Document:

Virgin Mobile USA, Inc. 2007 Omnibus Incentive Compensation Plan

 Exhibit 10.11 
 VIRGIN MOBILE USA, INC. 2007 
 OMNIBUS INCENTIVE COMPENSATION PLAN 
  

	1.	Purpose of the Plan 

 The purpose of the Plan is to
aid the Company and its Affiliates in recruiting and retaining key employees, directors or consultants and to motivate such employees, directors or consultants to exert their best efforts on behalf of the Company and its Affiliates by providing
incentives through the granting of Awards. The Company expects that it will benefit from the added interest which such key employees, directors or consultants will have in the welfare of the Company as a result of their proprietary interest in the
Company’s success. 
  

	2.	Definitions 

 The following capitalized terms used
in the Plan have the respective meanings set forth in this Section: 
 (a) Act: The Securities Exchange Act of 1934, as amended, or
any successor thereto. 
 (b) Affiliate: With respect to the Company, any entity directly or indirectly controlling, controlled by, or
under common control with, the Company or any other entity designated by the Board in which the Company or an Affiliate has an interest. As applied to Virgin and any transferee of Virgin only, the term Affiliate shall include, without limitation,
(i) Richard Branson, (ii) any trust or other entity created by Richard Branson, the principal beneficiaries of which are Richard Branson and/or members of his family, (iii) any spouse of Richard Branson or any lineal descendants
(whether natural or adopted) of Richard Branson’s grandparents and their spouses, (iv) any personal representative of Richard Branson or any of the Persons referred to in (iii) above acting within that capacity and (v) any Person
which is directly or indirectly controlled by any Person referred to in (i) through (iv) above or by any combination of them. 
 (c) Award: An Option, Stock Appreciation Right or Other Stock-Based Award granted pursuant to the Plan. 
 (d) Beneficial
Owner: A “beneficial owner”, as such term is defined in Rule 13d-3 under the Act (or any successor rule thereto). 
 (e)
Board: The Board of Directors of the Company. 
 (f) Cause: Termination of Employment based on (i) the Participant’s
material breach of any provision of the Participant’s employment agreement, if any, and/or the written policies of the Company; (ii) the Participant’s conviction of any felony crime, any crime involving moral turpitude (whether or not
a felony) or the commission of any other act (criminal or otherwise) involving dishonesty or willful misconduct either causing or recklessly risking any discredit or injury to the Company; (iii) the failure or refusal of the Participant to
follow lawful directives of the Board or officers of the Company; (iv) willful malfeasance or misconduct by the Participant in connection with funds or property of the Company, whereby the Participant attempts willfully to obtain any personal
profit from any transaction in a manner adverse to the interests of the 

 
Company, or any other willful or grossly negligent and material breach of the Participant’s agency or fiduciary duties owed to the Company; (v) any
material failure or inability of the Participant to substantially perform the Participant’s duties, other than resulting from involuntary physical or mental incapacity; or (vi) the material breach of the terms of any non-compete,
non-solicitation or confidentiality provisions to which the Participant is subject (including, without limitation, the Employment Responsibilities Agreement); provided, however, that no termination pursuant to the foregoing clauses
(i), (iii), (v) and (vi) shall be for “Cause” unless and until the Participant fails to cure any such event within 30 days following written notice by the Company that includes reasonable detail of such event. For purposes
hereof, no act or failure to act on the Participant’s part shall be deemed “willful” unless done, or omitted to be done, by the Participant not in good faith and without reasonable belief that the Participant’s act, or failure to
act, was in the best interests of the Company. 
 (g) Change in Control: The occurrence of any of the following events after the date
of the Company’s Initial Public Offering: 
 (i) the sale or disposition, in one or a series of related transactions, of
all or substantially all, of the assets of the Company to any “person” or “group” (as such terms are defined in Sections 13(d)(3) or 14(d)(2) of the Act) other than the Permitted Holders; 
 (ii) any person or group, other than the Permitted Holders, is or becomes the Beneficial Owner (except that a person shall be deemed to
have “beneficial ownership” of all Shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power
of the voting stock of the Company (or any entity which controls the Company), including by way of merger, consolidation, tender or exchange offer or otherwise; 
 (iii) the Company’s Shares cease to be publicly traded on a national securities exchange or on NASDAQ following the occurrence of
either (x) Sprint and its Affiliates or (y) Virgin and its Affiliates becoming the Beneficial Owner (except that a person shall be deemed to have “beneficial ownership” of all Shares that any such person has the right to acquire,
whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the voting stock of the Company (or any entity which controls the Company), including by way of
merger, consolidation, tender or exchange offer or otherwise; 
 (iv) a reorganization, recapitalization, merger or
consolidation (a “Corporate Transaction”) involving the Company, unless securities representing more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of
the Company or the corporation resulting from such Corporate Transaction (or the parent of such corporation) are held subsequent to such transaction by the person or persons who were the Beneficial Owners of the outstanding voting securities
entitled to vote generally in the election of directors of the Company immediately prior to such Corporate Transaction, in substantially the same proportions as their ownership immediately prior to such Corporate Transaction; or 
  

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 (v) during any period of two consecutive years, individuals who at the beginning of such
period constituted the Board (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors of the Company, then still in
office, who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board, then in office. 
 (h) Code: The Internal Revenue Code of 1986, as amended, or any successor thereto. 
 (i) Committee: The Compensation Committee of the Board (or a subcommittee thereof), or such other committee of the Board (including, without
limitation, the full Board) to which the Board has delegated power to act under or pursuant to the provisions of the Plan. 
 (j)
Company: Virgin Mobile USA, Inc., a Delaware corporation. 
 (k) Constructive Termination: A voluntary termination of
Employment by the Participant within six months after any of the following are undertaken without the Participant’s written consent (other than as a result of a termination of Employment by the Company): (a) the assignment to the
Participant of any duties or responsibilities which result in a material diminution or adverse change of the Participant’s position and status of Employment, other than for documented performance reasons; (b) a relocation of the
Participant’s principal place of business to a location more than fifty miles from the current location at which the Participant performs duties, except for travel deemed necessary or advisable by the Company; (c) a reduction in the
Participant’s annual base salary or annual bonus opportunity other than for documented reasons related to performance; or (d) any material breach by the Company of any provision of the Plan or this Agreement; provided,
however, that no termination of Employment shall be a Constructive Termination unless and until the Participant has given written notice to the Company of the Participant’s intention to voluntary terminate Employment within 90 days of
the occurrence of any such event and the Company fails to cure such event within thirty (30) days after receipt by the Company from the Participant of written notice describing in detail such events. 
 (l) Disability: A disability qualifying as a “long term disability” under the Company’s long-term disability plan or, if the
Company shall not have such a plan at any time or such term is not defined therein, then the Participant’s failure, due to physical or mental capacity, to perform the Participant’s duties to the Company or its Affiliates for a period of
six (6) consecutive months or for an aggregate of nine (9) months in any twenty-four (24) consecutive month period. 
 (m)
Effective Date: The date the Board approves the Plan, or such later date as is designated by the Board. 
 (n) Employment: The
term “Employment” as used herein shall be deemed to refer to (i) a Participant’s employment if the Participant is an employee of the Company or any of its Affiliates, (ii) a Participant’s services as a consultant, if
the Participant is consultant to the Company or its Affiliates and (iii) a Participant’s services as an non-employee director, if the Participant is a non-employee member of the Board. 
  

