Document:

Exhibit 4.14

Exhibit 4.14

NEITHER THESE SERIES E
WARRANTS NOR THE SHARES OF SERIES E PREFERRED STOCK ISSUABLE UPON EXERCISE OF
THESE WARRANTS HAVE BEEN REGISTERED UNDER ANY STATE SECURITIES ACT. NEITHER
THESE SERIES E WARRANTS NOR THE SHARES OF SERIES E PREFERRED STOCK ISSUABLE UPON
EXERCISE OF THESE WARRANTS CAN BE SOLD OR TRANSFERRED EXCEPT PURSUANT TO THE
REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES ACT OF 1933, AS AMENDED (“SECURTIES ACT”), OR PURSUANT TO
AN EXEMPTION THEREFROM. THESE SERIES E WARRANTS AND THE SHARES OF SERIES E
PREFERRED STOCK ISSUABLE UPON EXERCISE HEREOF ARE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER AS DESCRIBED HEREIN AND THE NUVOX, INC. 2001 STOCK
INCENTIVE PLAN. 

	No.________ 	Series E Warrants

VOID AFTER
MARCH 31, 2002

NUVOX, INC.

SERIES E
WARRANT CERTIFICATE

             THIS CERTIFIES THAT, for good and valuable consideration, the receipt of which is hereby acknowledged,
____________, his or her permitted transferees or registered assigns, in accordance with the terms of this Series
E Warrant Certificate (the "Warrant Certificate"), and the NuVox, Inc. 2001 Stock Incentive Plan (the "Plan") is
the owner of the number of warrants to acquire shares of the Company's [Series E-1 Convertible Preferred Stock,
Series E-2 Convertible Preferred Stock, Series E-3 Convertible Preferred Stock, Series E-4 Convertible Preferred
Stock, Series E-5 Convertible Preferred Stock, Series E-6 Convertible Preferred Stock, Series E-7 Convertible
Preferred Stock, Series E-8 Convertible Preferred Stock, Series E-9 Convertible Preferred Stock, Series E-10
Convertible Preferred Stock, Series E-11 Convertible Preferred Stock, Series E-12 Convertible Preferred Stock,
Series E-13 Convertible Preferred Stock and Series E-14 Convertible Preferred Stock (collectively, the "Series E Preferred Stock" and each a "series of
Series E Preferred Stock") set forth on Schedule 1 hereto (the "Series E Warrants"), each of which entitles the
owner thereof to acquire from NuVox, Inc., a Delaware corporation (the "Company"), subject to the terms of this
Warrant Certificate and the Plan, upon presentation and surrender of this Warrant Certificate with the Form of
Election to Purchase attached hereto duly executed, at any time prior to the Expiration Date (as defined below),
at the principal executive offices of the Company located at 16090 Swingley Ridge Road, Suite 500, Chesterfield,
Missouri 63017, one fully paid and nonassessable share of the series of Series E Preferred Stock for which the
Series E Warrant is exercisable as set forth on Schedule 1 hereto, at the purchase price of $1.00 per
share for each such share of Series E Preferred Stock ("Purchase Price"), payable in cash, certified check or
wire transfer or by "Cashless Exercise" as provided below.  The Expiration Date shall be the earlier of (a) 4:00
P.M. (St. Louis time) on March 31, 2002, or (b) subject to 

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receipt of the Offering Notice (as defined below)
by the holder of this Warrant Certificate, the closing of the sale of the common stock of the Company, $.01 par
value ("Common Stock"), in a firm commitment, underwritten public offering registered under the Securities Act of
1933, as amended (the "Securities Act"), other than a registration relating solely to a transaction under Rule
145 under the Securities Act (or any successor thereto) or to an employee benefit plan of the Company, at a
public offering price (prior to underwriters' discounts and expenses) equal to or exceeding $1.00 per share of
Common Stock (as adjusted for any stock dividends, combinations or splits with respect to the Common Stock), in
which the aggregate proceeds to the Company and/or any selling stockholders (prior to underwriters' discounts and
expenses) are at least $50 million (a "Qualified Public Offering"). The Company shall provide written notice (the
"Offering Notice") to the holder of this Warrant Certificate of the proposed closing date of a Qualified Public
Offering (the "Closing Date") not later than 10 days prior to the actual Closing Date.  Upon receipt of the
Offering Notice, the holder of this Warrant Certificate, upon surrender of this Warrant Certificate with the Form
of Election to Purchase attached hereto duly executed, may exercise the Series E Warrants evidenced hereby
conditioned upon the closing of the Qualified Public Offering described in the Offering Notice (a "Conditional
Exercise").  If the Qualified Public Offering does not close within 30 days of such proposed Closing Date, the
Series E Warrants evidenced hereby shall remain outstanding and this Warrant Certificate shall be returned to the
holder hereof, subject to its prior expiration in accordance with clause (a) above, unless such expiration date shall
have passed during the time the Warrant Certificate had been tendered in anticipation of the Qualified Public
Offering, in which case the holder of this Warrant Certificate will be given 20 business days to exercise the
Series D Warrants evidenced hereby.

             The holder of this Warrant Certificate may, at its option and at any time prior to the Expiration Date,
exercise the Series E Warrants by "Cashless Exercise" and pay the Purchase Price by delivering to the Company
cash and/or shares of Common Stock or shares of the Company's Series A Convertible Preferred Stock, Series A-1
Convertible Preferred Stock, Series B Convertible Preferred Stock, Series C-1 Convertible Preferred Stock, Series
C-2 Convertible Preferred Stock or Series C-3 Convertible Preferred Stock, having an "Exchange Price" equal to
the amount of the Purchase Price provided that (i) only shares of Series A Preferred Stock may be used to acquire
shares of Series E-1 Preferred Stock, (ii) only shares of Series A-1 Preferred Stock may be used to acquire
shares of Series E-2 Preferred Stock, (iii) only shares of Series C-1 Preferred Stock may be used to acquire
shares of Series E-3 Preferred Stock, (iv) only shares of Series C-2 Preferred Stock may be used to acquire
shares of Series E-4 Preferred Stock, only shares of Series C-3 Preferred Stock may be used to acquire shares of Series E-5 Preferred Stock, (vi) only shares of Series B Preferred Stock may be used to acquire shares of Series E-14 Preferred Stock, (v) only shares of Common Stock may be used
to acquire shares of any of the series of Series E Preferred Stock numbered E-6 through E-13, inclusive and
(vi) any shares of Company stock tendered must have been owned by the holder hereof for at least six months.
Schedule 1 hereto sets forth the outstanding series of the Company's capital stock that may be delivered in
payment of the Purchase Price for Series E Warrants to purchase each of the various series of Series E Preferred
Stock.  As used herein, the term "Exchange Price" means the value of outstanding shares of the Company's capital
stock for purposes of the payment of the Purchase Price hereunder.  The Exchange Price for each class of the
Company's capital stock and the maximum number of shares of each class that the holder of this Warrant
Certificate may submit for payment of the purchase price are shown on Schedule 1 hereto.

