Document:

Exhibit 10.2

November
13, 2006

To:                                                                              Earthlink, Inc.
1375 Peachtree St.

                                                                                                Atlanta, Georgia 30309

Attn:  General
Counsel

Telephone: 
(404) 748-6634

Facsimile:  (404) 892-7616  

From:                                                                  Bank of America, N.A.

                                                                                                c/o Banc of America Securities LLC 

9 West 57th Street 

New York, NY  10019

                                                                                                Attn: EFP Legal Department

                                                                                                Telephone: 
(212) 583-6580

                                                                                                Facsimile: 
(212) 203-8610

Re:                                                                             Convertible
Bond Hedge Transaction

                                                                                                (Bank of America Reference Number: 
NY-25198)     

Ladies and Gentlemen:

The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of
the above-referenced transaction entered into on the Trade Date specified below
(the “Transaction”) between Bank of America,
N.A. (“Dealer”) and Earthlink, Inc. (“Counterparty”).  This
communication constitutes a “Confirmation” as referred to in the ISDA Master
Agreement specified below. 

1. This Confirmation is subject to, and incorporates,
the definitions and provisions of the 2000 ISDA Definitions (including the
Annex thereto) (the “2000 Definitions”)
and the definitions and provisions of the 2002 ISDA Equity Derivatives
Definitions (the “Equity Definitions”,
and together with the 2000 Definitions, the “Definitions”),
in each case as published by the International Swaps and Derivatives
Association, Inc. (“ISDA”).  In the event of any inconsistency between the
2000 Definitions and the Equity Definitions, the Equity Definitions will
govern.  Certain defined terms used
herein have the meanings assigned to them in the indenture to be dated as of November
17, 2006 between Counterparty and Wells Fargo Bank, N.A., as trustee (the “Trustee”) relating to the USD 225,000,000 principal amount
of 3.25% Convertible Notes due November 15, 2026 (the “Convertible Notes”).  In the event of any inconsistency between the
terms defined in the Indenture and this Confirmation, this Confirmation shall
govern.  For the avoidance of doubt,
references herein to sections of the “Indenture” are based on the draft of such
Indenture, to be dated as of November 17, 2006, between Counterparty and the
Trustee, (the “Indenture”) most
recently reviewed by the parties at the time of execution of this Confirmation.
If any relevant sections of the Indenture are changed, added or renumbered
following execution of this Confirmation, the parties will amend this
Confirmation in good faith to preserve the economic intent of the parties.

Each party is hereby advised, and each such party acknowledges, that
the other party has engaged in, or refrained from engaging in, substantial
financial transactions and has taken other material actions in reliance upon
the parties’ entry into the Transaction to which this Confirmation relates on
the terms and conditions set forth below.

This Confirmation evidences a complete and binding agreement
between Dealer and Counterparty as to the terms of the Transaction to which
this Confirmation relates.  This
Confirmation shall be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement (the
“ISDA Form”) as if Dealer and
Counterparty had executed an agreement in such form (without any Schedule but
with the elections set forth in this Confirmation).  For the avoidance of doubt, the Transaction
shall be the only transaction under the Agreement.

All provisions contained in, or incorporated by
reference to, the Agreement will govern this Confirmation except as expressly
modified herein.  In the event of any
inconsistency between this Confirmation and either the Definitions or the
Agreement, this Confirmation shall govern.

 

 

2. The Transaction constitutes a Share Option
Transaction for purposes of the Equity Definitions.  The terms of the particular Transaction to
which this Confirmation relates are as follows:

	
  General Terms:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Trade Date:

  	
   

  	
  November 13, 2006

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  November 17, 2006, subject to Section 8(m)

  
	
   

  	
   

  	
   

  
	
  Option Style:

  	
   

  	
  Modified American, as described under “Procedures
  for Exercise” below.

  
	
   

  	
   

  	
   

  
	
  Option Type:

  	
   

  	
  Call

  
	
   

  	
   

  	
   

  
	
  Seller:

  	
   

  	
  Dealer

  
	
   

  	
   

  	
   

  
	
  Buyer:

  	
   

  	
  Counterparty

  
	
   

  	
   

  	
   

  
	
  Shares:

  	
   

  	
  The Common Stock of Counterparty, par value
  USD 0.01 per share (Ticker Symbol: “ELNK”).