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 (o) Fair Market Value: On a given date, (i) if there should be a public market for the Shares
on such date, the closing price of the Shares as reported on such date on the Composite Tape of the principal national securities exchange on which such Shares are listed or admitted to trading, or, if the Shares are not listed or admitted on any
national securities exchange, the arithmetic mean of the per Share closing bid price and per Share closing asked price on such date as quoted on the National Association of Securities Dealers Automated Quotation System (or such market in which such
prices are regularly quoted) (the “NASDAQ”), or, if no sale of Shares shall have been reported on the Composite Tape of any national securities exchange or quoted on the NASDAQ on such date, then the immediately preceding date on which
sales of the Shares have been so reported or quoted shall be used; provided that, in the event of an Initial Public Offering, the Fair Market Value on the date of such Initial Public Offering shall be the price at which the Initial Public
Offering was made, and (ii) if there should not be a public market for the Shares on such date, the Fair Market Value shall be the value established by the Committee in good faith. 
 (p) Initial Public Offering: A registered initial public offering pursuant to an effective registration statement filed under the United States
Securities Act of 1933, as amended of (i) the Company, (ii) a wholly-owned subsidiary of the Company, (iii) any entity succeeding to substantially all of the business operations of the Company or (iv) any direct or indirect
parent of the Company (which parent may or may not own 100% of the Company). 
 (q) ISO: An Option that is also an incentive stock
option granted pursuant to Section 6(d) of the Plan. 
 (r) Option: A stock option granted pursuant to Section 6 of the
Plan. 
 (s) Option Price: The purchase price per Share of an Option, as determined pursuant to Section 6(a) of the Plan.

 (t) Other Stock-Based Awards: Awards granted pursuant to Section 8 of the Plan. 
 (u) Participant: An employee, director or consultant (including prospective employees, directors or consultants) who is selected by the Committee
to participate in the Plan. 
 (v) Performance-Based Awards: Certain Other Stock-Based Awards granted pursuant to Section 8(b) of
the Plan. 
 (w) Permitted Holder means, as of the date of determination, any and all of (i) an employee benefit plan (or trust
forming a part thereof) maintained by (A) the Company or (B) any corporation or other Person of which a majority of its voting power of its voting equity securities or equity interest is owned, directly or indirectly, by the Company,
(ii) Virgin or any of its Affiliates and (iii) Sprint or any of its Affiliates. 
 (x) Person: A “person”, as such
term is used for purposes of Section 13(d) or 14(d) of the Act (or any successor section thereto). 
 (y) Plan: The Virgin Mobile
USA, Inc. 2007 Omnibus Incentive Compensation Plan. 
 (z) Predecessor Plan: Any equity-based plan or award agreement relating to
options, stock appreciation rights, restricted stock units or other awards based on any class of LLC units 

  

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of Virgin Mobile USA, LLC, a Delaware limited liability company, that are converted in connection with the Company’s Initial Public Offering into
equity-based awards with respect to Shares pursuant to the terms of such applicable equity-based plan or award agreement. 
 (aa)
Shares: Shares of common stock of the Company. 
 (bb) Sprint: Sprint Spectrum L.P., a Delaware limited partnership.

 (cc) Stock Appreciation Right: A stock appreciation right granted pursuant to Section 7 of the Plan. 
 (dd) Subsidiary: A subsidiary corporation, as defined in Section 424(f) of the Code (or any successor section thereto). 
 (ee) Virgin: Virgin Group Investments Limited, a British Virgin Islands registered company. 
  

	3.	Shares Subject to the Plan 

 Subject to
Section 9, the total number of Shares which may be issued under the Plan is 8,622,068 (which includes 5,031,450 Shares underlying awards granted under the Predecessor Plans) and the maximum number of Shares for which ISOs may be granted is
3,590,618. Additionally, subject to Section 9, the maximum number of Shares for which Options and Stock Appreciation Rights (or other Awards under Section 8(b)) may be granted during a calendar year to any Participant shall be 1,000,000.
The Shares may consist, in whole or in part, of unissued Shares or treasury Shares. The issuance of Shares or the payment of cash upon the exercise of an Award or in consideration of the cancellation or termination of an Award shall reduce the total
number of Shares available under the Plan, as applicable. Shares which are subject to Awards which terminate or lapse without the payment of consideration may be granted again under the Plan. 
  

	4.	Administration 

 The Plan shall be administered by
the Committee, which may delegate its duties and powers in whole or in part to any subcommittee thereof consisting solely of at least two individuals who are intended to qualify as “Non-Employee Directors” within the meaning of Rule 16b-3
under the Act (or any successor rule thereto) (to the extent required to comply with Rule 16b-3), “independent directors” within the meaning of the New York Stock Exchange’s listed company rules (to the extent required under such
listed company rules) and, following the post-Initial Public Offering period described in Section 1.162-27(f)(2) of the regulations promulgated under the Code, “outside directors” within the meaning of Section 162(m) of the Code
(or any successor section thereto). Additionally, the Committee may delegate the authority to grant Awards under the Plan to the Chief Executive Officer of the Company; provided that such delegation and grants are consistent with applicable
law and guidelines established by the Board from time to time. Awards may, in the discretion of the Committee, be made under the Plan in assumption of, or in substitution for, outstanding awards previously granted by the Company or its affiliates or
a company acquired by the Company or with which the Company combines. The number of Shares underlying such substitute awards shall be counted against the aggregate number of Shares available for Awards under the Plan. The Committee is authorized to
interpret the Plan, to establish, amend and rescind any rules and regulations relating to the 

  

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Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or
supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Committee deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan, as described herein, shall
lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned (including, but not limited to, Participants and their beneficiaries or successors). The Committee shall have the full power and
authority to establish the terms and conditions of any Award consistent with the provisions of the Plan and to waive any such terms and conditions at any time (including, without limitation, accelerating or waiving any vesting conditions). The
Committee shall require payment of any amount it may determine to be necessary to withhold for federal, state, local or other taxes as a result of the exercise, grant or vesting of an Award. Unless the Committee specifies otherwise, the Participant
may elect to pay a portion or all of such withholding taxes by (a) delivery in Shares or (b) having Shares withheld by the Company from any Shares that would have otherwise been received by the Participant. 
  

	5.	Limitations 

 No Award may be granted under the Plan
after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date. 
  

