Document:

Exhibit 10.14

 

BOND AGREEMENT

 

E-SERIES

 

Three-Year Bond at 7.5% Interest Rate

 

ERF Wireless, Inc.,
a Nevada corporation, (the “Company”) is offering for sale certain Bonds as described herein. The terms and conditions
governing the Bonds are contained in this Agreement. The Company hereby agrees with you (herein called “Investor” or
“Bondholder”), as follows:

 

	SECTION 1.	AUTHORIZATION OF BONDS

 

The Company hereby
authorizes the issuance and sale of an aggregate principal amount of $2,500,000 in the form of convertible, redeemable, unsecured
bonds (the “Bonds”) to be issued to the person set forth on the signature page of this Agreement. Each Bond issued
hereunder will be dated at the end of the calendar month in which the unit is purchased by you hereunder, and will mature three
years from the date of issuance and will bear interest on its unpaid principal balance from the date of issuance at the rate of
seven and one half percent (7.5%) per annum, payable semiannually. Interest will be paid in cash or common stock unless the bond
is converted or redeemed. If interest is paid in shares of Company common stock, par value $.001 (“Common Stock”),
each share of Common Stock will be valued at the Average Market Price (as defined in Section 7). The Bondholder, at his option
during the first year, may convert the principal and any accrued and unpaid interest on the terms and conditions set forth in Section
8. The Company, at its option after the first year, may convert the principal and any accrued and unpaid interest on the terms
and conditions set forth in Section 9. The term “Bond” or “Bonds” as used herein shall include each Bond
delivered pursuant to any provision of this Agreement and each Bond delivered in substitution or exchange for any such Bond pursuant
to any such provision. The Bond is an unsecured obligation of the Company subordinated in right of payment to the extent of the
principal amount (and premium, if any), and interest on, all senior indebtedness (however defined in any debt instrument) of the
Company, outstanding at any time during the term of the Bond.

 

	SECTION 2.	ISSUE AND SALE OF THE BOND

 

The Company will issue
and sell to you and, subject to the terms and conditions contained in this Agreement, you will purchase from the Company, a Bond
in the principal amount specified opposite your name on the signature page.

 

	SECTION 3.	ISSUE AND SALE OF THE BOND

 

The Company represents
and warrants that:

 

3.1Offering
of a Bond. The Bond has not been registered under the Securities Act of 1933 (“Act”) or any other similar agency
of any state in reliance upon what the Company believes to be exemptions from the registration requirements contained therein.
Since the Bond has not been registered, it, as well as the Common Stock in which it is convertible, will be a “restricted
security” as defined in Rule 144 of the general rules and regulations under the Act. As a “restricted security,”
an Investor must hold it indefinitely, and may not sell, transfer, pledge or otherwise dispose of it without registration under
the Act and without registration under any applicable state securities laws or unless an exemption from registration is available.
Moreover, in the event a Bondholder desires to sell or otherwise dispose of his Bond or dispose of the underlying shares of Common
Stock if such Bond is converted or prepaid, the Investor will be required to furnish the Company with an opinion of counsel acceptable
to the Company that the transfer would not violate the registration requirements of the Federal or State securities acts. The Company
has the absolute right, in its sole discretion to approve or disapprove such transfer. Accordingly, a Bondholder must be willing
to bear the economic risk of investment in the Bond for an indefinite period of time.

 

3.2Due Authorization
and Compliance with Other Instruments. This Agreement and the Bonds have been duly and validly authorized by all requisite
corporate proceeding and this Agreement constitutes, and the Bonds when executed and delivered will be valid and legally binding
obligations of the Company enforceable against the Company in accordance with their terms except as enforceability is limited by
bankruptcy, insolvency, reorganization, moratorium, or other laws relating to or affecting generally the enforcement of creditors’
rights and except to the extent that availability of equitable remedies are subject to the discretion of courts before which any
proceeding therefor may be brought and the Bonds will be entitled to the benefits of this Agreement and are not subject to any
preemptive or similar rights on the part of any holder or holders of shares of capital stock of the Company. 

 

     

     

    

 

	SECTION 4.	CERTAIN REPRESENTATIONS AND COVENANTS OF THE INVESTORS

 

4.1Purchase
for Investment; No Transfer of Bonds. The Bond may not be sold, transferred, assigned, hypothecated or otherwise disposed of
by the registered holder hereof, in whole or in part, unless and until the Company agrees in writing to such action, which agreement
may be withheld in its sole discretion. Furthermore, the Bond and the underlying shares of Common Stock may not be sold, transferred,
assigned, hypothecated or otherwise disposed of by the registered holder hereof, in whole or in part, unless and until either:
(i) the Bond or the underlying shares of Common Stock have been duly and effectively registered for resale under the Act, and under
any then applicable state securities laws; or (ii) the registered holder delivers to the Company a written opinion satisfactory
to its counsel that an exemption from such registration requirements is then available with respect to any such proposed sale or
disposition. Any transfer otherwise permissible hereunder shall be made only at the principal office of the Company upon surrender
of a Bond for cancellation or in exchange for a new Bond.

