Document:

Exhibit 10.11

 

EMPLOYMENT
AGREEMENT

 

This Employment Agreement (this “Agreement”)
is made and entered into as of this 19th day of January, 2006  by and between TENNESSEE COMMERCE BANK (the “Employer”
or “Bank”), and GEORGE W. FORT (the “Employee” or “Executive”).

 

1.             Employment. The Employer employs the
Employee and the Employee accepts employment upon the terms and conditions of
this Agreement. For the purposes of this Agreement, the following terms shall
have the meanings indicated:

 

(a) Change in Control.
A “Change in Control” shall be deemed to have occurred if:

 

(i)
any one person or entity, or more than one person or entity acting as a group,
acquires ownership of stock of either the Corporation or the Bank constituting
more than 50% of the total voting power of either the Corporation or the Bank;

 

(ii)
a merger or consolidation where the holders of the voting stock of either the
Corporation or the Bank immediately prior to the effective date of such merger
or consolidation own less than 50% of the voting stock of either entity
surviving such merger or consolidation; or

 

(iii)
any one person or entity or more than one person or entity acting as a group,
acquires assets from either the Corporation or the Bank that have a total fair
market value greater than 50% of the total fair market value of all of either
the Corporation’s or the Bank’s assets respectively immediately before the
acquisition or acquisitions; provided, however, that transfers of assets which
otherwise would satisfy the requirements of this subsection (iii) will not be
treated as an acquisition of such assets if the assets are transferred to:

 

(A)
any entity, 50% or more of the total value or voting power of which is owned,
directly or indirectly by either the Corporation or the Bank;

 

(B)
any person or entity, or more than one person or entity acting as a group, that
owns, directly or indirectly, 50% or more of the total value or voting power of
all of the outstanding stock of either the Corporation or the Bank; or

 

(C)
any entity, as least 50% of the total value or voting power of which is owned,
directly or indirectly, by a person who owns, directly or indirectly, 50% or
more of the total value or voting power of all the outstanding capital stock of
either the Corporation or the Bank.

 

 

Notwithstanding the foregoing, a Change in
Control shall not be deemed to have occurred solely as a result of any
transaction or reorganization undertaken for the primary purpose of
implementing a change in jurisdiction or charter of the Bank. For purposes of
this Agreement, an “affiliate” of, or a person(s) “affiliated with” a specified
person(s), is a person that, directly or indirectly, through one or more
intermediaries, controls, or is controlled by, or is under common control with,
the person(s) specified.

 

(b) Confidential Information. Confidential
Information shall mean any and all information the Employee acquires or to
which the Employee has access during the Term that has not been disclosed
publicly by the Employer and is not a matter of common knowledge in the fields
of work of the Employer. The Confidential Information shall include, but not be
limited to, trade secrets, technical data, mailing lists, the names of
suppliers and customers, and the arrangements made from time to time with
suppliers and customers.

 

(c)           Corporation.
The Corporation is Tennessee Commerce Bancorp, Inc., the bank holding company
for the Bank.

 