	6.	Terms and Conditions of Options 

 Options granted
under the Plan shall be, as determined by the Committee, non-qualified or incentive stock options for federal income tax purposes, as evidenced by the related Award agreements, and shall be subject to the foregoing and the following terms and
conditions and to such other terms and conditions, not inconsistent therewith, as the Committee shall determine: 
 (a) Option Price.
The Option Price per Share shall be determined by the Committee, but shall not be less than 100% of the Fair Market Value of a Share on the date an Option is granted (other than in the case of Options granted in substitution of previously granted
awards, as described in Section 4). 
 (b) Exercisability. Options granted under the Plan shall be exercisable at such time and
upon such terms and conditions as may be determined by the Committee, but in no event shall an Option be exercisable more than ten years after the date it is granted. 
 (c) Exercise of Options. Except as otherwise provided in the Plan or in an Award agreement, an Option may be exercised for all, or from time to time any part, of the Shares for which it is then exercisable. For
purposes of Section 6 of the Plan, the exercise date of an Option shall be the later of the date a notice of exercise is received by the Company and, if applicable, the date payment is received by the Company pursuant to clauses (i), (ii),
(iii) or (iv) in the following sentence. The purchase price for the Shares as to which an Option is exercised shall be paid to the Company as designated by the Committee, pursuant to one or more of the following methods: (i) in cash
or its equivalent (e.g., by personal check), (ii) in Shares having a Fair Market Value equal to the aggregate Option Price for the Shares being purchased and satisfying such other requirements as may be imposed by the Committee; provided
that such Shares have been held by the Participant for no less than six months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment 

  

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applying generally accepted accounting principles), (iii) partly in cash and partly in such Shares; (iv) if there is a public market for the Shares
at such time, through the delivery of irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such sale equal to the aggregate Option Price
for the Shares being purchased or (v) through net settlement in Shares. No Participant shall have any rights to dividends or other rights of a stockholder with respect to Shares subject to an Option until the Participant has given written
notice of exercise of the Option, paid in full for such Shares and, if applicable, has satisfied any other conditions imposed by the Committee pursuant to the Plan. 
 (d) ISOs. The Committee may grant Options under the Plan that are intended to be ISOs. Such ISOs shall comply with the requirements of Section 422 of the Code (or any successor section thereto). No ISO may
be granted to any Participant who at the time of such grant, owns more than ten percent of the total combined voting power of all classes of stock of the Company or of any Subsidiary, unless (i) the Option Price for such ISO is at least 110% of
the Fair Market Value of a Share on the date the ISO is granted and (ii) the date on which such ISO terminates is a date not later than the day preceding the fifth anniversary of the date on which the ISO is granted. Any Participant who
disposes of Shares acquired upon the exercise of an ISO either (i) within two years after the date of grant of such ISO or (ii) within one year after the transfer of such Shares to the Participant, shall notify the Company of such
disposition and of the amount realized upon such disposition. All Options granted under the Plan are intended to be nonqualified stock options, unless the applicable Award agreement expressly states that the Option is intended to be an ISO. If an
Option is intended to be an ISO, and if for any reason such Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a nonqualified stock option
granted under the Plan; provided that such Option (or portion thereof) otherwise complies with the Plan’s requirements relating to nonqualified stock options. In no event shall any member of the Committee, the Company or any of its
Affiliates (or their respective employees, officers or directors) have any liability to any Participant (or any other Person) due to the failure of an Option to qualify for any reason as an ISO. 
 (e) Attestation. Wherever in this Plan or any agreement evidencing an Award a Participant is permitted to pay the exercise price of an Option or
taxes relating to the exercise of an Option by delivering Shares, the Participant may, subject to procedures satisfactory to the Committee, satisfy such delivery requirement by presenting proof of beneficial ownership of such Shares, in which case
the Company shall treat the Option as exercised without further payment and/or shall withhold such number of Shares from the Shares acquired by the exercise of the Option, as appropriate. 
  

	7.	Terms and Conditions of Stock Appreciation Rights 

 (a) Grants. The Committee may grant (i) a Stock Appreciation Right independent of an Option or (ii) a Stock Appreciation Right in connection with an Option, or a portion thereof. A Stock Appreciation Right granted pursuant
to clause (ii) of the preceding sentence (A) may be granted at the time the related Option is granted or at any time prior to the exercise or cancellation of the related Option, (B) shall cover the same number of Shares covered by an
Option (or such lesser number of Shares as the Committee may determine) and (C) shall be subject to the same terms and conditions as such Option except for such additional limitations as are contemplated by this Section 7 (or such
additional limitations as may be included in an Award agreement). 
  

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 (b) Terms. The exercise price per Share of a Stock Appreciation Right shall be an amount
determined by the Committee but in no event shall such amount be less than the Fair Market Value of a Share on the date the Stock Appreciation Right is granted (other than in the case of Stock Appreciation Rights granted in substitution of
previously granted awards, as described in Section 4); provided, however, that in the case of a Stock Appreciation Right granted in conjunction with an Option, or a portion thereof, the exercise price may not be less than the
Option Price of the related Option. Each Stock Appreciation Right granted independent of an Option shall entitle a Participant upon exercise to an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one
Share over (B) the exercise price per Share, times (ii) the number of Shares covered by the Stock Appreciation Right. Each Stock Appreciation Right granted in conjunction with an Option, or a portion thereof, shall entitle a Participant to
surrender to the Company the unexercised Option, or any portion thereof, and to receive from the Company in exchange therefore an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one Share over
(B) the Option Price per Share, times (ii) the number of Shares covered by the Option, or portion thereof, which is surrendered. Payment shall be made in Shares or in cash, or partly in Shares and partly in cash (any such Shares valued at
such Fair Market Value), all as shall be determined by the Committee. Stock Appreciation Rights may be exercised from time to time upon actual receipt by the Company of written notice of exercise stating the number of Shares with respect to which
the Stock Appreciation Right is being exercised. The date a notice of exercise is received by the Company shall be the exercise date. No fractional Shares will be issued in payment for Stock Appreciation Rights, but instead cash will be paid for a
fraction or, if the Committee should so determine, the number of Shares will be rounded downward to the next whole Share. 
 (c)
Limitations. The Committee may impose, in its discretion, such conditions upon the exercisability of Stock Appreciation Rights as it may deem fit, but in no event shall a Stock Appreciation Right be exercisable more than ten years after the
date it is granted. 
  

