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EXHIBIT 10.10  

Greenhill 2nd Comments 8/18/02             

 
 

FOURTH SUPPLEMENTAL
  TRUST INDENTURE
  TRANS WORLD CORPORATION
  (FORMERLY KNOWN AS TRANS WORLD GAMING CORP.),
  TWG INTERNATIONAL U.S. CORPORATION,
  TWG FINANCE CORP., ISSUERS    
  

        This Fourth Supplemental Trust Indenture, dated as of
[®                        ], (this "Supplemental Indenture"), is made by and
among TWG International U.S. Corporation ("TWG International"), Trans World Corporation, formerly known as Trans World Gaming Corp. ("TWG"), and TWG Finance Corp. (together with any successors to
their rights, duties and obligations under the Indenture described herein, the "Issuers"), and The Bank of New York Trust Company of Florida, N.A. as successor in interest to the U.S. Trust Company of
Texas, N.A. (together with any successor trustee hereunder, the "Trustee"), a national banking association having corporate trust offices located in Dallas, Texas. 

        WHEREAS,
the Issuers and the Trustee have heretofore executed and delivered that certain Indenture dated as of March 31, 1998, as supplemented by that certain First Supplemental Trust
Indenture among the Issuers and the Trustee dated as of October 29, 1998, and as supplemented by that certain Second Supplemental Trust Indenture among the Issuers and the Trustee dated as of October
15, 1999, and as supplemental by that certain Third Supplemental Trust Indenture among the Issuers and the Trustee dated as of September 10, 2001 (the Indenture, as so supplemented is referred to
herein as the "Primary Indenture"), and have issued their 12% Senior Secured Notes Due March 17, 2005 to certain private holders referred to herein as the "Holders" (collectively the "Primary Notes")
thereunder; and 

        WHEREAS,
TWG International and the Trustee have executed that certain Indenture dated as of March 31, 1998, as supplemented by that First Supplemental Trust Indenture dated as of October
29, 1998, and as supplemented by that certain Second Supplemental Trust Indenture dated as of October 15, 1999, and as supplemented by that certain Third Supplemental Trust Indenture among the Issuers
and the Trustee date as of September 10, 2001 (the Indenture, as so supplemented is referred to herein as the "Funding Note Indenture") and has issued its 12% Senior Secured Note Due March 17, 2005 to
TWG (collectively the "Funding Note") thereunder; and 

        WHEREAS,
the Issuers and the Holders representing a majority in principal amount of the Outstanding Primary Notes ("Majority Holders") have entered into that certain Agreement and Plan
of Recapitalization pursuant to which the Majority Holders have agreed that their Primary Notes are to be exchanged for either common stock of TWG or a promissory note (the "Exchange Agreement"); and 

        WHEREAS,
pursuant to the terms of the Exchange Agreement, the Issuer has agreed to request, and the Majority Holders have agreed to instruct, the Trustee to execute and deliver this
Supplemental Indenture for the purpose of deleting from the Primary Indenture certain of the Issuers' covenants and certain other provisions which can be so deleted with the prior consent of not less
than a majority of the principal amount of the Outstanding Primary Notes pursuant to Section 8.2 of the Primary Indenture; and 

        WHEREAS,
the execution and delivery of this Supplemental Indenture has been duly and validly authorized in all respects by the respective Boards of Directors of the Issuers; and 

1

 

        WHEREAS,
the Majority Holders have executed and delivered to the Trustee their written consent in compliance of Article 7 of the Indenture for the Trustee to enter into this Supplemental
Indenture; and 

        WHEREAS,
the Trustee is a party to this Supplemental Indenture in order to acknowledge its acceptance of the terms and provisions hereof and to evidence its consent to the amendments to
the Primary Indenture made hereby. 

        NOW,
THEREFORE, in consideration of the mutual understandings, promises and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which
are hereby
acknowledged, the Issuer and the Trustee do covenant and agree hereby, for the equal and proportionate benefit of the respective Holders from time to time of the Notes, as follows: 

ARTICLE I 

DEFINITIONS
AND STATUTORY AUTHORITY 

        Section
1.1.    Supplemental Indenture.    This Supplemental Indenture is a Supplemental Indenture, and is adopted in
accordance with Article 8 of the Primary Indenture. 

        Section
1.2.    Definitions.    

        (A)  Unless
the context shall require otherwise, all defined terms contained in the Primary Indenture shall have the same respective meanings in this Supplemental Indenture
as such defined terms are given in the Primary Indenture. 

        (B)  As
used in this Supplemental Indenture, except as otherwise expressly provided or unless the context shall require otherwise: 

        (1)  This
"Supplemental Indenture" means this instrument as originally executed or as it may, from time to time, be supplemented or amended by one or more supplemental
indentures hereto entered into pursuant to the applicable provisions of the Primary Indenture. 

        (2)  All
references in this instrument to designated "Articles," "Sections," and other subdivisions are to the designated Articles, Sections, and other subdivisions of this
instrument as originally executed. 

        Section
1.3.    Primary Indenture to Remain in Force.    Except as amended by this Supplemental Indenture, the Primary
Indenture shall remain in full force and effect as to matters covered therein. 

        Section
1.4.    Successors and Assigns.    All covenants and agreements in this Supplemental Indenture by the Issuers
and the Trustee shall bind the Holders of the Notes, the Issuers, the Trustee and their respective successors and assigns, whether so expressed or not. 

        Section
1.5.    Benefits of Supplemental Indenture.    Nothing in this Supplemental Indenture or in the Notes, express
or implied, shall give any Person, other than the parties hereto, their respective successors hereunder and the Holders of the Notes, any benefit or any legal or equitable rights, remedy or claim
under this Supplemental Indenture. 

        Section
1.6.    Governing Law.    This Supplemental Indenture shall be construed in accordance and governed by the
laws of the State of New York. 