(d)           Good
Cause. “Good Cause” shall be deemed to have occurred if either party has
breached this Agreement and the non-breaching party gives notice in writing,
delivered to the breaching party and providing ten (10) calendar days, from the
date of delivery of the notice, within which the breaching party has the
opportunity to cure, if possible, the breach. In addition, Good Cause for
termination shall exist if Employee engages in any of the following conduct
while an employee of the Employer:  (1)
willful and knowing dishonesty in communication of any kind on any material
subject for any purpose either to the Employer or to any person or entity for
or on behalf of the Employer; (2) use of more than an insubstantial and
quantitatively small amount of time during normal business hours of the
Employer for activities not calculated and reasonably designed to produce
profit for the Employer; (3) theft, embezzlement, false entries on records,
misapplication of funds or property, misappropriation of any asset, any conduct
resulting in conversion of any kind, or any actual or constructive fraud; (4)
at any time during or after employment at the Employer, imparting Confidential
Information, whether proprietary or non-proprietary, to any person other than
(i) an authorized employee of the Employer; or (ii) as required by law, or
(iii) as part of a privileged communication to an attorney; (5) gross neglect
of duty, including, but not limited to, failure or refusal to attend to the
duties of employment at the Employer; (6) participating in any conduct
involving moral turpitude or which results in public disgrace including, but
not limited to, conduct for which there is probable cause to believe that, if
criminally prosecuted, such conduct would be adjudged felonious; (7)
counseling, advising, assisting, procuring or aiding any employee of the
Employer in any above-recited conflict of interest; (8) knowing, believing or
having reason to know or believe that an employee of the Employer has, is, or
is about to engage in any above-recited conflict of interest and not revealing
said knowledge or belief and the reason for it to the Employer; (9) receiving,
during the term of this Agreement, compensation, income, anything of value, or
a future interest in or future entitlement to compensation, income or a thing
of value, from any person or entity who or which is engaged in the same or
substantially the same business as the Employer in the same product, service or
geographical market, except stock dividends and/or capital gains from passive
investments in financial institutions by Employee made in the ordinary course
of business and as part of Employee’s investment portfolio. However, cause
shall not be deemed to exist merely because of a difference of opinion between
Employee and the Employer, or any employees, directors or officers of either,
as to philosophy of management or other personal beliefs.

 

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(e)           Total
Disability. The phrase “Total Disability” means the inability of Employee to
perform his normal required services hereunder by reason of Employee’s mental
or physical illness or incapacity, which illness or incapacity is expected to
be permanent and continuous during the remainder of Employee’s life, as so
determined by a licensed physician selected by Employee and reasonably
satisfactory to the Employer’s Board of Directors.

 

2.             Term. The term (“Term”) of this
Agreement shall begin on the date of the Agreement (Effective Date) and end on
the second anniversary of such date (the Employment Period). The Employment
Period shall be a constant rolling period of two years, commencing on the
Effective Date, with the result that, for each day after the Effective Date the
Executive’s term of employment shall be two years. The Termination Date may be
modified upon:

 

(a)           Mutual
Agreement. The mutual written agreement of the Employer and the Employee.

 

(b)           Resignation.
The effective date of the Employee’s resignation.

 

(c)           Death
or Disability. The death or total disability of the Employee.

 

(d)           Termination.
The Employer’s termination of the Employee’s employment, upon written notice to
the Employee, for Good Cause, as further defined above, certified by a vote of
the Board of Directors exclusive of the Employee.

 

(e)           Breach.
The breach by the Employee of any provision of this Agreement.

 

3.             Compensation.

 

(a)           Base
Salary. As compensation for the services to be rendered by Employee during
the period of his employment hereunder, and upon the condition that Employee
shall fully and faithfully keep and perform all of the terms and conditions
hereof, Employer shall pay Employee a salary of $110,000 per year, less income
tax withholdings and other normal employee deductions, plus any additional
amounts designated as Base Salary increases by the Board of Directors of the
Employer, which amount is payable in equal installments (no less frequent than
monthly) in accordance with the payroll practices from time to time adopted by
the Employer.

 

(b)           Additional
Compensation. During the Term of this Agreement, Employee shall participate
in an incentive program providing an earning potential equivalent of up to 100%
of the salary.

 

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(c)           Benefits.
The Bank shall provide the Employee with medical, dental, vision and disability
insurance (collectively, “Health Insurance”), as well as a term life insurance
policy (“Life Insurance”) with a death benefit equal to $300,000. The Bank will
provide the Employee with automobile benefits commensurate with his position
and at least comparable to other employees of the Employer.

 

This Agreement
shall not be deemed abrogated or terminated if the Board of Directors or
stockholders of Employer shall determine to increase the compensation of
Employee for any period of time.

 

4.             Duties. The Employee is engaged as Chief
Financial Officer of the Employer and the Corporation with such duties to be
established by the Board of Directors and/or as specified in the Bylaws of the Employer.

 

5.             Working Facilities. The Employee shall have a
private office, stenographic help, and such other facilities and services as
are suitable to his position and appropriate for the performance of his duties.

