements for the Licensee’s Site and Additional Sites),
promotional brochures, marketing and other materials in relation to the Products and the Licensed Activities or intended to increase awareness of the Names (including without limitation, on the Licensee’s Site, Additional Sites and other
websites created by or on behalf of Licensee, provided that the use of the Marks in the form of the Names in connection with such Additional Sites websites is in compliance with the terms of this Agreement); 

  

	(m)	on or in relation to promotional merchandise in connection with the carrying on and provision of the Licensed Activities provided that such promotional merchandise is only
distributed free of charge (but not including charges in connection with use of the Products or Licensed Activities provided by Licensee) by the Licensee and not by way of commercial or retail sale and is distributed in accordance with the terms and
conditions of this Agreement; 

  

	(n)	on or in relation to promotional events in relation to the Products and the Licensed Activities generally intended to increase sales of the Products or awareness of the Names,
including but not limited to parties, music festivals, concerts, tours and stunts, provided that it is acknowledged by the Parties that the relevant licensee for the Virgin Festival is currently Virgin USA Inc; 

  

	(o)	as part of its business, trading or registered company name (including without limitation as a stock ticker on an internationally recognized stock exchange) and to use the same on
headed note paper and other corporate materials and communications which, in the ordinary course of business, bear such company name in the Territory in accordance with the terms and conditions of this Agreement provided that when used as a
registered company name such name is always initially followed by the relevant company denotion (e.g., LLC) for the relevant type of company; 

  

 10 

	(p)	on or in relation to the provision of Handset replacement, recycling, insurance or repair services to Customers, provided that, for the avoidance of doubt, this shall not prevent
VEL or any other Virgin Entity from supplying or providing mobile phone insurance under the Marks, provided further that VEL shall not and shall not authorise any Virgin Entity to specifically target Customers; 

  

	(q)	in promoting, as part of the Mobile Voice and Data Services, the availability of automobile breakdown recovery services offered by third parties, provided that such use shall extend
to the Licensee promoting the phone number for such assistance only and the Licensee shall not use and shall not permit the Marks (in the form of the Names or otherwise) to be used by the third party provider of the breakdown recovery services; and

  

	(r)	on Branded Content Services, but for the avoidance of doubt, not on Non-Branded Content Services. 

  

	3.2	Virgin Mobile Stash Card Grant 

  

	(a)	With effect from the Commencement Date, in consideration of the Royalties and the covenants and undertakings contained in this Agreement, VEL grants to the Licensee a non-exclusive
license to use the Virgin Name and Virgin Signature in the form of the name “Virgin Mobile Stash” in the Territory for the Term on or in relation to the Virgin Mobile Stash Card, provided that: 

  

	 	(i)	the Virgin Mobile Stash Card shall be marketed only to Customers or prospective customers; 

  

	 	(ii)	the Virgin Mobile Stash Card shall not include any credit facility or any similar facility requiring any consumer credit license equivalent to that regulated in the UK pursuant to
the Consumer Credit Act 1974 (as amended and replaced from time to time); and 

  

	 	(iii)	Licensee shall not be involved in any activity with respect to the Virgin Mobile Stash Card requiring any other banking or other financial regulatory license.

  

	(b)	This Clause 3.2 is not intended to affect the rights of other parties to the letter agreement dated November 27, 2006 regarding the Virgin Mobile Stash Card.

  

	(c)	The following additional terms shall apply to the Virgin Mobile Stash Card solely to the extent that Licensee, in its sole discretion, offers the Virgin Mobile Stash Card to
Customers: 

  

	 	(i)	The Parties acknowledge and agree that (i) the Virgin Mobile Stash Card may also feature the Visa Network logo and the logo of NetSpend Corporation or any entity that Licensee
engages to provide the services substantially similar to those provided by NetSpend (the Program Manager) and refer to the issuing bank, which is currently Inter National Bank, N.A. and (ii) use of the Marks in connection with the
Visa Network logo and the Program Manager’s logo is hereby approved by VEL in accordance with Clause 5.4; 

  

 11 

	 	(ii)	In the event that at any time following November 27, 2009, (i) VEL or any Virgin Entity proposes to enter into arrangements with an Affiliate or third party to provide any
banking services or any other retail financial products or services under the Marks in the Territory (the Proposed Manager), and (ii) the Proposed Manager desires to provide to Licensee services similar to the services that the
Program Manager provides to Licensee, then Licensee shall enter into a binding agreement with the Proposed Manager regarding such services; provided that the terms of the agreement with the Proposed Manager shall, taken as a whole, be no less
favorable to Licensee than the terms set forth in the then-current Agreement between Licensee and Program Manager (the Program Agreement). Licensee further agrees to act in good faith at all times in its negotiation of the terms of the
agreement with the Proposed Manager and comply with VEL’s requests under this Clause as promptly as practicable; 

  

	 	(iii)	Licensee acknowledges and agrees that it is a condition of the rights granted under this Agreement with respect to the Virgin Mobile Stash Card that the Program Agreement (or any
equivalent or replacement agreement) shall provide Licensee with (A) termination rights sufficient to enable it to comply with this Agreement and (B) following the expiration of the Program Agreement, the right to transfer existing Virgin
Mobile Stash Card customer accounts and balances to the Proposed Manager; and 

  

	 	(iv)	Subject to applicable Law, Licensee’s privacy policy then in effect, and account management customer preferences, Licensee shall share relevant data relating to the Virgin
Mobile Stash Card with VEL’s licensees conducting business in the United States, and shall use commercially reasonable efforts to ensure that the Virgin Mobile Stash Card “Rewards Points” loyalty program is also made available to such
licensee(s); provided that any such licensee shall enter into a nondisclosure agreement with Licensee substantially in the form attached as Exhibit A. 

  

	3.3	Use of Virgin Name and Virgin Signature Alone 

 Subject to Clause
3.10, with effect from the Commencement Date, in consideration of the Royalties and the covenants and undertakings contained in this Agreement, VEL grants to the Licensee an exclusive (even as against VEL) license to use the Virgin Name and/or the
Virgin Signature alone on Handsets (including on both the mobile device and liquid crystal display of such Handsets) in the Territory for the Term, on the terms and conditions of this Agreement. 
  

	3.4	Limitations 

  

	3.4.1	Subject to Clauses 3.1, 3.2, 3.3 and 8.1, nothing in this Agreement shall prevent VEL or any of its licensees (whether such licensee is in existence at the Commencement Date or is
formed on or after the Commencement Date) from using or licensing another person to use the Virgin Name or Virgin Signature or any translation or transliteration thereof (but for the avoidance of doubt not the Virgin Mobile name) in the Territory in
any other way including in relation to: 

  

	(a)	promoting, selling or offering their own business, goods and/or services and/or Non-Branded Content Services with reference to the Virgin Name, via any commercial mobile radio
services network; 

  

 12 

	(b)	providing telecommunications services on aeroplanes to passengers whilst in transit through telecommunications equipment within such aeroplane; 

  

	(c)	providing transmission of programs for the public by radio broadcast services; 

  

	(d)	retailing Handsets or Accessories; 

  

	(e)	offering Internet Access; 

  

	(f)	offering Content Services to Customers or members of the public at large in the Territory, including any which are accessible by a Handset; or 

  

	(g)	conducting, or licensing the right to conduct, any services not exclusively licensed to Licensee. 

  

	3.5	Limitations on use of the Marks 

  

	3.5.1	Except as expressly permitted by Clause 3.3, 

  

	(a)	nothing in this Agreement shall allow the Licensee to use the Marks in a form other than the Names or in a manner not expressly permitted by this Agreement without the prior written
consent of VEL, such consent to be requested and determined as described in Clause 3.7 below; and 

  

	(b)	the Licensee shall not use the names “VirginXL” or “Virgin XL” and “VirginXtras” or “Virgin Xtras”, “Virgin2Virgin” and
“Virgin Alerts” in any manner other than (i) in the liquid crystal display screens of Handsets; or (ii) in conjunction with and in moderate proximity to the “Virgin Mobile” name and/or logo. 

  

	3.5.2	The Licensee undertakes that 

  

	(a)	subject to Clauses 3.5.2(b) and 3.5.2(c), for as long as: 

  

	 	(i)	this Agreement is effective; and 

  

	 	(ii)	Licensee provides the Mobile Voice and Data Services in the Territory, 

 it shall continue to conduct and promote its Mobile Voice and Data Services under the Names; 
  

	(b)	if Licensee acquires a business that conducts Mobile Voice and Data Services predominantly targeted at a market not materially different from Licensee’s target market (i.e.,
young (under 35) customers or potential customers), Licensee shall, unless agreed otherwise by the Parties, take commercially reasonable steps necessary to ensure that any brands or marks used in connection with such acquired business prior to the
acquisition by Licensee are replaced with the Names within a maximum of two (2) years of the completion of such acquisition by the Licensee; and 

  

 13 

	(c)	if Licensee acquires a business that conducts Mobile Voice and Data Services predominantly targeted at a market materially different from Licensee’s target market (i.e., a
business not targeting young (under 35) customers or potential customers) Licensee shall not be obliged to replace such brands or marks used in connection with such acquired business with the Names. 

  

	3.5.3	For the avoidance of doubt, Licensee shall not be prohibited from providing services other than Mobile Voice and Data Services using a mark other than the Names and not featuring
the Marks. 

 3.5.4 
  

	(a)	The Licensee recognises that Internet coverage is world-wide and agrees that the Licensed Activities shall be specifically targeted at persons within the Territory only and that,
subject to Clause 3.5.4(b) below, the Licensee shall not use the Marks in any form in relation to any of the Licensed Activities outside the Territory. For the avoidance of doubt, provided that Licensee is otherwise complying with the provisions of
this Clause 3.5.4, it shall not be a breach of this Agreement by Licensee if the Licensee’s Site or Additional Sites are accessed by individuals outside of the Territory; 

  

	(b)	Nothing in this Clause shall prevent the Licensee from using the Marks in the form of the Names (i) outside the Territory for the provision of Roaming Services (but only to the
extent necessary to support the Roaming Services) to Customers of the Licensee whose home Network is in the Territory and, for the avoidance of doubt, shall not include the right to advertise the Marks in the form of the Names outside the Territory;
or (ii) on the Internet in a manner expressly authorised by this Agreement; and 

  

	(c)	The Licensee acknowledges and undertakes that it shall not use the Marks or the Names in connection with the provision of Internet Access by any means other than that expressly
authorised by this Agreement. 