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ARTICLE II 

AMENDMENTS
TO PRIMARY INDENTURE 

        Section
2.1.    The following sections of the Primary Indenture are deleted in their entirety from the Primary Indenture. 

	a.
	Section
3.7 Maintenance of Properties, Etc.

	b.
	Section
3.8 Indebtedness

	c.
	Section
3.9 Books

	d.
	Section
3.10 Limitation on Incurrence of Additional Indebtedness

	e.
	Section
3.12 (a) and (c) Restrictions on Asset Sales

	f.
	Section
3.13 Distributions

	g.
	Section
3.14 Limitation on Dividends and other Payment Restrictions Affecting Subsidiaries

	h.
	Section
3.15 Limitation on Investments

	i.
	Section
3.16 Limitation on Liens

	j.
	Section
3.17 Transactions with Affiliates

	k.
	Section
3.18 Change of Control

	l.
	Section
3.19 Line of Business

	m.
	Section
3.20 Payments for Consent

	n.
	Section
3.21 Limitations on Sale and Leaseback Transactions

	o.
	Section
3.23 Non-USA Operations

	p.
	Section
3.24 Costs of Operations

	q.
	Section
3.29 Post Closing Cooperation

	r.
	Section
4.3 Reports by Issuer

	s.
	Section
5.1(e), (f), (i), (j),(k), (l), (m), and (n) 

        Section
2.2.    Global Amendment.    To the extent necessary, all other terms of the Primary Indenture shall be deemed
amended to reflect amendments set forth herein. 

        Section
2.3    The first sentence of Section 3.12(b) is amended to read in its entirety as follows:    

        "No
later than sixty (60) days after the receipt of Net Cash Proceeds from an Asset Sale, TWG International may apply Net Cash Proceeds therefrom to invest (including through Capital
Expenditures) in properties and assets related to the gambling industry, consistent with other current business activities of TWG International, so long as the Security holders are granted a first
lien and security interest in such assets and provided that such properties and assets are held by TWG International or one or more of Subsidiaries." 

        Section
2.4.    Section 5.1(d) is deleted in its entirety and amended to read in its entirety as follows:    

        "(d) the
occurrence and continuance of an Event of Default under the Funding Note Indenture; or" 

3

 

ARTICLE III 

MISCELLANEOUS 

        Section
3.1.    Ratification and Reaffirmation.    The Issuers and Trustee hereby ratify and reaffirm all the terms
and conditions of the Primary Indenture, as specifically amended and supplemented by this Supplemental Indenture, and each hereby acknowledges that the Primary Indenture remains in full force and
effect, as so amended and supplemented. 

        Section
3.2.    Execution and Counterparts.    This Supplemental Indenture may be executed in several counterparts,
all of which shall constitute one and the same instrument and each of which shall be, and shall be deemed to be, an original. 

        Section
3.3    Effectiveness.    In addition to the other conditions precedent contained in Sections 8.4 and 11.5 of
the Primary Indenture which must be satisfied in connection with the prior to the execution and delivery of this Supplemental Indenture by the Trustee, the Trustee shall not so execute and deliver
this Supplemental Indenture unless the following additional conditions are met: 

        The
delivery of a certificate executed by the chief execution officer of TWG that the Exchange Agreement has closed and that the exchange contemplated therein has taken place in a form
satisfactory to legal counsel to Value Partners, Ltd. the separate execution and delivery of a certificate of Value Partners, Ltd. consenting to the effectiveness of this Supplemental Indenture the
consent of the Majority Holders and an Opinion of Counsel (as defined in the Indenture). 

        Section 3.4    Construction.    It is the intent of the parties hereto that the provisions of this Supplemental
Indenture be consistent and not conflict with, and such provisions shall be construed and interpreted as being consistent and not in conflict with, the Primary Note Indenture, the supplements thereto,
and the other agreements executed and delivered in connection therewith, including, but not limited to, all the Collateral Agreements (collectively, the "Transaction Documents"). If there are any such
inconsistent or conflicting provisions, such provisions in the Transaction Documents shall be deemed amended so as not to be inconsistent or in conflict with the terms of this Supplement, and in no
event shall any such inconsistent or conflicting provisions create a Default or an Event of Default. 

        Section
3.4    Trustee Disclaimer.    The Trustee accepts the amendments of the Indenture effected by this
Supplemental Indenture, but on the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee, and
without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which
recitals or statements are made solely by the Issuers, or for or with respect to (i) the validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (ii) the
proper authorization hereof by the Issuers and the Majority Holders by corporate action or otherwise, (iii) the due execution hereof by the Issuers or the due execution of the Consents of the Majority
Holders (iv) the consequences (direct or indirect and whether deliberate or inadvertent) of any amendment herein provided for, and the Trustee makes no representation with respect to any such matters. 

[This
space intentionally left blank.] 

4

   
        IN WITNESS WHEREOF, the Issuer and the Trustee have caused this Supplemental Indenture to be signed on their behalf by their duly authorized representative, all as of the date first
hereinabove written. 

	 	 	TWG INTERNATIONAL U.S. CORPORATION
	

 	
 	

By:	

    

	 	 	Name:	Rami S. Ramadan
	 	 	Title:	Chief Executive Officer
	

 	
 	

TWG FINANCE CORP.
	

 	
 	

By:	

    

	 	 	Name:	Rami S. Ramadan
	 	 	Title:	Chief Executive Officer
	

 	
 	

TRANS WORLD CORPORATION
	

 	
 	

By:	

    

	 	 	Name:	Rami S. Ramadan
	 	 	Title:	Chief Executive Officer

5

 
Instruction and Consent of Securityholders: 

        The
below designated Securityholder of greater than a majority of principal amount of the Primary Notes Outstanding as of the date hereof, by its execution hereof, consents to the Fourth
Supplemental Trust Indenture and instructs the Trustee to execute and deliver the same. By the execution hereof, the undersigned Securityholder represents and warrants to the Trustee that it is the
holder of in excess of a majority in principal amount of the Primary Notes Outstanding on the date hereof. 

	

 	
 	

VALUE PARTNERS, LTD.
	

 	
 	

By:	

    

	 	 	Name:	Timothy G. Ewing
	 	 	Title:	Managing Partner of Ewing & Partners General Partner of Value Partners, Ltd.

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	BANK OF NEW YORK TRUST COMPANY OF FLORIDA, N.A.

as Trustee
	

By:	

    
	
 	

 
	Name:	John Stohlmann	 	 
	Title:	Vice President	 	 

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FOURTH SUPPLEMENTAL TRUST INDENTURE TRANS WORLD CORPORATION (FORMERLY KNOWN AS TRANS WORLD GAMING CORP.), TWG INTERNATIONAL U.S. CORPORATION, TWG FINANCE CORP., ISSUERS<PAGE>

                                                                     Exhibit 4.1

                               ITC/\DELTACOM, INC.
                              STOCK INCENTIVE PLAN

          This is the ITC/\DELTACOM, INC. STOCK INCENTIVE PLAN. This Plan
authorizes our Board, or a Committee appointed by the Board, to grant options to
purchase, and to issue restricted shares of and stock units relating to, our
common stock. References to the Board will include the Committee, if one is
appointed and acting within the authority delegated to it. The Plan supplies a
number of standard terms and conditions for options, restricted stock and stock
units that will apply unless the Board provides otherwise in a particular case.
We have provided definitions for capitalized terms in Section 21 below.

