Document:

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                                                                  Exhibit 10.48

[STARMEDIA LOGO]

December 27, 2001

Ms. Adriana Kampfner
2485 Traver Road
Ann Arbor, MI 48105

     Re: SEPARATION AGREEMENT INCLUDING A GENERAL RELEASE

Dear Adriana:

     This letter sets forth the terms of our agreement (this "Agreement")
with respect to your separation from employment with StarMedia Network, Inc.
and its subsidiaries (collectively, "StarMedia").

     Your final date of employment with StarMedia will be December 31, 2001
("Separation Date"). As of the Separation Date, except as specifically
provided in this Agreement, all compensation, including bonuses, and all
other benefits and perquisites of employment with StarMedia, will cease,
and all option agreements, option grants and other rights heretofore granted
to you to purchase or otherwise obtain equity securities of StarMedia will
terminate as of the Separation Date and be of no further force and effect.

     The Line of Credit provided pursuant to the letter agreement, dated
December 28, 2000, between you and StarMedia (the "Line of Credit"), will be
terminated on the Separation Date.

     You may elect to continue your medical coverage at the prevailing active
employee rate(s) as provided by the Consolidated Omnibus Budget
Reconciliation Act of 1986 ("COBRA"). Additional information concerning your
COBRA rights will be provided separately.

     If the terms of this Agreement are accepted by you and if you return a
fully executed original of this Agreement no later than December 31, 2001,
and if you perform all of your obligations under this Agreement prior to the
Separation Date, you will be entitled to the following:

     a) On the Separation Date, StarMedia will pay you any unpaid salary
        through the Separation Date and all reasonable unpaid expenses
        incurred by you in connection with services to the StarMedia on or
        prior to the Separation Date.

     b) On Separation Date, StarMedia will forgive the remaining balance of
        the American Express Corporate Credit Card balance credit that you are
        currently repaying pursuant to the Capital Reimbursement Agreement
        dated July 6, 2001. On the Separation Date that amount will be
        $24,947.33.

                         29 West 36th Street, New York, NY 10018
                                 Phone: 212.905.8200
                                  Fax: 212.905.8393

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     c) On or before January 20, 2002, StarMedia will pay you $64,167, less
        appropriate withholdings. You acknowledge and agree that the Company
        had no previous contractual or other obligation to pay you this
        amount.

     In return for the payments and other benefits described above as well as
the promises contained herein, you completely release StarMedia from all
claims of any kind, known and unknown, which you may know have or have ever
had against StarMedia, including claims for compensation, bonuses, severance
pay, stock options, loans, lines of credits, tax indemnity and all claims
arising from your employment with StarMedia, whether based on contract,
tort, statute, local or municipal ordinance, regulation or any comparable law
in any jurisdiction ("Released Claims"). By way of example and not in
limitation, the Released Claims shall include any claims arising under Title
VII of the Civil Rights Act of 1964, as amended, the Americans with
Disabilities Act, the New York Human Rights Law, the New York City Human
Rights Law, as well as any claims asserting wrongful termination, breach of
contract, negligent or intentional infliction of emotional distress,
negligent or intentional misrepresentation, negligent or intentional
interference with contract, and defamation.

     You represent that you have not filed or permitted to be filed on your
behalf any claims, administrative proceedings or lawsuits against StarMedia,
and you agree that you will not do so at any time in the future with respect
to the subject matter of the Released Claims.

     You agree not to disclose any confidential, proprietary or know-how
belonging to StarMedia or acquired by you during your employment with
StarMedia as described in the "Non-Disclosure and Development Agreement"
("Non-Disclosure Agreement"). You acknowledge that the Non-Disclosure
Agreement entered into by you on March 18, 1999 remains in effect after your
employment with StarMedia ends.

     You represent that you have returned or will return prior to the
Separation Date to StarMedia, all StarMedia property (including without
limitation, keys to all offices and facilities, employee handbooks, business
cards, client files, corporate credit cards, telephone calling card, files,
sales material, laptop computer, cellular telephone, blackberry etc.) in your
possession and you have not retained any reproductions of these items.

