Document:

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                                                                    Exhibit 10.3

                            LIMELIGHT NETWORKS, INC.

                           2007 EQUITY INCENTIVE PLAN

     1. Purposes of the Plan. The purposes of this Plan are:

          -    to attract and retain the best available personnel for positions
               of substantial responsibility,

          -    to provide additional incentive to Employees, Directors and
               Consultants, and

          -    to promote the success of the Company's business.

          The Plan permits the grant of Incentive Stock Options, Nonstatutory
Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation
Rights, Performance Units and Performance Shares.

     2. Definitions. As used herein, the following definitions will apply:

          (a) "Administrator" means the Board or any of its Committees as will
be administering the Plan, in accordance with Section 4 of the Plan.

          (b) "Applicable Laws" means the requirements relating to the
administration of equity-based awards under U.S. state corporate laws, U.S.
federal and state securities laws, the Code, any stock exchange or quotation
system on which the Common Stock is listed or quoted and the applicable laws of
any foreign country or jurisdiction where Awards are, or will be, granted under
the Plan.

          (c) "Award" means, individually or collectively, a grant under the
Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock
Units, Performance Units or Performance Shares.

          (d) "Award Agreement" means the written or electronic agreement
setting forth the terms and provisions applicable to each Award granted under
the Plan. The Award Agreement is subject to the terms and conditions of the
Plan.

          (e) "Board" means the Board of Directors of the Company.

          (f) "Change in Control" means the occurrence of any of the following
events:

               (i) Any "person" (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) becomes the "beneficial owner" (as defined in Rule
13d-3 of the Exchange Act), directly or indirectly, of securities of the Company
representing fifty percent (50%) or more of the total voting power represented
by the Company's then outstanding voting securities;

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               (ii) The consummation of the sale or disposition by the Company
of all or substantially all of the Company's assets;

               (iii) A change in the composition of the Board occurring within a
two (2)-year period, as a result of which fewer than a majority of the directors
are Incumbent Directors. "Incumbent Directors" means directors who either (A)
are Directors as of the effective date of the Plan, or (B) are elected, or
nominated for election, to the Board with the affirmative votes of at least a
majority of the Incumbent Directors at the time of such election or nomination
(but will not include an individual whose election or nomination is in
connection with an actual or threatened proxy contest relating to the election
of directors to the Company); or

               (iv) The consummation of a merger or consolidation of the Company
with any other corporation, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or its parent) at least
fifty percent (50%) of the total voting power represented by the voting
securities of the Company or such surviving entity or its parent outstanding
immediately after such merger or consolidation.

          (g) "Code" means the Internal Revenue Code of 1986, as amended. Any
reference to a section of the Code herein will be a reference to any successor
or amended section of the Code.

          (h) "Committee" means a committee of Directors or of other individuals
satisfying Applicable Laws appointed by the Board in accordance with Section 4
hereof.

          (i) "Common Stock" means the common stock of the Company.

          (j) "Company" means Limelight Networks, Inc., a Delaware corporation,
or any successor thereto.

          (k) "Consultant" means any person, including an advisor, engaged by
the Company or a Parent or Subsidiary to render services to such entity.

          (l) "Director" means a member of the Board.

          (m) "Disability" means total and permanent disability as defined in
Section 22(e)(3) of the Code, provided that in the case of Awards other than
Incentive Stock Options, the Administrator in its discretion may determine
whether a permanent and total disability exists in accordance with uniform and
non-discriminatory standards adopted by the Administrator from time to time.

          (n) "Employee" means any person, including Officers and Directors,
employed by the Company or any Parent or Subsidiary of the Company. Neither
service as a Director nor payment of a director's fee by the Company will be
sufficient to constitute "employment" by the Company.

          (o) "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

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          (p) "Exchange Program" means a program under which (i) outstanding
Awards are surrendered or cancelled in exchange for Awards of the same type
(which may have lower exercise prices and different terms), Awards of a
different type, and/or cash, (ii) Participants would have the opportunity to
transfer any outstanding Awards to a financial institution or other person or
entity selected by the Administrator, and/or (iii) the exercise price of an
outstanding Award is reduced. The Administrator will determine the terms and
conditions of any Exchange Program in its sole discretion.

          (q) "Fair Market Value" means, as of any date, the value of Common
Stock determined as follows:

               (i) If the Common Stock is listed on any established stock
exchange or a national market system, including without limitation the Nasdaq
National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its
Fair Market Value will be the closing sales price for such stock (or the closing
bid, if no sales were reported) as quoted on such exchange or system on the day
of determination, as reported in The Wall Street Journal or such other source as
the Administrator deems reliable;

               (ii) If the Common Stock is regularly quoted by a recognized
securities dealer but selling prices are not reported, the Fair Market Value of
a Share will be the mean between the high bid and low asked prices for the
Common Stock on the day of determination, as reported in The Wall Street Journal
or such other source as the Administrator deems reliable;

               (iii) For purposes of any Awards granted on the Registration
Date, the Fair Market Value will be the initial price to the public as set forth
in the final prospectus included within the registration statement in Form S-1
filed with the Securities and Exchange Commission for the initial public
offering of the Company's Common Stock; or

               (iv) In the absence of an established market for the Common
Stock, the Fair Market Value will be determined in good faith by the
Administrator.

          (r) "Fiscal Year" means the fiscal year of the Company.

          (s) "Incentive Stock Option" means an Option intended to qualify as an
incentive stock option within the meaning of Section 422 of the Code and the
regulations promulgated thereunder.

          (t) "Inside Director" means a Director who is an Employee.

          (u) "Nonstatutory Stock Option" means an Option that by its terms does
not qualify or is not intended to qualify as an Incentive Stock Option.

          (v) "Officer" means a person who is an officer of the Company within
the meaning of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder.

          (w) "Option" means a stock option granted pursuant to the Plan.

          (x) "Outside Director" means a Director who is not an Employee.

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          (y) "Parent" means a "parent corporation," whether now or hereafter
existing, as defined in Section 424(e) of the Code.

          (z) "Participant" means the holder of an outstanding Award.

          (aa) "Performance Share" means an Award denominated in Shares which
may be earned in whole or in part upon attainment of performance goals or other
vesting criteria as the Administrator may determine pursuant to Section 10.

          (bb) "Performance Unit" means an Award which may be earned in whole or
in part upon attainment of performance goals or other vesting criteria as the
Administrator may determine and which may be settled for cash, Shares or other
securities or a combination of the foregoing pursuant to Section 10.

          (cc) "Period of Restriction" means the period during which the
transfer of Shares of Restricted Stock are subject to restrictions and
therefore, the Shares are subject to a substantial risk of forfeiture. Such
restrictions may be based on the passage of time, the achievement of target
levels of performance, or the occurrence of other events as determined by the
Administrator.

          (dd) "Plan" means this 2007 Equity Incentive Plan.

          (ee) "Registration Date" means the effective date of the first
registration statement that is filed by the Company and declared effective
pursuant to Section 12(g) of the Exchange Act, with respect to any class of the
Company's securities.

          (ff) "Restricted Stock" means Shares issued pursuant to a Restricted
Stock award under Section 7 of the Plan, or issued pursuant to the early
exercise of an Option.

          (gg) "Restricted Stock Unit" means a bookkeeping entry representing an
amount equal to the Fair Market Value of one Share, granted pursuant to Section
8. Each Restricted Stock Unit represents an unfunded and unsecured obligation of
the Company.

          (hh) "Rule 16b-3" means Rule 16b-3 of the Exchange Act or any
successor to Rule 16b-3, as in effect when discretion is being exercised with
respect to the Plan.

          (ii) "Section 16(b)" means Section 16(b) of the Exchange Act.

          (jj) "Service Provider" means an Employee, Director or Consultant.

          (kk) "Share" means a share of the Common Stock, as adjusted in
accordance with Section 14 of the Plan.

          (ll) "Stock Appreciation Right" means an Award, granted alone or in
connection with an Option, that pursuant to Section 9 is designated as a Stock
Appreciation Right.

          (mm) "Subsidiary" means a "subsidiary corporation", whether now or
hereafter existing, as defined in Section 424(f) of the Code.

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     3. Stock Subject to the Plan.

          (a) Stock Subject to the Plan. Subject to the provisions of Section 14
of the Plan, the maximum aggregate number of Shares that may be issued under the
Plan is 5,000,000 Shares, plus (i) any Shares that, as of the Registration Date,
have been reserved but not issued pursuant to any awards granted under the
Limelight Networks, Inc. Amended and Restated 2003 Incentive Compensation Plan
(the "Old Plan") and are not subject to any awards granted thereunder, and (ii)
any Shares subject to stock options or similar awards granted under the Old Plan
that expire or otherwise terminate without having been exercised in full and
Shares issued pursuant to awards granted under the Old Plan that are forfeited
to or repurchased by the Company. The Shares may be authorized, but unissued, or
reacquired Common Stock.

          (b) Automatic Share Reserve Increase. The number of Shares available
for issuance under the Plan shall be increased on the first day of each Fiscal
Year beginning with the 2008 Fiscal Year, in an amount equal to the least of (A)
3,000,000 Shares, (B) 4% of the outstanding Shares on the last day of the
immediately preceding Fiscal Year or (C) such number of Shares determined by the
Board.

          (c) Lapsed Awards. If an Award expires or becomes unexercisable
without having been exercised in full, is surrendered pursuant to an Exchange
Program, or, with respect to Restricted Stock, Restricted Stock Units,
Performance Units or Performance Shares, is forfeited to or repurchased by the
Company due to failure to vest, the unpurchased Shares (or for Awards other than
Options or Stock Appreciation Rights the forfeited or repurchased Shares) which
were subject thereto will become available for future grant or sale under the
Plan (unless the Plan has terminated). With respect to Stock Appreciation
Rights, only Shares actually issued pursuant to a Stock Appreciation Right will
cease to be available under the Plan; all remaining Shares under Stock
Appreciation Rights will remain available for future grant or sale under the
Plan (unless the Plan has terminated). Shares that have actually been issued
under the Plan under any Award will not be returned to the Plan and will not
become available for future distribution under the Plan; provided, however, that
if Shares issued pursuant to Awards of Restricted Stock, Restricted Stock Units,
Performance Shares or Performance Units are repurchased by the Company or are
forfeited to the Company, such Shares will become available for future grant
under the Plan. Shares used to pay the exercise price of an Award or to satisfy
the tax withholding obligations related to an Award will become available for
future grant or sale under the Plan. To the extent an Award under the Plan is
paid out in cash rather than Shares, such cash payment will not result in
reducing the number of Shares available for issuance under the Plan.
Notwithstanding the foregoing and, subject to adjustment as provided in Section
14, the maximum number of Shares that may be issued upon the exercise of
Incentive Stock Options shall equal the aggregate Share number stated in Section
3(a), plus, to the extent allowable under Section 422 of the Code and the
Treasury Regulations promulgated thereunder, any Shares that become available
for issuance under the Plan pursuant to Section 3(c).

          (d) Share Reserve. The Company, during the term of this Plan, will at
all times reserve and keep available such number of Shares as will be sufficient
to satisfy the requirements of the Plan.

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     4. Administration of the Plan.

          (a) Procedure.

               (i) Multiple Administrative Bodies. Different Committees with
respect to different groups of Service Providers may administer the Plan.