          1.   PURPOSE

          We are adopting the Plan so that we may grant Options, shares of
Restricted Stock and Stock Units to selected officers, employees, Directors and
consultants who are providing services to us or our Affiliates. We believe that
equity ownership will create strong incentives for our personnel to produce good
business results for us by giving them an opportunity to acquire or increase a
proprietary interest in ITC/\DeltaCom, Inc. ("ITC/\DeltaCom"). We hope that
equity ownership will encourage our personnel to do their best to help us to
achieve our long-term corporate objectives and that our personnel also will be
more likely to stay with us instead of pursuing other employment or business
opportunities.

          We intend each Option we grant under the Plan to be a Nonqualified
Option (and not an Incentive Stock Option) for income tax purposes, unless we
specifically designate the Option as an Incentive Stock Option in the Option
Agreement at the time we grant it and the Option satisfies all of the
requirements for that treatment. We may issue shares of Restricted Stock and
Stock Units in accordance with the provisions of Section 6 below. We refer to
Options, Restricted Stock and Stock Units as "Incentive Awards."

          2.   ADMINISTRATION

               (a) Board of Directors. The Board will administer the Plan. The
Board will have the full power and authority to take all actions and to make all
determinations required or permitted under the Plan. If any Incentive Award or
Agreement needs to be interpreted or amended or if any other action by us is
necessary or desirable to implement the Plan or any Incentive Award, our Board
will have the authority to take those actions, in

<PAGE>

its discretion. The Board will take action and make determinations in accordance
with our Certificate of Incorporation and Bylaws by written consent in lieu of a
meeting or by the affirmative vote of a majority of the members of the Board who
are present at a meeting at which any issue relating to the Plan is properly
raised for consideration. The Board's interpretation of the Plan or any
Incentive Award or Agreement will be final and conclusive.

               (b) Committee. The Board may appoint a Committee and delegate all
or a portion of the Board's authority for the administration of the Plan to the
Committee. The Committee will take action and make determinations in accordance
with our Certificate of Incorporation and Bylaws by written consent in lieu of a
meeting or by the affirmative vote of a majority of its members who are present
at a meeting at which any issue relating to the Plan is properly raised for
consideration.

               (c) No Liability. No member of our Board or the Committee will be
liable for any action or determination made in good faith with respect to the
Plan or any Incentive Award or Agreement.

               (d) Scope and Effect of Delegation to the Committee. If our Board
delegates to the Committee the power and authority to take an action or make a
determination, the Committee will have the same power and authority, to the
extent delegated, that the Board would have had. When the Board delegates power
and authority to the Committee, the Board may retain the power and authority to
take final actions and make final determinations itself.

          3.   STOCK

          We may issue shares of our Stock under the Plan, either from treasury
shares or from our authorized but unissued shares. We will not issue more than
4,500,000 shares of Stock under the Plan, of which 1,000,000 may be issued
pursuant to awards of Restricted Stock or Stock Units and 3,500,000 may be
issued pursuant to the exercise of Options. We will adjust those numbers of
shares as appropriate to reflect changes in our capitalization after the
Effective Date, as provided in Section 17 below. If any Incentive Award expires,
terminates, or is canceled, forfeited or terminated, in whole or any part,
before exercise or vesting in full, the shares of Stock that were subject to the
canceled, forfeited or terminated portion of that Incentive Award will be
available for future grants of the same type (Restricted Stock, Stock Units or
Options, as applicable) under the Plan.

                                       -2-

<PAGE>

          4.   ELIGIBILITY

          We may grant Incentive Awards to any employee, officer, Director or
consultant who provides services to ITC/\DeltaCom or any Affiliate. All of those
persons will be Eligible Individuals, but only employees of ITC/\DeltaCom or a
Subsidiary are eligible to receive Incentive Stock Options. The Board will have
discretion to designate the Eligible Individuals who will receive Incentive
Awards.

          5.   EFFECTIVE DATE AND TERM OF THE PLAN

               (a) Effective Date. The Plan became effective on the Effective
Date, which is the date on which the Board adopted the Plan, but our ability to
grant Incentive Stock Options under the Plan is subject to approval of our
stockholders, in accordance with state law and with our Certificate of
Incorporation and Bylaws, within one year after the Effective Date. Upon
approval of the Plan within that time period by our stockholders, all Incentive
Stock Options that we had previously granted under the Plan will be fully
effective as if the stockholders had approved the Plan on the Effective Date. If
the stockholders do not approve the Plan or if they approve it more than one
year after the Effective Date, all Incentive Stock Options that we have granted
under the Plan will be null and void and of no force or effect. Failure of the
stockholders to approve the Plan will not impair our ability to grant
Nonqualified Options, Restricted Stock or Stock Units under the Plan.

               (b) Term. The Plan will terminate ten years after the Effective
Date. We will not grant any Incentive Awards under the Plan after it terminates.

          6.   GRANT OF OPTIONS, SHARES OF
               RESTRICTED STOCK AND STOCK UNITS

               (a) Options. The Board may grant to an Eligible Individual an
Option to purchase a specified number of shares of Stock at a specified price,
subject to the terms and conditions that are set out in the Plan and to any
additional or permissible alternative terms and conditions that the Board
determines to apply, including, in appropriate cases, terms that are necessary
to qualify an Option as an Incentive Stock Option. The grant date of an Option
will be the date the Board has taken action to approve the grant, unless the
Board determines that the Option should have a later grant date.

                                       -3-

<PAGE>

               (b) Restricted Stock. The Board may grant to an Eligible
Individual shares of Restricted Stock, subject to payment by the Holder of an
amount not less than the par value of the Stock. The Board will specify
continuous service requirements that the Holder must satisfy before the Stock
will become wholly or partially vested. No Restricted Stock grant will be
effective until the Holder and ITC/\DeltaCom each execute an Agreement setting
out the Conditions of the grant. Upon satisfying the specified Conditions and
any other applicable requirements, the Holder will be entitled to the shares of
Stock covered by the grant.