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             No fractional shares of Series E Preferred Stock will be issued upon exercise of the Series E Warrants
evidenced hereby. The Company shall, in lieu of issuing any fractional share, pay the holder entitled to such
fraction a sum in cash equal to such fraction multiplied by the then effective Purchase Price.

             The Company agrees that the shares of Series E Preferred Stock purchased upon the exercise of this Warrant
Certificate shall be and are deemed to be issued to the holder of the exercised Warrant Certificate as the record
owner of such shares of Series E Preferred Stock as of the close of business on the date on which this Warrant
Certificate with the Form of Election to Purchase in substantially the form attached hereto properly executed and
appropriate payment for such shares of Series E Preferred Stock shall have each been delivered to the Company at
its principal executive offices.  Certificates for the shares of Series E Preferred Stock so purchased, together
with any other securities or property to which the holder of the exercised Warrant Certificate is entitled upon
such exercise, shall be delivered to such holder by the Company at the Company's expense within a reasonable time
after the rights represented by this Warrant Certificate have been so exercised, and in any event, within ten
(10) business days after such exercise.  In case of a purchase of less than all of the shares which may be
purchased under this Warrant Certificate, the Company shall cancel this Warrant Certificate and execute and
deliver a new Warrant Certificate or Warrant Certificates of like tenor for the balance of the shares of Series E
Preferred Stock purchasable under the Warrant Certificate surrendered upon such purchase to the holder of the
exercised Warrant Certificate within a reasonable time but no later than ten (10) business days after such
exercise.  Each stock certificate so delivered shall be in such denominations of Series E Preferred Stock as may
be requested by the holder of the exercised Warrant Certificate and shall be registered in the name of such
holder.

             The Series E Warrants evidenced by this Warrant Certificate are part of a series of duly authorized Series E
Warrants issued, or to be issued, under the Plan, [and pursuant to the terms of a Securities Purchase Agreement
by and among the Company and the Purchasers of Units, dated as of August __, 2001 (the "Purchase Agreement")] and
are referred to hereinafter as the "Series E Warrants."

             In order to prevent dilution of the exercise rights granted under this Warrant Certificate, the Purchase
Price shall be subject to adjustment from time to time as follows:

             For purposes of determining the adjusted Purchase Price, the following adjustment provisions shall be
applicable:

                         (a) Subdivision or Combination of Series E Preferred Stock.  If the Company at any time subdivides (by
any stock split, stock dividend, recapitalization or otherwise) its outstanding shares of any series of Series E
Preferred Stock into a greater number of shares, the Purchase Price in effect immediately prior to such
subdivision with respect to such series of Series E Preferred Stock shall be proportionately reduced, and,
conversely, if the Company at any time combines (by reverse stock split or otherwise) its outstanding shares of
any series of Series E Preferred Stock into a smaller number of shares, the Purchase Price in effect immediately
prior to such combination with respect to such series of Series E Preferred Stock shall be proportionately
increased.

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                         (b)  Reorganization, Reclassification, Consolidation, Merger or Sale.  Any reorganization,
reclassification, consolidation, merger, sale of all or substantially all of the Company's assets to another
Person (as defined below) or other transaction which is affected in such a manner that holders of any series of
Series E Preferred Stock are entitled to receive (either directly or upon subsequent liquidation) stock,
securities, assets or other property with respect to or in exchange for such series of Series E Preferred Stock
is referred to herein as an "Organic Change".  Prior to the consummation of, and as a condition to, any Organic
Change, the Company shall make lawful and appropriate provision to insure that the holder of this Warrant
Certificate shall thereafter have the right to acquire and receive, in lieu of or in addition to (as the case may
be) the shares of any such series of Series E Preferred Stock immediately theretofore acquirable and receivable
upon the exercise of the Series E Warrants, such shares of stock, securities, assets or other property as such
holder would have received in connection with such Organic Change if the holder of this Warrant Certificate had
exercised the Series E Warrants immediately prior to such Organic Change.  In each such case, the Company shall
also make appropriate provision to insure that the adjustment provisions of this Warrant Certificate shall
thereafter continue to apply (including, without limitation, provisions for adjustment to the Purchase Price and
of the number of shares purchasable and receivable upon exercise of the Series E Warrants).  The Company shall
not effect any consolidation, merger or sale, unless prior to the consummation thereof, the successor entity (if
other than the Company) resulting from such consolidation or merger or the entity purchasing such assets or stock
assumes, by written instrument executed and mailed or delivered to the holder hereof at the last address of such
holder appearing on the books of the Company, the obligation to deliver to the holder of this Warrant Certificate
such shares of stock, securities, assets or other property as, in accordance with the foregoing provisions, such
holder may be entitled to acquire.

                         (c)  Certain Events.  If any event occurs of the type contemplated by the adjustment provisions of this
Warrant Certificate but not expressly provided for by such provisions (including, without limitation, the
granting of stock appreciation rights, phantom stock rights or other rights with equity features), then the
Company's board of directors shall make an appropriate and lawful adjustment in the Purchase Price so as to
protect the rights of the holder of this Warrant Certificate; provided that no such adjustment shall increase the
Purchase Price with respect to the shares of any series of Series E Preferred Stock as otherwise determined
pursuant hereto or decrease the number of shares of any series of Series E Preferred Stock issuable upon exercise
of the Series E Warrants.

                         (d)  Notices.  Immediately upon any adjustment of the Purchase Price, the Company shall give written
notice thereof to the holder of this Warrant Certificate, setting forth in reasonable detail and certifying the
calculation of such adjustment.  The Company shall also give written notice to the holder of this Warrant
Certificate at least 20 days prior to the date on which the Company closes its books or takes a record (I) with
respect to any dividend or distribution upon any series of Series E Preferred Stock, (II) with respect to any pro
rata subscription offer to holders of any series of Series E Preferred Stock or (III) for determining rights to
vote with respect to any Organic Change, dissolution or liquidation, and the date on which any Organic Change,
dissolution or liquidation shall take place.