  
	
   

  	
   

  	
   

  
	
  Number of
  Options:

  	
   

  	
  The number of Convertible Notes in denominations of
  USD1,000 principal amount issued by Counterparty on the closing date for the
  initial issuance of the Convertible Notes; provided
  that the Number of Options shall be increased as of the date of exercise by
  UBS Securities LLC and Banc of America Securities LLC, of its option pursuant
  to Section 3 of the Underwriting Agreement dated as of November 13, 2006
  among Counterparty, UBS Securities LLC and Banc of America Securities LLC
  (the “Underwriting Agreement”) by the number of Convertible Notes in
  denominations of USD1,000 principal amount issued pursuant to such exercise
  (such Convertible Notes, the “Additional
  Convertible Notes”), subject to agreement by the parties hereto on
  the amount of additional Premium payable by Buyer to Seller in respect
  thereof. For the avoidance of doubt, the Number of Options outstanding shall
  be reduced by each exercise of Options hereunder.

  
	
   

  	
   

  	
   

  
	
  Option
  Entitlement:

  	
   

  	
  As of any date, a number of Shares per Option equal
  to the Conversion Rate (as defined in the Indenture, but without regard to
  any adjustments to the Conversion Rate pursuant to Section
  10.05(f), Section 10.08, Section 10.14(a) or Section 10.14(b) of the
  Indenture and without regard to any election by Counterparty to adjust the
  Conversion Rate and the conversion obligation pursuant to Section 10.14(e) of
  the Indenture).

  
	
   

  	
   

  	
   

  
	
  Strike Price:

  	
   

  	
  As of any date, an amount in USD, rounded to the
  nearest cent (with 0.5 cents being rounded upwards), equal to USD1,000 divided by the Option Entitlement.

  
	
   

  	
   

  	
   

  
	
  Applicable
  Percentage:

  	
   

  	
  33%

  
	
   

  	
   

  	
   

  
	
  Number of
  Shares:

  	
   

  	
  The product of the Number of Options and the Option
  Entitlement and the Applicable Percentage.

  
	
   

  	
   

  	
   

  
	
  Premium:

  	
   

  	
  USD 13,253,625 (Premium per Option USD 178.50); provided that if the Number of Options
  is increased pursuant to the proviso to the definition of “Number of Options”
  above, an additional Premium in an amount as agreed to by the parties shall
  be paid on the Additional Premium Payment 

  

 

 2
 

 

 

	
  

  	
   

  	
  Date.

  
	
   

  	
   

  	
   

  
	
  Premium Payment
  Date:

  	
   

  	
  The Effective Date

  
	
   

  	
   

  	
   

  
	
  Additional
  Premium Payment Date:

  	
   

  	
  The closing date for the purchase and sale of the
  Additional Convertible Notes.

  
	
   

  	
   

  	
   

  
	
  Exchange:

  	
   

  	
  NASDAQ Global Select Market

  
	
   

  	
   

  	
   

  
	
  Related
  Exchange:

  	
   

  	
  All Exchanges

  
	
   

  	
   

  	
   

  
	
  Procedures for Exercise:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Potential
  Exercise Dates:

  	
   

  	
  Each Conversion Date.

  
	
   

  	
   

  	
   

  
	
  Conversion Date:

  	
   

  	
  Each “Conversion Date”, as defined in the Indenture,
  of Convertible Notes (such Convertible Notes, the “Relevant Convertible Notes” for such Conversion Date)
  occurring on or prior to the Expiration Date.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If the principal amount of Relevant Convertible
  Notes for any Conversion Date is less than the aggregate principal amount of
  Convertible Notes then outstanding, then the terms of the Transaction shall
  continue to apply, subject to the provisions of this Confirmation, with
  respect to the remaining outstanding principal amount of the Convertible
  Notes.

  
	
   

  	
   

  	
   

  
	
      Required Exercise on
  Conversion

      Dates:

  	
   

  	
  On each Conversion Date for Relevant Convertible
  Notes, a number of Options equal to the number of Relevant Convertible Notes
  in denominations of USD1,000 principal amount submitted for conversion on
  such Conversion Date in accordance with the terms of the Indenture shall be
  automatically exercised, subject to “Notice of Exercise” below.

  
	
   

  	
   

  	
   

  
	
  Exercise Period:

  	
   

  	
  The period from and excluding the Trade Date to and
  including the Expiration Date.

  
	
   

  	
   

  	
   

  
	
  Expiration Date:

  	
   

  	
  The earlier of (x) last day on which any Convertible
  Notes remain outstanding and (y) November 15, 2011.

  
	
   

  	
   

  	
   

  
	
  Multiple
  Exercise:

  	
   

  	
  Applicable, as provided above under “Required
  Exercise on Conversion Dates”.

  
	
   

  	
   

  	
   

  
	
  Minimum Number
  of Options:

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  Maximum Number
  of Options:

  	
   

  	
  Number of Options

  
	
   

  	
   

  	
   

  
	
  Integral
  Multiple:

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  
	
  Automatic
  Exercise:

  	
   

  	
  As provided above under “Required Exercise on
  Conversion Dates”.