          If the Holder fails to satisfy the specified Conditions within the
time specified or if the Holder's employment terminates before the Holder has
satisfied the Conditions, subject to any provision to the contrary in an
Agreement or an applicable employment agreement between the Holder and
ITC/\DeltaCom or an Affiliate (whether or not effective before the Effective
Date), the Holder will forfeit the shares of Restricted Stock that are not
vested. The Board may direct that shares of Restricted Stock will be held,
either by ITC/\DeltaCom or in escrow, until they become vested and it may place
a legend on the shares of Restricted Stock disclosing the restrictions, so as to
prevent the Holder from transferring the shares to someone else before the
Holder satisfies the Conditions of the grant.

               (c) Stock Units. The Board may grant Stock Units to an Eligible
Individual. The Board will specify continuous service requirements that the
Holder must satisfy before the Stock Units will become wholly or partially
vested. No Stock Unit grant will be effective until the Holder and ITC/\DeltaCom
each execute an Agreement setting out the Conditions of the grant. Upon
satisfying the specified Conditions and any other applicable requirements, the
Company will deliver to the Holder the shares of Stock covered by the Stock
Units.

          If the Holder fails to satisfy the specified Conditions within the
time specified or if the Holder's employment terminates before the Holder has
satisfied the Conditions, subject to any provision to the contrary in an
Agreement or an applicable employment agreement between the Holder and
ITC/\DeltaCom or an Affiliate (whether or not effective before the Effective
Date), the Company will deliver to the Holder the shares of Stock covered by the
Stock Units that are vested and the Holder will forfeit the Stock Units that are
not vested.

               (d) Vesting of Incentive Awards. Unless otherwise provided by the
Board in an Agreement or an applicable employment agreement between the Holder
or Optionee and ITC/\DeltaCom or an

                                       -4-

<PAGE>

Affiliate (whether or not such employment agreement is effective before the
Effective Date), Incentive Awards granted under the Plan will vest at the rate
of one-third (1/3) of the shares of Stock subject to the Incentive Award on each
of the first, second and third anniversary dates of the grant date, subject to
the Optionee's or Holder's continuing to be an employee or service-provider of
ITC/\DeltaCom or its Affiliate.

               (e) Cancellation and New Grant of Options. Subject to Section 7
below, the Board has the authority, with the consent of the affected Optionee,
to cancel any Option and to substitute a new Option covering the same or a
different number of shares of Stock, with the same or a different exercise price
and vesting schedule.

               (f) Waiver of Restrictions and Acceleration. By written notice to
the Optionee or Holder, the Board may waive transfer restrictions and may
accelerate the date on which an Option may be exercised or the date on which an
Option, Restricted Stock or Stock Unit award may become vested.

          7.   LIMITATION ON GRANTS

               (a) Limitations on Incentive Stock Options. There is a $100,000
annual limitation on Incentive Stock Options. The limitation is based on the
fair market value at the time of grant of the shares of Stock that are covered
by an Incentive Stock Option. The limitation relates to the maximum dollar value
of stock for which an Optionee may exercise an Option for the first time in any
calendar year, whether or not the Optionee actually exercises it. An Option will
constitute an Incentive Stock Option only to the extent that the aggregate fair
market value (determined at the time the Option was granted) of the stock with
respect to which the Optionee first has the right to exercise the Option (and
all other Incentive Stock Options granted by us or our Affiliates) in any
calendar year is not more than $100,000. If one or more Options that are
designated as Incentive Stock Options become exercisable in a particular year
and the $100,000 limitation is exceeded, the Options granted most recently will
be disqualified first. If any of the Options exceeds this limitation, the excess
portion will be a Nonqualified Option.

               (b) Limitation on Shares of Stock Subject to Grants. During any
time when we have a class of equity securities registered under Section 12 of
the Exchange Act, the maximum number of shares of Stock subject to Options that
may be awarded under the Plan to any person is 500,000 shares per year, subject
to adjustment pursuant to Section 17 below.

                                       -5-

<PAGE>

          8.   OPTION AGREEMENTS

          We will not grant any Options pursuant to oral agreements. All of our
Options will be evidenced by Option Agreements executed by us and the Optionee.
The Board has the discretion to specify the terms of the Option Agreements,
subject to the requirements of the Plan, and the Board may use different
Agreements for different grants. The Board may modify an Option Agreement after
it has been executed, but no amendment or modification will be effective unless
it is in writing, approved by the Board and executed by us and the Optionee,
except that execution by the Optionee is not required if the change is
beneficial to the Optionee, as reasonably determined by us.

          9.   OPTION PRICE

          The Board will determine the purchase price of each share of Stock
that is subject to an Option and will state that price in the Option Agreement.
The Options for 2,000,000 shares of Stock we will grant pursuant to the Plan of
Reorganization will have the Option Prices set forth in the Plan of
Reorganization and will be Nonqualified Options. The Option Price of any other
Option may not be less than 100% of the fair market value of the Stock covered
by the Option on the date of grant (except that, in the case of an Incentive
Stock Option, the Option Price may not be less than 110% of such fair market
value if the Optionee is a 10% Stockholder). In any case, the Option Price may
not be less than the par value, if any, of the Stock.

          The Board will determine the fair market value of the Stock in good
faith. In the event that the Stock is actively traded on an established national
or regional stock exchange or market, the Board will use the closing price of
the Stock on such exchange or market on the most recent trading date before the
date on which an Option is granted to determine fair market value.

          10.  TERM AND EXERCISE OF OPTIONS

               (a) Term. Each Option granted under the Plan will terminate ten
years from the date of grant or on such earlier date as the Board specifies in
the applicable Option Agreement. If the Option is an Incentive Stock Option and
the Optionee is a 10% Stockholder, the maximum term will be five years from the
date of grant. Options may be terminated earlier because of a Corporate
Transaction under Section 17 below.

               (b) Option Period and Limitations on Exercise. Unless the Board
provides different terms in a particular Option Agreement, each

                                       -6-

<PAGE>

Option will be exercisable at any time from the date of grant until the
expiration or termination of the Option. The Board may provide that an Optionee
may not exercise all or a part of an Option during any period in which the
Option is outstanding and may condition vesting or exercisability of an Option
upon the Optionee's attainment of performance objectives or service requirements
that are specified in the Option Agreement. The Board also may waive in writing
any limitation or condition on the exercise of an Option that is set out in an
Option Agreement (other than limitations and conditions that are imposed by the
Plan). No Incentive Stock Option may be exercised before the Plan is approved by
our stockholders.

