Document:

Exhibit 10.2

 

AMENDMENT No. 6 TO STOCK PURCHASE
AGREEMENT

 

THIS AMENDMENT No. 6 TO STOCK PURCHASE
AGREEMENT, dated as of April 20,
2005 (the “Amendment”), is entered into by and among TEM Puerto
Rico, Inc., a corporation organized under the laws of the Commonwealth of
Puerto Rico and a successor in interest to Telefónica Larga Distancia de Puerto
Rico, Inc., a corporation formed under the laws of the Commonwealth of
Puerto Rico (the “Purchaser”), ClearComm, L.P., a limited partnership
organized under the laws of Delaware (the “Seller”), and NewComm
Wireless Services, Inc., a corporation formed under the laws of the
Commonwealth of Puerto Rico (the “Company”).  The Purchaser, together with the Seller and
the Company, are collectively referred to herein as the “Parties” and
each individually as a “Party.”

 

W  I  T
N  E  S  S  E  T  H:

 

WHEREAS, the Purchaser and the Seller have
previously entered into a Stock Purchase Agreement, dated as of March 12,
2002 (as the same may be amended
from time to time, the “Agreement”), pursuant to which, subject to the
terms and conditions of the Agreement, at the Closing the Seller will sell to
the Purchaser, and the Purchaser will purchase from the Seller, such number of
Shares of the Company such that, upon conversion of the Convertible Securities
and the acquisition of the Shares to be purchased thereunder, the Purchaser
shall own 50.1% of the issued and outstanding equity interests of the Company
on a fully-diluted basis;

 

WHEREAS, the Purchaser has determined to
convert the Convertible Securities at this time, in accordance with the
Settlement Agreement and Mutual Release, entered into as of the date hereof,
but the Parties have determined that the purchase of a controlling interest
pursuant to the Agreement should be converted into an option for the Purchaser
and deferred for three (3) years as set forth herein;

 

WHEREAS, pursuant to Section 10.08 of
the Agreement, the Agreement may be amended with the written consent of the
parties thereto; and

 

WHEREAS, the Parties hereto desire to amend
the Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the
foregoing and the respective representations, warranties, covenants and
agreements set forth herein, and intending to be legally bound hereby, the
parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1                   Defined
Terms.  Capitalized terms used herein
but not otherwise defined herein
shall have the meanings ascribed to such terms in the Agreement.

 

“Settlement Agreement and Mutual Release”
shall mean that certain settlement agreement and mutual release by and among by and among the Company, Telefónica Móviles
S.A., a corporation organized under the laws of Spain, the Purchaser, the
Seller, and the other parties named therein.

 

 

ARTICLE II

AMENDMENTS

 

Section 2.1                   Amendment
to Section 1.01.  The defined
term “Project Financing Facility” is hereby deleted from Section 1.01
(Definitions).

 

Section 2.2                   Amendment
and Restatement of Section 2.01. 
Section 2.01 of the Agreement (Purchase and Sale of the Seller
Shares) is hereby amended and restated in its entirety to read as follows:

 

“Upon the terms and
subject to the conditions of this Agreement, at the Closing, the Seller shall
sell to the Purchaser, and the Purchaser shall purchase from the Seller all of
the Seller’s right, title and interest in such number of Shares, such that,
after giving effect to such sale, the Purchaser shall own 50.1% of the issued
and outstanding equity interest of the Company on a fully-diluted basis,
assuming the conversion into Shares of all the Convertible Securities in the
amounts set forth in Section 3.02 of the Disclosure Schedule (the “Seller
Shares”).  It is expressly agreed and
acknowledged that, irrespective of the number of Shares owned by the Purchaser
immediately prior to the Closing (it being understood that at such time the
Purchaser may own less than 49.9% of the then issued and outstanding equity
interests of the Company in the event the Purchaser’s equity interest is
diluted as a result of a capital increase of the Company or otherwise and
assuming that the Purchaser shall not have, directly or indirectly, disposed of
its Shares (whether by sale, exchange, merger, assignment, conveyance, transfer
of otherwise)), the number of Seller Shares to be sold by the Seller to the
Purchaser at the Closing shall be sufficient to result in the Purchaser owning
immediately after Closing an aggregate number of Shares equal to 50.1% of the
then issued and outstanding equity interests of the Company on a fully-diluted
basis.  It is further agreed and
acknowledged that, in the event the Seller does not own enough Seller Shares to
satisfy its obligations under this Section 2.01, the Company shall issue
to the Purchaser pursuant to and under the terms and conditions of the
Shareholders Agreement and at a price per share based upon the Equity Valuation
such number of shares as shall be necessary to permit the Purchaser to own
50.1% of the issued and outstanding equity interest of the Company after such
issuance.”

