Document:

EXHIBIT 4.1

 

EXECUTION
VERSION

 

 

 

 

 

UNITI FIBER
HOLDINGS INC.,

as Issuer

AND

UNITI GROUP INC.

AND THE OTHER
GUARANTORS NAMED ON THE SIGNATURE PAGES HERETO,

as Guarantors

 

 

AND

 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee

INDENTURE

Dated as of June 28, 2019

 

 

 

 

 

 

4.00% Exchangeable
Senior Notes due 2024

 

 

 

 

 

 

    

    

    

TABLE
OF CONTENTS

 

 

Page

 

	Article
    1 

Definitions
	Section
    1.01 .  Definitions	1
	Section
    1.02 .  References to Interest	15
	Article
    2 

Issue, Description, Execution, Registration and Exchange of Notes
	Section
    2.01 .  Designation and Amount	15
	Section
    2.02 .  Form of Notes	15
	Section
    2.03 .  Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	16
	Section
    2.04 .  Execution, Authentication and Delivery of Notes	17
	Section
    2.05 .  Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	18
	Section
    2.06 .  Mutilated, Destroyed, Lost or Stolen Notes	24
	Section
    2.07 .  Temporary Notes	25
	Section
    2.08 .  Cancellation of Notes Paid, Exchanged, Etc.	25
	Section
    2.09 .  CUSIP Numbers	25
	Section
    2.10 .  Additional Notes; Purchases	26
	Article
    3 

Satisfaction and Discharge
	Section
    3.01 .  Satisfaction and Discharge	26
	Article
    4 

Particular Covenants of the Company and Uniti
	Section
    4.01 .  Payment of Principal, Settlement Amounts and Interest	27
	Section
    4.02 .  Maintenance of Office or Agency	28
	Section
    4.03 .  Appointments to Fill Vacancies in Trustee’s Office	28
	Section
    4.04 .  Provisions as to Paying Agent	28
	Section
    4.05 .  Additional Guarantors	29
	Section
    4.06 .  Rule 144A Information Requirement; Reporting; and Registration Default Additional Interest	30
	Section
    4.07 .  No Rights as Stockholders.	31
	Section
    4.08 .  Stay, Extension and Usury Laws	31
	Section
    4.09 .  Compliance Certificate; Statements as to Defaults	31

 

    i

    

    

	Article
    5 

[Reserved]
	Article
    6 

Defaults and Remedies
	Section
    6.01 .  Events of Default	32
	Section
    6.02 .  Acceleration	34
	Section
    6.03 .  Additional Interest	34
	Section
    6.04 .  Payments of Notes on Default; Suit Therefor	35
	Section
    6.05 .  Application of Monies Collected by Trustee	37
	Section
    6.06 .  Proceedings by Holders	37
	Section
    6.07 .  Proceedings by Trustee	38
	Section
    6.08 .  Remedies Cumulative and Continuing	38
	Section
    6.09 .  Direction of Proceedings and Waiver of Defaults by Majority of Holders	38
	Section
    6.10 .  Notice of Defaults	39
	Section
    6.11 .  Undertaking to Pay Costs	40
	Article
    7 

Concerning the Trustee
	Section
    7.01 .  Duties and Responsibilities of Trustee	40
	Section
    7.02 .  Certain Rights of the Trustee	41
	Section
    7.03 .  No Responsibility for Recitals, Etc.	43
	Section
    7.04 .  Trustee, Paying Agents, Exchange Agents or Note Registrar May Own Notes	43
	Section
    7.05 .  Monies To Be Held in Trust	43
	Section
    7.06 .  Compensation and Expenses of Trustee	44
	Section
    7.07 .  Officer’s Certificate as Evidence	45
	Section
    7.08 .  Eligibility of Trustee	45
	Section
    7.09 .  Resignation or Removal of Trustee	45
	Section
    7.10 .  Acceptance by Successor Trustee	46
	Section
    7.11 .  Succession by Merger, Etc.	47
	Section
    7.12 .  Trustee’s Application for Instructions from the Company	47
	Section
    7.13 .  Conflicting Interests of Trustee	48
	Section
    7.14 .  Limitation on Trustee’s Liability	48
	Article
    8 

Concerning the Holders
	Section
    8.01 .  Action by Holders	48
	Section
    8.02 .  Proof of Execution by Holders	48
	Section
    8.03 .  Who Are Deemed Absolute Owners	48
	Section
    8.04 .  Company-Owned Notes Disregarded	49
	Section
    8.05 .  Revocation of Consents; Future Holders Bound	49

 

    ii

    

    

	Article 9

                                                                                [Reserved]

	Article 10

                                                                                Supplemental Indentures

	Section
    10.01 .  Supplemental Indentures Without Consent of Holders	50
	Section
    10.02 .  Supplemental Indentures with Consent of Holders	51
	Section
    10.03 .  Effect of Amendment, Supplement and Waiver	52
	Section
    10.04 .  Notation on Notes	52
	Section
    10.05 .  Evidence of Compliance of Amendment, Supplement or Waiver To Be Furnished To Trustee	53
	Article 11

                                                                                Consolidation, Merger and Sale

	Section
    11.01 .  Uniti May Consolidate, Etc. on Certain Terms	53
	Section
    11.02 .  Company May Consolidate, Etc. on Certain Terms	54
	Section
    11.03 Opinion of Counsel and Officer’s Certificate To Be Given to Trustee	54
	Article 12

                                                                                Immunity of Incorporators, Stockholders, Officers and Directors

	Section
    12.01 .  Indenture, Notes and Guarantees Solely Corporate Obligations	55
	Article 13

                                                                                Guarantee

	Section
    13.01 .  Guarantee	55
	Section
    13.02 .  Execution and Delivery	57
	Section
    13.03 .  Release of Guarantees	57
	Section
    13.04 .  Limitation on Guarantor Liability	58
	Section
    13.05 .  Subrogation	58
	Section
    13.06 .  Benefits Acknowledged	59
	Section
    13.07 .  [Reserved]	59
	Section
    13.08 .  “Trustee” to Include Paying Agent	59
	Article 14

                                                                                Exchange of Notes

	Section
    14.01 .  Exchange Privilege	59
	Section
    14.02 .  Exchange Procedure; Settlement Upon Exchange	62
	Section
    14.03 .  Increase in Exchange Rate Upon Exchange in Connection with a Make-Whole Fundamental Change	69
	Section
    14.04 .  Adjustment of Exchange Rate	71
	Section
    14.05 .  Adjustments of Prices	81
	Section
    14.06 .  Shares To Be Fully Reserved	81

 

    iii

    

    
	Section
    14.07 .  Effect of Recapitalizations, Reclassifications and Changes of the Common Stock	81
	Section
    14.08 .  Certain Covenants	83
	Section
    14.09 .  Responsibility of Trustee	84
	Section
    14.10 .  Notice to Holders Prior to Certain Actions	85
	Section
    14.11 .  Stockholder Rights Plans	85
	Article 15

                                                                                Repurchase of Notes at Option of Holders

	Section
    15.01 .  Intentionally Omitted	86
	Section
    15.02 .  Repurchase at Option of Holders Upon a Fundamental Change	86
	Section
    15.03 .  Withdrawal of Fundamental Change Repurchase Notice	89
	Section
    15.04 .  Deposit of Fundamental Change Repurchase Price	89
	Section
    15.05 .  Covenant to Comply with Applicable Laws Upon Repurchase of Notes	90
	Article 16

                                                                                Redemption

	Section
    16.01 .  Right of the Company to Redeem the Notes	91
	Section
    16.02 .  Notice of Redemption	91
	Section
    16.03 .  Payment of Notes Called for Redemption	93
	Section
    16.04 .  Selection, Exchange and Transfer of Notes to be Redeemed in Part	93
	Section
    16.05 .  Restrictions on Redemption	94
	Section
    16.06 .  Increased Exchange Rate Applicable to Certain Notes Called for Redemption Surrendered for Exchange in Connection
    with a Redemption	94
	Article 17

                                                                                Miscellaneous Provisions

	Section
    17.01 .  Provisions Binding on Company’s and the Guarantors’ Successors	95
	Section
    17.02 .  Official Acts by Successor Entity	95
	Section
    17.03 .  Addresses for Notices, Etc.	95
	Section
    17.04 .  Governing Law	96
	Section
    17.05 .  Intentionally Omitted	96
	Section
    17.06 .  Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	96
	Section
    17.07 .  Legal Holidays	96
	Section
    17.08 .  No Security Interest Created	97
	Section
    17.09 .  Benefits of Indenture	97
	Section
    17.10 .  Table of Contents, Headings, Etc.	97
	Section
    17.11 .  Authenticating Agent	97
	Section
    17.12 .  Execution in Counterparts	98
	Section
    17.13 .  Severability	98
	Section
    17.14 .  Waiver of Jury Trial; Submission of Jurisdiction	98
	Section
    17.15 .  Force Majeure	99
	Section
    17.16 .  Calculations	99

 

    iv

    

    

	Section
    17.17 .  U.S.A. Patriot Act	99
	Section
    17.18 .  Tax Withholding	99

 

EXHIBITS

 

	Exhibit A	Form of NoteA-1	 
	Exhibit B	  Form of Supplemental Indenture	B-1

 

    v

    

    

INDENTURE
dated as of June 28, 2019 among Uniti Fiber Holdings Inc., a Delaware corporation, as issuer (the “Company”,
as more fully set forth in Section 1.01), Uniti Group Inc., a Maryland corporation (“Uniti”) and the Guarantors
listed on the signature pages hereto, and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”,
as more fully set forth in Section 1.01).

 

W I T N E
S S E T H:

 

WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the issuance of its 4.00% Exchangeable Senior Notes due 2024
(the “Notes”), initially in an aggregate principal amount of $345,000,000, and each of the Guarantors has duly
authorized the issuance of its Guarantee, and in order to provide the terms and conditions upon which the Notes are to be authenticated,
issued and delivered, the Company and the Guarantors have duly authorized the execution and delivery of this Indenture; and

 

WHEREAS,
the Form of Note, the certificate of authentication to be borne by each Note, the Form of Notice of Exchange, the Form of Fundamental
Change Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms
hereinafter provided; and

 

WHEREAS,
all acts and things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or
a duly authorized authenticating agent, as provided in this Indenture, the valid, binding and legal obligations of the Company,
and this Indenture the valid, binding and legal obligations of the Company and the Guarantors, have been done and performed, and
the execution of this Indenture and the issuance hereunder of the Notes and the Guarantees have in all respects been duly authorized.

 

NOW, THEREFORE,
THIS INDENTURE WITNESSETH:

 

That in order
to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration
of the premises and of the purchase and acceptance of the Notes by the Holders thereof, each of the Company and the Guarantors
covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the
Notes (except as otherwise provided below), as follows:

 

Article
1

Definitions

 

Section
1.01. Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the
context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective
meanings specified in this Section 1.01. The words “herein,” “hereof,” “hereunder,” and words
of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms
defined in this Article include the plural as well as the singular.

 

    

    

    

“Additional
Interest” means all amounts, if any, payable pursuant to Section 4.06(d) and Section 6.03, as applicable.

 

“Additional
Shares” shall have the meaning specified in Section 14.03(a).

 

“Adequate
Cash Exchange Provisions” shall have the meaning specified in Section 15.02(e).

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control,” when used with respect
to any specified Person means the power to direct or cause the direction of the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“Applicable
Procedures” means, with respect to a Depositary, as to any matter at any time, the policies and procedures of such Depositary,
if any, that are applicable to such matter at such time.

 

“Authorized
Denomination” means, with respect to a Note, a minimum principal amount thereof equal to $1,000 or any integral multiple
of $1,000 in excess thereof.

 

“Bankruptcy
Law” means Title 11, U.S. Code, as amended, or any similar federal, state or foreign law for the relief of debtors.

 

“Bid
Solicitation Agent” means the Person appointed by the Company to solicit bids for the Trading Price of the Notes in
accordance with Section 14.01(b)(i). The Company shall initially
act as the Bid Solicitation Agent.

 

“Board
of Directors” means, with respect to the Company or any Guarantor, the board of directors of the Company or such Guarantor,
as the case may be, or a committee of such board duly authorized to act for it hereunder.

 

“Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company or Uniti,
as the case may be, to have been duly adopted by the applicable Board of Directors, and to be in full force and effect on the
date of such certification, and delivered to the Trustee.

 

“Business
Day” means any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized
or required by law or executive order to close or be closed.

 

“Capital
Stock” means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) stock issued by that entity; provided that debt securities that
are convertible into or exchangeable for Capital Stock shall not constitute Capital Stock prior to their conversion or exchange,
as the case may be.

 

    2

    

    

“Cash
Settlement” shall have the meaning provided in Section 14.02(a).

 

“Certificated
Notes” means permanent certificated Notes in registered form issued in minimum denominations of $1,000 principal amount
and integral multiples of $1,000 in excess thereof.

 

“Clause
A Distribution” shall have the meaning specified in Section 14.04(c).

 

“Clause
B Distribution” shall have the meaning specified in Section 14.04(c).

 

“Clause
C Distribution” shall have the meaning specified in Section 14.04(c).

 

“close
of business” means 5:00 p.m. (New York City time).

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Combination
Settlement” shall have the meaning provided in Section 14.02(a).

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

“Common
Equity” of any Person means Capital Stock of such Person that is generally entitled (a) to vote in the election of directors
of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing
body, partners, managers or others that will control the management or policies of such Person.

 

“Common
Stock” means the common stock of Uniti, $0.0001 par value per share, subject to Section 14.07.

 

“Company”
shall have the meaning specified in the first paragraph of this Indenture, and subject to the provisions of Article 11, shall
include its successors and assigns.

 

“Company
Order” means a written order of the Company, signed by an Officer of the Company.

 

“Corporate
Trust Office” means the corporate trust office of the Trustee located at Deutsche Bank Trust Company Americas, 60 Wall
Street, 24th Floor, MS: NYC60-2407, New York, New York 10005, or such other office, designated by the Trustee by written
notice to the Company, at which at any particular time its corporate trust business shall be administered; provided, however,
for purposes of Sections 2.05 and 4.02, such address shall be Deutsche Bank Trust Company Americas, c/o DB Services Americas,
Inc., 5022 Gate Parkway, Suite 200, Jacksonville, Florida 32256, Attention: Transfer Department.

 

“Custodian”
means the Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any successor entity thereto.

 

    3

    

    

“Daily
Exchange Value” means, for each of the 40 consecutive VWAP Trading Days during the relevant Observation Period, 1/40th
of the product of (i) the Exchange Rate on such VWAP Trading Day and (ii) the Daily VWAP for such VWAP Trading Day.

 

“Daily
Measurement Value” shall have the meaning specified in the definition of “Daily Settlement Amount.”

 

“Daily
Settlement Amount,” for each of the 40 consecutive VWAP Trading Days during the relevant Observation Period, shall consist
of:

 

(a)       cash
in an amount equal to the lesser of (i) the Specified Dollar Amount, if any, divided by 40 (such quotient, the “Daily
Measurement Value”) and (ii) the Daily Exchange Value for such VWAP Trading Day; and

 

(b)       if
the Daily Exchange Value on such VWAP Trading Day exceeds the Daily Measurement Value, a number of shares of Common Stock equal
to (i) the difference between the Daily Exchange Value and the Daily Measurement Value, divided by (ii) the Daily VWAP
for such VWAP Trading Day.

 

“Daily
VWAP” means, for each of the 40 consecutive VWAP Trading Days during the relevant Observation Period, the per share
volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “UNIT <equity>
AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading
until the scheduled close of trading of the primary trading session on such VWAP Trading Day (or if such volume-weighted average
price is unavailable, the market value of one share of Common Stock on such VWAP Trading Day determined, using a volume-weighted
average method, by a U.S. nationally recognized independent investment banking firm retained for this purpose by the Company).
The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading outside of
the regular trading session trading hours.

 

“Default”
means any event that is, or after notice or passage of time, or both, would be, an Event of Default.

 

“Defaulted
Amounts” means any amounts on any Note (including, without limitation, the Redemption Price, Fundamental Change Repurchase
Price, cash exchange consideration due upon exchange, principal and interest) that are payable but are not punctually paid or
duly provided for.

 

“Depositary”
means, with respect to each Global Note, the Person specified in Section 2.05(b) as the Depositary with respect to such Notes,
until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter,
“Depositary” shall mean or include such successor.

 

“Designated
Financial Institution” shall have the meaning specified in Section 14.02(j).

 

    4

    

    

“Distributed
Property” shall have the meaning specified in Section 14.04(c).

 

“effective
date” means the first date on which shares of Common Stock trade on the Relevant Stock Exchange, regular way, reflecting
the relevant share split or share combination, as applicable.

 

“Effective
Date” shall have the meaning specified in Section 14.03(c).

 

“Event
of Default” shall have the meaning specified in Section 6.01.

 

“Ex-Dividend
Date” means the first date on which shares of Common Stock trade on the applicable exchange or in the applicable market,
regular way, without the right to receive the issuance, dividend or distribution in question, from Uniti or, if applicable, from
the seller of the Common Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange
or market.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange
Agent” shall have the meaning specified in Section 4.02.

 

“Exchange
Consideration” shall have the meaning specified in Section 14.02(j).

 

“Exchange
Date” shall have the meaning specified in Section 14.02(c).

 

“Exchange
Election” shall have the meaning specified in Section 14.02(j).

 

“Exchange
Obligation” shall have the meaning specified in Section 14.01(a).

 

“Exchange
Price” means as of any date, $1,000, divided by the Exchange Rate as of such date.

 

“Exchange
Rate” shall have the meaning specified in Section 14.01(a).

 

“Existing
Senior Notes” mean, collectively, (a) the 8.25% Senior Notes due 2023, co-issued by Uniti Group LP, CSL Capital, LLC
and Uniti Group Finance Inc., and guaranteed by Uniti and certain of its subsidiaries, including the Company, pursuant to the
Indenture, dated as of April 24, 2015, as amended and supplemented, (b) the 6.00% Senior Secured Notes due 2023, co-issued by
Uniti Group LP, CSL Capital, LLC and Uniti Group Finance Inc., and guaranteed by Uniti and certain of its subsidiaries, including
the Company, pursuant to the Indenture, dated as of April 24, 2015, as amended and supplemented, and (c) the 7.125% Senior Notes
due 2024, co-issued by Uniti Group LP, CSL Capital, LLC and the Company, and guaranteed by Uniti and certain of its subsidiaries
pursuant to the Indenture, dated as of December 15, 2016, as amended and supplemented.

 

“Expiration
Date” shall have the meaning specified in Section 14.04(e).

 

    5

    

    

“Expiration
Time” shall have the meaning specified in Section 14.04(e).

 

“Form
of Assignment and Transfer” shall mean the “Form of Assignment and Transfer” attached as Attachment 3 to
the Form of Note attached hereto as Exhibit A.

 

“Form
of Fundamental Change Repurchase Notice” shall mean the “Form of Fundamental Change Repurchase Notice” attached
as Attachment 2 to the Form of Note attached hereto as Exhibit A.

 

“Form
of Notice of Exchange” shall mean the “Form of Notice of Exchange” attached as Attachment 1 to the Form
of Note attached hereto as Exhibit A.

 

“Fundamental
Change” shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:

 

(a)       any
person, including any syndicate or group deemed to be a “person” or “group” within the meaning of Section
13(d) of the Exchange Act, other than Uniti, its Subsidiaries and their respective employee benefit plans, makes a filing under
the Exchange Act disclosing that it has become, directly or indirectly, the “beneficial owner,” as defined in Rule
13d-3 under the Exchange Act, of Uniti’s Common Equity representing more than 50% of the voting power of Uniti’s Common
Equity;

 

(b)       the
consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a
subdivision or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities,
or other property or assets; (B) any share exchange, consolidation or merger of Uniti pursuant to which the Common Stock will
be converted into cash, securities, other property or assets (including cash or any combination thereof); or (C) any sale, lease
or other transfer in one transaction or a series of transactions of all or substantially all of Uniti’s consolidated assets,
taken as a whole, to any Person other than one or more of Uniti’s direct or indirect Subsidiaries; provided, however,
that a transaction described in clause (A) or (B) in which the holders of all classes of Uniti’s Common Equity immediately
prior to such transaction own, directly or indirectly, more than 50% of all classes of the Common Equity of the continuing or
surviving corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions
(vis-a-vis each other) as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this
clause (b);

 

(c)       the
Company (or any successor thereto following any merger, consolidation or similar transaction) ceases to be controlled, directly
or indirectly, by Uniti (or any successor thereto following any merger, consolidation or similar transaction); or

 

(d)       the
shareholders of Uniti approve any plan or proposal for the liquidation or dissolution of Uniti;

 

    6

    

    

provided, however,
that a transaction or transactions described in clause (a) or (b) above shall not constitute a Fundamental Change if at least
90% of the consideration received or to be received by the holders of the Common Stock, excluding cash payments for fractional
shares and cash payments made pursuant to dissenters’ or appraisal rights, in connection with such transaction or transactions
consists of shares of Common Equity or ADSs in respect of Common Equity that are listed or quoted on any of The New York Stock
Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors) or will be so listed
or quoted when issued or exchanged in connection with such transaction or transactions, and as a result of such transaction or
transactions such consideration becomes the Reference Property for the Notes (subject to the provisions set forth in Section 14.02).

 

Any event, transaction
or series of related transactions that constitute a Fundamental Change under both clause (a) and clause (b) above (determined
without regard to the proviso in clause (b) above) shall be deemed to be a Fundamental Change solely under clause (b) above.

 

If any transaction
in which the Common Stock is replaced by Common Equity of another entity occurs, following completion of any related Make-Whole
Fundamental Change Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental
Change but for the proviso immediately following clause (d) of this definition, following the effective date of such transaction),
references to Uniti in this definition shall instead be references to such other entity.

 

“Fundamental
Change Company Notice” shall have the meaning specified in Section 15.02(c).

 

“Fundamental
Change Repurchase Date” shall have the meaning specified in Section
15.02(a).

 

“Fundamental
Change Repurchase Notice” shall have the meaning specified in Section
15.02(b)(i).

 

“Fundamental
Change Repurchase Price” shall have the meaning specified in Section 15.02(a).

 

“Global
Note” shall have the meaning specified in Section 2.05(a).

 

“Guarantee”
means the joint and several guarantees of the Company’s payment obligations under this Indenture and the Notes, issued by
the Guarantors pursuant to Article 13 of this Indenture.

 

“Guarantor”
means each of (1) Uniti and Uniti’s Subsidiaries listed on the signature pages to this Indenture (other than the Company)
and (2) any other Subsidiary of Uniti that becomes a Guarantor in accordance with Section 4.05 of this Indenture, in each case
until such time as any such Guarantor shall be released and relieved of its obligations pursuant to Section 13.03 of this Indenture.

 

    7

    

    

“Holder,”
as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), shall mean any person
in whose name at the time a particular Note is registered on the Note Register. The registered Holder of a Note shall be treated
as its owner for all purposes.

 

“Indenture”
means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.

 

“Initial
Dividend Threshold” shall have the meaning specified in Section 14.04(d).

 

“Initial
Purchasers” means Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley &
Co. LLC, BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, SunTrust
Robinson Humphrey, Inc. and Wells Fargo Securities, LLC.

 

“Interest
Payment Date” means June 15 and December 15 of each year, beginning on December 15, 2019.

 

“Issue
Date” means June 28, 2019.

 

“Last
Reported Sale Price” per share of Common Stock on any date means:

 

(a)       the
closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than
one in either case, the average of the average bid and the average ask prices) on such date as reported in composite transactions
for the Relevant Stock Exchange;

 

(b)       if
the Common Stock is not listed for trading on a Relevant Stock Exchange on such date, the last quoted bid price per share for
the Common Stock in the over-the-counter market on such date as reported by OTC Markets Group Inc. or a similar organization;
and

 

(c)       if
the Common Stock is not so quoted, the average of the mid-point of the last bid and ask prices per share for the Common Stock
on such date from each of at least three nationally recognized independent investment banking firms selected by the Company for
this purpose.

 

“Make-Whole
Fundamental Change” means (x) any transaction or event that constitutes a Fundamental Change, after giving effect to
any exceptions to or exclusions from the definition thereof, but without regard to the proviso in clause (b) of the definition
thereof or (y) any Event of Default described in Section 6.01(l).

 

“Make-Whole
Fundamental Change Company Notice” shall have the meaning specified in Section 14.03(b).

 

“Make-Whole
Fundamental Change Period” shall have the meaning specified in Section 14.03(a).

 

    8

    

    

“Market
Disruption Event” means:

 

(a)
       a failure by the Relevant Stock Exchange to open for trading during its regular trading
session; or

 

(b)
       the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled
Trading Day for the Common Stock for more than one half-hour period in the aggregate during regular trading hours of any suspension
or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the Relevant Stock Exchange or
otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock.

 

“Maturity
Date” means June 15, 2024.

 

“Measurement
Period” shall have the meaning specified in Section 14.01(b)(i).

 

“Note”
or “Notes” shall have the meaning specified in the first paragraph of the recitals of this Indenture.

 

“Note
Register” shall have the meaning specified in Section 2.05.

 

“Note
Registrar” shall have the meaning specified in Section 2.05.

 

“Notice
of Exchange” shall have the meaning specified in Section 14.02(b)(ii)(A).

 

“Notice
of Redemption” shall have the meaning specified in Section 16.02(a).

 

“Observation
Period” with respect to any Note surrendered for exchange means:

 

(a)       if
the relevant Exchange Date occurs prior to March 15, 2024, the 40 consecutive VWAP Trading Day period beginning on, and including,
the third VWAP Trading Day immediately succeeding such Exchange Date; and

 

(b)       if
the relevant Exchange Date occurs on or after March 15, 2024, the 40 consecutive VWAP Trading Day period beginning on, and including,
the 41st Scheduled Trading Day immediately preceding the Maturity Date.

 

“Offering
Memorandum” means the preliminary offering memorandum, dated June 24, 2019, relating to the offering and sale of the
Notes, as supplemented by the related pricing term sheet, dated June 25, 2019.

 

“Officer”
means, with respect to any Person, the Chairman of the Board of Directors, the Chief Executive Officer, the President, any Executive
Vice President, Senior Vice President or Vice President, the Treasurer, the Assistant Treasurer, the Secretary or the Assistant
Secretary of such Person.

 

    9

    

    

“Officer’s
Certificate” means a certificate signed on behalf of the Company by an Officer of the Company or Uniti, as the case
may be, that meets the requirements of Section 17.06.

 

“open
of business” means 9:00 a.m. (New York City time).

 

“Opinion
of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements
of Section 17.06. The counsel may be an employee of or counsel to the Company or Uniti or any Subsidiary of Uniti.

 

“outstanding,”
when used with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as of any particular time, all Notes
authenticated and delivered by the Trustee under this Indenture, except:

 

(a)       Notes
theretofore canceled by the Trustee or accepted by the Trustee for cancellation;

 

(b)       Notes,
or portions thereof, that have become due and payable and in respect of which monies in the necessary amount shall have been deposited
in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust
by the Company (if the Company shall act as its own Paying Agent);

 

(c)       Notes
in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms
of Section 2.06 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers in
due course;

 

(d)       Notes
surrendered for purchase in accordance with Article 15 for which the Paying Agent holds money sufficient to pay the Fundamental
Change Repurchase Price, in accordance with Section 15.04(b);

 

(e)       Notes
exchanged pursuant to Article 14 and required to be cancelled pursuant
to Section 2.08; and

 

(f)       Notes
redeemed or repurchased by the Company.

 

“Ownership
Limitations” means the restrictions on ownership and transfer of Uniti’s stock contained in the Articles of Amendment
and Restatement of Uniti, as amended.

 

“Paying
Agent” shall have the meaning specified in Section 4.02.

 

“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity.

 

“Physical
Settlement” shall have the meaning provided in Section 14.02(a).

 

    10

    

    

“Predecessor
Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced
by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in
lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated,
lost, destroyed or stolen Note that it replaces.

 

“Record
Date” means, with respect to any dividend, distribution or other transaction or event in which the holders of the Common
Stock have the right to receive any cash, securities or other property or in which the Common Stock is exchanged for or converted
into any combination of cash, securities or other property, the date fixed for determination of holders of the Common Stock entitled
to receive such cash, securities or other property (whether such date is fixed by Uniti’s Board of Directors, statute, contract
or otherwise).

 

“Redemption”
means the redemption of any Note by the Company pursuant to Article 16.

 

“Redemption
Date” shall have the meaning specified in Section 16.02(a).

 

“Redemption
Notice Date” means, with respect to a Redemption, the date on which the Company sends the Notice of Redemption to the
applicable Holders for such Redemption pursuant to Section 16.02(a).

 

“Redemption
Price” means, for any Notes to be redeemed pursuant to Section 16.01, 100% of the principal amount of such Notes, plus
accrued and unpaid interest, if any, to, but not including, the Redemption Date (unless the Redemption Date falls after a
Regular Record Date but on or prior to the immediately succeeding Interest Payment Date, in which case the interest accrued to,
but not including, such Interest Payment Date will be paid to the Holder as of the close of business on such Regular Record Date
(assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Redemption
Date is before such Interest Payment Date) and the Redemption Price will be equal to 100% of the principal amount of Notes to
be redeemed). For the avoidance of doubt, if an Interest Payment Date is not a Business Day and such Redemption Date occurs on
the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but not including,
such Interest Payment Date will be paid, in accordance with Section 17.07, on the next Business Day to Holders at the close of
business on the immediately preceding Regular Record Date, and (y) the Redemption Price will include interest on Notes to be redeemed
from, and including, such Interest Payment Date to, but not including, such Redemption Date.

 

“Redemption
Reference Price” means, for any exchange of Notes in connection with a Redemption, the average of the Last Reported
Sale Prices per share of the Common Stock over the five Trading Day period ending on, and including, the Trading Day immediately
preceding the Redemption Notice Date.

 

“Reference
Property” shall have the meaning specified in Section 14.07(a).

 

    11

    

    

“Registration
Default” shall have the meaning specified in the Registration Rights Agreement.

 

“Registration
Default Additional Interest” means the “Additional Interest” payable pursuant to Section 7 of the Registration
Rights Agreement.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated as of June 28, 2019, among the Company, Uniti and Barclays
Capital Inc., as the representative of the initial purchasers referenced therein, as amended from time to time in accordance with
its terms.

 

“Regular
Record Date,” with respect to any Interest Payment Date, shall mean the June 1 or December 1 (whether or not such day
is a Business Day), as the case may be, immediately preceding such Interest Payment Date.

 

“REIT”
means a real estate investment trust qualified and taxed under Sections 856 through 860 of the Code.

 

“Relevant
Stock Exchange” means The Nasdaq Global Select Market or, if the Common Stock (or other security for which a Last Reported
Sale Price or the Daily VWAP, as the case may be, must be determined) is not then listed on The Nasdaq Global Select Market, the
principal other U.S. national or regional securities exchange on which the Common Stock (or such other security) is then listed.

 

“Resale
Restriction Termination Date” shall have the meaning specified in Section 2.05(c).

 

“Responsible
Officer” means, with respect to the Trustee, any officer assigned to the Corporate Trust Division – Corporate
Finance Unit (or any successor division or unit) of the Trustee located at the Corporate Trust Office of the Trustee or to whom
any corporate trust matter relating to this Indenture is referred because of such person’s knowledge of and familiarity
with the particular subject, and, in each case, who shall have direct responsibility for the administration of this Indenture.

 

“Restricted
Securities” shall have the meaning specified in Section 2.05(b).

 

“Rule
144A” means Rule 144A as promulgated under the Securities Act.

 

“Scheduled
Trading Day” means a day that is scheduled to be a Trading Day on the Relevant Stock Exchange. If the Common Stock is
not so listed or admitted for trading on a Relevant Stock Exchange, “Scheduled Trading Day” means a “Business
Day.”

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Separation
Event” shall have the meaning specified in Section 14.11.

 

    12

    

    

“Settlement
Amount” has the meaning specified in Section 14.02(a)(iii).

 

“Settlement
Method” means, with respect to any exchange of Notes, Physical Settlement, Cash Settlement or Combination Settlement,
as elected (or deemed to have been elected) by the Company.

 

“Significant
Subsidiary” means a Subsidiary of Uniti that is a “significant subsidiary” as defined under Rule 1-02(w)
of Regulation S-X, promulgated pursuant to the Securities Act.

 

“Specified
Corporate Event” shall have the meaning specified in Section 14.07(a).

 

“Specified
Dollar Amount” means, with respect to any exchange of Notes, the maximum cash amount per $1,000 principal amount of
Notes to be received upon exchange as specified by the Company (or deemed specified) in the notice specifying the Company’s
chosen Settlement Method.

 

“Spin-Off”
shall have the meaning specified in Section 14.04(c).

 

“Stock
Price” shall have the meaning specified in Section 14.03(c).

 

“Subsidiary”
means, with respect to any Person:

 

(a)
any corporation, association or other business entity (other than a partnership, joint venture, limited liability company or similar
entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or
controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii)
one or more Subsidiaries of such Person; and

 

(b)
any partnership, joint venture, limited liability company or similar entity of which (x) more than 50% of the capital accounts,
distribution rights, total equity and voting interest or general or limited partnership interests, as applicable, are owned or
controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii)
one or more Subsidiaries of such Person, in each case, whether in the form of membership, general, special or limited partnership
interests or otherwise, and (y) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls
such entity.

 

“Subsidiary
Guarantor” means each Subsidiary of Uniti that is a Guarantor.

 

“Successor
Company” shall have the meaning specified in Section 11.02(a)(i).

 

“Successor
Parent” shall have the meaning specified in Section 11.01(a)(i).

 

“Trading
Day” means a day on which:

 

(a)       trading
in the Common Stock (or other security for which a Last Reported Sale Price must be determined) generally occurs on the Relevant
Stock Exchange or, if the Common Stock (or such other security) is not then listed on a Relevant Stock

 

    13

    

    

Exchange,
on the principal other market on which the Common Stock (or such other security) is then traded; and

 

(b)       a
Last Reported Sale Price per share of Common Stock (or Last Reported Sale Price for such other security) is available on the Relevant
Stock Exchange or such other market;

 

provided,
that, if the Common Stock (or such other security) is not so listed or traded, “Trading Day” means a “Business
Day.”

 

“Trading
Price” per $1,000 principal amount of the Notes on any date of determination means the average of the secondary market
bid quotations obtained in writing by the Bid Solicitation Agent for $5,000,000 principal amount of Notes at approximately 3:30
p.m. (New York City time) on such determination date from three independent U.S. nationally recognized securities dealers the
Company selects for this purpose; provided that if three such bids cannot reasonably be obtained by the Bid Solicitation
Agent but two such bids are obtained, then the average of such two bids shall be used, and if only one such bid can reasonably
be obtained by the Bid Solicitation Agent, that one bid shall be used. If the Bid Solicitation Agent cannot reasonably obtain
at least one bid for $5,000,000 principal amount of Notes from an independent U.S. nationally recognized securities dealer, then
the Trading Price per $1,000 principal amount of Notes shall be deemed to be less than 98% of the product of the Last Reported
Sale Price per share of the Common Stock and the Exchange Rate on such day.

 

“transfer”
shall have the meaning specified in Section 2.05(b).

 

“Trigger
Event” shall have the meaning specified in Section 14.04(c).

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this
Indenture.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor trustee
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall
mean or include each Person who is then a Trustee hereunder.

 

“Unit
of Reference Property” shall have the meaning specified in Section
14.07(a).

 

“Uniti”
shall have the meaning specified in the first paragraph of the recitals of this Indenture, and subject to the provisions of Article
11, shall include its successors and assigns.

 

“Valuation
Period” shall have the meaning specified in Section 14.04(c).

 

“VWAP
Trading Day” means a day on which:

 

(a)       there
is no Market Disruption Event; and

 

(b)       trading
in the Common Stock generally occurs on the Relevant Stock Exchange.

 

If
the Common Stock is not so listed or admitted for trading on any Relevant Stock Exchange, “VWAP Trading Day” means
a “Business Day.”

 

    14

    

    

Section
1.02. References to Interest. Unless the context otherwise requires, any reference to interest on, or in respect of, any
Note in this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would
be payable pursuant to any of Section 4.06(d) and Section 6.03. Unless the context otherwise requires, any express mention of
Additional Interest in any provision hereof shall not be construed as excluding Additional Interest in those provisions hereof
where such express mention is not made.

 

Article
2

Issue, Description, Execution, Registration and Exchange of Notes

 

Section
2.01. Designation and Amount. The Notes shall be designated as the “4.00% Exchangeable Senior Notes due 2024.”
The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $345,000,000,
subject to Section 2.10 and except for Notes authenticated and delivered upon registration of transfer of, or in exchange for,
or in lieu of other Notes pursuant to Section 2.05, Section 2.06, Section 2.07, Section 10.04, Section 14.02 and Section 15.04.