 

6.             Disclosure of Information. The Employee acknowledges that
the Confidential Information is a valuable, special, and unique asset of the
Employer’s business. The Employee will not, during or after the term of his
employment, disclose any Confidential Information to any person, firm,
corporation, association, or other entity for any reason or purpose whatsoever.
In the event of a breach or threatened breach by the Employee of the provisions
of this paragraph, the Employer shall be entitled to an injunction restraining
the Employee from disclosing, in whole or in part, the Confidential
Information, or from rendering any services to any person, firm, corporation,
association, or other entity to whom such Confidential Information, in whole or
in part, has been disclosed or is threatened to be disclosed. Nothing herein
shall be construed as prohibiting the Employer from pursuing any other remedies
available to the Employer for such breach or threatened breach, including the
recovery of damages from the Employee.

 

7.             Expenses. The Employee may incur
reasonable expenses for promoting the Employer’s business, including expenses
for entertainment, travel, and similar items. The Employer will reimburse the
Employee for all such expenses upon the Employee’s periodic presentation of an
itemized account of such expenditures.

 

8.             Vacations. The Employee shall be entitled
each year to a vacation of five (5) weeks, during which time his compensation
shall be paid in full. A portion of such vacation shall be taken over a two
week consecutive period.

 

9.             Force Majeure and Disability. If Employer is unable to conduct
its business, or a substantial portion thereof, by virtue of governmental
regulation or order, or by strike, war, fire, earthquake, hurricane, or similar
acts of God, or other calamity (declared or undeclared), or because of other
similar or dissimilar cause beyond control of Employer (all of which events are
hereinafter sometimes referred to as “Force Majeure”), or in the event Employee
suffers a Total Disability, Employer shall, in the event the Force Majeure
and/or Total Disability continue for at least eight aggregate weeks during any
four-month period, have the right to suspend the operation of this Agreement
for the duration of said Force Majeure and/or Total Disability (except for any
benefits payable to Employee under such benefit plans generally available to
all executive employees), and Employer shall, at its option, have the right to
add a period equal to such suspension to the Term hereof. If the Term shall
expire prior to the end of the Termination Date because of the Employee’s Total
Disability, the Employer shall continue to pay the amounts specified in Section
3 during the Term of this Agreement, provided however, that any such continued
payments shall be reduced, dollar-for-dollar, by the amount of any payments
made to the Employee pursuant to the Employer-sponsored disability plan,
program or arrangement or pursuant to disability insurance provided by the
Employer to the Employee. If the Employer’s Board of Directors determines that
the Employee, after suffering Total Disability, is unable to manage his or her
affairs, the Employer shall pay the amounts due under this Section 9 as
the Employee’s duly appointed guardian, conservator, or other legal
representative, instead of the Employee.

 

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10.          Termination With Cause. With Good Cause, the Employer
may terminate this Agreement at any time upon written notice to the Employee. In
such event, the Employee, if requested by the Employer, shall continue to
render his services, and shall be paid his regular compensation up to the date
of termination, but no other payments or benefits shall be paid or vested to
him.

 

11.          Change in Control Payment. In the event
that a Change in Control occurs during
the term hereof, irrespective of whether or not the Employee’s employment is
terminated by the Bank or the Corporation or any successor to the Bank or the
Corporation, the Bank shall (i) pay the Employee an amount equal to (w) the
product of 2.99 times the sum of the Employee’s expected Base Salary and
Additional Compensation for the calendar year during which the Change in Control occurs (which
expected Base Salary and Additional Compensation shall be in no event less than
that earned by the Employee during the preceding calendar year), plus (x) provide
continued health and life insurance benefits, at the level maintained by the
Bank for the Employee, for the remaining term of the Agreement, and (ii) grant
the Employee the right to purchase the employer-owned or leased automobile used
by the employee as of the effective date of the Change in Control at the lower
of (y) the Trade-In Value (as that term is defined in the current Kelley Blue
Book) or (z) the book value as shown on the leasing Employer’s books. Any
payments to be made by the Bank to the Employee pursuant to clause (i) of this
Subsection 11 shall be paid in the Employee’s discretion either in a lump sum
or in equal installments over a twenty-four (24) month period beginning on the
effective date of the Change in Control. If it is determined by the Bank’s
independent auditors that any monetary or other benefit received or deemed
received by the Employee in the event of a Change in Control is or will become
subject to any excise tax under Section 4999 of the Code or any similar tax
under any United States federal, state, or local law, the Bank shall pay to the
Employee, within 30 business days, an amount equal to the estimated excise tax
but not to exceed $100,000.00.