     You agree that you will cooperate with StarMedia and its counsel
(internal and external) in connection with any matter with which you were
involved while employed by StarMedia or of which you have knowledge by
providing information, answering questions, or appearing as a witness, and
that you will cooperate in connection with any administrative proceeding or
litigation relating to any matter in which you were involved or about which
you have knowledge as a result of your employment with StarMedia.

     This Agreement shall be governed by the laws of the State of New York
and the parties in any action arising from this Agreement shall be subject
to the jurisdiction and venue of the federal and state courts, as applicable,
in the borough of Manhattan, State of New York.

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Page 3

     You and StarMedia mutually agree that any controversy or claim arising
out of or relating to this Agreement or its breach, shall be submitted to be
resolved by arbitration. The parties hereby waive any rights they may have to
trial by jury in regard to such claims. A judgment may be entered on the
arbitrator's award in any court having jurisdiction. Arbitration under this
Agreement shall be the exclusive remedy. You and StarMedia agree that
arbitration shall be held in or near New York, New York and shall be in
accordance with the then-current Employment Dispute Resolution Rules of the
American Arbitration Association, before an arbitrator licensed to practice
law in the State of New York. The arbitrator shall have authority to award or
grant both legal, equitable, and declaratory relief. Such arbitration shall be
final and binding on the parties. The Federal Arbitration Act shall govern
the interpretation and enforcement of this section pertaining to Alternative
Dispute Resolution.

     You and StarMedia also agree that this letter contains all of our
agreements and understandings, and fully supersedes any prior agreements or
understandings that we may have had regarding the subject matter of this
Agreement.

     You acknowledge you have have had an opportunity to consult counsel of
your own choosing, and that you have chosen to enter into this Agreement and
based upon your own judgment and not in reliance upon any promises made by
StarMedia other than those contained in this Agreement.

     If this letter comports with your understanding of your agreement, please
sign on the line provided below and return the original by hand delivery.

                                          Sincerely

                                          /s/ EMILY AREAN
                                          ---------------------------------
                                          Emily Arean

     I have read and understand the Agreement above and agree to be bound by
its terms and conditions.

/s/ ADRIANA KAMPFNER                      12/27/01
-------------------------------           ---------------------------------
Adriana Kampfner                          Date

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[STARMEDIA LOGO]

December 26, 2001

Ms. Adriana Kampfner
2485 Traver Road
Ann Arbor, MI 48105

Dear Adriana:

     I am writing in reference to the agreement between you and StarMedia
Network, Inc. ("StarMedia"), dated December 28, 2000, relating to the line
of credit of up to $1.1 million that StarMedia has extended to you. Under
this agreement, you currently owe StarMedia $1.1 million in principal, plus
accrued interest (collectively, the "Outstanding Balance").

     StarMedia hereby acknowledges that you have represented to us and to our
outside auditors that you do not have sufficient assets to repay the
Outstanding Balance. Accordingly, StarMedia has agreed to forgive all of your
indebtedness as to the Outstanding Balance based upon your inability to pay.

     Please do not hesitate to contact me if you have any questions regarding
this matter.

Very truly yours,

/s/ EMILY AREAN

Emily Arean
SVP, Human Resources

I acknowledge and agree to the above:

/s/ ADRIANA KAMPFNER                     12/26/01
---------------------------------        -----------------------------
Adriana Kampfner                         Date

                         29 West 36th Street, New York, NY 10018
                                 Phone: 212.905.8200
                                  Fax: 212.905.8393<Page>

                                                                     EXHIBIT 4.7

         THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY (AS
DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS GLOBAL NOTE IS EXCHANGEABLE
FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR
ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND,
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN
DEFINITIVE FORM, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITORY
TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY, OR BY THE DEPOSITORY OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY.

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC") TO AMERICAN EQUITY
INVESTMENT LIFE HOLDING COMPANY (THE "ISSUER") OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES
IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC
TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR
BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

                 AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

                               ___% NOTES DUE 2012

CUSIP No. 025676 AB 3
No. R-                                                             $150,000,000

         AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY, a corporation duly
organized and existing under the laws of the State of Iowa (herein referred to
as the "Issuer," which term includes any successor Person under the Indenture
hereinafter referred to) for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of ONE HUNDRED FIFTY MILLION
DOLLARS ($150,000,000) on __________, 2012 (the