	8.	Other Stock-Based Awards 

 (a) Generally. The
Committee, in its sole discretion, may grant or sell Awards of Shares, Awards of restricted Shares and Awards that are valued in whole or in part by reference to, or are otherwise based on the Fair Market Value of, Shares (“Other Stock-Based
Awards”). Such Other Stock-Based Awards shall be in such form, and dependent on such conditions, as the Committee shall determine, including, without limitation, the right to receive, or vest with respect to, one or more Shares (or the
equivalent cash value of such Shares) upon the completion of a specified period of service, the occurrence of an event and/or the attainment of performance objectives. Other Stock-Based Awards may be granted alone or in addition to any other Awards
granted under the Plan. Subject to the provisions of the Plan, the Committee shall determine to whom and when Other Stock-Based Awards will be made, the number of Shares to be awarded under (or otherwise related to) such Other Stock-Based Awards;
whether such Other Stock-Based Awards shall be settled in cash, Shares or a combination of cash and Shares; and all other terms and conditions of such Awards (including, without limitation, the vesting provisions thereof and provisions ensuring that
all Shares so awarded and issued shall be fully paid and non-assessable). 
  

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 (b) Performance-Based Awards. Notwithstanding anything to the contrary herein, certain Other
Stock-Based Awards granted under this Section 8 may be granted in a manner which is intended to qualify as “performance-based compensation” for purposes of Section 162(m) of the Code (or any successor section thereto)
(“Performance-Based Awards”). A Participant’s Performance-Based Award shall be determined based on the attainment of written performance goals approved by the Committee for a performance period established by the Committee
(i) while the outcome for that performance period is substantially uncertain and (ii) no more than 90 days after the commencement of the performance period to which the performance goal relates or, if less, the number of days which is
equal to 25 percent of the relevant performance period. The performance goals, which must be objective, shall be based upon one or more of the following criteria: (i) consolidated earnings before or after taxes (including earnings before
interest, taxes, depreciation and amortization); (ii) net income; (iii) operating income; (iv) earnings per Share; (v) book value per Share; (vi) return on shareholders’ equity; (vii) expense management;
(viii) return on investment; (ix) improvements in capital structure; (x) profitability of an identifiable business unit or product; (xi) maintenance or improvement of profit margins; (xii) stock price; (xiii) market
share; (xiv) revenues or sales; (xv) costs; (xvi) cash flow; (xvii) working capital (xviii) return on assets and (xix) total shareholder return. The foregoing criteria may relate to the Company, one or more of its
Affiliates or one or more of its or their divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices, or any combination thereof, all as the
Committee shall determine. In addition, to the degree consistent with Section 162(m) of the Code (or any successor section thereto), the performance goals may be calculated without regard to extraordinary items. The maximum amount of a
Performance-Based Award during a calendar year to any Participant shall be: (x) with respect to Performance-Based Awards that are denominated in Shares, 1,000,000 Shares and (y) with respect to Performance-Based Awards that are not
denominated in Shares, $10,000,000. The Committee shall determine whether, with respect to a performance period, the applicable performance goals have been met with respect to a given Participant and, if they have, shall so certify and ascertain the
amount of the applicable Performance-Based Award. No Performance-Based Awards will be paid for such performance period until such certification is made by the Committee. The amount of the Performance-Based Award actually paid to a given Participant
may be less than the amount determined by the applicable performance goal formula, at the discretion of the Committee. The amount of the Performance-Based Award determined by the Committee for a performance period shall be paid to the Participant at
such time as determined by the Committee in its sole discretion after the end of such performance period; provided, however, that a Participant may, if and to the extent permitted by the Committee and consistent with the provisions of
Section 162(m) of the Code, elect to defer payment of a Performance-Based Award. 
  

	9.	Adjustments Upon Certain Events 

 Notwithstanding
any other provisions in the Plan to the contrary, the following provisions shall apply to all Awards granted under the Plan: 
 (a)
Generally. In the event of any change in the outstanding Shares after the Effective Date by reason of any Share dividend or split, reorganization, recapitalization, merger, consolidation, spin-off, combination, combination or transaction or
exchange of Shares or other corporate exchange, or any distribution to shareholders of Shares other than regular cash dividends or any transaction similar to the foregoing, the Committee shall, in such manner as it 

  

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may deem equitable in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, adjust or
substitute (subject to Section 17) (i) the number or kind of Shares or other securities issued or reserved for issuance pursuant to the Plan or pursuant to outstanding Awards, (ii) the maximum number of Shares for which Options or
Stock Appreciation Rights may be granted during a calendar year to any Participant, (iii) the maximum amount of a Performance-Based Award that may be granted during a calendar year to any Participant, (iv) the Option Price or exercise
price of any Stock Appreciation Right and/or (v) any other affected terms of such Awards. 
 (b) Change in Control. In the event
of a Change in Control after the Effective Date, the Committee shall do one or more of the following: (A) accelerate the vesting of, or waive any restrictions with respect to, any outstanding Award then held by a Participant which is
unexercisable or subject to lapse restrictions; (B) provide for the issuance of substitute Awards that will substantially preserve the otherwise applicable terms of any affected Award previously granted hereunder as determined by the Committee
in its sole discretion, which (i) in the case of an Option or Stock Appreciation Right, shall have an aggregate Spread Value (as defined below) that is identical to the aggregate Spread Value of the affected Option or Stock Appreciation Right
previously granted hereunder as of the date of the Change in Control or (ii) in the case of Other Stock-Based Awards, shall have an equivalent Fair Market Value to the affected Other Stock-Based Awards, which, in either case of clause
(i) or (ii), shall either be fully vested or continue to vest on the same schedule as the affected Award previously granted hereunder, and that have other terms as determined by the Committee in its sole discretion; and/or (C) if the
Company is the surviving entity in any Change in Control, continue to administer the Plan and have any existing Award remain outstanding in accordance with its terms following the Change in Control. In addition, in the event of a Change in Control
after the Effective Date, the Committee may, in its sole discretion, cancel any portion of an Award outstanding as of such Change in Control in exchange for the payment to the Participant for fair value (as determined in the sole discretion of the
Committee) which, in the case of an Option or Stock Appreciation Right, equals the excess, if any, of the Fair Market Value as of the date of such Change in Control of the Shares subject to the vested portion of the Option or Stock Appreciation
Right over the aggregate Exercise Price (the “Spread Value”). In the event that any Change in Control after the Effective Date will result in the Company’s Shares ceasing to be publicly traded on a national securities exchange or on
NASDAQ, then, to the extent that any Awards or substitute Awards will remain outstanding following such Change in Control, the Committee shall accelerate the vesting and exercisability of such Awards prior to the occurrence of such Change in
Control. 
  

	10.	No Right to Employment or Awards 

 The granting of
an Award under the Plan shall impose no obligation on the Company or any Affiliate to continue the Employment of a Participant and shall not lessen or affect the Company’s or Affiliate’s right to terminate the Employment of such
Participant. No Participant or other Person shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of Participants, or holders or beneficiaries of Awards. The terms and conditions of Awards and the
Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants are similarly situated). 
  

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	11.	Successors and Assigns 

 The Plan shall be binding
on all successors and assigns of the Company and a Participant, including without limitation, the estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the
Participant’s creditors. 
  