 

Section
2.02. Form of Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be
substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby
expressly incorporated in and made a part of this Indenture. To the extent applicable, the Company, the Guarantors and the Trustee,
by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

Any Global
Note may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Indenture as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable
law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon
which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate
any special limitations or restrictions to which any particular Notes are subject.

 

Any of the
Notes may have such letters, numbers or other marks of identification and such notations, legends or endorsements as any Officer
executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with
the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto
or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated
for issuance, or to conform to usage or to indicate any special limitations or restrictions to which any particular Notes are
subject.

 

Each Global
Note shall represent such principal amount of the outstanding Notes as shall be specified therein and shall provide that it shall
represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal
amount of outstanding Notes represented thereby may from time to time be increased or reduced to reflect repurchases, cancellations,
exchanges for cash, shares of Common Stock or a combination

 

    15

    

    

thereof,
transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in
the amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee,
in such manner and upon instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal
(including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest
on, a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining
Holders eligible to receive payment is provided for herein.

 

Section
2.03. Date and Denomination of Notes; Payments of Interest and Defaulted Amounts(a). (a) The Notes shall be issuable
in registered form without coupons in minimum denominations of $1,000 principal amount and integral multiples of $1,000 in excess
thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of
the form of Note attached as Exhibit A hereto. Accrued interest on the Notes shall be computed on the basis of a 360-day year
composed of twelve 30-day months and, for a partial month, on the basis of the number of days actually elapsed in a 30-day month.

 

(b)           
The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business
on the Regular Record Date immediately preceding the relevant Interest Payment Date shall be entitled to receive the interest
payable on such Interest Payment Date. Interest shall be payable at the office or agency of the Company maintained by the Company
for such purposes, which shall initially be the Corporate Trust Office. The Company shall pay interest:

 

(i)           
on any Certificated Notes (A) to Holders holding Certificated Notes having an aggregate principal amount of $1,000,000
or less, by check mailed to the Holders of these Notes at their address as it appears in the Note Register and (B) to Holders
holding Certificated Notes having an aggregate principal amount of more than $1,000,000, either by check mailed to such Holders
or, upon application by such a Holder to the Note Registrar not later than the relevant Regular Record Date, by wire transfer
in immediately available funds to that Holder’s account within the United States, which application shall remain in effect
until the Holder notifies the Note Registrar to the contrary in writing; and

 

(ii)           
on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.

 

(c)           
Any Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest
per annum at the rate borne by the Notes from, and including, such relevant payment date, and such Defaulted Amounts together
with such interest thereon shall be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below:

 

(i)           
The Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective
Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts,
which shall be fixed in the following manner. The Company shall

 

    16

    

    

notify
the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on each Note and the date of the proposed payment
(which shall be not less than 25 days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an
earlier date), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount
to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory to the Trustee for such deposit on or
prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled
to such Defaulted Amounts as in this clause provided. Thereupon the Company shall fix a special record date for the payment of
such Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment,
and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Company shall promptly notify
the Trustee of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of
the proposed payment of such Defaulted Amounts and the special record date therefor to be sent to each Holder at its address as
it appears in the Note Register, not less than 10 days prior to such special record date. Notice of the proposed payment of such
Defaulted Amounts and the special record date therefor having been sent, such Defaulted Amounts shall be paid to the Persons in
whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such special record date
and shall no longer be payable pursuant to the following clause (ii) of this Section 2.03(c).

 

(ii)           
The Company may make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements
of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon
such notice as may be required by such exchange or automated quotation system and the Depositary, if, after notice given by the
Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed satisfactory to
the Trustee.

 

Section
2.04. Execution, Authentication and Delivery of Notes. The Notes shall be signed in the name and on behalf of the Company
by the manual or facsimile signature of at least one of its Officers.

 

At any time
and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company
to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee
in accordance with such Company Order shall authenticate and deliver such Notes, without any further action by the Company hereunder.

 

Only such
Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the form of Note attached as
Exhibit A hereto, executed manually by an authorized signatory of the Trustee (or an authenticating agent appointed by the Trustee
as provided by Section 17.11), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose.
Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence
that the Note so

 

    17

    

    

authenticated
has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

 

In case any
Officer of the Company who shall have signed any of the Notes shall cease to be such Officer before the Notes so signed shall
have been authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated
and delivered or disposed of as though the Person who signed such Notes had not ceased to be such Officer of the Company; and
any Note may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Note, shall be
an Officer of the Company, although at the date of the execution of this Indenture any such Person was not such an Officer.

 

Section
2.05. Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary. The Company shall cause to
be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the
Company designated pursuant to Section 4.02, the “Note
Register”) in which, subject to such reasonable regulations or procedures as it may prescribe, the Company shall provide
for the registration of Notes and transfers of Notes. Such register shall be in written form or in any form capable of being converted
into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar”
for the purpose of registering Notes and transfers of Notes as herein provided. The Company may appoint one or more co-Note Registrars
in accordance with Section 4.02.

 

Upon surrender
for registration of transfer of any Note to the Note Registrar or any co-registrar, and satisfaction of the requirements for such
transfer set forth in this Section 2.05, the Company shall execute, and the Trustee shall authenticate and deliver, in the name
of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal
amount and bearing such restrictive legends as may be required by this Indenture.

 

Notes may
be exchanged for other Notes of any Authorized Denominations and of a like aggregate principal amount, upon surrender of the Notes
to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the
exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding.

 

All Notes
presented or surrendered for registration of transfer or for exchange, repurchase or exchange for cash, shares of Common Stock
or a combination thereof shall (if so required by the Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly
endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and duly executed,
by the Holder thereof or its attorney-in-fact duly authorized in writing.

 

No service
charge shall be imposed by the Company, the Trustee, the Note Registrar or any co-Note Registrar for any registration of transfer
of Notes or exchange of Notes for other Notes, but the Company or the Trustee may require a Holder to pay a sum sufficient to
cover any

 

    18

    

    

transfer
tax or other similar governmental charge required by law or permitted pursuant to Section 14.02(d) or Section 14.02(e).

 

None of the
Company, the Trustee, the Note Registrar or any co-Note Registrar shall be required to exchange or register a transfer of (i)
any Notes surrendered for exchange for cash, shares of Common Stock or a combination thereof or, if a portion of any Note is surrendered
for exchange for cash, shares of Common Stock or a combination thereof, such portion thereof surrendered for exchange for cash,
shares of Common Stock or a combination thereof, (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not
withdrawn) in accordance with Article 15 or (iii) any Notes, or a portion of any Note, surrendered for redemption in accordance
with ‎Article 16.

 

All Notes
issued upon any registration of transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations
of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon
such registration of transfer or exchange.

 

(a)           
So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject
to the fourth paragraph from the end of Section 2.05(b) all Notes shall be represented by one or more Notes in global form (each,
a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary. The transfer and
exchange of beneficial interests in a Global Note that does not involve the issuance of a Certificated Note, shall be effected
through the Depositary (but not the Trustee or the Custodian) in accordance with this Indenture (including the restrictions on
transfer set forth herein) and the Applicable Procedures.

 

(b)           
Every Note that bears or is required under this Section 2.05(b) to bear the legend set forth in this Section 2.05(b) (together
with any shares of Common Stock delivered upon exchange of the Notes and required to bear the legend set forth in Section 2.05(c),
collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this
Section 2.05(b) (including the legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise
waived by written consent of the Company, and the Holder of each such Restricted Security, by such Holder’s acceptance thereof,
agrees to be bound by all such restrictions on transfer. As used in this Section 2.05(b) and Section 2.05(c), the term “transfer”
encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security.

 

Any certificate
evidencing such Note (and all securities issued in exchange therefor or substitution thereof, other than shares of Common Stock,
if any, delivered upon exchange thereof, which shall bear the legend set forth in Section 2.05(c), if applicable) shall bear a
legend in substantially the following form (unless otherwise agreed by the Company in writing, with notice thereof to the Trustee):

 

THIS
SECURITY AND THE SHARES OF COMMON STOCK, IF ANY, DELIVERABLE UPON EXCHANGE OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE

 

    19

    

    

WITH
THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

(1)       REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT AND THAT IT AND ANY
SUCH ACCOUNT IS NOT AN AFFILIATE OF UNITI GROUP INC., AND

 

(2)       AGREES
FOR THE BENEFIT OF UNITI GROUP INC. (“UNITI”) AND UNITI FIBER HOLDINGS INC. (THE “COMPANY”) THAT IT WILL
NOT (X) OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT:

 

(A)       TO
UNITI OR ANY SUBSIDIARY THEREOF (INCLUDING THE COMPANY), OR

 

(B)       
TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT THAT IS NOT AN AFFILIATE OF UNITI.

 

NO
AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF UNITI OR THE COMPANY AND NO PERSON THAT HAS BEEN AN AFFILIATE (AS
DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF UNITI OR THE COMPANY DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY PURCHASE,
OTHERWISE ACQUIRE OR OWN THIS SECURITY OR A BENEFICIAL INTEREST HEREIN.

 

No transfer
of any Note will be registered by the Note Registrar unless the applicable box on the Form of Assignment and Transfer has been
checked.

 

Notwithstanding
any other provisions of this Indenture (other than the provisions set forth in this Section 2.05(b)), a Global Note may not be
transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary
to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a
nominee of such successor Depositary and (ii) for transfers of portions of a Global Note in certificated form made upon request
of a member of, or a participant in, the Depositary (for itself or on behalf of a beneficial owner) by written notice given to
the Trustee by or on behalf of the Depositary in accordance with Applicable Procedures and in compliance with this Section 2.05(b).

 

The Depositary
shall be a clearing agency registered under the Exchange Act. The Company initially appoints The Depository Trust Company to act
as the “Depositary” with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary,

 

    20

    

    

registered
in the name of Cede & Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for Cede & Co.

 

If:

 

(x)       the
Depositary (i) notifies the Company at any time that the Depositary is unwilling or unable to continue as depositary for the Global
Notes and a successor depositary is not appointed within 90 days or (ii) ceases to be a clearing agency registered under the Exchange
Act and a successor depositary is not appointed within 90 days; or

 

(y)       there
has occurred and is continuing an Event of Default and a beneficial owner of any Note requests through the Depositary that its
beneficial interest therein be issued in a Certificated Note,

 

the Company
shall execute, and the Trustee, upon receipt of an Officer’s Certificate, an Opinion of Counsel and a Company Order for
the authentication and delivery of Notes, shall authenticate and deliver Certificated Notes to each beneficial owner of the related
Global Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal amount of such Global Notes
in exchange for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes shall be canceled.

 

Certificated
Notes issued in exchange for all or a part of the Global Note pursuant to this Section 2.05(b) shall be registered in such names
and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise,
shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Certificated Notes to the Persons
in whose names such Certificated Notes are so registered.

 

At such time
as all interests in a Global Note have been exchanged, canceled, repurchased or transferred, such Global Note shall be, upon receipt
thereof, canceled by the Trustee in accordance with Applicable Procedures and existing instructions between the Depositary and
the Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged for Certificated Notes, exchanged,
canceled, repurchased or transferred to a transferee who receives Certificated Notes therefor or any Certificated Note is exchanged
or transferred for part of such Global Note, the principal amount of such Global Note shall, in accordance with the Applicable
Procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case
may be, and an endorsement shall be made on such Global Note, by the Trustee or the Custodian, at the direction of the Trustee,
to reflect such reduction or increase.

 

None of the
Company, the Guarantors, the Trustee and any agent of the Company, the Guarantors or the Trustee shall have any responsibility
or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global
Note or maintaining, supervising or reviewing any records relating to such beneficial ownership interests. None of the Company,
the Guarantors and the Trustee shall have any responsibility or liability for any act or omission of the Depositary.

 

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(c)           
Until the date (the “Resale Restriction Termination Date”) that is the later of (1) the date that is
one year after the delivery date of the relevant shares of Common Stock, or such other period of time as permitted by Rule 144
under the Securities Act or any successor provision thereto, and (2) such later date, if any, as may be required by applicable
law, any stock certificate representing shares of Common Stock delivered upon exchange of a Note shall bear a legend in substantially
the following form (unless such shares of Common Stock have been transferred pursuant to a registration statement that has become
or been declared effective under the Securities Act and that continues to be effective at the time of such transfer or unless
otherwise agreed by the Company in writing, with notice thereof to the Trustee and any transfer agent for the Common Stock):

 

THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT
BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF
OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

(1)       REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT AND THAT IT AND ANY
SUCH ACCOUNT IS NOT AN AFFILIATE OF UNITI GROUP INC., AND

 

(2)       AGREES
FOR THE BENEFIT OF UNITI GROUP INC. (THE “COMPANY”) AND UNITI FIBER HOLDINGS INC. THAT IT WILL NOT OFFER, SELL, PLEDGE
OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER
THE DATE ON WHICH SUCH EXCHANGE OCCURS OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY
SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:

 

(A)       TO
THE COMPANY OR ANY SUBSIDIARY THEREOF (INCLUDING UNITI FIBER HOLDINGS INC.), OR

 

(B)       PURSUANT
TO, AND IN ACCORDANCE WITH, AN EFFECTIVE REGISTRATION STATEMENT OF THE COMPANY THAT COVERS THE RESALE OF THIS SECURITY, OR

 

(C)       TO
A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT THAT IS NOT AN AFFILIATE OF THE COMPANY,
OR

 

(D)       PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 (IF AVAILABLE) UNDER THE SECURITIES ACT OR

 

    22

    

    

ANY
OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

PRIOR
TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(D) ABOVE, THE COMPANY, UNITI FIBER HOLDINGS INC. AND THE TRANSFER AGENT
FOR THE COMMON STOCK RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY
REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT.

 

NO
AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY OR UNITI FIBER HOLDINGS INC. AND NO PERSON THAT HAS
BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY OR UNITI FIBER HOLDINGS INC. DURING THE THREE
IMMEDIATELY PRECEDING MONTHS MAY PURCHASE, OTHERWISE ACQUIRE OR OWN THIS SECURITY OR A BENEFICIAL INTEREST HEREIN.

 

(d)           
Any such shares of Common Stock as to which such restrictions on transfer shall have expired in accordance with their terms
may, upon surrender of the certificates representing such shares of Common Stock for exchange in accordance with the procedures
of the transfer agent for the Common Stock, be exchanged for a new certificate or certificates for a like aggregate number of
shares of Common Stock, which shall not bear the restrictive legend required by Section 2.05(c).

 

(e)           
Any shares of Common Stock delivered upon the exchange of a Note that is purchased or owned by an Affiliate of Uniti (or
any Person who was an Affiliate of Uniti at any time during the three months preceding) may not be resold by such Affiliate unless
registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act
in a transaction that results in such shares of Common Stock no longer being a “restricted security” (as defined under
Rule 144 under the Securities Act). The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance
with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest
in any Note (including any transfers between or among members of, or participants in, the Depositary or beneficial owners of interests
in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required
by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof.

 

(f)           
Neither the Trustee nor any agent of the Trustee shall have any responsibility for any actions taken or not taken by the
Depositary.

 

    23

    

    

Section
2.06. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or stolen,
the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the
Trustee shall authenticate and deliver, a new Note, bearing a registration number not contemporaneously outstanding, in exchange
and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every
case the applicant for a substituted Note shall furnish to the Company, to the Trustee and, if applicable, to such authenticating
agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense
caused by or connected with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish
to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction,
loss or theft of such Note and of the ownership thereof.

 

The Trustee
or such authenticating agent may authenticate any such substituted Note and deliver the same upon the receipt of such security
or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. Upon the issuance of any substitute
Note, the Company or the Trustee may require the payment by the Holder of a sum sufficient to cover any tax, assessment or other
governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Note that
has matured or is about to mature, is subject to Redemption, or has been surrendered for repurchase or is about to be exchanged
in accordance with Article 14 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion,
instead of issuing a substitute Note, pay or authorize the payment of or exchange or authorize the exchange of the same (without
surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or exchange shall
furnish to the Company, to the Trustee and, if applicable, to any Paying Agent or Exchange Agent such security or indemnity as
may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such
payment or exchange, and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and,
if applicable, any Paying Agent or Exchange Agent evidence to their satisfaction of the destruction, loss or theft of such Note
and of the ownership thereof.

 

Every substitute
Note issued pursuant to the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen shall
constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found
at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture
equally and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall
be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment
or exchange or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies
notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment or
exchange of negotiable instruments or other securities without their surrender.

 

Section
2.07. Temporary Notes. Pending the preparation of Certificated Notes, the Company may execute and the Trustee or an authenticating
agent appointed by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or
lithographed). Temporary Notes shall be issuable in any authorized denomination, and

 

    24

    

    

substantially
in the form of the Certificated Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes,
all as may be determined by the Company. Every such temporary Note shall be executed by the Company and authenticated by the Trustee
or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Certificated
Notes. Without unreasonable delay, the Company shall execute and deliver to the Trustee or such authenticating agent Certificated
Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in
exchange therefor, at each office or agency maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating
agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Certificated
Notes. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the
temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture
as Certificated Notes authenticated and delivered hereunder.

 

Section
2.08. Cancellation of Notes Paid, Exchanged, Etc. The Company shall cause all Notes surrendered for the purpose of payment,
redemption, repurchase (but excluding Notes repurchased pursuant to cash-settled swaps or other derivatives that are not physically
settled), registration of transfer or exchange, or exchange for cash, shares of Common Stock or a combination thereof (subject
to the provisions of Section 14.02(j)), if surrendered to any Person other than the Trustee (including any of the Company’s
agents or Subsidiaries), to be delivered to the Trustee for cancellation, and such Notes shall no longer be considered outstanding
for purposes of this Indenture upon their payment, redemption, repurchase, registration of transfer or exchange, or exchange for
cash, shares of Common Stock or a combination thereof (subject to the provisions of Section 14.02(j)). All Notes delivered to
the Trustee for cancellation shall be cancelled promptly by it. No Notes shall be authenticated in exchange for any Notes cancelled,
except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of canceled Notes in accordance
with its customary procedures. If Uniti, the Company or any of Uniti’s Subsidiaries shall acquire any of the Notes, such
acquisition shall not operate as a purchase or satisfaction of the indebtedness represented by such Notes unless and until the
same are delivered to the Trustee for cancellation.

 

Section
2.09. CUSIP Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and,
if so, the Trustee may use “CUSIP” numbers in notices issued to Holders as a convenience to such Holders; provided
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the
Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company
shall promptly notify the Trustee in writing of any change in the “CUSIP” numbers.

 

Section
2.10. Additional Notes; Purchases(a). (a) The Company may, from time to time, without the consent of, or notice
to, the Holders, issue additional Notes under this Indenture with the same terms and with the same CUSIP number as the Notes issued
on the Issue Date (other than differences in the issue date, the issue price and interest accrued prior to the issue date of such
additional Notes and, if applicable, the initial Interest Payment Date and restrictions on transfer in respect of such additional
Notes) in an unlimited aggregate principal amount; provided that if any such additional Notes are not fungible with the
Notes issued on the Issue

 

    25

    

    

Date
for U.S. federal income tax purposes, such additional Notes shall have a separate CUSIP number. Such Notes issued on the Issue
Date and the additional Notes shall rank equally and ratably and shall be treated as a single series for all purposes under this
Indenture. Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officer’s
Certificate and an Opinion of Counsel, such Officer’s Certificate and Opinion of Counsel to cover such matters, in addition
to those required by Section 17.06, as the Trustee shall reasonably request.

 

(b)           
The Company may, to the extent permitted by law and without the consent of Holders, directly or indirectly (regardless
of whether such Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by Uniti, the
Company or Uniti’s other Subsidiaries or through a private or public tender or exchange offer or through counterparties
to private agreements, including by cash-settled swaps or other derivatives. The Company shall cause any Notes so repurchased
(but excluding Notes repurchased pursuant to cash-settled swaps or other derivatives that are not physically settled) to be surrendered
to the Trustee for cancellation in accordance with Section 2.08, and they will no longer be considered outstanding under this
Indenture upon this repurchase.

 

Article
3

Satisfaction and Discharge

 

Section
3.01. Satisfaction and Discharge. This Indenture and the Notes shall upon request of the Company contained in an Officer’s
Certificate cease to be of further effect (except as set forth in the last paragraph of this Section 3.01), and the Trustee, at
the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when:

 

(i)           
either:

 

(A)            
all Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 2.06 and (y) Notes for whose payment money has theretofore been deposited in
trust with the Trustee or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 4.04(d)) have been delivered to the Note Registrar for cancellation; or

 

(B)            
the Company or any Guarantor has deposited with the Trustee or delivered to Holders, as applicable, after all of the outstanding
Notes have (i) become due and payable, whether at the Maturity Date, upon Redemption or at any Fundamental Change Repurchase Date,
and/or (ii) have been exchanged (and the related Settlement Amounts have been determined), cash or cash and/or shares of Common
Stock (solely to satisfy the Company’s Exchange Obligations), as applicable, sufficient to pay all of the outstanding Notes
and/or satisfy all exchanges, as the case may be, and pay all other sums due and payable under this Indenture by the Company and
the Guarantors; and

 

    26

    

    

(ii)           
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company and the Guarantors to the Trustee under Section
7.06 and, if cash or shares of Common Stock shall have been deposited with the Paying Agent pursuant to Section 3.01(i)(B), Section
4.04 shall survive such satisfaction and discharge.

 

Article
4

Particular Covenants of the Company and Uniti

 

Section
4.01. Payment of Principal, Settlement Amounts and Interest. The Company shall pay or cause to be paid the principal (including
the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, the Settlement Amounts owed on exchange of,
and interest on the Notes on the dates and in the manner provided in the Notes. Principal, Settlement Amounts and interest shall
be considered paid on the date due if the Paying Agent, if other than the Company or a Guarantor, holds as of 10:00 a.m., New
York City time, on the due date money deposited by the Company or a Guarantor in immediately available funds and designated for
and sufficient to pay all principal, Settlement Amounts and interest then due. Unless such Paying Agent is the Trustee, the Company
will promptly notify the Trustee of any failure to take such action.

 

The Company
shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal (including
the Redemption Price and the Fundamental Change Repurchase Price, if applicable) and overdue Settlement Amounts owed on exchange
to the extent they include cash, at the rate equal to the interest rate on the Notes to the extent lawful; it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard
to any applicable grace period), at the same rate to the extent lawful.

 

Section
4.02. Maintenance of Office or Agency. The Company shall maintain an office or agency (which may be an office of the Trustee
or an Affiliate of the Trustee) where Notes may be presented or surrendered for registration of transfer or exchange or for payment,
redemption or repurchase (“Paying Agent”) or for exchange (“Exchange Agent”) and where notices
and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. The Company shall, at all times,
maintain an office or agency in the continental United States to serve as the Company’s Paying Agent and Exchange Agent
for the Notes. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee.

 

The
Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from

 

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time
to time rescind such designations. Further, if at any time there shall be no such office or agency in the continental United States
where the Notes may be presented or surrendered for payment, the Company shall forthwith designate and maintain such an office
or agency in the continental United States, in order that the Notes shall at all times be payable in the continental United States.
The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location
of any such other office or agency. The terms “Paying Agent” and “Exchange
Agent” include any such additional
or other offices or agencies, as applicable.

 

The
Company hereby appoints the Trustee as Paying Agent, Note Registrar, Custodian and Exchange Agent and designates the Corporate
Trust Office of the Trustee as one such office or agency of the Company.

 

Section
4.03. Appointments to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy
in the office of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be
a Trustee hereunder.

 

Section
4.04. Provisions as to Paying Agent. (a) If the Company shall appoint a Paying Agent other than the Trustee, the Company
will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section 4.04:

 

(i)           
that it will hold all sums held by it as such agent for the payment of the principal (including the Redemption Price and
the Fundamental Change Repurchase Price, if applicable) of, the Settlement Amounts owed on exchange to the extent they include
cash, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders of the Notes;

 

(ii)           
that it will give the Trustee prompt notice of any failure by the Company to make any payment of the principal (including
the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, the Settlement Amounts owed on exchange to
the extent they include cash, and accrued and unpaid interest on, the Notes when the same shall be due and payable; and

 

(iii)           
that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the
Trustee all sums so held in trust.

 

(b)           
If the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) of, the Settlement Amounts owed on exchange to the extent they
include cash, and accrued and unpaid interest on, the Notes, set aside, segregate and hold in trust for the benefit of the Holders
of the Notes a sum sufficient to pay such principal (including the Redemption Price and the Fundamental Change Repurchase Price,
if applicable), cash portion of the Settlement Amounts and accrued and unpaid interest so becoming due and will promptly notify
the Trustee in writing of any failure to take such action and of any failure by the Company to make any payment of the principal
(including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, the Settlement Amounts owed on
exchange to the

 

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extent
they include cash, or accrued and unpaid interest on, the Notes when the same shall become due and payable.

 

(c)           
Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining
a satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums
or amounts held in trust by the Company or any Paying Agent hereunder as required by this Section 4.04, such sums or amounts to
be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to
the Trustee, the Company or such Paying Agent shall be released from all further liability but only with respect to such sums
or amounts.

 

(d)           
Subject to applicable escheat laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable)
of, the Settlement Amounts owed on exchange to the extent they include cash, and accrued and unpaid interest on, any Note and
remaining unclaimed for two years after such principal (including the Redemption Price and the Fundamental Change Repurchase Price,
if applicable), the Settlement Amounts owed on exchange to the extent they include cash, or interest has become due and payable
shall be paid to the Company on request of the Company contained in an Officer’s Certificate, or (if then held by the Company)
shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only
to the Company and the Guarantors for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof, shall thereupon cease.

 

Section
4.05. Additional Guarantors. If, after the Issue Date, any of Uniti’s Subsidiaries (other than the Company or any
Guarantor) becomes an issuer, an obligor or a guarantor with respect to (a) the Existing Senior Notes or (b) any debt securities
of the Company or any Guarantor issued in an offering registered with the Commission or pursuant to Rule 144A, then the Company
shall cause such Subsidiary to become a Guarantor by causing such Subsidiary to execute a supplemental indenture substantially
in the form of Exhibit B hereto and to deliver it to the Trustee within 20 Business Days of the date on which it becomes an issuer,
an obligor or a guarantor under the Existing Senior Notes or such debt securities. The Company shall cause any such Subsidiary
to provide such information to the Trustee as is reasonably requested by the Trustee in order to complete the Trustee’s
know-your-customer review process to its reasonable satisfaction.

 

Section
4.06. Rule 144A Information Requirement; Reporting; and Registration Default Additional Interest(a). (a) For as
long as any Notes are outstanding hereunder, at any time Uniti is not subject to Sections 13 and 15(d) of the Exchange Act, Uniti
shall, so long as any of the Notes or any shares of Common Stock deliverable upon exchange of the Notes shall, at such time, constitute
“restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee
and shall, upon written request, provide to any Holder, beneficial owner or prospective purchaser of such Notes or any shares
of Common Stock deliverable upon exchange of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act to facilitate the resale of such Notes or such shares of Common Stock, as the case may be, pursuant to
Rule 144A (as such rule may be amended from time to time).

 

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(b)           
The Company shall provide to the Trustee within 15 days after the same are required to be filed with the Commission (after
giving effect to any grace period provided by Rule 12b-25 under the Exchange Act or any successor rule under the Exchange Act),
copies of any documents or reports that Uniti is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange
Act (excluding any such information, documents or reports, or portions thereof, subject to confidential treatment and any correspondence
with the Commission). Notwithstanding the foregoing, the Company shall in no event be required to file with, or otherwise provide
or disclose to, the Trustee or any Holder any information for which Uniti is requesting (assuming such request has not been denied),
or has received, confidential treatment from the Commission. Any such document or report that Uniti files with the Commission
via the Commission’s EDGAR system (or any successor thereto) shall be deemed to be provided to the Trustee for purposes
of this Section 4.06(b) as of the time such documents are filed via the EDGAR system (or such successor).

 

(c)           
Delivery of the reports, information and documents described in Section 4.06(a) and (b) to the Trustee is for informational
purposes only, and the Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained
therein or determinable from information contained therein, including the Company’s and/or the Guarantors’ compliance
with any of the Company’s and/or the Guarantors’ covenants under this Indenture or the Notes (as to which the Trustee
is entitled to conclusively rely on an Officer’s Certificate). The Trustee shall not be obligated to monitor or confirm,
on a continuing basis or otherwise, the Company’s and/or the Guarantors’ compliance with such covenants or to determine
whether any reports or other documents have been filed with the Commission or via the Commission’s EDGAR system (or any
successor thereto) or posted on any website, or to participate in any conference calls.

 

(d)           
Subject to Section 4.06(f) and Section 6.03(b), if a Registration Default occurs under the Registration Rights Agreement,
the Company shall pay the Registration Default Additional Interest in accordance with the Registration Rights Agreement.

 

(e)           
[Reserved]

 

(f)           
Registration Default Additional Interest will be payable in arrears on each Interest Payment Date following accrual in
the same manner as regular interest on the Notes and shall be in addition to any Additional Interest that may accrue, at the Company’s
election, as the sole remedy relating to the failure to comply with the Company’s obligations under Section 4.06(b). In
no event, however, will Additional Interest accrue on any day (taking into consideration any Additional Interest payable as described
in Section 4.06(d) or Section 6.03(a)) at a rate in excess of 0.50% per annum, regardless of the number of events or circumstances
giving rise to the requirement to pay such Additional Interest.

 

(g)           
If Additional Interest is payable by the Company pursuant to Section 4.06(d) or Section 6.03(a), the Company shall deliver
to the Trustee an Officer’s Certificate to that effect stating (i) the amount of such Additional Interest that is payable
and (ii) the date on which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives
at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Additional Interest is payable.

 

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Section
4.07. No Rights as Stockholders. Holders of Notes, as such, will not have any rights as stockholders of Uniti or the Company
(including, without limitation, voting rights and rights to receive any dividends or other distributions on Common Stock).

 

Section
4.08. Stay, Extension and Usury Laws. Each of the Company and the Guarantors covenants (to the extent that it may lawfully
do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit
or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution
of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law
has been enacted.

 

Section
4.09. Compliance Certificate; Statements as to Defaults.

 

(a)           
The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year (beginning with the year ended
December 31, 2019), an Officer’s Certificate stating whether the signers thereof have knowledge of any Default that occurred
during the previous year and is then continuing and, if so, specifying each such failure and the nature thereof and what action
the Company is taking or proposes to take with respect thereto.

 

(b)           
The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee an Officer’s Certificate within
30 days after an Officer of the Company becomes aware of the occurrence of any event that would constitute a Default or Event
of Default, specifying each such event, the status thereof and what action the Company is taking or proposes to take with respect
thereto.

 

Article
5

[Reserved]

 

Article
6

Defaults and Remedies

 

Section
6.01. Events of Default. The following events shall be “Events of Default” with respect to the Notes:

 

(a)           
default in any payment of interest on any Note when due and payable, and the default continues for a period of 30 days;

 

(b)           
default in the payment of principal of any Note when due and payable on the Maturity Date, upon any required repurchase,
upon a Redemption, upon declaration of acceleration or otherwise;

 

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(c)           
failure by the Company to comply with its obligation to exchange the Notes in accordance with this Indenture upon exercise
of a Holder’s exchange right and such failure continues for three Business Days;

 

(d)           
failure by the Company to issue a Fundamental Change Company Notice in accordance with Section 15.02(c) or
notice of a specified corporate transaction in accordance with Section 14.01(b)(ii) or (iii) or a Make-Whole Fundamental Change
Company Notice in accordance with Section 14.03(b), in each case when due, and such failure continues for three Business Days;

 

(e)           
failure by the Company or Uniti to comply with its obligations under Article 11;

 

(f)           
failure by the Company or any Guarantor for 60 days after written notice from the Trustee or the Holders of at least 25%
in principal amount of the Notes then outstanding has been received by the Company and the Trustee to comply with any of the other
agreements of the Company or any Guarantor contained in the Notes or this Indenture;

 

(g)           
default under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced
any indebtedness for money borrowed by the Company or any of the Guarantors or the payment of which is guaranteed by the Company
or any of the Guarantors, other than indebtedness owed to the Company or a Guarantor, whether such indebtedness or guarantee now
exists or is created after the Issue Date, if both:

 

(i)           
such default either results from the failure to pay any principal of such indebtedness at its stated final maturity (after
giving effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such
Indebtedness at its stated final maturity and results in the holder or holders of such indebtedness causing such indebtedness
to become due prior to its stated maturity; and

 

(ii)           
the principal amount of such indebtedness, together with the principal amount of any other such indebtedness in default
for failure to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of
which has been so accelerated, aggregate $75.0 million or more;

 

(h)           
Uniti, the Company or any Significant Subsidiary of Uniti, pursuant to or within the meaning of Bankruptcy Law:

 

(i)           
commences proceedings to be adjudicated bankrupt or insolvent;

 

(ii)           
consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer
or consent seeking reorganization or relief under applicable Bankruptcy Law;

 

(iii)           
consents to the appointment of a receiver, liquidator, assignee, trustee or other similar official of it or for all or
substantially all of its property;

 

(iv)           
makes a general assignment for the benefit of its creditors; or

 

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(v)           
fails generally to pay its debts as they become due;

 

(i)           
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)           
is for relief against Uniti, the Company or any Significant Subsidiary of Uniti in a proceeding in which Uniti, the Company
or any Significant Subsidiary is to be adjudicated bankrupt or insolvent;

 

(ii)           
 appoints a receiver, liquidator, assignee, trustee or other similar official of Uniti, the Company or any Significant
Subsidiary or for all or substantially all of the property of Uniti, the Company or any Significant Subsidiary; or

 

(iii)           
orders the liquidation of Uniti, the Company or any Significant Subsidiary of Uniti;

 

and the order
or decree remains unstayed and in effect for 60 consecutive days;

 

(j)           
failure by Uniti, the Company or any Significant Subsidiary to pay final judgments (to the extent such judgments are not
paid or covered by insurance) aggregating in excess of $75.0 million, which final judgments remain unpaid, undischarged and unstayed
for a period of more than 60 days after such judgment becomes final, and in the event such judgment is not covered by insurance,
an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed;

 

(k)           
the Guarantee by any of the Guarantors is held in any judicial proceeding to be unenforceable or invalid or ceases for
any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms
its obligations under its Guarantee; or

 

(l)           
the Common Stock (or other Common Equity for which the Notes are then exchangeable) ceases to be listed or admitted or
approved for trading on any of The Nasdaq Global Select Market, The Nasdaq Global Market or The New York Stock Exchange (or any
of their respective successors), other than in connection, and substantially contemporaneously, with a Fundamental Change described
in clause (a), (b), (c) or (d) of such definition.

 

Section
6.02. Acceleration. In case one or more Events of Default shall have occurred and be continuing (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body), then, and in each and
every such case (other than an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to Uniti or the Company),
either the Trustee by notice in writing to the Company, or the Holders of at least 25% in aggregate principal amount of the Notes
then outstanding, by notice in writing to the Company and the Trustee, may declare 100% of the principal of, and accrued and unpaid
interest, if any, on, all the Notes to be due and payable immediately, and upon any such declaration the same shall become and
shall be immediately due and payable. If an Event of Default specified in Section 6.01(h) or Section

 

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6.01(i)
with respect to Uniti or the Company occurs and is continuing, 100% of the principal of, and accrued and unpaid interest, if any,
on, all Notes shall become and shall automatically be immediately due and payable.

 

Section
6.03. Additional Interest.

 

(a)           
Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the Company elects, the sole
remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section
4.06(b) shall, after the occurrence of such an Event of Default, consist exclusively of the right to receive Additional Interest
on the Notes (subject to Section 4.06(f) and Section 6.03(b)) at a rate equal to:

 

(i)           
0.25% per annum of the principal amount of the Notes outstanding for each day during the period beginning on, and including,
the date on which such Event of Default first occurred and ending on the earlier of (x) the date on which such Event of Default
is cured or validly waived and (y) the 180th day immediately following, and including, the date on which such Event of Default
first occurred; and

 

(ii)           
if such Event of Default has not been cured or validly waived prior to the 181st day immediately following, and including,
the date on which such Event of Default first occurred, 0.50% per annum of the principal amount of the Notes outstanding for each
day during the period beginning on, and including, the 181st day immediately following, and including, the date on which
such Event of Default first occurred and ending on the earlier of (x) the date on which such Event of Default is cured or validly
waived and (y) the 360th day immediately following, and including, the date on which such Event of Default first occurred.

 

(b)           
Any Additional Interest payable pursuant to Section 6.03(a) above shall be in addition to any Registration Default Additional
Interest that may accrue pursuant to Section 4.06(d). Notwithstanding anything in this Indenture to the contrary, in no event,
however, shall Additional Interest accrue on any day (taking into consideration any Additional Interest payable pursuant to Section
6.03(a) above, together with Registration Default Additional Interest payable pursuant to Section 4.06(d)) at a rate in excess
of 0.50% per annum, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional
Interest.