 

12.          Death
During Employment. If the Term shall expire prior to the end of the Termination
Date because of the Employee’s death, the Employer shall thereafter make
payments equal to 75% of the amount specified in Section 3(a), (b), and (c),
during the Term. The payments described in this Section 12 shall be made
to the Employee’s spouse if the Employee is married at the time of the Employee’s
death, but if the Employee is not married at the time of the Employee’s death
or if the Employee is married at the time of the Employee’s death and the
Employee’s spouse dies before all the payments are made under this
Section 12, the remaining payments shall be made to the Employee’s estate.

 

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13.          Competition During and After Term.
Employee agrees
that during the Term hereof, and for a period of one (1) year after the
expiration of the Term, he will not, either separately, jointly, or in
association with others, directly or indirectly, as an agent, employee, owner,
partner, stockholder, or otherwise, allow his name to be used by, or establish,
engage in, or become interested in any business, trade or occupation similar to
the business being conducted by Employer, in any county in any of the States of
the United States in which Employer’s business is presently being conducted, as
long as Employer, or any person, firm, or corporation deriving title to the
goodwill of, or shares from it, carries on a like business therein. Notwithstanding
the preceding sentence, Employee shall be allowed to engage in or be interested
in the businesses and activities enumerated in Schedule 1 annexed hereto, if
any, provided that his interest or involvement therein does not otherwise
violate any other term or provision of this Agreement other than the preceding
sentence of this Section. Employer and Employee acknowledge that during the
Term of Employee’s employment, Employee will acquire special knowledge and/or
skill that he can effectively utilize in competition with Employer. Furthermore,
although not a term or condition of this Agreement, Employer and Employee
acknowledge that, as of the date hereof, it is reasonably contemplated that
Employee’s services will be utilized by Employer in executive, managerial,
and/or supervisory capacities throughout the areas in which Employer conducts
its business, and in the general operation of Employer’s business wherever it
is being conducted, throughout the United States.

 

Employee
agrees that the remedy at law for any breach by him of the covenants contained
herein will be inadequate, and that in the event of a violation of the
covenants contained herein, in addition to any and all legal and equitable
remedies which may be available, the said covenants may be enforced by an injunction
in a suit in equity, without the necessity of proving actual damage, and that a
temporary injunction may be granted immediately upon the commencement of any
such suit, and without notice. The parties hereto intend that the covenants
contained in this Section shall be deemed to be a series of separate covenants,
one for each county of each state where Employer does business. If, in any
judicial proceeding, a court shall refuse to enforce any or all of the separate
covenants deemed included in such action, then such unenforceable covenants
shall be deemed eliminated from the provisions hereof for the purposes of such
proceeding to the extent necessary to permit the remaining separate covenants
to be enforced in such proceeding. Furthermore, if in any judicial proceeding a
court shall refuse to enforce any covenant by reason of the duration or extent
thereof, such covenant shall be construed to have only the maximum duration or
extent permitted by law.