               (ii) Section 162(m). To the extent that the Administrator
determines it to be desirable to qualify Options granted hereunder as
"performance-based compensation" within the meaning of Section 162(m) of the
Code, the Plan will be administered by a Committee of two (2) or more "outside
directors" within the meaning of Section 162(m) of the Code.

               (iii) Rule 16b-3. To the extent desirable to qualify transactions
hereunder as exempt under Rule 16b-3, the transactions contemplated hereunder
will be structured to satisfy the requirements for exemption under Rule 16b-3.

               (iv) Other Administration. Other than as provided above, the Plan
will be administered by (A) the Board or (B) a Committee, which committee will
be constituted to satisfy Applicable Laws.

          (b) Powers of the Administrator. Subject to the provisions of the
Plan, and in the case of a Committee, subject to the specific duties delegated
by the Board to such Committee, the Administrator will have the authority, in
its discretion:

               (i) to determine the Fair Market Value;

               (ii) to select the Service Providers to whom Awards may be
granted hereunder;

               (iii) to determine the number of Shares to be covered by each
Award granted hereunder;

               (iv) to approve forms of Award Agreements for use under the Plan;

               (v) to determine the terms and conditions, not inconsistent with
the terms of the Plan, of any Award granted hereunder. Such terms and conditions
include, but are not limited to, the exercise price, the time or times when
Awards may be exercised (which may be based on performance criteria), any
vesting acceleration or waiver of forfeiture restrictions, and any restriction
or limitation regarding any Award or the Shares relating thereto, based in each
case on such factors as the Administrator will determine;

               (vi) to determine the terms and conditions of any, and to
institute any Exchange Program;

               (vii) to construe and interpret the terms of the Plan and Awards
granted pursuant to the Plan;

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               (viii) to prescribe, amend and rescind rules and regulations
relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of satisfying applicable foreign laws;

               (ix) to modify or amend each Award (subject to Section 19(c) of
the Plan), including the discretionary authority to extend the post-termination
exercisability period of Awards;

               (x) to allow Participants to satisfy withholding tax obligations
in such manner as prescribed in Section 15;

               (xi) to authorize any person to execute on behalf of the Company
any instrument required to effect the grant of an Award previously granted by
the Administrator;

               (xii) to allow a Participant to defer the receipt of the payment
of cash or the delivery of Shares that would otherwise be due to such
Participant under an Award

               (xiii) to make all other determinations deemed necessary or
advisable for administering the Plan.

          (c) Effect of Administrator's Decision. The Administrator's decisions,
determinations and interpretations will be final and binding on all Participants
and any other holders of Awards.

     5. Eligibility. Nonstatutory Stock Options, Stock Appreciation Rights,
Restricted Stock, Restricted Stock Units, Performance Shares and Performance
Units may be granted to Service Providers. Incentive Stock Options may be
granted only to Employees.

     6. Stock Options.

          (a) Limitations. Each Option will be designated in the Award Agreement
as either an Incentive Stock Option or a Nonstatutory Stock Option. However,
notwithstanding such designation, to the extent that the aggregate Fair Market
Value of the Shares with respect to which Incentive Stock Options are
exercisable for the first time by the Participant during any calendar year
(under all plans of the Company and any Parent or Subsidiary) exceeds one
hundred thousand dollars ($100,000), such Options will be treated as
Nonstatutory Stock Options. For purposes of this Section 6(a), Incentive Stock
Options will be taken into account in the order in which they were granted. The
Fair Market Value of the Shares will be determined as of the time the Option
with respect to such Shares is granted.

          (b) Term of Option. The term of each Option will be stated in the
Award Agreement. In the case of an Incentive Stock Option, the term will be ten
(10) years from the date of grant or such shorter term as may be provided in the
Award Agreement. Moreover, in the case of an Incentive Stock Option granted to a
Participant who, at the time the Incentive Stock Option is granted, owns stock
representing more than ten percent (10%) of the total combined voting power of
all classes of stock of the Company or any Parent or Subsidiary, the term of the
Incentive Stock Option will be five (5) years from the date of grant or such
shorter term as may be provided in the Award Agreement.

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          (c) Option Exercise Price and Consideration.

               (i) Exercise Price. The per share exercise price for the Shares
to be issued pursuant to exercise of an Option will be determined by the
Administrator, subject to the following:

                    (1) In the case of an Incentive Stock Option

                         a) granted to an Employee who, at the time the
Incentive Stock Option is granted, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent
or Subsidiary, the per Share exercise price will be no less than one hundred ten
percent (110%) of the Fair Market Value per Share on the date of grant.

                         b) granted to any Employee other than an Employee
described in paragraph (A) immediately above, the per Share exercise price will
be no less than one hundred percent (100%) of the Fair Market Value per Share on
the date of grant.

                    (2) In the case of a Nonstatutory Stock Option, the per
Share exercise price will be no less than one hundred percent (100%) of the Fair
Market Value per Share on the date of grant.

                    (3) Notwithstanding the foregoing, Options may be granted
with a per Share exercise price of less than one hundred percent (100%) of the
Fair Market Value per Share on the date of grant pursuant to a transaction
described in, and in a manner consistent with, Section 424(a) of the Code.

               (ii) Waiting Period and Exercise Dates. At the time an Option is
granted, the Administrator will fix the period within which the Option may be
exercised and will determine any conditions that must be satisfied before the
Option may be exercised.

               (iii) Form of Consideration. The Administrator will determine the
acceptable form of consideration for exercising an Option, including the method
of payment. In the case of an Incentive Stock Option, the Administrator will
determine the acceptable form of consideration at the time of grant. Such
consideration may consist entirely of: (1) cash; (2) check; (3) promissory note,
(4) other Shares, provided Shares acquired directly or indirectly from the
Company, (A) have been owned by the Participant and not subject to substantial
risk of forfeiture for more than six months on the date of surrender, and (B)
have a Fair Market Value on the date of surrender equal to the aggregate
exercise price of the Shares as to which said Option will be exercised; (5)
consideration received by the Company under a broker-assisted (or other)
cashless exercise program implemented by the Company in connection with the
Plan; (6) any combination of the foregoing methods of payment; or (7) such other
consideration and method of payment for the issuance of Shares to the extent
permitted by Applicable Laws.

          (d) Exercise of Option.

               (i) Procedure for Exercise; Rights as a Stockholder. Any Option
granted hereunder will be exercisable according to the terms of the Plan and at
such times and under such

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conditions as determined by the Administrator and set forth in the Award
Agreement. An Option may not be exercised for a fraction of a Share.

                    An Option will be deemed exercised when the Company
receives: (i) notice of exercise (in such form as the Administrator specify from
time to time) from the person entitled to exercise the Option, and (ii) full
payment for the Shares with respect to which the Option is exercised (together
with applicable withholding taxes). Full payment may consist of any
consideration and method of payment authorized by the Administrator and
permitted by the Award Agreement and the Plan. Shares issued upon exercise of an
Option will be issued in the name of the Participant or, if requested by the
Participant, in the name of the Participant and his or her spouse. Until the
Shares are issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to vote
or receive dividends or any other rights as a stockholder will exist with
respect to the Shares subject to an Option, notwithstanding the exercise of the
Option. The Company will issue (or cause to be issued) such Shares promptly
after the Option is exercised. No adjustment will be made for a dividend or
other right for which the record date is prior to the date the Shares are
issued, except as provided in Section 14 of the Plan.

               Exercising an Option in any manner will decrease the number of
Shares thereafter available, both for purposes of the Plan and for sale under
the Option, by the number of Shares as to which the Option is exercised.

               (ii) Termination of Relationship as a Service Provider. If a
Participant ceases to be a Service Provider, other than upon the Participant's
death or Disability, the Participant may exercise his or her Option within such
period of time as is specified in the Award Agreement to the extent that the
Option is vested on the date of termination (but in no event later than the
expiration of the term of such Option as set forth in the Award Agreement). In
the absence of a specified time in the Award Agreement, the Option will remain
exercisable for three (3) months following the Participant's termination. Unless
otherwise provided by the Administrator, if on the date of termination the
Participant is not vested as to his or her entire Option, the Shares covered by
the unvested portion of the Option will revert to the Plan. If after termination
the Participant does not exercise his or her Option within the time specified by
the Administrator, the Option will terminate, and the Shares covered by such
Option will revert to the Plan.

               (iii) Disability of Participant. If a Participant ceases to be a
Service Provider as a result of the Participant's Disability, the Participant
may exercise his or her Option within such period of time as is specified in the
Award Agreement to the extent the Option is vested on the date of termination
(but in no event later than the expiration of the term of such Option as set
forth in the Award Agreement). In the absence of a specified time in the Award
Agreement, the Option will remain exercisable for twelve (12) months following
the Participant's termination. Unless otherwise provided by the Administrator,
if on the date of termination the Participant is not vested as to his or her
entire Option, the Shares covered by the unvested portion of the Option will
revert to the Plan. If after termination the Participant does not exercise his
or her Option within the time specified herein, the Option will terminate, and
the Shares covered by such Option will revert to the Plan.

               (iv) Death of Participant. If a Participant dies while a Service
Provider, the Option may be exercised following the Participant's death within
such period of time as is specified

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in the Award Agreement to the extent that the Option is vested on the date of
death (but in no event may the option be exercised later than the expiration of
the term of such Option as set forth in the Award Agreement), by the
Participant's designated beneficiary, provided such beneficiary has been
designated prior to Participant's death in a form acceptable to the
Administrator. If no such beneficiary has been designated by the Participant,
then such Option may be exercised by the personal representative of the
Participant's estate or by the person(s) to whom the Option is transferred
pursuant to the Participant's will or in accordance with the laws of descent and
distribution. In the absence of a specified time in the Award Agreement, the
Option will remain exercisable for twelve (12) months following Participant's
death. Unless otherwise provided by the Administrator, if at the time of death
Participant is not vested as to his or her entire Option, the Shares covered by
the unvested portion of the Option will immediately revert to the Plan. If the
Option is not so exercised within the time specified herein, the Option will
terminate, and the Shares covered by such Option will revert to the Plan.

     7. Restricted Stock.

          (a) Grant of Restricted Stock. Subject to the terms and provisions of
the Plan, the Administrator, at any time and from time to time, may grant Shares
of Restricted Stock to Service Providers in such amounts as the Administrator,
in its sole discretion, will determine.

          (b) Restricted Stock Agreement. Each Award of Restricted Stock will be
evidenced by an Award Agreement that will specify the Period of Restriction, the
number of Shares granted, and such other terms and conditions as the
Administrator, in its sole discretion, will determine. Unless the Administrator
determines otherwise, the Company as escrow agent will hold Shares of Restricted
Stock until the restrictions on such Shares have lapsed.

          (c) Transferability. Except as provided in this Section 7, Shares of
Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated until the end of the applicable Period of Restriction.

          (d) Other Restrictions. The Administrator, in its sole discretion, may
impose such other restrictions on Shares of Restricted Stock as it may deem
advisable or appropriate.

          (e) Removal of Restrictions. Except as otherwise provided in this
Section 7, Shares of Restricted Stock covered by each Restricted Stock grant
made under the Plan will be released from escrow as soon as practicable after
the last day of the Period of Restriction or at such other time as the
Administrator may determine. The Administrator, in its discretion, may
accelerate the time at which any restrictions will lapse or be removed.