 

(c)           
If the Company elects to pay Additional Interest pursuant to Section 6.03(a), such Additional Interest shall be payable
in the same manner and on the same dates as the stated interest payable on the Notes and will accrue on all Notes then outstanding
from, and including, the date on which the Event of Default relating to the Company’s failure to comply with its obligations
as set forth in Section 4.06(b) first occurs to, but not including, the 361st day thereafter (or such earlier date on which such
Event of Default is cured or waived by the Holders of a majority in principal amount of the Notes then outstanding). On the 361st
day after such Event of Default (if such Event of Default is not cured or waived prior to such 361st day), such Additional Interest
will cease to accrue and the Notes will be subject to acceleration as provided in Section 6.02. In the event the Company does
not elect to pay Additional Interest following an Event of Default relating to the Company’s failure to comply with its
obligations as set forth in Section 4.06(b) in accordance with this Section 6.03, or the Company has elected to make such

 

    34

    

    

payment
but does not pay the Additional Interest when due, the Notes shall immediately be subject to acceleration as provided in Section
6.02. For the avoidance of doubt, the provisions of this Section 6.03 shall not affect the rights of Holders in the event of the
occurrence of any other Event of Default.

 

(d)           
In order to elect to pay Additional Interest as the sole remedy during the first 360 days after the occurrence of an Event
of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b), the Company
must notify all Holders of the Notes, the Trustee and the Paying Agent (if other than the Trustee) in writing of such election
on or before the close of business on the date on which such Event of Default first occurs. Upon the Company’s failure to
timely give such notice or pay Additional Interest, the Notes shall be immediately subject to acceleration as provided in Section
6.02.

 

Section
6.04. Payments of Notes on Default; Suit Therefor. If an Event of Default described in clause (a), (b) or (c) of Section
6.01 shall have occurred and the Notes have become due and payable pursuant to Section 6.02, the Company shall, upon demand of
the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on the Notes
for principal (including the Redemption Price or the Fundamental Change Repurchase Price, if applicable), satisfaction of the
Exchange Obligation with respect to all Notes that have been exchanged, and interest, if any, with (to the extent that payment
of such interest shall be legally enforceable) interest on any such overdue amounts, at the rate borne by the Notes, and, in addition
thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 7.06. If the Company
shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or
final decree and may enforce the same against the Company, the Guarantors or any other obligor upon the Notes and collect the
monies adjudged or decreed to be payable in the manner provided by law out of the property of the Company, the Guarantors or any
other obligor upon the Notes, wherever situated.

 

In the event
there shall be pending proceedings for the bankruptcy or for the reorganization of Uniti or the Company under Bankruptcy Law,
or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator
or similar official shall have been appointed for or taken possession of Uniti or the Company, or the property of Uniti or the
Company, or in the event of any other judicial proceedings relative to Uniti or the Company, or to the creditors or property of
Uniti or the Company, the Trustee, irrespective of whether the Trustee shall have made any demand pursuant to the provisions of
this Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim
or claims for the whole amount of principal and accrued and unpaid interest, if any, in respect of the Notes, and, in case of
any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may
deem necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative
to Uniti or the Company, its or their creditors, or its or their property, and to collect and receive any monies or other property
payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due to the Trustee under
Section 7.06; and any receiver, assignee or

 

    35

    

    

trustee
in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make
such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and
disbursements, including agents and counsel fees, and including any other amounts due to the Trustee under Section 7.06, incurred
by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and
disbursements out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by
a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders
of the Notes may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement
or otherwise.

 

Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize
the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

All rights
of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the
possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit
or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment
shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, be for the ratable benefit of the Holders of the Notes.

 

In any proceedings
brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee
shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any
Holders of the Notes parties to any such proceedings.

 

In case the
Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned
because of any waiver, rescission or annulment pursuant to Section 6.09 or for any other reason or shall have been determined
adversely to the Trustee, then and in every such case the Company, the Guarantors, the Holders, and the Trustee shall, subject
to any determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights,
remedies and powers of the Company, the Holders, and the Trustee shall continue as though no such proceeding had been instituted.

 

Section
6.05. Application of Monies Collected by Trustee. Any monies collected by the Trustee pursuant to this Article 6 with respect
to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies,
upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof,
if fully paid:

 

FIRST:to
the payment of all amounts due the Trustee under Section 7.06;

 

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SECOND:to
the payment of the amounts then due and unpaid for principal of, the Redemption Price (if applicable) and the Fundamental Change
Repurchase Price (if applicable) of, and/or satisfaction of the Exchange Obligation with respect to all Notes that have been exchanged,
and interest on the Notes in respect of which or for the benefit of which such money has been collected, ratably, without preference
or priority of any kind, according to the amounts due and payable on such Notes; and

 

THIRD:to
the Company.

 

Section
6.06. Proceedings by Holders. Except to enforce the right to receive payment of principal (including, if applicable, the
Redemption Price and the Fundamental Change Repurchase Price) or interest when due, or the right to receive payment and/or delivery
of the consideration due upon exchange of any Note, no Holder of any Note shall have any right by virtue of or by availing of
any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect
to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any
other remedy hereunder, unless:

 

(a)           
such Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(b)           
the Holders of at least 25% in principal amount of the then outstanding Notes have requested the Trustee in writing to
pursue the remedy;

 

(c)           
such Holders have offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or
expense;

 

(d)           
the Trustee has not complied with such request within 60 days after the receipt thereof and the offer of such security
or indemnity; and

 

(e)           
the Holders of a majority in principal amount of the then outstanding Notes have not given the Trustee a direction that,
in the opinion of the Trustee, is inconsistent with such request within such 60-day period.

 

A Holder
may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder,
it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such use prejudices the
rights of another Holder or obtains a preference or priority over another Holder.

 

Notwithstanding
any other provision of this Indenture and any provision of any Note, the right of any Holder to receive payment or delivery, as
the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable)
of, (y) accrued and unpaid interest, if any, on, and (z) the consideration due upon exchange of, such Note, on or after the respective
due dates expressed or provided for in such Note or in this Indenture, or to institute suit against the Company for the enforcement
of any such payment or delivery, as the case may be, on or after such respective dates shall not be amended without the consent
of such Holder.

 

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Section
6.07. Proceedings by Trustee. In case of an Event of Default, the Trustee may in its discretion proceed to protect and
enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce
any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the
specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in
this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

Section
6.08. Remedies Cumulative and Continuing. Except as provided in the last paragraph of Section 2.06, all powers and remedies
given by this Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive
of any thereof or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings
or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay
or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event
of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default
or any acquiescence therein; and, subject to the provisions of Section 6.06, every power and remedy given by this Article 6 or
by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the
Trustee or by the Holders.

 

Section
6.09. Direction of Proceedings and Waiver of Defaults by Majority of Holders.

 

(a)           
The Holders of a majority of the aggregate principal amount of the Notes at the time outstanding shall have the right to
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust
or power conferred on the Trustee with respect to the Notes or the Guarantees; provided, however, that (i) such
direction shall not be in conflict with any rule of law or with this Indenture, and (ii) the Trustee may take any other action
deemed proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that
conflicts with any rule of law or with this Indenture, it determines is unduly prejudicial to the rights of any other Holder (it
being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such directions are unduly
prejudicial to such Holders) or that would involve the Trustee in personal liability.

 

(b)           
The Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the Holders
of all of the Notes waive any past Default or Event of Default hereunder and rescind any acceleration with respect to the Notes
and its consequences hereunder except:

 

(i)           
a default in the payment of the principal (including any Redemption Price and any Fundamental Change Repurchase Price,
if applicable) of, or accrued and unpaid interest, if any, on the Notes;

 

(ii)           
 a failure by the Company to deliver the consideration due upon exchange of the Notes; or

 

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(iii)       with
respect to a Default or Event of Default in respect of a covenant or provision hereof which under Article 10 cannot be modified
or amended without the consent of each affected Holder;

 

provided
that, in the case of the rescission of any acceleration with respect to the Notes, (1) the rescission would not conflict with
any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default (other than the nonpayment
of the principal of and interest on the Notes that have become due solely by such declaration of acceleration) have been cured
or waived and all amounts owing to the Trustee have been paid.

 

Whenever any
Default or Event of Default hereunder shall have been waived as permitted by this Section 6.09, said Default or Event of Default
shall for all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver
shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

 

Section
6.10. Notice of Defaults. If a Default occurs and is continuing and is actually known to a Responsible Officer of the Trustee
(as provided in Section 7.02(j)), the Trustee shall send to all Holders as the names and addresses of such Holders appear upon
the Note Register notice of such Default within 90 days after it occurs or, if it is not actually known to a Responsible Officer
of the Trustee at such time, promptly (and in any event within ten (10) Business Days) after it becomes actually known to a Responsible
Officer. Except in the case of a Default in the payment of principal of (including the Redemption Price and the Fundamental Change
Repurchase Price, if applicable) or accrued and unpaid interest, if any, on any Note or a Default in the payment or delivery of
the consideration due upon exchange, the Trustee shall be protected in withholding such notice if and so long as the Trustee in
good faith determines that the withholding of such notice is in the interests of the Holders.

 

Section
6.11. Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof
shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by
any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due
regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions
of this Section 6.11 (to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted
by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding,
or to any suit instituted by any Holder for the enforcement of the payment of the principal of (including, but not limited to,
the Redemption Price and the Fundamental Change Repurchase Price with respect to the Notes being redeemed or repurchased as provided
in this Indenture) or accrued and unpaid interest, if any, on any Note on or after the due date expressed or provided for in such
Note or to any suit for the enforcement of the payment or delivery of consideration due upon exchange.

 

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Article
7

Concerning the Trustee

 

Section
7.01. Duties and Responsibilities of Trustee.

 

(a)           
Prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred:

 

(i)           
the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the
Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture
and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(ii)           
in the absence of gross negligence or willful misconduct on the part of the Trustee, the Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that
by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine
the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the
accuracy of any such certificates and opinions, including mathematical calculations or other facts stated therein).

 

(b)           
In the event an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise
or use under the circumstances in the conduct of such person’s own affairs.

 

(c)           
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that:

 

(i)           
this subsection shall not be construed to limit the effect of subsection (a) of this Section;

 

(ii)           
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the
Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

 

(iii)           
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the written direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time
outstanding determined as provided in Section 8.04 relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; and

 

    40

    

    

(iv)           
no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

 

(d)           
Whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of,
or affording protection to, the Trustee shall be subject to the provisions of this Section 7.01.

 

Section
7.02. Certain Rights of the Trustee.

 

(a)           
The Trustee may conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to
be genuine and to have been signed or presented by the proper party or parties;

 

(b)           
any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer’s
Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced
to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company or Uniti, as the case may
be;

 

(c)           
the Trustee may consult with counsel of its selection and require an Opinion of Counsel and any advice of such counsel
or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it
hereunder in good faith and in accordance with such advice or Opinion of Counsel;

 

(d)           
the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled, at a reasonable time
on any Business Day, to examine the books, records and premises of the Company, personally or by agent or attorney at the expense
of the Company and shall incur no liability of any kind by reason of such inquiry or investigation;

 

(e)           
the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through duly authorized agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct
or negligence on the part of any agent, custodian, nominee or attorney appointed by it with due care hereunder;

 

(f)           
the permissive rights of the Trustee enumerated herein shall not be construed as duties;

 

(g)           
the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;

 

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(h)           
the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of
Officers authorized at such time to take specified actions pursuant to this Indenture;

 

(i)           
in no event shall the Trustee be liable for any special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action;

 

(j)           
the Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless either
(1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default
or Event of Default shall have been given to a Responsible Officer of the Trustee by the Company or by any Holder of the Notes
at the Corporate Trust Office of the Trustee;

 

(k)           
the Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any
other matters relating to payment) or notice effected by the Company or any Paying Agent (if other than the Trustee) or any records
maintained by any co-Note Registrar with respect to the Notes;

 

(l)           
if any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice
to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such
event occurred, unless such Responsible Officer of the Trustee had actual knowledge of such event;

 

(m)           
in the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a
non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment
losses, fees, taxes or other charges incurred thereon or for losses incurred as a result of the liquidation of any such investment
prior to its maturity date or the failure of the party directing such investments prior to its maturity date or the failure of
the party directing such investment to provide timely written investment direction, and the Trustee shall have no obligation to
invest or reinvest any amounts held hereunder in the absence of such written investment direction from the Company;

 

(n)           
the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to the Trustee in
each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder;

 

(o)           
subject to this Article 7, if an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant
to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against
any loss, liability and expense which might be incurred by it in compliance with such request or direction;

 

(p)           
the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; and

 

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(q)           
under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Notes.

 

Section
7.03. No Responsibility for Recitals, Etc. The recitals contained herein and in the Notes (except in the Trustee’s
certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for
the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the
Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any Notes
authenticated and delivered by the Trustee in conformity with the provisions of this Indenture.

 

Section
7.04. Trustee, Paying Agents, Exchange Agents or Note Registrar May Own Notes. The Trustee, any Paying Agent, any Exchange
Agent, the Custodian or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with
the same rights it would have if it were not the Trustee, Paying Agent, Exchange Agent, Custodian or Note Registrar.

 

Section
7.05. Monies To Be Held in Trust. All monies received by the Trustee shall, until used or applied as herein provided, be
held in trust for the purposes for which they were received. Money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by law or as expressly provided herein. The Trustee shall be under no liability
for interest on any money received by it hereunder except as may be agreed from time to time by the Company and the Trustee.

 

Section
7.06. Compensation and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and
the Trustee shall be entitled to, such compensation for all services rendered by it hereunder in any capacity (which shall not
be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing
between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture
in any capacity hereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel
and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have been caused by
the Trustee’s negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent
jurisdiction. The Company and the Guarantors, jointly and severally, covenant to indemnify the Trustee (which for purposes of
this Section 7.06 shall include its officers, directors, employees and agents) in any capacity under this Indenture and any other
document or transaction entered into in connection herewith and its agents and any authenticating agent for, and to hold them
harmless against, any loss, claim, damage, liability or expense (including court costs) incurred without negligence or willful
misconduct (as determined by a final, non-appealable judgment of a court of competent jurisdiction) on the part of the Trustee,
its officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or
in connection with the acceptance or administration of this Indenture or in any other capacity hereunder, including the costs
and expenses of defending themselves against any claim (whether asserted by the Company, a Holder or any other Person) or liability
in connection with exercise or performance of any of their powers or duties hereunder

 

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or
of enforcing this Indenture against the Company or any of the Guarantors (including this Section 7.06). The obligations of the
Company and the Guarantors under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee
for expenses, disbursements and advances shall be secured by a senior claim to which the Notes are hereby made subordinate on
all money or property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds held in trust herewith
for the benefit of the Holders of particular Notes. The Trustee’s right to receive payment of any amounts due under this
Section 7.06 shall not be subordinate to any other liability or indebtedness of the Company. The obligations of the Company and
the Guarantors under this Section 7.06 shall survive the satisfaction and discharge of this Indenture, final payment of the Notes
and the earlier resignation or removal of the Trustee. The Company need not pay for any settlement made without its consent, which
consent shall not be unreasonably withheld. The indemnification provided in this Section 7.06 shall extend to the officers, directors,
agents and employees of the Trustee.

 

Without prejudice
to any other rights available to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent
incur expenses or render services after an Event of Default specified in Section 6.01(h) or Section 6.01(i) occurs, the expenses
and the compensation for the services are intended to constitute expenses of administration under any bankruptcy, insolvency or
similar laws.

 

Section
7.07. Officer’s Certificate as Evidence. Except as otherwise provided in Section 7.01, whenever in the administration
of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior
to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed)
may, in the absence of gross negligence and willful misconduct on the part of the Trustee, as determined by a final, non-appealable
judgment of a court of competent jurisdiction, be deemed to be conclusively proved and established by an Officer’s Certificate
delivered to the Trustee, and such Officer’s Certificate, in the absence of gross negligence and willful misconduct on the
part of the Trustee, as determined by a final, non-appealable judgment of a court of competent jurisdiction, shall be full warrant
to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof.

 

Section
7.08. Eligibility of Trustee. There shall at all times be a Trustee hereunder which shall be a Person that is eligible
pursuant to the Trust Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital
and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the
requirements of any supervising or examining authority, then for the purposes of this Section 7.08, the combined capital and surplus
of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article 7.

 

Section
7.09. Resignation or Removal of Trustee. The Trustee may at any time resign by giving written notice of such resignation
to the Company and by mailing notice thereof to the Holders at their addresses as they shall appear on the Note Register. Upon
receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors of the Company, one copy of which

 

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instrument
shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so
appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the Holders, the resigning
Trustee may, at the expense of the Company, upon ten Business Days’ notice to the Company and the Holders, petition any
court of competent jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide holder of a
Note or Notes for at least six months may, subject to the provisions of Section 6.11, on behalf of itself and all others similarly
situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if
any, as it may deem proper and prescribe, appoint a successor trustee.

 

(a)           
In case at any time any of the following shall occur:

 

(i)           
the Trustee shall fail to comply with Section 7.13 within a reasonable time after written request therefor by the Company
or by any Holder who has been a bona fide Holder of a Note or Notes for at least six (6) months;

 

(ii)           
the Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign after
written request therefor by the Company or by any such Holder, or

 

(iii)           
the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation,

 

then, in any such case, the Company
may by a Board Resolution remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by
order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the
successor trustee, or, subject to the provisions of Section 6.11, any Holder who has been a bona fide holder of a Note or Notes
for at least six months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any,
as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(b)           
The Holders of a majority in aggregate principal amount of the Notes at the time outstanding may at any time remove the
Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice
to the Company of such nomination the Company objects thereto. If no successor trustee shall have been so appointed and have accepted
appointment within 30 days after removal of the Trustee by the Holders, the Trustee may, at the expense of the Company, upon ten
Business Days’ notice to the Company and the Holders, petition any court of competent jurisdiction for the appointment of
a successor trustee.

 

(c)           
Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this
Section 7.09 shall become effective upon (i) payment of all fees and expenses owing to the Trustee and (ii) acceptance of appointment
by the successor trustee as provided in Section 7.10.

 

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Section
7.10. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute, acknowledge
and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with
like effect as if originally named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor
trustee, the predecessor trustee shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute
and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon
request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly
vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless,
retain a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by such trustee
as such pursuant to this Indenture, except for funds held in trust for the benefit of Holders of particular Notes, to secure any
amounts then due it pursuant to the provisions of Section 7.06.

 

No successor
trustee shall accept appointment as provided in this Section 7.10 unless at the time of such acceptance such successor trustee
shall be eligible under the provisions of Section 7.08.

 

Upon acceptance
of appointment by a successor trustee as provided in this Section 7.10, each of the Company and the successor trustee, at the
written direction and at the expense of the Company shall send or cause to be sent notice of the succession of such trustee hereunder
to the Holders at their addresses as they shall appear on the Note Register. If the Company fails to mail such notice within ten
days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the
expense of the Company.

 

Section
7.11. Succession by Merger, Etc. Any corporation or other entity into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate trust
business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without
the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that in the
case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee
such corporation or other entity shall be eligible under the provisions of Section 7.08.

 

In case at
the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been
authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor
trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed
by such successor trustee may authenticate such Notes either in the name of any predecessor trustee hereunder or in the name of
the successor trustee; and in all such cases such certificates of authentication shall have the full force which it is anywhere
in the Notes or in this Indenture provided that the certificate of

 

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authentication
of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor
trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors by merger,
conversion or consolidation.

 

Section
7.12. Trustee’s Application for Instructions from the Company. Any application by the Trustee for written instructions
from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects
the rights of the Holders of the Notes under this Indenture) may, at the option of the Trustee, set forth in writing any action
proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken
or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance
with a proposal included in such application on or after the date specified in such application (which date shall not be less
than ten Business Days after the date any Officer actually receives such application, unless any such Officer shall have consented
in writing to any earlier date), unless, prior to taking any such action (or the effective date in the case of any omission),
the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying
the action to be taken or omitted.

 

Section
7.13. Conflicting Interests of Trustee. If the Trustee has or shall acquire a conflicting interest within the meaning of
the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided
by, and subject to the provisions of this Indenture.

 

Section
7.14. Limitation on Trustee’s Liability. Except as provided in this Article, in accepting the trusts hereby created,
the entities acting as Trustee are acting solely as Trustee hereunder and not in their individual capacity and, except as provided
in this Article, all Persons having any claim against the Trustee by reason of the transactions contemplated by this Indenture
or any Note shall look only to the Company and the Guarantors for payment or satisfaction thereof.

 

Article
8

Concerning the Holders

 

Section
8.01. Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of the aggregate
principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent
or waiver or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified
percentage have joined therein may be evidenced (i) by any instrument or any number of instruments of similar tenor executed by
Holders in person or by agent or proxy appointed in writing, or (ii) by the record of the Holders voting in favor thereof at any
meeting of Holders duly called and held, or (iii) by a combination of such instrument or instruments and any such record of such
a meeting of Holders. Whenever the Company or the Trustee solicits the taking of any action by the Holders of the Notes, the Company
or the Trustee

 

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may,
but shall not be required to, fix in advance of such solicitation, a date as the record date for determining Holders entitled
to take such action. The record date if one is selected shall be not more than fifteen days prior to the date of commencement
of solicitation of such action.

 

Section
8.02. Proof of Execution by Holders. Subject to the provisions of Section 7.01 and
Section 7.02, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in
accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory
to the Trustee. The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar.

 

Section
8.03. Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Exchange
Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may
treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership
or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment
of or on account of the principal of and (subject to Section 2.03) accrued and unpaid interest on such Note, for exchange of such
Note and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Exchange Agent nor any Note
Registrar shall be affected by any notice to the contrary. All such payments or deliveries so made to any Holder, or upon its
order, shall be valid, and, to the extent of the sums or shares of Common Stock so paid or delivered, effectual to satisfy and
discharge the liability for monies payable or shares deliverable upon any such Note. Notwithstanding anything to the contrary
in this Indenture or the Notes following an Event of Default, any holder of a beneficial interest in a Global Note may directly
enforce against the Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary or
any other Person, such holder’s right to exchange such beneficial interest for a Note in certificated form in accordance
with the provisions of this Indenture.

 

Section
8.04. Company-Owned Notes Disregarded. In determining whether the Holders of the requisite aggregate principal amount of
Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company
or by any Affiliate of the Company shall be disregarded (from both the numerator and the denominator) and deemed not to be outstanding
for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected
in relying on any such direction, consent, waiver or other action only Notes that a Responsible Officer actually knows are so
owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes
of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with
respect to such Notes and that the pledgee is not the Company or any Affiliate of the Company. In the case of a dispute as to
such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request
of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes,
if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to
Section 7.01, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein
set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination.

 

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Section
8.05. Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee,
as provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of
the Notes specified in this Indenture in connection with such action, any Holder of a Note that is shown by the evidence to be
included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its
Corporate Trust Office and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Note.
Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon
all future Holders and owners of such Note and of any Notes issued in exchange or substitution therefor or upon registration of
transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange
or substitution therefor or upon registration of transfer thereof.

 

Article
9

[Reserved]

 

Article
10

Supplemental Indentures

 

Section
10.01. Supplemental Indentures Without Consent of Holders. Notwithstanding Section 10.02, without the consent of any Holder,
the Company, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes and the Guarantees to:

 

(a)           
cure any ambiguity, omission, defect or inconsistency in this Indenture, the Notes or the Guarantees;

 

(b)           
provide for the assumption by a Successor Company or a Successor Parent, as the case may be, of the obligations of the
Company or Uniti, as applicable, under this Indenture, the Notes or its Guarantee in accordance with Article 11;

 

(c)           
add additional Guarantees with respect to the Notes;

 

(d)           
[Reserved];

 

(e)           
secure the Notes or the Guarantees;

 

(f)           
add to the covenants or Events of Default of the Company or Uniti that Uniti’s Board of Directors considers to be
for the benefit of the Holders or make changes that would provide additional rights to Holders or surrender any right or power
conferred upon the Company or Uniti;

 

(g)           
make any change that does not adversely affect the rights of any Holder, as determined by Uniti’s Board of Directors
and evidenced by a Board Resolution of Uniti delivered to the Trustee;

 

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(h)           
in connection with any Specified Corporate Event, provide that the Notes are exchangeable for Reference Property, subject
to Section 14.02, and make certain related changes to the terms of this Indenture and the Notes to the extent expressly required
by this Indenture;

 

(i)           
evidence and provide for the acceptance of an appointment under this Indenture of a successor Trustee; provided
that the successor Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture as set forth in
an Officer’s Certificate;

 

(j)           
conform the provisions of this Indenture or the Notes to the “Description of Notes” section of the Offering
Memorandum; or

 

(k)           
provide for the issuance of additional Notes in accordance with Section 2.10(a).

 

The Trustee
is hereby authorized to join with the Company and the Guarantors in the execution of any such amendment, supplement or waiver,
to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated
to, but may in its discretion, enter into any amendment, supplement or waiver that adversely affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise.

 

Section
10.02. Supplemental Indentures with Consent of Holders. Except as provided above in Section 10.01 and below in this Section
10.02, the Company, the Guarantors and the Trustee may from time to time and at any time amend or supplement this Indenture, the
Notes and the Guarantees with the consent (evidenced as provided in Article 8) of the Holders of at least a majority of the aggregate
principal amount of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation, consents
obtained in connection with a repurchase of, or tender or exchange offer for, Notes), and any existing Default or Event of Default
(other than (i) a Default or Event of Default in the payment of the principal (including any Redemption Price and any Fundamental
Change Repurchase Price, if applicable) of, or accrued and unpaid interest, if any, on the Notes, except a payment default resulting
from an acceleration that has been rescinded, and (ii) a Default or Event of Default as a result of a failure by the Company to
deliver the consideration due upon exchange of the Notes) or compliance with any provision of this Indenture, the Notes or the
Guarantees may be waived with the consent (evidenced as provided in Article 8) of the Holders of at least a majority of the aggregate
principal amount of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation, consents
obtained in connection with a repurchase of, or tender or exchange offer for, Notes); provided, however, that, without
the consent of each Holder of an outstanding Note affected, no such amendment shall:

 

(a)           
reduce the amount of Notes whose Holders must consent to an amendment;

 

(b)           
reduce the rate of or extend the stated time for payment of interest on any Note;

 

(c)           
reduce the principal of or extend the Maturity Date of any Note;

 

(d)           
reduce the amount of principal payable upon acceleration of the maturity of the Notes;

 

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(e)           
impair or adversely affect the right of Holders to exchange Notes or otherwise modify the provisions with respect to exchange,
or reduce the Exchange Rate (subject to such modifications as are required under this Indenture);

 

(f)           
reduce the Redemption Price or Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse
to the Holders the Company’s obligation to make such payments, whether through an amendment or waiver of provisions in the
covenants, definitions or otherwise;

 

(g)           
make any Note payable in a money, or at a place of payment, other than that stated in the Note;

 

(h)           
change the ranking of the Notes;

 

(i)           
amend the right of any Holder to institute suit for the enforcement of any payment of principal (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest, if any, on, and consideration
due upon exchange of, its Notes, on or after the respective due dates expressed or provided for in this Indenture;

 

(j)           
make any change in this Article 10 or in the waiver provisions (including in Section 6.09),
in each case, that requires each Holder’s consent;
or

 

(k)           
modify the Guarantees in any manner adverse to the Holders.

 

Upon the
written request of the Company, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject
to Section 10.05, the Trustee shall join with the Company and the Guarantors in the execution of such amendment, supplement or
waiver unless such amendment, supplement or waiver adversely affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amendment,
supplement or waiver.

 

Holders do
not need under this Section 10.02 to approve the particular form of any proposed amendment, supplement or waiver of this Indenture.
It shall be sufficient if such Holders approve the substance thereof. After any such amendment, supplement or waiver becomes effective,
the Company shall send to the Holders a notice briefly describing such amendment, supplement or waiver. However, the failure to
give such notice to all the Holders, or any defect in the notice, will not impair or affect the validity of the amendment, supplement
or waiver.

 

Section
10.03. Effect of Amendment, Supplement and Waiver. Upon the execution of any amendment, supplement or waiver of this Indenture
pursuant to the provisions of this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance
therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee,
the Company, the Guarantors and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects
to such modifications and amendments and all the terms and conditions of any such amendment or supplement shall be and be deemed
to be part of the terms and conditions of this Indenture for any and all purposes.

 

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Section
10.04. Notation on Notes. Notes authenticated and delivered after the execution of any amendment, supplement or waiver
to this Indenture pursuant to the provisions of this Article 10 may, at the Company’s expense, bear a notation in form approved
by the Trustee as to any matter provided for in such amendment, supplement or waiver. If the Company or the Trustee shall so determine,
new Notes so modified as to conform, in the opinion of the Trustee and the Board of Directors of Uniti, to any modification of
this Indenture contained in any such amendment, supplement or waiver may, at the Company’s expense, be prepared and executed
by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 17.11)
and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding. Failure to make the appropriate
notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 

Section
10.05. Evidence of Compliance of Amendment, Supplement or Waiver To Be Furnished To Trustee. In addition to the documents
required by Section 17.06, the Trustee shall receive and may rely on an Officer’s Certificate and an Opinion of Counsel
as conclusive evidence that any amendment, supplement or waiver to this Indenture executed pursuant hereto complies with the requirements
of this Article 10 and is permitted or authorized by this Indenture and is the legal, valid and binding obligation of the Company
and any Guarantor party thereto, enforceable in accordance with its terms.

 

Article
11

Consolidation, Merger and Sale

 

Section
11.01. Uniti May Consolidate, Etc. on Certain Terms.

 

(a)           
Uniti shall not consolidate with or merge with or into or otherwise combine with another Person, or sell, lease or otherwise
transfer or dispose of all or substantially all of its consolidated assets, taken as a whole, to another Person (other than, in
the case of a sale, lease or other transfer or disposition, to one or more of Uniti’s direct or indirect Subsidiaries),
unless:

 

(i)           
(1) Uniti is the surviving corporation or (2) the resulting, surviving or transferee Person (if not Uniti) (the “Successor
Parent”) (A) is a corporation organized and existing under the laws of the United States of America, any State thereof
or the District of Columbia, and (B) expressly assumes by a supplemental indenture or a supplemental agreement, as applicable,
all of Uniti’s obligations under the Notes, this Indenture, its Guarantee and the Registration Rights Agreement, as the
case may be; and

 

(ii)           
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing
under this Indenture.

 

For purposes
of this Section 11.01, any sale, lease or other transfer or disposition of the assets of one or more Subsidiaries of Uniti to
another Person that would, if such assets were held directly by Uniti instead of such Subsidiaries, have constituted the sale,
lease or other transfer or disposition of all or substantially all of Uniti’s consolidated assets, taken as a whole, shall
be deemed to be the sale, lease or other transfer or disposition of the assets of all or substantially all of Uniti’s consolidated
assets, taken as a whole, to another Person.

 

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(b)           
Upon any such consolidation, merger, combination, sale, lease or other transfer or disposition and upon the assumption
by the Successor Parent, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee,
of the due and punctual payment of the principal of and accrued and unpaid interest on all of the Notes, the due and punctual
delivery and/or payment, as the case may be, of any consideration due upon exchange of the Notes and the due and punctual performance
of all of the covenants and conditions of this Indenture, the Notes, its Guarantee and the Registration Rights Agreement to be
performed by Uniti, such Successor Parent (if not Uniti) shall succeed to, and may exercise every right and power of and be substituted
for, Uniti, with the same effect as if it had been named herein as the party of the first part, and Uniti shall be discharged
from its obligations under the Notes, this Indenture and its Guarantee, except in the case of a lease.

 

Section
11.02. Company May Consolidate, Etc. on Certain Terms.

 

(a)           
The Company shall not consolidate with or merge with or into or otherwise combine with another Person, unless:

 

(i)           
(1) the Company is the surviving corporation or (2) the resulting or surviving Person (if not the Company) (the “Successor
Company”) (A) is a corporation, limited partnership, limited liability company or trust organized and existing under
the laws of the United States of America, any State thereof or the District of Columbia (provided that if the surviving
Person is an entity that is disregarded as separate from its owner for U.S. federal income tax purposes, the owner shall fully
and unconditionally guarantee all of the surviving Person’s obligations under the Notes and this Indenture), and (B) expressly
assumes by a supplemental indenture or a supplemental agreement, as applicable, all of the Company’s obligations under the
Notes, this Indenture and the Registration Rights Agreement, as the case may be; and

 

(ii)           
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing
under this Indenture.

 

(b)           
Upon any such consolidation, merger or combination and upon the assumption by the Successor Company, by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal
of and accrued and unpaid interest on all of the Notes, the due and punctual delivery and/or payment, as the case may be, of any
consideration due upon exchange of the Notes and the due and punctual performance of all of the covenants and conditions of this
Indenture and the Notes to be performed by the Company, such Successor Company (if not the Company) shall succeed to, and may
exercise every right and power of and be substituted for, the Company, with the same effect as if it had been named herein as
the party of the first part, and the Company shall be discharged from its obligations under the Notes and this Indenture. Such
Successor Company (instead of the Company, if applicable) thereupon may cause to be signed, and may issue either in its own name
or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Company
and delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and subject to all the terms,
conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated
and delivered, any Notes that previously shall have been signed and delivered

 

    53

    

    

by
an Officer of the Company to the Trustee for authentication, and any Notes that such Successor Company thereafter shall cause
to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal
rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture
as though all of such Notes had been issued at the date of the execution hereof.

 

Section
11.03 Opinion of Counsel and Officer’s Certificate To Be Given to Trustee. In connection with any consolidation,
merger, combination or sale, lease or other transfer or disposition implicated by this Article 11, the Trustee shall not be required
to take any action unless the Trustee shall have received an Officer’s Certificate and an Opinion of Counsel, each stating
that any such consolidation, merger, combination or sale, lease or other transfer or disposition and any such assumption and such
supplemental indenture (if any) complies with the provisions of this Article 11 and, if a supplemental indenture is required in
connection with such transaction, an Opinion of Counsel, which shall state that the Indenture, the Guarantee and the Notes, as
applicable, constitute legal, valid and binding obligations of any Successor Parent or any Successor Company, as applicable, subject
to customary exceptions.

 

Article
12

Immunity of Incorporators, Stockholders, Officers and Directors

 

Section
12.01. Indenture, Notes and Guarantees Solely Corporate Obligations. No recourse for the payment of the principal of or
accrued and unpaid interest on, or the payment or delivery of consideration due upon Exchange of, any Note or any Guarantee, nor
for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement
of the Company or any Guarantor in this Indenture or in any supplemental indenture or in any Note or any Guarantee, nor because
of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent,
Officer or director or Subsidiary (other than the Company), as such, past, present or future, of the Company or any Guarantor
or of any of their respective successor corporations or other entities, either directly or through the Company, any Guarantor
or any of their respective successor corporations or other entities, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is
hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue
of the Notes and the Guarantees.

 

Article
13

Guarantee

 

Section
13.01. Guarantee.

 

(a)           
Subject to this Article 13, each of the Guarantors hereby, jointly and severally, fully and unconditionally guarantees
to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective
of the validity and

 

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enforceability
of this Indenture, the Notes held thereby and the obligations of the Company hereunder and thereunder, that: (i) the principal
of and interest on the Notes will be promptly paid in full when due, subject to any applicable grace period, whether at the Maturity
Date, by acceleration, upon redemption, upon repurchase or otherwise, and interest on the overdue principal of and (to the extent
permitted by law) interest on the Notes, and the Settlement Amounts upon exchange will be promptly paid and/or delivered in full
when due upon exchange, and all other payment obligations of the Company to the Holders or the Trustee hereunder or thereunder
will be promptly paid in full and performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension
of time of payment or renewal of any Notes or any of such other obligations, the same will be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at the Maturity
Date, by acceleration, upon redemption, upon repurchase or otherwise. Failing payment when so due of any amount so guaranteed
for whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately. An Event of Default with
respect to the Notes under this Indenture shall constitute an event of default under the Guarantees, and shall entitle the Holders
to accelerate the obligations of the Guarantors hereunder in the same manner and to the same extent as the obligations of the
Company.

 

(b)           
The Guarantors hereby agree that their respective obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to
enforce the same or any other circumstance (other than complete performance) which might otherwise constitute a legal or equitable
discharge or defense of a Guarantor. Each Guarantor further, to the extent permitted by law, hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require
a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that its Guarantee will not be
discharged except by complete performance of the obligations contained in the Notes and this Indenture, or pursuant to Section
13.03.

 

(c)           
Each of the Guarantors also agrees, jointly and severally, to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 13.01.

 

(d)           
If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors, or any Custodian,
Trustee or other similar official acting in relation to either the Company or the Guarantors, any amount paid by the Company or
any Guarantor to the Trustee or such Holder, the Guarantees to the extent theretofore discharged, shall be reinstated in full
force and effect.