  

	3.5.5	The Licensee acknowledges and undertakes that it shall not use the Marks or the Names in connection with providing any fixed non-mobile telecommunication services utilizing metal,
fiber-optic or radio relay media. For the avoidance of doubt, where in relation to the provision of Mobile Voice and Data Services, the Licensee in the ordinary course of its business conveys the message over a Fixed Network or interconnects with,
or provides interconnection services to or receives interconnection services from any third party which are conveyed over a Fixed Network, such interconnection shall not be considered to be a provision of fixed telecommunication services for the
purposes of this Clause. 

  

	3.5.6	The Licensee shall not use the Marks or the Names (including on invoices, marketing publications or other materials) in a manner so as to create an impression that it is itself the
manufacturer, developer, creator or (otherwise than as intermediary or conduit) supplier of Non-Branded Content Services. 

  

 14 

	3.5.7	For the avoidance of doubt, the Licensee shall not have the right to use the Marks in relation to the provision of Internet Access other than via the Handsets.

  

	3.5.8	The Licensee shall not be entitled to manufacture Handsets and/or Accessories itself but shall be entitled to use reputable sub-contractors to do so on its behalf provided that:

  

	(a)	the use of such sub-contractors complies with the obligations in Clause 7; 

  

	(b)	the Handsets and/or Accessories comply with the quality control provisions contained in this Agreement, including, but not limited to, the provisions of Clause 5.3; and

  

	(c)	the Handsets and/or Accessories are manufactured for and intended to be used exclusively by Customers in the course of the Licensee’s carrying out of the Licensed Activities.

  

	3.6	No Use of Similar Names 

  

	3.6.1	Subject to Clauses 3.8 and 3.10, VEL undertakes not to license, use or permit any Affiliate or third party to use any of the names: 

  

	(a)	Virgin Mobile, Virgin Mobile USA, Virgin Mobile Stash, Virgin Mobile Sugar Mama, Virgin Extras, Virgin Xtras or names or marks confusingly similar thereto (but not including the
Virgin Name or Virgin Signature) on or in relation to any goods or services in the Territory; and 

  

	(b)	Virgin XL or names or marks confusingly similar thereto (but not including the Virgin Name or Virgin Signature) on or in relation to any telecommunication or mobile content
services, including without limitation, Content Services. 

 For the avoidance of doubt, it shall not be a breach by VEL of this Agreement if
an unrelated third party imports Handsets bearing the Virgin Mobile name, Virgin Name or Virgin Signature into the Territory through distribution channels other than those authorized or intended by VEL or any Virgin Entity, provided that VEL is
otherwise in compliance with Clause 6.1 hereunder. 
  

	3.6.2	The Licensee shall not use the names “Virgin Extras”, “Virgin Xtras” and “VirginXL” in any manner other than: 

  

	(a)	in the liquid crystal display screens of Handsets; or 

  

	(b)	in conjunction with and in close proximity to the Virgin Mobile name and/or logo. 

  

	3.7	Use of Additional Marks and Additional Sites 

  

	(a)	If the Licensee wishes to use: 

  

	 	(i)	any V Mark; 

  

 15 

	 	(ii)	any mark incorporating the word “Virgin” or a V Mark that is used outside of the Territory by a Virgin Entity engaged in the provision of Mobile Voice and Data Services
outside of the Territory; 

  

	 	(iii)	any mark consisting of the Virgin Name or the Virgin Signature in combination with additional elements as a composite mark that is not a Name and not otherwise previously approved
in writing by VEL; or 

  

	 	(iv)	the Virgin Name alone or Virgin Signature alone, in each case without additional elements, 

 in each case, other than the use of the Names as permitted by this Agreement, it shall notify VEL and seek VEL’s consent in accordance with this Clause 3.7(a) prior to commencing use of the relevant mark. If VEL
consents in VEL’s discretion (which VEL shall exercise reasonably, except in relation to a request under a Clause 3.7(a)(iv), in which case VEL may withhold its consent at its absolute discretion)) to the proposed use by the Licensee, it shall
grant the Licensee by written notice to the Licensee a license to use the relevant mark on the terms and conditions applicable to Marks under this Agreement and the relevant mark shall, from the date of that grant, be deemed to be a Mark and a Name
for the purposes of this Agreement; 
  

	(b)	If the Licensee wishes to use a URL containing any V Mark or the Virgin Name, in each case, other than the use of the Licensee’s Site as permitted by this Agreement, it shall
notify VEL and seek VEL’s consent in accordance with this Clause 3.7(b). If VEL consents in VEL’s discretion (which VEL shall exercise reasonably) to the proposed use by the Licensee, it shall register such URL on behalf of Licensee and
grant the Licensee by written notice to the Licensee a license to use the relevant URL on the terms and conditions applicable to Additional Sites under this Agreement and the relevant URL shall, from the date of that grant, be deemed to be an
Additional Site for the purposes of this Agreement; 

  

	(c)	If VEL withholds its consent pursuant to Clauses 3.7(a) and (b) above, it will explain in writing in reasonable detail the basis for its decision. If VEL fails to provide
written notice of its decision within thirty (30) days of the request, the request will be deemed approved for purposes of this Clause. If VEL and Licensee do not agree with respect to any such issue, either Party may escalate the matter as
provided in Clause 14.11; 

  

	(d)	All costs relating to the registration and renewal of an Additional Mark or an Additional Site in accordance with this Clause 3.7 shall be borne equally by the Parties; and

  

	(e)	 The creation of any new design logos solely incorporating the Marks or the name “Virgin Mobile” shall be the responsibility of VEL or any party nominated
by VEL, provided that the Licensee shall give VEL at least two (2) months prior notice of its requirement for such a logo, and further provided that VEL shall consult with and liaise with the Licensee during the creation of such logos unless
there are legitimate reasons (in VEL’s reasonable opinion) why VEL should not do so. In certain circumstances, VEL may delegate the creation of such logos to the Licensee provided that such logos shall comply with the TM Guidelines and the
Licensee shall not make use of any such logos (including but not 

  

 16 

	 	 
limited to use on headed note paper, business cards and any advertising, marketing or promotional purposes) unless VEL has given its prior written approval
to the use of such logos (in its absolute discretion). This Clause 3.7(e) shall also apply in the case of any use of the Marks in relation to any co-branding of the Marks with the marks of any third party and which is otherwise permitted under this
Agreement. 

  

	3.8	Use on Internet and Similar Media 

 The Licensee acknowledges and
agrees that: 
  

	(a)	the homepage of the website with the URL virginmobile.com (or any successor thereto or other website owned by VEL and using “virginmobile” with a different gTLD) shall,
unless the Parties agree otherwise, contain a directory of and a hyperlink to the Licensee’s Site and to all licensees to whom VEL has granted rights to use the name “Virgin Mobile” in relation to the Licensed Activities within and
outside the Territory; 

  

	(b)	the management, operation and content of the website with the URL virginmobile.com will be determined by VEL in consultation with the Licensee and the other licensees referred to in
Clause 3.8(a); 

  

	(c)	VEL has granted and may continue to grant rights to use the Names (other than “Virgin Mobile USA”) to third parties in relation to the Licensed Activities outside the
Territory, including on the Internet or using other forms of technology and media developed in the future that are by their nature accessible worldwide, in a manner such that those Names may be accessible to persons within the Territory, but VEL
will not allow such entities or future licensees to, and will not itself, specifically target customers for the Licensed Activities residing within the Territory; 

  

	(d)	the grant of the rights referred to in Clause 3.8(c) shall not be a breach of VEL’s obligations under this Agreement; and 

  

	(e)	a page of the Licensee’s Site shall include a hypertext link to virginmobile.com; provided that the Licensee shall have sole discretion regarding the placement and design of
such link. 

  

	3.9	Websites and Hypertext Links 

 VEL acknowledges and agrees that:

  

	(a)	the Licensee shall not be required to provide a hypertext link from the Licensee’s Site to any other licensee of VEL; 

  

	(b)	the homepage of the website with the URL virginmobile.com (or any successor thereto or other website owned by VEL and using “virginmobile” with a different gTLD) shall,
unless the Parties agree otherwise, be a directory of all licensees to whom VEL has granted rights to use the name “Virgin Mobile” in relation to the Licensed Activities within and outside the Territory, and such homepage shall have a
hypertext link on all such websites to the Licensee’s Site that is no less prominent in all material respects than any other link to any other mobile service provider using the name “Virgin Mobile”; and 

  

 17 

	(c)	once the link to the Licensee’s Site described in Clause 3.9(b) above is selected, the Licensee may configure the Licensee’s Site so that it permits a user of the website,
if the user consents, to configure his or her Internet browser so that it defaults to the Licensee’s Site each time that browser accesses the URL virginmobile.com. 

  

	3.10	Customer and Roaming Services within the Territory 

 The Licensee
acknowledges that third parties licensed by VEL to use the Names outside the Territory may use the Names (other than “Virgin Mobile USA”) in the Territory (including without limitation, on a Handset or Handset display and in accordance
with the provisions of Clause 3.8(c)) to provide services equivalent to the Roaming Services and Customer Support Services to their customers while such customers are in the Territory; provided that (i) such customers receiving such roaming
services are normally resident outside of the Territory; and (ii) such licensees shall not advertise in the Territory. 
  

	3.11	Customer Service Levels 

 3.11.1 The Licensee agrees to use
commercially reasonable efforts to: 
 (a) ensure that its level of customer service and complaint handling reflect the Brand Values and a high standard of
customer care, including but not limited to complying with the Customer Service Levels set forth in Exhibit D, or such other service levels as may be agreed by the Parties in writing from time to time; and 
 (b) conduct the Licensed Activities in accordance with honest and ethical business practices at all times whether dealing with employees, the public, the business
community, shareholders, customers, suppliers, competitors, governmental and regulatory bodies or otherwise, consistent with the Licensee’s Code of Conduct attached as Exhibit C, as Licensee may reasonably amend from time to time.

 3.11.2 The Licensee agrees to provide customer satisfaction and complaints reports to VEL or a party nominated by VEL in the form of the Benchmarking
Template, as such may be amended from time to time by the mutual agreement of the Parties, and at the times referred to in Exhibit D. 
 3.11.3 In the
event that VEL believes in its reasonable discretion that Licensee is not in compliance with the Customer Service Levels set out in Exhibit D, VEL shall so notify Licensee in writing. Licensee shall provide to VEL an explanation in writing of
the reasons for such failure to comply with such Customer Service Levels within twenty (20) Business Days of such notification by VEL and shall use commercially reasonable efforts to remedy such failures as soon as reasonably practicable.