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"Stated Maturity Date" with respect to the principal of this Note), unless
previously redeemed on any Redemption Date (as defined below), in accordance
with the provisions set forth on the reverse hereof (the Stated Maturity Date or
any Redemption Date is referred herein as the "Maturity Date" with respect to
principal repayable on such date) and to pay interest thereon semiannually in
arrears on ____________ and _____________ of each year, commencing on ________,
2002 (each, an "Interest Payment Date"), at the rate of ___% per annum, until
payment of said principal has been made or duly provided for. Interest on this
Note payable on an Interest Payment Date will accrue from and including the
immediately preceding Interest Payment Date to which interest has been paid or
duly provided for, or from and including _________, 2002 if no interest has been
paid or duly provided for, to but excluding the applicable Interest Payment Date
or the Maturity Date, as the case may be. Interest on this Note will be computed
on the basis of a 360-day year consisting of twelve 30-day months.

         Capitalized terms used but not otherwise defined herein shall have the
respective meanings assigned to them in the Indenture (as defined on the reverse
hereof).

         The interest so payable and punctually paid or duly provided for on any
Interest Payment Date will be paid to the Holder in which name this Note (or one
or more predecessor Notes) is registered in the Security Register at the close
of business on the "Regular Record Date" for such payment, which shall be
_____________ or ____________, as the case may be, immediately preceding such
Interest Payment Date (regardless of whether such day is a Business Day (as
defined below)). Any such interest not so punctually paid or duly provided for
shall forthwith cease to be payable to the Holder on such Regular Record Date,
and shall be paid to the Person in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on a subsequent
Special Record Date for the payment of such defaulted interest (which shall be
not more than 15 days and not less than 10 days prior to the date of the payment
of such defaulted interest) established by notice given by mail by or on behalf
of the Issuer to the Holders of the Notes not less than 10 days preceding such
subsequent Special Record Date, or may be paid at any time in any other lawful
manner, all as more fully provided in the Indenture.

         The principal of, and the Make-Whole Amount (as defined on the reverse
hereof), if any, with respect to, this Note payable on the Maturity Date will be
paid against presentation and surrender of this Note at the office or agency of
the Issuer maintained for that purpose in the Borough of Manhattan, The City of
New York. The Issuer hereby initially designates the corporate trust office of
the Trustee (as defined on the reverse hereof) at 100 Wall St., Suite 1600, New
York, New York 10005, as the office to be maintained by it where Notes may be
presented for payment, registration of transfer or exchange and where notices or
demands to or upon the Issuer in respect of the Notes or the Indenture may be
served.

         If any Interest Payment Date or the Maturity Date falls on a day that
is not a Business Day, the payment required to be made on such date will,
instead, be made on the next Business Day with the same force and effect as if
it were made on the date such payment was due, and no interest shall accrue on
the amount so payable for the period from and after such Interest Payment Date
or the Maturity Date, as the case may be. "Business Day" means any day, other

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than a Saturday, a Sunday or other day on which banking institutions in The City
of New York are authorized or required by law, regulation or executive order to
close.

         Payments of principal, Make-Whole Amount, if any, and interest in
respect of this Note will be made in such coin or currency of the United States
of America as at the time of payment is legal tender for the payment of public
and private debts (i) in the case of payments on the Maturity Date, in
immediately available funds and (ii) in the case of payments of interest on an
Interest Payment Date other than the Maturity Date, at the option of the Issuer,
by check mailed to the Holder entitled thereto at the applicable address
appearing in the Security Register or by transfer of immediately available funds
to an account maintained by the payee with a bank located in the United States
of America; provided, however, that so long as Cede & Co. is the Holder of this
Note, payments of interest on an Interest Payment Date will be made in
immediately available funds.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof. Such further provisions shall for all purposes have the same
effect as though fully set forth at this place.

         This Note shall not be entitled to the benefits of the Indenture or be
valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been executed by manual signature by the
Trustee.

                                       3
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         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or by facsimile by an authorized signatory.

         Date: __________________, 2002

                                                AMERICAN EQUITY INVESTMENT LIFE
                                                HOLDING COMPANY,
                                                   as Issuer

                                                By: ___________________________
                                                    Name:
                                                    Title:
ATTEST:

By: ________________________
     Secretary

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Securities of the series designated herein, referred
to in the within-mentioned Indenture.