 

4.2Sale of the
Bond. You hereby agree that you will not directly or indirectly sell or otherwise dispose of the Bond or the underlying shares
of Common Stock held by you unless, at the time of such sale or other disposition, you comply with Section 4.1 hereof.

 

4.3Subordination
and Security. You hereby acknowledge that the payment of principal and interest on the Bond will be subordinated in right of
payment to the extent of the principal amount of (and premium, if any), and interest on, all senior indebtedness (however defined
in any debt instrument) of the Company outstanding at any time during the term of the Bond, and you hereby acknowledge that the
indebtedness hereunder is unsecured. You further acknowledge that the Bond is unsecured and that no sinking fund is being established
by the Company for the retirement of the indebtedness.

 

	SECTION 5.	REGISTRATION, TRANSFER AND SUBSTITUTION OF THE BOND

 

5.1Bond Register;
Ownership of the Bond. The Company will cause to be kept at its principal office a register in which the Company will provide
for the registration of the Bond. The Company shall treat the Investor in whose name any registered Bond is registered on such
register as the owner thereof for the purpose of receiving payment of the principal of, and interest on, such Bond and for all
other purposes and the Company shall not be affected by any notice to the contrary. All references in this Agreement to a “Bondholder”
or “holder” of any registered Bond shall mean the Investor in whose name such registered Bond is at such time registered
on such register.

 

5.2Replacement
of Bonds. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
any Bond and, in the case of any such loss, theft or destruction of any Bond, upon delivery of an indemnity bond in such reasonable
amount as the Company may determine, or, in the case of such mutilation, upon the surrender of such Bond for cancellation to the
Company at its principal office, the Company will execute and deliver, in lieu thereof, a new Bond of like tenor, dated so that
there will be no loss of interest on such lost, stolen, destroyed or mutilated Bond. Any Bond in lieu of which any such new Bond
has been so executed and delivered by the Company shall not be deemed to be an outstanding Bond for any purpose of this Agreement.

 

	SECTION 6.	PAYMENT ON THE BOND

 

6.1Payment of
Principal and Interest. The Company hereby agrees to pay the Bondholder the principal sum of the Bond on the third anniversary
of the date such Bond is issued, unless the Bond is converted or prepaid as discussed in this Agreement prior to such date, and
to pay interest at the rate of ten percent (7.5%) per annum thereon payable semiannually, as set forth in Section 1 of this Agreement.
Interest will be computed on the basis of a 365-day year.

 

6.2Place of
Payment. So long as you shall be the holder of any Bond, and notwithstanding anything contained in such Bond to the contrary,
the Company will pay all sums becoming due on such Bond for principal and interest to you at the address specified in the Subscription
Agreement (as defined in the Private Placement Memorandum of which this Bond is an appendix).

 

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	SECTION 7.	AVERAGE MARKET PRICE

 

The “Average
Market Price” of shares of Common Stock on any trading day shall be deemed to be the average daily “Closing Price”
for the preceding 60 trading days. The term “trading day” shall mean: (i) if the Common Stock is listed on the New
York Stock Exchange or the American Stock Exchange, a day on which there is trading on such stock exchange; or, (ii) if the Common
Stock is not listed on either of such stock exchanges but sale prices of the Common Stock are reported on an automated quotation
system, a day on which trading is reported on the principal automated quotation system on which sales of the Common Stock are reported;
or, (iii) if the foregoing provisions are inapplicable, a day on which quotations are reported by National Quotation Bureau Incorporated.
The “Closing Price” shall mean the last reported sales price on the principal securities exchange on which the Common
Stock is listed or admitted to trading or, if not listed or admitted to trading on any national securities exchange, on the National
Association of Securities Dealers Automatic Quotations System, or, if the Common stock is not listed or admitted to trading on
any national securities exchange or quoted on the National Association of Securities Dealers Automated Quotations System, in the
over-the-counter market as furnished by any New York Stock Exchange member firm selected from time to time by the Company for that
purpose.