 

14.          Intellectual Property. The Employee also shall disclose
fully and only to the Employer all ideas, methods, plans, developments,
improvements, or patentable inventions, that relate directly or indirectly to
the business of the Employer, that are known, made, or discovered by the
Employee at any time during the Term. Nothing in this Section, however, shall
be construed as requiring any communication to the Employer of the idea,
method, plan, development, improvement, or invention if protected by any lawful
prohibition against the communication. All disclosures are to be made promptly
after conception or discovery of the idea, method, plan, development,
improvement, or invention. Any idea, method, plan, development, improvement, or
invention that the Employee is obligated to disclose to the Employer under this
Section shall be the property of the Employer. The Employee shall (a) provide
any and all assistance to the Employer in making any patent applications or
other applications for obtaining exclusive rights in, and (b) do all other
things reasonably necessary to vest in the Employer or its assigns, the ideas,
methods, plans, development, improvements, or inventions. Nothing herein shall
be construed as prohibiting the Employer from pursuing any other remedies
available to the Employer for such breach or threatened breach, including the
recovery of damages from the Employee.

 

6

 

15.          Notices. Any notice required or desired
to be given under this Agreement shall be deemed given if in writing sent by
certified mail to his residence, in the case of the Employee, or to its
principal office, in the case of the Employer.

 

16.          Waiver of Breach. The waiver by the Employer of a
breach of any provision of this Agreement by the Employee shall not operate or
be construed as a waiver of any subsequent breach by the Employee. No waiver
shall be valid unless in writing and signed by an authorized officer of the
Employer.

 

17.          Assignment. The Employee acknowledges that
the services to be rendered by him are unique and personal. Accordingly, the
Employee may not assign any of his rights or delegate any of his duties or
obligations under this Agreement. The rights and obligations of the Employer
under this Agreement shall inure to the benefit of and shall be binding upon
the successors and assigns of the Employer.

 

18.          Compliance with Other Agreements. The Employee represents and
warrants that the execution of this Agreement and the performance of the
Employee’s obligations under this Agreement will not conflict with, result in
the breach of any provision of, cause the termination of, or constitute a
default under any Agreement to which the Employee is a party or by which the
Employee is or may be bound.

 

19.          Litigation Expense. In the event of a default
under this Agreement, the defaulting party shall reimburse the nondefaulting
party for all costs and expenses reasonably incurred by the nondefaulting party
in connection with the default, including without limitation attorney’s fees. Additionally,
in the event a suit or action if filed to enforce this agreement or with
respect to this Agreement, the prevailing party or parties shall be reimbursed
by the other party for all costs and expenses incurred in connection with the
suit or action, including without limitation reasonable attorney’s fees at the
trial level and on appeal.

 

20.          Severability. In the event any section,
subsection, provision, or clause of this Agreement or any combination thereof
is found to be unenforceable at law, in equity, or under any presently existing
other after enacted legislation, regulation, or order of the United Sates, any
state or subdivision thereof or any municipality, those finding shall not in
any way affect the other sections, subsections, provision, or clauses of this
Agreement, which shall continue in full force and effect, and the unenforceable
provision shall be interpreted in a manner that imposed the maximum restriction
or obligation permitted by applicable law.

 

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21.          Entire Agreement. This Agreement contains the
entire understanding of the parties. It may not be changed orally but only by
an agreement in writing signed by the party against whom enforcement of any
waiver, change, modification, extension, or discharge is sought.

 

22.          Governing Law. This Agreement shall be
construed and enforced in accordance with the laws of the State of Tennessee.

 

IN
WITNESS WHEREOF, the parties hereto have executed this
Agreement on

 

January 19, 2006.

 

	
   

  	
  EMPLOYER:

  
	
   

  	
   

  
	
   

  	
  TENNESSEE COMMERCE BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Arthur F. Helf

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Chairman & CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ George W. Fort

  
	
   

  	
  George W. Fort

  

 

8<PAGE>

EXHIBIT 10.1         Exhibit A is omitted, but will be furnished supplementally
                     to the Commission upon request.

                               FOURTH AMENDMENT TO
                                CREDIT AGREEMENT

         This Fourth Amendment to Credit Agreement (this "AMENDMENT"), dated as
of April 21, 2006, is by and among EASYLINK SERVICES CORPORATION, a Delaware
corporation (the "PARENT"), the subsidiaries of Parent identified on the
signature pages hereto (collectively, with the Parent, the "BORROWERS" and
individually, a "BORROWER") and WELLS FARGO FOOTHILL, INC., a California
corporation (together with its successors and assigns, the "LENDER").