 

Section 2.3                   Amendment
and Restatement of Section 2.02(a). 
Section 2.02(a) of the Agreement is hereby amended and
restated to read as follows:

 

“As payment in full for
the Seller Shares, Purchaser shall pay, in the manner set forth in Section 2.06,
the Purchase Price, as

 

2

 

determined in accordance
with Sections 2.02(b), (c), and (d) hereof.”

 

Section 2.4                   Amendment
of Section 2.02(c).  The last
sentence of Section 2.02(c) of the Agreement (Purchase Price) is
hereby amended by adding the following clause at the end thereof:

 

“, provided for
the avoidance of doubt, that in the event Seller Shares necessary to obtain the
control of the Company (the “Control Shares”) are acquired by the
Purchaser from the Seller, the Purchase Price to be delivered by the Purchaser
to the Seller shall not include any premium (whether such premium is an imputed
premium for “control” or the Premium defined in the Settlement Agreement and
Mutual Release) with respect to such Control Shares, and the Premium shall be
paid pursuant to and under the terms and conditions of the Settlement Agreement
and Mutual Release.

 

Section 2.5                   Inclusion
of New Section 2.02(d).  A New Section 2.02(d) shall
be included to read as follows:

 

“Notwithstanding
paragraphs (b) and (c) above, in the event within the three months prior to the receipt of
the Purchase Notice (as defined in Section 2.03(a)), a Liquidity Valuation
or a Revised Liquidity Valuation, as the case may be, has been delivered in
accordance with Section 2.1(b) and (c) of the Sale Agreement,
the latest of such valuation shall be deemed to be the Equity Valuation for
purposes of determining the Purchase Price as set forth in paragraph (c) above.  Such Equity Valuation shall bear interest at
a rate equal to LIBOR+1% starting to accrue on the notification of the
valuation until the satisfaction of the conditions set forth in Section 7.01(c) and
7.02(c).”

 

Section 2.6                   Amendment
and Restatement of Section 2.03(a). 
Section 2.03(a) of the Agreement (Pre-Closing and Closing) is
hereby amended and restated in its entirety to read as follows:

 

“At such time as the
Purchaser believes that all of the conditions to Closing contained in Sections
7.01 (except for 7.01(c)) and 7.02 (except for 7.02(c)) have been satisfied or
waived, or at any time thereafter before the termination of this Agreement, the
Purchaser shall have the right, but not the obligation, in its sole and
absolute discretion, to deliver a written binding notice (the “Purchase
Notice”) to the Seller indicating the Purchaser’s intention to acquire the
Seller Shares upon the terms and subject to the conditions of the Agreement.

 

3

 

The Parties agree to
cooperate in good faith and use their commercially reasonable best efforts to
take or cause to be taken all actions and do or cause to be done all things
necessary, proper, advisable or required to obtain the satisfaction of the
conditions set forth in Section 7.01(c) and 7.02(c) (including,
without limitation, completing such steps as were necessary for the obtaining
of the authorization granted on August 12, 2004 by the FCC to the
Purchaser relating to the transfer of control of NewComm to the Purchaser)
after the delivery and reception of the Purchase Notice.

 

Within five (5) days
of the later to occur of (i) the receipt by the Purchaser of the Equity
Valuation report from the investment bank and (ii) the satisfaction of the
conditions set forth in Section 7.01(c) and 7.02(c), a pre-closing
will be held at the offices of the Purchaser’s New York counsel, Simpson
Thacher & Bartlett LLP, or such other location as the Purchaser may
advise, at 10:00 A.M. New York time. 
At such pre-closing, the Parties shall provide evidence to each other
that each of the applicable conditions for the pre-closing has been satisfied
and shall deliver to each other all consents, approvals, waivers and
certificates specified in Sections 7.01 and 7.02 and any and all other
corporate documents contemplated in this Agreement.  If the Purchaser agrees that all the conditions
for the pre-closing are satisfied, the date of the pre-closing shall be deemed
to be the pre-closing date (the “Pre-Closing Date”).”

