On July 25, 2017, in connection with the foregoing and in response to stockholder feedback on the NII Holdings, Inc.'s executive compensation program expressed through an advisory say-on-pay vote at the company's annual meeting, and with the transition of Mr. Roberto Rittes into his new role complete, the Board approved a termination date of August 1, 2017 for Mr. Steven Shindler. Mr. Shindler will continue to serve as a member of the company's Board of Directors and will receive $200,000 per year and health benefits in connection with this role. Coincident with Mr. Shindler's departure as an executive officer, Mr. Rittes will assume the role and perform the functions of principal executive officer of the company. Mr. Rittes, previously served as a key officer for Brazilian telecom companies Brasil Telecom and Oi Paggo, from 2004 to 2011. Most recently, Mr. Rittes was a principal at H.I.G. Capital, a leading global private equity investment firm, from 2016 to 2017. Prior to that, Mr. Rittes served as Chief Financial Officer of Boa Vista Servi os from 2013 to 2016. From 2011 to 2012, Mr. Rittes served as Chief Financial Officer of Estre Ambiental.