	12.	Nontransferability of Awards 

 Unless otherwise
determined by the Committee, an Award shall not be transferable or assignable by the Participant otherwise than by will or by the laws of descent and distribution. An Award exercisable after the death of a Participant may be exercised by the
legatees, personal representatives or distributees of the Participant. 
  

	13.	Amendments or Termination 

 The Board may amend,
alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made, (a) without the approval of the shareholders of the Company, if such action would (except as is provided in Section 9 of the Plan), increase the
total number of Shares reserved for the purposes of the Plan or change the maximum number of Shares for which Awards may be granted to any Participant or (b) without the consent of a Participant, if such action would diminish any of the rights
of the Participant under any Award theretofore granted to such Participant under the Plan; provided, however, that the Committee may amend the Plan in such manner as it deems necessary to permit the granting of Awards meeting the
requirements of the Code or other applicable laws (including, without limitation, to avoid adverse tax consequences to the Company or to Participants). 
 Without limiting the generality of the foregoing, to the extent applicable, notwithstanding anything herein to the contrary, this Plan and Awards issued hereunder shall be interpreted in accordance with
Section 409A of the Code and Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date.
Notwithstanding any provision of the Plan to the contrary, in the event that the Committee determines that any amounts payable hereunder will be taxable to a Participant under Section 409A of the Code and related Department of Treasury guidance
prior to payment to such Participant of such amount, the Company may (a) adopt such amendments to the Plan and Awards and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Committee
determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Plan and Awards hereunder and/or (b) take such other actions as the Committee determines necessary or appropriate to avoid the imposition
of an additional tax under Section 409A of the Code. 
  

	14.	International Participants 

 With respect to
Participants who reside or work outside the United States of America and who are not (and who are not expected to be) “covered employees” within the meaning of Section 162(m) of the Code, the Committee may, in its sole discretion,
amend the terms of the Plan or Awards with respect to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company or an Affiliate. 

 

 11 

	15.	Choice of Law 

 The Plan shall be governed by and
construed in accordance with the laws of the State of Delaware without regard to conflicts of laws. 
  

	16.	Effectiveness of the Plan 

 The Plan shall be
effective as of the Effective Date, subject to the approval of the shareholders of the Company. 
  

	17.	Section 409A 

 Notwithstanding other provisions
of the Plan or any Award agreements thereunder, no Award shall be granted, deferred, accelerated, extended, paid out or modified under this Plan in a manner that would result in the imposition of an additional tax under Section 409A of the Code
upon a Participant. In the event that (i) it is reasonably determined by the Committee that, as a result of Section 409A of the Code, payments in respect of any Award under the Plan may not be made at the time contemplated by the terms of
the Plan or the relevant Award agreement, as the case may be, without causing the Participant holding such Award to be subject to taxation under Section 409A of the Code, the Company will make such payment on the first day that would not result
in the Participant incurring any tax liability under Section 409A of the Code, and (ii) at the time of a Participant’s termination of Employment with the Company such Participant is a “specified employee” as defined in
Section 409A of the Code and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of Employment is necessary in order to prevent any accelerated or additional tax under
Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Participant) until the date
that is six months following the Participant’s termination of Employment with the Company (or the earliest date as is permitted under Section 409A of the Code). The Company shall use commercially reasonable efforts to implement the
provisions of this Section 17 in good faith; provided that neither the Company, the Committee nor any of the Company’s employees, directors or representatives shall have any liability to Participants with respect to this
Section 17. 
  

	18.	Predecessor Plans 

 All Shares issued by the Company
in settlement of any Awards granted under a Predecessor Plan shall be considered Awards under this Plan and included in the number of Shares reserved for issuance under Section 3 above. However, the terms and conditions and rights associated
with all such Predecessor Plan Awards will remain subject to the applicable Predecessor Plan under which each such Predecessor Plan Award was granted; provided, however, that to the extent that any adjustment to Awards is required
under Section 9(a) of the Plan, such adjustments shall be required with respect to the Predecessor Plan Awards as well. 
  

 12Form of Employment Agreement

 Exhibit 10.12 
 EMPLOYMENT AGREEMENT 
 (                            ) 
 EMPLOYMENT AGREEMENT (the “Agreement”) dated
                    , 2007 by and between Virgin Mobile USA, LLC (the “Company”)
and                     (“Executive”). 
 The Company and Executive desire to continue Executive’s employment with the Company and to enter into an agreement embodying the terms of such continued employment; 
 In consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows: 
 1. Term of Employment. Subject to the provisions of Section 8 of this Agreement, Executive shall be employed by the Company for a period
commencing on                          , 2007 and ending on the third anniversary thereof (the “Employment
Term”) on the terms and subject to the conditions set forth in this Agreement. 
 2. Position. 
 a. During the Employment Term, Executive shall serve as the Company’s
                    . In such position, Executive shall have such duties and authority as shall be determined from time to time by the Board
of Directors of the Company (the “Board”) and the Chief Executive Officer of the Company. If requested, Executive shall also serve as a member of the Board without additional compensation. 
 b. During the Employment Term, Executive shall devote Executive’s full business time and best efforts to the performance of
Executive’s duties hereunder and shall not engage in any other business, profession or occupation for compensation or otherwise which would conflict or interfere with the rendition of such services either directly or indirectly, without the
prior written consent of the Chief Executive Officer; provided that nothing herein shall preclude Executive, subject to the prior approval of the Chief Executive Officer after consultation with the Board, from accepting appointment to or
continue to serve on any board of directors or trustees of any business corporation or any charitable organization; provided in each case, and in the aggregate, that such activities do not conflict or interfere with the performance of
Executive’s duties hereunder or conflict with Section 9. 
 3. Base Salary. During the Employment Term, the Company shall
pay Executive a base salary at the annual rate in effect as of the date of this Agreement ($                    ), payable in regular
installments in accordance with the Company’s usual payment practices. Executive shall be entitled to such increases in Executive’s base salary, if any, as may be determined from time to time in the sole discretion of the Compensation
Committee and the Chief Executive Officer. Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as the “Base Salary.” 