 

(e)           
Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the
other hand, (a) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 of this Indenture
for the purposes of its Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect
of the obligations guaranteed thereby, and (b) in the event of any declaration of acceleration of such obligations as provided
in Article 6 of this Indenture, such obligations

 

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(whether
or not due and payable) shall forthwith become due and payable by such Guarantor for the purpose of its Guarantee. The Guarantors
shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair
the rights of the Holders under the Guarantees.

 

(f)           
Each Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against
the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors
or should a receiver or trustee be appointed for all or any significant part of the Company’s assets, and shall, to the
fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance
of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any
obligee on the Notes or the Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise,
all as though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded,
reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only
by such amount paid and not so rescinded, reduced, restored or returned.

 

(g)           
In case any provision of any Guarantee shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

(h)           
Each payment to be made by a Guarantor in respect of its Guarantee shall be made without set-off, counterclaim, reduction
or diminution of any kind or nature.

 

(i)           
For the avoidance of doubt, the Guarantees with respect to a Note are not exchangeable and shall automatically terminate
when such Note is exchanged in accordance with this Indenture.

 

Section
13.02. Execution and Delivery.

 

The
Guarantees shall be evidenced by the execution and delivery of this Indenture or a supplement to this Indenture and no notation
of any Guarantee need be endorsed on any Note. Each Guarantor hereby agrees that its Guarantee set forth in Section 13.01 shall
remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes.

 

If
an Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the Note, the
Guarantees shall be valid nevertheless.

 

The
delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantees
set forth in this Indenture on behalf of the Guarantors.

 

Section
13.03. Release of Guarantees.

 

The
Guarantee of a Guarantor shall be automatically and unconditionally released and discharged under this Indenture upon:

 

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(a)
       in the case of a Subsidiary Guarantor, any direct or indirect sale, exchange or other
transfer (by merger, consolidation or otherwise) of the Capital Stock of such Guarantor (including any sale, exchange or transfer)
after which the applicable Subsidiary Guarantor is no longer a Subsidiary of the Company or another Guarantor;

 

(b)
       in the case of a Subsidiary Guarantor, the release or discharge of the guarantee by
such Subsidiary Guarantor of the Existing Senior Notes or the guarantee or direct obligation which resulted in the creation of
such Guarantee, except a discharge or release by or as a result of payment under such guarantee; or

 

(c)the
discharge of the Company’s obligations under this Indenture in accordance with the terms of this Indenture.

 

In
the event that any released Subsidiary Guarantor (in the case of Section 13.03(b) above) thereafter is required to provide a Guarantee
pursuant to Section 4.05, such former Guarantor shall again provide a Guarantee in accordance with such Section.

 

At the request
of the Company and upon delivery of an Officer’s Certificate and Opinion of Counsel, the Trustee shall execute any documents
reasonably requested by the Company in order to evidence the release of any Guarantor from its obligations under its Guarantee.
Any Guarantor not released from its obligations under its Guarantee shall remain liable for the full amount of principal of and
interest on the Notes and for the other obligations of such Guarantor under this Indenture as provided in this Article 13.

 

Section
13.04. Limitation on Guarantor Liability.

 

Each
Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the
Guarantee of such Guarantor not constitute a fraudulent conveyance or a fraudulent transfer for purposes of Bankruptcy Law, the
Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable
to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree
that the obligations of each Guarantor under its Guarantee will be limited to the maximum amount as will, after giving effect
to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made
by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to
its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Guarantee not constituting
a fraudulent conveyance or fraudulent transfer under federal or state law and not otherwise being void or voidable under any similar
laws affecting the rights of creditors generally. Each Guarantor that makes a payment under its Guarantee shall be entitled upon
payment in full of all guaranteed obligations under this Indenture to a contribution from each other Guarantor in an amount equal
to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors
at the time of such payment determined in accordance with accounting principles generally accepted in the United States.

 

Section
13.05. Subrogation.

 

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Each Guarantor
shall be subrogated to all rights of Holders against the Company in respect of any amounts paid by any Guarantor pursuant to the
provisions of Section 13.01; provided that, if an Event of Default has occurred and is continuing, no Guarantor shall be
entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due
and payable by the Company under this Indenture or the Notes shall have been paid in full.

 

Section
13.06. Benefits Acknowledged.

 

Each Guarantor
acknowledges that it will receive benefits from the financing arrangements contemplated by this Indenture and that the guarantee
and waivers made by it pursuant to its Guarantee are knowingly made in contemplation of such benefits.

 

Section
13.07. [Reserved].

 

Section
13.08. “Trustee” to Include Paying Agent.

 

In
case at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder,
the term “Trustee” as used in this Article 13 shall in each case (unless the context shall otherwise require) be construed
as extending to, and including, such Paying Agent within its meaning as fully and for all intents and purposes as if such Paying
Agent were named in this Article 13 in place of the Trustee.

 

Article
14

Exchange of Notes

 

Section
14.01. Exchange Privilege(a).

 

(a)           
Subject to and upon compliance with the provisions of this Article 14, each Holder of a Note shall have the right, at such
Holder’s option, to exchange all or any portion in an Authorized Denomination of such Note:

 

(i)           
subject to satisfaction of the conditions described in Section 14.01(b), at any time prior to the close of business on
the Business Day immediately preceding March 15, 2024 under the circumstances and during the periods set forth in Section 14.01(b);

 

(ii)           
on or after March 15, 2024, at any time prior to the close of business on the second Scheduled Trading Day immediately
preceding the Maturity Date;

 

in each case,
at an initial exchange rate of 80.4602 shares of Common Stock (subject to adjustment as provided in Section 14.04 and, if applicable,
Section 14.03 or Section 16.06, the “Exchange Rate”) per $1,000 principal amount of Notes (subject to the settlement
provisions of Section 14.02, the “Exchange Obligation”).

 

(b)           
(i) Prior to the close of business on the Business Day immediately preceding March 15, 2024, a Holder may surrender all
or any portion of its Notes in an Authorized Denomination for exchange at any time during the five Business Day period after any
ten consecutive Trading

 

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Day
period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount of Notes, as determined
following a request by a Holder of Notes in accordance with the procedures and conditions described below in this subsection (b)(i),
for each Trading Day of the Measurement Period was less than 98% of the product of the Last Reported Sale Price per share of Common
Stock and the Exchange Rate on each such Trading Day.

 

(A)            
The Bid Solicitation Agent (if other than the Company) shall have no obligation to determine the Trading Price per $1,000
principal amount of the Notes unless the Company has requested such determination, and the Company shall have no obligation to
make such request (or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation to determine the
Trading Price) unless a Holder of at least $1,000,000 principal amount of Notes requests in writing that the Company makes such
a determination and provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes
would be less than 98% of the product of the Last Reported Sale Price per share of Common Stock and the Exchange Rate on such
Trading Day. At such time, the Company shall instruct the Bid Solicitation Agent (if other than the Company) to determine, or
if the Company is acting as Bid Solicitation Agent, the Company shall determine, the Trading Price per $1,000 principal amount
of the Notes beginning on the next Trading Day following the receipt of such evidence and on each successive Trading Day until
the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale
Price per share of Common Stock and the Exchange Rate on such Trading Day.

 

(B)            
If the Trading Price condition has been met, the Company shall promptly so notify the Holders, the Trustee and the Exchange
Agent (if other than the Trustee) in writing. If, at any time after the Trading Price condition has been met, the Trading Price
per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price per share
of Common Stock and the Exchange Rate on such Trading Day, the Company shall promptly so notify the Holders, the Trustee and the
Exchange Agent (if other than the Trustee) in writing.

 

(C)            
If the Company does not, when it is required to, instruct the Bid Solicitation Agent to (or, if the Company is acting as
Bid Solicitation Agent, it does not) obtain bids, or if the Company gives such instruction to the Bid Solicitation Agent and the
Bid Solicitation Agent fails to make such determination (or, if the Company is acting as Bid Solicitation Agent, it fails to make
such determination), then, in either case, the Trading Price per $1,000 principal amount of the Notes shall be deemed to be less
than 98% of the product of the Last Reported Sale Price per share of Common Stock and the Exchange Rate on each Trading Day of
such failure.

 

(ii)           
If, prior to the close of business on the Business Day immediately preceding March 15, 2024, Uniti elects to:

 

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(A)            
issue to all or substantially all holders of Common Stock any rights, options or warrants (other than any issuance pursuant
to a shareholder’s rights agreement or rights plan) entitling them, for a period of not more than 60 calendar days after
the announcement date of such issuance, to subscribe for or purchase shares of Common Stock, at a price per share that is less
than the average of the Last Reported Sale Prices per share of Common Stock for the 10 consecutive Trading Day period ending on,
and including, the Trading Day immediately preceding the date of announcement of such issuance; or

 

(B)            
distribute to all or substantially all holders of Common Stock assets, securities or rights, options or warrants to purchase
securities (in each case, other than any distribution pursuant to a shareholder’s rights agreement or rights plan), which
distribution has a per share value, as reasonably determined by Uniti’s Board of Directors, exceeding 10% of the Last Reported
Sale Price per share of Common Stock on the Trading Day immediately preceding the date of announcement of such distribution,

 

then, in either case, the Company
shall notify all Holders of the Notes, the Trustee and the Exchange Agent (if other than the Trustee) at least 50 Scheduled Trading
Days prior to the Ex-Dividend Date for such issuance or distribution. Once the Company has given such notice, the Holders may
surrender all or any portion of their Notes in an Authorized Denomination for exchange at any time until the earlier of (1) the
close of business on the Business Day immediately preceding the Ex-Dividend Date for such issuance or distribution and (2) Uniti’s
announcement that such issuance or distribution will not take place.

 

No Holder
may exchange any of its Notes pursuant to this Section 14.01(b)(ii) if such Holder otherwise participates in such issuance or
distribution, at the same time and upon the same terms as holders of the Common Stock and as a result of holding Notes, without
having to exchange its Notes as if such Holder held a number of shares of Common Stock equal to (x) the applicable Exchange Rate
multiplied by (y) the principal amount (expressed in thousands) of Notes held by such Holder.

 

(iii)           
If, prior to the close of business on the Business Day immediately preceding March 15, 2024:

 

(A)            
a transaction or event that constitutes a Fundamental Change occurs;

 

(B)            
a transaction or event that constitutes a Make-Whole Fundamental Change occurs; or

 

(C)            
Uniti is a party to a consolidation, merger or other combination, statutory share exchange or sale, lease or other transfer
or disposition of all or substantially all of Uniti’s consolidated assets, taken as a whole, in each case, pursuant to which
the Common Stock would be exchanged for stock, other securities, other property or assets (including cash or any combination thereof),

 

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then, in each
case, the Holders may surrender all or any portion of their Notes in an Authorized Denomination for exchange at any time from
or after the open of business on the Business Day immediately following the day Uniti publicly announces such transaction (even
if such transaction has not yet occurred) until the close of business on the 35th Trading Day immediately following the actual
effective date of such transaction or, if such transaction constitutes a Fundamental Change (other than a Fundamental Change for
which the Company validly invokes the Adequate Cash Exchange Provisions), until the close of business on the Business Day immediately
preceding the related Fundamental Change Repurchase Date.

 

The Company
shall notify Holders, the Trustee and the Exchange Agent (if other than the Trustee) in writing of the effective date of any such
transaction as promptly as practicable following the date Uniti publicly announces such transaction, and the Company shall use
commercially reasonable efforts to notify Holders in writing prior to such effective date, if practicable.

 

(iv)           
Prior to the close of business on the Business Day immediately preceding March 15, 2024, a Holder may surrender all or
any portion of its Notes in an Authorized Denomination for exchange at any time during any calendar quarter commencing after the
calendar quarter ending on September 30, 2019 (and only during such calendar quarter), if the Last Reported Sale Price per share
of Common Stock for at least 20 Trading Days (whether or not consecutive) during the period of 30 consecutive Trading Days ending
on the last Trading Day of the immediately preceding calendar quarter is greater than or equal to 130% of the Exchange Price on
each applicable Trading Day. The Company shall determine whether the Notes are exchangeable because the condition in this Section
14.01(b)(iv) is met and promptly provide written notice to the Holders, the Trustee and the Exchange Agent (if other than the
Trustee).

 

(v)           
If the Company calls the Notes for Redemption pursuant to Section 16.01, Holders may exchange any or all of their Notes
called for Redemption at any time from, and including, the Redemption Notice Date until the close of business on the second Scheduled
Trading Day immediately preceding the Redemption Date, or, if the Company fails to pay the Redemption Price, such later date on
which the Company pays or duly provides for the Redemption Price.

 

(c) Notwithstanding
any other provision of the Notes or this Indenture, no Holder of Notes shall be entitled to receive shares of Common Stock upon
exchange of such Notes to the extent (but only to the extent) that such receipt would cause a violation of the Ownership Limitations.
Any purported delivery of shares of Common Stock upon exchange of Notes shall be void and have no effect to the extent (but only
to the extent) that such delivery would result in a violation of the Ownership Limitations. If any delivery of shares of Common
Stock owed to a Holder upon exchange of Notes is not made, in whole or in part, as a result of the limitations described in this
paragraph, the Company’s obligation to make such delivery shall not be extinguished, and the Company shall deliver such
shares as promptly as practicable after the applicable Holder gives notice to the Company and the Company determines that such
delivery would not result in a violation of the Ownership Limitations.

 

Section
14.02. Exchange Procedure; Settlement Upon Exchange(a).

 

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(a)           
Subject to this Section 14.02, Section 14.03(b) and Section 14.07(a), upon exchange of any Note, the Company shall, at
its election, pay or deliver, as the case may be, to the exchanging Holder, in full satisfaction of its Exchange Obligation, cash
(“Cash Settlement”), shares of Common Stock (“Physical Settlement”) or a combination of
cash and shares of Common Stock (“Combination Settlement”), as set forth in this Section 14.02.

 

(i)           
All exchanges for which the relevant Exchange Date occurs on or after March 15, 2024, and all exchanges occurring after
the date of the Company’s issuance of a Notice of Redemption and prior to the close of business on the second Scheduled
Trading Day immediately preceding the related Redemption Date, shall be settled using the same Settlement Method (including the
same relative proportion of cash and/or shares of Common Stock). Except for any exchanges for which the relevant Exchange Date
occurs on or after March 15, 2024, or after the date of the Company’s issuance of a Notice of Redemption and prior to the
close of business on the second Scheduled Trading Day immediately preceding the related Redemption Date, the Company shall use
the same Settlement Method (including the same relative proportion of cash and/or shares of Common Stock) for all exchanges with
the same Exchange Date, but the Company shall not have any obligation to use the same Settlement Method with respect to exchanges
with different Exchange Dates. The Company may at any time prior to March 15, 2024 irrevocably elect to settle all exchanges following
such election through Combination Settlement with a Specified Dollar Amount.

 

(ii)           
If the Company elects a Settlement Method, the Company shall deliver notice to Holders through the Exchange Agent of such
Settlement Method the Company has selected no later than the close of business on the second VWAP Trading Day immediately following
the related Exchange Date (or (i) in the case of any exchanges for which the relevant Exchange Date occurs on or after March 15,
2024, no later than March 15, 2024 or (ii) in the case of any exchanges occurring after the date of issuance of a Notice of Redemption
and prior to the close of business on the second Scheduled Trading Day immediately preceding the related Redemption Date, in such
Notice of Redemption). If the Company does not timely elect a Settlement Method, the Company shall no longer have the right to
elect Cash Settlement or Combination Settlement with respect to that Exchange Date and the Company shall be deemed to have elected
Physical Settlement in respect of its Exchange Obligation. If the Company elects Combination Settlement in respect of any exchange
but does not specify in its election a Specified Dollar Amount per $1,000 principal amount of Notes, the Specified Dollar Amount
shall be deemed to be $1,000.

 

(iii)           
The cash, shares of Common Stock or combination of cash and shares of Common Stock payable or deliverable by the Company
in respect of any exchange of Notes (the “Settlement Amount”) shall be computed by the Company as follows:

 

(A)            
if the Company elects (or is deemed to have elected) to satisfy its Exchange Obligation in respect of such exchange by
Physical Settlement, the Company shall deliver to the exchanging Holder in respect of each $1,000 principal amount of Notes being
exchanged a number of shares of Common

 

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Stock
equal to the Exchange Rate on the Exchange Date (plus cash in lieu of any fractional shares of Common Stock deliverable upon exchange);

 

(B)            
if the Company elects to satisfy its Exchange Obligation in respect of such exchange by Cash Settlement, the Company shall
pay to the exchanging Holder in respect of each $1,000 principal amount of Notes being exchanged cash in an amount equal to the
sum of the Daily Exchange Values for each of the 40 consecutive VWAP Trading Days during the related Observation Period; and

 

(C)            
if the Company elects to satisfy its Exchange Obligation in respect of such exchange by Combination Settlement, the Company
shall pay or deliver, as the case may be, to the exchanging Holder in respect of each $1,000 principal amount of Notes being exchanged
a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 40 consecutive VWAP Trading Days during the
related Observation Period (plus cash in lieu of any fractional shares of Common Stock deliverable upon exchange).

 

If
more than one Note shall be surrendered for exchange at any one time by the same Holder, the Exchange Obligation with respect
to such Notes shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to
the extent permitted hereby) so surrendered.

 

(iv)           
The Daily Settlement Amounts (if applicable) and the Daily Exchange Values (if applicable) shall be determined by the Company
promptly following the last VWAP Trading Day of the related Observation Period. Promptly after such determination of the Daily
Settlement Amounts or the Daily Exchange Values, as the case may be, and, if applicable, the amount of cash payable in lieu of
any fractional shares, the Company shall notify the Trustee and the Exchange Agent (if other than the Trustee) of the Daily Settlement
Amounts or the Daily Exchange Values, as the case may be, and, if applicable, the amount of cash payable in lieu of fractional
shares. The Trustee and the Exchange Agent (if other than the Trustee) shall have no responsibility for any such determination.

 

(b)           
(i) To exchange a beneficial interest in a Global Note (which exchange is irrevocable), the holder of such beneficial interest
must:

 

(A)            
comply with the Applicable Procedures for exchanging a beneficial interest in a Global Note;

 

(B)            
if required, pay all transfer or similar taxes; and

 

(C)            
if required, pay funds equal to any interest payable on the next Interest Payment Date to which such Holder is not entitled
as set forth in Section 14.02(g); and

 

(ii)           
To exchange a Certificated Note, the Holder must:

 

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(A)            
complete, manually sign and deliver an irrevocable notice to the Exchange Agent as set forth in the Form of Notice of Exchange
(or a facsimile thereof) (a “Notice of Exchange”) and such Note to the Exchange Agent;

 

(B)            
if required, furnish appropriate endorsements and transfer documents;

 

(C)            
if required, pay all transfer or similar taxes; and

 

(D)            
if required, pay funds equal to any interest payable on the next Interest Payment Date to which such Holder is not entitled
as set forth in Section 14.02(g).

 

The Trustee
(and if different, the Exchange Agent) shall notify the Company of any exchange pursuant to this Article 14 on the Exchange Date
for such exchange.

 

If a Holder
has already delivered a Fundamental Change Repurchase Notice with respect to a Note, such Holder may not surrender such Note for
exchange until such Holder has validly withdrawn such Fundamental Change Repurchase Notice (or, in the case of a Global Note,
has complied with the Applicable Procedures with respect to such a withdrawal) in accordance with the terms of Section 15.03.
If a Holder has already delivered a Fundamental Change Repurchase Notice, such Holder’s right to withdraw such notice and
exchange the Notes that are subject to repurchase will terminate at the close of business on the Business Day immediately preceding
the relevant Fundamental Change Repurchase Date. If the Company has designated a Redemption Date pursuant to Section 16.02, a
Holder that complies with the requirements for exchange set forth in this Section 14.02(b) shall be deemed to have delivered a
notice of its election not to have its Notes so redeemed.

 

(c)           
A Note shall be deemed to have been exchanged immediately prior to the close of business on the date (the “Exchange
Date”) that the Holder has complied with the requirements set forth in Section 14.02(b) above.

 

Subject to
the provisions of Section 14.03(b) and Section 14.07(a), the Company shall pay or deliver, as the case may be, the Settlement
Amount due in respect of the Exchange Obligation on:

 

(i)           
the second Business Day immediately following the relevant Exchange Date, if the Company elects (or is deemed to elect)
Physical Settlement; or

 

(ii)           
the second Business Day immediately following the last VWAP Trading Day of the relevant Observation Period, if the Company
elects Cash Settlement or Combination Settlement,

 

provided
that with respect to exchanges for which Physical Settlement is applicable and the relevant Exchange Date occurs after the
Regular Record Date immediately preceding the Maturity Date, such settlement shall occur on the Maturity Date (or, if the Maturity
Date is not a Business Day, on the next succeeding Business Day).

 

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If any shares
of Common Stock are due to exchanging Holders, the Company shall issue or cause to be issued, and deliver to such Holder, or such
Holder’s nominee or nominees, certificates or a book-entry transfer through the Depositary, as the case may be, for the
full number of shares of Common Stock to which such Holder shall be entitled in satisfaction of the Company’s Exchange Obligation.

 

(d)           
In case any Certificated Note shall be surrendered for partial exchange, in an Authorized Denomination, the Company shall
execute and the Trustee shall authenticate and deliver to or upon the written order of the Holder so surrendered a new Note or
Notes in an Authorized Denomination in an aggregate principal amount equal to the unexchanged portion of the surrendered Note,
without payment of any service charge by the exchanging Holder but, if required by the Company or Trustee, with payment of a sum
sufficient to cover any transfer tax or similar governmental charge required by law or that may be imposed in connection therewith
as a result of the name of the Holder of the new Notes issued upon such exchange being different from the name of the Holder of
the old Notes surrendered for such exchange.

 

(e)           
If a Holder submits a Note for exchange, the Company shall pay any documentary, stamp or similar issue or transfer tax
due on the issuance or delivery of any shares of Common Stock upon exchange of such Note, unless the tax is due because the Holder
requests such shares of Common Stock to be issued in a name other than the Holder’s name, in which case the Holder shall
pay that tax.

 

(f)           
Upon the exchange of an interest in a Global Note, the Trustee, or the Custodian of the Global Note at the direction of
the Trustee, shall make a notation in the books and records of the Trustee and Depositary as to the reduction in the principal
amount represented thereby. The Company shall notify the Trustee in writing of any exchange of Notes effected through any Exchange
Agent other than the Trustee.

 

(g)           
Upon exchange of a Note, the exchanging Holder shall not receive any separate cash payment representing accrued and unpaid
interest, if any, except as set forth in the paragraph below. The Company’s payment or delivery, as the case may be, of
the Settlement Amount upon exchange of any Note shall be deemed to satisfy in full its obligation to pay the principal amount
of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Exchange Date. As a result, accrued and
unpaid interest, if any, to, but not including, the relevant Exchange Date shall be deemed to be paid in full rather than cancelled,
extinguished or forfeited. Upon an exchange of Notes into a combination of cash and shares of Common Stock, accrued and unpaid
interest shall be deemed to be paid first out of the cash paid upon such exchange.

 

Notwithstanding
the immediately preceding paragraph, if Notes are exchanged after the close of business on a Regular Record Date for the payment
of interest, but prior to the open of business on the immediately following Interest Payment Date, Holders of such Notes at the
close of business on such Regular Record Date shall receive the full amount of interest payable on such Notes on the corresponding
Interest Payment Date notwithstanding the exchange. Notes surrendered for exchange during the period from the close of business
on any Regular Record Date to the open of business on the immediately following Interest Payment Date must be accompanied by funds
equal to the amount of interest payable on the Notes so exchanged on the

 

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corresponding
Interest Payment Date (regardless of whether the exchanging Holder was the Holder of record on the corresponding Regular Record
Date); provided that no such payment need be made:

 

(i)           
if the Notes are surrendered for exchange following the Regular Record Date immediately preceding the Maturity Date;

 

(ii)           
if the Notes are subject to Redemption by the Company on a Redemption Date that is after a Regular Record Date and on or
prior to the Business Day immediately following the corresponding Interest Payment Date;

 

(iii)           
if the Company has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to
the Business Day immediately following the corresponding Interest Payment Date; or

 

(iv)           
to the extent of any overdue interest, if any overdue interest exists at the time of exchange with respect to such Note.

 

Therefore,
for the avoidance of doubt, all Holders of record on the Regular Record Date immediately preceding the Maturity Date, any Redemption
Date as described in clause (ii) above and any Fundamental Change Repurchase Date as described in clause (iii) above shall receive
and retain the full interest payment due on the Maturity Date or other applicable Interest Payment Date regardless of whether
their Notes have been exchanged following such Regular Record Date.

 

(h)           
The Person in whose name any shares of Common Stock delivered upon exchange is registered shall become the holder of record
of such shares of Common Stock as of the close of business on (i) the relevant Exchange Date if the Company elects (or is deemed
to elect) Physical Settlement or (ii) the last VWAP Trading Day of the relevant Observation Period if the Company elects Combination
Settlement. Upon an exchange of Notes, such Person shall no longer be a Holder of such Notes surrendered for exchange; provided
that (a) the exchanging Holder shall have the right to receive the Settlement Amount due upon exchange and (b) in the case
of an exchange between a Regular Record Date and the corresponding Interest Payment Date, the Holder of record as of the close
of business on such Regular Record Date shall have the right to receive the interest payable on such Interest Payment Date, in
accordance with Section 14.02(g).

 

(i)           
The Company shall not deliver any fractional shares of Common Stock upon exchange of the Notes and shall instead pay cash
in lieu of any fractional shares of Common Stock deliverable upon exchange in an amount based on (i) the Daily VWAP on the relevant
Exchange Date if the Company elects (or is deemed to elect) Physical Settlement or (ii) the Daily VWAP on the last VWAP Trading
Day of the relevant Observation Period if the Company elects Combination Settlement. For each Note surrendered for exchange, if
the Company has elected Combination Settlement, the full number of shares of Common Stock that shall be issued upon exchange thereof
shall be computed on the basis of the aggregate Daily Settlement Amounts for the relevant Observation Period and, if applicable,
any fractional shares of Common Stock remaining after such computation shall be paid in cash.

 

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(j)           
Upon surrender by a Holder of its Notes for exchange, the Company may, at its election
(an “Exchange Election”), direct the Exchange Agent to surrender, on or prior to the scheduled Trading Day
immediately preceding the first VWAP Trading Day of the applicable Observation Period (or, if the Company has elected (or is deemed
to have elected) Physical Settlement, on or prior to the Business Day immediately following the relevant Exchange Date), such
Notes to a financial institution designated by the Company (the “Designated Financial Institution”) for third
party exchange in lieu of exchange by the Company. In order to accept any Notes surrendered to the Company for exchange, the Designated
Financial Institution must agree to pay and/or deliver, as the case may be, in exchange for such Notes, all of the cash, shares
of Common Stock or combination thereof due upon exchange, all as provided in Section 14.02(a) (the “Exchange Consideration”).
By the close of business on the scheduled Trading Day immediately preceding the first VWAP Trading Day of the applicable Observation
Period (or, if the Company has elected (or is deemed to have elected) Physical Settlement, by the close of business on the Business
Day immediately following the relevant Exchange Date), the Company shall notify the Holder surrendering Notes for exchange that
the Company has directed the Designated Financial Institution to make a third party exchange in lieu of an exchange by the Company.

 

If
the Designated Financial Institution accepts any Notes as described above, it will pay and/or deliver, as the case may be, the
cash, shares of Common Stock or a combination thereof due upon exchange to such Holder on the second Business Day immediately
following the last VWAP Trading Day of the applicable Observation Period (or, if the Company has elected (or is deemed to have
elected) Physical Settlement, on the second Business Day immediately following the relevant Exchange Date; provided that
with respect to exchanges for which Physical Settlement is applicable and the relevant Exchange Date occurs after the Regular
Record Date immediately preceding the Maturity Date, such settlement shall occur on the Maturity Date (or, if the Maturity Date
is not a Business Day, on the next succeeding Business Day)). Any Notes exchanged by the Designated Financial Institution shall
remain outstanding. If the Designated Financial Institution agrees to accept any Notes for exchange but does not timely pay and/or
deliver the related cash, shares of Common Stock or a combination thereof, as the case may be, or if such Designated Financial
Institution does not accept the Notes for exchange, the Company shall exchange the Notes and pay and/or deliver, as the case may
be, the cash, shares of Common Stock or a combination thereof due upon exchange on the second Business Day immediately following
the last VWAP Trading Day of the applicable Observation Period (or, if the Company has elected (or is deemed to have elected)
Physical Settlement, on the second Business Day immediately following the relevant Exchange Date) as described in Section 14.02.

 

The
Company’s designation of a Designated Financial Institution does not require such Designated Financial Institution to accept
any Notes (unless such Designated Financial Institution has separately made an agreement with the Company). The Company may, but
shall not be obligated to, enter into a separate agreement with any Designated Financial Institution that would compensate it
for any such transaction.

 

Section
14.03. Increase in Exchange Rate Upon Exchange in Connection with a Make-Whole Fundamental Change(a). (a) If the
Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder elects to exchange its Notes
in connection with

 

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such
Make-Whole Fundamental Change, the Company shall, under the circumstances described below, increase the Exchange Rate for the
Notes so surrendered for exchange by a number of additional shares of Common Stock (the “Additional Shares”),
as described below. An exchange of Notes shall be deemed for these purposes to be “in connection with” such Make-Whole
Fundamental Change if the relevant Exchange Date occurs during the period from the open of business on the Effective Date of the
Make-Whole Fundamental Change to the close of business on the Business Day immediately preceding the related Fundamental Change
Repurchase Date (or in the case of (i) a Make-Whole Fundamental Change that would have been a Fundamental Change but for (x) the
proviso in clause (b) of the definition thereof or (y) the Adequate Cash Exchange Provisions and (ii) any Event of Default described
in Section 6.01(l), the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change)(such
period, the “Make-Whole Fundamental Change Period”).

 

(b)           
Upon surrender of Notes for exchange in connection with a Make-Whole Fundamental Change, the Company shall, at its option,
satisfy its Exchange Obligation by Physical Settlement, Cash Settlement or Combination Settlement in accordance with Section 14.02
(after giving effect to any increase in the Exchange Rate required by this Section 14.03); provided, however, that,
if the consideration for the Common Stock in any Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental
Change is composed entirely of cash, for any exchange of Notes following the Effective Date of such Make-Whole Fundamental Change,
the Exchange Obligation shall be calculated based solely on the Stock Price for the transaction and shall be deemed to be an amount
of cash per $1,000 principal amount of exchanged Notes equal to (i) the Exchange Rate (including any increase to reflect the Additional
Shares as described in this Section 14.03), multiplied by (ii) such Stock Price. In such event, the Exchange Obligation
shall be determined and paid to Holders in cash on the second Business Day following the Exchange Date. The Company shall notify
Holders, the Trustee and the Exchange Agent (if other than the Trustee) in writing of the Effective Date of any Make-Whole Fundamental
Change and Uniti will issue a press release announcing such Effective Date and publish the information on its website or through
such other public medium as Uniti may use at that time no later than five Business Days after such Effective Date (the “Make-Whole
Fundamental Change Company Notice”).

 

(c)           
The number of Additional Shares, if any, by which the Exchange Rate shall be increased shall be determined by reference
to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective
Date”) and the price (the “Stock Price”) paid (or deemed to be paid) per share of Common Stock in
the Make-Whole Fundamental Change. If the holders of the Common Stock receive in exchange for their Common Stock only cash in
a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the
cash amount paid per share. Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices per share of the
Common Stock over the five Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date
of the Make-Whole Fundamental Change.

 

(d)           
The Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which the Exchange
Rate is otherwise adjusted. The adjusted Stock Prices shall equal (i) the Stock Prices applicable immediately prior to such

 

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adjustment,
multiplied by (ii) a fraction, the numerator of which is the Exchange Rate immediately prior to such adjustment giving
rise to the Stock Price adjustment and the denominator of which is the Exchange Rate as so adjusted. The number of Additional
Shares set forth in the table below shall be adjusted in the same manner and at the same time as the Exchange Rate as set forth
in Section 14.04.

 

(e)           
The following table sets forth the number of Additional Shares by which the Exchange Rate shall be increased per $1,000
principal amount of Notes pursuant to this Section 14.03 for each Stock Price and Effective Date set forth below:

 

	 	Stock
Price

	Effective
Date
	$9.38
	$11.00
	$12.43 
	$16.00
	$16.16
	$20.00
	$25.00
	$40.00
	$60.00
	$90.00 

	June 28, 2019	26.1496	18.6400	14.2357	7.9738	7.7890	4.6760	2.6800	0.6763	0.0532	0.0000
	June 15, 2020	26.1496	18.2900	13.6645	7.2844	7.1021	4.1005	2.2796	0.5595	0.0395	0.0000
	June 15, 2021	26.1496	17.4436	12.6026	6.2213	6.0476	3.2925	1.7572	0.4203	0.0213	0.0000
	June 15, 2022	26.1496	16.1464	11.0113	4.7438	4.5866	2.2700	1.1576	0.2818	0.0040	0.0000
	June 15, 2023	26.1496	14.0427	8.4039	2.6306	2.5149	1.0550	0.5368	0.1463	0.0000	0.0000
	June 15, 2024	26.1496	10.4491	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000

 

The exact
Stock Price and/or Effective Date may not be set forth in the table above, in which case:

 

(i)           
if the Stock Price is between two Stock Prices in the table or the Effective Date is between two Effective Dates in the
table, the number of Additional Shares by which the Exchange Rate shall be increased shall be determined by a straight-line interpolation
between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates,
as applicable, based on a 365-day year or 366-day year, as applicable;

 

(ii)           
if the Stock Price is greater than $90.00 per share (subject to adjustment in the same manner as the Stock Prices set forth
in the column headings of the table above), no Additional Shares shall be added to the Exchange Rate; and

 

(iii)           
if the Stock Price is less than $9.38 per share (subject to adjustment in the same manner as the Stock Prices set forth
in the column headings of the table above), no Additional Shares shall be added to the Exchange Rate.

 

Notwithstanding
the foregoing, in no event shall the Exchange Rate per $1,000 principal amount of Notes exceed 106.6098 shares of Common Stock,
subject to adjustment in the same manner as the Exchange Rate pursuant to Section 14.04.

 

(f)           
Nothing in this Section 14.03 shall prevent an adjustment to the Exchange Rate pursuant to Section 14.04 in respect of
a Make-Whole Fundamental Change.

 

Section
14.04. Adjustment of Exchange Rate. The Exchange Rate shall be adjusted from time to time by the Company if any of the
following events occurs, except that the Company shall not make any adjustments to the Exchange Rate if Holders of the Notes participate
(other than in the case of a share split or share combination), at the same time and upon the same terms

 

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as
holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in this Section
14.04, without having to exchange their Notes, as if they held a number of shares of Common Stock equal to (i) the Exchange Rate,
multiplied by (ii) the principal amount (expressed in thousands) of Notes held by such Holder.

 

(a)           
If Uniti exclusively issues shares of Common Stock as a dividend or distribution on shares of Common Stock, or if Uniti
effects a share split or share combination, the Exchange Rate shall be adjusted based on the following formula:

 

 

where,

 

	ER0	=	the Exchange Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the effective date of such share split or share combination, as applicable;
	 	 	 
	ER1	=	the Exchange Rate in effect immediately after the open of business on such Ex-Dividend Date or effective date, as applicable;
	 	 	 
	OS0	=	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or effective date, as applicable, before giving effect to such dividend, distribution, share split or share combination; and
	 	 	 
	OS1	=	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

  

Any adjustment made under this
Section 14.04(a) shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution,
or immediately after the open of business on the effective date for such share split or share combination, as applicable. If any
dividend or distribution of the type described in this Section 14.04(a) is declared and results in an adjustment under this Section
14.04(a) but is not so paid or made, the Exchange Rate shall be immediately readjusted, effective as of the date Uniti’s
Board of Directors determines not to pay such dividend or distribution, to the Exchange Rate that would then be in effect if such
dividend or distribution had not been declared.

 

(b)           
If Uniti issues to all or substantially all holders of the Common Stock any rights, options or warrants (other than any
issuance pursuant to a shareholder’s rights agreement or rights plan) entitling them, for a period of not more than 60 calendar
days after the announcement date of such issuance, to subscribe for or purchase shares of Common Stock at a price per share that
is less than the average of the Last Reported Sale Prices per share of Common Stock for the 10 consecutive Trading Day period
ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Exchange Rate shall
be increased based on the following formula:

 

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where,

 

	ER0	=	the Exchange Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
	 	 	 
	ER1	=	the Exchange Rate in effect immediately after the open of business on such Ex-Dividend Date;
	 	 	 
	OS0	=	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
	 	 	 
	X	=	the total number of shares of Common Stock deliverable pursuant to such rights, options or warrants; and
	 	 	 
	Y	=	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices per share of Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 

Any increase made under this
Section 14.04(b) shall be made successively whenever any such rights, options or warrants are issued and shall become effective
immediately after the open of business on the Ex-Dividend Date for such issuance. To the extent that shares of Common Stock are
not delivered after the exercise of such rights, options or warrants, the Exchange Rate shall be decreased to the Exchange Rate
that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the
basis of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are not
so issued, the Exchange Rate shall be decreased, effective as of the date Uniti’s Board of Directors determines not to issue
such rights, options or warrants, to the Exchange Rate that would then be in effect if such Ex-Dividend Date for such issuance
had not occurred.