 

Section 2.7                   Amendment
and Restatement of Section 2.04. 
Section 2.04 of the Agreement (Closing Deliveries by the Seller) is
hereby amended and restated in its entirety to read as follows:

 

“At the
Closing the Seller shall deliver or cause to be delivered to the Purchaser:

 

(a)          the stock
certificates for the Seller Shares duly endorsed to Purchaser;

 

(b)         a
certificate or certificates to the effect that the conditions to Closing in Section 7.02 herein have been satisfied;

 

(c)          the
Corporate Records; and

 

(d)         the
certificates and other documents required to be delivered pursuant to Section 7.02.”

 

Section 2.8                   Amendment
and Restatement of Section 2.05. 
Section 2.05 of the Agreement (Closing Deliveries by the Purchaser)
is hereby amended and restated in its entirety to read as follows:

 

“At the
Closing the Purchaser shall deliver or cause to be delivered to the Seller:

 

(a)          the cash
payment for the Seller Shares being transferred constituting the Purchase Price
for the Seller Shares;

 

4

 

(b)         the cash
payment, if any, for the Shares being issued by the Company pursuant to Sections
2.01 and 2.07 hereof;

 

(c)          a
certificate to the effect that the conditions in Section 7.01 have been satisfied;

 

(d)         a receipt
for the Seller Shares being transferred; and

 

(e)          the
certificates and other documents required to be delivered pursuant to Section 7.01.”

 

Section 2.9                   Amendment
to Article II.  Article II
is hereby amended by adding a Section 2.07 at the end thereof:

 

“At the
Closing, to the extent the number of Seller Shares to be transferred by the
Seller to the Purchaser pursuant to Section 2.01 hereof shall not be
sufficient to permit the Purchaser to own 50.1% of the issued and outstanding
equity interest of the Company, the Company shall issue to the Purchaser such
number of shares as shall be necessary to permit the Purchaser to own 50.1% of
the issued and outstanding equity interest of the Company after such issuance.”

 

Section 2.10             Amendment
of Section 7.01.  Section 7.01
of the Agreement (Conditions to Obligations of the Seller) is hereby amended
and restated in its entirety to read as follows:

 

“The
obligations of the Seller to consummate the transactions contemplated by this
Agreement shall be subject to the fulfillment or waiver by the Seller (other
than those conditions in Sections 7.01(a) and 7.01(c) which may not
be waived) at or prior to the Closing, of each of the following conditions:

 

(a)          Representations,
Warranties and Covenants.  The
representations and warranties of the Purchaser contained in this Agreement
shall have been true and correct when made and shall be true and correct as of
the Closing, with the same force and effect as if made as of the Closing Date,
other than such representations and warranties as are made as of another date,
which shall be true and correct as of such date, and the covenants and
agreements contained in this Agreement to be complied with by the Purchaser on
or before the Closing shall have been complied with in all material respects.

 

(b)         No Order.  No Governmental Order (other than a
Governmental Order relating to the matters set forth in (c)(i) below)
shall be threatened or be in force and effect against the Purchaser restraining
or materially and adversely altering the transactions contemplated by this
Agreement.

 

(c)          Consents
and Approvals.  The Purchaser, the
Seller and the Company, as applicable, shall have received all authorizations,
consents, orders and approvals from all Governmental Authorities and officials
and the required third party under the Loan Documents necessary or desirable to
effect the transactions contemplated by this Agreement, including, without
limitation (i) the approval, or extension thereof, as the case

 

5

 

may
be, by the FCC of application to transfer control of the Company to the
Purchaser (including approval of foreign ownership), and such FCC approval is
not subject to further  review,
modification, appeal, revocation or suspension and (ii) if applicable, the
Purchaser and the Seller shall have received notice from the United States
Department of Justice and the FTC that such governmental entities have
terminated the applicable notification period or such notification period shall
have expired without requirements for the sale or disposition of assets or
limiting the Purchaser or the Company in the conduct of its business.”

 

(d)         Transaction
Documents.  Each of the Transaction
Documents shall have been entered into by the applicable parties thereto (other
than the Seller) and each shall be in full force and effect.  The Purchaser shall not have taken or failed
to take any actions which constitutes, or with the passage of time or notice
would constitute, a material breach of any of the Transaction Documents, which
material breach (i) is not capable of being cured or (ii) has not
been cured within thirty (30) days after the Purchaser receives written notice
of such breach from the Seller.

 

(e)          Long
Term Financing.  The Company shall
have entered into the Long Term Financing (as such term is defined in
Settlement Agreement and Mutual Release) and borrowings thereunder have been
made available to the Company.”