                         (e)  Purchase Rights.  If at any time the Company grants, issues or sells any options, convertible
securities or rights to purchase stock, warrants, securities or other property (the "Purchase Rights") pro rata
to each record holder of any series of Series E Preferred Stock, in hisor her capacity as such record holder,
then any holder of Series E Warrants to purchase such series of Series E Preferred Stock shall thereafter be
entitled to acquire, in addition to the shares of Series E 

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Preferred Stock acquirable and receivable upon
exercise of the Series E Warrants, and upon the terms applicable to such Purchase Rights, the aggregate Purchase
Rights which such holder could have acquired if such holder had held the number of shares of such series of Series E Preferred Stock acquirable upon exercise of the Series E Warrants immediately before the date on which a
record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date
as of which the record holders of such series of Series E Preferred Stock are to be determined for the grant,
issue or sale of such Purchase Rights.

             The Company covenants and agrees that it will at all times (i) have authorized and reserved and keep
available out of its authorized but unissued Series E Preferred Stock, solely for the purpose of issuance upon
the exercise of the Series E Warrants, such number of shares of Series E Preferred Stock as shall from time to
time be issuable upon the exercise of the Series E Warrants and (ii) reserve and keep available out of its
authorized but unissued Common Stock, solely for the purpose of issuance upon the conversion of the shares of
Series E Preferred Stock issuable upon the exercise of the Series E Warrants, such number of shares of Common
Stock as shall from time to time be issuable upon conversion of such shares of Series E Preferred Stock issuable
on the exercise of the Series E Warrants; and if at any time the number of authorized but unissued and issued but
not outstanding shares of the Series E Preferred Stock and the Common Stock, on a fully diluted basis, shall not
be sufficient to effect such exercise or such conversion based on the Purchase Price then in effect, the Company
will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized
but unissued or issued but not outstanding shares of the Series E Preferred Stock or its Common Stock, as
applicable, to such number of shares as shall be sufficient for such purpose.  The Company further covenants that
all shares of Series E Preferred Stock and Common Stock which shall be so issuable, when issued upon exercise of
the Series E Warrants or on conversion of such Series E Preferred Stock, as the case may be, shall be duly
authorized, validly issued, fully-paid and non-assessable and free of all taxes, liens, and charges with respect
to the issue thereof.

             The issuance of certificates for shares of the Series E Preferred Stock upon the exercise of the Series E
Warrants shall be made without charge to the holder hereof for cost incurred by the Company in connection with
such exercise and the related issuance of shares of Series E Preferred Stock.

             No holder of this Warrant Certificate shall be entitled to vote or receive dividends or be deemed the holder
of Series E Preferred Stock or any other securities of the Company which may at any time be issuable on the
exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the holder
hereof, as such, any of the rights of a shareholder of the Company or any right to vote for the election of
directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to
any corporate action (whether upon any recapitalization, issue of stock, reclassification of stock, change of par
value, consolidation, merger, conveyance, or otherwise), or except as provided above, to receive notice of
meetings, or to receive dividends of subscription rights or otherwise, until the Series E Warrant or Warrants
evidenced by this Warrant Certificate shall have been exercised. No provisions hereof, in the absence of
affirmative action by the holder to purchase shares of Series E Preferred Stock, and no mere enumeration herein
of the rights or privileges of the holderhereof, shall give rise to any liability of such holder for the
Purchase Price or as a shareholder of the Company, whether such liability is asserted by the Company or by its
creditors.

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             Every holder of this Warrant Certificate by accepting the same consents and agrees with the Company that:

                         (a)  Neither this Warrant Certificate nor any rights hereunder may be assigned, transferred, pledged or
hypothecated in any way (whether by operation of law or otherwise) without the express prior written consent of
the Company, which consent will be given at the Company's sole discretion; provided, however, that, the holder
hereof may transfer this Warrant Certificate and the rights hereunder by gift to Family Members (as defined
below) of such holder without such consent provided that such transfer is not inconsistent with the Form S-8
rules pertaining to the transfer of options.  This Warrant Certificate shall not be subject to execution,
attachment or similar process.  Any attempted assignment, transfer, pledge, hypothecation or other disposition of
this Warrant Certificate or the rights hereunder contrary to the provisions hereof shall be null and void and
without legal effect;

                         (b)  This Warrant Certificate, if transferred in accordance with paragraph (a), above, is transferable
only on the registry books of the Company if surrendered at the principal office of the Company, duly endorsed,
or accompanied by a proper instrument of transfer;

                         (c)  The Company may deem and treat the person in whose name the Warrant Certificate is registered on
the registry books of the Company as the absolute owner thereof and of the Series E Warrants evidenced thereby
(notwithstanding any notations of ownership or writing on the Warrant Certificates made by anyone other than the
Company) for all purposes whatsoever, and the Company shall not be affected by any notice to the contrary;

                         (d)  If the Series E Warrants are exercised at any time prior to the closing of a Qualified Public
Offering, the holder hereof shall, prior to the delivery of any shares of Series E Preferred Stock which may be
purchased upon exercise hereof, execute and deliver to the Company instruments of accession providing that the
holder of such shares shall become a party to, and shall be subject to the terms and conditions of, the Amended
and Restated Stockholders' Agreement dated as of March 31, 2000 and amended from time to time thereafter, including as of _____ __, 2001, by and among
the Company and its stockholders, the Amended and Restated Registration Rights Agreement dated as of March 31, 2000 and amended from time to time thereafter, including as of _____ __, 2001, by and among the
Company and its stockholders, and, to the extent such holder is an employee of the Company, the Amended and Restated Shareholders Agreement dated as of August 14, 1998 and amended from time to time; thereafter, including as of _____ __, 2001,
by and among the Company and its stockholders; and

                         (e)  In the event of the exercise of the Series E Warrants, the holder hereof intends to purchase the
shares purchased upon exercise hereof for investment purposes only and not with a view to resale or other
distribution; except this condition will no longer apply in the event the shares purchased upon such exercise are
registered under the Securities Act, or upon the happening of any other contingency which the Company shall
determine warrants the waiver or release of this condition. The holder hereof also agrees that the certificates
evidencing the shares purchased upon exercise of the Series E Warrants may bear restrictive legends, if
appropriate, indicating that the shares have not been registered under the Sreferencing any applicable federal or
state securities law restrictions and the transfer restrictions imposed pursuant to the documents described in
clause (d) above, which legends may be in such forms as the Company shall reasonably determine to be proper.