          (f) Voting Rights. During the Period of Restriction, Service Providers
holding Shares of Restricted Stock granted hereunder may exercise full voting
rights with respect to those Shares, unless the Administrator determines
otherwise.

          (g) Dividends and Other Distributions. During the Period of
Restriction, Service Providers holding Shares of Restricted Stock will be
entitled to receive all dividends and other distributions paid with respect to
such Shares, unless the Administrator provides otherwise. If any such dividends
or distributions are paid in Shares, the Shares will be subject to the same
restrictions

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on transferability and forfeitability as the Shares of Restricted Stock with
respect to which they were paid.

          (h) Return of Restricted Stock to Company. On the date set forth in
the Award Agreement, the Restricted Stock for which restrictions have not lapsed
will revert to the Company and again will become available for grant under the
Plan.

     8. Restricted Stock Units.

          (a) Grant. Restricted Stock Units may be granted at any time and from
time to time as determined by the Administrator. After the Administrator
determines that it will grant Restricted Stock Units under the Plan, it shall
advise the Participant in an Award Agreement of the terms, conditions, and
restrictions related to the grant, including the number of Restricted Stock
Units.

          (b) Vesting Criteria and Other Terms. The Administrator shall set
vesting criteria in its discretion, which, depending on the extent to which the
criteria are met, will determine the number of Restricted Stock Units that will
be paid out to the Participant. The Administrator may set vesting criteria based
upon the achievement of Company-wide, business unit, or individual goals
(including, but not limited to, continued employment), or any other basis
determined by the Administrator in its discretion.

          (c) Earning Restricted Stock Units. Upon meeting the applicable
vesting criteria, the Participant shall be entitled to receive a payout as
determined by the Administrator. Notwithstanding the foregoing, at any time
after the grant of Restricted Stock Units, the Administrator, in its sole
discretion, may reduce or waive any vesting criteria that must be met to receive
a payout.

          (d) Form and Timing of Payment. Payment of earned Restricted Stock
Units shall be made as soon as practicable after the date(s) determined by the
Administrator and set forth in the Award Agreement. The Administrator, in its
sole discretion, may only settle earned Restricted Stock Units in cash, Shares,
or a combination of both.

          (e) Cancellation. On the date set forth in the Award Agreement, all
unearned Restricted Stock Units shall be forfeited to the Company.

     9. Stock Appreciation Rights.

          (a) Grant of Stock Appreciation Rights. Subject to the terms and
conditions of the Plan, a Stock Appreciation Right may be granted to Service
Providers at any time and from time to time as will be determined by the
Administrator, in its sole discretion.

          (b) Number of Shares. The Administrator will have complete discretion
to determine the number of Stock Appreciation Rights granted to any Service
Provider.

          (c) Exercise Price and Other Terms. The per share exercise price for
the Shares to be issued pursuant to exercise of an Stock Appreciation Right
shall be determined by the Administrator and shall be no less than one hundred
percent (100%) of the Fair Market Value per

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share on the date of grant. Otherwise, subject to Section 6(a) of the Plan, the
Administrator, subject to the provisions of the Plan, shall have complete
discretion to determine the terms and conditions of Stock Appreciation Rights
granted under the Plan.

          (d) Stock Appreciation Right Agreement. Each Stock Appreciation Right
grant will be evidenced by an Award Agreement that will specify the exercise
price, the term of the Stock Appreciation Right, the conditions of exercise, and
such other terms and conditions as the Administrator, in its sole discretion,
will determine.

          (e) Expiration of Stock Appreciation Rights. An Stock Appreciation
Right granted under the Plan will expire upon the date determined by the
Administrator, in its sole discretion, and set forth in the Award Agreement.
Notwithstanding the foregoing, the rules of Section 6(d) also will apply to
Stock Appreciation Rights.

          (f) Payment of Stock Appreciation Right Amount. Upon exercise of an
Stock Appreciation Right, a Participant will be entitled to receive payment from
the Company in an amount determined by multiplying:

               (i) The difference between the Fair Market Value of a Share on
the date of exercise over the exercise price; times

               (ii) The number of Shares with respect to which the Stock
Appreciation Right is exercised.

     At the discretion of the Administrator, the payment upon Stock Appreciation
Right exercise may be in cash, in Shares of equivalent value, or in some
combination thereof.

     10. Performance Units and Performance Shares.

          (a) Grant of Performance Units/Shares. Performance Units and
Performance Shares may be granted to Service Providers at any time and from time
to time, as will be determined by the Administrator, in its sole discretion. The
Administrator will have complete discretion in determining the number of
Performance Units and Performance Shares granted to each Participant.

          (b) Value of Performance Units/Shares. Each Performance Unit will have
an initial value that is established by the Administrator on or before the date
of grant. Each Performance Share will have an initial value equal to the Fair
Market Value of a Share on the date of grant.

          (c) Performance Objectives and Other Terms. The Administrator will set
performance objectives or other vesting provisions (including, without
limitation, continued status as a Service Provider) in its discretion which,
depending on the extent to which they are met, will determine the number or
value of Performance Units/Shares that will be paid out to the Service
Providers. The time period during which the performance objectives or other
vesting provisions must be met will be called the "Performance Period." Each
Award of Performance Units/Shares will be evidenced by an Award Agreement that
will specify the Performance Period, and such other terms and conditions as the
Administrator, in its sole discretion, will determine. The Administrator may set
performance objectives based upon the achievement of Company-wide, divisional,
or

                                                                            -12-

<PAGE>

individual goals, applicable federal or state securities laws, or any other
basis determined by the Administrator in its discretion.

          (d) Earning of Performance Units/Shares. After the applicable
Performance Period has ended, the holder of Performance Units/Shares will be
entitled to receive a payout of the number of Performance Units/Shares earned by
the Participant over the Performance Period, to be determined as a function of
the extent to which the corresponding performance objectives or other vesting
provisions have been achieved. After the grant of a Performance Unit/Share, the
Administrator, in its sole discretion, may reduce or waive any performance
objectives or other vesting provisions for such Performance Unit/Share.

          (e) Form and Timing of Payment of Performance Units/Shares. Payment of
earned Performance Units/Shares will be made as soon as practicable after the
expiration of the applicable Performance Period. The Administrator, in its sole
discretion, may pay earned Performance Units/Shares in the form of cash, in
Shares (which have an aggregate Fair Market Value equal to the value of the
earned Performance Units/Shares at the close of the applicable Performance
Period) or in a combination thereof.

          (f) Cancellation of Performance Units/Shares. On the date set forth in
the Award Agreement, all unearned or unvested Performance Units/Shares will be
forfeited to the Company, and again will be available for grant under the Plan.

     11. Formula Awards to Outside Directors.

          (a) General. Outside Directors will be entitled to receive all types
of Awards (except Incentive Stock Options) under this Plan, including
discretionary Awards not covered under this Section 11. All grants of Awards to
Outside Directors pursuant to this Section will be automatic and
nondiscretionary, except as otherwise provided herein, and will be made in
accordance with the following provisions: (b) Type of Option. If Options are
granted pursuant to this Section they will be Nonstatutory Stock Options and,
except as otherwise provided herein, will be subject to the other terms and
conditions of the Plan.

          (c) No Discretion. No person will have any discretion to select which
Outside Directors will be granted Awards under this Section or to determine the
number of Shares to be covered by such Awards (except as provided in Sections
11(g) and 14).

          (d) Initial Award. Each person who first becomes an Outside Director
following the Registration Date will be automatically granted an Option to
purchase such number of Shares as is determined from time to time by resolution
of the Administrator (the "Initial Award") on or about the date on which such
person first becomes an Outside Director, whether through election by the
stockholders of the Company or appointment by the Board to fill a vacancy;
provided, however, that an Inside Director who ceases to be an Inside Director,
but who remains a Director, will not receive an Initial Award.

          (e) Annual Award. Each Outside Director will be automatically granted
an Option to purchase such number of Shares as is determined from time to time
by resolution of the

                                                                            -13-

<PAGE>

Administrator (an "Annual Award") on each date of the annual meeting of the
stockholders of the Company beginning in 2008, if as of such date, he or she
will have served on the Board for at least the preceding six (6) months.

          (f) Terms. The terms of each Award granted pursuant to this Section
will be as follows:

               (i) The term of the Award will be ten (10) years.

               (ii) The exercise price for Shares subject to Awards will be 100%
of the Fair Market Value on the grant date.

               (iii) Subject to Sections 11(g) and 14, the Initial Award will
vest and become exercisable as to one thirty-sixth (1/36th) of the Shares
subject to the Initial Award on the date one month following the vesting
commencement date of such Initial Award, and an additional one thirty-sixth
(1/36th) of the total shares subject to the Initial Award shall vest and become
exercisable on the same day as the vesting commencement date of each calendar
month thereafter, provided that the Participant continues to serve as a Director
through each such date.

               (iv) Subject to Sections 11(g) and 14, the Annual Award will vest
and become exercisable as to one hundred percent (100%) of the Shares subject to
such Award on the day prior to the next year's annual shareholder meeting (but
in no event later than December 31 of the calendar year following the calendar
year during which the Annual Award is granted), provided that the Participant
continues to serve as a Director through such date.

          (g) Adjustments. The Administrator in its discretion may change and
otherwise revise the terms of Awards granted under this Section 11, including,
without limitation, the number of Shares and exercise prices thereof, for Awards
granted on or after the date the Administrator determines to make any such
change or revision.

     12. Leaves of Absence/Transfer Between Locations. Unless the Administrator
provides otherwise, vesting of Awards granted hereunder will be suspended during
any unpaid leave of absence. A Service Provider will not cease to be an Employee
in the case of (i) any leave of absence approved by the Company or (ii)
transfers between locations of the Company or between the Company, its Parent,
or any Subsidiary. For purposes of Incentive Stock Options, no such leave may
exceed ninety (90) days, unless reemployment upon expiration of such leave is
guaranteed by statute or contract. If reemployment upon expiration of a leave of
absence approved by the Company is not so guaranteed, then three (3) months
following the ninety-first (91st) day of such leave any Incentive Stock Option
held by the Participant will cease to be treated as an Incentive Stock Option
and will be treated for tax purposes as a Nonstatutory Stock Option.

     13. Transferability of Awards. Unless determined otherwise by the
Administrator, an Award may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of
descent or distribution and may be exercised, during the lifetime of the
Participant, only by the Participant. If the Administrator makes an Award
transferable, such Award will contain such additional terms and conditions as
the Administrator deems appropriate.

                                                                            -14-

<PAGE>

     14. Adjustments; Dissolution or Liquidation; Merger or Change in Control.

          (a) Adjustments. In the event that any dividend or other distribution
(whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger,
consolidation, split-up, spin-off, combination, repurchase, or exchange of
Shares or other securities of the Company, or other change in the corporate
structure of the Company affecting the Shares occurs, the Administrator, in
order to prevent diminution or enlargement of the benefits or potential benefits
intended to be made available under the Plan, shall adjust the number and class
of Shares that may be delivered under the Plan and/or the number, class, and
price of Shares covered by each outstanding Award, and the numerical Share
limits in Sections 3 and 11 of the Plan.