  
	
   

  	
   

  	
   

  
	
  Notice of
  Exercise:

  	
   

  	
  Notwithstanding anything to the contrary in the
  Equity Definitions, in order to exercise any Options, Counterparty must
  notify Dealer in writing prior to 5:00 PM, New York City time, on the
  Exchange Business Day prior to the first Trading Day (as such term is defined
  in the Indenture) of the “Cash Settlement Averaging Period”, as
  defined in the Indenture, relating to the Relevant Convertible
  Notes converted on the Conversion Date relating to the relevant Exercise Date
  (the “Notice Deadline”) of (i) the number
  of Options being exercised on such Exercise Date; (ii) the

  

 3
 

 

 

	
  

  	
   

  	
  scheduled settlement date under the Indenture for
  the Relevant Convertible Notes converted on the Conversion Date corresponding
  to such Exercise Date and (iii) the “Cash Percentage,” as defined in the
  Indenture, for the Relevant Convertible Notes converted on the Conversion
  Date corresponding to such Exercise Date; provided
  that, notwithstanding the foregoing, such notice (and the related exercise of
  Options) shall be effective if given after the Notice Deadline, but prior to
  5:00 PM New York City time, on the fifth Exchange Business Day of such “Cash
  Settlement Averaging Period”, in which event the Calculation Agent shall have
  the right to adjust the Delivery Obligation as appropriate to reflect the
  additional costs (including, but not limited to, hedging mismatches and
  market losses) and expenses incurred by Dealer in connection with its hedging
  activities (including the unwinding of any hedge position) as a result of
  Dealer not having received such notice prior to the Notice Deadline.

  
	
   

  	
   

  	
   

  
	
  Dealer’s Telephone Number

  	
   

  	
   

  
	
  and Telex and/or Facsimile Number

  	
   

  	
   

  
	
  and Contact Details for purpose of

  	
   

  	
   

  
	
  Giving Notice:

  	
   

  	
  To: Bank of America, N.A.

  
	
   

  	
   

  	
  c/o Banc of
  America Securities LLC

  
	
   

  	
   

  	
  9 West 57th Street

  
	
   

  	
   

  	
  New York, NY
  10019

  
	
   

  	
   

  	
  Attn: EFP Legal
  Department

  
	
   

  	
   

  	
  Telephone: (212)
  583-6580

  
	
   

  	
   

  	
  Facsimile: (212)
  203-8610

  
	
   

  	
   

  	
   

  
	
  Settlement
  Terms:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Settlement Date:

  	
   

  	
  In respect of an Exercise Date occurring on a
  Conversion Date, the settlement date for the Shares, cash or a combination
  thereof to be delivered in respect of the Relevant Convertible Notes under
  the terms of the Indenture; provided that
  the Settlement Date will not be prior to the later of (i) the date one
  Settlement Cycle following the final day of the “Cash Settlement Averaging
  Period”, as defined in the Indenture, or (ii) the Exchange Business Day
  immediately following the date on which Counterparty gives notice to Dealer
  of such Settlement Date prior to 5:00 PM, New York City time.

  
	
   

  	
   

  	
   

  
	
  Delivery Obligation:

  	
   

  	
  In lieu of the obligations set forth in Sections 8.1
  and 9.1 of the Equity Definitions, and subject to “Notice of Exercise” above,
  in respect of an Exercise Date occurring on a Conversion Date, Dealer will
  deliver to Counterparty, on the related Settlement Date, the product of the Applicable
  Percentage and a number of Shares, an amount of cash or a combination thereof
  equal or in an amount equal to, as the case may be, the aggregate number of
  Shares, the aggregate amount of cash or combination thereof representing the
  sum of the Daily Share Amounts (as such term is defined in the Indenture) for
  each Trading Day (as such term is defined in the Indenture) in the Cash
  Settlement Averaging Period that Counterparty is obligated to deliver to the
  holder(s) of the Relevant Convertible Notes converted on such Conversion Date
  pursuant to Section 10.02(a) or Section 10.02(h), as the case may be, of the
  Indenture (the “Convertible Obligation”);

  

 4
 

 

 

	
  

  	
   

  	
  provided that
  such obligation shall be determined (x) excluding any Shares, cash or a
  combination thereof that Counterparty is obligated to deliver to holder(s) of
  the Relevant Convertible Notes as a result of any adjustments to the
  Conversion Rate pursuant to Section 10.05(f), Section 10.08, Section 10.14(a)
  or Section 10.14(b) of the Indenture and (y) without regard to any election
  by Counterparty to adjust the Conversion Rate and the conversion obligation
  pursuant to Section 10.14(e) of the Indenture. For the avoidance of doubt,
  the Convertible Obligation shall not include the Daily Principal Amount for
  any Trading Day in the relevant Cash Settlement Averaging Period.