 

	SECTION 8.	CONVERSION OF THE BOND INTO COMMON STOCK

 

8.1The Bondholder may require ERF Wireless
to convert the Bond (including any unpaid interest) into shares of the Company’s common stock at any time prior to the end
of the first year from the time the bond is first purchased. This option will be exercised by the Bondholder notifying the Company
in writing of their election to exercise this option. Failure to make this notification within the first year after purchase of
the Bond will make this option invalid. If the Bonds are converted under this option, the Company will issue shares representing
100% of the Bond principal and unpaid interest due up to the date the bond is converted. Shares issued under this option will be
valued at the five day closing price average of the common shares for the five days prior to the notification. In addition a warrant
will be issued to the Bondholder at the time the Bond is converted entitling the Bondholder to purchase one share of Energy Broadband
common stock at a price of $4.00 for every two dollars of the Bond principal.

 

8.2To exercise this conversion privilege,
the Bondholder shall give written notice to the Company stating that the Bondholder irrevocably elects to convert such Bondholder’s
Bond. Conversion shall be deemed to have been effected on the date when such delivery is made, and such date is referred to herein
as the “Conversion Date.” Within thirty (30) business days after the date on which such delivery is made, or as soon
thereafter as is practicable, the Company shall issue and send to the holder thereof, at the address designated by such holder,
either: (i) a certificate or certificates for the number of full shares of Common Stock to which the Bondholder is entitled as
a result of such conversion (as computed in Section 8.1), and cash with respect to any fractional interest of a share of Common
Stock (as provided in Section 8.3 of this Agreement), or (ii) a Company check (or similar instrument) in the amount as computed
in Section 8.1. If shares of Common Stock are issued hereunder, the Bondholder shall be deemed to have become a stockholder of
record of the number of shares of Common Stock into which the Bond has been converted on the applicable Conversion Date unless
the transfer books of the Company are closed on that date, in which event he shall be deemed to have become a stockholder of record
of such shares on the next succeeding date on which the transfer books are open.

 

8.3No fractional
shares of Common Stock or scrip shall be issued upon conversion (or prepayment as discussed in Section 9) of the indebtedness.
The Company shall make an adjustment in respect of such fractional interest, to the nearest 1/100th of a share of Common Stock,
in cash at the Closing Price on the business day preceding the effective date of the conversion (or prepayment as discussed in
Section 9).

 

8.4The Company
shall at all times reserve for issuance and maintain available, out of its authorized but unissued Common Stock, solely for the
purpose of effecting the conversion of the indebtedness (or prepayment as discussed in Section 9), the full number of shares of
Common Stock deliverable upon the conversion of all indebtedness (or prepayment as discussed in Section 9) from time to time outstanding.

 

8.5All shares of
Common Stock which may be issued upon conversion of the indebtedness (or prepayment as discussed in Section 9) will, upon issuance
by the Company, be validly issued, fully paid and non-assessable and free from all taxes, liens and charges with respect to the
issuance thereof.

 

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	SECTION 9.	PREPAYMENT

 

9.1At any time
on or after the one-year anniversary of the date hereof, and until the three-year anniversary of the date hereof, provided that
the Bond is then outstanding, the Company may prepay the Bond, at its option, by either: (i) converting all outstanding principal
and accrued and unpaid interest on the Bond, on the terms and conditions set forth in this Section 9, into fully paid and non-assessable
shares of the Common Stock, or (ii) redeeming the Bond for cash at 100% of the outstanding principal and accrued and unpaid interest
on the Bond. If the Company chooses to convert the Bond pursuant to option (i) above, the number of shares of Common Stock shall
be determined by dividing 125% the outstanding principal and 100% of the accrued and unpaid interest on the Bond by the Average
Market Price in effect on the Prepayment Date.

 

9.2To exercise
the prepayment privilege, the Company shall give written notice to the Bondholder stating that the Company elects to prepay such
Bondholder’s Bond. Prepayment shall be deemed to have been effected on the date when such delivery is made, and such date
is referred to herein as the “Prepayment Date.” Within thirty (30) business days after the date on which such delivery
is made, or as soon thereafter as is practicable, the Company shall issue and send to the holder thereof, at the address designated
by such holder, either: (i) a certificate or certificates for the number of full shares of Common Stock to which the Bondholder
is entitled as a result of such prepayment (as computed in Section 9.1(i)), and cash with respect to any fractional interest of
a share of Common Stock (as provided in Section 8.3 of this Agreement), or (ii) a Company check (or similar instrument) in the
amount as computed in Section 9.1(ii). If shares of Common Stock are issued hereunder, the Bondholder shall be deemed to have become
a stockholder of record of the number of shares of Common Stock into which the Bond has been converted on the applicable Prepayment
Date unless the transfer books of the Company are closed on that date, in which event he shall be deemed to have become a stockholder
of record of such shares on the next succeeding date on which the transfer books are open.