          (b) Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Administrator will notify each
Participant as soon as practicable prior to the effective date of such proposed
transaction. To the extent it has not been previously exercised, an Award will
terminate immediately prior to the consummation of such proposed action.

          (c) Change in Control. In the event of a merger or Change in Control,
each outstanding Award will be treated as the Administrator determines,
including, without limitation, that each Award be assumed or an equivalent
option or right substituted by the successor corporation or a Parent or
Subsidiary of the successor corporation. The Administrator shall not be required
to treat all Awards similarly in the transaction.

          In the event that the successor corporation does not assume or
substitute for the Award, the Participant will fully vest in and have the right
to exercise all of his or her outstanding Options and Stock Appreciation Rights,
including Shares as to which such Awards would not otherwise be vested or
exercisable, all restrictions on Restricted Stock and Restricted Stock Units
will lapse, and, with respect to Awards with performance-based vesting, all
performance goals or other vesting criteria will be deemed achieved at one
hundred percent (100%) of target levels and all other terms and conditions met.
In addition, if an Option or Stock Appreciation Right is not assumed or
substituted in the event of a Change in Control, the Administrator will notify
the Participant in writing or electronically that the Option or Stock
Appreciation Right will be exercisable for a period of time determined by the
Administrator in its sole discretion, and the Option or Stock Appreciation Right
will terminate upon the expiration of such period.

          For the purposes of this subsection (c), an Award will be considered
assumed if, following the Change in Control, the Award confers the right to
purchase or receive, for each Share subject to the Award immediately prior to
the Change in Control, the consideration (whether stock, cash, or other
securities or property) received in the Change in Control by holders of Common
Stock for each Share held on the effective date of the transaction (and if
holders were offered a choice of consideration, the type of consideration chosen
by the holders of a majority of the outstanding Shares); provided, however, that
if such consideration received in the Change in Control is not solely common
stock of the successor corporation or its Parent, the Administrator may, with
the consent of the successor corporation, provide for the consideration to be
received upon the exercise of an Option or Stock Appreciation Right or upon the
payout of a Restricted Stock Unit, Performance Unit or Performance Share, for
each Share subject to such Award, to be solely common stock of the

                                                                            -15-

<PAGE>

successor corporation or its Parent equal in fair market value to the per share
consideration received by holders of Common Stock in the Change in Control.

          Notwithstanding anything in this Section 14(c) to the contrary, an
Award that vests, is earned or paid-out upon the satisfaction of one or more
performance goals will not be considered assumed if the Company or its successor
modifies any of such performance goals without the Participant's consent;
provided, however, a modification to such performance goals only to reflect the
successor corporation's post-Change in Control corporate structure will not be
deemed to invalidate an otherwise valid Award assumption.

          (d) Outside Director Awards. With respect to Awards granted to an
Outside Director that are assumed or substituted for, if on the date of or
following such assumption or substitution the Participant's status as a Director
or a director of the successor corporation, as applicable, is terminated other
than upon a voluntary resignation by the Participant (unless such resignation is
at the request of the acquirer), then the Participant will fully vest in and
have the right to exercise Options and/or Stock Appreciation Rights as to all of
the Shares underlying such Award, including those Shares which would not
otherwise be vested or exercisable, all restrictions on Restricted Stock and
Restricted Stock Units will lapse, and, with respect to Performance Units and
Performance Shares, all performance goals or other vesting criteria will be
deemed achieved at one hundred percent (100%) of target levels and all other
terms and conditions met.

     15. Tax Withholding.

          (a) Withholding Requirements. Prior to the delivery of any Shares or
cash pursuant to an Award (or exercise thereof), the Company will have the power
and the right to deduct or withhold, or require a Participant to remit to the
Company, an amount sufficient to satisfy federal, state, local, foreign or other
taxes (including the Participant's FICA obligation) required to be withheld with
respect to such Award (or exercise thereof).

          (b) Withholding Arrangements. The Administrator, in its sole
discretion and pursuant to such procedures as it may specify from time to time,
may permit a Participant to satisfy such tax withholding obligation, in whole or
in part by (without limitation) (a) paying cash, (b) electing to have the
Company withhold otherwise deliverable cash or Shares having a Fair Market Value
equal to the minimum statutory amount required to be withheld, or (c) delivering
to the Company already-owned Shares having a Fair Market Value equal to the
minimum statutory amount required to be withheld. The Fair Market Value of the
Shares to be withheld or delivered will be determined as of the date that the
taxes are required to be withheld.

     16. No Effect on Employment or Service. Neither the Plan nor any Award will
confer upon a Participant any right with respect to continuing the Participant's
relationship as a Service Provider with the Company, nor will they interfere in
any way with the Participant's right or the Company's right to terminate such
relationship at any time, with or without cause, to the extent permitted by
Applicable Laws.

     17. Date of Grant. The date of grant of an Award will be, for all purposes,
the date on which the Administrator makes the determination granting such Award,
or such other later date as is

                                                                            -16-

<PAGE>

determined by the Administrator. Notice of the determination will be provided to
each Participant within a reasonable time after the date of such grant.

     18. Term of Plan. Subject to Section 22 of the Plan, the Plan will become
effective upon its adoption by the Board. It will continue in effect for a term
of ten (10) years from the date adopted by the Board, unless terminated earlier
under Section 19 of the Plan.

     19. Amendment and Termination of the Plan.

          (a) Amendment and Termination. The Board may at any time amend, alter,
suspend or terminate the Plan.

          (b) Stockholder Approval. The Company will obtain stockholder approval
of any Plan amendment to the extent necessary and desirable to comply with
Applicable Laws.

          (c) Effect of Amendment or Termination. No amendment, alteration,
suspension or termination of the Plan will impair the rights of any Participant,
unless mutually agreed otherwise between the Participant and the Administrator,
which agreement must be in writing and signed by the Participant and the
Company. Termination of the Plan will not affect the Administrator's ability to
exercise the powers granted to it hereunder with respect to Awards granted under
the Plan prior to the date of such termination.

     20. Conditions Upon Issuance of Shares.

          (a) Legal Compliance. Shares will not be issued pursuant to the
exercise of an Award unless the exercise of such Award and the issuance and
delivery of such Shares will comply with Applicable Laws and will be further
subject to the approval of counsel for the Company with respect to such
compliance.

          (b) Investment Representations. As a condition to the exercise of an
Award, the Company may require the person exercising such Award to represent and
warrant at the time of any such exercise that the Shares are being purchased
only for investment and without any present intention to sell or distribute such
Shares if, in the opinion of counsel for the Company, such a representation is
required.

     21. Inability to Obtain Authority. The inability of the Company to obtain
authority from any regulatory body having jurisdiction, which authority is
deemed by the Company's counsel to be necessary to the lawful issuance and sale
of any Shares hereunder, will relieve the Company of any liability in respect of
the failure to issue or sell such Shares as to which such requisite authority
will not have been obtained.

     22. Stockholder Approval. The Plan will be subject to approval by the
stockholders of the Company within twelve (12) months after the date the Plan is
adopted by the Board. Such stockholder approval will be obtained in the manner
and to the degree required under Applicable Laws.

                                                                            -17-
<PAGE>

                            LIMELIGHT NETWORKS, INC.

                           2007 EQUITY INCENTIVE PLAN

                         NOTICE OF GRANT OF STOCK OPTION

      Unless otherwise defined herein, the terms defined in the 2007 Equity
Incentive Plan (the "Plan") will have the same defined meanings in this Notice
of Grant of Stock Option (the "Notice of Grant") and Terms and Conditions of
Stock Option Grant, attached hereto as Exhibit A (together, the "Agreement").

        PARTICIPANT:
                                            ------------------------------------

        ADDRESS:
                                            ------------------------------------

                                            ------------------------------------

      Participant has been granted an Option to purchase Common Stock of the
Company, subject to the terms and conditions of the Plan and this Agreement, as
follows:

        Grant Number
                                            ------------------------------------

        Date of Grant
                                            ------------------------------------

        Vesting Commencement Date
                                            ------------------------------------

        Number of Shares Granted
                                            ------------------------------------

        Exercise Price per Share            $
                                             -----------------------------------

        Total Exercise Price                $
                                             -----------------------------------

        Type of Option                          Incentive Stock Option
                                            ---
                                                Nonstatutory Stock Option
                                            ---

        Term/Expiration Date
                                            ------------------------------------

        Vesting Schedule:

      Subject to accelerated vesting as set forth below or in the Plan, this
Option will be exercisable, in whole or in part, according to the following
vesting schedule:

      [TWENTY-FIVE PERCENT (25%) OF THE SHARES SUBJECT TO THE OPTION WILL VEST
ON THE ONE (1) YEAR ANNIVERSARY OF THE VESTING COMMENCEMENT DATE, AND ONE
FORTY-EIGHTH (1/48TH) OF THE SHARES SUBJECT TO THE OPTION WILL VEST EACH MONTH
THEREAFTER ON THE SAME DAY OF THE MONTH AS THE VESTING COMMENCEMENT DATE (AND IF
THERE IS NO CORRESPONDING DAY, ON THE LAST DAY OF THE MONTH), SUBJECT TO
PARTICIPANT CONTINUING TO BE A SERVICE PROVIDER THROUGH EACH SUCH DATE.]

                                     - 1 -
<PAGE>

      Termination Period:

      This Option will be exercisable for [THREE (3) MONTHS] after Participant
ceases to be a Service Provider, unless such termination is due to Participant's
death or Disability, in which case this Option will be exercisable for [TWELVE
(12) MONTHS] after Participant ceases to be a Service Provider. Notwithstanding
the foregoing sentence, in no event may this Option be exercised after the
Term/Expiration Date as provided above and may be subject to earlier termination
as provided in Section 13(c) of the Plan.

      By Participant's signature and the signature of the Company's
representative below, Participant and the Company agree that this Option is
granted under and governed by the terms and conditions of the Plan and this
Agreement. Participant has reviewed the Plan and this Agreement in their
entirety, has had an opportunity to obtain the advice of counsel prior to
executing this Agreement and fully understands all provisions of the Plan and
Agreement. Participant hereby agrees to accept as binding, conclusive and final
all decisions or interpretations of the Administrator upon any questions
relating to the Plan and Agreement. Participant further agrees to notify the
Company upon any change in the residence address indicated below.

PARTICIPANT                                 LIMELIGHT NETWORKS, INC.

-------------------------------------       ------------------------------------
Signature                                   By

-------------------------------------       ------------------------------------
Print Name                                  Title

Address:

-------------------------------------

-------------------------------------

                                                                           - 2 -
<PAGE>

                                    EXHIBIT A

                   TERMS AND CONDITIONS OF STOCK OPTION GRANT

      1. Grant. The Company hereby grants to the Participant named in the Notice
of Grant ("Participant") an option (the "Option") to purchase the number of
Shares, as set forth in the Notice of Grant, at the exercise price per Share set
forth in the Notice of Grant (the "Exercise Price"), subject to the terms and
conditions in this Agreement and the Plan, which is incorporated herein by
reference. Subject to Section 19(c) of the Plan, in the event of a conflict
between the terms and conditions of the Plan and the terms and conditions of
this Agreement, the terms and conditions of the Plan will prevail.

