As previously disclosed by NII Holdings, Inc., the Board of Directors approved a Form of Separation and Release Agreement for certain executive officers of the Company. 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. On December 21, 2016, in connection with the approval of the Company's 2017 budget, the Agreement with Steven M. Shindler, Chief Executive Officer, was updated to provide for a target termination date of April 1, 2017, and the Agreements with Daniel F. Freiman, Chief Financial Officer, and Shana C. Smith, General Counsel, were updated to provide for a target termination date of July 1, 2017, but when termination will occur has not been determined.