                                                _______________________________
                                                  as Trustee

                                                By: ___________________________
                                                    Authorized Signatory

                                       4

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                                [REVERSE OF NOTE]

                 AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

                               ___% Note due 2012

         This Note is one of a duly authorized issue of senior debt securities
of the Issuer (hereinafter called the "Securities") of the series hereinafter
specified, all issued or to be issued under and pursuant to an Indenture, dated
as of __________, 2002 (the "Indenture"), duly executed and delivered by the
Issuer to U.S. Bank National Association, as trustee (the "Trustee," which term
includes any successor trustee under the Indenture with respect to the series of
Securities of which this Note is a part), and reference is hereby made to the
Indenture, and all modifications and amendments and indentures supplemental
thereto relating to the Notes, for a description of the rights, limitations of
rights, obligations, duties, and immunities thereunder of the Trustee, the
Issuer and the Holders of the Notes and the terms upon which the Notes are
authenticated and delivered. The Securities may be issued in one or more series,
which different series may be issued in various aggregate principal amounts, may
mature at different times, may accrue interest (if any) at different rates or
formulas and may otherwise vary as provided in the Indenture. This Note is one
of a series of Securities designated as the "____% Notes due 2012"
(collectively, the "Notes") of the Issuer, limited (except as permitted under
the Indenture) in aggregate principal amount to $150,000,000.

         The Issuer may redeem this Note, at any time in whole or from time to
time in part, at the option of the Issuer, at a redemption price equal to the
greater of (i) 100% of the aggregate principal amount of the Notes being
redeemed and (ii) the Make-Whole Amount (as defined below), if any, plus, in
each case, unpaid interest on the aggregate principal amount of the Notes being
redeemed accrued to the Redemption Date (the "Redemption Price"); PROVIDED,
HOWEVER, that interest installments due on an Interest Payment Date which is on
or prior to the date fixed for redemption (the "Redemption Date") will be
payable to the Holder hereof (or one or more predecessor Notes) as of the close
of business on the Regular Record Date preceding such Interest Payment Date.

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         If notice has been given as provided in the Indenture and funds for the
redemption of this Note or any part thereof called for redemption shall have
been made available on the Redemption Date, this Note or such part thereof will
cease to bear interest on the Redemption Date referred to in such notice and the
only right of the Holder will be to receive payment of the Redemption Price.
Notice of any optional redemption of any Notes will be given to the Holder
hereof (in accordance with the provisions of the Indenture), not more than 90
nor less than 60 days prior to the Redemption Date. The notice of redemption
will specify, among other things, the Redemption Date, the Redemption Price and
the principal amount of Notes to be redeemed. In the event of redemption of this
Note in part only, a new Note of like tenor for the unredeemed portion hereof
and otherwise having the same terms and provisions as this Note shall be issued
by the Issuer in the name of the Holder hereof upon the presentation and
surrender hereof.

         "Make-Whole Amount" means the aggregate present value as of the date of
redemption of each dollar of the aggregate principal amount of notes being
redeemed and the amount of interest, exclusive of interest accrued to the date
of redemption, that would have been payable in respect of each dollar if such
redemption had not been made, determined by discounting, on a semiannual basis,
such principal and interest at the Reinvestment Rate (as defined below), as
determined on the third Business Day preceding the date notice of redemption is
given, from the respective dates on which such principal and interest would have
been payable if such redemption had not been made, to the date of redemption.

         "Reinvestment Rate" means ___% plus the arithmetic mean of the yields
under the respective heading "Week Ending "published in the most recent
statistical release under the caption "Treasury Constant Maturities "for the
maturity (rounded to the nearest month) corresponding to the remaining life to
maturity, as of the payment date of the principal amount of the Notes being
redeemed. If no maturity exactly corresponds to such maturity, yields for the
two published maturities most closely corresponding to such maturity shall be
calculated pursuant to the immediately preceding sentence and the reinvestment
rate shall be interpolated or extrapolated from such yields on a straight-line
basis, rounding in each of such relevant periods to the nearest month. For the
purpose of calculating the Reinvestment Rate, the most recent statistical
release published prior to the date of determination of the Make-Whole Amount
shall be used. If the format or content of the statistical release changes in a
manner that precludes determination of the Treasury yield in the above manner,
then the Treasury yield shall be determined in the manner that most closely
approximates the above manner, as reasonably determined by us.