            If designated in the Notice of Grant as an Incentive Stock Option
("ISO"), this Option is intended to qualify as an Incentive Stock Option as
defined in Section 422 of the Code. However, if this Option is intended to be an
Incentive Stock Option, to the extent that it exceeds the $100,000 rule of Code
Section 422(d) it will be treated as a Nonstatutory Stock Option ("NSO").
Further, if for any reason this Option (or portion thereof) will not qualify as
an ISO, then, to the extent of such nonqualification, such Option (or portion
thereof) shall be regarded as a NSO granted under the Plan. In no event will the
Administrator, the Company or any Parent or Subsidiary or any of their
respective employees or directors have any liability to Participant (or any
other person) due to the failure of the Option to qualify for any reason as an
ISO.

      2. Vesting Schedule. Except as provided in Section 3, the Option awarded
by this Agreement will vest in accordance with the vesting provisions set forth
in the Notice of Grant. Shares scheduled to vest on a certain date or upon the
occurrence of a certain condition will not vest in Participant in accordance
with any of the provisions of this Agreement, unless Participant will have been
continuously a Service Provider from the Date of Grant until the date such
vesting occurs.

      3. Administrator Discretion. The Administrator, in its discretion, may
accelerate the vesting of the balance, or some lesser portion of the balance, of
the unvested Option at any time, subject to the terms of the Plan. If so
accelerated, such Option will be considered as having vested as of the date
specified by the Administrator.

      4. Exercise of Option. This Option may be exercised only within the term
set out in the Notice of Grant, and may be exercised during such term only in
accordance with the Plan and the terms of this Agreement.

            This Option is exercisable by delivery of an exercise notice, in the
form attached as Exhibit B (the "Exercise Notice") or in a manner and pursuant
to such procedures as the Administrator may determine, which will state the
election to exercise the Option, the number of Shares in respect of which the
Option is being exercised (the "Exercised Shares"), and such other
representations and agreements as may be required by the Company pursuant to the
provisions of the Plan. The Exercise Notice will be completed by Participant and
delivered to the Company. The Exercise Notice will be accompanied by payment of
the aggregate Exercise Price as to all Exercised Shares together with any
applicable tax withholding. This Option will be deemed to be exercised

                                                                           - 3 -
<PAGE>

upon receipt by the Company of such fully executed Exercise Notice accompanied
by the aggregate Exercise Price.

      5. Method of Payment. Payment of the aggregate Exercise Price will be by
any of the following, or a combination thereof, at the election of Participant:

            (a) cash;

            (b) check;

            (c) consideration received by the Company under a formal cashless
exercise program adopted by the Company in connection with the Plan; or

            (d) surrender of other Shares which have a Fair Market Value on the
date of surrender equal to the aggregate Exercise Price of the Exercised Shares.

      6. Tax Obligations.

            (a) Withholding of Taxes. Notwithstanding any contrary provision of
this Agreement, no certificate representing the Shares will be issued to
Participant, unless and until satisfactory arrangements (as determined by the
Administrator) will have been made by Participant with respect to the payment of
income, employment and other taxes which the Company determines must be withheld
with respect to such Shares. To the extent determined appropriate by the Company
in its discretion, it shall have the right (but not the obligation) to satisfy
any tax withholding obligations by reducing the number of Shares otherwise
deliverable to Participant. If Participant fails to make satisfactory
arrangements for the payment of any required tax withholding obligations
hereunder at the time of the Option exercise, Participant acknowledges and
agrees that the Company may refuse to honor the exercise and refuse to deliver
the Shares if such withholding amounts are not delivered at the time of
exercise.

            (b) Notice of Disqualifying Disposition of ISO Shares. If the Option
granted to Participant herein is an ISO, and if Participant sells or otherwise
disposes of any of the Shares acquired pursuant to the ISO on or before the
later of (i) the date two (2) years after the Grant Date, or (ii) the date one
(1) year after the date of exercise, Participant will immediately notify the
Company in writing of such disposition. Participant agrees that Participant may
be subject to income tax withholding by the Company on the compensation income
recognized by Participant.

            (c) Code Section 409A. Under Code Section 409A, an Option that vests
after December 31, 2004 (or that vested on or prior to such date but which was
materially modified after October 3, 2004) that was granted with a per Share
exercise price that is determined by the Internal Revenue Service (the "IRS") to
be less than the Fair Market Value of a Share on the date of grant (a "Discount
Option") may be considered "deferred compensation." A Discount Option may result
in (i) income recognition by Participant prior to the exercise of the option,
(ii) an additional twenty percent (20%) federal income tax, and (iii) potential
penalty and interest charges. The Discount Option may also result in additional
state income, penalty and interest tax to the Participant. Participant
acknowledges that the Company cannot and has not guaranteed that the IRS will
agree that the per Share exercise price of this Option equals or exceeds the
Fair Market Value of a Share

                                                                           - 4 -
<PAGE>

on the Date of Grant in a later examination. Participant agrees that if the IRS
determines that the Option was granted with a per Share exercise price that was
less than the Fair Market Value of a Share on the date of grant, Participant
will be solely responsible for Participant's costs related to such a
determination.

      7. Rights as Stockholder. Neither Participant nor any person claiming
under or through Participant will have any of the rights or privileges of a
stockholder of the Company in respect of any Shares deliverable hereunder unless
and until certificates representing such Shares will have been issued, recorded
on the records of the Company or its transfer agents or registrars, and
delivered to Participant. After such issuance, recordation and delivery,
Participant will have all the rights of a stockholder of the Company with
respect to voting such Shares and receipt of dividends and distributions on such
Shares.

      8. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES
THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED
ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE
PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT
OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER.
PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO
NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A
SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT
INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE RIGHT OF THE COMPANY (OR
THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE
PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT
CAUSE.

      9. Address for Notices. Any notice to be given to the Company under the
terms of this Agreement will be addressed to the Company at Limelight Networks,
Inc., 2220 West 14th Street, Tempe, AZ 85281, or at such other address as the
Company may hereafter designate in writing.

      10. Grant is Not Transferable. This Option may not be transferred in any
manner otherwise than by will or by the laws of descent or distribution and may
be exercised during the lifetime of Participant only by Participant.

      11. Binding Agreement. Subject to the limitation on the transferability of
this grant contained herein, this Agreement will be binding upon and inure to
the benefit of the heirs, legatees, legal representatives, successors and
assigns of the parties hereto.

      12. Additional Conditions to Issuance of Stock. If at any time the Company
will determine, in its discretion, that the listing, registration or
qualification of the Shares upon any securities exchange or under any state or
federal law, or the consent or approval of any governmental regulatory authority
is necessary or desirable as a condition to the issuance of Shares to
Participant (or his or her estate), such issuance will not occur unless and
until such listing, registration, qualification, consent or approval will have
been effected or obtained free of any conditions not

                                                                           - 5 -
<PAGE>

acceptable to the Company. The Company will make all reasonable efforts to meet
the requirements of any such state or federal law or securities exchange and to
obtain any such consent or approval of any such governmental authority. Assuming
such compliance, for income tax purposes the Exercised Shares will be considered
transferred to Participant on the date the Option is exercised with respect to
such Exercised Shares.

      13. Plan Governs. This Agreement is subject to all terms and provisions of
the Plan. In the event of a conflict between one or more provisions of this
Agreement and one or more provisions of the Plan, the provisions of the Plan
will govern. Capitalized terms used and not defined in this Agreement will have
the meaning set forth in the Plan.

      14. Administrator Authority. The Administrator will have the power to
interpret the Plan and this Agreement and to adopt such rules for the
administration, interpretation and application of the Plan as are consistent
therewith and to interpret or revoke any such rules (including, but not limited
to, the determination of whether or not any Shares subject to the Option have
vested). All actions taken and all interpretations and determinations made by
the Administrator in good faith will be final and binding upon Participant, the
Company and all other interested persons. No member of the Administrator will be
personally liable for any action, determination or interpretation made in good
faith with respect to the Plan or this Agreement.

      15. Electronic Delivery. The Company may, in its sole discretion, decide
to deliver any documents related to Options awarded under the Plan or future
Options that may be awarded under the Plan by electronic means or request
Participant's consent to participate in the Plan by electronic means.
Participant hereby consents to receive such documents by electronic delivery and
agrees to participate in the Plan through any on-line or electronic system
established and maintained by the Company or another third party designated by
the Company.

      16. Captions. Captions provided herein are for convenience only and are
not to serve as a basis for interpretation or construction of this Agreement.

      17. Agreement Severable. In the event that any provision in this Agreement
will be held invalid or unenforceable, such provision will be severable from,
and such invalidity or unenforceability will not be construed to have any effect
on, the remaining provisions of this Agreement.

      18. Modifications to the Agreement. This Agreement constitutes the entire
understanding of the parties on the subjects covered. Participant expressly
warrants that he or she is not accepting this Agreement in reliance on any
promises, representations, or inducements other than those contained herein.
Modifications to this Agreement or the Plan can be made only in an express
written contract executed by a duly authorized officer of the Company.

      19. Amendment, Suspension or Termination of the Plan. By accepting this
Award, Participant expressly warrants that he or she has received an Option
under the Plan, and has received, read and understood a description of the Plan.
Participant understands that the Plan is discretionary in nature and may be
amended, suspended or terminated by the Company at any time.

                                                                           - 6 -
<PAGE>

      20. Governing Law. This Agreement shall be governed by the laws of the
State of Arizona, without giving effect to the conflict of law principles
thereof. For purposes of litigating any dispute that arises under this Option or
this Agreement, the parties hereby submit to and consent to the jurisdiction of
the State of Arizona, and agree that such litigation shall be conducted in the
courts of Maricopa County, Arizona, or the federal courts for the United States
for the District of Arizona, and no other courts, where this Option is made
and/or to be performed.

                                                                           - 7 -
<PAGE>

                                    EXHIBIT B

                            LIMELIGHT NETWORKS, INC.

                           2007 EQUITY INCENTIVE PLAN

                                 EXERCISE NOTICE

Limelight Networks, Inc.
2220 West 14th Street
Tempe, AZ 85281

Attention:
            -----------

      1. Exercise of Option. Effective as of today, ________________, _____, the
undersigned ("Purchaser") hereby elects to purchase ______________ shares (the
"Shares") of the Common Stock of Limelight Networks, Inc. (the "Company") under
and pursuant to the 2007 Equity Incentive Plan (the "Plan") and the Stock Option
Agreement dated ________ (the "Agreement"). The purchase price for the Shares
will be $_____________, as required by the Agreement.

      2. Delivery of Payment. Purchaser herewith delivers to the Company the
full purchase price of the Shares and any required tax withholding to be paid in
connection with the exercise of the Option.

      3. Representations of Purchaser. Purchaser acknowledges that Purchaser has
received, read and understood the Plan and the Agreement and agrees to abide by
and be bound by their terms and conditions.

      4. Rights as Stockholder. Until the issuance (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company) of the Shares, no right to vote or receive dividends or
any other rights as a stockholder will exist with respect to the Optioned Stock,
notwithstanding the exercise of the Option. The Shares so acquired will be
issued to Participant as soon as practicable after exercise of the Option. No
adjustment will be made for a dividend or other right for which the record date
is prior to the date of issuance, except as provided in Section 14 of the Plan.