                                 R E C I T A L S

         A. The Borrowers and the Lender are parties to that certain Credit
Agreement dated as of December 9, 2004 (as amended, the "ORIGINAL CREDIT
AGREEMENT").

         B. On or about April 19, 2006, the Parent received investment proceeds
in an amount equal to $5,400,000 in exchange for equity in the Parent. In
accordance with the Original Credit Agreement, on or prior to May 1, 2006, the
Borrowers will pay to the Lender an amount equal to $3,000,000 as a permanent
prepayment of the Term Loan.

         C. The parties hereto desire to amend the Original Credit Agreement (as
the Original Credit Agreement is amended by this Amendment, and as the Original
Credit Agreement may be further amended, modified or restated from time,
collectively the "CREDIT AGREEMENT") as provided herein.

         NOW, THEREFORE, in consideration of the premises herein contained, and
for other good and valuable consideration (the receipt, sufficiency and adequacy
of which are hereby acknowledged), the parties hereto (intending to be legally
bound) hereby agree as follows:

         1. Definitions. Terms capitalized herein and not otherwise defined
herein shall have the meanings ascribed to such terms in the Credit Agreement.

         2. Amendment to Credit Agreement. Subject to the terms and conditions
contained herein, the parties hereto hereby amend the Credit Agreement as
follows:

                  (a) Schedule 1.1 of the Credit Agreement is hereby amended by
         deleting the definition of EBITDA in its entirety and replacing it as
         follows:

                  "EBITDA" means, with respect to any fiscal period, Parent's
         and its Subsidiaries' consolidated net earnings (or loss), minus
         extraordinary gains and interest income, plus the gain on the early
         extinguishment of Indebtedness paid to the Existing Lenders with the
         proceeds of the Term Loan in an amount not to exceed $1,500,000,
         interest expense, income taxes, and depreciation and amortization for
         such period, in each case, as determined in accordance with GAAP.
         Notwithstanding the foregoing, sales, marketing and product development
         costs or expenses of the Borrowers in excess of those amounts

<PAGE>

         for any such item as reflected on Exhibit A attached hereto in an
         amount not to exceed $1,400,000 in the aggregate shall be added back to
         EBITDA solely for the fiscal years 2006 and 2007.

         3. Conditions Precedent. The amendment contained in Section 2 above is
subject to, and contingent upon, the prior or contemporaneous satisfaction of
each of the following conditions precedent, each in form and substance
satisfactory to the Lender:

                  (a) The Borrowers and the Lender shall have executed and
         delivered to each other this Amendment; and

                  (b) The Borrowers shall have satisfied any other conditions of
         the Lender required in connection with this Amendment.

         4. Reference to and Effect on the Credit Agreement. Except as expressly
provided herein, the Credit Agreement and all of the Loan Documents shall remain
unmodified and continue in full force and effect and are hereby ratified and
confirmed. The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of: (a) any right, power or remedy of the Lender under the
Credit Agreement or any of the Loan Documents, or (b) any Default or Event of
Default under the Credit Agreement or any of the Loan Documents.

         5. Representations and Warranties of the Borrowers. Each of the
Borrowers hereby represents and warrants to the Lender, which representations
and warranties shall survive the execution and delivery of this Amendment, that
on and as of the date hereof and after giving effect to this Amendment:

                  (a) As to each Borrower, the execution, delivery, and
         performance by such Borrower of this Amendment have been duly
         authorized by all necessary action on the part of such Borrower.

                  (b) As to each Borrower, the execution, delivery, and
         performance by such Borrower of this Amendment does not and will not
         (i) violate any provision of federal, state, or local law or regulation
         applicable to any Borrower, the Governing Documents of any Borrower, or
         any order, judgment, or decree of any court or other Governmental
         Authority binding on any Borrower, (ii) conflict with, result in a
         breach of, or constitute (with due notice or lapse of time or both) a
         default under any material contractual obligation of any Borrower,
         (iii) result in or require the creation or imposition of any Lien of
         any nature whatsoever upon any properties or assets of Borrower, other
         than Permitted Liens, or (iv) require any approval of any Borrower's
         interest holders or any approval or consent of any Person under any
         material contractual obligation of any Borrower, other than consents or
         approvals that have been obtained and that are still in force and
         effect.