 3.11.4 In the event that VEL believes in its reasonable discretion that Licensee has not been able to demonstrate to VEL that it has taken reasonable
steps necessary to remedy the failures identified by VEL pursuant to Clause 3.11.3 within ninety (90) days of VEL’s notification 

  

 18 

 
provided pursuant to Clause 3.11.3, VEL shall so notify Licensee in writing. Licensee shall provide to VEL an action plan detailing how it plans to remedy
such failures within twenty (20) Business Days of such notification by VEL. VEL shall consider such action plan and within twenty (20) Business Days shall (acting reasonably) indicate in writing to Licensee whether it agrees with such
proposed action plan or whether it would like to see any modifications made to such action plan. Once an action plan has been agreed by the Parties following discussion in good faith, the Licensee shall use its commercially reasonable efforts to
implement such action plan as soon as reasonably practicable. 
 3.11.5 If, after an action plan is implemented pursuant to Clause 3.11.4, VEL believes in
its reasonable discretion that Licensee has not been able to demonstrate to VEL that it has taken sufficient steps to remedy any failures to meet the Customer Service Levels within ninety (90) days of an action plan being agreed by the Parties
pursuant to Clause 3.11.4, VEL shall so notify Licensee in writing that the matter shall be escalated to the members of the senior management teams of VEL and Licensee for resolution. The members of the senior management teams of VEL and Licensee
shall use their reasonable endeavors to meet within ten (10) Business Days of VEL’s notification provided pursuant to this Clause 3.11.5. 
 3.11.6
If the senior management teams of VEL and Licensee are unable to resolve a matter referred to them pursuant to Clause 3.11.5 within twenty (20) Business Days of the date on which the senior management team meet (pursuant to Clause 3.11.5), VEL
shall have the right to serve a notice of termination on Licensee in accordance with Clause 9.2(b)(iii). 
  

	3.12	Customer Dealings 

 (a) The retention and use of personal data of
Customers and members of the public by the Licensee shall at all times comply with the terms of the Direct Selling Guidelines incorporated in the TM Guidelines (as amended from time to time), relevant legislation (including but not limited to the
Controlling the Assault of Non-Solicited Pornography and Marketing Act 2003) and regulations and best practice recommendations of regulatory bodies (including but not limited to the Federal Trade Commission and Federal Communications Commission) and
nationally recognized industry-sponsored bodies (including but not limited to the Direct Marketing Association and Direct Selling Association). 
 (b) The
Licensee shall not (i) send any unsolicited marketing communications of any kind (including but not limited to email, SMS, text messaging, outbound telemarketing and mail) to those Customers or potential customers who have opted out of
receiving such communications either directly with the Licensee or another third party from whom the Licensee has obtained personal data, and/or (ii) make telemarketing communications to any potential customers who have registered their
telephone numbers with the Federal Trade Commission’s National Do Not Call Registry unless Licensee has an existing business relationship with such potential customers. 
 PAYMENT OF ROYALTIES 
 4.1 The Licensee agrees to pay VEL continuing
Royalties which, for any one Financial Year (and pro rata for parts thereof), shall be 0.25% of Gross Sales during that Financial Year, 

  

 19 

 
and subject to Clause 4.7, up to a maximum of USD 4,000,000 (four million United States dollars) in any one Financial Year (the Cap). The
Licensee shall pay the amount payable under this Clause in respect of each quarter within ten (10) Business Days of the end of each quarter and in the manner nominated by VEL. 
 4.2 The Licensee shall supply to VEL: 
  

	(a)	a quarterly statement of the Licensee’s Gross Sales within five (5) Business Days of the end of each quarter of the applicable Financial Year; 

  

	(b)	a statement showing Gross Sales for each Accounting Period of the Licensee within one (1) month after the end of such period certified by a qualified auditor approved by VEL;

  

	(c)	a balance sheet and profit and loss account showing the true position of the business of the Licensee for each Financial Year during the Term and for the Financial Year first
expiring after the expiration or termination of this Agreement after the end of the relevant Financial Year certified by a qualified auditor approved by VEL; and 

  

	(d)	any other information relating to the financial position of the Licensee as may be reasonably requested by VEL during the Term of this Agreement. 

 4.3 If the Gross Sales certified by the auditors of the Licensee in the statement provided pursuant to Clause 4.2(b) multiplied by the continuing royalty rate as set out
in Clause 4.1 exceeds the amount paid to VEL by the Licensee pursuant to Clause 4.1 for the Accounting Period, the Licensee shall pay such excess to VEL, such payment to accompany the statement. 
 4.4 If the Gross Sales certified by the auditors of the Licensee in the statement provided pursuant to Clause 4.2(b) multiplied by the continuing royalty rate as set out
in Clause 4.1 is less than the amount paid to VEL by the Licensee pursuant to Clause 4.1 for the Accounting Period, VEL agrees to refund the amount of such deficiency to the Licensee within thirty (30) days of the receipt of such statement by
VEL. 
 4.5 Any obligation to make a payment under this Agreement has been expressed exclusive of any federal, state, local or other governmental value
added, sales or similar tax. If such tax is chargeable under this Agreement, any payments due to VEL hereunder shall be increased to include an amount equal to such tax. 
 4.6 In the event of any payment to be made by the Licensee under this Agreement not being received by VEL on or before the date of payment, VEL shall be entitled to charge interest on such payment at the rate of four
percent (4%) per annum above the base rate of Lloyds TSB Bank PLC from the due date for payment to the date when payment is actually received (both before and after any court judgment). 
 4.7 Beginning on January 1, 2008, the Parties shall make annual adjustments for inflation to the Cap equal to the change in the United States Department of Labor
Consumer Price Index (set forth at http://www.bls.gov/cpi/) from January 1 of one Financial Year of the Agreement to the following January 1, calculated as of January 1. All such calculations shall be made within thirty
(30) days of the date that such information is released by the United States Department of Labor and adjustments to the Cap shall be applicable for the following Financial Year. 
  

 20 

 CONDITIONS OF USE 
 5.1 The Licensee hereby undertakes that it shall use the Marks at all times only in accordance with the TM Guidelines in effect from time to time, a current copy of which
is included as Exhibit B to this Agreement. In the event of any inconsistency between the terms of this Agreement and the TM Guidelines, the provisions of this Agreement shall prevail. VEL agrees that the TM Guidelines provided to the
Licensee shall be no more stringent than similar guidelines regarding the use of the Virgin Name, Virgin Signature and other marks, including the Marks, that VEL requires its other licensees to comply with. For the avoidance of doubt, the Licensee
shall be permitted to develop and utilize its own brand usage guidelines specific to its business to the extent that such guidelines are supplemental to and not inconsistent with the TM Guidelines. 
 5.2 The Licensee hereby undertakes that it shall not register or apply to register any of the Marks or any V Mark or any confusingly similar marks as the whole or part
of any domain name, electronic mail address, mark or otherwise without the prior written consent of VEL. The Additional Sites set forth on Schedule 4 are hereby approved in accordance with this Clause 5.2. 
 5.3 The Licensee acknowledges that the value and reputation of the Marks are such that they denote high quality status and agrees to ensure that the goods and services
to which the Marks are applied are of a style, appearance and quality so as to maintain the reputation of the Marks. 
 5.4 The Licensee further undertakes
to comply with the following conditions of use: 
  

	(a)	subject to the remaining provisions of this Clause, the Licensee shall submit designs for any printed materials using the Marks to VEL for approval as to the manner and context of
the intended use of the Marks except in so far as (i) the materials comply with the TM Guidelines or (ii) have been previously approved. The Licensee shall not make use of any such design or advertising, marketing or promotional materials
incorporating such designs for the purpose of the Licensed Activities unless VEL has given its prior written approval (exercising its discretion reasonably) to the use of such materials as required by this Clause 5.4(a); 

  

	(b)	if, in VEL’s reasonable opinion, any advertising or promotional material in which any of the Marks are used does not comply with this Agreement or the TM Guidelines, it may
reject such materials and shall explain in writing in reasonable detail the basis for its decision. Provided that it has taken into consideration VEL’s comments and reasons for the rejection of any materials, Licensee may revise and resubmit
any materials rejected by VEL in accordance with this Clause 5.4; 

  

	(c)	where VEL has not sent (by courier, post, email or fax) to the Licensee at its then usual business or email address a written response in relation to the designs submitted by the
Licensee within five (5) Business Days of receipt of such materials, VEL shall be deemed to have approved the designs for the purposes of this Clause; 

  

 21 

	(d)	the Licensee’s use of the Marks (including without limitation, the shape, color and design of all Products and advertising and promotional material on or in which the Marks
appear) shall comply at all times with the TM Guidelines or be in such other form as may from time to time be reasonably approved in advance in writing by VEL; 

  

	(e)	if, in VEL’s reasonable opinion, any advertising or promotional material in which any of the Marks are used does not comply with this Agreement or the TM Guidelines and remains
non-complaint for a period of seven (7) Business Days of receipt of reasonably detailed notice from VEL of the non-compliance, the Licensee must withdraw or use commercially reasonable efforts to procure the withdrawal of all such advertising
and/or promotional materials; 

  

	(f)	where reasonably practicable and at the reasonable request of VEL, the Licensee shall display a statement in the following terms: 

 “VIRGIN and the Virgin Signature logo are registered trademarks of Virgin Enterprises Limited and are used under license.”; 
  

	(g)	the Marks may not be used in combination with any other marks, names, words, logos, symbols or devices (except as specified in this Agreement) without the prior written consent of
VEL (at its absolute discretion); 

  

	(h)	the Marks shall not be used in any manner which would materially damage the reputation of the Marks; 

  

	(i)	the Licensee shall promptly provide VEL with details of all material complaints made by Customers, distributors, retailers and/or members of the public relating to any Products sold
under the Marks and/or the Licensed Activities conducted under the Marks which the Licensee, in the exercise of its reasonable discretion, reasonably believes are capable of having an adverse effect upon the goodwill attending the Marks and/or the
goodwill otherwise associated with the businesses of other Virgin licensees, together with reports on the resolution of such complaints and shall comply with any reasonable directions or recommendations given by VEL in respect thereof;

  

	(j)	the Licensee shall obtain and comply with all necessary consents, licenses and authorisations and all other required formalities, and comply with all applicable Laws in force within
the Territory (including without limitation the Economic Espionage Act of 1996 and applicable laws regarding the protection of intellectual property rights), in connection with the exercise of the Licensee’s rights granted by this Agreement and
is under an obligation to notify VEL if it becomes aware of any changes or possible changes in legislation, regulations, policy or procedures which reasonably may adversely affect the ability of the Licensee to carry on its business or use the
Marks; and 

  

	(k)	the Licensee shall use commercially reasonable efforts to comply with its contractual obligations including but not limited to banking covenants. 