      5. Tax Consultation. Purchaser understands that Purchaser may suffer
adverse tax consequences as a result of Purchaser's purchase or disposition of
the Shares. Purchaser represents that Purchaser has consulted with any tax
consultants Purchaser deems advisable in connection with the purchase or
disposition of the Shares and that Purchaser is not relying on the Company for
any tax advice.

                                     - 1 -
<PAGE>

      6. Entire Agreement; Governing Law. The Plan and Agreement are
incorporated herein by reference. This Exercise Notice, the Plan and the
Agreement constitute the entire agreement of the parties with respect to the
subject matter hereof and supersede in their entirety all prior undertakings and
agreements of the Company and Purchaser with respect to the subject matter
hereof, and may not be modified adversely to the Purchaser's interest except by
means of a writing signed by the Company and Purchaser. This agreement is
governed by the internal substantive laws, but not the choice of law rules, of
Arizona.

Submitted by:                               Accepted by:

PURCHASER                                   LIMELIGHT NETWORKS, INC.

-------------------------------------       ------------------------------------
Signature                                   By

-------------------------------------       ------------------------------------
Print Name                                  Its

Address:

-------------------------------------

-------------------------------------

                                            ------------------------------------
                                            Date Received

                                                                           - 2 -<PAGE>
                                                                 Exhibit 10.4

                            LIMELIGHT NETWORKS, INC.

                       JEFF LUNSFORD EMPLOYMENT AGREEMENT

     This Employment Agreement (the "Agreement") is entered into as of October
20, 2006 (the "Signing Date"), by and between Limelight Networks, Inc. (the
"Company") and Jeff Lunsford ("Executive").

     1. Duties and Scope of Employment.

          (a) Positions and Duties. No later than November 20, 2006 (the
"Effective Date"), Executive will commence service as the Company's Chief
Executive Officer and President. Executive will report to the Company's Board of
Directors (the "Board"), the date on which Executive actually commences such
service as the Company's Chief Executive Officer shall be the "Effective Date."
As of the Effective Date, Executive will render such business and professional
services in the performance of his duties, consistent with Executive's position
within the Company, as will reasonably be assigned to him by the Board. The
period Executive is employed by the Company under this Agreement is referred to
herein as the "Employment Term". In the event that Executive fails (i) to tender
his resignation as President and Chief Executive Officer with his current
employer by 12:01 pm Pacific Daylight Time on October 27, 2006 or (ii) to begin
full-time employment with the Company by November 20, 2006 and a Change of
Control has not occurred, this Agreement, other than the last sentence of
paragraph 3(f)(i), shall be null and void.

          (b) Board Membership. As of the Effective Date, Executive will serve
as a member of the Board and as the Chairman of the Board. At each annual
meeting of the Company's stockholders during the Employment Term, the Company
will nominate Executive to serve as a member of the Board. Executive's service
as a member of the Board will be subject to any required stockholder approval.
Upon the termination of Executive's employment for any reason, unless otherwise
requested by the Board, Executive will be deemed to have resigned from the Board
(and all other positions held at the Company and its affiliates) voluntarily,
without any further required action by Executive, as of the end of Executive's
employment and Executive, at the Board's request, will execute any documents
necessary to reflect his resignation. This paragraph is intended to clarify that
upon Executive's termination, his positions on the Company's Board and otherwise
will terminate immediately and shall not be deemed to in any way modify
Executive's rights to severance under this Agreement.

          (c) Obligations. During the Employment Term, Executive, except as
provided below, will devote Executive's full business efforts and time to the
Company and will use good faith efforts to discharge Executive's obligations
under this Agreement to the best of Executive's ability and in accordance with
each of the Company's written corporate guidance and ethics guidelines, conflict
of interests policies and code of conduct as the Company may adopt from time to
time. For the duration of the Employment Term, Executive agrees not to actively
engage in any other employment, occupation, or consulting activity for any
direct or indirect remuneration without the prior approval of the Board (which
approval will not be unreasonably withheld); provided, however, that Executive
may, without the approval of the Board, (i) serve in any capacity with any
civic,

<PAGE>

educational, professional, industry or charitable organization, provided such
services do not interfere with Executive's obligations to Company, and (ii)
serve on the boards of directors of WebSideStory, Inc. and Midtown Bank and
Trust Company.

               (i) Executive hereby represents, warrants and covenants to the
Company that as of the Effective Time, Executive will not be a party to any
contract, understanding, agreement or policy, written or otherwise, that will be
breached by Executive's entering into, or performing services under, this
Agreement. Executive further represents that he has disclosed to the Company in
writing all threatened, pending, or actual claims that are unresolved and still
outstanding as of the Signing Date, in each case, against Executive of which he
is aware, if any, as a result of his employment with any previous employer or
his membership on any boards of directors.

          (d) Other Entities. Executive agrees to serve if appointed, without
additional compensation, as an officer and director for each of the Company's
subsidiaries, partnerships, joint ventures, limited liability companies and
other affiliates, including entities in which the Company has a significant
investment as determined by the Company. As used in this Agreement, the term
"affiliates" will mean any entity controlled by, controlling, or under common
control of the Company.

     2. At-Will Employment. Executive and the Company agree that Executive's
employment with the Company constitutes "at-will" employment. Executive and the
Company acknowledge that this employment relationship may be terminated at any
time, upon written notice to the other party, with or without good cause or for
any or no cause, at the option either of the Company or Executive. However, as
described in this Agreement, Executive may be entitled to severance benefits
depending upon the circumstances of Executive's termination of employment.

     3. Compensation.

          (a) Base Salary. Commencing with the Effective Date, the Company will
pay Executive an annual salary of $325,000 as compensation for his services
(such annual salary, as is then effective, to be referred to herein as "Base
Salary"). Executive's Base Salary will be subject to annual review (subject to
the provisions of Section 10(e)(iii) of this Agreement). Notwithstanding the
foregoing, Executive's annual salary shall be increased to $400,000 effective
upon the closing of an initial public offering of the Company's Common Stock.
The Base Salary will be paid periodically in accordance with the Company's
normal payroll practices and will be subject to the usual, required
withholdings.

          (b) Annual Incentive. Executive will be eligible to receive annual
cash incentives payable for the achievement of performance goals established by
the Board or by the Compensation Committee of the Board (the "Committee").
During calendar year 2007, Executive's target annual incentive ("Target Annual
Incentive") will be $275,000. The actual earned annual cash incentive, if any,
payable to Executive for any performance period will depend upon, the extent to
which the applicable performance goal(s) specified by the Committee with the
input of Executive are achieved.

          (c) Signing Bonus. Executive shall receive a $100,000 signing bonus.
In addition, Executive shall be entitled to such additional bonus, if any, as
determined in good faith by the Committee, which will be based upon Executive's
receipt, if any, of his bonus associated with

                                       -2-

<PAGE>

performance by Executive while at Executive's prior employer. Executive
represents that he is entitled to certain bonus payments by his current employer
based upon his and his employer's performance during calendar year 2006. In the
event that Executive's employer fails to pay amounts owed to Executive pursuant
to the 2006 WSSI Bonus Plan, the Company shall pay such additional amounts,
which in no event shall exceed $150,000.00, that are determined as follows: the
amount calculated under the WSSI 2006 Bonus Plan owing to Executive, minus the
amount actually paid to Executive by his current employer, WebSideStory, Inc.
Executive agrees to provide such assistance in calculating the amounts owing
under the WSSI 2006 Bonus Plan as the Committee reasonably requests and to
assign any and all rights Executive may have against WebSideStory, Inc. to
recover such bonus to the extent that such bonus is not paid to executive but is
paid by the Company. Notwithstanding the actual date of payment of any bonus
under this paragraph 3(c), such bonus shall not constitute payments under
paragraph 3(b) above.

          (d) Management Carve-Out. Executive shall be entitled to participate
in the Company's 2006 Sale Participation Program. On the 120th day after the
Signing Date, Executive will receive 107,500 Participating Units, which shall
entitle Executive to certain rights under the 2006 Sale Participation Program.
Notwithstanding the foregoing, in a Change of Control transaction in which the
Series B Preferred Stock of the Company does not convert into common stock of
the Company, it is the intent of the parties that the total amount that
Executive would receive in such transaction, based on Executive's equity
ownership (both stock and options) and interest in the 2006 Sale Participation
Program, shall not exceed $9,780,000.00 and Executive shall be deemed to have
returned such number of Participating Units (up to all of such Units) as to
limit the amount Executive would receive from all such equity interests and
Participating Units to such $9,780,000.00 amount. For purposes of determining
the amount Executive would receive in connection with such Change of Control
transaction, all options granted and stock issued to executive shall be deemed
to be fully vested and not subject to any rights of first refusal irrespective
of the actual treatment of such options and restricted stock pursuant to
paragraphs 3 and 7 of this Agreement

          (e) Acquisition Bonus. If on or prior to the 120th day following the
Signing Date, the Company enters into a definitive agreement that contemplates a
transaction or series of related transactions that, upon closing of such
transaction or transactions, would constitute a Change of Control (as defined
below), (i) an aggregate of 1,000,000 shares (which amount shall include any
shares of stock previously vested) subject to the Initial Grant (as defined
below) shall vest (the "Acquisition Bonus") if and when such transaction
actually closes. Notwithstanding the foregoing, such Acquisition Bonus shall
only be payable if such Change of Control transaction closes within 12 months of
the Signing Date. The parties hereto agree that such payment of the Acquisition
Bonus shall be the only payment based upon equity ownership, options granted or
Participation Units held by Executive. For the avoidance of doubt upon the
closing of such Change of Control, (i) the $9.80 Option shall terminate, (ii)
the $19.80 Option shall terminate, and (iii) the Participation Units shall be
deemed to be surrendered by Executive.

          (f) Equity Awards.

               (i) On the Signing Date, Executive will be granted 1,000,000
shares of restricted Common Stock of the Company (the "Initial Grant"). The
Initial Grant will be granted under and subject to the terms, definitions and
provisions of the Company's 2003 Incentive Compensation Plan (the "Plan").
Twelve and one-half percent (12.5%) of the shares subject to the

                                       -3-

<PAGE>

Initial Grant shall be vested on the date of grant. An additional twelve and
one-half percent (12.5%) of the shares subject to the Initial Grant shall be
vested on the 120th day after the Signing Date and 1/48th of the shares subject
to the Initial Grant will vest monthly thereafter assuming Executive's continued
employment with the Company on each scheduled vesting date. Except as provided
in this Agreement, the Initial Grant will be subject to the Company's standard
terms and conditions under the Plan. Notwithstanding the previous sentence to
the contrary, if Executive terminates his employment under circumstances
identified under paragraph 7(c) (other than the last sentence thereof) within
the first year following the Effective Date or fails to become a full-time
employee of the Company by November 20, 2006, Executive shall sell to the
Company all shares of Company stock then held by Executive for an aggregate of
$1.00.

               (ii) On the Effective Date, the Company will also issue to
Executive an option to purchase 500,000 shares of Common Stock at a per share
exercise price equal $9.80 per share (the "$9.80 Option"). The $9.80 Option will
be granted under and subject to the terms, definitions and provisions of the
Plan and will be scheduled to vest at a rate of 25% of the shares subject to the
$9.80 Option on the first anniversary of the grant and 1/48 of the shares will
be scheduled to vest monthly thereafter assuming Executive's continued
employment with the Company on each scheduled vesting date. Except as provided
in this Agreement, the $9.80 Option will be subject to the Company's standard
terms and conditions for options granted under the Plan.