 

For purposes
of this Section 14.04(b) and Section 14.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders
of Common Stock to subscribe for or purchase shares of Common Stock at less than such average of the Last Reported Sale Prices
per share of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately
preceding the date of announcement of such issuance, and in determining the aggregate offering price of such shares of Common
Stock, there shall be taken into account any consideration received by Uniti for such rights, options or warrants and any amount
payable on exercise or exchange thereof, the value of such consideration, if other than cash, to be determined by Uniti’s
Board of Directors.

 

(c)           
If Uniti distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property or rights, options
or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock, excluding:

 

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(i)           
dividends, distributions or issuances (including share splits) described in Section 14.04(a) or Section 14.04(b);

 

(ii)           
dividends or distributions paid exclusively in cash described in Section 14.04(d);

 

(iii)           
except in the case of a Separation Event, any dividend or distribution pursuant to a shareholder’s rights agreement
or rights plan (as described in this Section 14.04(c));

 

(iv)           
any dividends and distributions in connection with a Specified Corporate Event described under Section 14.07; and

 

(v)           
Spin-Offs as to which the provisions set forth below in this Section 14.04(c) shall apply;

 

(any
of such shares of Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire
Capital Stock or other securities of Uniti, the “Distributed Property”), then the Exchange Rate shall be increased
based on the following formula:

 

 

where,

 

	ER0	=	the Exchange Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;

 

	ER1	=	the Exchange Rate in effect immediately after the open of business on such Ex-Dividend Date;

 

	SP0	=	the average of the Last Reported Sale Prices per share of Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and

 

	FMV	=	the fair market value (as determined by Uniti’s Board of Directors) of the Distributed Property so distributed with respect to each outstanding share of Common Stock on the Ex-Dividend Date for such distribution.

 

Any increase
made under the portion of this Section 14.04(c) above shall become effective immediately after the open of business on the Ex-Dividend
Date for such distribution. If such distribution is not so paid or made, the Exchange Rate shall be decreased, effective as of
the date Uniti’s Board of Directors determines not to pay or make such distribution, to be the Exchange Rate that would
then be in effect if such distribution had not been declared.

 

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Notwithstanding
the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above),
in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each $1,000 principal amount thereof, at
the same time and upon the same terms as holders of the Common Stock receive the Distributed Property, the amount and kind of
Distributed Property that such Holder would have received if such Holder owned a number of shares of Common Stock equal to the
Exchange Rate in effect on the Ex-Dividend Date for the distribution.

 

With respect
to an adjustment pursuant to this Section 14.04(c) where there has been a payment of a dividend or other distribution on the Common
Stock of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit
of Uniti, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”),
the Exchange Rate shall be increased based on the following formula:

 

 

where,

 

	ER0	=	the Exchange Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;

 

	ER1	=	the Exchange Rate in effect immediately after the open of business on the Ex-Dividend Date for such distribution;

 

	FMV0	=	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of Common Stock (determined by reference to the definition of Last Reported Sale Price as set forth in Section 1.01 as if references therein to the Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and

 

	MP0	=	the average of the Last Reported Sale Prices per share of Common Stock over the Valuation Period.

 

Any adjustment to the Exchange
Rate under the preceding paragraph shall be made immediately after the close of business on the last Trading Day of the Valuation
Period, but will be given effect as of the open of business on the Ex-Dividend Date for the Spin-Off. Because the Company will
make the adjustment to the Exchange Rate at the end of the Valuation Period with retroactive effect, the Company will delay the
settlement of any exchange of Notes where the Exchange Date (in the case of Physical Settlement) or the final VWAP Trading Day
of the related Observation Period (in the case of Cash Settlement or Combination Settlement) occurs during the Valuation Period.
In such event, the Company shall deliver the consideration due upon exchange on the second Business Day immediately following
the last Trading Day of the Valuation Period. If such Spin-Off does not occur, the Exchange Rate shall be decreased to be the
Exchange Rate that would then be in effect if such dividend or distribution had not been

 

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declared, effective as of the date on
which Uniti’s Board of Directors determines not to consummate such Spin-Off.

 

For purposes
of this Section 14.04(c) (and subject in all respects to Section 14.11),
rights, options or warrants distributed by Uniti to all holders of the Common Stock entitling them to subscribe for or purchase
shares of Uniti’s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights,
options or warrants, until the occurrence of a specified event or events (“Trigger Event”):

 

(i)           
are deemed to be transferred with such shares of Common Stock;

 

(ii)           are
not exercisable; and

 

(iii)          are
also issued in respect of future issuances of the Common Stock,

 

shall be deemed
not to have been distributed for purposes of this Section 14.04(c) (and no adjustment to the Exchange Rate under this Section
14.04(c) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall
be deemed to have been distributed and an appropriate adjustment (if any is required) to the Exchange Rate shall be made under
this Section 14.04(c). If any such right, option or warrant, including any such existing rights, options or warrants distributed
prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or warrants become
exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any
and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or
warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such
date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of
rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence)
with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Exchange
Rate under this Section 14.04(c) was made:

 

(A)            
in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by
any holders thereof, upon such final redemption or purchase (x) the Exchange Rate shall be readjusted as if such rights, options
or warrants had not been issued and (y) the Exchange Rate shall then again be readjusted to give effect to such distribution,
deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption
or purchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such
holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or
purchase, and

 

(B)            
in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders
thereof, the

 

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Exchange Rate shall be readjusted as if such rights, options and warrants had not been issued.

 

For purposes
of Section 14.04(a), Section 14.04(b) and
this Section 14.04(c), any dividend or distribution to which this Section 14.04(c) is applicable that also includes one
or both of:

 

(i)           
a dividend or distribution of shares of Common Stock to which Section 14.04(a) is applicable (the “Clause A Distribution”);
or

 

(ii)           a dividend or distribution of rights, options or warrants to which Section 14.04(b) is applicable (the “Clause
B Distribution”),

 

then:

 

(A)            
such dividend or distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be
a dividend or distribution to which this Section 14.04(c) is applicable (the “Clause C Distribution”) and any
Exchange Rate adjustment required by this Section 14.04(c) with respect to such Clause C Distribution shall then be made; and

 

(B)            
the Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution and
any Exchange Rate adjustment required by Section 14.04(a) and Section 14.04(b) with respect thereto shall then be made, except
that, if determined by the Company (I) the “Ex-Dividend Date” of the Clause A Distribution and the Clause B Distribution
shall be deemed to be the Ex-Dividend Date of the Clause C Distribution and (II) any shares of Common Stock included in the Clause
A Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately prior to the open of business
on such Ex-Dividend Date or effective date” within the meaning of Section 14.04(a) or “outstanding immediately prior
to the open of business on such Ex-Dividend Date” within the meaning of Section 14.04(b).

 

(d)           
If any cash dividend or distribution is made to all or substantially all holders of the Common Stock, other than a regular
quarterly cash dividend that does not exceed $0.05 per share (the “Initial Dividend Threshold”), the Exchange
Rate shall be increased based on the following formula:

 

	ER1 = ER0 ×  	SP0
– T

	SP0 – C

 

where,

 

	ER0	=	the Exchange Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;

 

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	ER1	=	the Exchange Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;

 

	SP0	=	the Last Reported Sale Price per share of Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution;

 

	T	=	the Initial Dividend Threshold; provided that if the dividend or distribution is not a regular, quarterly cash dividend, the Initial Dividend Threshold shall be deemed to be zero; and

 

	C	=	the amount in cash per share Uniti distributes to all or substantially all holders of the Common Stock.

 

The Initial
Dividend Threshold is subject to adjustment in a manner inversely proportional to adjustments to the Exchange Rate; provided
that no adjustment shall be made to the Initial Dividend Threshold for any adjustment to the Exchange Rate under this Section
14.04(d).

 

Any adjustment
made pursuant to this Section 14.04(d) shall become effective immediately after the open of business on the Ex-Dividend Date for
such dividend or distribution. If such dividend or distribution is not so paid, the Exchange Rate shall be decreased, effective
as of the date Uniti’s Board of Directors determines not to make or pay such dividend or distribution, to the Exchange Rate
that would then be in effect if such dividend or distribution had not been declared.

 

Notwithstanding
the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined above),
in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of Notes, at the same
time and upon the same terms as holders of the Common Stock, the amount of cash that such Holder would have received if such Holder
owned a number of shares of Common Stock equal to the Exchange Rate on the Ex-Dividend Date for such cash dividend or distribution.

 

(e)           
If Uniti or any of its Subsidiaries makes a payment in respect of a tender or exchange offer for the Common Stock (other
than an odd-lot tender offer), to the extent that the cash and value of any other consideration included in the payment per share
of Common Stock exceeds the average of the Last Reported Sale Prices per share of Common Stock over the 10 consecutive Trading
Day period commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made
pursuant to such tender or exchange offer (such date, the “Expiration Date”), the Exchange Rate shall be increased
based on the following formula:

 

 

where,

 

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ER0=the
Exchange Rate in effect immediately prior to the open of business on the Trading Day next succeeding the Expiration Date;

 

ER1=the
Exchange Rate in effect immediately after the open of business on the Trading Day next succeeding the Expiration Date;

 

AC
=the aggregate value of all cash and any other consideration (as determined by Uniti’s Board of Directors) paid or payable
for shares of Common Stock purchased or exchanged in such tender or exchange offer;

 

OS0=the
number of shares of Common Stock outstanding immediately prior to the time (the “Expiration Time”) such tender
or exchange offer expires (prior to giving effect to the purchase or exchange of all shares accepted for purchase or exchange
in such tender or exchange offer);

 

OS1=the
number of shares of Common Stock outstanding immediately after the Expiration Time (after giving effect to the purchase or exchange
of all shares accepted for purchase or exchange in such tender or exchange offer); and

 

SP1=the
average of the Last Reported Sale Prices per share of Common Stock over the 10 consecutive Trading Day period commencing on, and
including, the Trading Day next succeeding the Expiration Date.

 

Any adjustment
to the Exchange Rate under this Section 14.04(e) shall be made at
the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Expiration
Date, but will be given effect as of the open of business on the Trading Day next succeeding the Expiration Date. Because the
Company shall make the adjustment to the Exchange Rate at the end of the 10 consecutive Trading Day period commencing on, and
including, the Trading Day next succeeding the Expiration Date with retroactive effect, the Company shall delay the settlement
of any exchange of Notes where the Exchange Date (in the case of Physical Settlement) or the final VWAP Trading Day of the related
Observation Period (in the case of Cash Settlement or Combination Settlement) occurs during the 10 consecutive Trading Day period
commencing on, and including, the Trading Day next succeeding the Expiration Date. In such event, the Company will deliver the
consideration due upon exchange on the second Business Day immediately following the last Trading Day of the 10 consecutive Trading
Day period commencing on, and including, the Trading Day next succeeding the Expiration Date.

 

In the event
that Uniti or one of its Subsidiaries is obligated to purchase shares of Common Stock pursuant to any such tender offer or exchange
offer, but Uniti or such Subsidiary is permanently prevented by applicable law from effecting any such purchases, or all or a
portion of such purchases are rescinded, then the Exchange Rate shall again be adjusted to be the Exchange Rate that would then
be in effect if such tender offer or exchange offer had not been made or had been made only in respect of the purchases that have
been effected.

 

(f)           
Notwithstanding anything to the contrary in this Section 14.04 or any other provision of this Indenture or the Notes, if
an Exchange Rate adjustment becomes effective on

 

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any
Ex-Dividend Date and a Holder that has exchanged its Notes on or after such Ex-Dividend Date and on or prior to the related Record
Date would be treated as the record holder of shares of Common Stock as of the related Exchange Date as described under Section
14.02(h) based on an adjusted Exchange Rate for such Ex-Dividend Date, then, notwithstanding the Exchange Rate adjustment provisions
in this Section 14.04, the Exchange Rate adjustment relating to such Ex-Dividend Date shall not be made for such exchanging Holder.
Instead, such Holder shall be treated as if such Holder were the record owner of shares of Common Stock on an unadjusted basis
and participate in the related dividend, distribution or other event giving rise to such adjustment.

 

(g)           
All calculations and other determinations under this Article 14 shall be made by the Company and all adjustments to the
Exchange Rate shall be made to the nearest one-ten thousandth (1/10,000th) of a share of Common Stock. In no event will the Exchange
Rate be adjusted such that the Exchange Price shall be less than the par value per share of Common Stock. Notwithstanding anything
in this Article 14 to the contrary, the Company shall not be required to adjust the Exchange Rate unless the adjustment would
result in a change of at least 1% to the Exchange Rate. However, the Company shall carry forward any adjustment that is less than
1% of the Exchange Rate, take such carried-forward adjustments into account in any subsequent adjustment, and make such carried-forward
adjustments, regardless of whether the aggregate adjustment is less than 1%, (i) annually on the anniversary of the Issue Date,
(ii) in the case of any Note to which Physical Settlement applies, upon the Exchange Date, (iii) in the case of any Note to which
Cash Settlement or Combination Settlement applies, on each VWAP Trading Day of the applicable Observation Period, (iv) on the
date of a Notice of Redemption and (v) on the Effective date of any Fundamental Change or Make-Whole Fundamental Change.

 

(h)           
In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.04, and to the extent
permitted by applicable law and subject to the applicable rules of The Nasdaq Global Select Market, the Company from time to time
may increase the Exchange Rate by any amount for a period of at least 20 Business Days if Uniti’s Board of Directors determines
that such increase would be in the Company’s and/or Uniti’s best interest. In addition, to the extent permitted by
applicable law and subject to the applicable rules of The Nasdaq Global Select Market, the Company may also (but is not required
to) increase the Exchange Rate to avoid or diminish any income tax to the holders of the Common Stock or rights to purchase shares
of Common Stock in connection with a dividend or distribution of shares (or rights to acquire shares) or similar event. Whenever
the Exchange Rate is increased pursuant to either of the preceding two sentences, the Company shall send to the Holder of each
Note at its last address appearing on the Note Register a notice of the increase at least 15 days prior to the date the increased
Exchange Rate takes effect, and such notice shall state the increased Exchange Rate and the period during which it will be in
effect.

 

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(i)           
Except as stated herein, the Company shall not adjust the Exchange Rate for the issuance of Common Stock or any securities
convertible into or exchangeable for shares of Common Stock or the right to purchase shares of Common Stock or such convertible
or exchangeable securities. In addition, notwithstanding anything to the contrary in this Article 14, the Exchange Rate shall
not be adjusted:

 

(i)       upon
the issuance of shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest
payable on Uniti’s securities and the investment of additional optional amounts in shares of Common Stock under any plan;

 

(ii)       upon
the issuance of shares of Common Stock or options or rights to purchase those shares pursuant to any present or future employee,
director or consultant benefit plan or program of or assumed by Uniti or any of its Subsidiaries (including the Company);

 

(iii)       upon
the issuance of shares of Common Stock pursuant to any option, warrant (including the warrant transactions entered into on the
date of pricing of the Notes or on any date on which the Initial Purchasers’ option to purchase additional Notes is exercised),
right or exercisable, exchangeable or convertible security not described in clause (ii) of this subsection and outstanding as
of the date the Notes were first issued;

 

(iv)       for
ordinary course of business stock repurchases that are not tender or exchange offers referred to in Section 14.04(e), including
structured or derivative transactions or pursuant to a repurchase program approved by Uniti’s Board of Directors;

 

(v)       solely
for a change in the par value of the Common Stock; or

 

(vi)       for
accrued and unpaid interest, if any.

 

(j)           
 [Reserved]

 

(k)           
Whenever the Exchange Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Exchange
Agent if not the Trustee) an Officer’s Certificate setting forth the Exchange Rate after such adjustment and setting forth
a brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have received
such Officer’s Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Exchange Rate and
may assume without inquiry that the last Exchange Rate of which it has knowledge is still in effect. Promptly after delivery of
such certificate, the Company shall prepare a notice of such adjustment of the Exchange Rate setting forth the adjusted Exchange
Rate and the date on which each adjustment becomes effective and shall send such notice of such adjustment of the Exchange Rate
to each Holder at its last address appearing on the Note Register of this Indenture. Failure to deliver such notice shall not
affect the legality or validity of any such adjustment.

 

(l)           
[Reserved]

 

(m)           
For purposes of this Section 14.04, the number of shares of Common Stock at any time outstanding shall not include shares
held in the treasury of Uniti, so long as Uniti does not pay any dividend or make any distribution on shares of Common Stock held
in the treasury of Uniti, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares
of Common Stock.

 

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Section
14.05. Adjustments of Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported
Sale Prices, the Daily VWAPs, the Daily Exchange Values or the Daily Settlement Amounts over a span of multiple days (including,
without limitation, an Observation Period and the period for determining the Stock Price for purposes of a Make-Whole Fundamental
Change or a Notice of Redemption), the Company shall make appropriate adjustments, in good faith, to each to account for any adjustment
to the Exchange Rate that becomes effective, or any event requiring an adjustment to the Exchange Rate where the Ex-Dividend Date,
effective date or Expiration Date of the event occurs at any time during the period when the Last Reported Sale Prices, the Daily
VWAPs, the Daily Exchange Values or the Daily Settlement Amounts or Stock Prices are to be calculated.

 

Section
14.06. Shares To Be Fully Reserved. Uniti shall have reserved and provide, free from preemptive rights, out of its authorized
but unissued shares, the maximum number of shares of Common Stock exchangeable under the Notes (including the maximum number of
Additional Shares that could be included in the Exchange Rate for an exchange in connection with a Make-Whole Fundamental Change
or a Notice of Redemption).

 

Section
14.07. Effect of Recapitalizations, Reclassifications and Changes of the Common Stock.

 

(a)
       In the case of:

 

(i)           
any recapitalization, reclassification or change of the Common Stock (other than changes in par value or resulting from
a subdivision or combination);

 

(ii)           
any consolidation, merger or other combination involving Uniti; or

 

(iii)           
any sale, lease or other transfer or disposition to a third party of all or substantially all of the consolidated assets
of Uniti, taken as a whole; or

 

(iv)           
any statutory share exchange,

 

in each case,
as a result of which the Common Stock would be converted into, or exchanged for stock, other securities, other property or assets
(including cash or any combination thereof) (any such event, a “Specified Corporate Event” and any such stock,
other securities, other property or assets (including cash or any combination thereof), “Reference Property”
and the amount of Reference Property that a holder of one share of Common Stock immediately prior to such Specified Corporate
Event would have been entitled to receive upon the occurrence of such Specified Corporate Event, a “Unit of Reference
Property”), then the Company, or the successor or purchasing corporation, as the case may be, will execute with the
Trustee, which supplemental indenture shall not require the consent of the Holders, a supplemental indenture providing that, at
and after the effective time of the Specified Corporate Event, the right to exchange each $1,000 principal amount of Notes for
shares of Common Stock will be changed into a right to exchange such principal amount of Notes for the kind and amount of Reference
Property that a holder of a number of shares of Common Stock equal to the Exchange Rate immediately prior to such Specified Corporate
Event would have been entitled to receive upon

 

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such Specified Corporate Event; provided, however, that at and after
the effective time of the Specified Corporate Event:

 

(A)            
the Company shall continue to have the right to determine the form of consideration to be paid or delivered, as the case
may be, upon exchange of Notes in accordance with Section 14.02; and

 

(B)            
(I) any amount payable in cash upon exchange of the Notes in accordance with Section 14.02 shall continue to be payable
in cash, (II) any shares of Common Stock that would have been deliverable upon exchange of the Notes in accordance with Section
14.02 shall instead be deliverable in the Units of Reference Property that a holder of that number of shares of Common Stock would
have received in such Specified Corporate Event and (III) the Daily VWAP shall be calculated based on the value of a Unit of Reference
Property; provided, however, that if the holders of the Common Stock receive only cash in such Specified Corporate Event,
then for all exchanges that occur after the effective date of such Specified Corporate Event (x) the consideration due upon exchange
of each $1,000 principal aggregate amount of Notes shall be solely cash in an amount equal to the Exchange Rate in effect on the
Exchange Date (as may be increased by any Additional Shares pursuant to Section 14.03), multiplied by the price paid per
share of Common Stock in such Specified Corporate Event and (y) the Company shall satisfy the Exchange Obligation by paying such
cash to the exchanging Holder on the second Business Day immediately following the Exchange Date.

 

If the Specified
Corporate Event causes the Common Stock to be converted into, or exchanged for, the right to receive more than a single type of
consideration (determined based in part upon any form of stockholder election), then the Reference Property into which the Notes
shall be exchangeable shall be deemed to be the weighted average of the types and amounts of consideration actually received by
the holders of the Common Stock. The Company shall notify Holders, the Trustee and the Exchange Agent (if other than the Trustee)
in writing of the weighted average as soon as practicable after such determination.

 

Such supplemental
indenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that shall
be as nearly equivalent as is possible to the adjustments provided for in this Article 14. If the Reference Property in respect
of any Specified Corporate Event includes shares of stock, other securities or other property or assets (other than cash) (including
any combination thereof) of an entity other than Uniti or the Company or the successor or purchasing corporation, as the case
may be, in such Specified Corporate Event, then such other entity, if it is party to such Specified Corporate Event, shall also
execute such supplemental indenture, and such supplemental indenture shall contain such additional provisions to protect the interests
of the Holders, including the right of Holders to require the Company to repurchase their Notes upon a Fundamental Change in accordance
with Article 15, as the Board of Directors of Uniti shall reasonably consider necessary by reason of the foregoing.

 

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(b)           
In the event the Company shall execute a supplemental indenture pursuant to Section 14.07(a), the Company shall promptly
file with the Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of cash, securities
or other assets (including any combination thereof) that will comprise the Reference Property after any such Specified Corporate
Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly
send notice thereof to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be sent
to each Holder, at its address appearing on the Note Register provided for in this Indenture, within 20 days after execution thereof.
Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture.

 

(c)           
If the Notes become exchangeable for Reference Property, the Company shall notify the Trustee in writing and Uniti shall
issue a press release containing the relevant information and publish the information on its website or through such other public
medium as it may use at that time.

 

(d)           
The Company and Uniti shall not become a party to any Specified Corporate Event unless its terms are consistent with this
Section 14.07. None of the foregoing provisions shall affect the right of a Holder to exchange its Notes into cash, shares of
Common Stock or a combination of cash and shares of Common Stock, as applicable, as set forth in Section 14.01 and Section 14.02
prior to the effective date of such Specified Corporate Event.

 

(e)           
In connection with any adjustment to the Exchange Rate described in this Section 14.07, the Company shall also adjust the
Initial Dividend Threshold based on the number of shares of common stock comprising the Reference Property and (if applicable)
the value of any non-stock consideration comprising the Reference Property. If the Reference Property is composed solely of non-stock
consideration, the Initial Dividend Threshold shall be zero.

 

(f)           
The above provisions of this Section shall similarly apply to successive Specified Corporate Events.

 

Section
14.08. Certain Covenants.

 

(a)           
Uniti covenants that all shares of Common Stock delivered upon exchange of Notes shall be duly authorized, fully paid and
non-assessable and free from all preemptive or similar rights of any securityholder of Uniti and free from all taxes, liens, charges
and adverse claims as the result of any action by Uniti.

 

(b)           
[Reserved]

 

(c)           
The Company and Uniti shall comply with all applicable U.S. federal and state securities laws regulating the offer and
delivery of shares of Common Stock upon exchange of the Notes, including that if any shares of Common Stock to be provided for
the purpose of exchange of Notes hereunder require registration with or approval of any governmental authority under any U.S.
federal or state law before such shares of Common Stock may be validly issued upon exchange, Uniti shall, to the extent then permitted
by the rules and interpretations of the Commission, secure such registration or approval, as the case may be.

 

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(d)           
The Company and Uniti further covenant that if at any time the Common Stock shall be listed on any national securities
exchange or automated quotation system, Uniti shall list and keep listed, so long as the Common Stock shall be so listed on such
exchange or automated quotation system, any Common Stock deliverable upon exchange of the Notes.

 

Section
14.09. Responsibility of Trustee. The Trustee and any other Exchange Agent shall not at any time be under any duty or responsibility
to any Holder to determine the Exchange Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment
(including any increase) of the Exchange Rate, or with respect to the nature or extent or calculation of any such adjustment when
made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the
same. The Trustee and any other Exchange Agent shall not be accountable with respect to the validity or value (or the kind or
amount) of any shares of Common Stock, or of any securities, property or cash that may at any time be issued or delivered upon
the exchange of any Note; and the Trustee and any other Exchange Agent make no representations with respect thereto. Neither the
Trustee nor any Exchange Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of
Common Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of exchange
or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article. Without limiting
the generality of the foregoing, neither the Trustee nor any Exchange Agent shall be under any responsibility to determine the
correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 14.07 relating either to
the kind or amount of shares of stock or securities or property (including cash) receivable by Holders upon the exchange of their
Notes after any event referred to in such Section 14.07 or to any adjustment to be made with respect thereto, but, subject to
the provisions of Section 7.01, may accept (without any independent investigation) as conclusive evidence of the correctness of
any such provisions, and shall be protected in relying upon, the Officer’s Certificate (which the Company shall be obligated
to furnish to the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee
nor the Exchange Agent shall be responsible for determining whether any event contemplated by Section 14.01(b) has occurred that
makes the Notes eligible for exchange or no longer eligible therefor until the Company has delivered to the Trustee and the Exchange
Agent the notices referred to in Section 14.01(b) with respect to the commencement or termination of such exchange rights, on
which notices the Trustee and the Exchange Agent may conclusively rely, and the Company agrees to deliver such notices to the
Trustee and the Exchange Agent immediately after the occurrence of any such event or at such other times as shall be provided
for in Section 14.01(b). The parties hereto agree that all notices to the Trustee or the Exchange Agent under this Article 14
shall be in writing.

 

Section
14.10. Notice to Holders Prior to Certain Actions. In case of any:

 

(a)           
Specified Corporate Event or any consolidation, merger, sale, assignment, lease, conveyance or other transfer or disposition
of all or substantially all assets in accordance with Article 11; or

 

(b)           
voluntary or involuntary dissolution, liquidation or winding-up of Uniti or the Company;

 

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then, in each case (unless notice
of such event is otherwise required pursuant to another provision of this Indenture), the Company shall cause to be furnished
to the Trustee and the Exchange Agent (if other than the Trustee) and to be sent to each Holder at its address appearing on the
Note Register, as promptly as possible but in any event at least 20 days prior to the date on which such Specified Corporate Event,
any consolidation, merger, sale, assignment, lease, conveyance or other transfer or disposition of all or substantially all assets
in accordance with Article 11, or any dissolution, liquidation or winding-up is expected to become effective or occur, and the
date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities
or other property deliverable upon such Specified Corporate Event, consolidation, merger, sale, assignment, lease, conveyance
or other transfer or disposition of all or substantially all assets in accordance with Article 11, dissolution, liquidation or
winding-up; provided, however, that if on such date, neither the Company nor Uniti has knowledge of such event or
the adjusted Exchange Rate cannot be calculated, the Company shall deliver such notice as promptly as practicable upon obtaining
knowledge of such event or information sufficient to make such calculation, as the case may be, and in no event later than the
effective date of such adjustment. Failure to give such notice, or any defect therein, shall not affect the legality or validity
of such action by the Company, Uniti or one of Uniti’s Subsidiaries, Specified Corporate Event, or any consolidation, merger,
sale, assignment, lease, conveyance or other transfer or disposition of all or substantially all assets in accordance with Article
11, dissolution, liquidation or winding-up.

 

Section
14.11. Stockholder Rights Plans. If Uniti has a shareholder’s rights agreement or rights plan in effect upon exchange
of the Notes, Holders that exchange their Notes shall receive, in addition to any shares of Common Stock received in connection
with such exchange, the appropriate number of rights under such rights agreement or rights plan, if any, and any certificate representing
the shares of Common Stock issued upon such exchange shall bear such legends, if any, in each case as may be provided by the terms
of any such rights agreement or rights plan, as the same may be amended from time to time. However, if prior to any exchange,
the rights have separated from the shares of Common Stock in accordance with the provisions of the applicable shareholder’s
rights agreement or rights plan (a “Separation Event”), the Exchange Rate shall be adjusted at the time of
separation as if Uniti distributed to all or substantially all holders of the Common Stock, Distributed Property pursuant to Section
14.04(c), subject to readjustment in the event of the expiration, termination or redemption of such rights.

 

Article
15

Repurchase of Notes at Option of Holders

 

Section
15.01. Intentionally Omitted.

 

Section
15.02. Repurchase at Option of Holders Upon a Fundamental Change(a). (a) If a Fundamental Change occurs at any time
prior to the Maturity Date, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase
for cash all of such Holder’s Notes, or any portion of the principal thereof that is equal to an Authorized Denomination,
on the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 or
more than 35 Business Days following the date of the Fundamental Change Company

 

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Notice
(subject to extension if required to comply with law), at a repurchase price equal to 100% of the principal amount thereof, plus
accrued and unpaid interest thereon to, but not including, the Fundamental Change Repurchase Date (the “Fundamental
Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls after a Regular Record Date but on or
prior to the Interest Payment Date to which such Regular Record Date relates, in which case the Company shall instead pay the
full amount of accrued and unpaid interest to Holders of record as of such Regular Record Date, and the Fundamental Change Repurchase
Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this Article 15.

 

(b)           
Repurchase of Notes under this Section 15.02 shall be made, at the option of the Holder thereof, upon:

 

(i)           
delivery to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”)
in the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Certificated Notes, or
in compliance with the Applicable Procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each
case, on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date; and

 

(ii)           
delivery of the Notes, if the Notes are Certificated Notes, to the Paying Agent on or before the close of business on the
Business Day immediately preceding the Fundamental Change Repurchase Date (together with all necessary endorsements for transfer)
at the Corporate Trust Office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance
with the Applicable Procedures, in each case, such delivery being a condition to receipt by the Holder of the Fundamental Change
Repurchase Price therefor.

 

The Fundamental
Change Repurchase Notice in respect of any Notes to be repurchased shall state:

 

(A)       in
the case of Certificated Notes, the certificate numbers of the Notes to be delivered for repurchase;

 

(B)       the
portion of the principal amount of Notes to be repurchased, which must be a minimum of $1,000 or an integral multiple of $1,000
in excess thereof; and

 

(C)       that
the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;

 

provided, however,
that if the Notes are Global Notes, the Fundamental Change Repurchase Notice must comply with the Applicable Procedures.

 

Notwithstanding
anything herein to the contrary, any Holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated
by this Section 15.02 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any
time prior to the close of business on the Business Day immediately preceding the

 

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Fundamental
Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 15.03.

 

If a Holder
has already delivered a Fundamental Change Repurchase Notice with respect to a Note, such Holder may not surrender such Note for
exchange until such Holder has validly withdrawn such Fundamental Change Repurchase Notice (or, in the case of a Global Note,
has complied with the Applicable Procedures with respect to such a withdrawal) in accordance with the terms of Section 15.03.

 

The Paying
Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of
withdrawal thereof.

 

(c)           
On or before the 20th Business Day after the occurrence of a Fundamental Change, the Company shall provide to all Holders
of Notes and the Trustee and the Paying Agent (if other than the Trustee) a written notice (the “Fundamental Change Company
Notice”) of the occurrence of the Fundamental Change and of the repurchase right at the option of the Holders arising
as a result thereof. Each Fundamental Change Company Notice shall specify:

 

(i)           
the events causing the Fundamental Change;

 

(ii)           the
Effective Date of the Fundamental Change;

 

(iii)          the
last date on which a Holder may exercise the repurchase right pursuant to this Article 15;

 

(iv)         the
Fundamental Change Repurchase Price;

 

(v)          the
Fundamental Change Repurchase Date;

 

(vi)         the
name and address of the Paying Agent and the Exchange Agent;

 

(vii)       
the Exchange Rate and any adjustments to the Exchange Rate;

 

(viii)       that
the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be exchanged only if
the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture (or, in the case
of a Global Note, complies with the Applicable Procedures with respect to such a withdrawal);

 

(ix)         
the procedures that Holders must follow to require the Company to repurchase their Notes; and

 

(x)          
the CUSIP, ISIN or other similar numbers, if any, assigned to such Notes.

 

Simultaneously
with providing such Fundamental Change Company Notice, Uniti shall issue a press release containing the information in such Fundamental
Change Company Notice and publish the information on its website or through such other public medium as Uniti may use at that
time.

 

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At the Company’s
written request, the Trustee shall give such notice in the Company’s and Uniti’s names and at the Company’s
expense; provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared
by the Company and/or Uniti. In such a case, the Company shall deliver such notice to the Trustee at least two Business Days prior
to the date that the notice is required to be given to the Holders (unless a shorter notice period shall be agreed to by the Trustee),
together with an Officer’s Certificate requesting that the Trustee give such notice.

 

Such notice
shall be delivered to the Trustee, to the Paying Agent (if other than the Trustee) and to each Holder at its address shown in
the Note Register (and to the beneficial owner as required by applicable law) or, in the case of Global Notes, in accordance with
the Applicable Procedures.

 

No failure
of the Company and/or Uniti to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights
or affect the validity of the proceedings for the repurchase of the Notes pursuant to this Section 15.02.

 

(d)           
Notwithstanding the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders in connection
with a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded,
on or prior to such date (except in the case of an acceleration resulting from a Default by the Company in the payment of the
Fundamental Change Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders
thereof any Certificated Notes held by it during the acceleration of the Notes (except in the case of an acceleration resulting
from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions
for book-entry transfer of the Notes in compliance with the Applicable Procedures shall be deemed to have been cancelled, and,
upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed
to have been withdrawn.

 

(e)           
Notwithstanding the foregoing, the Company shall not be required to repurchase, or to make an offer to repurchase, the
Notes upon a Fundamental Change:

 

(i)
if a third party makes such an offer in the same manner, at same time and otherwise in compliance with the requirements for an
offer made by the Company pursuant to this Article 15 and such third party purchases all Notes properly surrendered and not validly
withdrawn under its offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer
made by the Company on the Fundamental Change Repurchase Date; or

 

(ii)
pursuant to clause (b) of the definition thereof (or a Fundamental Change pursuant to clause (a) that also results in a Fundamental
Change pursuant to clause (b)), if (A) such Fundamental Change results in the Notes becoming exchangeable (pursuant to the provisions
described in Section 14.07) into an amount of cash per Note that is greater than (x) the Fundamental Change Repurchase Price (assuming
the maximum amount of accrued interest would be payable based on the latest possible Fundamental Change Repurchase Date), plus
(y) to the extent that the 35th Trading Day immediately

 

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following the Effective Date of such Fundamental Change
is after a Regular Record Date and on or prior to the Business Day immediately following the corresponding Interest Payment Date,
the full amount of interest payable per Note on such Interest Payment Date, and (B) the Company provides timely notice of the
Holders’ right to exchange their Notes based on such Fundamental Change as described in Section 14.01(b)(iii) (the requirements
set forth in clauses (A) and (B) of this Section 15.02(e)(ii), the “Adequate Cash Exchange Provisions”).

 

Section
15.03. Withdrawal of Fundamental Change Repurchase Notice. A Fundamental Change Repurchase Notice may be withdrawn (in
whole or in part) by means of a written notice of withdrawal delivered to the Paying Agent in accordance with this Section 15.03
at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date, specifying:

 

(a)       the
principal amount of the Notes with respect to which such notice of withdrawal is being submitted, which portion must be in an
Authorized Denomination,

 

(b)       if
Certificated Notes have been issued, the certificate number of the Notes in respect of which such notice of withdrawal is being
submitted, and

 

(c)       the
principal amount, if any, of such Notes that remains subject to the original Fundamental Change Repurchase Notice, which portion
must be in an Authorized Denomination;

 

provided, however,
that if the Notes are Global Notes, the withdrawal notice must comply with the Applicable Procedures.

 

Section
15.04. Deposit of Fundamental Change Repurchase Price(a). (a) The Company shall deposit with the Trustee (or other
Paying Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust
as provided in Section 4.04) on or prior to 10:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount
of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject
to receipt of funds by the Trustee (or other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase
(and not validly withdrawn prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase
Date) will be made on the later of (i) the Fundamental Change Repurchase Date with respect to such Note (provided the Holder
has satisfied the conditions in Section 15.02) and (ii) the time of book-entry transfer or the delivery of such Note to the Trustee
(or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by Section 15.02, by mailing checks
for the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Note Register; provided,
however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of
the Depositary or its nominee. The Trustee shall, promptly after such payment and upon written demand by the Company, return to
the Company any funds in excess of the Fundamental Change Repurchase Price.