         "Statistical Release" means the statistical release designated
"H.15(519)" or any successor publication which is published weekly by the Board
of Governors of the Federal Reserve System and which establishes yields on
actively traded United States government securities adjusted to constant
maturities or, if such statistical release is not published at the time of any
determination under the indenture, such other reasonably comparable index which
shall be designated by the Issuer.

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         This Note is not subject to repayment at the option of the Holder
thereof. Furthermore, this Note is not entitled to the benefit of, and is not
subject to, any sinking fund.

         In case an Event of Default with respect to this Note shall have
occurred and be continuing, the principal hereof may be (and, in certain cases,
shall be) declared, and upon such declaration shall become, due and payable, in
the manner, with the effect, and subject to the conditions, provided in the
Indenture.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Securities under the Indenture at
any time by the Issuer and the Trustee with the consent of the Holders of a
majority in the aggregate principal amount of Securities of any series issued
under the Indenture at the time Outstanding and affected thereby. Furthermore,
provisions in the Indenture permit the Holders of a majority in the aggregate
principal amount of the Outstanding Securities of any series, in certain
instances, to waive, on behalf of all of the Holders of Securities of such
series, certain past defaults under the Indenture and their consequences. Any
such waiver by the Holder of this Note shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and other Notes issued upon the
registration of transfer hereof or in exchange hereof, or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note.

         No reference herein to the Indenture and no provision of this Note or
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, and Make-Whole Amount, if
any, with respect to, and interest on, this Note in the manner, at the
respective times, at the rate and in the coin or currency herein prescribed.

         This Note is issuable only in fully registered form, without coupons,
in denominations of $1,000 and integral multiples thereof. This Note may be
exchanged for a like aggregate principal amount of Notes of other authorized
denominations at the office or agency of the Issuer in The City of New York, in
the manner and subject to the limitations provided herein and in the Indenture,
but without the payment of any charge except for any tax or other governmental
charge imposed in connection therewith.

         Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The City of New York, one or more new Notes of
authorized denominations in an equal aggregate principal amount will be issued
to the transferee in exchange therefor, subject to the limitations provided
herein and in the Indenture, but without payment of any charge except for any
tax or other governmental charge imposed in connection therewith.

         The Issuer or the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the Holder and absolute owner of this Note (whether or not this Note shall be
overdue and notwithstanding any notation of ownership or other writing hereon),
for the purpose of receiving payment of, or on account of, the principal of, or
Make-Whole Amount, if any, with respect to, or subject to the provisions on the
face hereof, interest on, this Note and for all other purposes, and none of the
Issuer or the

                                       7

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Trustee or any authorized agent of the Issuer or the Trustee shall be affected
by any notice to the contrary.

         The Issuer will not pay Additional Amounts on the Notes to any Holder
who is not a United States person (including any modification to the definition
of such term) in respect of any tax, assessment or governmental charge.

         The Indenture and this Note shall be deemed to be a contract under the
laws of the State of New York, and for all purposes shall be governed by and
construed in accordance with the laws of such State, without giving effect to
any conflict of law principles.

                                       8

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                                ASSIGNMENT FORM

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto ________________________________________________________________________

Please insert social security number or other identifying number of assignee:

________________________________

Please print or type name and address (including zip code) of assignee:

________________________________

________________________________

________________________________

________________________________

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing _____________________ attorney to transfer said Note of AMERICAN
EQUITY INVESTMENT LIFE HOLDING COMPANY on the books of AMERICAN EQUITY
INVESTMENT LIFE HOLDING COMPANY, with full power of substitution in the
premises.

________________________________

Dated: _________________________

Signature Guaranteed

_______________________________           __________________________________
NOTICE: Signature must be                  NOTICE: The signature to this
guaranteed by an eligible                  Assignment must correspond
Guarantor Institution (banks,              with the name as written upon
stockbrokers, savings and loan             the face of the within Note in
associations and credit                    every particular, without
unions) with membership in an              alteration or enlargement or
approved signature guarantee               any change whatever.
medallion program pursuant to
Securities and Exchange
Commission Rule 17Ad-15.

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