                  (c) As to each Borrower, this Amendment and all other
         documents contemplated hereby, when executed and delivered by such
         Borrower will be the legally valid and binding obligations of such
         Borrower, enforceable against such Borrower in accordance with their
         respective terms, except as enforcement may be limited by

                                       2
<PAGE>

         equitable principles or by bankruptcy, insolvency, reorganization,
         moratorium, or similar laws relating to or limiting creditors' rights
         generally.

                  (d) The representations and warranties of each of the
         Borrowers set forth in the Credit Agreement and in the Loan Documents
         to which it is a party are true, correct and complete on and as of the
         date hereof; provided that the references to the Credit Agreement
         therein shall be deemed to include the Credit Agreement as amended by
         this Amendment.

                  (e) Each of the Borrowers acknowledges that the Lender is
         specifically relying upon the representations, warranties and
         agreements contained in this Amendment and that such representations,
         warranties and agreements constitute a material inducement to the
         Lender in entering into this Amendment.

         6. Release by the Borrowers. In further consideration of the Lender's
execution of this Amendment, each of the Borrowers hereby waives any defense,
right of set-off or claim against Lender and any of its affiliates, directors,
officers, employees, agents and representatives existing as of the date hereof
with respect to the Credit Agreement and the Loan Documents and each of the
Borrowers hereby forever remises, releases, acquits, satisfies and forever
discharges the Lender and each of its successors, assigns, affiliates, officers,
employees, directors, agents and attorneys (collectively, the "RELEASEES") from
any and all claims, demands, liabilities, disputes, damages, suits,
controversies, penalties, fees, losses, costs, expenses, reasonable attorneys'
fees, actions and causes of action (whether at law or in equity) and obligations
of every nature whatsoever, whether liquidated or unliquidated, known or
unknown, matured or unmatured, fixed or contingent, that any Borrower ever had,
now has, or may have against or seek from any or all of the Releasees that arise
from or relate to any actions that any or all of the Releasees may have taken or
omitted to take prior to the date this Amendment was executed (or otherwise),
including, without limitation, with respect to the Obligations, any Collateral,
the Credit Agreement and any of the Loan Documents, other than for the Lender's
gross negligence or willful misconduct.

         7. Reference to Credit Agreement; No Waiver.

                  7.1 Upon the effectiveness of this Amendment, each reference
         in the Credit Agreement to "this Credit Agreement," "hereunder,"
         "hereof," "herein" or words of like import shall mean and be a
         reference to the Credit Agreement as amended hereby. The term "Loan
         Documents" as defined in Schedule 1.1 of the Credit Agreement shall
         include (in addition to the Loan Documents described in the Credit
         Agreement) this Amendment and any other agreements, instruments or
         other documents executed in connection herewith.

                  7.2 The Lender's failure, at any time or times hereafter, to
         require strict performance by the Borrowers of any provision or term of
         the Credit Agreement, this Amendment or the other Loan Documents shall
         not waive, affect or diminish any right of the Lender thereafter to
         demand strict compliance and performance therewith. Any suspension or
         waiver by the Lender of a breach of this Amendment or any Event of
         Default under the Credit Agreement shall not,

                                       3
<PAGE>

         except as expressly set forth herein, suspend, waive or affect any
         other breach of this Amendment or any Event of Default under the Credit
         Agreement, whether the same is prior or subsequent thereto and whether
         of the same or of a different kind or character. None of the
         undertakings, agreements, warranties, covenants and representations of
         any Borrower contained in this Amendment, shall be deemed to have been
         suspended or waived by the Lender unless such suspension or waiver is:
         (i) in writing and signed by the Lender and (ii) delivered to the
         Borrower. In no event shall the Lender's execution and delivery of this
         Amendment establish a course of dealing among the Lender, the
         Borrowers, or any other obligor or in any other way obligate the Lender
         to hereafter provide any amendments or waivers with respect to the
         Credit Agreement. The terms and provisions of this Amendment shall be
         limited precisely as written and shall not be deemed: (A) to be a
         consent to a modification, amendment or waiver of any other term or
         condition of the Credit Agreement or of any other Loan Documents, or
         (B) to prejudice any right or remedy that the Lender may now have under
         or in connection with the Credit Agreement or any of the other Loan
         Documents.

