OPTION SURRENDER AGREEMENTOption Surrender Agreement • October 11th, 2012 • Leap Wireless International Inc • Radiotelephone communications • Delaware
The undersigned holder of non-qualified stock options (the “Company Options”) to acquire shares of common stock of the Company, par value $0.0001, granted pursuant to the 2004 Stock Option, Restricted Stock and Deferred Stock Unit Plan (the “Plan”), agrees to surrender each Company Option set forth on Exhibit A hereto (the “Surrendered Options”). The undersigned acknowledges that the Company has amended the Plan (and such amendment has been ratified by the Company’s stockholders) to clarify that Plan participants are permitted to surrender, for no consideration, Company Options. The undersigned has determined to surrender the Surrendered Options, each of which has an exercise price substantially greater than the current trading price of the Company’s common stock, in order to assist the Company in attracting and retaining talented executive and employees in the future.