 4. Annual Bonus. With respect to each full fiscal year during the Employment Term, Executive shall
be eligible to earn an annual bonus award (an “Annual Bonus”) in such amount, if any, as determined in the sole discretion of the Compensation Committee and the Chief Executive Officer pursuant to the terms of the Company’s Annual
Incentive Plan (or any successor annual incentive compensation plan that may be adopted by the Company from time to time). The Annual Bonus, if any, shall be paid to Executive within two and one-half (2.5) months after the end of the applicable
fiscal year. 
 5. Equity Arrangements. Except as expressly modified pursuant to the terms of this Agreement, Executive’s equity
awards (if any) from the Company shall be subject to the terms and conditions set forth in the relevant equity or equity-based award plan, award agreement(s) and the Company’s Third Amended and Restated Limited Liability Company Agreement,
dated as of August 25, 2003, as amended from time to time, including after the date hereof (the “LLC Agreement”). 
 6.
Employee Benefits. During the Employment Term, Executive shall be entitled to participate in the Company’s employee benefit plans as in effect from time to time (collectively “Employee Benefits”), on the same basis as those
benefits are generally made available to other senior executives of the Company. 
 7. Business Expenses. During the Employment Term,
reasonable business expenses incurred by Executive in the performance of Executive’s duties hereunder shall be reimbursed by the Company in accordance with Company policies. 
 8. Termination. The Employment Term and Executive’s employment hereunder may be terminated by either party at any time and for any reason;
provided that Executive will be required to give the Company at least sixty (60) days advance written notice of any resignation of Executive’s employment. Notwithstanding any other provision of this Agreement, the provisions of this
Section 8 shall exclusively govern Executive’s rights upon termination of employment with the Company and its affiliates. 
 a. By the Company For Cause or By Executive Resignation Without Good Reason. 
 (i) The Employment Term and
Executive’s employment hereunder may be terminated by the Company for Cause (as defined below) and shall terminate automatically upon Executive’s resignation without Good Reason (as defined in Section 8(c)); provided that Executive
will be required to give the Company at least 60 days advance written notice of a resignation without Good Reason. 
 (ii) For
purposes of this Agreement, “Cause” shall mean, during the Employment Term: (i) Executive’s willful misconduct or gross negligence with regard to the Company; (ii) Executive’s failure to follow proper legal written
direction of the Board or the Chief Executive Officer within five (5) business days after written notice by the Board or the Chief Executive Officer that failure to follow such direction shall be grounds for termination;
(iii) Executive’s failure to attempt in good faith to perform Executive’s duties hereunder (other than a result of incapacity due to physical or mental illness) within ten (10) days after delivery of 

  

 2 

 
a written demand for substantial performance by the Board; (iv) Executive’s conviction of or plea of guilty or no contest to a misdemeanor
involving fraud or theft or a felony; or (v) Executive’s breach of the provisions of Section 9 or 10 of this Agreement which breach is not cured within fifteen (15) business days after Executive’s receipt of written notice
thereof from the Company. No act or failure to act will be considered to be “willful” if undertaken (or omitted to be done) in good faith and with a reasonable belief that such action or inaction was in the best interests of the Company.

 (iii) If Executive’s employment is terminated by the Company for Cause, or if Executive resigns without Good Reason,
Executive shall be entitled to receive: 
 (A) the Base Salary through the date of termination; 
 (B) any Annual Bonus earned, but unpaid, as of the date of termination for the immediately preceding fiscal year, paid in accordance with
Section 4 (except to the extent payment is otherwise deferred pursuant to any applicable deferred compensation arrangement with the Company); 
 (C) reimbursement, within sixty (60) days following submission by Executive to the Company of appropriate supporting documentation) for any unreimbursed business expenses properly incurred by Executive in
accordance with Company policy prior to the date of Executive’s termination; provided claims for such reimbursement (accompanied by appropriate supporting documentation) are submitted to the Company within ninety (90) days following the
date of Executive’s termination of employment; and 
 (D) such Employee Benefits, if any, as to which Executive may be
entitled under the employee benefit plans of the Company (the amounts described in clauses (A) through (D) hereof being referred to as the “Accrued Rights”). 
 Following such termination of Executive’s employment by the Company for Cause or resignation by Executive without Good Reason, except as set forth
in this Section 8(a)(iii), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 
 b. Disability or Death. 
 (i) The Employment Term and Executive’s employment
hereunder shall terminate upon Executive’s death and may be terminated by the Company if Executive becomes physically or mentally incapacitated and is therefore unable for a period of six (6) consecutive months or for an aggregate of one
hundred eighty (180) days in any twelve (12) month period to perform Executive’s material duties (such incapacity is hereinafter referred to as “Disability”). Any question as to the existence of the Disability of Executive
as to which Executive and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Executive and the Company. If Executive and the Company cannot agree as to a qualified independent
physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing to the Company and Executive shall be final and conclusive for
all purposes of the Agreement. 
  

 3 

 (ii) Upon termination of Executive’s employment hereunder for either Disability or
death, Executive or Executive’s estate (as the case may be) shall be entitled to receive the Accrued Rights. Following Executive’s termination of employment due to death or Disability, except as set forth in this Section 8(b)(ii),
Executive shall have no further rights to any compensation or any other benefits under this Agreement. 
 c. By the Company
Without Cause or Resignation by Executive for Good Reason. 
 (i) The Employment Term and Executive’s employment
hereunder may be terminated by the Company without Cause or by Executive’s resignation for Good Reason. 
 (ii) For
purposes of this Agreement, “Good Reason” shall mean, during the Employment Term (A) any material adverse diminution in Executive’s duties or responsibilities such that they are materially inconsistent with
Executive’s position (except for diminution due to Executive’s disability or temporary illness or other absence), (B) failure of the Company to timely pay Executive any of the compensation set forth in Sections 3, 4 or 5 of the
Agreement or (C) the LLC Agreement or any successor agreement is modified after the date hereof to materially adversely affect Executive’s duties or authorities or other interests without Executive’s written consent; provided
that no such event(s) shall constitute “Good Reason” unless Executive has given written notice to the Company of Executive’s intention to resign for Good Reason within 90 days of the occurrence of any such event and the Company shall
have failed to cure such event(s) within thirty (30) days after receipt by the Company from Executive of written notice describing in detail such events. 
 (iii) If Executive’s employment is terminated by the Company without Cause (other than by reason of death or Disability) or if
Executive resigns for Good Reason, Executive shall be entitled to receive, subject to Executive’s delivery of a customary release of claims in favor of the Company: 
 (A) the Accrued Rights; 
 (B) subject to Executive’s continued compliance with the provisions of Sections 9 and 10: 
 (1) payment of either (i) Base Salary continuation payments (paid in accordance with the Company’s regular payroll practices) for the twelve (12) month period following the date of Executive’s termination of
employment and continued health, death and disability benefits during such twelve (12) month period (or, if sooner, until the first day of Executive’s eligibility to participate in a comparable health plan maintained by a subsequent
employer) or (ii) in the event such termination occurs within twelve (12) months following a “Change of Control” or a “V/S 

  