               (c) Method of Exercise. An Optionee may exercise a vested and
exercisable Option by delivering to the Company (i) a written notice of exercise
specifying the number of the Option shares that the Optionee wishes to purchase
and (ii) payment in full of the Option Price of the shares for which the Option
is being exercised.

          Payment will be made in cash or through the tender to the Company of,
or written attestation by the Optionee that the Optionee holds, whole shares of
Stock valued at their fair market value (determined in the manner described in
Section 9 above) on the date of exercise, plus cash for any remainder, provided
that such tendered or attested shares must have been held by the Optionee for
such period of time, if any, as is necessary to avoid a charge against our
earnings with respect to such exercise. If the attestation procedure is used,
the Company will withhold a number of shares of Stock otherwise issuable to the
Optionee under the Option which is equal to the number of shares to which such
attestation applies.

          Except as otherwise provided in the applicable Option Agreement, and
subject to the limitation provided in the last sentence of this paragraph with
regard to our Executive Officers and Directors, if at the time of exercise the
Stock is publicly traded on an established securities exchange or market, the
Optionee may exercise an Option by delivering a written direction to us that the
Option will be exercised pursuant to a "cashless" exercise/sale procedure
(pursuant to which funds to pay for exercise of the option are delivered to us
by a broker upon receipt of stock certificates from us) or a "cashless
exercise"/loan procedure (pursuant to which the Optionee would obtain a margin
loan from a broker to fund the exercise). Such a procedure will be effected
through a licensed broker acceptable to us. The stock certificate or
certificates for the shares of Stock for which the Option is exercised will be
delivered to such broker as the agent for the individual exercising the Option
and the broker will deliver to us cash (or cash equivalents acceptable to us)
equal to the Option Price for the shares of Stock

                                       -7-

<PAGE>

purchased pursuant to the exercise of the Option, plus the amount (if any) of
federal and other taxes that we may, in our judgment, be required to withhold
with respect to the exercise of the Option. Our Executive Officers and Directors
will not be permitted to use the "cashless" method of exercise described in this
paragraph without the express prior consent of the Board.

          Any attempt to exercise any Option other than as set forth in this
paragraph (c) will be invalid and of no force and effect.

          Within 30 days after an Optionee exercises an Option and pays in full
the Option Price of the shares of Stock purchased, the Optionee will be entitled
to receive a certificate evidencing such shares. Shares purchased under an
Incentive Stock Option will be represented by a separate certificate and will
not be combined with shares purchased under Nonqualified Options, because of the
rules in the Code relating to disqualifying dispositions of Incentive Stock
Options. An individual holding or exercising an Option will have none of the
rights of a stockholder until the shares of Stock are fully paid and issued. We
will put a legend on Stock certificates issued under the Plan to reflect
restrictions on the sale of the Stock and rights that we have under Section 11
below.

          11.  TRANSFERABILITY OF INCENTIVE AWARDS

               (a) Options. During the Optionee's lifetime, only the Optionee
may exercise an Incentive Stock Option. No Optionee may assign or transfer any
Incentive Stock Option, except that, in the event of the Optionee's death, the
Option may be transferred by will or the laws of descent and distribution. The
same rules concerning transfers will apply to Nonqualified Options, except that,
to the extent authorized in an Option Agreement, an Optionee may transfer not
for value all or part of a Nonqualified Option to a Family member or a Family
Trust, provided that the transferee will enter into a written agreement to be
bound by the terms of the Plan and the Option Agreement and any subsequent
transfer of the Option will be subject to the transfer restrictions set out in
this Plan. A transfer (i) under a domestic relations order in settlement of
marital property rights or (ii) to an entity in which more than 50% of the
voting interests are owned by Family members (or the Optionee) in exchange for
an interest in that entity, will be considered to be "not for value" for this
purpose.

               (b) Restricted Stock and Stock Units. No Holder may assign or
transfer any shares of Restricted Stock or any Stock Units before the Holder
satisfies the applicable Conditions with respect to such Incentive Award, except
that the Holder may transfer such Restricted Stock or Stock

                                       -8-

<PAGE>

Units subject to such Conditions by gift to one or more Family members or to a
Family Trust.

               (c) Additional Provisions. The Board may include additional
transfer restrictions and other provisions in any Incentive Award granted under
the Plan.

          12.  TERMINATION OF SERVICE OR EMPLOYMENT

               (a) General. If an Optionee or a Holder ceases to be an employee
or service-provider of ITC/\DeltaCom and its Affiliates other than because of
death or Disability, any Incentive Award held by the Optionee or Holder that is
not vested will terminate immediately, unless the Board determines otherwise or
unless otherwise provided for in an Agreement or in an applicable employment
agreement between the Optionee or Holder and ITC/\DeltaCom or an Affiliate
(whether or not effective before the Effective Date). Except as otherwise
provided in Section 13 below (in the case of death or Disability) or Section
12(b) below with regard to a termination for Cause, any vested Option will
terminate upon the expiration of three months after termination of the
Optionee's employment or service with ITC/\DeltaCom and its Affiliates, unless a
different period is specified in the Option Agreement or any applicable
employment agreement between the Optionee and ITC/\DeltaCom or any Affiliate
(whether or not effective before the Effective Date). The Board has discretion
to determine whether employment or service continues during an Optionee's leave
of absence on military or government service. If an Optionee or Holder transfers
from ITC/\DeltaCom to an Affiliate, from an Affiliate to ITC/\DeltaCom or from
one Affiliate to another, the employment or service of the Optionee or Holder
will not be deemed to have terminated because of the transfer.