 

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(b)           
If by 10:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed
by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such
Fundamental Change Repurchase Date or any applicable extension thereof, then, with respect to Notes that have been properly surrendered
for repurchase and not validly withdrawn:

 

(i)           
such Notes shall cease to be outstanding and interest shall cease to accrue on such Notes on the Fundamental Change Repurchase
Date or any applicable extension thereof (whether or not book-entry transfer of the Notes has been made or the Notes have been
delivered to the Trustee or Paying Agent); and

 

(ii)           
all other rights of the Holders of such Notes will terminate on the Fundamental Change Repurchase Date (other than (x)
the right to receive the Fundamental Change Repurchase Price and (y) if the Fundamental Change Repurchase Date falls after a Regular
Record Date but on or prior to the related Interest Payment Date, the right of the Holder on such Regular Record Date to receive
the accrued and unpaid interest to, but not including, the Fundamental Change Repurchase Date).

 

(c)           
Upon surrender of a Note that is to be repurchased in part pursuant to Section 15.02, the Company shall execute and the
Trustee shall authenticate and deliver to the Holder a new Note in an Authorized Denomination equal in principal amount to the
portion of the Note surrendered that is not to be repurchased, without payment of any service charge.

 

Section
15.05. Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer, the Company
will, if required:

 

(a)           
comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that may then
be applicable;

 

(b)           
file a Schedule TO or any other required schedule under the Exchange Act; and

 

(c)           
otherwise comply in all material respects with all federal and state securities laws in connection with any offer by the
Company to repurchase the Notes;

 

in each case,
so as to permit the rights and obligations under this Article 15 to be exercised in the time and in the manner specified in this
Article 15, subject to extension if required to comply with law. To the extent that any securities laws and regulations conflict
with the provisions of this Indenture with respect to the repurchase of Notes, the Company is required to comply with such securities
laws and regulations and shall not be deemed to be in breach of this Indenture as a result thereof.

 

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Article
16

Redemption

 

Section
16.01. Right of the Company to Redeem the Notes. The Notes shall not be redeemable by the Company prior to the Maturity
Date, except as described in this Article 16, and no sinking fund is provided for the Notes.

 

(a)       Subject
to the terms of this Article 16, the Company may redeem all, or any portion in an Authorized Denomination, of the Notes, for cash
equal to the Redemption Price, at any time and from time to time, if the Board of Directors of Uniti determines that such redemption
is necessary to preserve Uniti’s status as a REIT. The Company may not otherwise redeem the Notes at any time before June
20, 2022.

 

(b)       Subject
to the terms of this Article 16, the Company has the right, at its election, to redeem all, or any portion in an Authorized Denomination,
of the Notes, for cash equal to the Redemption Price, at any time and from time to time, on a Redemption Date on or after June
20, 2022 and prior to the 42nd Scheduled Trading Day immediately preceding the Maturity Date, if the Last Reported Sale Price
per share of the Common Stock has been at least 130% of the Exchange Price then in effect for at least 20 Trading Days (whether
or not consecutive), including the Trading Day immediately preceding the Redemption Notice Date, during any 30 consecutive Trading
Day period ending on, and including, the Trading Day immediately preceding the Redemption Notice Date.

 

(c)       If
the applicable Redemption Date falls after a Regular Record Date but on or prior to the immediately succeeding Interest Payment
Date, the Company will pay, on or prior to such Interest Payment Date, the full amount of accrued and unpaid interest to the Holder
as of the close of business of such Regular Record Date (assuming, solely for these purposes, that such Note remained outstanding
through such Interest Payment Date, if such Redemption Date is before such Interest Payment Date) and the Redemption Price shall
be equal to 100% of the principal amount of Notes to be redeemed.

 

Section
16.02. Notice of Redemption.

 

(a)           
To call any Notes for Redemption pursuant to Section 16.01, the Company shall fix a date for Redemption (a “Redemption
Date”) and the Company shall or, at its written request received by the Trustee not less than five Business Days prior
to the date on which notice is sent to the Holders (or such shorter period of time as may be acceptable to the Trustee), the Trustee
shall, in the name of and at the expense of the Company, send or cause to be sent a notice of such Redemption (a “Notice
of Redemption”) not less than 30 nor more than 60 calendar days prior to the Redemption Date to each Holder of Notes
so to be redeemed at its last address as the same appears on the Note Register; provided, however, that if the Company
shall give a Notice of Redemption, it shall also give a written notice of the Redemption Date to the Trustee and the Paying Agent.
The Company shall issue a press release through such national newswire service as the Company then uses containing the information
set forth in the Notice of Redemption. A Redemption Date must be a Business Day of the Company’s choosing that is no more
than sixty (60), nor less than thirty (30), days after the Redemption Notice Date.

 

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(b)           A Notice
of Redemption, if delivered in the manner provided herein, shall be conclusively presumed to have been given duly, whether or
not the Holder receives such notice. In any case, failure to deliver such Notice of Redemption or any defect in the Notice of
Redemption to the Holder of any Note designated for Redemption shall not affect the validity of the proceedings for the Redemption
of any other Note. (c)Each Notice of Redemption shall specify:(i)that the Notes have been called for Redemption, briefly describing
the Company’s Redemption rights under this Indenture;

 

(ii)           the
Redemption Date for such Redemption;

 

(iii)          the Redemption Price per $1,000 principal amount of Notes for such Redemption (and the amount, manner and timing of any
interest payment payable pursuant to Section 16.01(c));

 

(iv)          the
place or places where such Notes are to be surrendered for payment of the Redemption Price;

 

(v)           in case any Note is to be redeemed in part only, the portion of the principal amount thereof to be redeemed and on and
after the Redemption Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof
shall be issued;

 

(vi)          that Notes called for Redemption must be delivered to the Paying Agent (in the case of Certificated Notes) or the Applicable
Procedures must be complied with (in the case of beneficial interests in Global Notes) for the Holder thereof to be entitled to
receive the Redemption Price;

 

(vii)         that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that,
unless the Company defaults in the payment of the Redemption Price, the interest thereon, if any, shall cease to accrue on and
after the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date that is prior to the
Redemption Date to receive interest payable pursuant to Section 16.01(c));

 

(viii)        that Holders may surrender their Notes called for Redemption for exchange at any time from the date of the Notice of Redemption
to the close of business on the second Scheduled Trading Day immediately preceding the Redemption Date or, if the Company fails
to pay the Redemption Price, such later date on which the Company pays or duly provides for the Redemption Price;

 

(ix)           the procedures an exchanging Holder must follow to exchange its Notes called for Redemption and, if the Company chooses
to elect a Settlement Method for any such exchanges, the relevant Settlement Method;

 

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(x)            the
Exchange Rate and, if applicable, the number of shares of Common Stock added to the Exchange Rate in accordance with Section 16.06;
and

 

(xi)           the
CUSIP, ISIN or other similar numbers, if any, assigned to such Notes.

 

A Notice of
Redemption shall be irrevocable. In the case of a Redemption, a Holder may exchange any or all of its Notes called for Redemption
at any time from the date of the Notice of Redemption to the close of business on the second Scheduled Trading Day immediately
preceding the Redemption Date or, if the Company fails to pay the Redemption Price, such later date on which the Company pays
or duly provides for the Redemption Price.

 

Section
16.03. Payment of Notes Called for Redemption.

 

(a)           
If any Notice of Redemption has been given in respect of the Notes in accordance with Section 16.02, the Notes shall become
due and payable on the applicable Redemption Date at the place or places stated in the Notice of Redemption and at the applicable
Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Notice of Redemption, the Notes
shall be paid and redeemed by the Company at the applicable Redemption Price.

 

(b)           
Prior to 10:00 a.m., New York City time, on any Redemption Date, the Company shall deposit with the Trustee (or other Paying
Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as
provided in Section 4.04) an amount of cash sufficient to pay the Redemption Price of all of the Notes to be redeemed on such
Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made on the Redemption
Date for such Notes. The Trustee (or other Paying Agent appointed by the Company) shall, promptly after such payment and upon
written demand by the Company, return to the Company any funds in excess of the Redemption Price.

 

Section
16.04. Selection, Exchange and Transfer of Notes to be Redeemed in Part. If less than all Notes then outstanding are called
for Redemption, then:

 

(a)           
the Notes to be redeemed will be selected by the Trustee as follows: (1) in the case of Global Notes, in accordance with
the Applicable Procedures; and (2) in the case of Certificated Notes, by lot or pro rata; and

 

(b)           
if only a portion of a Note is subject to Redemption and such Note is exchanged in part, then the exchanged portion of
such Note will be deemed to be from the portion of such Note that was subject to the Redemption.

 

In the event
of any Redemption, the Company shall not be required to (x) issue, register the transfer of or exchange any Notes during the 15
calendar day period prior to the relevant Redemption Notice Date or (y) register the transfer of or exchange any Notes so selected
for Redemption, in whole or in part, except the unredeemed portion of any Notes being redeemed in part.

 

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Section
16.05. Restrictions on Redemption. The Company may not redeem any Notes on any date if the principal amount of the Notes
has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior
to the Redemption Date (or, if the Company fails to pay the Redemption Price, such later date on which the Company pays the Redemption
Price) (except in the case of an acceleration resulting from a Default by the Company in the payment of the Redemption Price with
respect to such Notes). The Company shall not send a Notice of Redemption so long as a Registration Default exists and is continuing.

 

Section
16.06. Increased Exchange Rate Applicable to Certain Notes Called for Redemption Surrendered for Exchange in Connection with
a Redemption.

 

(a)           
If a Holder elects to exchange its Notes in connection with a Notice of Redemption pursuant to Section 14.01(b)(v) and
this Article 16, the Exchange Rate will be increased by a number of Additional Shares as described in this Section 16.06. An exchange
of Notes shall be deemed to be “in connection with” a Notice of Redemption if the relevant Exchange Date occurs during
the period from the open of business on the Redemption Notice Date to the close of business on the second Scheduled Trading Day
immediately preceding the Redemption Date or, if the Company fails to pay the Redemption Price, such later date on which the Company
pays or duly provides for the Redemption Price.

 

(b)           
The number of Additional Shares, if any, by which the Exchange Rate shall be increased pursuant to this Section 16.06 if
a Holder elects to exchange its Notes in connection with a Notice of Redemption shall be determined by reference to the table
set forth in Section 14.03(e) based on the Redemption Notice Date and the Redemption Reference Price, but determined for purposes
of this Section 16.06 as if (i) the Holder had elected to exchange its Notes in connection with a Make-Whole Fundamental Change,
(ii) the Redemption Notice Date were the Effective Date of the relevant Make-Whole Fundamental Change and (iii) the Redemption
Reference Price were the Stock Price in respect of such Make-Whole Fundamental Change.

 

Article
17

Miscellaneous Provisions

 

Section
17.01. Provisions Binding on Company’s and the Guarantors’ Successors. All the covenants, stipulations, promises
and agreements of each of the Company and the Guarantors contained in this Indenture shall bind its successors and assigns whether
so expressed or not.

 

Section
17.02. Official Acts by Successor Entity. Any act or proceeding by any provision of this Indenture authorized or required
to be done or performed by any board, committee or Officer of the Company or a Guarantor shall and may be done and performed with
like force and effect by the like board, committee or officer of any corporation or other entity that shall at the time be the
lawful sole successor of the Company or such Guarantor, as the case may be.

 

Section
17.03. Addresses for Notices, Etc. Any notice or demand that by any provision of this Indenture is required or permitted
to be given or served by the Trustee or by the Holders

 

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on
the Company or any Guarantor shall be in writing (including facsimile and electronic mail in PDF format) and shall be deemed to
have been sufficiently given or made, for all purposes if given or served by being deposited postage prepaid by registered or
certified mail in a post office letter box addressed (until another address is furnished by the Company or any Guarantor to the
Trustee) c/o Uniti Group Inc., 10802 Executive Center Drive, Benton Building Suite 300, Little Rock, Arkansas 72211, Attention:
General Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall be in writing (including facsimile
and electronic mail in PDF format) and shall be deemed to have been sufficiently given or made, for all purposes, if given or
served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to the Corporate
Trust Office.

 

The Trustee,
by notice to the Company, may designate additional or different addresses for subsequent notices or communications.

 

Any notice
or communication delivered or to be delivered to a Holder of Certificated Notes shall be mailed to it by first class mail, postage
prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time
prescribed. Any notice or communication delivered or to be delivered to a Holder of Global Notes shall be delivered in accordance
with the Applicable Procedures of the Depositary and shall be sufficiently given to it if so delivered within the time prescribed.

 

Failure to
send a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
If a notice or communication is sent in the manner provided above, it is duly given, whether or not the addressee receives it.

 

In case by
reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice
to Holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification
for every purpose hereunder.

 

In addition
to the foregoing, the Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent
by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the Trustee
e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to
act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall
not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The
party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit
instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions,
and the risk or interception and misuse by third parties.

 

Section
17.04. Governing Law. THIS INDENTURE, EACH NOTE AND EACH GUARANTEE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER
OR RELATED TO THIS INDENTURE, EACH NOTE AND EACH GUARANTEE SHALL BE

 

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GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section
17.05. Intentionally Omitted. 

 

Section
17.06. Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application
or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish
to the Trustee an Officer’s Certificate and Opinion of Counsel stating that in the opinion of the signors, all conditions
precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied.

 

Each Officer’s
Certificate and Opinion of Counsel provided for, by or on behalf of the Company in this Indenture and delivered to the Trustee
with respect to compliance with this Indenture (other than the Officer’s Certificates provided for in Section 4.09) shall
include (i) a statement that the Person making such certificate has read such covenant or condition; (ii) a brief statement as
to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (iii)
a statement that, in the judgment of such person, he or she has made such examination or investigation as is necessary to enable
him or her to express an informed judgment as to whether or not such covenant or condition has been complied with; and (iv) a
statement as to whether or not, in the judgment of such Person, such covenant or condition has been complied with.

 

Notwithstanding
anything to the contrary in this Section 17.06, if any provision in this Indenture specifically provides that the Trustee shall
or may receive an Opinion of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee
shall be entitled to such Opinion of Counsel.

 

Section
17.07. Legal Holidays. If any Interest Payment Date, any Fundamental Change Repurchase Date, any Redemption Date or the
Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken
on the next succeeding Business Day with the same force and effect as if taken on such date, and no interest shall accrue in respect
of the delay.

 

Section
17.08. No Security Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed
to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in
effect, in any jurisdiction.

 

Section
17.09. Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person,
other than the parties hereto, any Paying Agent, any Custodian, any Bid Solicitation Agent, any Exchange Agent, any authenticating
agent, any Note Registrar and their successors hereunder or the Holders, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

 

Section
17.10. Table of Contents, Headings, Etc. The table of contents and the titles and headings of the articles and sections
of this Indenture have been inserted for convenience of

 

    95

    

    

reference
only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

Section
17.11. Authenticating Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf
and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and
transfers and exchanges of Notes hereunder, including under Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section 10.04
and Section 15.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this
Indenture and those Sections to authenticate and deliver Notes. For all purposes of this Indenture, the authentication and delivery
of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee”
and a certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any
requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at
all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.08.

 

Any corporation
or other entity into which any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation
or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or
any corporation or other entity succeeding to all or substantially all the corporate trust business of any authenticating agent,
shall be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible
under this Section 17.11, without the execution or filing of any paper or any further act on the part of the parties hereto or
the authenticating agent or such successor corporation or other entity.

 

Any authenticating
agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any
time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and
to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating
agent shall cease to be eligible under this Section, the Trustee may appoint a successor authenticating agent (which may be the
Trustee), shall give written notice of such appointment to the Company and shall mail notice of such appointment to all Holders
as the names and addresses of such Holders appear on the Note Register.

 

The Company
agrees to pay to the authenticating agent from time to time reasonable compensation for its services although the Company may
terminate the authenticating agent, if it determines such agent’s fees to be unreasonable.

 

The provisions
of Section 7.02, Section 7.03, Section 7.04, Section 7.06, Section 8.03 and this Section 17.11 shall be applicable to any authenticating
agent.

 

If an authenticating
agent is appointed pursuant to this Section 17.11, the Notes may have endorsed thereon, in addition to the Trustee’s certificate
of authentication, an alternative certificate of authentication in the following form:

 

    96

    

    

 

__________________________,

as Authenticating Agent, certifies that this is one of the Notes described

in the within-named Indenture.

 

	By:	 	 
	Authorized Officer	 

 

Section
17.12. Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be
an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture
and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture
as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto
transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section
17.13. Severability. In the event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable,
then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way
be affected or impaired.

 

Section
17.14. Waiver of Jury Trial; Submission of Jurisdiction. EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE COMPANY AND
THE GUARANTORS HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN
IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT,
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES AND THE GUARANTEES, AND IRREVOCABLY ACCEPTS FOR ITSELF
AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS.

 

Section
17.15. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services;
it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances.

 

Section
17.16. Calculations. Except as otherwise provided herein, the Company shall be responsible for making all calculations
called for under the Notes or this Indenture. These calculations include, but are not limited to, determinations of the Stock
Price or Trading Price,

 

    97

    

    

the
Last Reported Sale Prices per share of Common Stock, the Redemption Price, the Redemption Reference Price, the Fundamental Change
Repurchase Price, the Exchange Price, the Daily VWAPs, the Daily Exchange Values, the Daily Settlement Amounts, accrued interest
payable on the Notes (including Additional Interest and Registration Default Additional Interest) and the Exchange Rate of the
Notes. The Company shall make all these calculations in good faith and, absent manifest error, such calculations shall be final
and binding on Holders of Notes. The Company shall provide a schedule of its calculations to each of the Trustee and the Exchange
Agent, and each of the Trustee and Exchange Agent is entitled to rely conclusively upon the accuracy of such calculations without
independent verification. The Trustee will forward the Company’s calculations to any Holder of Notes upon the written request
of that Holder at the sole cost and expense of the Company. In no event shall the Trustee or the Exchange Agent be charged with
knowledge of or have any duty to monitor Stock Price or Observation Period. Neither the Trustee nor the Exchange Agent shall have
any liability or responsibility for calculations, information relating to any calculation or determinations of amounts (other
than as expressly provided with respect to its role as Bid Solicitation Agent), determining whether events requiring or permitting
exchanges have occurred, determining whether any adjustment is required to be made with respect to exchange rights and, if so,
how much, or for the delivery of shares of Common Stock.

 

Section
17.17. U.S.A. Patriot Act. In order to comply with the laws, rules, regulations and executive orders in effect from time
to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities
and money laundering, pursuant to Section 326 of the USA PATRIOT Act of the United States (“Applicable Law”),
the Trustee is required to obtain, verify, record and up-date certain information relating to individuals and entities which maintain
a business relationship with the Trustee. Accordingly, each of the parties agrees to provide to the Trustee, upon its re-quest
from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee
to comply with the Applicable Law.

 

Section
17.18. Tax Withholding. Notwithstanding any other provision of this Indenture, the Trustee shall be entitled to make a
deduction or withholding from any payment which it makes under this Indenture for or on account of any present or future taxes,
duties or charges if and to the extent so required by any applicable law and any current or future regulations or agreements thereunder
or official interpretations thereof or any law implementing an intergovernmental approach thereto or by virtue of the relevant
Holder failing to satisfy any certification or other requirements in respect of the Notes, in which event the Trustee shall make
such payment after such withholding or deduction has been made and shall account to the relevant authorities for the amount so
withheld or deducted and shall have no obligation to gross up any payment hereunder or pay any additional amount as a result of
such withholding tax.

 

    98

    

    

IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the date first written above.

 

 

	 	
ISSUER: 
	 	 
	 	UNITI FIBER HOLDINGS INC.
	 	 
	 	 
	 	By:	/s/ Daniel L. Heard
	 	 	Name:Daniel L. Heard
	 	 	Title:  Executive Vice President,

        General Counsel and Secretary

	 	 
	 	PARENT GUARANTOR:

         

        UNITI GROUP INC.

	 	 
	 	 
	 	By:	/s/ Daniel L. Heard
	 	 	Name:Daniel L. Heard
	 	 	Title:  Executive Vice President,

 

    
[Signature Page to Indenture]

    

    

	 	ADDITIONAL GUARANTORS:
	 	 
	 	CONTACT
NETWORK, LLC

        CSL
CAPITAL, LLC

        CSL
NATIONAL GP, LLC

        CSL
Alabama System, LLC

        CSL
Arkansas System, LLC

        CSL
Florida System, LLC

        CSL
Iowa System, LLC

        CSL
Mississippi System, LLC

        CSL
Missouri System, LLC

        CSL
New Mexico System, LLC

        CSL
Ohio System, LLC

        CSL
Oklahoma System, LLC

        CSL
Realty, LLC

        CSL
Texas System, LLC

        CSL
North Carolina Realty GP, LLC

        CSL
Tennessee Realty Partner, LLC

        CSL
Tennessee Realty, LLC

        HUNT
TELECOMMUNICATIONS, LLC

        INFORMATION
TRANSPORT SOLUTIONS, INC.

        NEXUS
SYSTEMS, INC.

        PEG BANDWIDTH DC, LLC

        

PEG BANDWIDTH DE, LLC

        

PEG BANDWIDTH IA, LLC

        

PEG BANDWIDTH LA, LLC

        

PEG BANDWIDTH MA, LLC

        

PEG BANDWIDTH MS, LLC

        

PEG BANDWIDTH TX, LLC

        

PEG BANDWIDTH VA, LLC

        UNITI
DARK FIBER LLC

        UNITI
FIBER LLC

        UNITI
GROUP FINANCE INC.

        UNITI
LEASING LLC

        UNITI
LEASING X LLC

        UNITI
LEASING XI LLC

        UNITI
TOWERS LLC

        UNITI
TOWERS NMS HOLDINGS LLC

	 	 
	 	 
	 	By:	/s/ Daniel L. Heard
	 	 	Name:Daniel L. Heard
	 	 	Title:  Executive
Vice President,

        General
Counsel and Secretary

 

    
[Signature Page to Indenture]

    

    

	 	CSL NATIONAL, LP
	 	 
	 	 	By:  CSL NATIONAL GP, LLC, as its general
    partner
	 	 	 
	 	 	 	By:	/s/ Daniel L. Heard
	 	 	 	 	Name: Daniel L. Heard
	 	 	 	 	Title:  Executive
Vice President,

        General
Counsel and Secretary

 

	 	CSL North CAROLINA REALTY,
    LP
	 	 
	 	 	By:  CSL NORTH CAROLINA REALTY GP, LLC, as
    its general partner
	 	 	 
	 	 	 	By:	/s/ Daniel L. Heard
	 	 	 	 	Name: Daniel L. Heard
	 	 	 	 	Title:  Executive
Vice President,

        General
Counsel and Secretary

 

	 	CSL NORTH CAROLINA SYSTEM,
    LP
	 	 
	 	 	By:  CSL NORTH CAROLINA REALTY GP, LLC, as
    its general partner
	 	 	 
	 	 	 	By:	/s/ Daniel L. Heard
	 	 	 	 	Name: Daniel L. Heard
	 	 	 	 	Title:  Executive
Vice President,

        General
Counsel and Secretary

 

	 	Uniti Group LP
	 	 
	 	 	By:  UNITI GROUP INC., as its general partner
	 	 	 
	 	 	 	By:	/s/ Daniel L. Heard
	 	 	 	 	Name: Daniel L. Heard
	 	 	 	 	Title:  Executive
Vice President,

        General
Counsel and Secretary

 

	 	Uniti Holdings LP
	 	 
	 	 	By:  UNITI HOLDINGS GP LLC, as its general
    partner
	 	 	 
	 	 	 	By:	/s/ Daniel L. Heard
	 	 	 	 	Name: Daniel L. Heard
	 	 	 	 	Title:  Executive
Vice President,

        General
Counsel and Secretary

 

    
[Signature Page to Indenture]

    

    

	 	UNITI LATAM  LP
	 	 
	 	 	By:  UNITI LATAM GP LLC, as its general partner
	 	 	 
	 	 	 	By:	/s/ Daniel L. Heard
	 	 	 	 	Name: Daniel L. Heard
	 	 	 	 	Title:  Executive
Vice President,

        General
Counsel and Secretary

 

	 	UNITI QRS Holdings LP
	 	 
	 	 	By:  UNITI QRS Holdings GP LLC, as its general partner
	 	 	 
	 	 	 	By:	/s/ Daniel L. Heard
	 	 	 	 	Name: Daniel L. Heard
	 	 	 	 	Title:  Executive
Vice President,

        General
Counsel and Secretary

 

    
[Signature Page to Indenture]

    

    

	 	

DEUTSCHE BANK TRUST COMPANY AMERICAS, as
Trustee
	 	 
	 	 
	 	By:	/s/ Bridgette Casasnovas
	 	Name:Bridgette
    Casasnovas
	 	Title:  Vice
    President

 

	 	 
	 	 
	 	By:	/s/ Annie Jaghatspanyan
	 	Name:Annie
    Jaghatspanyan           
	 	Title:  Vice
    President

 

    
[Signature Page to Indenture]

    

    

EXHIBIT
A

 

[FORM OF
FACE OF NOTE]

 

[INCLUDE
FOLLOWING LEGEND IF A GLOBAL NOTE]

 

[UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]

 

[INCLUDE
FOLLOWING LEGEND IF A RESTRICTED SECURITY:

 

THIS SECURITY
AND THE SHARES OF COMMON STOCK, IF ANY, DELIVERABLE UPON EXCHANGE OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT
IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

(1)       REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT AND THAT IT AND ANY
SUCH ACCOUNT IS NOT AN AFFILIATE OF UNITI GROUP INC., AND

 

(2)       AGREES
FOR THE BENEFIT OF UNITI GROUP INC. (“UNITI”) AND UNITI FIBER HOLDINGS INC. (THE “COMPANY”) THAT IT WILL
NOT (X) OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT:

 

(A)       TO
UNITI OR ANY SUBSIDIARY THEREOF (INCLUDING THE COMPANY), OR

 

(B)       
TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT THAT IS NOT AN AFFILIATE OF UNITI.

 

    EXHIBIT A-1

    

    

NO AFFILIATE
(AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF UNITI OR THE COMPANY AND NO PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED
IN RULE 144 UNDER THE SECURITIES ACT) OF UNITI OR THE COMPANY DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY PURCHASE, OTHERWISE
ACQUIRE OR OWN THIS SECURITY OR A BENEFICIAL INTEREST HEREIN.]

 

    EXHIBIT A-2

    

    

UNITI
FIBER HOLDINGS INC.

4.00% Exchangeable Senior Note due 2024

 

	No. A-[ ]	[Initially]1
    $[ ]

 

CUSIP No. 91325L AA8

 

Uniti Fiber
Holdings Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (the “Company,”
which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value
received hereby promises to pay to [CEDE & CO.]2
[__________]3,
or registered assigns, the principal amount [as set forth in the “Schedule of Exchanges of Notes” attached hereto]4
[of $[ ]]5
or such other amount as reflected on the books and records of the Trustee and the Depositary, on
June 15, 2024 and interest thereon as set forth below.

 

This Note
shall bear interest at the rate of 4.00% per year from June 28, 2019 or from the most recent date to which interest had been paid
or provided for to, but excluding, the next scheduled Interest Payment Date until June 15, 2024, unless earlier exchanged, redeemed
or repurchased. Accrued interest on this Note shall be computed on the basis of a 360-day year composed of twelve 30-day months
and, for a partial month, on the basis of the number of days actually elapsed in a 30-day month. Interest is payable semi-annually
in arrears on each June 15 and December 15, commencing on December 15, 2019, to Holders of record at the close of business on
the preceding June 1 and December 1 (whether or not such day is a Business Day), respectively. Additional Interest will be payable
as set forth in Section 4.06(d) and Section 6.03 of the within-mentioned Indenture, and any reference to interest on, or in respect
of, any Note therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would
be payable pursuant to any of such Section 4.06(d) or Section 6.03, and any express mention of the payment of Additional Interest
in any provision therein and herein shall not be construed as excluding Additional Interest in those provisions thereof and hereof
where such express mention is not made.

 

Any Defaulted
Amounts shall accrue interest per annum at the rate borne by the Notes from, and including, the relevant payment date to, but
excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election in accordance with Section
2.03(c) of the Indenture.

 

The Company
shall pay the principal of and interest on this Note, so long as such Note is a Global Note, in immediately available funds to
the Depositary or its nominee, as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions
of the Indenture, the Company shall pay the principal of any Notes (other than Notes that are Global

  

 

1
Include if a global note.

2
Include if a global note.

3
Include if a certificated note.

4
Include if a global note.

5
Include if a certificated note.

 

    EXHIBIT A-3

    

    

Notes)
upon presentation thereof at the office or agency designated by the Company for that purpose. The Company has initially designated
the Trustee as its Paying Agent and Note Registrar in respect of the Notes and its agency in the continental United States as
a place where Notes may be presented for payment or for registration of transfer.

 

Upon exchange
of any Note, the Company shall, at its election, pay or deliver, as the case may be, cash, shares of Common Stock, or a combination
of cash and shares of Common Stock.

 

Reference
is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes
have the same effect as though fully set forth at this place.

 

This Note,
and any claim, controversy or dispute arising under or related to this Note, shall be construed in accordance with and governed
by the laws of the State of New York.

 

In the case
of any conflict between this Note and the Indenture, the provisions of the Indenture shall control and govern.

 

This Note
shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been manually
signed by the Trustee or a duly authorized authenticating agent under the Indenture.

 

[Remainder
of page intentionally left blank]

 

    EXHIBIT A-4

    

    

IN WITNESS
WHEREOF, the Company has caused this Note to be duly executed.

 

	UNITI
    FIBER HOLDINGS INC.

    

    
	By:	 
	Name:
	Title:

Dated:

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

Deutsche Bank Trust Company Americas, as Trustee,

 

certifies that this is one of
the Notes described

in the within-named Indenture.

 

By:_______________________________

Authorized Signatory

 

    EXHIBIT A-5

    

    

[FORM OF
REVERSE OF NOTE]

 

UNITI
FIBER HOLDINGS INC.

4.00% Exchangeable Senior Note due 2024

 

This Note
is one of a duly authorized issue of Notes of the Company, designated as its 4.00% Exchangeable Senior Notes due 2024 (the “Notes”),
limited to the aggregate principal amount of $345,000,000 all issued under and pursuant to an Indenture dated as of June 28, 2019
(the “Indenture”), among the Company, the Guarantors and Deutsche Bank Trust Company Americas, as trustee (the
“Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description
of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Exchange Agent, the Company
and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions
specified in the Indenture. The Notes represent the aggregate principal amount of outstanding Notes from time to time endorsed
hereon and the aggregate principal amount of outstanding Notes represented hereby may from time to time be increased or reduced
to reflect repurchases, cancellations, exchanges for cash, shares of Common Stock or a combination thereof, transfers or exchanges
permitted by the Indenture.

 

In case an
Event of Default, as defined in the Indenture, shall have occurred and be continuing, the principal of, and interest on, all Notes
may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and
upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions and certain
exceptions set forth in the Indenture. In the case certain Events of Default relating to a bankruptcy (or similar proceeding)
with respect to Uniti or the Company shall have occurred, the principal of, and interest on, all Notes shall automatically become
immediately due and payable, as set forth in the Indenture.

 

Subject to
the terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Redemption Price
on a Redemption Date and the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date and the principal amount
on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect
of the Note. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment
of public and private debts. Upon exchange of any Note, the Company shall, at its election, pay or deliver, as the case may be,
cash, shares of Common Stock or a combination of cash and shares of Common Stock.

 

The Indenture
contains provisions permitting the Company, the Guarantors and the Trustee in certain circumstances, without the consent of the
Holders of the Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate
principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures
modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to
certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf
of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences.

 

    EXHIBIT A-6

    

    

No reference
herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal (including the Redemption Price and Fundamental Change Repurchase Price,
if applicable) of or the consideration due upon exchange for, as the case may be, and accrued and unpaid interest on this Note
at the place, at the respective times, at the rate and in the lawful money herein prescribed.

 

The Notes
are issuable in registered form without coupons in minimum denominations of $1,000 principal amount and integral multiples of
$1,000 in excess thereof. At the office or agency of the Company referred to on the face hereof, and in the manner and subject
to the limitations provided in the Indenture, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized
denominations, without payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient
to cover any transfer or similar tax that may be imposed in connection therewith as a result of the name of the Holder of the
new Notes issued upon such exchange of Notes being different from the name of the Holder of the old Notes surrendered for such
exchange.

 

The Notes
are not subject to redemption through the operation of any sinking fund. Under certain circumstances specified in the Indenture,
the Notes will be subject to redemption by the Company at the Redemption Price.

 

Upon the
occurrence of a Fundamental Change, the Holder has the right, at such Holder’s option, to require the Company to repurchase
for cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof)
on the Fundamental Change Repurchase Date at a price equal to the Fundamental Change Repurchase Price.

 

Subject to
the provisions of the Indenture, the Holder hereof has the right, at its option, during certain periods and upon the occurrence
of certain conditions specified in the Indenture, prior to the close of business on the second Scheduled Trading Day immediately
preceding the Maturity Date, to exchange any Notes or portion thereof that is $1,000 or an integral multiple of $1,000 in excess
thereof at the Exchange Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture.

 

In addition
to the rights provided to Holders of Notes under the Indenture, Holders shall have all the rights set forth in the Registration
Rights Agreement, dated as of June 28, 2019, among the Company, Uniti and Barclays Capital Inc., as the representative of the
Initial Purchasers.

 

Terms used
in this Note and defined in the Indenture are used herein as therein defined.

 

    EXHIBIT A-7

    

    

ABBREVIATIONS

 

The following
abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

 

TEN COM = as tenants in common

 

UNIF GIFT MIN ACT = Uniform Gifts
to Minors Act

 

CUST = Custodian

 

TEN ENT = as tenants by the entireties

 

JT TEN = joint tenants with right of survivorship and not as tenants in common 

Additional
abbreviations may also be used though not in the above list.

 

    EXHIBIT A-8

    

    

SCHEDULE
A6

 

SCHEDULE
OF EXCHANGES OF NOTES

 

Uniti
Fiber Holdings Inc.

4.00%
Exchangeable Senior Notes due 2024

 

The initial
principal amount of this Global Note is ___________ DOLLARS ($[______]). The following increases or decreases in this Global Note
have been made:

 

	Date
of Exchange 
	Amount
of decrease in Principal Amount of this Global Note
	Amount
of increase in Principal Amount of this Global Note
	Principal
Amount of this Global Note following such decrease or increase
	Signature
of authorized signatory of Trustee or Custodian

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

 

6
Include if a global note.

 

    EXHIBIT A-9

    

    

ATTACHMENT
1

 

[FORM OF
NOTICE OF EXCHANGE]

 

To: Uniti Fiber Holdings
Inc.

 

Deutsche Bank
Trust Company Americas, as Exchange Agent

 

The undersigned
registered owner of this Note hereby exercises the option to exchange this Note, or the portion hereof (that is $1,000 principal
amount or an integral multiple of $1,000 in excess thereof) below designated, into cash, shares of Common Stock or a combination
of cash and shares of Common Stock, at the Company’s election, in accordance with the terms of the Indenture referred to
in this Note, and directs that any cash payable and any shares of Common Stock deliverable upon such exchange, together with any
cash payable for any fractional share, and any Notes representing any unexchanged principal amount hereof, be issued and delivered
to the registered Holder hereof unless a different name has been indicated below.

 

If any shares
of Common Stock or any portion of this Note not exchanged are to be issued in the name of a Person other than the undersigned,
the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance with Section 14.02(d)
and Section 14.02(e) of the Indenture. Any amount required to be paid to the undersigned on account of interest accompanies this
Note.

 

In the case
of Certificated Notes, the certificate numbers of the Notes to be exchanged are as set forth below: __________________________

 

	Dated: 	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	Signature(s)	 

 

 

 

 

	 	 	 
	Signature Guarantee	 	 
	 	 	 
	

Signature(s) must be guaranteed

by an eligible Guarantor Institution

(banks, stock brokers, savings and

loan associations and credit unions)

with membership in an approved

signature guarantee medallion program

pursuant to Securities and Exchange

Commission Rule 17Ad-15 if shares of Common Stock are to

	 	 

 

    EXHIBIT A-10

    

    

 

	be delivered, or

Notes are to be delivered, other than

to and in the name of the registered holder.	 	 	 
	 	 	 	 
	Fill in for registration of shares
of Common Stock if

to be issued, and Notes if to

be delivered, other than to and in the

name of the registered holder:	 	 	 
	 	 	 	 
	 	 	 	 
	(Name)	 	 	 
	 	 	 	 
	 	 	 	 
	(Street Address)	 	 	 
	 	 	 	 
	 	 	 	 
	(City, State and Zip Code)	 	 	 
	Please print name and address	 	 	 
	 	 	 	 
	 	 	Principal amount to be exchanged (if less than all):

        $______,000
	 
	 	 	 	 
	 	 	NOTICE: The above signature(s)
of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration
or enlargement or any change whatever.	 
	 	 	 	 