         8. Successors and Assigns; Amendment. This Amendment shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns; provided, however, no Borrower may assign this Amendment
or any of its respective rights hereunder without the Lender's prior written
consent. Any prohibited assignment of this Amendment shall be absolutely null
and void. This Amendment may only be amended or modified by a writing signed by
the Lender and the Borrowers.

         9. Severability; Construction. Wherever possible, each provision of
this Amendment shall be interpreted in such a manner so as to be effective and
valid under applicable law, but if any provision of this Amendment is held to be
prohibited by or invalid under applicable law, such provision or provisions
shall be ineffective only to the extent of such provision and invalidity,
without invalidating the remainder of this Amendment. Neither this Amendment nor
any uncertainty or ambiguity herein shall be construed or resolved against
Lender, whether under any rule of construction or otherwise. On the contrary,
this Amendment has been reviewed by all parties hereto and shall be construed
and interpreted according to the ordinary meaning of the words used so as to
fairly accomplish the purposes and intentions of the parties hereto.

         10. Counterparts; Facsimile. This Amendment may be executed in one or
more counterparts, each of which taken together shall constitute one and the
same instrument. Delivery of an executed counterpart of this Amendment by
telefacsimile shall be equally as effective as delivery of a manually executed
counterpart of this Amendment. Any party delivering an executed counterpart of
this Amendment by telefacsimile shall also deliver a manually executed
counterpart of this Amendment, but the failure to deliver a manually executed
counterpart shall not affect the validity, enforceability or binding effect of
this Amendment.

         11. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.

                  (a) THE VALIDITY OF THIS AMENDMENT, THE CONSTRUCTION,
         INTERPRETATION, AND ENFORCEMENT HEREOF, AND

                                       4
<PAGE>

         THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING
         HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND
         CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                  (b) THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING
         IN CONNECTION WITH THIS AMENDMENT SHALL BE TRIED AND LITIGATED ONLY IN
         THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE
         OF NEW YORK, PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT
         AGAINST ANY BORROWER COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT
         LENDER'S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS
         TO BRING SUCH ACTION OR WHERE SUCH BORROWERS COLLATERAL OR OTHER
         PROPERTY MAY BE FOUND. BORROWER AND THE LENDERS WAIVE, TO THE EXTENT
         PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE
         DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT
         ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 11(B).

                  (c) BORROWERS AND THE LENDER HEREBY WAIVE THEIR RESPECTIVE
         RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
         ARISING OUT OF THIS AMENDMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED
         HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS,
         AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. BORROWERS AND THE LENDER
         REPRESENT THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND
         VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH
         LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AMENDMENT MAY
         BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

                                       5
<PAGE>

         IN WITNESS WHEREOF, the undersigned have caused this Fourth Amendment
to be duly executed and delivered as of the date first above written.

                         EASYLINK SERVICES CORPORATION,
                             a Delaware corporation

                             By:    /s/ Thomas F. Murawski
                                    -------------------------------------
                             Title: Chairman, President and Chief
                                    Executive Officer

                          EASYLINK SERVICES USA, INC.,
                             a Delaware corporation

                             By:    /s/ Thomas F. Murawski
                                    -------------------------------------
                             Title: President and Chief Executive
                                    Officer

                          WELLS FARGO FOOTHILL, INC.,
                             a California corporation

                             By:    /s/ Ronald Cote
                                    -------------------------------------
                             Title: V.P.

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