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             As used herein, the term "Family Members" shall mean any Person considered a "family member" under the
General Instructions to Form S-8.

             As used herein, the term "Person" shall mean an individual, partnership, corporation, association, trust,
joint venture, unincorporated organization, and any government, governmental department or agency or political
subdivision thereof.

             All notices, demands and other communications provided for hereunder shall be in writing  and shall be
deemed to have been given when delivered personally to the recipient, one business day after being sent to the
recipient by reputable express courier service (charges prepaid) or three business days after being mailed to the
recipient by certified or registered mail, return receipt requested and postage prepaid.  Such notices, demands
and other communications shall be delivered or sent (i) to the Company at its principal executive offices and
(ii) to the holder of this Warrant Certificate at its address as it appears on the Company's records (or such
other address as may be indicated by the holder of this Warrant Certificate upon written notice to the Company).

             THESE WARRANTS, THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ANY CLAIMS AND DISPUTED RELATING
THERETO, SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE,
WITHOUT REGARD TO ITS CONFLICTS OF LAWS PRINCIPLES THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE
STATE OF DELAWARE TO BE APPLIED.

             Any legal action or proceeding with respect to this Warrant Certificate may be brought in the courts of the
City of St. Louis, State of Missouri, or of the United States of America for the Eastern District of Missouri in
St. Louis, Missouri, and, by execution and issuance or acceptance of this Warrant Certificate, the Company and
the holder of this Warrant Certificate hereby accepts for itself and in respect of its property, irrevocably and
unconditionally, the jurisdiction of the aforesaid courts.  The Company and the holder of this Warrant
Certificate further irrevocably consents to the service of process out of any of the aforementioned courts in any
action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to the
Company at its principal executive offices and to the holder of this Warrant Certificate at its address as it
appears on the Company's records (or such other address as may be indicated by the holder of this Warrant
Certificate upon written notice to the Company), such service to become effective seven days after such mailing.
Nothing herein shall affect the right of the Company or the holder of this Warrant Certificate to serve process
in any other manner permitted by law or to commence legal proceedings or otherwise proceed in any other
jurisdiction.  The Company and the holder of this Warrant Certificate further hereby irrevocably waives any
objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions or
proceedings arising out of or in connection with this Warrant Certificate brought in the courts referred to above
and hereby further irrevocably waives and agrees not to plead or claim in any such court that any such action or
proceeding brought in any such court has been brought in an inconvenient forum.

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             IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed and issued by its duly
authorized officer as of _____ __, 2001.

	 	NUVOX, INC.

	  	By:_________________________________

ATTEST:

8

Schedule 1
to Series E Warrant Certificate

Name of holder:
__________________________________________ 

Number
of warrants to purchase shares of the various series of Series E Preferred Stock
evidenced by this Warrant Certificate: 

_________ warrants to purchase Series E-1 Preferred Stock

_________ warrants to purchase Series E-2 Preferred Stock

_________ warrants to purchase Series E-3 Preferred Stock

_________ warrants to purchase Series E-4 Preferred Stock

_________ warrants to purchase Series E-5 Preferred Stock

_________ warrants to purchase Series E-6 Preferred Stock

_________ warrants to purchase Series E-7 Preferred Stock

_________ warrants to purchase Series E-8 Preferred Stock

_________ warrants to purchase Series E-9 Preferred Stock

_________ warrants to purchase Series E-10 Preferred Stock

_________ warrants to purchase Series E-11 Preferred Stock

_________ warrants to purchase Series E-12 Preferred Stock

_________ warrants to purchase Series E-13 Preferred Stock

_________ warrants to purchase Series E-14 Preferred Stock

The applicable Exchange
Prices for this holder and the type of Series E Warrant for which shares of
outstanding Common Stock and each series of outstanding Preferred Stock may be
delivered in payment of the Purchase Price are as follows: 

	Class of Stock 	 	Exchange
Price	 	Maximum Number
of Shares Which
May be Submitted
for Purchase Price	 	Warrants for which Shares
May be Submitted
for Purchase Price
	Common Stock (purchased at more than $1.00 per share) 	 	[Insert purchase price per share]	 	__________	 	Warrants to purchase Series E-6
Preferred Stock 
	Common Stock purchased at $0.__ 	 	$1.00	 	__________	 	Warrants to purchase Series E-__
Preferred Stock 
	Series A Convertible Preferred Stock 	 	$3.00	 	__________	 	Warrants to purchase Series E-1
Preferred Stock 
	Series A-1 Convertible Preferred Stock 	 	$4.00	 	__________	 	Warrants to purchase Series E-2
Preferred Stock 
	Series B Convertible Preferred Stock 	 	$7.00	 	__________	 	Warrants to purchase Series E-14
Preferred Stock 
	Series C-1 Convertible Preferred Stock 	 	[Invested Capital Per Share]	 	__________	 	Warrants to purchase Series E-3
Preferred Stock 
	Series C-2 Convertible Preferred Stock 	 	[Invested Capital Per Share]	 	__________	 	Warrants to purchase Series E-4
Preferred Stock 
	Series C-3 Convertible Preferred Stock 	 	[Invested Capital Per Share]	 	__________	 	Warrants to purchase Series E-5
Preferred Stock 

FORM OF
ELECTION TO PURCHASE

                       (To be executed if holder desires to exercise the Warrant Certificate.)