 5.5 During the Term the Licensee shall not use without VEL’s prior consent (as described in Clause 3.7): 
  

	(a)	any marks which are confusingly similar to but not identical with the Marks or which otherwise incorporate the Virgin Name, or any V Mark, in relation to the Licensed Activities; or

  

 22 

	(b)	the Marks, any marks which are confusingly similar to but not identical with the Marks or which otherwise incorporate the Virgin Name, or any V Mark, in relation to any activities
other than the Licensed Activities. 

 5.6 In order to ensure that the Licensee is complying with the obligations under this Agreement, the
Licensee shall permit and facilitate review by VEL of Licensee’s uses of the Marks, including, upon the reasonable written request of VEL: 
  

	(a)	providing reasonable quantities of samples of any materials, including Products and all advertising, marketing and promotional materials bearing the Marks used in connection with
the Licensed Activities prior to or in the course of their installation, sale or distribution (such samples to be provided at VEL’s cost); 

  

	(b)	providing VEL as soon as practicable with particulars of proposed advertising campaigns bearing the Marks used in connection with the Licensed Activities; 

 

	(c)	providing VEL with details of any material claims, litigation, arbitration or administrative proceedings, investigations or enquiries which are in progress or threatened in writing
against the Licensee concerning the provision of the Licensed Activities; 

  

	(d)	meeting with VEL at least once in each calendar year at the Licensee’s offices at VEL’s expense in order to review the exercise of the Licensee’s rights granted by
this Agreement; and 

  

	(e)	not more than once per Financial Year (unless reasonably justified under the circumstances) permitting VEL (or its nominated representative) upon reasonable notice during business
hours to enter the Licensee’s premises to assess whether the Licensee is complying with the obligations under the terms of this Agreement, provided that any confidential material viewed by VEL is subject to the terms of Clause 12 herein.

 5.7 If at any time the Licensee fails to comply with the conditions of use or standards of quality and presentation set out in this Clause
5, VEL may direct the Licensee (in writing) to take such steps as may be necessary to ensure compliance which will, if such steps are taken to the reasonable satisfaction of VEL, remedy such breach without prejudice to the Licensee’s liability
to VEL in respect of any damages or other claims which may have arisen as a result of such breach. If VEL and Licensee do not agree with respect to any such issue, either Party may escalate the matter as provided in Clause 14.11. 
 5.8 Licensee shall not solicit for employment any employee of VEL or a Virgin Entity without the consent of VEL; provided, however, that this Clause 5.8 shall not
preclude Licensee from interviewing, discussing terms of employment with or hiring an employee of VEL or any Virgin Entity that responds to any generalized search by Licensee for employees through media advertisements, employee search firms or
otherwise. 
  

 23 

 5.9 The Licensee recognises that it is part of a group of companies and businesses licensed by VEL to use the Marks and
agrees that it shall use its commercially reasonable efforts to participate in certain mutually beneficial group activities and initiatives including, but not limited to, charitable initiatives and activities (e.g., Virgin Unite), corporate social
responsibility (e.g., Virgin Aware), procurement initiatives, marketing forums, group wide and inter company promotions and cross selling activities as may be mutually agreed from time to time. 
 MARK PROTECTION 
 6.1 VEL undertakes:

  

	(a)	to prosecute registration of and maintain in good standing the Marks (other than any Additional Marks); 

  

	(b)	at the Licensee’s reasonable request, to file applications for, prosecute registration of and, upon grant, maintain in good standing any Additional Marks, subject to
(i) VEL’s consent to the use of such Additional Mark pursuant to Clause 3.7 and (ii) the availability of such Additional Marks for registration in the name of VEL and the uses by the Licensee for which consent is given;

  

	(c)	to take all necessary steps to defend its rights and those of Licensee against infringement of the Marks by third persons in accordance with Clause 10.2, provided that the Licensee
acknowledges that those of the Marks including the Virgin Name may be considered descriptive in some circumstances in the US Virgin Islands, and that VEL may not be able to prevent third parties using those Marks in the US Virgin Islands in those
circumstances; and 

  

	(d)	subject to the provisions of Clause 6.6, to use commercially reasonable efforts in its prosecution or defense of any matter regarding infringement of the Marks to avoid limiting or
otherwise harming Licensee’s rights hereunder, and to provide Licensee with prior notice of any settlement which would adversely affect Licensee’s rights hereunder. 

 6.2 The Licensee and VEL each undertake that they shall, at the other’s request and at the Licensee’s expense, execute or procure the execution (including by
any of the other Licensees) of any document which may be necessary to allow recordal of the rights granted to the Licensee by this Agreement and the corresponding cancellation of such recordal on the expiration or termination of this Agreement, for
whatever reason. 
 6.3 The Licensee shall not: 
  

	(a)	seek any registration of any mark, copyright or analogous right which is identical with or confusingly similar to any of the Marks or a V Mark or a mark which otherwise incorporates
the Virgin Name (or any transliteration or translation thereof) in any country in the world; or 

  

	(b)	challenge the validity or VEL’s ownership of the Marks or any registrations for them. 

  

 24 

 6.4 Subject to Clause 6.1, VEL shall take all steps reasonably necessary to ensure that the registrations of the Marks
cover (and, if applicable, are extended to cover) the scope of the Licensed Activities in the Territory to the extent that registrations are available in the Territory and as the Licensee may reasonably request or as VEL reasonably considers is
necessary to protect the value, reputation and/or goodwill associated with the Marks. All costs related to the foregoing shall be shared equally by the Parties. 
 6.5 The Licensee shall, at the request of VEL and at VEL’s cost, provide full assistance in connection with the protection and maintenance by VEL of its rights in and to the Marks in the Territory as VEL may from time to time in its
reasonable discretion determine necessary. 
 6.6 The Licensee shall immediately stop using, or as VEL may direct, modify the use of, any Marks in relation
to any part or parts of the Licensed Activities on receipt of written notice from VEL notifying the Licensee that: 
  

	(a)	in the case of a Mark other than a V Mark, such use has been finally and definitively determined by a court of competent jurisdiction to infringe upon the intellectual property
rights of a third party; and 

  

	(b)	in the case of a V Mark, such use infringes or is reasonably likely to infringe the intellectual property rights of a third party and VEL gives the Licensee full details of the
alleged infringement, together with a written opinion from a competent legal counsel (approved by the Licensee, such approval not to be unreasonably withheld) to the effect that such use constitutes, or is reasonably likely to constitute, an
infringement of the intellectual property rights of a third party; 

 provided in each case that: 
  

	(1)	VEL shall permit the Licensee to recommence use of the Marks if, and as soon as reasonably practicable after, VEL settles the matter with the third party with the effect that use by
the Licensee is permitted or would no longer amount to an infringement of such third party’s rights; and 

  

	(2)	the Licensee’s obligation to pay Royalties in respect of its use of the Marks shall be suspended during the period that it is required by VEL under this Clause 6.6 to stop
using the Virgin Name or the Virgin Signature and Licensee may sue VEL to recover any damages it may have suffered as a result of its ceasing to use the Virgin Name or the Virgin Signature (where that use would otherwise be permitted by this
Agreement) at VEL’s direction pursuant to this Clause 6.6. 

 DEALINGS AND
SUB-LICENSING 
 7.1 The rights granted under this Agreement are personal to the Licensee and the Licensee shall not
delegate, sub-license, assign, mortgage, charge or encumber with a security interest any of those rights to any third party without the prior written consent of VEL (which may be withheld for any reason), except: 
  

	(a)	as permitted by Clause 7.2; 

  

 25 

	(b)	to an Affiliate; 

  

	(c)	other than with respect to any transaction that, if completed according to its terms would constitute an Adverse Change of Control and that VEL has elected to terminate in
accordance with Clause 9.3, to any successor of the Licensee by way of merger, consolidation or the acquisition of all or substantially all of the business and assets of Licensee relating to this Agreement; 

  

	(d)	to any successor of the Licensee in connection with a reorganization relating to an initial public equity offering of the Licensee, provided that such reorganization shall take
place within no more than ninety (90) days of such initial public equity offering of the Licensee; or 

  

	(e)	granting a sub-license to retailers in the ordinary course of business solely for use in connection with an agreement regarding distribution of Licensee’s products and
services. 

 In the event of any assignment by the Licensee in accordance with this Clause 7.1 (except for an assignment under
Section 7.1(d), for which no such novation agreement shall be required), the Licensee shall procure the execution by the transferee of a novation agreement with VEL so as to give effect to the transfer and to bind the transferee to all
provisions of this Agreement. 
 7.2 The Licensee may sub-license its rights under this Agreement to the extent necessary to allow the Licensee to
sub-contract to a manufacturer, retailer, printer or other person requiring a license in connection with the conduct of the Licensee’s business any part of the operations required to facilitate the conduct of the Licensed Activities or the
provision of Products, provided that: 
  

	(a)	on VEL’s written request, the Licensee gives written notice to VEL of any sub-license it has entered into; 

  

	(b)	the sub-license shall be in writing on terms and conditions no less onerous than those imposed on the Licensee by this Agreement; 

  

	(c)	the sub-licensee shall not have the right to sub-license its rights under the sub-license to any third party; 

  

	(d)	the permission to grant sub-licenses (and all sub-licenses granted) under this Clause shall terminate automatically on termination or expiration of this Agreement;

  

	(e)	the Licensee shall be liable for all acts and omissions of its sub-licensees, which shall be deemed to be the acts and omissions of the Licensee for the purposes of this Agreement;

  

	(f)	the Licensee shall at all times and at its own cost enforce compliance by the sub-licensee with the terms of the sub-license; and 

  

	(g)	the Licensee shall not sub-contract the whole of its business operations to a third party. 