 

	SECTION 10.	MERGER AND CONSOLIDATION

 

The Company may consolidate
with or merge into any other corporation, or convey, or transfer or lease its properties and assets substantially as an entirety
to any person, provided that in any such case the successor corporation shall assume the Company’s obligations under this
Agreement. In case of any consolidation or merger of the Company with or into any other corporation [other than a consolidation
or merger in which the Company is the continuing corporation and which does not result in any reclassification or change (other
than a change in par value or as a result of a subdivision or combination) in the Common Stock] or any sale or transfer of all
or substantially all the assets of the Company, the holder of each Bond will after such consolidation, merger, sale or transfer
have the right to convert such Bond into the kind and amount of securities, cash and other property which such holder would have
been entitled to receive upon such consolidation, merger, sale or transfer if he had held the Common Stock issuable upon the conversion
of such Bond immediately prior to such consolidation, merger, sale or transfer.

 

	SECTION 11.	SURVIVAL OF AGREEMENTS

 

All agreements, representations
and warranties contained herein or made in writing by or on behalf of the Company and the Bondholder in connection with the transactions
contemplated hereby shall survive the execution and delivery of this Agreement.

 

	SECTION 12.	AMENDMENTS AND WAIVERS

 

Any term of this Agreement
or of the Bonds may be amended and the observance of any term hereof or thereof may be waived (either generally or in a particular
instance and either retroactively or prospectively) only with the written consent of the Company and of the Bondholders.

 

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	SECTION 13.	MISCELLANEOUS

 

This Agreement shall
be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto,
whether so expressed or not. This Agreement embodies the entire agreement and understanding between you and the Company and supersedes
all prior agreements and understandings relating to the subject matter hereof. The headings in this Agreement are for purposes
of reference only and shall not limit or otherwise affect the meaning hereof. This Agreement may be executed in any number of counterparts,
each of which shall be an original, but all of which together shall constitute one instrument. Each such counterpart may consist
of a number of copies each signed by one party, but together signed by all the parties thereto. If any provision of this Agreement
is declared unenforceable by a court of last resort, such declaration shall not affect the validity of any other provision of this
Agreement.

 

The Bond shall be governed
by and construed in accordance with the laws of the State of Texas and the applicable laws of the United States of America. The
Bond is performable in Galveston County, Texas. Any action or proceeding under or in connection with the Bond against the Company
or any other party ever liable for payment of any sums of money payable on the Bond shall be brought in a State or Federal Court
in Galveston County, Texas.

 

IN WITNESS WHEREOF,
this Bond has been duly executed by the parties hereto as of the day and year first above written.

 

 

	 	ERF WIRELESS, INC.	 
	 	 	 	 
	 	By:	/s/ Dr. H. Dean Cubley	 
	 	 	Dr. H. Dean Cubley	 
	 	 	Chief Executive Officer	 
	 	 	 	 

 

	 	BOND HOLDER	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	 	Typed/Printed Name: _________________	 
	 	 	 	 
	 	 	Principal Amount of Bond: $____________	 

 

 

 

 

 

5Dussek Separation Agreement

Exhibit 10.1
SEPARATION AGREEMENT
SEPARATION AGREEMENT (this “Agreement”) dated as of December 21, 2012 by and between NII Holdings, Inc., a Delaware corporation (the “Company”), and Steven P. Dussek (the “Executive”) (each a “Party,” and together, the “Parties”).
WHEREAS, the Executive has been employed by the Company as its Chief Executive Officer; and
WHEREAS, the Parties wish to confirm the termination of the Executive's employment with the Company and set forth their agreement as to certain payments, benefits, rights and obligations of the Parties in connection therewith.
NOW, THEREFORE, in consideration of the covenants and conditions set forth herein and other good and valuable consideration, the receipt and sufficiency of which the Parties hereby acknowledge, the Parties, intending to be legally bound, hereby agree as follows:
1.Resignation from Positions. The Parties hereby mutually agree that the Executive will resign from the Company, and consequently his employment with the Company will terminate, effective as of the close of business on December 13, 2012 (the “Separation Date”).  Accordingly, the Executive hereby resigns, effective as of the Separation Date, from all positions, titles, duties, authorities and responsibilities with, arising out of or relating to his employment with the Company and subsidiaries and its affiliates (the “Company Group”), including without limitation as the Chief Executive Officer of the Company and as a member of the Board of Directors of the Company (the “Board”), and agrees to execute all additional documents and take such further steps as may be required to effectuate such resignations. For purposes of clarity, this Section 1 shall survive any revocation this Agreement by the Executive pursuant to Section 7 hereof.