 

Section 2.11             Amendment
of Section 7.02.  Section 7.02
of the Agreement (Conditions to Obligations of the Purchaser) is hereby amended
and restated in its entirety to read as follows:

 

“The option of
the Purchaser to consummate the transactions contemplated by this Agreement
shall be subject to the fulfillment or waiver by the Purchaser at or prior to
the Pre-Closing Date at or prior to the Closing Date and of each of the
following conditions:

 

(a)          Representations,
Warranties and Covenants.  The
representations and warranties contained in Articles III and IV contained in
this Agreement shall have been true and correct when made and shall be true and
correct as of the Closing, with the same force and effect as if made as of the
Closing Date, other than such representations and warranties as are made as of
another date, which shall be true and correct as of such date, and the
covenants and agreements contained in this Agreement to be complied with by the
Seller on or before the Closing shall have been complied with in all material
respects.

 

(b)         No Order.  No Governmental Order (other than a
Governmental Order relating to the matters set forth in (c)(i) below)
shall be threatened or be in force and effect against the Seller, Syncom and
any member of the Fleet Syndicate, or the Company, restraining or materially
and adversely altering the transactions contemplated hereby that are the
subject of the Closing.

 

(c)          Consents
and Approvals.  The Purchaser, the
Seller and the Company, as applicable, shall have received all authorizations,
consents, orders

 

6

 

and
approvals from all Governmental Authorities and officials and the required
third party under the Loan Documents necessary or desirable to effect the
transactions contemplated by this Agreement, including, without limitation (i) the
approval, or extension thereof, as the case may be, by the FCC of application
to transfer control of the Company to the Purchaser (including approval of
foreign ownership), and such FCC approval is not subject to further  review, modification, appeal, revocation or
suspension and (ii) if applicable, the Purchaser and the Seller shall have
received notice from the United States Department of Justice and the FTC that
such governmental entities have terminated the applicable notification period
or such notification period shall have expired without requirements for the
sale or disposition of assets or limiting the Purchaser or the Company in the
conduct of its business.

 

(d)         Ownership
of Fully Diluted Shares. All outstanding warrants and options to purchase
Shares shall have been converted into Shares; provided, however,
that any rights of any officers, directors or employees of the Company with
respect to any Shares shall have been waived without payment therefore or any
obligation to make a payment therefore by the Company and without any violation
of Law.  All of the Seller Shares shall
be owned by the Seller.

 

(e)          Indebtedness,
Waivers and Extensions.  With respect
to any Indebtedness of the Company owed to the Seller or any of its Affiliates,
the Company shall have obtained (i) waivers of any operating or financial
covenant with which the Company is not in compliance and (ii) an extension
of the due date of any principal amount and capitalized interest of such
Indebtedness to a date not prior to the sixtieth (60th) day
following the Closing Date.

 

(f)            Transaction
Documents.  Each of the Transaction
Documents shall have been entered into by the applicable parties thereto (other
than the Purchaser) and each shall be in full force and effect.  Neither the Company nor the Seller shall have
taken or failed to take any actions which constitutes, or with the passage of
time or notice would constitute, a material breach of any of the Transaction
Documents, which material breach (i) is not capable of being cured or (ii) has
not been cured within thirty (30) days after the Company and the Seller have
received written notice of such breach from the Seller.

 

(g)         Long Term
Financing.  The Company shall have
entered into the Long Term Financing (as such term is defined in Settlement
Agreement and Mutual Release) and borrowings thereunder have been made
available to the Company.”

 

Section 2.12             Amendment
and Restatement of Section 9.01. 
Section 9.01(a) of the Agreement (Termination) is hereby
amended and restated in its entirety to read as follows:

 

“by either the Seller or
the Purchaser if (i) the Purchase Notice shall not have been sent by the
later of (x) the forty second (42nd) month following the date of
this Amendment or (y) ten days after a Sale Termination in accordance with the
Sale Agreement, if there has been a Sale Notice in accordance with such
agreement within

 

7

 

the thirty seventh (37th)
month following the date of this Amendment; or (ii) any regulatory
authority has denied approval of the purchase of the Seller Shares and such
denial has become final and unappealable or has approved the purchase of the
Seller Shares subject to the conditions that, in the sole judgment of the
Purchaser would restrict it or its affiliates in their respective spheres of
operations and business activities after the Effective Date; provided, however,
that the right to terminate this Agreement under this Section 9.01(a) shall
not be available to any party whose failure to fulfill any obligation under
this Agreement shall have been the cause of, or shall have resulted in, the
failure of the Closing to occur on or prior to such date.”