  

 26 

 VEL’S WARRANTIES 
 8.1 VEL represents and warrants that: 
  

	(a)	it is the beneficial owner of the Marks currently or hereafter registered or claimed as marks by VEL; 

  

	(b)	it has the right to grant all of the rights it purports to grant under this Agreement; 

  

	(c)	it is not aware of any other rights whose grant under this Agreement would be necessary to enable the Licensee to carry on the Licensed Activities under the Marks in the form of the
Names in accordance with this Agreement; 

  

	(d)	it will not itself exercise and it has not appointed, authorized or allowed and it will not appoint, authorize or allow any other person to use the “Virgin Mobile” name,
“Virgin Mobile USA” name, Virgin Name or Virgin Signature, in each case, on or in relation to Mobile Voice and Data Services and/or on Handsets in the Territory; and 

  

	(e)	it will not itself exercise and it has not appointed, authorized or allowed and it will not appoint, authorize or allow any other person to use the “Virgin Mobile” name,
“Virgin Mobile USA” name, in each case, in respect of the exercise of any of the rights granted exclusively to the Licensee under this Agreement, 

 provided that, in each case, the warranties and representations in this Clause 8.1 do not apply to any V Marks. 
 TERMINATION AND EFFECTS OF TERMINATION 
 9.1 This Agreement shall
expire automatically without need for further notice upon the expiration of the Term. 
 9.2 If any of the following occur (each a Default and
the Party triggering such Default a Breaching Party): 
  

	(a)	VEL or Licensee fails to make a payment of money due under this Agreement which failure continues for more than thirty (30) days after written notice from the other Party
requiring the payment to be made; 

  

	(b)	VEL or Licensee commits a material breach of any of the provisions of this Agreement, which breach: 

  

	 	(i)	is or is likely to be materially damaging to the other Party or to the goodwill of the Marks, including the use of the Marks for purposes other than a Licensed Activity; or

  

	 	(ii)	arises from the Licensee’s use of the Marks for purposes other than a Licensed Activity (but where such use is not materially damaging to the other Party or to the goodwill of
the Marks); and 

  

 27 

	 	(iii)	continues for a period of more than sixty (60) consecutive days after receipt of written notice from the non-breaching Party specifying the breach (the Cure
Period); 

  

	(c)	VEL or Licensee ceases to do business as a going concern; 

  

	(d)	VEL or Licensee is unable to or admits its inability to pay its debts as they become due; 

  

	(e)	VEL or Licensee institutes a voluntary proceeding, or becomes the subject of an involuntary proceeding which involuntary proceeding is not dismissed within thirty (30) days,
under any bankruptcy act, insolvency Law or any Law for the relief of debtors, has a receiver appointed for the Party which appointment is not dismissed, vacated or stayed within thirty (30) days, or executes a general assignment for the
benefit of creditors; 

  

	(f)	Licensee challenges VEL’s ownership of the Marks or the Names; or 

 then: 
  

	 	(A)	if VEL is the Breaching Party and VEL has failed to cure any Default with the applicable cure period, if any, then Licensee may, at any time within twenty-four (24) months of
the expiration of any applicable cure period for such breach, terminate this Agreement upon ninety (90) days prior written notice to VEL and Sprint Ventures, Inc.; and 

  

	 	(B)	if Licensee is the Breaching Party and Licensee has failed to cure any Default with the applicable cure period, if any, then VEL may, at any time within ninety (90) days of the
expiration of any applicable cure period for such breach, terminate this Agreement upon thirty (30) days written notice to Licensee and Sprint Ventures, Inc; provided however that, within such thirty (30) day period before termination, the
Parties may agree to extend the license in whole or in part beyond such date of nominal termination, in accordance with a transition plan suitable to protect the Licensee’s interests while Licensee effects a transition to replace trade names
and marks; provided, further, that in no event shall VEL be required to commit to continued use of the Marks or any of them throughout a transition period of more than twelve (12) further months, and VEL shall continue to be entitled to procure
injunctive relief or any other remedies against continuation of any breach by Licensee as of the date of notice of termination, 

 provided
that, if (x) VEL notifies the Licensee of a breach referred to in 9.2(b)(B) above and (y) the Licensee wishes to dispute that the Marks have been used for purposes other than a Licensed Activity, the Licensee shall, within ten
(10) days of receiving the notification, notify VEL enclosing a Resolution Request (as defined in Clause 14.11(a)) and the Parties shall attempt to resolve the matter in accordance with Clause 14.11, and in relation to that breach: 

 

	 	(1)	the Cure Period shall not be deemed to have commenced unless the Parties are not able to resolve the dispute by the expiry of the fifteen (15) Business Day period referred to
in Clause 14.11(d), upon which the Cure Period shall be deemed to commence; 

  

 28 

	 	(2)	if the Parties determine during or as a consequence of the procedures in Clause 14.11 that the Licensee is using the Marks for purposes other than a Licensed Activity, then the Cure
Period shall be deemed to commence upon written notice from VEL following that determination; and 

  

	 	(3)	if the Parties determine during or as a consequence of the procedures in Clause 14.11 that the Licensee is not using the Marks for purposes other than a Licensed Activity, VEL shall
notify Licensee that the notice of termination is withdrawn. 

 9.3 In addition to the foregoing, in the event that, at any time during the
Term, if: 
  

	(a)	Licensee enters into a transaction that, if completed according to its terms, would constitute an Adverse Change of Control, then (i) Licensee will provide VEL a written notice
as soon as reasonably practicable; and (ii) VEL may, during the period beginning with receipt of notice from Licensee and ending ninety (90) days following the completion of any such transaction, provide written notice to Licensee of
VEL’s intent to terminate this Agreement and such termination shall become effective twenty-four (24) months from the date of receipt by Licensee of such notice; or 

  

	(b)	Licensee’s rights under its PCS Services Agreement between Licensee and Sprint Spectrum L.P., a Delaware limited partnership (SPCS), governing the provision of
telecommunication services by SPCS to Licensee (as amended, supplemented or otherwise modified from time to time, the PCS Services Agreement) are terminated due to an adverse change of control with respect to SPCS, the specifics of
which are set forth in the PCS Services Agreement (SPCS Change of Control Termination), then (i) Licensee will provide VEL a written notice as soon as reasonably practicable; and (ii) VEL may, during the period beginning with
completion of the SPCS Change of Control Termination or receipt of such notice from Licensee (whichever is sooner) and ending ninety (90) days following the completion of any such transaction, provide written notice to Licensee of VEL’s
termination of this Agreement and such termination shall occur on the effective date of termination of the PCS Services Agreement. 

 9.4 Upon
expiration of the Term or earlier termination of this Agreement for any reason, the Licensee shall, and procure that all sub-licensees shall, as soon as reasonably practicable and in any event no later than three (3) months following expiration
or termination (unless a longer period is authorized under a transition plan agreed under Clause 9.2): 
  

	(a)	cease to use any of the Marks other than use in connection with accurate historical descriptions of the business and as may be required by any applicable Law;

  

	(b)	remove from any establishment or place all representations of the Marks including without limitation all signs or display material bearing the Marks; 

  

 29 

	(c)	deliver (at its expense) to VEL (or to any person, firm or company nominated by VEL) such products and other materials that it owns or that are in its possession which reproduce or
display the Marks or, at the election of Licensee, remove the use of the Marks on such products or materials and provide VEL with satisfactory evidence of their removal, or at the election of Licensee, destroy such products and other materials and
provide VEL with satisfactory evidence of their destruction; provided that Licensee shall not be obligated to remove the Marks from Handsets or other Products under the control or in the inventory of any Customer or third-party distributor,
including Virgin Entertainment Group; 

  

	(d)	change its name to a name that does not incorporate the Marks or anything confusingly similar thereto and cease to use the Marks as a business or trading name or part thereof; and

  

	(e)	at the request of VEL, execute any documents provided to the Licensee by VEL necessary to confirm that the goodwill that has accrued during the Term in the Marks or any Mark is
vested in VEL. 

 9.5 The Licensee shall be entirely responsible to VEL for any direct damage caused by the unauthorised use of such products
and/or materials which are not delivered up or destroyed or altered pursuant to Clause 9.4(c). 
 9.6 Termination of this Agreement shall be without
prejudice to the rights of either Party which may have accrued up to the date of such termination. 
 9.7 Except as otherwise provided in Clauses 9.2 and
9.3, neither Party may terminate this Agreement except by notice in writing to the other and with the written consent of the other. 
 INFRINGEMENTS AND INJUNCTIVE RELIEF 
 10.1 The Licensee shall promptly notify VEL
of: 
  

	(a)	any unauthorised use or infringement or suspected or threatened infringement of the Marks or of any passing off or of any other act or thing which might reasonably vitiate or
prejudice the rights of VEL in and to the Marks, in each case, in the Territory; and 

  

	(b)	any claims or allegations that the use of the Marks by the Licensee or its sub-licensees infringes the rights of any third party that come to its notice at any time giving
reasonable particulars thereof. 