2.Severance Benefits; Treatment of Company Equity; Reimbursement of Expenses. In connection with the Executive's termination of employment, the Company shall pay and provide to the Executive, and notwithstanding any and all other amounts that may be due Executive on the date hereof or in the future, whether accrued or unaccrued, by the Company Group, including pursuant to the NII Holdings, Inc. Severance Plan (as amended and restated as of July 22, 2008), the Executive shall only be entitled to, the following severance payments and benefits set forth in this Section 2 of this Agreement, at the time or times set forth herein:

(a)Severance Payment.  If Executive has executed this Agreement as of December 23, 2012 and not revoked this Agreement as of December 31, 2012, the Company shall pay Executive the following:

(i)Pursuant to Section 5.04 of the NII Holdings, Inc. Severance Plan:

(1) twelve (12) months of annual earnings in an amount equal to $946,000, $517,000 of which will be paid in a lump sum on December 31, 2012 pursuant to the exemptions described in Treasury Regulation §§ 1.409A-1(b)(9)(iii) and 1.409A-1(b)(9)(v)(D), and $429,000 of which will be paid in a lump sum on the date that is six months after the Separation Date (or if such date is not a business day, then the next business day thereafter) subject to ordinary income tax withholding; and

(2) A pro-rated annual incentive bonus for the calendar year 2012, based on the number of days the Executive was actually employed by the Company during calendar year 2012, which would be payable to Executive under the Company's 2012 annual bonus plan, calculated based on the Company's actual performance for 2012, using the same performance multiples and payout percentages applicable to other senior executives at the Company's headquarters, with no discretion to reduce the bonus or any performance metrics or criteria.  For purposes of this calculation and the Company's 2012 annual bonus plan, Executive shall receive a rating of “consistently meets expectations” for the twenty percent (20%) personal performance component of the annual bonus, to be paid in a lump sum on the date that is six months after the Separation Date (or if such date is not a business day, then the next business day thereafter) subject to ordinary income tax withholding; and

(ii)    An additional amount equal to $1,346,000 in connection with the restrictive covenants hereunder, to be paid in a lump sum on December 31, 2012, subject to ordinary income tax withholding.

(b)Company Equity.  All equity awards granted to the Executive that are outstanding as of the Separation Date that are unvested (including but not limited to any of the Executive's stock options that have not yet become exercisable and unvested restricted stock awards) shall be forfeited.  For the avoidance of doubt, on the Separation Date, Executive owns nonqualified options to purchase 858,706 shares of the Company's common stock that have become exercisable (the “Stock Options”).  In respect of any of the Stock Options that are vested as of the Separation Date, such vested Stock Options shall remain exercisable for 90 days after the Separation Date pursuant to the terms of their grant agreements, at which date such Stock Options shall expire.

(c)Expense Reimbursement.  The Company shall promptly reimburse the Executive, subject to the requirements of its reimbursement policies applied consistently with prior practice, for any business expenses incurred by the Executive prior to, and not reimbursed as of, the Separation Date.  The Company shall pay the Executive's reasonable expenses for legal services in connection with the negotiation of the terms of this Agreement, in an amount not to exceed $15,000.

(d)Vacation Pay. The Company shall pay the Executive, on the next regular payday following the Separation Date, pay, at his final base rate of pay, for the days of vacation the Executive had earned but not used as of the Separation Date (the “Accrued Vacation”).

(e)Employee Benefits. The Executive shall be entitled to benefits under the Company's employee pension benefit plans and employee welfare benefit plans (each as defined in the Employee Retirement Income Security Act of 1974, as amended), according to the terms of such plans. 

(f)Indemnification and Insurance. The Company shall continue to indemnify and hold the Executive harmless against expenses, including reasonable attorney's fees judgments, fines, settlements, and other amounts actually and reasonably incurred in connection with any proceeding arising by reason of actions taken by the Executive within the scope of his duties as an officer, employee and director of the Company or the Company Group, in accordance with its policies, by laws, and articles of incorporation as in effect as of the Separation Date.  This Agreement shall not affect any indemnification or other rights and benefits afforded to the Executive by the Company's certificate of incorporation or by laws.  The Company shall continue the Executive's coverage under the directors' and officers' liability coverage maintained by the Company, as in effect from time to time, to the same extent as other current or former senior executive officers of the Company.