 

Section 2.13             Amendment
of Section 9.01.  Section 9.01
is hereby amended by adding the following subsection (e) at the end
thereof:

 

“This Agreement shall
automatically terminate in the event (i) Telefónica S.A. guarantee
obligations set forth in Section 10.5 of the Settlement Agreement and (ii) Telefónica
S.A. guarantee obligations set forth in Exhibit K of the Settlement
Agreement shall cease and be of no further force and effect.”

 

Section 2.14             Amendment
and Restatement of Section 10.05. 
Section 10.05 of the Agreement (Entire Agreement) is hereby amended
and restated in its entirety to read as follows:

 

“This Agreement
constitutes the entire agreement of the parties hereto with respect to the
subject matter hereof and supersede all prior agreements and undertakings, both
written and oral, between or among the Seller, the Company and the Purchaser
with respect to the subject matter hereof and thereof.”

 

Section 2.15             Amendment
and Restatement of Section 10.09. 
Section 10.09 of the Agreement (Governing Law) is hereby amended
and restated in its entirety to read as follows:

 

“The substantive rights
and obligations of the parties arising out of, in connection with or ancillary
to this Agreement shall be governed by the substantive laws of the State of
Florida, excluding conflict of laws principles.”

 

Section 2.16             Amendment
and Restatement of Section 10.10.  Section 10.10
of the Agreement (Arbitration) is hereby amended and restated in its
entirety to read as follows:

 

“(a)                            If a
Dispute is not settled within thirty (30) days after the notice is given to the
other parties seeking representative consideration of a Dispute, such Dispute
shall be submitted for resolution to the American Arbitration Association in
accordance with the International Arbitration Rules of the American

 

8

 

Arbitration Association.
A party wishing to submit a Dispute to arbitration shall give written notice to
such effect to the other parties hereto. 
The arbitration shall be resolved by a three-person arbitration panel.”

 

Section 2.17             Amendment
and Restatement of Section 10.11.  Section 10.11
of the Agreement (Waiver of Jury Trial) is hereby amended and restated in its
entirety to read as follows:

 

“Intentionally left
blank.”

 

Section 2.18             Amendment
to Article X.  Article X of
the Agreement is hereby amended by adding the following Section 10.14
(Confidentiality) at the end thereof:

 

“The
terms and conditions of
this Agreement, and all matters relating thereto, shall remain confidential
between the Parties and shall not be disclosed to any Person except:  (i) to the Parties and their respective
officers, directors, employees, representatives, counsel, auditors and other
professionals who need to know such information for purposes of conducting
their ordinary course of business; (ii) to any Person as required by
operation of law; or (iii) to any Person agreed to by the Parties, in
writing.  To the extent that a Party is
required or purportedly required to disclose all or any terms of this Agreement
pursuant to subparagraph (ii) above, such Party shall immediately give
written notice to the other Parties, and the Party seeking disclosure shall, if
so requested by any other Party, use its best efforts to obtain a protective
order from the court or a written guarantee of confidentiality from any Person
to whom the terms are to be disclosed to limit, in advance, the dissemination
and disclosure of this Agreement and its terms.”

 

ARTICLE III

MISCELLANEOUS

 

Section 3.1                   Ratification;
Entire Agreement.  This Amendment shall
not be deemed to be an amendment to or effect any terms or provisions of the
Agreement other than those amended hereby and is only intended to amend, alter
or modify the Agreement as expressly stated herein.  Except as amended hereby, the Agreement remains
in effect, enforceable against each of the Parties, and is hereby ratified and
acknowledged by each of the Parties. 
This Agreement, as amended by this Amendment, constitutes the entire
agreement among all the parties hereto and supersedes all prior agreements and
understandings, oral and written, among all the parties hereto with respect to
the subject matter hereof.

 

Section 3.2                   Counterparts;
Facsimile Signature.  This Amendment
may be executed in any number of counterparts, each of which shall be deemed to
be an original, and all of which together shall be deemed to be one and the
same instrument.  Any Party may execute
this Amendment by facsimile signature, and the other Parties will be entitled
to rely on such facsimile signature as conclusive evidence that this Amendment
has been duly executed by such Party.

 

9

 

Section 3.3                   Governing Law.  The substantive rights and obligations of the
parties arising out of, in connection with or ancillary to this Amendment shall
be governed by the substantive laws of the State of Florida, excluding conflict
of laws principles.