 10.2 Subject to Clauses 6.1(d) and 10.4, VEL shall have the exclusive right in its absolute discretion and
at its expense to take whatever action it believes necessary and proper in connection with any of the matters described in Clause 10.1 above. 
 10.3 The
Licensee agrees to provide to VEL at the expense of VEL all reasonable assistance which VEL may require in connection with any action it may decide to take in relation to any unauthorised use, infringement, suspected or threatened infringement,
passing off or other unlawful interference with the rights of VEL (including, without limitation, bringing or joining 

  

 30 

 
in proceedings or lending its name to any proceedings brought by VEL). The provisions of Section 30(2) of the Trademarks Act 1994 (as amended,
re-enacted or replaced from time to time) or similar or equivalent legislation in any country of the world, if any, are expressly excluded by the Parties for the purposes of this Agreement. 
 10.4 If, having been requested in writing by the Licensee to do so, VEL fails to take action in respect of any event described in Clause 10.2 for a period exceeding
twenty eight (28) days or sooner, if agreed by the Parties, the Licensee shall be entitled to do so at its own expense and in its own name and that of VEL and VEL agrees to provide the Licensee all reasonable assistance which the Licensee may
require in connection with the action it takes provided always that: 
  

	(a)	the Licensee notifies VEL in writing of its intention to do so; 

  

	(b)	the Licensee shall only be permitted to take such action if failure to do so would have a material adverse effect on Licensee’s ability to exercise its rights with respect to
the Licensed Activities; 

  

	(c)	the Licensee shall not be permitted to take such action if it would have a material adverse effect on VEL or any other licensee of the Marks acting within the terms of its license,
in which case, the Parties shall cooperate on a good faith basis to attempt to find an alternate course of action; 

  

	(d)	the Licensee will indemnify and keep indemnified VEL from and against all third party costs and expenses (including, without limit, disbursements, legal costs on an attorney-client
basis, fees and expenses and value added tax), actions, proceedings, claims, demands and damages arising directly from such action; 

  

	(e)	the Licensee keeps VEL up-to-date with details of the status of such action or proceedings; 

  

	(f)	the Licensee shall consult VEL prior to finalising any negotiated settlement of any such action or proceedings (although the terms of any such settlement shall be at the
Licensee’s sole discretion); 

  

	(g)	if the Licensee succeeds in securing substantially all the relief it seeks in the action or proceedings it takes in accordance with this Clause 10.4, then it shall provide VEL with
evidence reasonably acceptable to VEL (certified if required by VEL by a qualified auditor approved by VEL) of the legal costs and expenses incurred in taking that action and VEL shall reimburse the Licensee its reasonable legal costs and expenses
so incurred; 

  

	(h)	where such action is taken by the Licensee against a Virgin Entity, VEL reserves the right to intervene between the parties and require the dispute and any proceedings related
thereto to be suspended for a maximum of twenty (20) Business Days, unless otherwise agreed to by VEL and Licensee, whilst negotiations to resolve the issues take place. In the event that any resolution pursuant to this Clause requires
amendments to be made to any agreement between VEL and Licensee or VEL and any other Virgin Entity, VEL will use its reasonable endeavours to effect the necessary amendments as soon as reasonably practicable. 

  

 31 

 10.5 The proportion of the costs and damages recovered in respect of any action (or of a settlement of any action)
pursuant to Clauses 10.2 or 10.4 shall first, reimburse the Party who brought the action in respect of all costs and expenses payable to third parties (excluding, for the avoidance of doubt, the cost of lost management time) incurred as a result of
bringing the action and the remainder shall go first to Licensee, to the extent of injury suffered by it from the subject matter of the action; provided that the Licensee provides VEL, upon the reasonable request of VEL, with evidence reasonably
acceptable to VEL of the loss or damage caused by the subject matter of the actions (certified if required by VEL by a reasonably qualified auditor) with any and all excess recovery going to VEL; provided further that nothing in this Clause 10.5
shall derogate from the acknowledgement in Clause 2. 
 INDEMNITY 
 11.1 The Licensee undertakes and agrees that it shall at all times during the continuance in force of this Agreement observe and perform the terms and conditions contained in this Agreement. The Licensee undertakes
and agrees to indemnify and hold harmless VEL and its officers, directors, agents, employees and representatives from and against all costs and expenses (including, without limitation, legal costs on an attorney-client basis, fees and expenses and
value added tax), actions, proceedings, claims, demands and damages arising directly or indirectly from a third party claim relating to: 
  

	(a)	the Licensee’s use of a Mark in breach of this Agreement; or 

  

	(b)	the Licensee’s use of the Marks on or in relation to Products in connection with any product liability claims or proceedings, 

 save to the extent that the same are caused by a breach of this Agreement by VEL. 
 11.2 VEL shall indemnify and hold harmless the Licensee and its officers, directors, agents, employees and representatives from and against all costs and expenses (including, without limitation, legal costs on an attorney-client basis, fees
and expenses and value added tax), actions, proceedings, claims, demands and damages arising directly or indirectly from a third party claim relating to: 
  

	(a)	the Licensee’s use of a Mark or a Name in accordance with this Agreement; or 

  

	(b)	invalidity of or defects in VEL’s title to the Marks, other than any V Marks or any additional elements used by the Licensee in combination with the Virgin Name or the Virgin
Signature in accordance with Clause 3.7(c), 

 save to the extent that the same are caused by a breach of this Agreement by Licensee.

  

 32 

 CONFIDENTIALITY 
 12.1 Each of the Parties shall keep secret and confidential any information of a confidential nature which it may obtain relating to the business affairs and/or trade secrets of the other provided that this obligation
shall not apply in respect of (a) any information which comes into the public domain other than as a result of breach by the recipient of the information of the provisions of this Clause, (b) which was otherwise known by the receiving
Party prior to receipt of such information from the disclosing Party, or (c) which is required to be disclosed by Law, any governmental or regulatory authority or by order of a court of competent jurisdiction. This Clause shall continue in
force following expiry or termination of this Agreement. 
 NOTICES 
 13.1 Any notice or other communication required or authorised to be given under this Agreement shall be in writing and either be delivered by hand or sent by first class post, courier or facsimile transmission
(provided that in the case of facsimile transmission, the notice is confirmed by being delivered by hand or sent by first class post within forty-eight (48) hours) as follows: 
  

			
	Address for notices to VEL:	  	Virgin Enterprises Limited
		  	 120 Campden Hill Road
 London W8
7AR

		  	England
		  	Attention: Intellectual Property Department
		  	Fax: +44 (0) 20 7313 2091
		
	Address for notices to the Licensee:	  	Virgin Mobile USA, LLC
		  	 10 Independence Boulevard
 Warren, New Jersey 07059

		  	Attention: VP, Business Affairs
		  	Fax: (908) 607-4078
		
	With a copy to:	  	Sprint Ventures, Inc.
		  	c/o Sprint Spectrum L.P.
		  	6330 Sprint Parkway
		  	KSOPHA0310-3B121
		  	Overland Park, Kansas 66251
		  	Attention: Vice President, Business Development
		  	Fax: (913) 762-0109
		
		  	and:
		
		  	Virgin USA Inc.
		  	65 Bleecker Street, 6th Floor
		  	New York, New York 10012
		  	Attention: General Counsel
		  	Fax: (646) 452-6161

  

 33 

 13.2 The Parties may change the address, facsimile number or the name of the person for whose attention notices are to be
addressed by serving a notice on the other Party in accordance with the provisions of this Clause. 
 13.3 All notices given in accordance with Clause 13.1
above shall be deemed to have been served as follows: 
  

	(a)	if delivered by hand or courier, at the time of delivery; 

  

	(b)	if posted, at the expiration of three (3) Business Days after the envelope containing the same was delivered into the custody of the postal authorities; or

  

	(c)	if communicated by facsimile, at the time of transmission, provided that where, in the case of delivery by hand or transmission by facsimile, such delivery or transmission occurs
after 6 p.m. on a Business Day or on a day which is not a Business Day, service shall be deemed to occur at 9 a.m. on the next following Business Day. References to time in this Clause are to local time in the country of the addressee.

 13.4 In proving such service it shall be sufficient to prove that the envelope containing such notice was properly addressed and delivered
either to the address shown or into the custody of the postal authorities as a pre-paid first class letter, or that the facsimile transmission was made after obtaining in person or by telephone appropriate evidence of the capacity of the addressee
to receive the same, as the case may be. 
 GENERAL 
 Waiver 
 14.1 No delay, failure or indulgence by either Party to perform any provision of this Agreement shall operate
or be construed as a waiver of that Party’s powers or rights under this Agreement or prejudice that Party’s rights to subsequent action. Any waiver by either Party of its rights under this Agreement shall not operate as a waiver in respect
of any subsequent breach. No single or partial exercise of any power or right by either Party shall preclude any other or further exercise thereof or the exercise of any such other power or right under this Agreement. 
 Modifications 
 14.2 No amendment or modification to this Agreement
will be effective or binding unless it is in writing, signed by both the Parties and specifically states that it is an amendment to this Agreement. 
 Invalidity 
 14.3 If at any time any one or more of the provisions (or part of one or more of the provisions) of this Agreement becomes
invalid, illegal or unenforceable in any respect, under any Law, the validity, legality and enforceability of the remaining provisions (or part or parts) shall not in any way be affected or impaired. 
  

 34 

 Entire Agreement 
 14.4 This Agreement sets out the entire agreement and understanding between VEL and the Licensee in respect of the use of the Marks by the Licensees and supersedes all previous representations, understandings, licenses or agreements,
whether oral or written, in relation to such use. It is agreed that: 
  

	(a)	no Party has entered into this Agreement in reliance upon any representation, warranty or undertaking of any other Party which is not expressly set out or referred to in this
Agreement; 

  

	(b)	subject only to (c) below, no Party shall have a claim or remedy in respect of misrepresentation (whether negligent or otherwise) or untrue statement made by any other Party;
and 

  

	(c)	this Clause shall not exclude any liability for fraudulent misrepresentation. 

 Independent Contractors 
 14.5 Nothing in this Agreement shall create, or be deemed to create, a partnership, a joint venture, an agency, a
fiduciary duty or employment between the Parties. The only relationship created by this Agreement is that of independent contractors, and, except as expressly provided herein, neither Party by virtue of this Agreement has authority to transact any
business in the name of the other Party or on its behalf or incur any liability for or on behalf of the other Party. 
 Governing Law 
 14.6 This Agreement shall be governed by and construed in accordance with English law. Each of the Parties irrevocably submits to the non-exclusive jurisdiction of the
Courts of the state of Delaware and the courts of the United States of America for the District of Delaware, and appellate courts of any such courts. 
 Counterparts 
 14.7 This Agreement may be executed in counterparts, each of which shall be considered an original, with the same effect as if
the Parties or their representatives signed the same instrument. 
 Further Assurances 
 14.8 VEL and the Licensee shall, at the Licensee’s expense, execute and deliver all such documents and take or procure the execution of all such documents (in a form reasonably satisfactory to both Parties) as
may from time to time be required to give full effect to this Agreement. 
  

 35 

 Costs 
 14.9 Each
Party shall bear its own costs in connection with the negotiation, preparation and implementation of this Agreement. 
 Insurance 
 14.10 The Licensee shall ensure that it maintains, at all times during the Term, current policies of insurance sufficient to indemnify against any product liability
claims of up to USD 25,000,000 (twenty-five million United States dollars) arising from use of the Products and naming VEL as an additional insured. 
 Dispute Resolution 
 14.11 In the event there is a dispute between the Parties regarding the interpretation of any provision this Agreement
or either Party’s performance under any provision of this Agreement (a Dispute), the Parties shall attempt to resolve such Dispute in accordance with this Clause 14.11. This Clause 14.11 shall be without prejudice to either
Party’s right to take the action (including termination of this Agreement) described in Clause 9.2 or 9.3 in accordance with those Clauses. 
  

