NII Holdings Inc.'s Board of Directors has approved a Form of Separation and Release Agreement for certain executive officers of the company, including Steven M. Shindler, Chief Executive Officer, and Daniel F. Freiman, Chief Financial Officer. The Agreements, which are expected to be executed by these officers in the event of their termination of employment with the company, were provided to the officers on November 13, 2015. The Agreements contemplate a target termination date of July 1, 2016 as reflected in the Agreements for Messrs.

Shindler and Freiman, but when termination will occur has not been determined. The Agreements provide for benefits consistent with the company's Severance Plan plus an additional payment of one times base salary.