	 	 	 	 
	 	 	Social Security or
Other Taxpayer

Identification Number	 

         

 

    EXHIBIT A-11

    

    

ATTACHMENT
2

 

[FORM OF
FUNDAMENTAL CHANGE REPURCHASE NOTICE]

 

To: Uniti Fiber Holdings Inc.

 

The undersigned
registered owner of this Note hereby acknowledges receipt of a notice from Uniti Fiber Holdings Inc. (the “Company”)
as to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date
and requests and instructs the Company to pay to the registered holder hereof in accordance with Section 15.02 of the Indenture
referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount
or an integral multiple of $1,000 in excess thereof) below designated, and (2) if such Fundamental Change Repurchase Date does
not fall during the period after a Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and
unpaid interest, if any, thereon to, but excluding, such Fundamental Change Repurchase Date.

 

In the case
of Certificated Notes, the certificate numbers of the Notes to be repurchased are as set forth below: __________________________

 

	Dated: 	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	Signature(s)	 
	 	 	 	 
	 	 	 	 
		 	 	 
	 	 	Social Security or
Other Taxpayer Identification Number	 
	 	 	 	 
		 	Principal amount to
be repurchased (if less than all): $______,000	 
	 	 	 	 
		 	NOTICE: The above signature(s)
of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration
or enlargement or any change whatever.	 

 

    EXHIBIT A-12

    

    

ATTACHMENT
3

 

[FORM OF
ASSIGNMENT AND TRANSFER]

 

For value received ____________________________
hereby sell(s), assign(s) and transfer(s) unto _________________ (Please insert social security or Taxpayer Identification Number
of assignee) the within Note, and hereby irrevocably constitutes and appoints _____________________ attorney to transfer the said
Note on the books of the Company, with full power of substitution in the premises.

 

In connection with any transfer
of the within Note, the undersigned confirms that such Note is being transferred:

 

		☐	To Uniti Group Inc. or
a Subsidiary thereof (including Uniti Fiber Holdings Inc.); or

 

		☐	Pursuant to and in compliance
with Rule 144A under the Securities Act of 1933, as amended.

 

    EXHIBIT A-13

    

    

 

	Dated: 	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Signature(s)	 
	 	 
	 	 
	Signature Guarantee	 
	 	 
	Signature(s) must be guaranteed
by an

eligible Guarantor Institution (banks, stock

brokers, savings and loan associations and

credit unions) with membership in an approved

signature guarantee medallion program pursuant

to Securities and Exchange Commission

Rule 17Ad-15 if Notes are to be delivered, other

than to and in the name of the registered holder.	 

 

NOTICE: The signature on the
assignment must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement
or any change whatever.

 

    EXHIBIT A-14

    

    

EXHIBIT
B

 

[Form of
Supplemental Indenture]

 

This SUPPLEMENTAL
INDENTURE, dated as of ___________ __, ____ is among Uniti Fiber Holdings Inc., a Delaware corporation (the “Company”),
each of the parties identified under the caption “Guarantors” on the signature page hereto (the “Guarantors”)
and Deutsche Bank Trust Company Americas, a national banking association, as Trustee.

 

RECITALS

 

WHEREAS,
the Company, the initial Guarantors and the Trustee entered into an Indenture, dated as of June 28, 2019 (the “Indenture”),
pursuant to which the Company has issued $[ ],000,000 in principal amount of 4.00% Exchangeable Senior Notes due 2024 (the “Notes”);
and

 

WHEREAS,
Section 10.01(c) of the Indenture provides that the Company, the Guarantors and the Trustee may amend or supplement the Indenture
in order to add Guarantors with respect to the Notes, without the consent of the Holders; and

 

WHEREAS,
all acts and things prescribed by the Indenture, by law and by the Certificate of Incorporation and the Bylaws (or comparable
constituent documents) of the Company, of the Guarantors and of the Trustee necessary to make this Supplemental Indenture a valid
instrument legally binding on the Company, the Guarantors and the Trustee, in accordance with its terms, have been duly done and
performed;

 

NOW,
THEREFORE, to comply with the provisions of the Indenture and in consideration of the above premises, the Company, the Guarantors
and the Trustee covenant and agree for the equal and proportionate benefit of the respective Holders as follows:

 

ARTICLE 1

 

Section
1.01This Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall
be construed in connection with and as part of, the Indenture for any and all purposes.

 

Section
1.02This Supplemental Indenture shall become effective immediately upon its execution and delivery by each of the Company,
the Guarantors and the Trustee.

 

ARTICLE 2

 

From
this date, by executing this Supplemental Indenture, the Guarantors whose signatures appear below shall be Guarantors with respect
to the Notes on terms contemplated by and subject to the provisions of Article 13 of the Indenture.

 

ARTICLE 3

 

    EXHIBIT B-1

    

    

Section
3.01Except as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed (mutatis
mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without
definition having the same respective meanings ascribed to them as in the Indenture.

 

Section
3.02Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed
to be assumed, by the Trustee by reason of this Supplemental Indenture. Additionally, the Trustee shall not be responsible in
any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements
are made solely by the Company and the Guarantors, and the Trustee makes no representation with respect to any such matters. This
Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions set forth in the Indenture
with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee
with respect hereto.

 

Section
3.03THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section
3.04The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all
of such executed copies together shall represent the same agreement. The exchange of copies
of this Supplemental Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental
Indenture as to the parties hereto and may be used in lieu of the original Supplemental
 Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their
original signatures for all purposes.

 

[NEXT PAGE
IS SIGNATURE PAGE]

 

    EXHIBIT B-2

    

    

IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first written
above.

 

	 	UNITI FIBER HOLDINGS INC.
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

		ADDITIONAL GUARANTOR:
	 	 
	 	[NAME]
	 	 
	 	By: 	/s/ [Insert Name]
	 	 	Name:
	 	 	Title:

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
	 	 
	 	 
	 	By: 	 
	 	 	
	 	 	 
	 	By: 	 
	 	 	     

 

    EXHIBIT B-3EXHIBIT 10.1

 

[Dealer Name]

[Dealer Address]

 

June [25]1[27]2,
2019

 

		To:	Uniti Fiber Holdings Inc. 

10802 Executive Center Drive Benton Building,
Suite 300

Little Rock,
Arkansas 72211

Attention:
         Daniel Heard

Telephone No.: (501) 850-0844

E-mail:                 daniel.heard@uniti.com

 

		Re:	[Base][Additional] Call Option Transaction

 

The purpose of this
letter agreement (this “Confirmation”) is to confirm the terms and conditions of the call option transaction
entered into between [Dealer Name] (“Dealer”) and Uniti Fiber Holdings Inc. (“Counterparty”)
as of the Trade Date specified below (the “Transaction”). This letter agreement constitutes a “Confirmation”
as referred to in the ISDA Master Agreement specified below. Each party further agrees that this Confirmation together with the
Agreement evidence a complete binding agreement between Counterparty and Dealer as to the subject matter and terms of the Transaction
to which this Confirmation relates and shall supersede all prior or contemporaneous written or oral communications with respect
thereto.

 

The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published
by the International Swaps and Derivatives Association, Inc. (“ISDA”), are incorporated into this Confirmation.
In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain
defined terms used herein are based on terms that are defined in the Offering Memorandum dated June 25, 2019 (the “Offering
Memorandum”) relating to the Exchangeable Senior Notes due 2024 (as originally issued by Counterparty, the “Exchangeable
Notes” and each USD 1,000 principal amount of Exchangeable Notes, an “Exchangeable Note”) issued by
Counterparty in an aggregate initial principal amount of USD 300,000,000 (as increased by [up to]3
an aggregate principal amount of USD 45,000,000 [if and to the extent that]4[pursuant
to the exercise by]5 the Initial
Purchasers (as defined herein) [exercise]6[of]7
their option to purchase additional Exchangeable Notes pursuant to the Purchase Agreement (as defined herein)) pursuant to an Indenture
to be dated June 28, 2019 (the “Indenture”). In the event of any inconsistency between the terms defined in
the Offering Memorandum, the Indenture and this Confirmation, this Confirmation shall govern. The parties acknowledge that this
Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth in the Indenture that are
also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred to herein, in each case,
will conform to the descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any such sections
of the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the Offering Memorandum
will govern for purposes of this Confirmation. The parties further acknowledge that the Indenture section numbers used herein are
based on the draft of the Indenture last reviewed by Dealer as of the date of this Confirmation, and if any such section numbers
are changed in the Indenture as executed, the parties will amend this Confirmation in good faith to preserve the intent of the
parties. Subject to the foregoing, references to the Indenture herein are references to the Indenture as in effect on the date
of its execution, and if the Indenture is amended or supplemented following such date (other than any amendment or supplement (x)
pursuant to Section 10.01(j) of the Indenture that, as determined by the Calculation Agent, conforms the Indenture to the description
of the Exchangeable Notes in the Offering Memorandum or (y) pursuant to Section 14.07 of the Indenture, subject, in the case of
this clause (y), to the second paragraph under “Method of Adjustment” in Section 3), any such

 

 

1
Include in the Base Call Option Confirmation.

2
Include in the Additional Call Option Confirmation.

3
Include in the Base Call Option Confirmation.

4
Include in the Base Call Option Confirmation.

5
Include in the Additional Call Option Confirmation.

6
Include in the Base Call Option Confirmation.

7
Include in the Additional Call Option Confirmation.

 

     

    

    

amendment
or supplement will be disregarded for purposes of this Confirmation unless the parties agree otherwise in writing.

 

Each party is hereby
advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial
transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.

 

1.                  
This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction
to which this Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form
of the 2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Counterparty had executed an agreement
in such form (but without any Schedule except for (i) the election of the laws of the State of New York as the governing law (without
reference to choice of law doctrine); (ii) the election that the “Cross Default” provisions of Section 5(a)(vi) of
the Agreement shall apply to Dealer with (a) the phrase “, or becoming capable at such time of being declared,” deleted
from Section 5(a)(vi)(1) of the Agreement, (b) a “Threshold Amount” with respect to Dealer of three percent of Dealer’s
shareholders’ equity as of the Trade Date and (c) the following language added to the end of Section 5(a)(vi): “Notwithstanding
the foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (x) the default was caused solely
by error or omission of an administrative or operational nature; (y) funds were available to enable the party to make the payment
when due; and (z) the payment is made within two Local Business Days of such party’s receipt of written notice of its failure
to pay.”; and (iii) the term “Specified Indebtedness” shall have the meaning specified in Section 14 of the Agreement,
except that such term shall not include obligations in respect of deposits received in the ordinary course of Dealer’s banking
business) on the Trade Date. In the event of any inconsistency between provisions of the Agreement and this Confirmation, this
Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates. The parties hereby agree that
no transaction other than the Transaction to which this Confirmation relates shall be governed by the Agreement.

 

2.                  
The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General
Terms.

 

	 	Trade Date:	June [25]8[27]9, 2019
	 	 	 
	 	Effective Date:	The second Exchange Business Day immediately prior to the Premium Payment Date
	 	 	 
	 	Option Style:	“Modified American”, as described under “Procedures for Exercise” below
	 	 	 
	 	Option Type:	Call
	 	 	 
	 	Buyer:	Counterparty
	 	 	 
	 	Seller:	Dealer
	 	 	 
	 	Shares:	The common stock of Uniti Group Inc. (the “Issuer”), par value USD 0.0001 per share (Exchange symbol “UNIT”).
	 	 	 
	 	Number of Options:	[300,000]10[45,000]11.  For the avoidance
    of doubt, the Number of Options shall be reduced by any Options exercised by Counterparty.  In no event will the
    Number of Options be less than zero.
	 	 	 
	 	Applicable Percentage:	[__]%

 

 

8
Include in the Base Call Option Confirmation.

9
Include in the Additional Call Option Confirmation.

10
Include in the Base Call Option Confirmation.

11
Include in the Additional Call Option Confirmation.

 

    2 

    

    

	 	Option Entitlement:	A number equal to the product of the Applicable Percentage and 80.4602.
	 	 	 
	 	Strike Price:	USD 12.4285
	 	 	 
	 	Premium:	USD [______]
	 	 	 
	 	Premium Payment Date:	June 28, 2019
	 	 	 
	 	Exchange:	The NASDAQ Global Select Market
	 	 	 
	 	Related Exchange(s):	All Exchanges
	 	 	 
	 	Excluded Provisions:	Section 14.04(h), Section 14.03 and Section 16.06 of the Indenture.

 

Procedures
for Exercise.

 

	 	Exchange Date:	Subject to Section 9(j)(iii), with respect to any exchange of an Exchangeable Note, the date on which the Holder (as such term is defined in the Indenture) of such Exchangeable Note satisfies all of the requirements for exchange thereof as set forth in Section 14.02(b) of the Indenture; provided that if Counterparty has not delivered to Dealer a related Notice of Exercise, then in no event shall an Exchange Date be deemed to occur hereunder (and no Option shall be exercised or deemed to be exercised hereunder) with respect to any surrender of an Exchangeable Note for exchange in respect of which Counterparty has elected to designate a financial institution for exchange in lieu of an exchange of such Exchangeable Note for cash, Shares or a combination thereof pursuant to Section 14.02(j) of the Indenture.
	 	 	 
	 	Free Exchangeability Date:	March 15, 2024
	 	 	 
	 	Expiration Time:	The Valuation Time
	 	 	 
	 	Expiration Date:	June 15, 2024, subject to earlier exercise.
	 	 	 
	 	Multiple Exercise:	Applicable, as described under “Automatic Exercise” below.
	 	 	 
	 	Automatic Exercise: 	Notwithstanding Section 3.4 of the Equity Definitions, on each Exchange
Date in respect of which a Notice of Exchange (as defined in the Indenture) that is effective as to Counterparty has been delivered
by the relevant exchanging Holder, a number of Options equal to [(i)] the number of Exchangeable Notes in denominations of USD
1,000 as to which such Exchange Date has occurred [minus (ii) the number of Options that are or are deemed to be automatically
exercised on such Exchange Date under the Base Call Option Transaction Confirmation letter agreement dated June 25, 2019 between
Dealer and Counterparty (the “Base Call Option Confirmation”)]12 shall be deemed to be automatically
exercised; 

 

 

12
Include for Additional Call Option Confirmation only.

 

    3 

    

    

 

	 	 	provided that such Options shall be exercised or deemed exercised only if
    Counterparty has provided a Notice of Exercise to Dealer in accordance with “Notice of Exercise” below.
	 	 	 
	 	 	Notwithstanding the foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number of Options.
	 	 	 
	 	Notice Deadline:	In respect of any exercise of Options on any Exchange Date, 5:00 p.m. (New York City time) on the Scheduled Valid Day immediately preceding the scheduled first day of the Settlement Averaging Period for such Options; provided that, in respect of any Options relating to Exchangeable Notes with an Exchange Date occurring on or after the Free Exchangeability Date, the Notice Deadline shall be 5:00 p.m. (New York City time) on the Scheduled Valid Day immediately preceding the Expiration Date; provided further that, notwithstanding the foregoing, any Notice of Exercise and the related automatic exercise of the related Options shall be effective if given after the relevant Notice Deadline but prior to 5:00 p.m. (New York City time) on the fifth Scheduled Valid Day following the relevant Notice Deadline and, in respect of any Options relating to Exchangeable Notes with an Exchange Date occurring prior to the Free Exchangeability Date in respect of which such notice is delivered after the relevant Notice Deadline pursuant to this proviso, the Calculation Agent shall have the right to adjust the number of Shares and/or the amount of cash deliverable by Dealer with respect to such Options in a commercially reasonable manner as appropriate to reflect the additional costs (including, but not limited to, hedging mismatches and market losses) and expenses incurred by Dealer in connection with its hedging activities (including the unwinding of any hedge position) as a result of Dealer not having received such notice on or prior to the relevant Notice Deadline.
	 	 	 
	 	Notice of Exercise:	Notwithstanding anything to the contrary in the Equity Definitions or under
“Automatic Exercise” above, in order to exercise any Options, Counterparty must notify Dealer in writing before the
applicable Notice Deadline of (i) the aggregate principal amount of Exchangeable Notes as to which an Exchange Date has occurred
in respect of such Notice Deadline (including, if applicable, whether all or any portion of such Exchangeable Notes are Exchangeable
Notes as to which additional Shares would be added to the Exchange Rate (as defined in the Indenture) pursuant to Section 14.03
of the Indenture or pursuant to Section 16.06 of the Indenture), (ii) the scheduled first day of the Settlement Averaging Period
and the scheduled Settlement Date, (iii) the Relevant Settlement Method for such Options, and (iv) if the settlement method for
the related Exchangeable Notes is not Settlement in Shares or Settlement in Cash (each as defined below), the fixed amount of
cash per Exchangeable Note that Counterparty has elected to deliver to Holders of the related Exchangeable Notes (the “Specified
Cash Amount”); provided that in respect of any Options relating to

 

    4 

    

    
	 	 	Exchangeable Notes with an Exchange Date occurring on or after
    the Free Exchangeability Date, (A) such notice need only specify the information required in clause (i) above, and (B) if
    the Relevant Settlement Method for such Options is (x) Net Share Settlement and the Specified Cash Amount is not USD 1,000,
    (y) Cash Settlement or (z) Combination Settlement, Dealer shall have received a separate notice (the “Notice of Final
    Settlement Method”) in respect of all such Exchangeable Notes before 5:00 p.m. (New York City time) on the Scheduled
    Valid Day immediately succeeding the Free Exchangeability Date specifying the information required in clauses (iii) and (iv)
    above[; provided further that any “Notice of Exercise” or “Notice of Final Settlement Method”
    delivered to Dealer pursuant to the Base Call Option Confirmation shall be deemed to be a Notice of Exercise or Notice of
    Final Settlement Method, as the case may be, pursuant to this Confirmation, and the terms of such Notice of Exercise or Notice
    of Final Settlement Method shall apply, mutatis mutandis, to this Confirmation]13.  Counterparty
    acknowledges its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange
    Act (as defined below) and the rules and regulations thereunder, in respect of any election of a settlement method with respect
    to the Exchangeable Notes.
	 	 	 
	 	Valuation Time:	At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its reasonable discretion.
	 	 	 
	 	Market Disruption Event:	Section 6.3(a) of the Equity Definitions is hereby replaced in its entirety by the following:
	 	 	 
	 	 	“‘Market Disruption Event’ means, in respect of a Share, (i) a failure by the primary United States national or regional securities exchange or market on which the Shares are listed or admitted for trading to open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. (New York City time) on any Scheduled Valid Day for the Shares for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Shares or in any options contracts or futures contracts relating to the Shares.”

 

Settlement Terms.  

 

	 	Settlement Method:	For any Option, Net Share Settlement; provided that if the Relevant Settlement Method set forth below for such Option is not Net Share Settlement, then the Settlement Method for such Option shall be such Relevant Settlement Method, but only if Counterparty shall have notified Dealer 

 

 

13 Include in the Additional Call Option Confirmation.

 

    5 

    

    

	 	 	of the Relevant Settlement Method in the Notice of Exercise or Notice of Final Settlement Method, as applicable, for such Option.
	 	 	 
	 	Relevant Settlement Method:	In respect of any Option:

 

(i)       if
Counterparty has elected to settle its exchange obligations in respect of the related Exchangeable Note (A) entirely in Shares
pursuant to Section 14.02(a)(iii)(A) of the Indenture (together with cash in lieu of fractional Shares) (such settlement method,
“Settlement in Shares”), (B) in a combination of cash and Shares pursuant to Section 14.02(a)(iii)(C) of the
Indenture with a Specified Cash Amount less than USD 1,000 (such settlement method, “Low Cash Combination Settlement”)
or (C) in a combination of cash and Shares pursuant to Section 14.02(a)(iii)(C) of the Indenture with a Specified Cash Amount equal
to USD 1,000, then, in each case, the Relevant Settlement Method for such Option shall be Net Share Settlement;

 

(ii)       if
Counterparty has elected to settle its exchange obligations in respect of the related Exchangeable Note in a combination of cash
and Shares pursuant to Section 14.02(a)(iii)(C) of the Indenture with a Specified Cash Amount greater than USD 1,000, then the
Relevant Settlement Method for such Option shall be Combination Settlement; and

 

(iii)       if
Counterparty has elected to settle its exchange obligations in respect of the related Exchangeable Note entirely in cash pursuant
to Section 14.02(a)(iii)(B) of the Indenture (such settlement method, “Settlement in Cash”), then the Relevant
Settlement Method for such Option shall be Cash Settlement.

 

	 	Net Share Settlement:	If Net Share Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will deliver to Counterparty, on the relevant Settlement Date for each such Option, a number of Shares (the “Net Share Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for each such Option, of (i) (a) the Daily Option Value for such Valid Day, divided by (b) the Relevant Price on such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period; provided that in no event shall the Net Share Settlement Amount for any Option exceed a number of Shares equal to the Applicable Limit for such Option divided by the Applicable Limit Price on the Settlement Date for such Option.
	 	 	 
	 	 	Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Net Share Settlement Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging Period.
	 	 	 
	 	Combination Settlement:	If Combination Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will pay 

 

    6 

    

    

	 	 	or deliver, as the case may be, to Counterparty, on the relevant Settlement Date for each such Option:

 

		(i)	cash (the “Combination Settlement Cash Amount”) equal to the sum, for each Valid
Day during the Settlement Averaging Period for such Option, of (A) an amount (the “Daily Combination Settlement Cash Amount”)
equal to the lesser of (1) the product of (x) the Applicable Percentage and (y) the Specified Cash Amount minus USD 1,000
and (2) the Daily Option Value, divided by (B) the number of Valid Days in the Settlement Averaging Period; provided
that if the calculation in clause (A) above results in zero or a negative number for any Valid Day, the Daily Combination Settlement
Cash Amount for such Valid Day shall be deemed to be zero; and

 

		(ii)	Shares (the “Combination Settlement Share Amount”) equal to the sum, for each
Valid Day during the Settlement Averaging Period for such Option, of a number of Shares for such Valid Day (the “Daily
Combination Settlement Share Amount”) equal to (A) (1) the Daily Option Value on such Valid Day minus the
Daily Combination Settlement Cash Amount for such Valid Day, divided by (2) the Relevant Price on such Valid Day, divided
by (B) the number of Valid Days in the Settlement Averaging Period; provided that if the calculation in sub-clause (A)(1)
above results in zero or a negative number for any Valid Day, the Daily Combination Settlement Share Amount for such Valid Day
shall be deemed to be zero;

 

provided
that in no event shall the sum of (x) the Combination Settlement Cash Amount for any Option and (y) the Combination Settlement
Share Amount for such Option multiplied by the Applicable Limit Price on the Settlement Date for such Option, exceed the
Applicable Limit for such Option.

 

Dealer will
pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Combination Settlement Share Amount valued
at the Relevant Price for the last Valid Day of the Settlement Averaging Period.

 

	 	Cash Settlement:	If Cash Settlement is applicable to any Option exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date for each such Option, an amount of cash (the “Cash Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of (i) the Daily Option Value for such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period.  

 

	 	Daily Option Value:	For any Valid Day, an amount equal to (i) the Option Entitlement on such
Valid Day, multiplied by (ii) the

 

    7 

    

    

	 	 	Relevant Price on such Valid Day less the Strike Price on such Valid Day; provided that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such Valid Day shall be deemed to be zero.  In no event will the Daily Option Value be less than zero.

 

	 	Make-Whole Adjustment:	Notwithstanding anything to the contrary herein, in respect of any exercise of Options relating to an exchange of Exchangeable Notes in connection with a “Make-Whole Fundamental Change” (as defined in the Indenture) for which additional Shares will be added to the “Exchange Rate” (as defined in the Indenture) as determined pursuant to Section 14.03 of the Indenture, the Daily Option Value shall be calculated as if the Option Entitlement included the Applicable Percentage of the number of such additional Shares as determined with reference to the adjustment set forth in such Section 14.03 of the Indenture; provided that if the sum of (i) the product of (a) the number of Shares (if any) deliverable by Dealer to Counterparty per exercised Option and (b) the Applicable Limit Price on the Settlement Date and (ii) the amount of cash (if any) payable by Dealer to Counterparty per exercised Option would otherwise exceed the amount per Option, as determined by the Calculation Agent, that would be payable by Dealer under Section 6 of the Agreement if (x) the relevant  Exchange Date were an Early Termination Date resulting from an Additional Termination Event with respect to which the Transaction was the sole Affected Transaction and Counterparty was the sole Affected Party and (y) Section 14.03 of the Indenture were deleted, then each Daily Option Value shall be proportionately reduced to the extent necessary to eliminate such excess.

 

	 	Applicable Limit:	For any Option, an amount of cash equal to the Applicable Percentage multiplied by the excess of (i) the aggregate of (A) the amount of cash, if any, paid to the Holder of the related Exchangeable Note upon exchange of such Exchangeable Note and (B) the number of Shares, if any, delivered to the Holder of the related Exchangeable Note upon exchange of such Exchangeable Note multiplied by the Applicable Limit Price on the Settlement Date for such Option, over (ii) USD 1,000.  

 

	 	Applicable Limit Price:	On any day, the opening price as displayed under the heading “Op” on Bloomberg page UNIT <equity> (or any successor thereto).

 

	 	Valid Day:	A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange or, if the Shares are not then listed on the Exchange, on the principal other United States national or regional securities exchange on which the Shares are then listed or, if the Shares are not then listed on a United States national or regional securities exchange, on the principal other market on which the Shares are then listed or admitted for trading. If the Shares are not so listed or admitted for trading, “Valid Day” means a Business Day.

 

    8 

    

    
	 	Scheduled Valid Day:	A day that is scheduled to be a Valid Day on the principal United States national or regional securities exchange or market on which the Shares are listed or admitted for trading.  If the Shares are not so listed or admitted for trading, “Scheduled Valid Day” means a Business Day.

 

	 	Business Day:	Any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed.  

 

	 	Relevant Price:	On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page UNIT <equity> AQR (or any successor thereto) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange on such Valid Day (or if such volume-weighted average price is unavailable at such time, the market value of one Share on such Valid Day, as determined by the Calculation Agent using, if practicable, a volume-weighted average method).  The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

 

	 	Settlement Averaging Period:	For any Option and regardless of the Settlement Method applicable to such Option:

 

		(i)	if the related Exchange Date occurs prior to the Free Exchangeability Date, the 40 consecutive
Valid Days commencing on, and including, the third Valid Day following such Exchange Date; or

 

		(ii)	if the related Exchange Date occurs on or following the Free Exchangeability Date, the 40 consecutive
Valid Days commencing on, and including, the 41st Scheduled Valid Day immediately prior to the Expiration Date.

 

	 	Settlement Date:	For any Option, the second Business Day immediately following the final Valid Day of the Settlement Averaging Period for such Option.

 

	 	Settlement Currency:	USD

 

	 	Other Applicable Provisions:	The provisions of Sections 9.1(c), 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Settled”.  “Share Settled” in relation to any Option means that Net Share Settlement or Combination Settlement is applicable to that Option.

 

	 	Representation and Agreement:	Notwithstanding anything to the contrary in the Equity Definitions (including,
but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon
delivery, subject to restrictions and limitations arising from Counterparty’s status as an affiliate of the issuer of the
Shares under applicable securities laws, (ii) Dealer may deliver any

 

    9 

    

    
	 	 	 Shares required to be delivered hereunder in certificated form in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (such Rule, “Rule 144” and such Act, the “Securities Act”)).

 

3.                  
Additional Terms applicable to the Transaction.

 

Adjustments
applicable to the Transaction:

 

	 	Potential Adjustment Events:	Notwithstanding Section 11.2(e) of the Equity Definitions, a “Potential Adjustment Event” means an occurrence of any event or condition, as set forth in any Dilution Adjustment Provision, that would result in an adjustment under the Indenture to the “Exchange Rate” or any “Last Reported Sale Price” or “Daily VWAP” (each as defined in the Indenture).  For the avoidance of doubt, Dealer shall not have any delivery or payment obligation hereunder, and no adjustment shall be made to the terms of the Transaction, on account of (x) any distribution of cash, property or securities by Counterparty to Holders of the Exchangeable Notes (upon exchange or otherwise) or (y) any other transaction in which Holders of the Exchangeable Notes are entitled to participate, in each case, in lieu of an adjustment under the Indenture of the type referred to in the immediately preceding sentence (including, without limitation, pursuant to the third paragraph of Section 14.04(c) of the Indenture or the fourth paragraph of Section 14.04(d) of the Indenture).

 

	 	Method of Adjustment:	Calculation Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions, upon any Potential Adjustment Event, the Calculation Agent shall make a corresponding adjustment to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction to the extent an analogous adjustment is required to be made pursuant to the Indenture in connection with such Potential Adjustment Event.

 

Notwithstanding
the foregoing and “Consequences of Merger Events” below:

 

		(i)	if the Calculation Agent in good
faith disagrees with any adjustment to the Exchangeable Notes that involves an exercise of discretion by Counterparty, its board
of directors or a committee thereof (including, without limitation, pursuant to Section 14.05 of the Indenture, Section 14.07
of the Indenture or any supplemental indenture entered into thereunder or in connection with any proportional adjustment or the
determination of the fair value of any securities, property, rights or other assets), then in each such case, the Calculation
Agent will determine the adjustment to be made to any one

 

    10 

    

    
	 	 	or more of the
Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for
the Transaction in a commercially reasonable manner; provided that, notwithstanding the foregoing, if any Potential Adjustment
Event occurs during the Settlement Averaging Period but no adjustment was made to any Exchangeable Note under the Indenture because
the relevant Holder was deemed to be a record owner of the underlying Shares on the related Exchange Date, then the Calculation
Agent shall make an adjustment to the terms hereof in order to account for such Potential Adjustment Event;

 

		(ii)	in connection with any Potential Adjustment Event as a result of an event or condition set forth
in Section 14.04(b) of the Indenture or Section 14.04(c) of the Indenture where, in either case, the period for determining “Y”
(as such term is used in Section 14.04(b) of the Indenture) or “SP0” (as such term is used in Section 14.04(c)
of the Indenture), as the case may be, begins before Counterparty has publicly announced the event or condition giving rise to
such Potential Adjustment Event, then the Calculation Agent shall have the right to adjust any variable relevant to the exercise,
settlement or payment for the Transaction as appropriate to reflect the costs (including, but not limited to, hedging mismatches
and market losses) and expenses incurred by Dealer in connection with its hedging activities as a result of such event or condition
not having been publicly announced prior to the beginning of such period; and

 

		(iii)	if any Potential Adjustment Event is declared and (a) the event or condition giving rise to such
Potential Adjustment Event is subsequently amended, modified, cancelled or abandoned, (b) the “Exchange Rate” (as defined
in the Indenture) is otherwise not adjusted at the time or in the manner contemplated by the relevant Dilution Adjustment Provision
based on such declaration or (c) the “Exchange Rate” (as defined in the Indenture) is adjusted as a result of such
Potential Adjustment Event and subsequently re-adjusted (each of clauses (a), (b) and (c), a “Potential Adjustment Event
Change”) then, in each case, the Calculation Agent shall have the right to adjust any variable relevant to the exercise,
settlement or payment for the Transaction as appropriate to reflect the costs (including, but not limited to, hedging mismatches
and market losses) and expenses incurred by Dealer in connection with its hedging activities as a result of such Potential Adjustment
Event Change.

 

    11 

    

    

	 	Dilution Adjustment Provisions:	Sections 14.04(a), (b), (c), (d) and (e) and Section 14.05 of the Indenture.

 

Extraordinary
Events applicable to the Transaction:

 

	 	Merger Events:	Applicable; provided that notwithstanding Section 12.1(b) of the Equity Definitions, which section shall not apply with respect to the Transaction, a “Merger Event” means the occurrence of any event or condition set forth in the definition of “Specified Corporate Event” in Section 14.07(a) of the Indenture.

 

	 	Tender Offers:	Not Applicable.

 

	 	Consequences of Merger Events:	Notwithstanding Section 12.2 of the Equity Definitions, upon the occurrence of a Merger Event, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares, Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction to the extent an analogous adjustment is required to be made pursuant to the Indenture in connection with such Merger Event, subject to the second paragraph under “Method of Adjustment”; provided, however, that such adjustment shall be made without regard to any adjustment to the Exchange Rate pursuant to any Excluded Provision, provided further that if, with respect to a Merger Event, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or person that is not a corporation or is not organized under the laws of the United States, any State thereof or the District of Columbia or (ii) the Counterparty to the Transaction following such Merger Event will not be a corporation organized under the laws of the United States, any State thereof or the District of Columbia, then, in either case, Cancellation and Payment (Calculation Agent Determination) may apply at Dealer’s commercially reasonable election.

 

If, in respect
of any Merger Event to which the immediately preceding paragraph applies, the adjustments to be made in accordance with such paragraph
would result in Issuer not being the issuer of the Shares, then with respect to such Merger Event, as a condition precedent to
the adjustments contemplated in the immediately preceding paragraph, Dealer, the Issuer of the Affected Shares and the entity that
will be the Issuer of the New Shares shall, prior to consummation of such Merger Event, have entered into such documentation containing
agreements relating to “tacking” and “holding period” related considerations under U.S. securities law
and credit exposure assumed by Dealer as the result of such Merger Event, as reasonably requested by Dealer that Dealer has determined,
in its good faith, reasonable judgment, to be reasonably necessary or appropriate to allow Dealer to continue as a party to the
Transaction, as adjusted under the immediately preceding paragraph, and to preserve its hedging or hedge unwind

 

    12 

    

    

activities in connection
with the Transaction in a manner compliant with legal, regulatory and self-regulatory requirements and related policies and procedures
applicable to Dealer, consistently applied across transactions similar to the Transaction and for counterparties similar to Counterparty,
and if such conditions are not met or if the Calculation Agent determines that no adjustment under the immediately preceding paragraph
will produce a commercially reasonable result, then the consequences set forth in Section 12.2(e)(ii) of the Equity Definitions
shall apply to such Merger Event (as if Merger Event were as defined in Section 12.1(b) of the Equity Definitions).

 

	 	Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.

 

	 	Restrictions on Adjustments:	Notwithstanding anything to the contrary in the Equity Definitions or this Confirmation, none of the events listed in Section 14.04(i) of the Indenture will constitute a Potential Adjustment Event or Merger Event, and no adjustment will be made to the Transaction in connection with any such event pursuant to the Equity Definitions (as amended by this Confirmation) or otherwise.

 

Additional
Disruption Events:

 

	 	Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) replacing the word “Shares” where it appears in clause (X) thereof with the words “Hedge Position” and (iii) replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption, effectiveness or promulgation of new regulations authorized or mandated by existing statute)”. Notwithstanding anything to the contrary in the Equity Definitions, a Change in Law described in clause (Y) of Section 12.9(a)(ii) of the Equity Definitions shall not constitute a Change in Law and instead shall constitute an Increased Cost of Hedging as described in Section 12.9(a)(vi) of the Equity Definitions, and any such 

 

    13 

    

    

	 	 	determination of a Change in Law shall be consistently applied by the Determining Party across transactions similar to the Transaction and for counterparties similar to Counterparty.

 

	 	Failure to Deliver:	Applicable

 

	 	Hedging Disruption:	Applicable; provided that:

 

		(i)	Section 12.9(a)(v) of the Equity Definitions is hereby amended by (a) inserting the following
words at the end of clause (A) thereof: “in the manner contemplated by the Hedging Party on the Trade Date” and (b) inserting
the following two phrases at the end of such Section:

 

“For
the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock
price and volatility risk. And, for the further avoidance of doubt, any such transactions or assets referred to in phrases (A)
or (B) above must be available on commercially reasonable pricing terms.”; and

 

		(ii)	Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line
thereof, after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected
by such Hedging Disruption”.

 

	 	Increased
Cost of Hedging:	Applicable
solely with respect to a “Change in Law” described in clause (Y) of Section 12.9(a)(ii) of the Equity Definitions
as set forth in the last sentence opposite the caption “Change in Law” above (which determination shall be consistently
applied by the Determining Party across transactions similar to the Transaction and for counterparties similar to Counterparty).

 

	 	Hedging
Party:	For
all applicable Additional Disruption Events, Dealer; provided that when making any determination or calculation as “Hedging
Party” (but not, for the avoidance of doubt, the making of any election it is entitled to make as “Hedging Party”),
Dealer shall be bound by the same obligations relating to required acts of the Calculation Agent as set forth in Section 1.40
of the Equity Definitions and this Confirmation as if the Hedging Party were the Calculation Agent.

 

	 	Determining
Party:	For
all applicable Extraordinary Events, Dealer; provided that when making any determination or calculation as “Determining
Party,” Dealer shall be bound by the same obligations relating to required acts of the Calculation Agent as set forth in
Section 1.40 of the Equity Definitions and this Confirmation as if the Determining Party were the Calculation Agent.