	(a)	Upon written request of either Party (the Resolution Request), the Dispute shall be submitted for resolution to a dispute resolution team which shall be comprised of
two representatives from each Party (the Integrated Action Team). The Integrated Action Team shall meet as often as necessary to gather and furnish to each Party all information with respect to the matter in issue, which is appropriate
and germane for its resolution; 

  

	(b)	The Integrated Action Team shall discuss the Dispute and negotiate in good faith in an effort to resolve the Dispute without the necessity of further action relating thereto. During
the course of such negotiation, all reasonable requests made by one Party to the other for non-privileged information reasonably related to this Agreement and the Dispute will be honored in order that such Party may be fully advised of the
other’s position. The specific format for such discussions will be left to the discretion of the Integrated Action Team, but may include the preparation of agreed upon statements of fact or written statements of position furnished by each Party
to the other; 

  

	(c)	If the Dispute is not fully resolved by the Integrated Action Team within fifteen (15) Business Days after the delivery of the Resolution Request, then either of the Parties
may request that the Dispute be escalated to the respective President, CEO or Chairmen of the Parties (as applicable) (the Designated Officers, and each such request an Escalation Request), after which, within fifteen
(15) Business Days of the delivery of the Resolution Request, each of the Parties shall prepare and send to the Designated Officers of the Parties, respectively, a memorandum stating its understanding of the matter subject to the Dispute, its
position in relation to such matter, its reasons for taking such position and any proposals for resolving the Dispute; 

  

	(d)	The Designated Officers shall as soon as reasonably practicable (within at least fifteen (15) Business Days after the Dispute has been referred to such Designated Officers or
as such Designated Officers shall otherwise agree) meet (in person or by telephone) to discuss the Dispute and use their reasonable best efforts to resolve it; and 

  

 36 

	(e)	Notwithstanding anything in this Agreement to the contrary, either Party may resort to court action for urgent or injunctive relief at any time if the dispute resolution process set
forth in this Clause would permit or cause irreparable damage to such Party due to delay arising out of the dispute resolution process. 

 Governance Matters 
 14.12 Solely during the Term, VEL shall have the right to appoint one (1) director, selected at its sole
discretion, to Virgin Mobile USA, Inc.’s Board of Directors, provided that, VEL does not have a right to appoint a director in connection with its status as a shareholder of Virgin Mobile USA, Inc. pursuant to Virgin Mobile USA, Inc.’s
charter, bylaws or stockholder’s agreement. 
 [Signature pages follow] 
  

 37 

 [Signature page to Amended and Restated Trademark License Agreement] 
 IN WITNESS WHEREOF this Agreement has been signed by the authorised representatives of the Parties on the day and year first written above. 
  

							
	SIGNED for and on behalf of	 	)	 	
	VIRGIN ENTERPRISES LIMITED	 	)	 	
	by	 	 /s/ Neil Hobbs
	 		 	)
	in the presence of:	 	)	 	

  

							
	SIGNED for and on behalf of	 	)	 	
	VIRGIN MOBILE USA, LLC	 	)	 	
	by	 	 /s/ Peter Lurie
	 		 	)
	in the presence of:	 	)	 	

  

 38 

 SCHEDULE 1 
 Trademarks 
  

									
	Trademark	 	Application /
Registration
Number	 	Country	 	Class	 	Status
	VIRGIN	 	76/107,265  
 2,689,098
	 	USA	 	9, 38	 	Registered
					
	Virgin Signature	 	76/107,264  
 2,689,097
	 	USA	 	9, 38	 	Registered
					
	VIRGIN XTRAS	 	76/301,267  
 2,870,028
	 	USA	 	9, 38	 	Registered
					
	VIRGIN MOBILE	 	76/301,009  
 2,770,775
	 	USA	 	9, 38	 	Registered
					
	VIRGIN MOBILE
& Design	 	76/301,011  
 2,770,776
	 	USA	 	9, 38	 	Registered
					
	VIRGIN XL	 	78/543,655  
 3,100,295
	 	USA	 	9, 38	 	Registered
					
	VAM	 	78/904,946  
	 	USA	 	38	 	Pending
					
	VIRGIN2VIRGIN	 		 	USA	 		 	

  

 I 

 SCHEDULE 2 
 The Signature 
 

 
  

 II 

 SCHEDULE 3 
 Accessories 
 The following accessories, in each case for use with Handsets: 
 Chargers, including home and travel chargers 
 Batteries (both slim and
extended) 
 Cigarette lighter chargers for motor vehicles 
 Cases
(leather and plastic), including pouches 
 Headsets (for telephone services and music) 
 Clip-on belt pieces, including holsters 
 Hands-free car kits 
 Faceplates 
 Data Cables 
 Plug-in radios 
 Backpack straps and other wearable system devices 
 Memory Cards 
 Antennas 
 Phone
straps 
 Car holders 
 Keypad or button accessories 

 

 III 

 SCHEDULE 4 
 Additional Sites 
  

			
	clubvmu.com	 	virginxl.mobi
	clubvmu.mobi	 	virginxl.us
	promotionsvirginmobileusa.com	 	virginxtras.mobi
	vam.mobi	 	virginxtras.us
	vgrps.com	 	virgin-xtras.us
	virginextras.mobi	 	vm-alerts.com
	virginextras.us	 	vm-news.com
	virgin-extras.us	 	vmgrps.com
	virginmobile.us	 	vmobile-corp.com
	virgin-mobile.us	 	vmobile-corp.net
	virginmobilestash.com	 	vmobl.com
	virginmobilestash.mobi	 	vmobl.net
	virginmobileusa.biz	 	vmobl.org
	virginmobileusa.com	 	vmobl.us
	virginmobileusa.info	 	vmoblg.com
	virginmobileusa.mobi	 	vmoblg.net
	virginmobileusa.net	 	vmoblg.org
	virginmobileusa.org	 	vmphotoblog.com
	virginmobileusa.us	 	vmpix.com
	virginmobileusarecycle.com	 	vmu.m7networks.com
	virginmobileusastash.com	 	vmu-mail.com
	virginmobileusastash.mobi	 	vmusa.biz
	virginmobilexl.com	 	vmusa.info
	virginmobilexl.net	 	vrgnmbl.biz
	virginmobilexl.org	 	vrgnmbl.com
	virginmobilexl.us	 	vrgnmbl.info
	virginwirelessusa.com	 	vrgnmbl.us

  

 IV 

 EXHIBIT A 
 NONDISCLOSURE AGREEMENT 
  

 V 

 NONDISCLOSURE AGREEMENT 
 This Nondisclosure Agreement (this “Agreement”) is dated as of
                    , 200    , between Virgin Mobile USA, LLC, a Delaware limited liability company
(“VMU”), and                     , a licensee of Virgin Enterprises Ltd., and a
                     corporation (the “Company”). 
 RECITALS 
  

	A.	VMU may disclose valuable proprietary information to the Company relating to VMU’s Stash Card program (the “Stash Program”). 

  

	B.	VMU and the Company want to protect the confidentiality of, maintain their respective rights in, and prevent the unauthorized use and disclosure of such information.

 VMU and the Company hereby agree as follows: 
 1. Confidential Information. As used in this Agreement, “Confidential Information” means all information, currently existing or subsequently created during the term of the relationship between the
parties, that a party and/or any of its Affiliates owns or controls that is not generally publicly available, whether of a technical, business or other nature (including but not limited to (a) financial information, including pricing;
(b) technical information, including research, development, specifications, procedures, algorithms, data, designs, and know-how; and (c) business information, including operations, objectives, management, assets, results, planning,
marketing, timing, strategic partners, customers and products), that is disclosed by one party (the “Disclosing Party”) to the other party (the “Receiving Party”) or that is otherwise learned by the Receiving Party, in either
case in the course of the discussions or business dealings with the Disclosing Party that are the subject of this Agreement, and which has been identified as being confidential or which the Receiving Party knows or has reason to know by the nature
of the circumstances surrounding the disclosure or receipt ought to be treated as confidential. 
 2. Use and Ownership of Confidential Information.
The Receiving Party, except as expressly provided in this Agreement, will not disclose Confidential Information to anyone other than its Representatives (as defined in Section 7 below) who have a need to know without the Disclosing Party’s
prior written consent. In addition, the Receiving Party will not use, or permit others to use, Confidential Information for any purpose other than its evaluation of a potential business opportunity between the parties and, if desired by the parties,
negotiation and consummation of a business transaction between the parties pursuant to a definitive agreement. 
 The Receiving Party will take all
reasonable measures to avoid disclosure, dissemination or unauthorized use of the Disclosing Party’s Confidential Information, including, at a minimum, those measures it takes to protect its own confidential information of a similar nature. All
Confidential Information will remain the exclusive property of the Disclosing Party, and the Receiving Party will have no rights, by license or otherwise, to use the Disclosing Party’s Confidential Information except as expressly provided
herein. 
 3. Exceptions. The obligations of Section 2 with respect to confidentiality and use will not apply to any information which
(i) at the time of disclosure was or thereafter becomes publicly 

  

 VI 

 
available without breach of this Agreement; (ii) was rightfully known to the Receiving Party prior to its receipt from the Disclosing Party;
(iii) is rightfully received from a third party that, to the knowledge of the Receiving Party, did not acquire or disclose such information by a wrongful or tortious act; or (iv) was developed by the Receiving Party without reference to or
use of any Confidential Information of the Disclosing Party. 
 4. Disclosures to Governmental Entities. If the Receiving Party becomes legally
obligated to disclose Confidential Information of the Disclosing Party by law, regulation or any governmental entity with jurisdiction over it, including any court of competent jurisdiction, the Receiving Party will give the Disclosing Party prompt
written notice. Such notice must include, without limitation, identification of the information to be so disclosed and a copy of the order or reference to applicable law or regulation. The Receiving Party will disclose only such information as it
reasonably deems is legally required and will use reasonable efforts to obtain confidential treatment for any Confidential Information that is so disclosed. 
 5. Compliance with Export Laws. Both parties will comply with all United States export control laws and regulations as they currently exist and as they may be amended from time to time that are applicable to Confidential Information.