 4 

 
Change of Control” (as such terms are defined in the Company’s 2006 Stock Appreciation Rights Plan), a lump sum payment equal to Executive’s
Base Salary, paid twenty (20) days following Executive’s termination of employment; and 
 (2) payment of
either (i) 80% of any Annual Bonus or Debt Bonus Plan amounts (other than any Accrued Rights) that otherwise would have been earned by Executive during the twelve (12) month period following the date of Executive’s termination
of employment based on assumed target level performance for such period, payable when such Annual Bonus and/or Debt Bonus Plan amounts would have otherwise been payable had Executive’s employment not terminated or (ii) in the event
such termination occurs within twelve (12) months following a Change of Control or a V/S Change of Control, 100% of the Annual Bonus and Debt Bonus Plan amounts that Executive would have been entitled to receive if target level performance were
achieved for the calendar year in which termination of employment occurs, payable in a lump sum within twenty (20) days following Executive’s termination of employment; 
 (C) a pro rata portion of the actual Annual Bonus for the year of termination that Executive would have been entitled to receive pursuant
to Section 4 hereof in such year, based on actual Company performance for the year of termination and upon the percentage of the fiscal year that shall have elapsed through the date of termination of Executive’s employment, payable when
such Annual Bonus would have otherwise been payable had Executive’s employment not terminated; 
 (D) with respect to
the portion of Executive’s equity awards from the Company that are vested as of the date of Executive’s termination of employment (including, without limitation, any equity awards that become vested pursuant to clause (E) below),
participation in the option liquidity facility for 2008-2012 that is established by the Company (the “Option Liquidity Facility”) on the same basis as active Company employees, subject to the general terms of such Option Liquidity
Facility, including, without limitation, terms related to required Company performance hurdles (and pro-rata reduction in exercise opportunities due to failure to meet such performance hurdles) and the option buyout calculation methodologies with
respect to such Option Liquidity Facility; provided, however, that Executive’s right to participate in any liquidity period following Executive’s termination of employment shall lapse to the extent Executive does not exercise
his right to participate in any such liquidity period to the maximum extent possible. In the event that Executive’s option awards with the Company do not relate to publicly traded securities at the time of Executive’s termination of
employment, then any vested options held by Executive as of the date of Executive’s termination of employment shall remain exercisable until the earlier of (i) the termination of the Option Liquidity Facility (or the post- 

  

 5 

 
termination of employment exercise period under the terms of the option agreement, if later) or (ii) the expiration of the full term of the option
pursuant to its terms (but no later than 10 years from the original date of grant, and such option agreements shall be deemed to have been amended accordingly.; and 
 (E) accelerated vesting of any then outstanding equity awards that otherwise would have become vested during the twelve (12) month
period following the date of Executive’s termination of employment; provided that in the event such termination occurs within twelve (12) months following a Change of Control or a V/S Change of Control, then 100% of Executive’s
then outstanding equity awards shall become immediately vested. 
 The aggregate amount described in Section 8(c)(iii)(B)
and (C) shall be reduced by the present value of any other cash severance or termination benefits payable to Executive under any other plans, programs or arrangements of the Company or its affiliates. In addition, without prejudice to the
Company’s other remedies at law or in equity, if Executive (x) breaches any of his obligations under Section 9 (which remains uncured for ten (10) days following written notice from the Company of such breach) or
(y) materially breaches, during the three-year period following Executive’s termination of employment with the Company, the confidentiality restrictions set forth in Executive’s Employment Rights Agreement with the Company (including
any willful breach or disclosure of material confidential information or other disclosure which could reasonably be expected to result in material harm to the Company), Executive hereby agrees to promptly repay to the Company all amounts paid to him
under Section 8(c)(iii)(B) and (C). 
 Following Executive’s termination of employment by the Company without Cause (other than by
reason of Executive’s death or Disability) or by Executive’s resignation for Good Reason, except as set forth in Section 8(c)(iii), Executive shall have no further rights to any compensation or any other benefits under this Agreement.

 d. Expiration of Employment Term. Unless the parties otherwise agree in writing, continuation of Executive’s
employment with the Company beyond the expiration of the Employment Term shall be deemed an employment at-will and shall not be deemed to extend any of the provisions of this Agreement and Executive’s employment may thereafter be terminated at
will by either Executive or the Company; provided that the provisions of Sections 9, 10 and 11 of this Agreement shall survive any termination of this Agreement or Executive’s termination of employment hereunder. 
 e. Notice of Termination. Any purported termination of employment by the Company or by Executive (other than due to
Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 12(i) hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which
shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of employment under the provision so indicated.

  

 6 

 f. Board/Committee Resignation. Upon termination of Executive’s employment
for any reason, Executive agrees to resign, as of the date of such termination and to the extent applicable, from the Board (and any committees thereof) and the Board of Directors (and any committees thereof) of any of the Company’s affiliates.

 9. Employment Responsibilities Agreement. Reference is made to Executive’s Employment Responsibilities Agreement with the
Company (the “ERA”), a copy of which is attached hereto as Exhibit A and incorporated into this Agreement by reference. Executive hereby reaffirms Executive’s obligations under the ERA. Without limiting Executive’s obligations
under the ERA, Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and its affiliates and accordingly agrees that the term “Competition” as defined in the ERA is hereby amended to include
(in addition to the actions that currently constitute “Competition” under the ERA) any participation, as an individual, stockholder (through ownership of one percent (1%) or less of the outstanding stock of a public company),
employee, officer, director, investor, consultant or otherwise, in any business that competes in any material respect with the wireless telecommunications business of the Company or its subsidiaries as in effect upon the date of Executive’s
termination of employment. 
 10. Non-Disparagement. Executive agrees not to make any disparaging, derogatory or untrue statements
about the Company or any of its affiliates to anyone, including but not limited to the general public, press or other media. 
 11.
Specific Performance. Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of Section 9 or Section 10 would be inadequate and the Company would suffer
irreparable damages as a result of such breach or threatened breach. In recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond,
shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. 
 12. Limitation on Certain Payments. Notwithstanding any other provision of this Agreement: 
 a. In the event the Company (or its successor) determines, based upon the advice of the independent public accountants for the Company,
that part or all of the consideration, compensation or benefits to be paid to Executive under this Agreement constitute “parachute payments” under Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended (the
“Code”), then, if the aggregate present value of such parachute payments, singularly or together with the aggregate present value of any consideration, compensation or benefits to be paid to Executive under any other plan, arrangement or
agreement which constitute “parachute payments” (collectively, the “Parachute Amount”) exceeds 2.99 times the Executive’s “base amount”, as defined in Section 280G(b)(3) of the Code (the “Executive Base
Amount”), the amounts constituting “parachute payments” which would otherwise be payable to or for the benefit of Executive shall be reduced to the extent necessary so that the Parachute Amount is equal to 2.99 times the Executive
Base Amount (the “Reduced Amount”; provided that such amounts shall not be so reduced if the Executive determines, based upon the advice of 

  