3.Covenants. By execution of this Agreement, the Executive hereby agrees to the following covenants (in addition to any obligations the Executive may have under law):

(a)Noncompetition. For two (2) years following the Separation Date (the “Restricted Period”), the Executive will not, within any jurisdiction, other than the fifty states comprising the United States of America on the date hereof, in which the Company Group is doing or is qualified to do business, directly or indirectly, own, manage, operate, control, be employed by or participate in the ownership, management, operation or control of, or be connected in any manner with, any business which is in competition with (i) the business of the Company Group conducted as of the Separation Date or (ii) any business the Company Group has specific plans to conduct in the future and as to which the Executive was aware of such planning at or prior to the Separation Date; provided, that the Executive's ownership of securities of two percent (2%) or less of any class of securities of a public company will not, by itself, be considered to be competition with the Company Group.

(b)Nonsolicitation. During the Restricted Period, the Executive will not (i) hire or employ, solicit for employment or otherwise contract for the services of any individual who is or at any time was an employee or consultant of the Company Group; (ii) otherwise induce or attempt to induce any employee or consultant of the Company Group to leave the employ or service of the Company Group, or in any way interfere with the relationship between the Company Group and any employee or consultant respectively thereof; or (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company Group to cease doing business with the Company Group, or interfere in any way with the relationship between any such customer, supplier, licensee or business relation and the Company Group.

(c)Nondisclosure.

(i)The Executive will not divulge, transmit or otherwise disclose (except as legally compelled by court order, and then only to the extent required, after prompt notice to the Company's General Counsel of any such order), directly or indirectly, other than in the regular and proper course of business of the Company Group, any customer lists, trade secrets or other confidential knowledge or information with respect to the operations or finances of the Company Group or with respect to confidential or secret processes, services, techniques, customers or plans with respect to the Company Group, including, without limitation, any know-how, research and development, software, code, databases, inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals concerning the past, current or future business, activities and operations of the Company Group (all of the foregoing collectively hereinafter referred to as “Confidential Information”).  Confidential Information shall not include any information that is or becomes publicly available or generally known through no action of the Executive.

(ii) The Executive will not use, directly or indirectly, any Confidential Information for the benefit of anyone other than the Company Group; provided, that the Executive has no obligation, express or implied, to refrain from using or disclosing to others any such knowledge or information which is or hereafter will become available to the general public other than through disclosure by the Executive.

4.Remedies. The Parties acknowledge and agree that the Executive's breach or threatened breach of any of the restrictions set forth in Section 3 hereof will result in irreparable and continuing damage to the Company Group for which there may be no adequate remedy at law and that the Company Group shall be entitled to equitable relief, including specific performance and injunctive relief as remedies for any such breach or threatened or attempted breach. The Executive hereby consents to the grant of an injunction (temporary or otherwise) against the Executive or the entry of any other court order against the Executive prohibiting and enjoining him from violating, or directing him to comply with, any provision of Section 3 hereof. The Executive also agrees that such remedies shall be in addition to any and all remedies, including damages, available to the Company and its subsidiaries against him for such breaches or threatened or attempted breaches.

5.Mutual Non-Disparagement. From and after the Separation Date, (i) the Executive agrees not to defame or disparage, or otherwise engage in any act that is intended or may be reasonably be expected to harm the reputation, business, prospects or other operations of the Company Group, any member of their management, boards of directors or any investor or shareholder any member of the Company Group, unless as required by law or an order of a court or governmental agency with jurisdiction, and (ii) the officers and directors of the Company agree not to defame or disparage, or otherwise engage in any act that is intended or may be reasonably be expected to harm the reputation, business, prospects or other interests of the Executive, unless as required by law or an order of a court or governmental agency with jurisdiction. For the avoidance of doubt, nothing contained in this Section 5 shall prevent the Executive from engaging in competitive business activities; provided, that such activities are conducted in a manner, or at times, such that they do not violate Section 3 hereof and provided, further, that such activities do not in themselves constitute defamation or disparagement of the nature described herein.  The provisions of this Section 5 shall not apply to truthful testimony as a witness, compliance with other legal obligations, assertion of or defense against any claim of breach of this Agreement, and shall not require the Parties to make false statements or disclosures.