 6. No Required Disclosure or Warranties. Nothing in this Agreement shall be construed as an obligation for either party to disclose information or
evaluation materials to the other party. The Disclosing Party shall not be considered to have made or make any representation or warranty as to the accuracy or completeness of any information provided hereunder. The Receiving Party and its
Affiliates will be responsible for conducting and completing its own independent investigation, evaluation and due diligence relative to engaging in a transaction with the Disclosing Party. 
 7. Receiving Party Representatives. The Receiving Party will restrict the possession, knowledge, development and use of Confidential Information of the Disclosing
Party to its employees, directors, officers, consultants, lawyers, and entities controlled by or controlling it (collectively, “Representatives”) who have a need to know Confidential Information in connection with the purposes set forth in
Section 2 and who are under obligations restricting disclosure and use of such Confidential Information consistent with the requirements of this Agreement. The Receiving Party’s Representatives will have access only to the Confidential
Information they need for such purposes. The Receiving Party will be liable for any breach of this Agreement by its Representatives and will promptly notify the Disclosing Party of any such breach. 
 8. Return of Confidential Information. In the event that the parties determine not to proceed with discussions with respect to the business opportunity or upon
the Disclosing Party’s written request at any time, the Receiving Party will promptly return or destroy (or, in the case of electronic embodiments, permanently erase) all tangible material embodying Confidential Information (in any form and
including, without limitation, all summaries, copies and excerpts of Confidential Information) in its possession or under its control. 
 9. Independent
Development. The Disclosing Party acknowledges that the Receiving Party may currently or in the future be developing products or information internally, or receiving 

  

 VII 

 
information from or having products or information developed by other parties, that are similar to the Confidential Information. Accordingly, except for its
express obligations under this Agreement with respect to Confidential Information of the Disclosing Party, nothing in this Agreement will be construed as restricting the Receiving Party from developing or having developed for it products, concepts,
systems or techniques that are similar to or compete with the products, concepts, systems or techniques contemplated by or embodied in the Confidential Information. 
 10. Injunctive Relief. The Receiving Party acknowledges that disclosure or use of Disclosing Party’s Confidential Information in violation of this Agreement may cause irreparable harm to the Disclosing
Party for which monetary damages may be difficult to ascertain or an inadequate remedy. The Receiving Party therefore agrees that the Disclosing Party will be entitled, in addition to its other rights and remedies, to such injunctive or equitable
relief for any violation of this Agreement as may be deemed proper by a court of competent jurisdiction. 
 11. Limited Relationship. This Agreement
does not create a joint venture, partnership or other formal business relationship or entity of any kind, or an obligation to form any such relationship or entity. Each party will act as an independent contractor and not as an agent of the other
party for any purpose, and neither will have the authority to bind the other in the absence of a definitive agreement governing the prospective transaction. 
 12. Entire Agreement; Amendment. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior oral and written understandings with respect to such subject
matter. This Agreement may be amended or modified only with the mutual written consent of the parties. 
 13. Term and Termination. Subject to the
provisions below regarding expiration and termination, the terms of this Agreement shall remain in full force notwithstanding the completion of the parties’ evaluations or the achievement or abandonment of the purpose of this Agreement, the
termination of the parties’ relationship, or the return of all tangible materials embodying Confidential Information. This Agreement is intended to cover Confidential Information disclosed or received by either party prior or subsequent to the
date of this Agreement in the course of the discussions or business dealings that are the subject of this Agreement. Either party may terminate this Agreement by giving the other party written notice of termination at the address set forth in the
signature blocks below (except that in the case of VMU, such notice shall be marked to the attention of General Counsel), and unless otherwise earlier terminated, this Agreement will automatically expire two (2) years from the date first
written above; provided that each party’s obligations under Sections 2, 4 and 7 (subject to the exceptions of Section 3) with respect to the other party’s Confidential Information disclosed or received prior to termination or
expiration will survive for two (2) additional years following the expiration or termination of this Agreement, and the provisions of Sections 5-6 and 8-16 shall survive any such expiration or termination. 
 14. Nonwaiver. It is understood that any failure or delay by either party to enforce such party’s rights, powers or privileges hereunder, including, without
limitation, the other party’s strict performance of any provision of this Agreement, will not constitute a waiver of its right to subsequently enforce such provision or any other provision of this Agreement. 
  

 VIII 

 15. Attorney Fees. In the event any court action is commenced by one party against the other with respect to this
Agreement, the substantially prevailing party will be entitled to recover its out-of-pocket and court costs and reasonable attorney fees. 
 16.
Miscellaneous. This Agreement will be governed by laws of the State of New York, may be executed in counterpart copies, and, in the absence of an original signature, faxed signatures will be considered the equivalent of an original signature.
Each party hereby waives its right to a jury trial for any claims that may arise out of this Agreement. If a provision of this Agreement is held invalid under any applicable law, such invalidity will not affect any other provision of this Agreement
that can be given effect without the invalid provision. Further, all terms and conditions of this Agreement will be deemed enforceable to the fullest extent permissible under applicable law, and, when necessary, the court is requested to reform any
and all terms or conditions to give them such effect. Neither party may assign or transfer this Agreement or any of its duties under this Agreement without the other party’s prior written consent, except that each party may assign this
Agreement to an Affiliate or a successor entity in connection with a public offering of securities, but no such assignment shall relieve the assigning party of its obligations hereunder. Any assignment or attempted assignment without the required
prior written consent shall be void. The terms of this Agreement shall be binding upon and shall inure to the benefit of the successors and permitted assigns of the parties hereto. 
 The parties have executed this Agreement on the date first written above. 
  

			
	 Virgin Mobile USA, LLC

		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 
		
	 Date:
	 	 
	 Mailing Address:

	 10 Independence Blvd.

	 Warren, New Jersey 07059

	
	 Company:

		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 
		
	 Date:
	 	 
	 Mailing Address:

  

 IX 

 EXHIBIT B 
 TM GUIDELINES 
  

 X 

 EXHIBIT C 
 CODE OF CONDUCT 
  

 XI 

 EXHIBIT D 
 CUSTOMER SERVICE LEVELS 
 Customer Service Levels 
 The Licensee shall comply with the following customer service levels: 
  

	 	(a)	acknowledge written complaints from Customers within seven (7) days and provide a full response (either written or oral) within twenty-eight (28) days;

  

	 	(b)	respond to all emails and telephone calls, whether queries or complaints within two (2) Business Days; 

  

	 	(c)	ensure that employees are fully trained, competent, courteous and respectful; 

  

	 	(d)	use honest and ethical selling and marketing practices; 

  

	 	(e)	produce a customer satisfaction report on at least a quarterly basis and a complaints report on at least a quarterly basis to include the number of complaints and the number of
complaints per thousand Customers; 

  

	 	(f)	obtain a customer satisfaction level of 90% “very satisfied” (i.e., 4/5) or above and 45% “extremely satisfied” (i.e., 5/5) assessed quarterly by polling a
combination of a statistically significant number of Customers “how satisfied are you with your experience with Virgin Mobile?”; 

  

	 	(g)	obtain an advocacy level of 65% “definitely would recommend” (i.e., 5/5) or “likely to recommend” (i.e., 4/5) assessed quarterly by polling a combination of a
statistically significant number of Customers “how likely are you to recommend Virgin Mobile to others?”; 

  

	 	(h)	obtain a complaints level (i.e., tracked events of Customer dissatisfaction) of less than 1% of total Customers, assessed quarterly; 

  

	 	(i)	ensure 75% of all calls to the customer management center, are answered within forty (40) seconds, assessed quarterly; and 

  

	 	(j)	 (i) in the first year following the Commencement Date the Licensee shall use commercially reasonable efforts to ensure that no more than 10% of calls to the
customer management center are abandoned, (ii) in the second year following the Commencement Date the Licensee shall use commercially reasonable efforts to ensure that no more than 8% of calls to the customer management center are abandoned,
(iii) in the third year following the Commencement Date the Licensee shall use commercially reasonable efforts to ensure that no more than 7% of calls to the customer management center are abandoned, and (iv) in the fourth year following
the Commencement Date and thereafter the Licensee shall use commercially reasonable efforts to ensure that no more than 5% of calls to the customer 

  

 XII 

	 	 
management center are abandoned, in the case of (i) through (iv) above, excluding all calls by Customers who elect to terminate such call in order
to perform a self-service option, including to access the Licensee’s Site to perform the desired function initially sought to be accomplished by such call; 

  

	 	(k)	use accepted industry methods to measure overall satisfaction among Customers who have reported problems and achieve, among such Customers, satisfaction levels which are no less
than 90% comparable to the overall satisfaction level among all Customers; and 

  

	 	(l)	undertake a staff satisfaction survey as set out in paragraph (d) below. 

 Measurement and Reporting 
 The Licensee agrees to report the following in connection with the Customer Service Levels described above, and
in the form of the Benchmarking Template, as such may be amended from time to time by the mutual agreement of the Parties, and provide VEL or a party nominated by VEL, with a copy of such report within ten (10) Business Days of the end of each
measurement period (other than in respect of the staff satisfaction survey referred to in paragraph (d) below, which shall be reported in accordance with the terms of paragraph (d)): 
  

	 	(a)	produce a customer satisfaction report on at least a quarterly basis (to include total number of Customers polled); 

  

	 	(b)	produce a complaints report on at least a quarterly basis (to include total number of Customers and total number of complaints); 

  

	 	(c)	produce a report setting out performance against the percentage of calls answered and abandoned targets on a quarterly basis; and 

  

	 	(d)	use commercially reasonable efforts to undertake a staff satisfaction survey of their own workforce (including working with third parties who provide outsourced services to the
Licensee to ensure that they track the same measures of employee satisfaction) at an optimum of every two (2) years and no less than every three (3) years. The content and form of such survey shall be at the discretion of the Licensee,
except that the survey shall include the question “how satisfied are you with working for Virgin Mobile over all?”, the responses to which shall be measured on a 5 point scale. The results obtained from such staff satisfaction surveys
shall be reported to VEL or its nominated representative via the next available quarterly People Benchmarks Report, as such may be amended from time to time by the mutual agreement of the Parties. The Licensee shall also engage in constructive
discussion about any areas of concern raised by VEL or its nominated representative and use commercially reasonable efforts to remedy those areas of concern. 

 Benchmarking Template and People Benchmarks Report 
 Please see attached. 
  

 XIII

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