               (b) Termination for Cause. If an Optionee's employment with the
Company or an Affiliate is terminated for Cause (as defined in this Section
12(b)), all vested and unvested Options held by the Optionee shall terminate
immediately. In addition, upon a termination for Cause, the Optionee or Holder
shall forfeit to the Company an amount equal to the aggregate gain the Optionee
or Holder recognized pursuant to the vesting or exercise of Incentive Awards
during the twelve (12) month period preceding the Optionee's or Holder's
termination of employment (the "Look-back Period"). For this purpose the
aggregate gain recognized by the Optionee or Holder shall be equal to the sum
of: (i) the aggregate spread value of all Options exercised by the Optionee
(including Options exercised by a Family member or Family Trust) during the
Look-back Period, in which spread value is the difference between the fair
market value of the Stock on the date of the Option exercise and the Option
exercise price; (ii) the

                                       -9-

<PAGE>

aggregate value of all shares of Restricted Stock owned by the Holder that
vested during the Look-back Period, less the purchase price, if any, of such
shares of Restricted Stock; and (iii) the aggregate value of all shares of Stock
delivered to the Optionee pursuant to Stock Units during the Look-back Period.
"Cause" means, as determined by the Board and unless otherwise provided in an
applicable employment agreement between the Optionee or Holder and the Company
or an Affiliate (whether or not such employment agreement is effective before
the Effective Date), (i) the Optionee's or Holder's gross negligence or willful
misconduct in connection with the performance of the Optionee's or Holder's
duties, (ii) the Optionee's or Holder's conviction of a criminal offense (other
than minor traffic offenses) or (iii) the Optionee's or Holder's material breach
of any term of any employment, consulting or other services, confidentiality,
intellectual property or non-competition agreement between the Optionee or
Holder and the Company or an Affiliate. Any amount required to be paid by the
Optionee or Holder to the Company pursuant to this Section 12(b) shall be
reduced by any amount repaid by the Optionee or Holder to the Company pursuant
to Section 304 of the Sarbanes-Oxley Act of 2002.

          13.  RIGHTS IN THE EVENT OF DEATH OR DISABILITY

               (a) Death of Optionee. If an Optionee dies while employed by, or
providing service to, ITC/\DeltaCom or an Affiliate, each Option held by the
Optionee will become 100% vested upon the Optionee's death. The Optionee's
personal representative or beneficiaries will have the right within one year
after the date of the Optionee's death and before termination of the Option to
exercise, in whole or in part, the portion of the Option held by the deceased
person when the Optionee died, and the Option will terminate if not exercised
within that period, except that the Board has the authority to specify in any
Option Agreement different provisions relating to the vesting and exercise of a
deceased person's Options.

               (b) Disability of Optionee. If an Optionee terminates employment
or service with the Company because of Disability, each Option held by the
Optionee will become 100% vested upon the Optionee's termination. The Optionee
will have the right, within one year after such termination of employment or
service and before termination of the Option, to exercise, in whole or in part,
the portion of the Option held by such person at the date of termination of
employment or service, and the Option will terminate if not exercised within
that period. However, the Board may specify in any Option Agreement different
terms for the vesting or exercise of an Option in the case of Disability.

                                      -10-

<PAGE>

               (c) Disability or Death of Holder. Except as otherwise provided
for in an Agreement, upon the termination of employment or service of a Holder
with the Company because of Disability or Death, the shares of Restricted Stock
and Stock Units held by such Holder will be fully vested.

          14.  USE OF PROCEEDS

          The proceeds that ITC/\DeltaCom receives from the issuance of Stock
pursuant to the Plan will constitute its general funds.

          15.  REQUIREMENTS OF LAW

          We will not issue any shares of Stock under the Plan if doing so would
result in a violation by us or anyone else of any law or regulation, including
any federal or state securities law or regulation. Specifically in connection
with the Securities Act and the regulations thereunder, when we grant Restricted
Stock, when Restricted Stock becomes vested, when Stock becomes deliverable
pursuant to a grant of Stock Units or when someone exercises an Option, unless a
registration statement under the Securities Act is in effect with respect to the
shares of Stock that we are supposed to issue, we will not be required to issue
any shares of Stock unless and until we have receive evidence satisfactory to us
that the such shares may be issued or sold under an exemption from registration
under the Securities Act. The Board's good faith determination in this
connection will be final, binding, and conclusive.

          We may, but will not be obligated to, register any securities covered
by the Plan under the Securities Act. We are not obligated to take any action in
order to allow an Optionee to exercise an Option or to cause shares issued or
sold pursuant to an Option or because of the grant or vesting of Restricted
Stock or Stock Units to comply with any law or regulation, including the
Securities Act and the regulations thereunder. As to any jurisdiction that
expressly imposes the requirement that an Option will not be exercisable or that
we may not issue or sell shares of Stock unless and until the shares are
registered or are subject to an available exemption from registration, the
issuance or sale of shares of Stock under circumstances in which such laws apply
will be deemed conditioned upon the effectiveness of such registration or the
availability of such an exemption.

          16.  AMENDMENT AND TERMINATION OF THE PLAN

          The Board may amend, suspend or terminate the Plan as to any shares of
Stock as to which Incentive Awards have not been granted. Except

                                      -11-

<PAGE>

as permitted under Section 17 below, no amendment, suspension or termination of
the Plan will alter or impair any rights or obligations under any Incentive
Award previously granted under the Plan. However, with the consent of the
Optionee or Holder, the Board may amend any outstanding Agreement in a manner
not inconsistent with the Plan.

          Amendments to the Plan not requiring stockholder approval will become
effective when the Board adopts them. Unless otherwise determined by the Board,
amendments requiring stockholder approval will become effective when the Board
adopts them, but no Incentive Stock Option issued after the date of any such
amendment may be exercised (unless the Option could have been exercised without
regard to the amendment) unless and until such amendment will have been approved
by our stockholders. If such stockholder approval is not obtained within 12
months after the Board's adoption of such amendment, any Incentive Stock Option
granted on or after the date of such amendment will be cancelled to the extent
that such amendment to the Plan was required to enable ITC/\DeltaCom to grant
the Incentive Stock Option.

          17.  EFFECT OF CHANGES IN CAPITALIZATION

               (a) Changes in Stock. If the outstanding shares of our Stock are
increased or decreased or changed into or exchanged for a different number or
kind of shares or other securities of ITC/\DeltaCom because of a Capitalization
Change, we will adjust the number and kinds of shares for which we may grant
Options or issue Stock, including any limit on the number of shares of Stock
that may be granted to individuals under the Plan.

          In addition, we will adjust the number and kind of shares for which
Stock Units and Options are outstanding and we will use our reasonable efforts
to adjust the Options so that the proportionate interest of the holder of the
Option immediately after the Capitalization Change will be substantially the
same as immediately before that event. Any adjustment in outstanding Options
will not change the aggregate Option Price payable with respect to shares
subject to the unexercised portion of the Option outstanding, but will include a
proportionate adjustment in the Option Price per share. In making adjustments
under this Section, we will follow the rules of Code section 424(a) and the
regulations under that section (whether or not the Option is an Incentive Stock
Option).