To NuVox, Inc.
	[   ] 	  	The undersigned hereby irrevocably elects to exercise 
	  	[   ] 	by cash payment of the aggregate Purchase Price 
	  	[   ] 	by delivering the following securities (which the undersigned acknowledges that he or she has
                  owned for at least six months) with values equaling the aggregate Purchase Price: 

	Class of Stock 	Aggregate Value 
	 ______ shares of Common Stock 	$ 
	 ______ shares of Series A Convertible Preferred Stock  	$ 
	 ______ shares of Series A-1 Convertible Preferred Stock  	$ 
	 ______ shares of Series B Convertible Preferred Stock  	$ 
	 ______ shares of Series C-1 Convertible Preferred Stock  	$ 
	 ______ shares of Series C-2 Convertible Preferred Stock  	$ 
	 ______ shares of Series C-3 Convertible Preferred Stock  	$ 

	 	
the
number of the Series E Warrants to acquire the shares of Series E Preferred
Stock issuable upon the exercise of such Series E Warrants as set forth below,
and requests that certificates for such shares be issued in the name of:

	 

	(Please print name and address)
	 
	 

	(social security or other identifying number)

Number of warrants to purchase Series E-1 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-2 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-3 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-4 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-5 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-6 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-7 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-8 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-9 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-10 Preferred Stock exercised _______________

Number of warrants to purchase Series E-11 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-12 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-13 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-14 Preferred Stock exercised  _______________

	[   ] 	  	The
undersigned hereby irrevocably elects, subject to and conditioned upon the
closing of a Qualified Public Offering on the Closing Date in accordance with
the terms of this Warrant Certificate, to exercise 
	  	[   ] 	by cash payment of the aggregate Purchase Price 
	  	[   ] 	by delivering the following securities (which the undersigned acknowledges that he or she has
                  owned for at least six months) with values equaling the aggregate Purchase Price: 

	 

	Class of Stock 	Aggregate Value 
	 ______ shares of Common Stock 	$ 
	 ______ shares of Series A Convertible Preferred Stock  	$ 
	 ______ shares of Series A-1 Convertible Preferred Stock  	$ 
	 ______ shares of Series B Convertible Preferred Stock  	$ 
	 ______ shares of Series C-1 Convertible Preferred Stock  	$ 
	 ______ shares of Series C-2 Convertible Preferred Stock  	$ 
	 ______ shares of Series C-3 Convertible Preferred Stock  	$ 

	 	
the
number of the Series E Warrants to acquire the shares of Series E Preferred
Stock issuable upon the exercise of such Series E Warrants as set forth below,
and requests that certificates for such shares be issued in the name of:

	 

	(Please print name and address)
	  
	 

	(social security or other identifying number)

Number of warrants to purchase Series E-1 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-2 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-3 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-4 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-5 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-6 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-7 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-8 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-9 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-10 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-11 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-12 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-13 Preferred Stock exercised  _______________

Number of warrants to purchase Series E-14 Preferred Stock exercised  _______________

	Dated: ____________________, _____ 	 	 
	 	 	
Signature
	 	 	
(Signature must conform in all respects to name of holder as
specified on the face of this Warrant Certificate)

FORM OF ASSIGNMENT

(To
be executed by the registered holder if such holder desires 
to transfer
the Warrant Certificate.)

	 

	hereby irrevocably transfers unto
	  
	 

	this Warrant Certificate, together with all right, title and interest therein, and does hereby irrevocably
constitute and appoint
	  
	 

	attorney in fact for the
undersigned to transfer the within Warrant Certificate on the books of the
within-named Company, with full power of substitution. The undersigned warrants
that the transfer reflected by this document is a gift, and the undersigned has
received no consideration in return for the transfer. 

	Dated: ____________________, _____ 	 	 
	 	 	
Signature
	 	 	
(Signature must conform in all respects to name of holder as
specified on the face of this Warrant Certificate)<PAGE>   1
                                                                     EXHIBIT 4.1

                            RFS HOTEL INVESTORS, INC.

                          EMPLOYEE STOCK PURCHASE PLAN

                           EFFECTIVE SEPTEMBER 1, 2001

<PAGE>   2
                            RFS HOTEL INVESTORS, INC.
                          EMPLOYEE STOCK PURCHASE PLAN
                           EFFECTIVE SEPTEMBER 1, 2001

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                        <C>
ARTICLE I  DEFINITIONS......................................................1

         1.01  Administrator................................................1

         1.02  Affiliate....................................................1

         1.03  Beneficiary..................................................1

         1.04  Board........................................................1

         1.05  Code.........................................................1

         1.06  Committee....................................................1

         1.07  Common Stock.................................................1

         1.08  Company......................................................1

         1.09  Compensation.................................................1

         1.10  Date of Exercise.............................................2

         1.11  Date of Grant................................................2

         1.12  Election Date................................................2

         1.13  Election Form................................................2

         1.14  Employee.....................................................2

         1.15  Fair Market Value............................................2

         1.16  Five Percent Shareholder.....................................2

         1.17  Option.......................................................2

         1.18  Participant..................................................2

         1.19  Plan.........................................................3

ARTICLE II  PURPOSES........................................................3

ARTICLE III  ADMINISTRATION.................................................3

ARTICLE IV  ELIGIBILITY.....................................................3

ARTICLE V  COMPENSATION DEDUCTIONS..........................................3

         5.01  Amount of Deduction..........................................3

         5.02  Participant's Account........................................4

         5.03  Changes in Payroll Deductions................................4

ARTICLE VI  OPTION GRANTS...................................................4

         6.01  Number of Shares.............................................4

         6.02  Option Price.................................................4

ARTICLE VII  EXERCISE OF OPTION.............................................4
</TABLE>

<PAGE>   3

                            RFS HOTEL INVESTORS, INC.
                          EMPLOYEE STOCK PURCHASE PLAN
                           EFFECTIVE SEPTEMBER 1, 2001

                                TABLE OF CONTENTS

                                   (CONTINUED)

<TABLE>
<S>                                                                        <C>
         7.01  Automatic Exercise...........................................4

         7.02  Fractional Shares............................................4

         7.03  Nontransferability...........................................5

         7.04  Employee Status..............................................5

         7.05  Delivery of Stock............................................5

         7.06  Vesting, Transferability.....................................5

ARTICLE VIII  WITHDRAWAL AND TERMINATION OF EMPLOYMENT......................5

         8.01  Generally....................................................5

         8.02  Subsequent Participation.....................................5

         8.03  Termination of Employment....................................5

         8.04  Death of Participant.........................................6

ARTICLE IX  STOCK SUBJECT TO PLAN...........................................6

         9.01  Shares Issued or Delivered...................................6

         9.02  Aggregate Limit..............................................6

         9.03  Reallocation of Shares.......................................6

ARTICLE X  ADJUSTMENT UPON CHANGE IN COMMON STOCK...........................6

ARTICLE XI  COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES...........7

ARTICLE XII  GENERAL PROVISIONS.............................................7

         12.01  Effect on Employment and Service............................7

         12.02  Unfunded Plan...............................................7

         12.03  Rules of Construction.......................................7

         12.04  Plan Fiscal Year............................................7

ARTICLE XIII  AMENDMENT.....................................................7

ARTICLE XIV  DURATION OF PLAN...............................................8

ARTICLE XV  EFFECTIVE DATE OF PLAN..........................................8
</TABLE>

<PAGE>   4
                            RFS HOTEL INVESTORS, INC.
                          EMPLOYEE STOCK PURCHASE PLAN
                           EFFECTIVE SEPTEMBER 1, 2001

                                    ARTICLE I

                                   DEFINITIONS

1.01     Administrator.

         Administrator means the Committee and any delegate of the Committee
that is appointed in accordance with Article III.