6.Release of Claims.  The Executive agrees that, on behalf of himself and his heirs, legal representatives, successors and assigns (hereinafter, collectively, the “Executive Released Parties”), and each of them, for good and valuable consideration does hereby unconditionally, knowingly, and voluntarily release and forever discharge the Company Released Parties (as defined below), and the Company agrees that, on behalf of itself and the other Company Released Parties, and each of them, for good and valuable consideration, does hereby unconditionally, knowingly, and voluntarily release and forever discharge the Executive Released Parties, from any and all known or unknown claims, demands, actions or causes of action that now exist or that may arise in the future, based upon events occurring or omissions on or before the date of the execution of this Agreement, including, but not limited to, any and all claims whatsoever pertaining in any way to the Executive's employment at the Company or with any of the Company Released Parties (including any of their predecessors) or the termination of the Executive's employment, including, but not limited to, any claims under, as applicable: (1) the Americans with Disabilities Act; the Family and Medical Leave Act; Title VII of the Civil Rights Act; 42 U.S.C. Section 1981; the Older Workers Benefit Protection Act; the Age Discrimination in Employment Act of 1967, as amended; the Employee Retirement Income Security Act of 1974; the Civil Rights Act of 1866, 1871, 1964, and 1991; the Rehabilitation Act of 1973; the Equal Pay Act of 1963; the Vietnam Veteran's Readjustment Assistance Act of 1974; the Occupational Safety and Health Act; and the Immigration Reform and Control Act of 1986; and any and all other federal, state or local laws, statutes, ordinances, or regulations pertaining to employment, discrimination or pay; (2) any state tort law theories under which an action could have been brought, including, but not limited to, claims of negligence, negligent supervision, training and retention or defamation; (3) any claims of alleged fraud and/or inducement, including alleged inducement to enter into this Agreement; (4) any and all other tort claims; (5) all claims for attorneys' fees and costs; (6) all claims for physical, mental, emotional, and/or pecuniary injuries, losses 

and damages of every kind, including, but not limited to, earnings, punitive, liquidated and compensatory damages, and employee benefits; (7) any and all claims whatsoever arising under any of the Company Released Parties' or Executive Released Parties' express or implied contracts or under any federal, state, or local law, ordinance, or regulation; (8) any and all claims whatsoever against any of the Company Released Parties for wages, bonuses, benefits, fringe benefits, vacation pay, or other compensation or for any damages, fees, costs, or benefit; and (9) any and all claims whatsoever to reinstatement; provided, however, that, notwithstanding anything to the contrary contained herein, this Agreement does not cover and specifically excludes the Executive's rights and claims directly or indirectly arising from or under or related to (A) any obligation of the Company to provide the benefits or payments described in this Agreement, (B) any indemnification, advancement of expenses, and/or contribution claims or rights that the Executive might have under any agreement, plan, program, policy, or arrangement of the Company and/or any other Company Released Parties, (C) the Consolidated Omnibus Budget Reconciliation Act (COBRA), (D) any earned but unpaid wages up to and including the Separation Date and the Accrued Vacation and/or (E) any profit-sharing and/or retirement plans or other benefits in which the Executive has vested rights. The Executive and the Company also intend that this Section 6 operate as a waiver of all unknown claims of the type being released hereunder. The Executive warrants, on the one hand, that he is currently unaware of any such claim, demand, action, or cause of action against any Company Released Party, and the Company hereby warrants, on the other hand, that it is currently unaware of any such claim, demand, action, or cause of action against any Executive Released Party, which the Executive, or the Company, as appropriate, has not released pursuant to this Section 6 except for the rights and/or claims relating to the matters specifically excluded above. For purposes of this Section 6, “Company Released Parties” means, collectively, the Company Group and its present and former related companies, subsidiaries and affiliates, and all of their present and former employees, officers, directors, owners, shareholders, shareholders' employees, agents, attorneys, insurers, and operators, including in their individual capacity, and each of its and their successors and assigns.

7.Executive Acknowledgements; Effectiveness of this Agreement.  The Executive acknowledges that he has been given the opportunity to review and consider this Agreement for 21 days from the date that the Executive received a copy. If the Executive elects to sign this Agreement before the expiration of the 21 days, the Executive acknowledges that he has agreed to waive his right to the full 21 day period. The Executive may revoke this Agreement (other than Section 1 hereof) after signing it by giving written notice to the Company's General Counsel within seven (7) days after execution hereof.  This Agreement (other than Section 1 hereof, which Section shall be effective on the date hereof), provided it is not revoked pursuant to this Section 7, will be effective on the eighth (8th) day after execution hereof.  If the Executive revokes this Agreement pursuant to this Section 7, then Section 2 of this Agreement shall be void ab initio, and, for clarity, the Company Group shall have no obligations under this Agreement or otherwise to provide the Executive with any severance payments or benefits. The Executive acknowledges that the Executive has been advised to consult with an attorney before signing this Agreement, and that the Executive is signing this Agreement knowingly, voluntarily and with full understanding of its terms and effects, of his own free will without any duress, being fully informed and after due deliberation. The Executive voluntarily accepts the consideration provided to him hereunder for the purpose of making full and final settlement of all claims referred to above.