               (b) Reorganizations in Which ITC/\DeltaCom is the Surviving
Corporation not Involving a Change of Ownership. If the Company is the surviving
corporation in any reorganization, merger or consolidation

                                      -12-

<PAGE>

that is not a Corporate Transaction, any Option granted under the Plan will
apply to the securities that a holder of the number of shares of Stock subject
to the Option would have been entitled to receive immediately following the
transaction if the Optionee had exercised the Option in full immediately before
the transaction, with an adjustment of the Option Price per share so that the
aggregate Option Price will not change. In making adjustments under this Section
17, we will follow the rules of Code section 424(a) and the regulations under
that section (whether or not the Option is an Incentive Stock Option). In the
event of a transaction described in this Section 17(b), Stock Units will be
adjusted so as to apply to the securities that a holder of the number of shares
of Stock subject to the Stock Units would have been entitled to receive
immediately following the transaction.

               (c) Reorganization in Which ITC/\DeltaCom Is Not the Surviving
Corporation or Involving a Change of Ownership; Sale of Assets or Stock. Upon
the occurrence of any Corporate Transaction, the Plan and all outstanding
Options will terminate, unless ITC/\DeltaCom or our Successor agrees in writing
in connection with the Corporate Transaction to continue the Plan and/or to
assume the Options or to substitute new Options covering the capital stock of a
Successor for the Options and to make appropriate equitable adjustments in the
number and kind of shares covered by the Options and the exercise prices of the
Options, in which event the Plan and Options will continue on such basis. If the
Options and the Plan are terminated under this Section 17: (i) the vesting of
all outstanding Options will be accelerated as if each individual holding an
outstanding Option had been employed or provided services for an additional 12
months at the time of such termination; and (ii) each individual holding an
outstanding Option will be entitled to exercise the Option, to the extent the
Option is vested, for at least 30 days before the Option terminates, except that
the Board may impose reasonable limitations on an Optionee's right to exercise
an unvested Option to the extent necessary to avoid the penalty tax that Code
section 4999 imposes on excess parachute payments. The Board may provide for
additional accelerated vesting in the event of a termination under this Section
17 in an Agreement or an applicable employment agreement between the Optionee
and ITC/\DeltaCom or an Affiliate (whether or not such employment agreement is
effective before the Effective Date). The Board will send written notice of a
Corporate Transaction that will result in such a termination to all individuals
who hold Options not later than the time when we give notice of the proposed
transaction to our stockholders. Unvested shares of Restricted Stock and
unvested Stock Units will not become vested or forfeited in the case of a
Corporate Transaction unless otherwise provided in the Agreement with respect to
those shares of Restricted Stock or Stock Units or in an applicable employment
agreement between the Holder and

                                      -13-

<PAGE>

ITC/\DeltaCom or an Affiliate (whether or not such employment agreement is
effective before the Effective Date).

               (d) Adjustments. The Board will make the adjustments to our Stock
or securities under this Section 17, and the Board's reasonable determination in
that respect will be final, binding and conclusive. Neither we nor any Successor
will be required to issue any fractional shares of Stock or units of other
securities, and any fractions resulting from any adjustment will be eliminated
in each case by rounding upward to the nearest whole share or unit (except that,
in the case of an Incentive Stock Option, such rounding will be downward).

               (e) No Limitations on Company. The grant of Incentive Awards
pursuant to the Plan will not affect or limit in any way our right or power to
make adjustments, reclassifications, reorganizations or changes of our capital
or business structure or to merge, consolidate, dissolve or liquidate, or to
sell or transfer all or any part of our business or assets, without the consent
of any Optionee or Holder.

          18.  WITHHOLDING

          The Company or an Affiliate, as the case may be, has the right to
deduct from payments of any kind otherwise due to an Optionee or Holder any
federal, foreign, state or local taxes of any kind required by law to be
withheld with respect to the vesting of or other lapse of restrictions
applicable to an Incentive Award or upon the issuance of any shares of Stock
upon the exercise of an Option or pursuant to an Incentive Award. At the time of
such vesting, lapse or exercise, the Optionee or Holder will pay to the Company
or the Affiliate, as the case may be, any amount that the Company or the
Affiliate may reasonably determine to be necessary to satisfy such withholding
obligation. Subject to the prior approval of the Company or the Affiliate, which
may be withheld by the Company or the Affiliate, as the case may be, in its sole
discretion, the Optionee or Holder may elect to satisfy such obligations, in
whole or in part, (i) by causing the Company or the Affiliate to withhold shares
of Stock otherwise issuable to the Optionee or Holder or (ii) by delivering to
the Company or the Affiliate shares of Stock already owned by the Optionee or
Holder. The shares of Stock so delivered or withheld will have an aggregate Fair
Market Value equal to such withholding obligations. The Fair Market Value of the
shares of Stock used to satisfy such withholding obligation will be determined
by the Company or the Affiliate as of the date that the amount of tax to be
withheld is to be determined. An Optionee or Holder who has made an election
pursuant to this Section 18 may satisfy his or her withholding obligation only
with shares of Stock that are not subject to any repurchase, forfeiture,
unfulfilled vesting or other

                                      -14-

<PAGE>

similar requirements.

          19.  DISCLAIMER OF RIGHTS

          No provision in the Plan or in any Incentive Award granted or
agreement entered into pursuant to the Plan will be construed to confer upon any
individual the right to remain in the employ or service of ITC/\DeltaCom or any
Affiliate, or to interfere in any way with our right and authority to increase
or decrease the compensation of any individual at any time, or to terminate any
employment or other relationship we have with any individual. Our obligation to
pay any amounts or issue any Stock under the Plan is only a contractual
obligation to pay only those amounts, in the manner and under the conditions
prescribed in the Plan and applicable Agreements. We are not required to
transfer any amounts to a third party trustee or otherwise hold any amounts in
trust or escrow for payment to any participant or beneficiary under the Plan.

          20.  NONEXCLUSIVITY OF THE PLAN

          The Plan does not limit in any way the right and authority of the
Board to adopt other incentive compensation arrangements that apply generally or
that are limited to single individuals, including arrangements providing for the
award of restricted stock, stock units, stock options or stock appreciation
rights.