1.02     Affiliate.

         Affiliate means any "parent corporation" or "subsidiary corporation"
(within the meaning of Section 424 of the Code) of the Company, including a
corporation that becomes an Affiliate after the adoption of this Plan, that the
Board designates as a participating employer in the Plan.

1.03     Beneficiary.

         Beneficiary means the person or entity designated by a Participant on a
form prescribed by the Administrator, to receive any amount payable under the
Plan following a Participant's death. A Participant may change his Beneficiary
from time to time by filing a subsequent designation form and the change will be
effective when received by the Administrator. If a designated Beneficiary fails
to survive the Participant or be in existence on the date of his death or if the
Participant fails to designate a Beneficiary, the Participant's Beneficiary
shall be determined as follows: the Participant's surviving spouse (i.e., the
person to whom the Participant is legally married on the date of his death) or,
if none, the Participant's surviving children or, if none, the Participant's
estate.

1.04     Board.

         Board means the Board of Directors of the Company.

1.05     Code.

         Code means the Internal Revenue Code of 1986, and any amendments
thereto.

1.06     Committee.

         Committee means the Compensation Committee of the Board.

1.07     Common Stock.

         Common Stock means the common stock of the Company.

1.08     Company.

         Company means RFS Hotel Investors, Inc.

1.09     Compensation.

         Compensation means an Employee's total earnings, including without
limitation salary, overtime, and any bonuses or special payment.

                                       1
<PAGE>   5
                            RFS HOTEL INVESTORS, INC.
                          EMPLOYEE STOCK PURCHASE PLAN
                           EFFECTIVE SEPTEMBER 1, 2001

1.10     Date of Exercise.

         Date of Exercise means each March 31 next following the January 2 Date
of Grant, each June 30 next following the April 1 Date of Grant, each September
30 next following the July 1 Date of Grant, and each December 31 next following
the October 1 Date of Grant.

1.11     Date of Grant.

         Date of Grant means each January 2, April 1, July 1, and October 1
during the term of the Plan.

1.12     Election Date.

         Election Date means each December 15 immediately preceding the January
2 Date of Grant, each March 15 immediately preceding the April 1 Date of Grant,
each June 15 immediately preceding the July 1 Date of Grant, and each September
15 immediately preceding the October 1 Date of Grant.

1.13     Election Form.

         Election Form means the form, prescribed by the Administrator, that a
Participant uses to authorize a deduction from his Compensation in accordance
with Article V.

1.14     Employee.

         Employee means any employee of the Company or an Affiliate, other than
a Five Percent Shareholder.

1.15     Fair Market Value.

         Fair Market Value means, on any given date, the last sale price of a
share of Common Stock on the primary national securities exchange on which
shares of the Common Stock are listed. If, on any given date, no share of Common
Stock is traded on such exchange, then Fair Market Value shall be determined
with reference to the next preceding day that the Common Stock was so traded.

1.16     Five Percent Shareholder.

         Five Percent Shareholder means any individual who, immediately after
the grant of an Option owns more than five percent of the total combined voting
power or value of all classes of stock of the Company or of an Affiliate. For
this purpose, (i) an individual shall be considered to own any stock owned
(directly or indirectly) by or for his brothers, sisters, spouse, ancestors or
lineal descendants and shall be considered to own proportionately any stock
owned (directly or indirectly) by or for a corporation, partnership, estate or
trust of which such individual is a shareholder, partner or beneficiary, and
(ii) stock of the Company or an Affiliate that an individual may purchase under
outstanding options (whether or not granted under this Plan) shall be treated as
stock owned by the individual.

1.17     Option.

         Option means a stock option that entitles the holder to purchase from
the Company a stated number of shares of Common Stock on the terms and
conditions prescribed by the Plan.

1.18     Participant.

         Participant means an Employee, including an Employee who is a member of
the Board, who satisfies the requirements of Article IV and who elects to
receive an Option.

                                       2
<PAGE>   6
                            RFS HOTEL INVESTORS, INC.
                          EMPLOYEE STOCK PURCHASE PLAN
                           EFFECTIVE SEPTEMBER 1, 2001

1.19     Plan.

         Plan means the RFS Hotel Investors, Inc. Employee Stock Purchase Plan.

                                   ARTICLE II

                                    PURPOSES

         The Plan is intended to assist the Company and its Affiliates in
recruiting and retaining individuals with ability and initiative by enabling
such persons to participate in the future success of the Company and its
Affiliates and to associate their interests with those of the Company and its
shareholders. The Plan is intended to permit the grant of Options qualifying
under Section 423 of the Code. No Option shall be invalid for failure to qualify
under Section 423 of the Code. The proceeds received by the Company from the
sale of Common Stock pursuant to this Plan shall be used for general corporate
purposes.

                                   ARTICLE III

                                 ADMINISTRATION

         The Plan shall be administered by the Administrator. The Administrator
shall have complete authority to interpret all provisions of this Plan; to
adopt, amend, and rescind rules and regulations pertaining to the administration
of the Plan; and to make all other determinations necessary or advisable for the
administration of this Plan. The express grant in the Plan of any specific power
to the Administrator shall not be construed as limiting any power or authority
of the Administrator. Any decision made, or action taken, by the Administrator
or in connection with the administration of this Plan shall be final and
conclusive. Neither the Administrator nor any member of the Committee shall be
liable for any act done in good faith with respect to this Plan or any Option.
All expenses of administering this Plan shall be borne by the Company.