 

Section 3.4                   Severability.  The provisions of this Amendment shall be
deemed severable and the invalidity or unenforceability of any provision shall
not affect the validity or enforceability of the other provisions hereof.  If any provision of this Amendment, or the
application thereof to any Person or any circumstance, is found to be invalid
or unenforceable in any jurisdiction, (a) a suitable and equitable
provision shall be substituted therefor in order to carry out, so far as may be
valid or enforceable, such provision and (b) the remainder of this
Amendment and the application of such provision to other persons or
circumstances shall not be affected by such invalidity or unenforceability, nor
shall such invalidity or unenforceability affect the validity or enforceability
of such provision, or the application thereof, in any other jurisdiction.

 

Section 3.5                   Successors
and Assigns.  This Amendment is
binding upon and shall inure to the benefit of each of the Parties and their
respective successors and assigns.

 

Section 3.6                   Headings.  The headings, captions and arrangements used
in this Amendment are for convenience only and will not affect the interpretation
of this Amendment.

 

[Remainder
of page intentionally left blank; signature pages follow]

 

10

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be executed and delivered by their respective duly
authorized Representative as of the date first above written.

 

	
   

  	
  TEM PUERTO RICO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Francisco
  Martinez Davis

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Juan Ramon
  Balcells

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CLEARCOMM, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Lawrence
  Odell Peck

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEWCOMM WIRELESS
  SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Javier O.
  Lamoso

  
	
   

  	
   

  	
  Title

  

 

11Exhibit 10.3

 

AMENDMENT No. 1 TO SALE AGREEMENT

 

THIS AMENDMENT No. 1 TO SALE AGREEMENT,
dated as of April 20, 2005 (the “Amendment”), is
entered into by and among TEM Puerto Rico, Inc. (as a successor in
interest of Telefonica Larga Distancia de Puerto Rico, Inc), a corporation
organized and existing under the laws of the Commonwealth of Puerto Rico (“TEMPR”),
ClearComm, L.P., a Delaware limited partnership (“ClearComm”),
Syndicated Communications Venture Partners IV, L.P., a Delaware limited
partnership (“Syncom”), Fleet Development Ventures, LLC, a Massachusetts
limited liability company (“Fleet”), Opportunity Capital Partners IV,
L.P., a Delaware limited partnership (“Opportunity”), Power Equities, Inc.,
a Delaware corporation (“Power”, collectively with Fleet and
Opportunity, the “Fleet Syndicate”), any other Person acquiring Shares
during the term of the Agreement and NewComm Wireless Services, Inc., a
corporation organized and existing under the laws of the Commonwealth of Puerto
Rico (the “Company”).

 

W  I  T
N  E  S  S  E  T  H:

 

WHEREAS, the parties have previously entered
into a Sale Agreement dated as of March 12, 2002 (as the same may be amended from time to time, the “Agreement”),
that provides for, among other things, the procedure for conducting a proposed
sale of the Company;

 

WHEREAS, pursuant to Section 4.6 of the
Agreement, the Agreement may be amended only upon the written consent of the
Company and Shareholders owning seventy-five per cent (75%) of the Shares on a
fully-diluted basis, assuming conversion of all outstanding Convertible
Securities; and

 

WHEREAS, the parties hereto desire to amend
the Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the
foregoing and the respective representations, warranties, covenants and
agreements set forth herein, and intending to be legally bound hereby, the
parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1                   Defined
Terms.  Capitalized terms used herein
but not otherwise defined herein
shall have the meanings ascribed to such terms in the Agreement.

 

ARTICLE II

AMENDMENTS

 

Section 2.1                   Amendment
to the Agreement.  All references to
TLD are hereby amended and replaced with TEMPR, as a successor in interest of
Telefónica Larga Distancia de Puerto
Rico, Inc.

 

Section 2.2                   Amendment
and Restatement of the Recitals.  The
first Whereas clause of the Agreement is hereby amended and restated in its
entirety to read as follows:

 

“WHEREAS, TEMPR and ClearComm have entered
into a stock purchase agreement dated as the date hereof, pursuant to which

 

 

TEMPR may purchase from
ClearComm such number of Class A Common Stock of the Company such that,
upon the purchase of such Shares and the Conversion of the Convertible
Securities, TEMPR will own 50.1% of the total issued and outstanding common stock
of the Company, on a fully-diluted basis (the “Stock Purchase Agreement”).”

 

Section 2.3                   Amendment
to Article I.  The defined terms
“Management Agreement” and “Technology Transfer Agreement” are hereby deleted
from Article 1 (Definitions).

 

Section 2.4                   Amendment
to Article II.  All references
to Greenberg and Traurig, P.A. are deleted and replaced with Simpson Thacher &
Bartlett LLP.