               (iii) The Company will also issue to Executive an option to
purchase 500,000 shares of Common Stock at a per share exercise price equal
$19.80 per share (the "$19.80 Option"). The $19.80 Option will be granted under
and subject to the terms, definitions and provisions of the Plan and beginning
on the second anniversary of the Effective Date, such option will vest at a rate
of 1/48 of the shares subject to such option monthly thereafter assuming
Executive's continued employment with the Company on each scheduled vesting
date. Except as provided in this Agreement, the $19.80 Option will be subject to
the Company's standard terms and conditions for options granted under the Plan.

               (iv) In the event that the Company consummates a Change of
Control transaction, 50% (subject to the following sentence) of Executive's then
outstanding unvested equity awards will vest. Notwithstanding the previous
sentence to the contrary, if the Acquisition Bonus pursuant to paragraph 3(e)
shall become due and payable, then no acceleration of vesting shall occur
pursuant to this paragraph 3(f)(iv).

     4. Employee Benefits.

          (a) Generally. Executive will be eligible to participate in accordance
with the terms of all Company employee benefit plans, policies and arrangements
that are applicable to other executive officers of the Company, as such plans,
policies and arrangements may exist from time to time.

          (b) Vacation. Executive will be entitled to receive paid annual
vacation in accordance with Company policy for other senior executive officers,
but with vacation accrual of not less than four (4) weeks per year.

                                       -4-

<PAGE>

     5. Expenses. The Company will reimburse Executive for reasonable travel,
entertainment and other expenses incurred by Executive in the furtherance of the
performance of Executive's duties hereunder, in accordance with the Company's
expense reimbursement policy as in effect from time to time. Such reimbursement
shall include the actual costs incurred by Executive in flying his personal,
single engine airplane on business travel; provided, however, that the maximum
reimbursable for such expenses shall be $400.00 per hour based on the hobbs
time. In addition, the Company shall reimburse Executive (a) for his expenses in
renting an apartment in the Phoenix area, which expenses shall not exceed
$2,000.00 per month, and (b) up to $2,500 for his expenses in engaging legal
counsel to review this Agreement on his behalf.

     6. Termination of Employment. In the event Executive's employment with the
Company terminates for any reason, Executive will be entitled to any (a) unpaid
Base Salary accrued up to the effective date of termination; (b) unpaid, but
earned and accrued annual incentive for any completed fiscal year as of his
termination of employment; (c) pay for accrued but unused vacation; (d) benefits
or compensation as provided under the terms of any employee benefit and
compensation agreements or plans applicable to Executive; (e) unreimbursed
business expenses required to be reimbursed to Executive; and (f) rights to
indemnification Executive may have under the Company's Certificate of
Incorporation, Bylaws, this Agreement, and/or separate indemnification
agreement, as applicable. In the event Executive's employment with the Company
terminates for any reason (other than Cause), Executive will be entitled to
exercise any outstanding stock options for at least twenty-four (24) months
after the later of such termination of employment or the date upon which
Executive ceases to provide any other services to the Company or any of its
affiliates, whether as a director, independent contractor or otherwise, but in
no event later than the applicable scheduled expiration date of such award (in
the absence of any termination of employment) as set forth in the award
agreement. For purposes of clarity, the term "expiration date" shall be the
scheduled expiration of the option agreement and not the period that Executive
shall be entitled to exercise such option. In addition, if the termination is by
the Company without Cause or Executive resigns for Good Reason, Executive will
be entitled to the amounts and benefits specified in Section 7.

     7. Severance.

          (a) Termination Without Cause or Resignation for Good Reason other
than in Connection with a Change of Control. If Executive's employment is
terminated by the Company without Cause or if Executive resigns for Good Reason,
and such termination is not in Connection with a Change of Control, then,
subject to Section 8, Executive will receive: (i) continued payment of
Executive's Base Salary (subject to applicable tax withholdings) for twelve (12)
months, such amounts to be paid in accordance with the Company's normal payroll
policies; (ii) the current year's Target Annual Incentive pro-rated to the date
of termination, with such pro-rated amount to be calculated by multiplying the
current year's Target Annual Incentive by a fraction with a numerator equal to
the number of days inclusive between the start of the current calendar year and
the date of termination and a denominator equal to 365, such amounts to be paid
at the same time as similar bonus payments are made to the Company's other
executive officers, and (iii) reimbursement for premiums paid for continued
health benefits for Executive (and any eligible dependents) under the Company's
health plans until the earlier of (A) twelve (12) months, payable when such
premiums are due (provided Executive validly elects to continue coverage under
the Consolidated Omnibus Budget Reconciliation Act ("COBRA")), or (B) the date
upon which Executive and Executive's eligible dependents become covered under
similar plans. Notwithstanding the foregoing, if Executive is

                                       -5-

<PAGE>

terminated without Cause or resigns for Good Reason, and such termination is not
in Connection with a Change of Control and occurs prior to January 2,2007, then
"six (6) months" will be substituted for "twelve (12) months" in clause (i) of
the preceding sentence.

          (b) Termination Without Cause or Resignation for Good Reason in
Connection with a Change of Control. If Executive's employment is terminated by
the Company without Cause or by Executive for Good Reason, and the termination
is in Connection with a Change of Control, then, subject to Section 8, Executive
will receive: (i) continued payment of Executive's Base Salary for the year in
which the termination occurs (subject to applicable tax withholdings), for
twelve (12) months, such amounts to be paid in accordance with the Company's
normal payroll policies; (ii) the payment in an amount equal to 100% of
Executive's Target Annual Incentive for the year in which the termination occurs
(subject to applicable tax withholdings), such amounts to be paid in accordance
with the Company's normal payroll policies over the course of twelve (12)
months; (iii) 100% (subject to the following sentence) of Executive's then
outstanding unvested equity awards will vest, and (v) reimbursement for premiums
paid for continued health benefits for Executive (and any eligible dependents)
under the Company's health plans until the earlier of (A) twelve (12) months,
payable when such premiums are due (provided Executive validly elects to
continue coverage under COBRA), or (B) the date upon which Executive and
Executive's eligible dependents become covered under similar plans.
Notwithstanding the previous sentence to the contrary, if the Acquisition Bonus
pursuant to paragraph 3(e) shall become due and payable, then no acceleration of
vesting shall occur pursuant to this paragraph 7(b).

          (c) Voluntary Termination Without Good Reason or Termination for
Cause. If Executive's employment is terminated voluntarily (excluding a
termination for Good Reason), is terminated for Cause by the Company, then,
except as provided in Section 3(f)(i) or Section 6, (i) all further vesting of
Executive's outstanding equity awards will terminate immediately; (ii) all
payments of compensation by the Company to Executive hereunder will terminate
immediately, and (iii) Executive will be eligible for severance benefits only in
accordance with the Company's then established plans. In the event that
Executive's employment is terminated due to death or Disability, twenty-five
percent (25%) of executive's then unvested options shall vest.

     8. Conditions to Receipt of Severance; No Duty to Mitigate.

          (a) Separation Agreement and Release of Claims. The receipt of any
severance or other benefits pursuant to Section 7 will be subject to Executive
signing and not revoking a separation agreement and release of claims in a form
reasonably acceptable to the Company. No severance or other benefits pursuant to
Section 7 will be paid or provided until the separation agreement and release
agreement becomes effective.

          (b) Non-solicitation and Non-competition. The receipt of any severance
or other benefits pursuant to Section 7 will be subject to Executive agreeing
that during the Employment Term and for twenty-four (24) months thereafter,
Executive will not (i) solicit any employee of the Company (other than
Executive's personal assistant) for employment other than at the Company, or
(ii) directly or indirectly engage in, have any ownership interest in or
participate in any entity that as of the date of termination, competes with the
Company in any substantial business of the Company or any business reasonably
expected to become a substantial business of the Company. If Executive violates
this Section 8(b), the Company's sole form of recourse will be to terminate any
future

                                       -6-

<PAGE>

payments or benefits owed to Executive pursuant to Section 7 of this Agreement.
Executive's passive ownership of not more than 1% of any publicly traded company
and/or 5% ownership of any privately held company will not constitute a breach
of this Section 8(b). Public solicitation, such as by taking out ads in a
newspaper, advertising on the web and the like, not specifically aimed at
employees of the Company, will not constitute a breach of this Section 8(b).

          (c) Nondisparagement. During the Employment Term and Continuance
Period, Executive and the Company in its official communications will not
knowingly and materially disparage, criticize, or otherwise make any derogatory
statements regarding the other. The Company will instruct its officers and
directors to not knowingly and materially disparage, criticize, or otherwise
make any derogatory statements regarding Executive. Notwithstanding the
foregoing, nothing contained in this agreement will be deemed to restrict
Executive, the Company or any of the Company's current or former officers and/or
directors from providing factual information to any governmental or regulatory
agency (or in any way limit the content of any such information) to the extent
they are requested or required to provide such information pursuant to
applicable law or regulation.

          (d) Other Requirements. Executive's receipt of continued severance
payments pursuant to Section 7 will be subject to Executive continuing to comply
with the terms of the Confidential Information Agreement and the provisions of
this Section 8.

          (e) No Duty to Mitigate. Executive will not be required to mitigate
the amount of any payment contemplated by this Agreement, nor will any earnings
that Executive may receive from any other source reduce any such payment.

     9. Excise Tax. In the event that the benefits provided for in this
Agreement constitute "parachute payments" within the meaning of Section 280G of
the Internal Revenue Code of 1986, as amended (the "Code") and will be subject
to the excise tax imposed by Section 4999 of the Code (the "Excise Tax"), then
Executive's severance benefits payable under the terms of this Agreement will
be, at Executive's option, either (a) delivered in full, or (b) delivered as to
such lesser extent which would result in no portion of such severance benefits
being subject to the Excise Tax, WHICHEVER OF THE FOREGOING AMOUNTS, TAKING INTO
ACCOUNT THE APPLICABLE FEDERAL, STATE AND LOCAL INCOME TAXES AND THE EXCISE TAX,
RESULTS IN THE RECEIPT BY EXECUTIVE ON AN AFTER-TAX BASIS, OF THE GREATEST
AMOUNT OF SEVERANCE BENEFITS.