8.Other Provisions.

(a)Notices. Any notice or other communication required or which may be given hereunder shall be in writing and shall be delivered personally, telegraphed, telexed, sent by facsimile transmission or sent by certified, registered or express or overnight mail, postage prepaid, and shall be deemed given when so delivered personally, telegraphed, telexed, or sent by facsimile transmission 

(with written confirmation received) or, if mailed, four (4) days after the date of mailing or the next day after overnight mail, as follows:

If the Company, to:
NII Holdings, Inc.
Attn: Chief Executive Officer
1875 Explorer Street, Suite 1000
Reston, VA 20190
Fax: 703-390-5191

With a copy to:
NII Holdings, Inc.
Attn: General Counsel
1875 Explorer Street, Suite 1000
Reston, VA 20190
Fax: 703-390-5191 

If the Executive, to the Executive's home and office addresses reflected in the Company's records.
(b)Entire Agreement. This Agreement contains the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto.

(c)Waiver and Amendments. This Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by the Parties or, in the case of a waiver, by the Party waiving compliance. No delay on the part of any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any right, power or privilege hereunder, nor any single or partial exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

(d)Governing Law and Venue.

(i)This Agreement shall be governed and construed in accordance with the laws of the State of Virginia applicable to agreements made and not to be performed entirely within such state, without regard to conflicts of laws principles.

(ii)The Parties agree irrevocably to submit to the exclusive jurisdiction of the federal courts or, if no federal jurisdiction exists, the state courts, located in Fairfax County, Virginia for the purposes of any suit, action or other proceeding brought by any Party arising out of any breach of any of the provisions of this Agreement and hereby waive, and agree not to assert by way of motion, as a defense or otherwise, in any such suit, action, or proceeding, any claim that it is not personally subject to the jurisdiction of the above-named courts, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper, or that the provisions of this Agreement may not be enforced in or by such courts. SUBJECT TO APPLICABLE LAW, THE PARTIES HEREBY WAIVE THEIR RIGHT TO A JURY TRIAL WITH RESPECT TO ANY DISPUTE ARISING FROM THIS AGREEMENT.

(e)Assignability by the Company and the Executive. The Executive's rights and obligations may not be assigned by the Executive, but the Company may assign its rights, together with its obligations, to any other entity which will succeed to all or substantially all of the assets and substantially carry on the business of the Company.

(f)Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.

(g)Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning of terms contained herein.

(h)Severability. If any term, provision, covenant or restriction of this Agreement, or any part thereof, is held by a court of competent jurisdiction of any foreign, federal, state, county or local government or any other governmental, regulatory or administrative agency or authority to be invalid, void, unenforceable or against public policy for any reason, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected or impaired or invalidated. The Executive acknowledges that the restrictive covenants contained in Section 3 hereof are reasonable and valid in temporal scope and in all other respects.

(i)Judicial Modification. If any court determines that any of the covenants in Section 3 hereof, or any part of any of them, is invalid or unenforceable, the remainder of such covenants and parts thereof shall not thereby be affected and shall be given full effect, without regard to the invalid portion. If any court determines that any of such covenants, or any part thereof, is invalid or unenforceable because of the geographic or temporal scope of such provision, such court shall reduce such scope to the minimum extent necessary to make such covenants valid and enforceable.

(j)Compliance with Law. Payments made under this Agreement are intended to be exempt from, or comply with,  the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and the parties hereto agree to treat payments and entitlements hereunder consistent with that intent. To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A, the provision shall be read in such a manner so that all payments hereunder shall comply with Section 409A.

(k)Tax Withholding. Each payment under this Agreement is set forth as a gross amount and is subject to all applicable tax withholdings. The Company is hereby authorized to withhold from any payment due hereunder the amount of withholding taxes due any federal, state or local authority in respect of such payment and to take such other action as may be necessary to satisfy all Company obligations for the payment of such withholding taxes.

(l)Executive's Death.  If the Executive should die prior to the payment of all amounts under this Agreement, the Company shall pay all such amounts to the Executive's spouse, if she is then living and if not, the Employee's estate.

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IN WITNESS WHEREOF, the Parties hereto, intending to be legally bound hereby, have executed this Agreement as of the day and year first above mentioned.
	
					
	 
	 
	 
	 
	 

	NII HOLDINGS, INC.
	 
	 

	 
	 
	 
	 
	 

	By: /s/ Gary Begeman                               
	 
	 

	Name: Gary Begeman
	 
	 

	Title: Executive Vice President, General Counsel and Secretary
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 
	 

	By: /s/ Steven P. Dussek                             
	 
	 
	 

	Steven P. Dussek

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