 

Section 2.5                   Amendment
of Section 2.1(a).  The last
sentence of Section 2.1(a) of the Agreement is hereby amended and
restated in its entirety to read as follows:

 

“provided, however,
that such Sale Notice may not be given prior to the earlier to occur of (i) the
delivery of an Exit Notice under the Settlement Agreement and Mutual Release by
and among the Company, the Purchaser, the Seller, and the other parties name
therein (the “Settlement Agreement and Mutual Release”), or (ii) thirty
six (36) months from the execution of the Settlement Agreement and Mutual
Release. For the avoidance of doubt, the Sale of the Company pursuant to this
Agreement is not subject to the acquisition by TEMPR of the Seller Shares (as
defined in the Stock Purchase Agreement) pursuant to and under the terms and
conditions of the Stock Purchase Agreement.”

 

Section 2.6                   Amendment
of Section 2.1(b)(i).  Section 2.1(b)(i) of
the Agreement is hereby amended by adding the following clause at the end
thereof:

 

“In the event that, by
the time the Sale Notice is delivered, no bank had performed the Equity
Valuation under the Stock Purchase Agreement, the Appraiser shall be selected
following the mechanism set forth in Section 2.02 (b) of such
agreement, counting the initial five (5) Business Days since the delivery
of the Sale Notice.”

 

Section 2.7                   Amendment
of Section 2.1(d).  Section 2.1(d) and
(e) of the Agreement  is hereby
amended and restated in its entirety to read as follows:

 

“(d)                           If
neither TEMPR nor ClearComm has delivered a TEMPR Offer Notice or a ClearComm
Offer Notice, as the case may be, before the expiration of the applicable TEMPR
Offer Period or ClearComm Offer Period and TEMPR or ClearComm has not delivered
a TEMPR Option Notice or a ClearComm Option Notice, as the case may be, before
the expiration of the thirty-day period applicable thereto, the Shareholders
shall use their best

 

2

 

efforts to effect the
Sale of the Company to a third party purchaser which shall in no event be an
Affiliate of either ClearComm or TEMPR. 
The Appraiser shall undertake the Sale of the Company or, if such
Appraiser is unwilling or unable to undertake the sale of the Company, the
Appraiser shall select a U.S. nationally recognized investment banker (the “Bank”),
with experience in the telecommunications industry, to undertake the Sale of
the Company.  The Appraiser or the Bank,
as the case may be, will undertake the Sale of the Company with a view of
obtaining the best possible terms and the highest possible purchase price, provided
that the Appraiser or the Bank, as the case may be, shall not accept any
third-party purchaser offer unless (i) the purchase price offered by such
third party is at least equivalent to the Liquidity Valuation, (ii) the
consideration is in cash or freely-tradable securities and (iii) the
Company’s indebtedness is either repaid or assumed and each Shareholder is
fully and unconditionally released from its guarantee obligations to the
Company.  In the event that the Appraiser
or the Bank, as the case may be, presents to the Shareholders a third-party offer
under Customary Terms and Conditions that complies with conditions (i), (ii) and
(iii) set forth in the preceding sentence, the Shareholders will have the
obligation to complete the Sale of the Company. The Shareholders shall have the
right at all times to attend all meetings and telephone conferences conducted
by the Appraiser or the Bank, as the case may be, (or their designee) in
connection with the Sale of the Company. 
Notwithstanding anything to the contrary herein, if the Appraiser or the
Bank, as the case may be, and the Shareholders are unable to find a third party
purchaser under the conditions set forth above within six (6) months after
the expiration of the period for the delivery of the TEMPR Option Notice or the
ClearComm Option Notice, as the case may be, either TEMPR or ClearComm shall
have the right, in its sole discretion, to terminate the Sale of the Company
(the “Sale Termination”).

 

(e) Upon the
occurrence of a Sale Termination, neither TEMPR nor ClearComm may deliver a
Sale Notice pursuant to Section 2.1 for a period of six (6) months.  Thereafter, in the event a Sale Notice is
delivered, the procedures set forth in this Section 2.1 shall be
applicable.”

 

Section 2.8                   Amendment
of Section 2.2.  Section 2.2
is deleted in its entirety.

 

Section 2.9                   Amendment
of Article III (e).  Article III
(e) is hereby amended and restated in its entirety to read as follows:

 

“(e) any
merger or share exchange involving all of the issued and outstanding Shares
effected for a significant business purpose (and not solely or primarily to

 

3

 

effect
a termination of this Agreement) or any sale, transfer, conveyance or
disposition of all or substantially all of the assets and properties of the
Company.”