     10. Definitions.

          (a) Cause. For purposes of this Agreement, "Cause" will mean:

               (i) Acts or omissions constituting gross negligence, recklessness
or willful misconduct on the part of Executive with respect to Executive's
obligations under this Agreement or otherwise relating to the business of
Company;

               (ii) Any act of personal dishonesty taken by Executive in
connection with his responsibilities as an employee of the Company with the
intention or reasonable expectation that such action may result in the
substantial personal enrichment of Executive;

                                       -7-

<PAGE>

               (iii) Executive's conviction of, or plea of nolo contendere to, a
felony that the Board reasonably believes has had or will have a material
detrimental effect on the Company's reputation or business;

               (iv) A breach of any fiduciary duty owed to the Company by
Executive that has a material detrimental effect on the Company's reputation or
business;

               (v) Executive being found liable in any Securities and Exchange
Commission or other civil or criminal securities law action or entering any
cease and desist order with respect to such action (regardless of whether or not
Executive admits or denies liability);

               (vi) Executive (A) obstructing or impeding; (B) endeavoring to
obstruct, impede or improperly influence, or (C) failing to materially cooperate
with, any investigation authorized by the Board or any governmental or
self-regulatory entity (an "Investigation"). However, Executive's failure to
waive attorney-client privilege relating to communications with Executive's own
attorney in connection with an Investigation will not constitute "Cause";

               (vii) Executive's disqualification or bar by any governmental or
self-regulatory authority from serving in the capacity contemplated by this
Agreement or Executive's loss of any governmental or self-regulatory license
that is reasonably necessary for Executive to perform his responsibilities to
the Company under this Agreement, if (A) the disqualification, bar or loss
continues for more than thirty (30) days, and (B) during that period the Company
uses its good faith efforts to cause the disqualification or bar to be lifted or
the license replaced. While any disqualification, bar or loss continues during
Executive's employment, Executive will serve in the capacity contemplated by
this Agreement to whatever extent legally permissible and, if Executive's
employment is not permissible, Executive will be placed on leave (which will be
paid to the extent legally permissible).

          (b) Change of Control. For purposes of this Agreement, "Change of
Control" will mean the occurrence of any of the following events:

               (i) The consummation by the Company of a merger or consolidation
of the Company with any other corporation, other than a merger or consolidation
which would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving
entity) more than 50% of the total voting power represented by the voting
securities of the Company or such surviving entity outstanding immediately after
such merger or consolidation;

               (ii) The approval by the stockholders of the Company, or if
stockholder approval is not required, approval by the Board, of a plan of
complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company's assets;

               (iv) Any "person" (as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended), other than Goldman
Sachs and its related funds and entities, becoming the "beneficial owner" (as
defined in Rule 13d-3 under said Act), directly or indirectly, of securities of
the Company representing 50% or more of the total voting power represented by
the Company's then outstanding voting securities.

                                       -8-

<PAGE>

          (c) Continuance Period. For purposes of this Agreement, "Continuance
Period" will mean the period of time beginning on the date of the termination of
Executive's employment and ending on the date on which Executive is no longer
receiving Base Salary payments under Section 7.

          (d) Disability. For purposes of this Agreement, "Disability" will mean
Executive's absence from his responsibilities with the Company on a full-time
basis for 120 calendar days in any consecutive twelve (12) month period as a
result of Executive's mental or physical illness or injury.

          (e) Good Reason. For purposes of this Agreement, "Good Reason" means
the occurrence of any of the following, without Executive's express written
consent:

               (i) An adverse change in Executive's title or reporting
relationship, or a significant reduction of Executive's duties, position, or
responsibilities, relative to Executive's duties, position, or responsibilities
in effect immediately prior to such reduction;

               (ii) A material reduction in the kind or level of employee
benefits to which Executive is entitled immediately prior to such reduction with
the result that Executive's overall benefits package is significantly reduced.
Notwithstanding the foregoing, a one-time reduction that also is applied to
substantially all other executive officers of the Company and that reduces the
level of employee benefits by a percentage reduction of 10% or less will not
constitute "Good Reason";

               (iii) A reduction in Executive's Base Salary or Target Annual
Incentive as in effect immediately prior to such reduction. Notwithstanding the
foregoing, a one-time reduction that also is applied to substantially all other
executive officers of the Company and which one-time reduction reduces the Base
Salary or Target Annual Incentive by a percentage reduction of 10% or less in
the aggregate will not constitute "Good Reason";

               (iv) The relocation of Executive to a facility or location more
than twenty-five (25) miles from the location of the Company's executive
offices as of the Effective Date;

               (v) Any material breach by the Company of any material
contractual obligation owed Executive which breach is not remedied within thirty
(30) days of written notice; or

               (vi) The failure of the Company to obtain the assumption of this
Agreement by a successor.

While the Company is not subject to the reporting requirements under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), the failure of
the Company's stockholders to elect or reelect Executive to the Board shall
constitute "Good Reason" for purposes of this Agreement. After such time as the
Company becomes subject to the reporting requirements under the Exchange Act,
the failure of the Company's stockholders to elect or reelect Executive to the
Board will not constitute "Good Reason" for purposes of this Agreement.

               (f) In Connection with a Change of Control. For purposes of this
Agreement, a termination of Executive's employment with the Company is "in
Connection with a Change of Control" if Executive's employment is terminated
within three (3) months prior the execution of an agreement that results in a
Change of Control or twelve (12) months following a Change of Control

                                       -9-

<PAGE>

     11. Indemnification. Subject to applicable law, Executive will be provided
indemnification to the maximum extent permitted by the Company's Articles of
Incorporation or Bylaws, including, if applicable, any directors and officers
insurance policies, with such indemnification to be on terms determined by the
Board or any of its committees, but on terms no less favorable than provided to
any other Company executive officer or director and subject to the terms of any
separate written indemnification agreement.

     12. Confidential Information. Executive will execute the form of
Employment, Confidential Information and Invention Assignment Agreement,
appended hereto as Exhibit A (the "Confidential Information Agreement"). In the
event of any inconsistency between the terms of this Agreement and the terms of
the Confidential Information Agreement, this Agreement will prevail.

     13. Assignment. This Agreement will be binding upon and inure to the
benefit of (a) the heirs, executors and legal representatives of Executive upon
Executive's death, and (b) any successor of the Company. Any such successor of
the Company will be deemed substituted for the Company under the terms of this
Agreement for all purposes. For this purpose, "successor" means any person,
firm, corporation, or other business entity which at any time, whether by
purchase, merger, or otherwise, directly or indirectly acquires all or
substantially all of the assets or business of the Company. None of the rights
of Executive to receive any form of compensation payable pursuant to this
Agreement may be assigned or transferred except by will or the laws of descent
and distribution. Any other attempted assignment, transfer, conveyance, or other
disposition of Executive's right to compensation or other benefits will be null
and void. This Section 13 will in no way prevent Executive from transferring any
vested property he owns.

     14. Notices. All notices, requests, demands and other communications called
for hereunder will be in writing and will be deemed given (a) on the date of
delivery if delivered personally; (b) one (1) day after being sent overnight by
a well-established commercial overnight service, or (c) four (4) days after
being mailed by registered or certified mail, return receipt requested, prepaid
and addressed to the parties or their successors at the following addresses, or
at such other addresses as the parties may later designate in writing:

          If to the Company:

          If to Executive:

          at the last residential address known by the Company.

          With a copy to:

     15. Severability. If any provision hereof becomes or is declared by a court
of competent jurisdiction to be illegal, unenforceable, or void, this Agreement
will continue in full force and effect without said provision.

     16. Arbitration. The parties agree that any and all disputes arising out of
the terms of this Agreement, Executive's employment by the Company, Executive's
service as an officer or director

                                      -10-

<PAGE>

of the Company, or Executive's compensation and benefits, their interpretation
and any of the matters herein released, will be subject to binding arbitration.
In the event of a dispute, the parties (or their legal representatives) will
promptly confer to select a single Arbitrator mutually acceptable to both
parties. If the parties cannot agree on an Arbitrator, then the moving party may
file a Demand for Arbitration with the American Arbitration Association ("AAA")
in Phoenix, Arizona, who will be selected and appointed consistent with the
AAA-Employment Dispute Resolution Rules. Any arbitration will be conducted in a
manner consistent with AAA National Rules for the Resolution of Employment
Disputes. The Parties further agree that the prevailing party in any arbitration
will be entitled to injunctive relief in any court of competent jurisdiction to
enforce the arbitration award. THE PARTIES HEREBY AGREE TO WAIVE THEIR RIGHT TO
HAVE ANY DISPUTE BETWEEN THEM RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY.
This paragraph will not prevent either party from seeking injunctive relief (or
any other provisional remedy) from any court having jurisdiction over the
Parties and the subject matter of their dispute relating to Executive's
obligations under this Agreement and the Confidential Information Agreement.

     17. Integration. This Agreement, together with the Confidential Information
Agreement, the forms of equity award grant that describe Executive's outstanding
equity awards and the preexisting indemnification agreement between the parties,
represents the entire agreement and understanding between the parties as to the
subject matter herein and supersedes all prior or contemporaneous agreements
whether written or oral. No waiver, alteration, or modification of any of the
provisions of this Agreement will be binding unless in a writing and signed by
duly authorized representatives of the parties hereto. In entering into this
Agreement, no party has relied on or made any representation, warranty,
inducement, promise, or understanding that is not in this Agreement. To the
extent that any provisions of this Agreement conflict with those of any other
agreement to be signed upon Executive's hire, the terms in this Agreement will
prevail.

     18. Waiver of Breach. The waiver of a breach of any term or provision of
this Agreement, which must be in writing, will not operate as or be construed to
be a waiver of any other previous or subsequent breach of this Agreement.

     19. Survival. The Confidential Information Agreement and the Company's and
Executive's responsibilities under Sections 3(c), 6, 7, 8 and 11 will survive
the termination of this Agreement.

     20. Headings. All captions and Section headings used in this Agreement are
for convenient reference only and do not form a part of this Agreement.

     21. Tax Withholding. All payments made pursuant to this Agreement will be
subject to withholding of applicable taxes.

     22. Governing Law. This Agreement will be governed by the laws of the state
of Arizona without regard to its conflict of laws provisions.

     23. Acknowledgment. Executive acknowledges that he has had the opportunity
to discuss this matter with and obtain advice from his private attorney, has had
sufficient time to, and has carefully read and fully understands all the
provisions of this Agreement, and is knowingly and voluntarily entering into
this Agreement.

                                      -11-

<PAGE>

     24. Code Section 409A. Notwithstanding anything to the contrary in this
Agreement, if the Company reasonably determines that Section 409A of the Code
will result in the imposition of additional tax related to a payment of any
severance or other benefits otherwise due to Executive on or within the six (6)
month period following Executive's termination or separation from service (as
defined pursuant to said Section 409A), the severance benefits will accrue
during such six (6) month period and will become payable in a lump sum payment
on the date six (6) months and one (1) day following the date of Executive's
termination or separation from service, as the case may be. All subsequent
payments, if any, will be payable as provided in this Agreement. The Company and
Executive agree to work together in good faith to consider amendments to this
Agreement necessary or appropriate to avoid imposition of any additional tax or
income recognition prior to actual payment to Executive under Section 409A of
the Code and any temporary or final Treasury Regulations and Internal Revenue
Service guidance thereunder.

     25. Counterparts. This Agreement may be executed in counterparts, and each
counterpart will have the same force and effect as an original and will
constitute an effective, binding agreement on the part of each of the
undersigned

                                      -12-

<PAGE>

     IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the
case of the Company by a duly authorized officer, as of the day and year written
below.

COMPANY:

LIMELIGHT NETWORKS, INC.

/s/ William H. Rinehart                 Date: 10/20, 2006
-------------------------------------

Title:
        -----------------------------

EXECUTIVE: __________________________

/s/ Jeff Lunsford                       Date: 10/20, 2006
-------------------------------------
Jeff Lunsford

                [SIGNATURE PAGE TO LUNSFORD EMPLOYMENT AGREEMENT]

                                      -13-

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