 

		Non-Reliance:	Applicable

 

    14 

    

    

	 	Agreements and Acknowledgments

Regarding Hedging Activities:	Applicable

 

	 	Additional Acknowledgments:	Applicable

 

4.                  
Calculation Agent. Dealer. Whenever the Calculation Agent is required to act or to exercise judgment in any way
with respect to the Transaction, it will do so in good faith and in a commercially reasonable manner. Following the occurrence
and during the continuation of an Event of Default pursuant to Section 5(a)(vii) of the Agreement with respect to which Dealer
is the Defaulting Party, Counterparty shall have the right to designate an independent, nationally recognized equity derivatives
dealer to replace Dealer as Calculation Agent, and the parties shall work in good faith to execute any appropriate documentation
required by such replacement Calculation Agent. Following any determination, adjustment or calculation by the Calculation Agent,
the Hedging Party or the Determining Party hereunder (other than, for the avoidance of doubt, the making of any election by Hedging
Party that is entitled to make as “Hedging Party”), the Calculation Agent, the Hedging Party or the Determining Party,
as the case may be, will within five Exchange Business Days of a request by Counterparty, provide to Counterparty a report (in
a commonly used file format for the storage and manipulation of financial data without disclosing any proprietary or confidential
models or other information that is subject to contractual, legal or regulatory obligations to not disclose such information) displaying
in reasonable detail the basis for such determination, adjustment or calculation, as the case may be.

 

5.                  
Account Details.

 

		(a)	Account for payments to Counterparty:

 

To be advised.

 

Account for delivery of Shares to Counterparty:

 

To be advised.

 

		(b)	Account for payments to Dealer:

 

[______________]

 

Account for delivery of Shares from Dealer:

 

DTC [____]

 

6.                  
Offices.

 

		(a)	The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch
Party.

 

		(b)	The Office of Dealer for the Transaction is: [_______]

 

7.                  
Notices.

 

		(a)	Address for notices or communications to Counterparty:

 

Uniti Fiber Holdings Inc. 

10802 Executive Center Drive

Benton Building, Suite 300

Little Rock, Arkansas 72211

Attention:           Daniel Heard

Telephone No.: (501) 850-0844

E-mail:                 daniel.heard@uniti.com

 

		(b)	Address for notices or communications to Dealer:

 

    15 

    

    

[_________________________]

 

8.                  
Representations and Warranties of Counterparty.

 

In addition to the representations
and warranties set forth in Section 3(a) of the Agreement, Counterparty hereby represents and warrants to Dealer on the date hereof
and on and as of the Premium Payment Date that:

 

		(a)	Counterparty is not and, after consummation of the transactions contemplated hereby, will not be
required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

 

		(b)	Counterparty is an “eligible contract participant” (as such term is defined in Section
1a(18) of the Commodity Exchange Act, as amended, other than a person that is an eligible contract participant under Section 1a(18)(C)
of the Commodity Exchange Act).

 

		(c)	Counterparty is not, on the date hereof, in possession of any material non-public information with
respect to Counterparty, the Issuer or the Shares.

 

		(d)	Counterparty (A) is capable of evaluating investment risks independently, both in general and with
regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment
in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer
in writing; and (C) has total assets of at least USD 50 million.

 

9.                  
Other Provisions.

 

		(a)	Opinions. Counterparty shall deliver to Dealer one or more opinions of counsel, dated
as of the Premium Payment Date, with respect to the matters set forth in Section 3(a) of the Agreement; provided that any
such opinion of counsel may contain customary exceptions and qualifications. Delivery of such opinion or opinions, as the case
may be, when due, to Dealer shall be a condition precedent for the purpose of Section 2(a)(iii) of the Agreement with respect to
each obligation of Dealer under Section 2(a)(i) of the Agreement.

 

		(b)	Repurchase Notices. If on any day Issuer effects any repurchase of Shares, Counterparty
shall give Dealer a written notice of such repurchase (a “Repurchase Notice”) within one Exchange Business Day
if, following such repurchase, the number of outstanding Shares, as the case may be, as determined on such day is (i) less than
165.8 million (in the case of the first such notice) or (ii) thereafter more than 15.0 million less than the number of Shares,
as the case may be, included in the immediately preceding Repurchase Notice. Counterparty agrees to indemnify and hold harmless
Dealer and its affiliates and their respective officers, directors, employees, affiliates, advisors, agents and controlling persons
(each, an “Indemnified Person”) from and against any and all losses (including losses relating to Dealer’s
hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without
limitation, any forbearance from commercially reasonable hedging activities or cessation of hedging activities and any losses in
connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and reasonable expenses (including
reasonable attorney’s fees), joint or several, which an Indemnified Person actually may become subject to, as a result of
Counterparty’s failure to provide Dealer with a Repurchase Notice on the day and in the manner specified in this paragraph,
and to reimburse, within 30 days, upon written request, each of such Indemnified Persons for any reasonable legal or other expenses
incurred in connection with investigating, preparing for, providing testimony or other evidence in connection with or defending
any of the foregoing. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand
shall be brought or asserted against the Indemnified Person as a result of Counterparty’s failure to provide Dealer with
a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify Counterparty in writing, and
Counterparty, upon request of the Indemnified Person, shall retain one counsel per relevant jurisdiction reasonably satisfactory
to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and
shall pay the fees and expenses of such counsel related to such proceeding. Counterparty shall not be liable to the extent that
the Indemnified Person fails to notify Counterparty within a commercially reasonable period of time after any action is commenced
against it in respect of which an indemnity may be sought hereunder. In addition, Counterparty shall 

 

    16 

    

    

	 	 	not be liable for any settlement
of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such consent
or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person from and against any
loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified
Person, effect any settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of which
any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person,
unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject
matter of such proceeding on terms reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this
paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred
to therein, then Counterparty hereunder, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount
paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for
in this paragraph are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified
Person at law or in equity. The indemnity and contribution agreements contained in this paragraph shall remain operative and in
full force and effect regardless of the termination of the Transaction.

 

		(c)	Regulation M. Issuer is not on the Trade Date engaged in a distribution, as such
term is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of
any securities of Issuer, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and
102(b)(7) of Regulation M. Counterparty shall cause Issuer to not, until the second Scheduled Trading Day immediately following
the Effective Date, engage in any such distribution.

 

		(d)	No Manipulation. Counterparty is not entering into the Transaction to create actual
or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress
or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise
in violation of the Exchange Act.

 

		(e)	Transfer or Assignment.

 

		(i)	Counterparty shall have the right to transfer or assign its rights and obligations hereunder with
respect to all, but not less than all, of the Options hereunder (such Options, the “Transfer Options”); provided
that such transfer or assignment shall be subject to reasonable conditions that Dealer may impose, including but not limited, to
the following conditions:

 

		(A)	With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification
obligations pursuant to Section 9(b) or any obligations under Section 9(o) or 9(t) of this Confirmation;

 

		(B)	Such transfer or assignment shall be effected on terms, including any reasonable undertakings by
such third party (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a
manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and
execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party
and Counterparty, as are requested and reasonably satisfactory to Dealer;

 

		(C)	Dealer will not, as a result of such transfer and assignment, (i) receive from the transferee or
assignee on any payment or delivery date any payment or delivery less than an amount that Dealer would have been entitled to receive
from Counterparty in the absence of such transfer or assignment or (ii) be required to pay the transferee on any payment date an
amount under Section 2(d)(i)(4) of the

 

    17 

    

    
	 	 	 Agreement greater than an amount that Dealer would have been required to pay to Counterparty
in the absence of such transfer and assignment;

 

		(D)	An Event of Default, Potential Event of Default or Termination Event will not occur as a result
of such transfer and assignment;

 

		(E)	The transferee or assignee shall provide Dealer with a complete and accurate U.S. Internal Revenue
Service Form W-9 or W-8 (as applicable) prior to becoming a party to the Transaction;

 

		(F)	Counterparty shall cause the transferee to make such Payee Tax Representations and to provide such
tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (C)
and (D) will not occur upon or after such transfer and assignment; and

 

		(G)	Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel
fees, incurred by Dealer in connection with such transfer or assignment.

 

		(ii)	Dealer may, without Counterparty’s
consent, transfer or assign all or any part of its rights or obligations under the Transaction (A) to any affiliate of Dealer
(1) that has a long-term issuer rating that is equal to or better than Dealer’s credit rating at the time of such transfer
or assignment, or (2) whose obligations hereunder will be guaranteed, pursuant to the terms of a customary guarantee in a form
used by Dealer generally for similar transactions, by Dealer [or its ultimate parent]14,
or (B) with Counterparty’s prior written consent (such consent not to be unreasonably withheld) to any other third party
with a long-term issuer rating equal to or better than the lesser of (1) the credit rating of Dealer at the time of the transfer
and (2) A- by Standard and Poor’s Rating Group, Inc. or its successor (“S&P”), or A3 by Moody’s
Investor Service, Inc. (“Moody’s”) or, if either S&P or Moody’s ceases to rate such debt, at
least an equivalent rating or better by a substitute rating agency mutually agreed by Counterparty and Dealer; provided
that any transfer or assignment effected by Dealer shall not result in a deemed exchange from Counterparty’s perspective
within the meaning of Section 1001 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”); provided
further that (x) Counterparty shall not, as a result of such transfer or assignment, (i) receive from the transferee or assignee
on any payment or delivery date any payment or delivery less than an amount that Counterparty would have been entitled to receive
from Dealer in the absence of such transfer or assignment or (ii) be required to pay the transferee or assignee on any payment
date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Counterparty would have been required to
pay Dealer in the absence of such transfer or assignment, (y) the transferee or assignee shall provide Counterparty with a complete
and accurate U.S. Internal Revenue Service Form W-9 or W-8 (as applicable) prior to becoming a party to the Transaction and (z)
Dealer shall cause the transferee or assignee to make such Payee Tax Representations and to provide such tax documentation as
may be reasonably requested by Counterparty to permit Counterparty to determine that results described in clauses (x) will not
occur upon or after such transfer and assignment. If at any time at which (A) the Section 16 Percentage exceeds 9.0%, (B) the
Option Equity Percentage exceeds 14.5%, or (C) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such
condition described in clauses (A), (B) or (C), an “Excess Ownership Position”), Dealer is unable after using
its commercially reasonable efforts to effect a transfer or assignment of Options to a third party on pricing terms reasonably
acceptable to Dealer and within a time period reasonably acceptable to Dealer such that no Excess Ownership Position exists, then
Dealer may designate any Exchange Business Day as an Early Termination Date with respect to a portion of the Transaction (the
“Terminated Portion”), such that following such partial termination no Excess Ownership Position exists. In
the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction, a payment shall be

 

 

14
Include if Dealer is not parent entity.

 

    18 

    

    

made pursuant to Section 6 of the Agreement as if (1) an
Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of
Options equal to the number of Options underlying the Terminated Portion, (2) Counterparty were the sole Affected Party with respect
to such partial termination and (3) the Terminated Portion were the sole Affected Transaction (and, for the avoidance of doubt,
the provisions of Section 9(m) shall apply to any amount that is payable by Dealer to Counterparty pursuant to this sentence as
if Counterparty was not the Affected Party). The “Section 16 Percentage” as of any day is the fraction, expressed
as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its affiliates or any other person subject
to aggregation with Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act, or
any “group” (within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be deemed to be a part
beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that
for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results
in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day. The “Option
Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the sum of
(1) the product of the Number of Options and the Option Entitlement and (2) the aggregate number of Shares underlying any other
call option transaction sold by Dealer to Counterparty or Issuer, and (B) the denominator of which is the number of Shares outstanding.
The “Share Amount” as of any day is the number of Shares that Dealer and any person whose ownership position
would be aggregated with that of Dealer (Dealer or any such person, a “Dealer Person”) under any law, rule,
regulation, regulatory order or organizational documents or contracts of Counterparty or Issuer that are, in each case, applicable
to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls,
holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by
Dealer in its reasonable discretion. The “Applicable Share Limit” means a number of Shares equal to (A) the
minimum number of Shares, as the case may be, that could reasonably be expected to give rise to reporting or registration obligations
(except for any filing requirements on Form 13F, Schedule 13D or Schedule 13G under the Exchange Act), mandatory takeover offers
or other requirements (including obtaining prior approval from shareholders or any other person or entity) of a Dealer Person,
or could reasonably be expected (as determined by Dealer in good faith) to result in an adverse effect on a Dealer Person, under
any Applicable Restriction, as determined by Dealer in its reasonable discretion, minus (B) 1% of the number of Shares outstanding.

 

		(iii)	Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing
Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from
Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities,
or to make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and
any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty to the extent of any
such performance.

 

		(f)	Staggered Settlement. If upon advice of counsel with respect to applicable legal
and regulatory requirements, including any requirements relating to Dealer’s hedging activities hereunder, Dealer reasonably
determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver, any or all of the Shares
to be delivered by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to Counterparty on or prior to any
Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more dates (each, a “Staggered
Settlement Date”) as follows:

 

		(i)	in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each
of which will be on or prior to such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement
Date;

 

    19 

    

    
		(ii)	the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered
Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement
Date; and

 

		(iii)	if the Net Share Settlement terms or the Combination Settlement terms set forth above were to apply
on the Nominal Settlement Date, then the Net Share Settlement terms or the Combination Settlement terms, as the case may be, will
apply on each Staggered Settlement Date, except that the Shares otherwise deliverable on such Nominal Settlement Date will be allocated
among such Staggered Settlement Dates as specified by Dealer in the notice referred to in clause (i) above.

 

		(g)	[Conduct Rules. Each party acknowledges and agrees to be bound by the Conduct Rules
of the Financial Industry Regulatory Authority, Inc. applicable to transactions in options, and further agrees not to violate the
position and exercise limits set forth therein.][15]

 

		(h)	[Role of Agent. [Insert relevant Dealer agency language, if any]]

 

		(i)	Dividends. If at any time during the period from and including the Effective Date,
to but excluding the Expiration Date, (i) an ex-dividend date for a regular quarterly cash dividend occurs with respect to the
Shares (an “Ex-Dividend Date”), and that dividend is less than the Regular Dividend on a per Share basis or
(ii) if no Ex-Dividend Date for a regular quarterly cash dividend occurs with respect to the Shares in any quarterly dividend period
of Issuer, then the Calculation Agent will make a corresponding adjustment to any one or more of the Strike Price, Number of Options,
Option Entitlement and/or any other variable relevant to the exercise, settlement or payment for the Transaction to preserve the
fair value of the Options to Dealer after taking into account such dividend or lack thereof. “Regular Dividend”
shall mean USD 0.05 per Share per quarter. Upon any adjustment to the “Initial Dividend Threshold” (as defined in the
Indenture) for the Exchangeable Notes pursuant to the Indenture, the Calculation Agent will make a corresponding adjustment to
the Regular Dividend for the Transaction.

 

(j)                 
Additional Termination Events.

 

		(i)	Notwithstanding anything to the contrary in this Confirmation if an event of default with respect
to Counterparty occurs under the terms of the Exchangeable Notes as set forth in Section 6.01 of the Indenture, and such event
of default results in the Exchangeable Notes becoming or being declared due and payable pursuant to the terms of the Indenture,
then such event of default shall constitute an Additional Termination Event applicable to the Transaction and, with respect to
such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be
the sole Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section
6(b) of the Agreement.

 

		(ii)	Within five Scheduled Trading Days
promptly following any Repayment Event (as defined below), Counterparty shall notify Dealer of such Repayment Event and the aggregate
principal amount of Exchangeable Notes subject to such Repayment Event (any such notice, a “Repayment Notice”).
The receipt by Dealer from Counterparty of any Repayment Notice shall constitute an Additional Termination Event as provided in
this Section 9(j)(ii). Upon receipt of any such Repayment Notice, Dealer shall designate an Exchange Business Day following receipt
of such Repayment Notice (which Exchange Business Day shall be on or as promptly as reasonably practicable after the related settlement
date for the relevant Repayment Event) as an Early Termination Date with respect to the portion of the Transaction corresponding
to a number of Options (the “Repayment Options”) equal to the lesser of (A) [(x)] the aggregate principal amount
of such Exchangeable Notes specified in such Repayment Notice, divided by USD 1,000, [minus (y) the number of “Repayment
Options” (as defined in the Base Call Option Confirmation), if any, that relate to such Exchangeable Notes (and for the
purposes of

 

 

15
Include if applicable for Dealer.

 

    20 

    

    

determining whether any Options under this
Confirmation or under the Base Call Option Confirmation will be among the Repayment Options hereunder or under, and as defined
in, the Base Call Option Confirmation, the Exchangeable Notes specified in such Repayment Notice shall be allocated first to the
Base Call Option Confirmation until all Options thereunder are exercised or terminated),]16
and (B) the Number of Options as of the date Dealer designates such Early Termination Date and, as of such date, the Number of
Options shall be reduced by the number of Repayment Options. Any payment hereunder with respect to such termination (the “Repayment
Unwind Payment”) shall be calculated pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been
designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the number of
Repayment Options, (2) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (3) the
terminated portion of the Transaction were the sole Affected Transaction. For the avoidance of doubt, solely for purposes of calculating
the amount payable pursuant to Section 6 of the Agreement pursuant to the immediately preceding sentence, Counterparty shall assume
that the relevant Repayment Event (and, if applicable, the related Fundamental Change and the announcement of such Fundamental
Change) had not occurred. “Repayment Event” means that (i) any Exchangeable Notes are repurchased or redeemed
(whether in connection with or as a result of a fundamental change, howsoever defined, or for any other reason) by Counterparty
or any of its subsidiaries, (ii) any Exchangeable Notes are delivered to Counterparty or any of its subsidiaries in exchange for
delivery of any property or assets of such party (howsoever described), (iii) any principal of any of the Exchangeable Notes is
repaid prior to the final maturity date of the Exchangeable Notes (for any reason other than as a result of an acceleration of
the Exchangeable Notes that results in an Additional Termination Event pursuant to the preceding Section 9(j)(i)), or (iv) any
Exchangeable Notes are exchanged by or for the benefit of the Holders thereof for any other securities of Counterparty or any of
its subsidiaries (or any other property, or any combination thereof) pursuant to any exchange offer or similar transaction. For
the avoidance of doubt, any exchange of Exchangeable Notes (whether into cash, Shares, Reference Property (as defined in the Indenture)
or any combination thereof) pursuant to the terms of the Indenture shall not constitute a Repayment Event.

 

		(iii)	Notwithstanding anything to the
contrary in this Confirmation, the receipt by Dealer from Counterparty, within the applicable time period set forth opposite “Notice
of Exercise” in Section 2, of any Notice of Exercise in respect of Options that relate to Exchangeable Notes as to which
additional Shares would be added to the Exchange Rate (as defined in the Indenture) pursuant to Section 16.06 of the Indenture
in connection with the delivery of a “Notice of Redemption” (as defined in the Indenture) shall constitute an Additional
Termination Event as provided in this Section 9(j)(iii).  Upon receipt of any such Notice of Exercise, Dealer shall designate
an Exchange Business Day following such Additional Termination Event (which Exchange Business Day shall be on, or as promptly
as practical after, the related settlement date for exchange of such Exchangeable Notes) as an Early Termination Date with respect
to the portion of the Transaction corresponding to a number of Options (the “Make-Whole Exchange Options”)
equal to the lesser of (A) the number of such Options specified in such Notice of Exercise [minus the number of “Make-Whole
Exchange Options” (as defined in the Base Call Option Confirmation), if any, that relate to such Exchangeable Notes]17
and (B) the Number of Options as of the date Dealer designates such Early Termination Date and, as of such date,
the Number of Options shall be reduced by the number of Make-Whole Exchange Options.  Any payment hereunder with respect
to such termination (the “Make-Whole Unwind Payment”) shall be calculated pursuant to Section 6 of the Agreement
as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction
and a Number of Options equal to the number of Make-Whole Exchange Options, (2)

 

 

16
Include in the Additional Call Option Confirmation.

17
Insert in Additional Call Option Confirmation only.

 

    21 

    

    

Counterparty were the sole Affected Party with respect to such Additional Termination
Event, (3) the terminated portion of the Transaction were the sole Affected Transaction and (4) Section 16.06 of the Indenture
were deleted; provided that the amount of cash payable in respect of such early termination by Dealer to Counterparty shall
not be greater than the product of (x) the Applicable Percentage and (y) the excess of (I) (1) the number of Make-Whole Exchange
Options, multiplied by (2) the Exchange Rate (as defined in the Indenture, and after taking into account any applicable
adjustments to the Exchange Rate pursuant to Section 16.06 of the Indenture), multiplied by (3) the Applicable Limit Price
on the date on which payment is made pursuant to this Section 9(j)(iii) over (II) the aggregate principal amount of such Exchangeable
Notes.

 

		(k)	Amendments to Equity Definitions.

 

		(i)	Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing “such an
event” in the second line thereof with “(x) an Insolvency Filing Dealer may elect or (y) a Change in Law”, (2)
inserting the words “(as applicable)” immediately following the words “notice to the other party” in the
fourth line thereof and (3) inserting immediately prior to the period at the end thereof with the words “; provided
that Counterparty may only elect to terminate the Transaction upon the occurrence of a Change in Law if concurrently with electing
to terminate the Transaction Counterparty represents and warrants to Dealer that it is not in possession of any material non-public
information with respect to Counterparty or the Shares”.

 

		(ii)	Section 12.9(b)(vi) of the Equity Definitions is hereby amended by adding the phrase “, provided
that in connection with any election by the Non-Hedging Party to terminate the Transaction, it acknowledges to Dealer, as of the
date of such election, its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of
the Exchange Act and the rules and regulations thereunder” at the end of subsection (C).

 

		(l)	No Collateral or Setoff. Notwithstanding any provision of the Agreement or any other
agreement between the parties to the contrary, no obligations of either party hereunder are secured by any collateral. Each party
waives any and all rights it may have to set off obligations arising under the Agreement and the Transaction against other obligations
between the parties, whether arising under any other agreement, applicable law or otherwise.

 

		(m)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.
If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with
respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event (except
as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to holders of Shares consists
solely of cash, (ii) a Merger Event that is within Counterparty’s control, or (iii) an Event of Default in which Counterparty
is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party other than an Event of Default of the
type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination Event of the type described in
Section 5(b) of the Agreement, in each case that resulted from an event or events outside Counterparty’s control), and if
Dealer would owe any amount to Counterparty pursuant to Section 6(d)(ii) of the Agreement or any Cancellation Amount pursuant to
Article 12 of the Equity Definitions (any such amount, a “Payment Obligation”), then Dealer shall satisfy the
Payment Obligation by the Share Termination Alternative (as defined below), unless (a) Counterparty gives irrevocable telephonic
notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger
Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation,
as applicable, of its election that the Share Termination Alternative shall not apply and (b) Counterparty acknowledges to Dealer,
as of the date of such election, its responsibilities under applicable securities laws, and in particular Section 9 and Section
10(b) of the Exchange Act and the rules and regulations thereunder, in connection with such election, in which case the provisions
of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) of the Agreement, as the case
may be, shall apply.

 

    22 

    

    
	 	Share
    Termination Alternative:	If
    applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable
    period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9
    of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation
    in the manner reasonably requested by Counterparty free of payment.

 

	 	Share
    Termination Delivery Property:	A
    number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation, divided
    by the Share Termination Unit Price.  The Calculation Agent shall adjust the Share Termination Delivery Property
    by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security
    based on the values used to calculate the Share Termination Unit Price.

 

	 	Share
    Termination Unit Price:	The
    value to Dealer of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its
    good faith discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of notification
    of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery
    Unit Price the Calculation Agent may consider the purchase price paid in connection with the purchase of Share Termination
    Delivery Property.

 

	 	Share
    Termination Delivery Unit:	In
    the case of a Termination Event, Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of
    an Insolvency, Nationalization or Merger Event, one Share or a unit consisting of the number or amount of each type of property
    received by holders of all or substantially all Shares (determined on a per Share basis and without consideration of any requirement
    to pay cash or other consideration in lieu of fractional amounts of any securities) in such Insolvency, Nationalization or
    Merger Event, as applicable. If such Insolvency, Nationalization or Merger Event involves a choice of consideration to be
    received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash.

 

	 	Failure
    to Deliver:	Applicable

 

	 	Other
    applicable provisions:	If
    Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity
    Definitions and the provisions set forth opposite the caption “Representation and Agreement” in Section 2 will
    be applicable, except that all references in such provisions to “Physically-settled” shall be read as references
    to “Share Termination Settled” and all references to “Shares” 

 

    23 

    

    
	 	 	shall be read as
    references to “Share Termination Delivery Units”. “Share Termination Settled” in relation to the Transaction
    means that Share Termination Alternative is applicable to the Transaction.

 

		(n)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party
(i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such other
party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual
waivers and certifications provided herein.

 

		(o)	Registration. Counterparty hereby agrees that if, in the good faith reasonable judgment
of Dealer based on advice of counsel, the Shares (“Hedge Shares”) acquired by Dealer for the purpose of hedging
its obligations pursuant to the Transaction cannot be sold in the U.S. public market by Dealer without registration under the Securities
Act (other than as a result of Dealer being or having been in the three months preceding an “affiliate” (as defined
under Rule 144) of the Issuer), Counterparty shall, at its election, either (i) in order to allow Dealer to sell the Hedge Shares
in a registered offering, make available to Dealer an effective registration statement under the Securities Act to cover the resale
of such Hedge Shares and enter into an agreement, in form and substance satisfactory to Dealer, substantially in the form of an
underwriting agreement for a registered secondary offering; provided, however, that if Dealer, in its sole reasonable
discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures
and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this paragraph shall apply
at the election of Counterparty, (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private
placement agreement substantially similar to private placement purchase agreements customary for private placements of equity securities
of similar size and type, in form and substance satisfactory to Dealer (in which case, the Calculation Agent shall make any adjustments
to the terms of the Transaction that are necessary, in its reasonable judgment, to compensate Dealer for any discount from the
public market price of the Shares incurred on the sale of Hedge Shares in a private placement of similar size and type), or (iii)
purchase the Hedge Shares from Dealer at the Relevant Price on such Exchange Business Days, and in the amounts, requested by Dealer.

 

		(p)	Tax Disclosure. Effective from the date of commencement of discussions concerning
the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons,
without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including
opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure.

 

		(q)	Right to Extend. Dealer may postpone or add, in whole or, other than in the event
Dealer determines in good faith that such postponement or addition resulted solely pursuant to the circumstances set forth in clause
(ii)(y) below, in part, any Valid Day or Valid Days during the Settlement Averaging Period or any other date of valuation, payment
or delivery by Dealer, with respect to some or all of the Options hereunder, if Dealer reasonably determines, based on the advice
of counsel in the case of the immediately following clause (ii), that such action is reasonably necessary or appropriate (i) to
preserve Dealer’s commercially reasonable hedging or hedge unwind activity hereunder in light of existing liquidity conditions
or (ii) to enable Dealer to effect purchases of Shares in connection with its commercially reasonable hedging, hedge unwind or
settlement activity hereunder in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be
in compliance (x) with applicable legal, regulatory or self-regulatory requirements, or (y) with related policies and procedures
applicable to Dealer, consistently applied across transactions similar to the Transaction and for counterparties similar to Counterparty;
provided that no such Valid Day or other date of valuation, payment or delivery may be postponed or added more than 40 Valid
Days after the original Valid Day or other date of valuation, payment or delivery, as the case may be.

 

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		(r)	Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Confirmation
is not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of
common stockholders of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that nothing herein
shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its
obligations and agreements with respect to the Transaction; provided further that nothing herein shall limit or shall be
deemed to limit Dealer’s rights in respect of any transactions other than the Transaction.

 

		(s)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction
to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the
United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded
by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s
right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement
with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii)
each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement
payment” and a “transfer” as defined in the Bankruptcy Code.

 

		(t)	Notice of Certain Other Events. Counterparty covenants and agrees that:

 

		(i)	promptly following the public announcement of the
results of any election by the holders of Shares with respect to the consideration due upon consummation of any Merger Event,
Counterparty shall give Dealer written notice of (x) the weighted average of the types and amounts of consideration that holders
of Shares have elected to receive upon consummation of such Merger Event or (y) if no holders of Shares affirmatively make such
election, the types and amounts of consideration actually received by holders of Shares (the date of such notification, the “Consideration
Notification Date”); provided that in no event shall the Consideration Notification Date be later than the date
on which such Merger Event is consummated; and

 

		(ii)	(A) Counterparty shall give Dealer commercially reasonable advance (but in any event at least one
Exchange Business Day prior to the relevant Adjustment Notice Deadline) written notice of the section or sections of the Indenture
and, if applicable, the formula therein, pursuant to which any adjustment will be made to the Exchangeable Notes in connection
with any Potential Adjustment Event (other than a Potential Adjustment in respect of the Dilution Adjustment Provision set forth
in Section 14.04(b) or Section 14.04(d) or Merger Event and (B) promptly following any such adjustment, Counterparty shall give
Dealer written notice of the details of such adjustment. The “Adjustment Notice Deadline” means (i) for any
Potential Adjustment in respect of the Dilution Adjustment Provision set forth in Section 14.04(a) of the Indenture, the relevant
Ex-Dividend Date (as such term is defined in the Indenture) or Effective Date (as such term is defined in the Indenture), as the
case may be, (ii) for any Potential Adjustment in respect of the Dilution Adjustment Provision in the first formula set forth in
Section 14.04(c) of the Indenture, the first Trading Day (as such term is defined in the Indenture) of the period referred to in
the definition of “SP0” in such formula, (iii) for any Potential Adjustment in respect of the Dilution Adjustment
Provision in the second formula set forth in Section 14.04(c) of the Indenture, the first Trading Day (as such term is defined
in the Indenture) of the Valuation Period (as such term is defined in the Indenture), (iv) for any Potential Adjustment in respect
of the Dilution Adjustment Provision set forth in Section 14.04(e) of the Indenture, the first Trading Day (as such term is defined
in the Indenture) of the period referred to in the definition of “SP1” in the formula in such Section, and
(v) for any Merger Event, the effective date of such Merger Event (or, if earlier, the first day of any valuation or similar period
in respect of such Merger Event).

 

		(u)	[Reserved].

 

		(v)	Wall Street Transparency and Accountability Act. In connection with Section 739 of
the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither
the 

 

    25 

    

    

enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall
limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement
this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs,
regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including,
but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership Position,
or Illegality (as defined in the Agreement)).

 

		(w)	Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges
and agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or other
securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust its
hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares other
than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its own determination as to whether,
when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do so in a manner
that it deems appropriate to hedge its price and market risk with respect to the Relevant Prices; and (D) any market activities
of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the Relevant
Prices, each in a manner that may be adverse to Counterparty.

 

		(x)	Early Unwind. In the event the sale of the [“Firm Securities”]18 [“Optional
Securities”]19 (as defined
in the Purchase Agreement (the “Purchase Agreement”), dated June 25, 2019, among Counterparty, Issuer and the
guarantors party thereto and Barclays Capital Inc., as the representative of the initial purchasers named therein (the “Initial
Purchasers”)) is not consummated with the Initial Purchasers for any reason, or Counterparty fails to deliver to Dealer
any opinion of counsel required pursuant to Section 9(a), in each case by 5:00 p.m. (New York City time) on the Premium Payment
Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date, the “Early Unwind
Date”), the Transaction shall automatically terminate (the “Early Unwind”) on the Early Unwind Date
and (i) the Transaction and all of the respective rights and obligations of Dealer and Counterparty under the Transaction shall
be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees not to make
any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed
in connection with the Transaction either prior to or after the Early Unwind Date or Premium Payment Date, as the case may be.
Each of Dealer and Counterparty represents and acknowledges to the other that, upon an Early Unwind, all obligations with respect
to the Transaction shall be deemed fully and finally discharged.

 

		(y)	Payment by Counterparty. In the event that, following payment of the Premium, (i)
an Early Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event
of Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Counterparty
owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to Dealer, pursuant to Section
12.7 or Section 12.9 of the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount
shall be deemed to be zero.

 

		(z)	[Insert any relevant QFC / resolution stay / BRRD provision]

 

		(aa)	Tax Matters.

 

		(i)	Withholding Tax imposed on payments
to certain non-US counterparties. “Tax,” as used in Section 9(aa)(iii) of this Confirmation (Payor Tax Representations),
and “Indemnifiable Tax,” as defined in Section 14 of the Agreement, shall not include (A) any U.S. federal withholding
tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations
thereof, any agreement entered

 

 

18
Insert for Base Call Option Confirmation.

19
Insert for Additional Call Option Confirmation.

 

    26 

    

    

into
pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental
agreement entered into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”)
or (B) any tax imposed or collected pursuant to Section 871(m) of the Code or any current or future regulations or official interpretation
thereof (a “Section 871(m) Withholding Tax”). Notwithstanding anything to the contrary herein, “Tax”
as used in Section 9(aa)(iii) of this Confirmation (Payor Tax Representations) and “Indemnifiable Tax,” as defined
in Section 14 of the Agreement, shall include any tax imposed or collected pursuant to Sections 897 or 1445 of the Code or any
current or future regulations or interpretations thereof (a “FIRPTA Withholding Tax”). For the avoidance of
doubt each of a FATCA Withholding Tax, a Section 871(m) Withholding Tax and a FIRPTA Withholding Tax is a Tax the deduction or
withholding of which is required by applicable law for the purposes of Section 2(d) of the Agreement.

 

		(ii)	Tax Documentation. [For the purpose of Sections 4(a)(i) and 4(a)(ii) of the Agreement, Counterparty
shall provide to Dealer a valid U.S. Internal Revenue Service Form W-9, or any successor thereto, and Dealer shall provide to Counterparty
a valid U.S. Internal Revenue Service Form W-8ECI, or any successor thereto, (i) on or before the date of execution of this Confirmation
and (ii) promptly upon learning that any such tax form previously provided by it has become obsolete or incorrect. Additionally,
each party shall, promptly upon request by the other party, provide such other tax forms and documents reasonably requested by
the other party.]20

 

		(iii)	Payor Tax Representations. For the purpose of Section 3(e) of the Agreement, each party
makes the following representation:

 

It is not required
by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction
to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of the
Agreement) to be made by it to the other party under the Agreement. In making this representation, it may rely on (i) the accuracy
of any representations made by the other party pursuant to Section 9(aa)(iv) of this Confirmation, (ii) the satisfaction of the
agreement contained in Section 4(a)(i) or 4(a)(iii) of the Agreement and the accuracy and effectiveness of any document provided
by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the Agreement and (iii) the satisfaction of the agreement of the
other party contained in the last sentence of Section 9(aa)(iv) of this Confirmation, except that it will not be a breach of this
representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section
4(a)(iii) by reason of material prejudice to its legal or commercial position.

 

		(iv)	Payee Tax Representations. For the purpose of Section 3(f) of the Agreement, Counterparty
makes the following representations to Dealer:

 

Counterparty
is (i)(x) a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations)
for U.S. federal income tax purposes and (y) an exempt recipient under United States Treasury Regulation Section 1.6049-4(c)(1)(ii)
or (ii) disregarded as an entity separate from a person described in the preceding clause (i).

 

For the purpose
of Section 3(f) of the Agreement, Dealer makes the following representation to Counterparty:

 

[(A) Dealer
is a “foreign person” (as that term is used in Section 1.6041-4(a)(4) of the United States Treasury Regulations) for
U.S. federal income tax purposes and

 

 

20 To
be updated as necessary to reflect appropriate tax forms for Dealer.

 

    27 

    

    

(B) Each payment
received or to be received by it in connection with this Confirmation will be effectively connected with its conduct of a trade
or business in the United States.]21

 

Each party
agrees to give notice of any failure of a representation made by it under this Section 9(aa)(iv) to be accurate and true promptly
upon learning of such failure.

 

		(bb)	REIT Matters. The parties agree that for all purposes of the Agreement and this Confirmation,
the terms “Beneficial Ownership” and “Constructive Ownership” in Article Seven of Issuer’s corporate
charter, as in effect under the General Corporation Law of the State of Maryland on the date hereof (the “Charter”)
shall not include shares held by Dealer or its affiliates to the extent such shares are held in a purely fiduciary capacity and
such shares shall not be considered Beneficially Owned or Constructively Owned by Dealer or its affiliates under the Charter.

 

		(cc)	[Insert any other relevant Dealer boilerplate.]

 

 

21
To be updated as necessary to reflect appropriate tax representations for Dealer.

 

    28 

    

    

Please confirm
that the foregoing correctly sets forth the terms of our agreement by executing this Confirmation and returning it to Dealer.

 

 

	 	Very truly yours,
	 	 
	 	[Dealer]
	 	 
	 	 
	 	By:	 
	 	Authorized Signatory
	 	Name:

 

Accepted and confirmed

as of the Trade Date:

 

	Uniti Fiber Holdings Inc.	 
	 	 
	 	 
	By:	 	 
	Authorized Signatory	 
	Name:

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