 

Section 2.10             Amendment
of Section 4.2.  Section 4.2
is hereby amended and restated in its entirety to read as follows:

 

“The substantive rights
and obligations of the parties arising out of, in connection with or ancillary
to this Agreement shall be governed by the substantive laws of the State of
Florida, excluding conflict of laws principles.”

 

Section 2.11             Amendment
to Section 4.3.  Section (b) is
hereby amended and restated in its entirety to read as follows:

 

“(b)                           If
a Dispute is not settled within thirty (30) days after the notice is given to
the other parties seeking representative consideration of a Dispute, such
Dispute shall be submitted for resolution to the American Arbitration
Association in accordance with the International Arbitration Rules of the
American Arbitration Association. A party wishing to submit a Dispute to
arbitration shall give written notice to such effect to the other parties
hereto.  The arbitration shall be
resolved by a three-person arbitration panel.”

 

And, in Section (c), reference to San Juan,
Puerto Rico must be referred to Miami, Florida.

 

Section 2.12             Amendment
of Section 4.5.  Section 4.5
is hereby amended and restated in its entirety to read as follows:

 

“This Agreement
constitutes the entire agreement among the parties with respect to the subject
matter hereof and supersede all prior agreements and understandings between
them or any of them as to the subject matter”.

 

ARTICLE III

MISCELLANEOUS

 

Section 3.1                   Ratification;
Entire Agreement.  This Amendment
shall not be deemed to be an amendment to or effect any terms or provisions of
the Agreement other than those amended hereby and is only intended to
amend, alter or modify the Agreement as expressly stated herein.  Except as amended hereby, the Agreement
remains in effect, enforceable against each of the Parties, and is hereby
ratified and acknowledged by each of the Parties.  This Agreement, as amended by this Amendment,
constitutes the entire agreement among all the parties hereto and supersedes
all prior agreements and understandings, oral and written, among all the parties
hereto with respect to the subject matter hereof.

 

Section 3.2                   Counterparts;
Facsimile Signature.  This Amendment
may be executed in any number of counterparts, each of which shall be deemed to
be an original, and all of which together shall be deemed to be one and the
same instrument.  Any Party may execute

 

4

 

this Amendment by
facsimile signature, and the other Parties will be entitled to rely on such
facsimile signature as conclusive evidence that this Amendment has been duly
executed by such Party.

 

Section 3.3                   Governing Law.  The substantive rights and obligations of the
parties arising out of, in connection with or ancillary to this Agreement shall
be governed by the substantive laws of the State of Florida, excluding conflict
of laws principles.

 

Section 3.4                   Severability.  The provisions of this Amendment shall be
deemed severable and the invalidity or unenforceability of any provision shall
not affect the validity or enforceability of the other provisions hereof.  If any provision of this Amendment, or the
application thereof to any Person or any circumstance, is found to be invalid
or unenforceable in any jurisdiction, (a) a suitable and equitable
provision shall be substituted therefor in order to carry out, so far as may be
valid or enforceable, such provision and (b) the remainder of this
Amendment and the application of such provision to other persons or
circumstances shall not be affected by such invalidity or unenforceability, nor
shall such invalidity or unenforceability affect the validity or enforceability
of such provision, or the application thereof, in any other jurisdiction.

 

Section 3.5                   Successors
and Assigns.  This Amendment is
binding upon and shall inure to the benefit of each of the Parties and their
respective successors and assigns.

 

Section 3.6                   Headings.  The headings, captions and arrangements used
in this Amendment are for convenience only and will not affect the
interpretation of this Amendment.

 

[Remainder
of page intentionally left blank; signature pages follow]

 

5

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be executed and delivered by their respective duly
authorized Representative as of the date first above written.

 

	
   

  	
  NEWCOMM
  WIRELESS SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TEM PUERTO RICO, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Francisco
  Martinez Davis

  
	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Juan Ramon
  Balcells

  
	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CLEARCOMM,
  L.P.

  
	
   

  	
   

  
	
   

  	
  By:                  SuperTel Communications Corp., its

  General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SYNDICATED
  COMMUNICATIONS

  VENTURE PARTNERS IV, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  ,

  
	
   

  	
  its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
						

 

6

 

	
   

  	
  FLEET
  DEVELOPMENT VENTURES, LLC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPPORTUNITY
  CAPITAL PARTNERS IV, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  ,

  
	
   

  	
  its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  POWER
  EQUITIES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
								

 

7

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