          21.  DEFINITIONS

          For purposes of interpreting the Plan and related documents (including
Agreements), the following definitions will apply:

          "Affiliate" means any Person that controls, is controlled by or is
under common control with ITC/\DeltaCom within the meaning of Rule 405 of
Regulation C under the Securities Act (as defined herein).

          "Agreement" means a written Option Agreement, Restricted Stock
Agreement, Stock Unit Agreement or other agreement between the Company and an
Eligible Individual that evidences and sets out the terms and conditions of an
Incentive Award.

          "Board" means the board of directors of the Company.

                                      -15-

<PAGE>

          "Capitalization Change" means a recapitalization, reclassification,
stock split-up, combination of shares, exchange of shares, stock dividend or
other distribution payable in capital stock, or other increase or decrease in
such shares effected without receipt of consideration by the Company, occurring
after the Effective Date.

          "Code" means the Internal Revenue Code of 1986, as now in effect or as
hereafter amended or the corresponding provision of any subsequently enacted tax
statute.

          "Committee" means a committee of, and designated from time to time by
resolution of, the Board, which will consist of no fewer than two members of the
Board. During any time when the Company has a class of equity securities
registered under Section 12 of the Exchange Act, at least two members of the
Committee will qualify in all respects as (i) "non-employee directors" within
the meaning of Rule 16b-3 under the Exchange Act or any successor rule or
regulation, (ii) "outside directors" for purposes of Code section 162(m) and
(iii) "independent directors" as required by rules, regulations or practices
promulgated by The NASDAQ Stock Market, Inc. or any other stock exchange or
market on which the Stock is traded (to the extent so required), unless the
Board determines that satisfaction of such requirements is impractical or
unnecessary.

          "Company" means ITC/\DeltaCom, Inc., a Delaware corporation, and any
successor or assignee of ITC/\DeltaCom, Inc. that assumes the Plan or Incentive
Awards granted hereunder.

          "Conditions" means the continuous service requirements that must be
met before shares of Restricted Stock or Stock Units become vested.

          "Corporate Transaction" means any of the following: (i) the
dissolution or liquidation of the Company; (ii) a merger, consolidation or
reorganization of the Company in which the Company is not the surviving
corporation; (iii) a sale of all or substantially all of the assets of the
Company to another person; or (iv) any other transaction (including a merger or
reorganization in which the Company is the surviving corporation) that results
in any person or entity beneficially owning (within the meaning of Rule 13d-3
under the Exchange Act) more than 50% of the combined voting power of all
classes of voting securities of the Company.

          "Director" means a member of the Board.

                                      -16-

<PAGE>

          "Disability" means permanent and total disability as defined in Code
section 22(e)(3).

          "Effective Date" means October 29, 2002, which is the date on which
the Board adopted the Plan.

          "Eligible Individual" means any individual who is an employee,
officer, Director or consultant of ITC/\DeltaCom or any Affiliate.

          "Exchange Act" means the Securities Exchange Act of 1934, as now in
effect or as hereafter amended.

          "Executive Officer" means an officer within the meaning of the
Sarbanes-Oxley Act of 2002. For this purpose, and without limiting the
foregoing, Executive Officer will include an "executive officer" of the Company
within the meaning of Rule 3b-7 under the Exchange Act.

          "Family" means the, child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law of
the Optionee or Holder, including adoptive relationships, or any person sharing
the Optionee or Holder's household (other than a tenant or employee).

          "Family Trust" means a trust, limited liability company or partnership
in which members of the Family of the Optionee or Holder have more than 50% of
the beneficial interest, a foundation in which members of the Family of the
Optionee or Holder (or the Optionee or Holder) control the management of assets,
and any other entity in which members of the Family of the Optionee or Holder
(or the Optionee or Holder) own more than 50% of the voting interests.

          "Holder" means an individual to whom the Company has granted shares of
Restricted Stock or Stock Units under the Plan.

          "Incentive Award" means an Option, Restricted Stock or Stock Units
grant.

          "Incentive Stock Option" means an Option that is an "incentive stock
option" within the meaning of Code section 422, or the corresponding provision
of any subsequently enacted tax statute, as amended from time to time.

                                      -17-

<PAGE>

          "ITC/\DeltaCom" means the Company.

          "Nonqualified Option" means an Option that is not an Incentive Stock
Option.

          "Option" means a written option granted by the Company pursuant to the
Plan under which the Optionee has the right to purchase one or more shares of
Stock at a specified price for a specified period of time.

          "Option Agreement" means a written agreement between the Company and
the Optionee that sets forth terms of an Option.

          "Option Price" means the purchase price for each share of Stock
subject to an Option.

          "Optionee" means an individual to whom the Company has granted an
Option under the Plan, while such Option continues to be outstanding.

          "Person" means any person or group within the meaning of section
13(d)(3) or 14(d)(2) of the Exchange Act.

          "Plan" means this ITC/\DeltaCom, Inc. Stock Incentive Plan.

          "Plan of Reorganization" means our plan of reorganization confirmed by
order of the United States Bankruptcy Court for the District of Delaware entered
on October 17, 2002 in In re ITC/\DeltaCom, Inc. (Case No. 02-11848) (MFW)).

          "Restricted Stock" means shares of Stock awarded to pursuant to
Section 6(b) of the Plan that may be subject to restrictions and a substantial
risk of forfeiture.

          "Securities Act" means the Securities Act of 1933, as now in effect or
as hereafter amended.

          "Stock" means the common stock, par value $0.01 per share, of
ITC/\DeltaCom.

          "Stock Unit" means a bookkeeping entry representing the equivalent of
shares of Stock, awarded pursuant to Section 6(c) of the Plan.

                                       -18-

<PAGE>

          "Subsidiary" means any "subsidiary corporation" or "parent
corporation" of the Company within the meaning of Code section 424(f).

          "Successor" means any corporation that is a successor corporation to
ITC/\DeltaCom in a transaction described in Section 17 of the Plan, and any
parent or subsidiary corporation thereof

          "10% Stockholder" means an individual who owns capital stock
possessing more than 10% of the total combined voting power of all classes of
capital stock of ITC/\DeltaCom or any Subsidiary within the meaning of Code
section 422(b)(6) and 424(d).

          "We, us and our" refer to the Company.

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