         The Committee, in its discretion, may delegate to one or more persons
or entities all or part of the Committee's authority and duties with respect to
grants and awards under this Plan. The Committee may revoke or amend the terms
of a delegation at any time but such action shall not invalidate any prior
actions of the Committee's delegate or delegates that were consistent with the
terms of the Plan.

                                   ARTICLE IV

                                   ELIGIBILITY

         Each Employee of the Company or an Affiliate (including a corporation
that becomes an Affiliate after the adoption of this Plan) is eligible to
participate in this Plan as of the first Date of Grant that occurs on or after
the six-month anniversary of such employee's commencement of employment with the
Company or an Affiliate. Directors of the Company who are Employees of the
Company or an Affiliate may participate in this Plan on or after the Date of
Grant specified in the preceding sentence. An Employee who has satisfied the
requirements set forth in the preceding sentences of this Article IV becomes a
Participant by completing an Election Form in accordance with Section 5.01 and
returning it to the Administrator on or before the Election Date for the first
or any subsequent Date of Grant on which an Employee may elect to participate in
this plan.

                                    ARTICLE V

                             COMPENSATION DEDUCTIONS

5.01     Amount of Deduction.

         A payroll deduction shall be made from the Compensation of each
Participant for each payroll period. The amount of such deduction shall be the
percentage specified by the Participant on his Election Form; provided that

                                       3
<PAGE>   7
                            RFS HOTEL INVESTORS, INC.
                          EMPLOYEE STOCK PURCHASE PLAN
                           EFFECTIVE SEPTEMBER 1, 2001

such percentage shall be in multiples of one percent and shall not exceed
fifteen percent. A Participant may contribute to the Plan only by payroll
deduction. A Participant's Election Form will continue to be effective, and
amounts will be deducted from the Participant's Compensation, until the Election
Form is changed in accordance with Section 5.03 or the Participant withdraws
from the Plan or his participation otherwise ends in accordance with Article
VIII.

5.02     Participant's Account.

         A recordkeeping account shall be established for each Participant. All
amounts deducted from a Participant's Compensation shall be credited to his
account. No interest will be paid or credited to the account of any Participant.

5.03     Changes in Payroll Deductions.

         A Participant may discontinue his participation in the Plan as provided
in Section 8.01. Except as provided in Section 8.01, a Participant's direction
to change the percentage deduction specified on his Election Form shall be
effective as of the first Date of Grant following the date that written notice
of such change is delivered to the Administrator.

                                   ARTICLE VI

                                  OPTION GRANTS

6.01     Number of Shares.

         Each Employee who is a Participant on a Date of Grant shall be granted
an Option as of that Date of Grant. The number of shares of Common Stock subject
to such Option shall be determined by dividing the option price into the balance
credited to the Participant's account as of the Date of Exercise next following
the Date of Grant. Notwithstanding the preceding sentence, no Participant will
be granted an Option as of any Date of Grant for more than a number of shares of
Common Stock determined by dividing $6,250 by the Fair Market Value on the Date
of Grant.

6.02     Option Price.

         The price per share for Common Stock purchased on the exercise of an
Option shall be ninety percent of the Fair Market Value on the applicable Date
of Exercise, until such time (if any) that the Committee announces a different
purchase price per share. Such price per share must, however, be at least equal
to the lesser of (i) eighty-five percent of the Fair Market Value on the
applicable Date of Grant or (ii) eighty-five percent of the Fair Market Value on
the applicable Date of Exercise.

                                   ARTICLE VII

                               EXERCISE OF OPTION

7.01     Automatic Exercise.

         Subject to the provisions of Articles VIII, IX, and XI, each Option
shall be exercised automatically as of the Date of Exercise next following the
Option's Date of Grant for the number of whole shares of Common Stock that may
be purchased at the option price for that Option with the balance credited to
the Participant's account.

7.02     Fractional Shares.

         Fractional shares will not be issued under the Plan. Any amount
remaining to the credit of the Participant's account after the exercise of an
Option shall remain in the account and be applied to the option price of the

                                       4
<PAGE>   8
                            RFS HOTEL INVESTORS, INC.
                          EMPLOYEE STOCK PURCHASE PLAN
                           EFFECTIVE SEPTEMBER 1, 2001

Option next granted if the Participant continues to participate in the Plan or,
if he does not, shall be returned to the Participant.

7.03     Nontransferability.

         Each Option granted under this Plan shall be nontransferable except by
will or by the laws of descent and distribution. During the lifetime of the
Participant to whom the Option is granted, the Option may be exercised only by
the Participant. No right or interest of a Participant in any Option shall be
liable for, or subject to, any lien, obligation, or liability of such
Participant.

7.04     Employee Status.

         For purposes of determining the applicability of Section 423 of the
Code, and whether an individual is employed by the Company or an Affiliate, the
Administrator may decide to what extent leaves of absence for governmental or
military service, illness, temporary disability, or other reasons shall not be
deemed interruptions of continuous employment.

7.05     Delivery of Stock.

         Subject to the provisions of Articles IX, and XI, within thirty (30)
days following applicable Date of Exercise, the Company will deliver
certificates evidencing the Common Stock purchased upon the Participant's
exercise of his Option.

7.06     Vesting, Transferability.

         Participant's interest in the Common Stock purchased upon the exercise
of his Option shall be immediately nonforfeitable and, subject to the provisions
of Article XI, shall be transferable on and after the date that is thirty (30)
days following the applicable Date of Exercise.

                                  ARTICLE VIII

                    WITHDRAWAL AND TERMINATION OF EMPLOYMENT

8.01     Generally.

         A Participant may withdraw the payroll deductions credited to his
account under the Plan by giving written notice to that effect to the
Administrator at least thirty (30) days prior to the next Date of Exercise. In
that event, all of the payroll deductions credited to his account will be paid
to him promptly after receipt of his notice of withdrawal and no further payroll
deductions will be made from his Compensation until he submits a new Election
Form to the Administrator. A Participant shall be deemed to have elected to
withdraw from the Plan in accordance with this Section 8.01 if he ceases to be
an Employee.

8.02     Subsequent Participation.

         A Participant who has withdrawn his account under Section 8.01 may
submit a new Election Form to the Administrator and resume participation in the
Plan as of any subsequent Date of Grant, provided that the Administrator
receives his Election Form before the applicable Election Date.