 7 

 
an independent nationally recognized public accounting firm (which may, but need not be the independent public accountants of the Company), that without such
reduction Executive would be entitled to receive and retain, on a net after tax basis (including, without limitation, any excise taxes payable under Section 4999 of the Code), an amount which is greater than the amount, on a net after tax
basis, that the Executive would be entitled to retain upon his receipt of the Reduced Amount. 
 b. If the determination made
pursuant to clause (a) of this Section 12 results in a reduction of the payments that would otherwise be paid to Executive except for the application of clause (a) of this Section 12, Executive may then elect, in his sole
discretion, which and how much of any particular entitlement shall be eliminated or reduced and shall advise the Company in writing of his election within ten days of the determination of the reduction in payments. If no such election is made by
Executive within such ten-day period, the Company may elect which and how much of any entitlement shall be eliminated or reduced and shall notify Executive promptly of such election. Within ten days following such determination and the elections
hereunder, the Company shall pay to or distribute to or for the benefit of Executive such amounts as are then due to Executive under this Agreement and shall promptly pay to or distribute to or for the benefit of Executive in the future such amounts
as become due to Executive under this Agreement. 
 c. As a result of the uncertainty in the application of Section 280G
of the Code at the time of a determination hereunder, it is possible that payments will be made by the Company which should not have been made under clause (a) of this Section 12 (“Overpayment”) or that additional payments which
are not made by the Company pursuant to clause (i) of this Section 12 should have been made (“Underpayment”). In the event that there is a final determination by the Internal Revenue Service, or a final determination by a court
of competent jurisdiction, that an Overpayment has been made, any such Overpayment shall be treated for all purposes as a loan to Executive which Executive shall repay to the Company together with interest at the applicable Federal rate provided for
in Section 7872(f)(2) of the Code. In the event that there is a final determination by the Internal Revenue Service, a final determination by a court of competent jurisdiction or a change in the provisions of the Code or regulations pursuant to
which an Underpayment arises under this Agreement, any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive, together with interest at the applicable Federal rate provided for in Section 7872(f)(2) of the
Code. 
 13. Miscellaneous. 
 a. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof. 
 b. Entire Agreement/Amendments. This Agreement contains the entire understanding of the parties with respect to the employment of
Executive by the Company. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein. This Agreement may not be
altered, modified, or amended except by written instrument signed by the parties hereto. 
  

 8 

 c. No Waiver. The failure of a party to insist upon strict adherence to any term
of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 
 d. Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 
 e. Assignment. This Agreement, and all of Executive’s rights and duties hereunder, shall not be assignable or delegable by Executive. Any purported assignment or delegation by Executive in violation of the
foregoing shall be null and void ab initio and of no force and effect. This Agreement may be assigned by the Company to a person or entity which is an affiliate or a successor in interest to substantially all of the business operations of the
Company. Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such affiliate or successor person or entity. 
 f. Mitigation/No Set Off/Beneficiary. Executive shall have no obligation to mitigate any amounts due him under Section 8 and
any such amounts shall not be reduced by amounts earned by Executive for subsequent employment. The Company’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall be subject to set off,
counterclaim or recoupment solely of fixed amounts owed by Executive to the Company or its affiliates (e.g., under promissory note or amounts payable by Executive to the Company hereunder) and in no other instance. In the event Executive dies after
termination of employment, but prior to the payment of any amounts due under Section 8, such amounts shall be paid to Executive’s estate or designated beneficiary. 
 g. Compliance with IRC Section 409A. Notwithstanding anything herein to the contrary, (i) if at the time of
Executive’s termination of employment with the Company Executive is a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a
result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder
(without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s termination of employment with the Company (or the earliest date as is permitted under
Section 409A of the Code) and (ii) if any other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other
benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the
Board, that does not cause such an accelerated or additional tax. The Company shall consult with Executive in good faith regarding the implementation of the provisions of this Section 13(g); provided that neither the Company nor any of its
employees or representatives shall have any liability to Executive with respect to thereto. 
  

 9 

 h. Successors; Binding Agreement. This Agreement shall inure to the benefit of and
be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 i. Notice. For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or
overnight courier or three days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as either party
may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
 If to the Company: 
 Virgin Mobile USA, LLC 
 10 Independence Blvd. 
 Warren, NJ 07059 
 Attention: General Counsel 
 Telecopy:
(908) 607-4078 
 Confirmation: (908) 607-4017 
 Or such other address at which the Company’s principal executive offices are relocated. 
 with a copy
to: 
 Virgin Mobile USA, LLC 
 10 Independence Blvd. 
 Warren, NJ 07059 
 Attention: Chief People Officer 
 Telecopy: (908) 607-4078 
 Confirmation: (908) 607-4016 
 Or such
other address at which the Company’s principal executive offices are relocated. 
 with a copy to: 
 Bluebottle USA Holdings L.P. 
 65 Bleeker
Street 
 6th Floor 
 New York, NY 10012 
 Attention: Frances Farrow 
 Telecopy:
(212) 213-4399 
 Confirmation: (646) 435-7090 
  

 10 

 with a copy to: 
 Sprint Ventures, Inc. 
 c/o Sprint Spectrum L.P. 
 6200 Sprint Parkway 
 Overland Park, Kansas
66251 
 Attention: Vice President, Business Development 
 Telecopy: (913) 762-0109 
 Confirmation: (913) 762-7797 
 If to Executive: 
 To the most recent
address of Executive set forth in the personnel records of the Company. 
 j. Executive Representation. Executive
hereby represents to the Company that the execution and delivery of this Agreement by Executive and the Company and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the
terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound. 
 k.
Prior Agreements. This Agreement supersedes all prior agreements (except the ERA) and understandings (including verbal agreements) between Executive and the Company and/or its affiliates regarding the terms and conditions of Executive’s
employment with the Company. 
 l. Cooperation. Executive shall provide Executive’s reasonable cooperation in
connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s employment hereunder. This provision shall survive any termination of this Agreement. 
 m. Withholding Taxes. The Company may withhold from any amounts payable under this Agreement such Federal, state and local taxes as
may be required to be withheld pursuant to any applicable law or regulation. 
 n. Counterparts. This Agreement may be
signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 o. Disputes. Any dispute with regard to the enforcement of this Agreement or any matter relating to the employment of Executive by the Company including but not limited to disputes relating to claims of
employment discrimination, alleged torts or any violation of law other than the seeking of injunctive relief to preserve the status quo pending arbitration in accordance with applicable law under Section 13 hereof, shall be exclusively resolved
by a single arbitrator at an arbitration to be conducted in New York City before, and pursuant to the National Rules for the Resolution of Employment Disputes rules of the American Arbitration Association (“AAA”) with the arbitrator
applying the substantive law of the State of 

  

 11 

 
New York as provided for under Section 13(a) hereof. The AAA shall provide the parties hereto with lists for the selection of arbitrators composed
entirely of arbitrators who are members of the National Academy of Arbitrators and who have prior experience in the arbitration of disputes between employers and senior executives. The determination of the arbitrator shall be final and binding on
the parties hereto and judgment therein may be entered in any court of competent jurisdiction. Each party shall pay its own attorneys fees and disbursements and other costs of the arbitration. 
  

 12 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first
above written. 
  

									
	[                                      
                  ]	 		 	VIRGIN MOBILE USA, LLC
				
	  	 		 	By:	 	  
		 		 		 		 	Name:
		 		 		 		 	Title:

  

 13

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