8.03     Termination of Employment.

         If a Participant's employment with the Company and its Affiliates
terminates for any reason other than death, his participation in the Plan shall
cease as of the date of termination. The balance credited to the Participant's
account as of the first day of the month following such termination of
employment shall be paid to the Participant or, in the case of the Participant's
death following his termination of employment, to his Beneficiary, as promptly
as possible thereafter.

                                       5
<PAGE>   9
                            RFS HOTEL INVESTORS, INC.
                          EMPLOYEE STOCK PURCHASE PLAN
                           EFFECTIVE SEPTEMBER 1, 2001

8.04     Death of Participant.

         If a Participant's employment with the Company and its Affiliates
terminates on account of the Participant's death, his Beneficiary may elect, by
written notice received by the Administrator within thirty days of the
Participant's death (but in all events before the Date of Exercise), to either
(i) withdraw all of the payroll deductions credited to the Participant's account
or (ii) to exercise the Option as of the Date of Exercise and receive whole
shares of Common Stock and cash representing the value of a fractional share in
accordance with Section 5.02. If the Option is exercised, the number of shares
of Common Stock issuable to the Beneficiary shall be determined by dividing the
option price into the payroll deductions credited to the Participant's account.
If timely written notice of the Beneficiary's election is not received by the
Administrator, the Beneficiary shall be deemed to have elected to exercise the
Option.

                                   ARTICLE IX

                              STOCK SUBJECT TO PLAN

9.01     Shares Issued or Delivered.

         Upon the exercise of any Option the Company may deliver to the
Participant (or the Participant's broker if the Participant so directs) shares
of Common Stock from its authorized but unissued Common Stock or outstanding
Common Stock acquired by or on behalf of the Company in the name of the
Participant.

9.02     Aggregate Limit.

         The maximum aggregate number of shares of Common Stock that may be
issued or delivered under this Plan pursuant to the exercise of Options is
500,000 shares. The maximum aggregate number of shares that may be issued or
delivered under this Plan shall be subject to adjustment as provided in
Article X.

9.03     Reallocation of Shares.

         If an Option is terminated, in whole or in part, for any reason other
than its exercise, the number of shares of Common Stock allocated to the Option
or portion thereof may be reallocated to other Options to be granted under this
Plan.

                                    ARTICLE X

                     ADJUSTMENT UPON CHANGE IN COMMON STOCK

         The maximum number of shares as to which Options may be granted under
this Plan and the terms of outstanding Options shall be adjusted as the
Committee shall determine to be equitably required in the event that (a) the
Company (i) effects one or more stock dividends, stock split-ups, subdivisions
or consolidations of shares or (ii) engages in a transaction to which Section
424 of the Code applies or (b) there occurs any other event which, in the
judgment of the Committee necessitates such action. Any determination made under
this Article X by the Committee shall be final and conclusive.

         The issuance by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, for cash or property,
or for labor or services, either upon direct sale or upon the exercise of rights
or warrants to subscribe therefor, or upon conversion of shares or obligations
of the Company convertible into such shares or other securities, shall not
affect, and no adjustment by reason thereof shall be made with respect to, the
maximum number of shares as to which Options may be granted or the terms of
outstanding Options.

                                       6
<PAGE>   10
                            RFS HOTEL INVESTORS, INC.
                          EMPLOYEE STOCK PURCHASE PLAN
                           EFFECTIVE SEPTEMBER 1, 2001

                                   ARTICLE XI

                       COMPLIANCE WITH LAW AND APPROVAL OF
                                REGULATORY BODIES

         No Option shall be exercisable, no Common Stock shall be issued, no
certificates for shares of Common Stock shall be delivered, and no payment shall
be made under this Plan except in compliance with all applicable federal and
state laws and regulations (including, without limitation, withholding tax
requirements), any listing agreement to which the Company is a party, and the
rules of all domestic stock exchanges on which the Company's shares may be
listed. The Company shall have the right to rely on an opinion of its counsel as
to such compliance. Any share certificate issued to evidence Common Stock for
which an Option is exercised may bear such legends and statements as the
Administrator may deem advisable to assure compliance with federal and state
laws and regulations. No Option shall be exercisable, no Common Stock shall be
issued, no certificate for shares shall be delivered, and no payment shall be
made under this Plan until the Company has obtained such consent or approval as
the Administrator may deem advisable from regulatory bodies having jurisdiction
over such matters.

                                   ARTICLE XII

                               GENERAL PROVISIONS

12.01    Effect on Employment and Service.

         Neither the adoption of this Plan, its operation, nor any documents
describing or referring to this Plan (or any part thereof) shall confer upon any
individual any right to continue in the employ of the Company or an Affiliate or
in any way affect any right and power of the Company or an Affiliate to
terminate the employment of any individual at any time with or without assigning
a reason therefor.

12.02    Unfunded Plan.

         The Plan, insofar as it provides for grants, shall be unfunded, and the
Company shall not be required to segregate any assets that may at any time be
represented by grants under this Plan. Any liability of the Company to any
person with respect to any grant under this Plan shall be based solely upon any
contractual obligations that may be created pursuant to this Plan. No such
obligation of the Company shall be deemed to be secured by any pledge of, or
other encumbrance on, any property of the Company.

12.03    Rules of Construction.

         Headings are given to the articles and sections of this Plan solely as
a convenience to facilitate reference. The reference to any statute, regulation,
or other provision of law shall be construed to refer to any amendment to or
successor of such provision of law.

12.04    Plan Fiscal Year.

         The fiscal year of the Plan shall be the calendar year.

                                  ARTICLE XIII

                                    AMENDMENT

         The Board may amend or terminate this Plan from time to time; provided,
however, that no amendment or termination shall, without a Participant's
consent, adversely affect any rights of such Participant under any Option
outstanding at the time such amendment is made or such termination occurs.

                                       7
<PAGE>   11
                            RFS HOTEL INVESTORS, INC.
                          EMPLOYEE STOCK PURCHASE PLAN
                           EFFECTIVE SEPTEMBER 1, 2001

                                   ARTICLE XIV

                                DURATION OF PLAN

         No Option may be granted under this Plan more than ten years after the
date this Plan is adopted by the Board. Options granted before that date shall
remain valid in accordance with their terms.

                                   ARTICLE XV

                             EFFECTIVE DATE OF PLAN

         Options may be granted under this Plan as of the first Date of Grant on
or after its adoption by the Board.

                                       8

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