  
	
   

  	
   

  	
   

  
	
  Other Applicable
  Provisions:

  	
   

  	
  To the extent Dealer is obligated to deliver Shares
  hereunder, the provisions of Sections 9.1(c), 9.8, 9.9, 9.10, 9.11 and 9.12 of
  the Equity Definitions will be applicable, except that all references in such
  provisions to “Physically-Settled” shall be read as references to “Net Share
  Settled”; and provided that the
  Representation and Agreement contained in Section 9.11 of the Equity
  Definitions shall be modified by excluding any representations therein
  relating to restrictions, obligations, limitations or requirements under
  applicable securities laws as a result of the fact that “Buyer” is the issuer
  of the Shares.

  
	
   

  	
   

  	
   

  
	
  Restricted Certificated
  Shares:

  	
   

  	
  Notwithstanding anything to the contrary in the
  Equity Definitions, Dealer may, in whole or in part, deliver Shares in
  certificated form representing the Number of Shares to be Delivered to
  Counterparty in lieu of delivery through the Clearance System.

  
	
   

  	
   

  	
   

  
	
  Adjustments:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Method of
  Adjustment:

  	
   

  	
  Notwithstanding Section 11.2 of the Equity
  Definitions, upon the occurrence of any event or condition set forth in
  Section 10.05(a), Section 10.05(b), Section 10.05(c) or Section 10.05(d) of
  the Indenture, the Calculation Agent shall make the corresponding adjustment
  in respect of any one or more of the Number of Options, the Option
  Entitlement and any other variable relevant to the exercise, settlement or
  payment of the Transaction, to the extent an analogous adjustment is made
  under the Indenture.

  
	
   

  	
   

  	
   

  
	
  Extraordinary Events:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Merger Events:

  	
   

  	
  Notwithstanding Section 12.1(b) of the Equity
  Definitions, a “Merger Event” means the occurrence of any event or condition
  set forth in clause (i), clause (ii) or clause (iii) of the first paragraph
  Section 10.11 of the Indenture.

  
	
   

  	
   

  	
   

  
	
  Tender Offer:

  	
   

  	
  Applicable. Notwithstanding Section 12.1(d) of the
  Equity Definitions, a “Tender Offer” means the occurrence of any event or
  condition set forth in Section 10.05(e) of the Indenture.

  
	
   

  	
   

  	
   

  
	
  Consequences of
  Merger Events and Tender Offers:

  	
   

  	
  Notwithstanding Sections 12.2 and 12.3 of the Equity
  Definitions, upon the occurrence of a Merger Event or Tender Offer, the
  Calculation Agent shall make the corresponding adjustment in respect of any
  adjustment under the Indenture to any one or more of the nature of the
  Shares, the Number of

  

 5
 

 

 

	
  

  	
   

  	
  Options, the Option Entitlement and any other
  variable relevant to the exercise, settlement or payment for the Transaction,
  to the extent an analogous adjustment is made under the Indenture; provided  that
  such adjustment shall be made (x) without regard to
  any adjustment to the Conversion Rate for the issuance of additional shares
  as set forth in Section 10.14(a) or Section 10.14(b) of the Indenture and (y)
  without regard to any election by Counterparty to adjust the Conversion Rate
  and the conversion obligation pursuant to Section 10.14(e) of the Indenture;
  and provided further that the
  Calculation Agent may limit or alter any such adjustment referenced in this
  paragraph so that the fair value of the Transaction to the Dealer is not
  reduced as a result of such adjustment.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
      Nationalization,
  Insolvency or

      Delisting:

  	
   

  	
  Cancellation and Payment (Calculation Agent
  Determination); provided that
  in addition to the provisions of Section 12.6(a)(iii) of the Equity
  Definitions, it will also constitute a Delisting if the Exchange is located
  in the United States and the Shares are not immediately re-listed, re-traded
  or re-quoted on any of the New York Stock Exchange, the American Stock
  Exchange or the NASDAQ Global Select Market (or their respective successors);
  if the Shares are immediately re-listed, re-traded or re-quoted on any such
  exchange or quotation system, such exchange or quotation system shall
  thereafter be deemed to be the Exchange.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Additional Disruption Events:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (a) Change in Law:

  	
   

  	
  Applicable

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (b) Failure to Deliver:

  	
   

  	
  Applicable

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (c) Insolvency Filing:

  	
   

  	
  Applicable

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (d) Hedging Disruption:

  	
   

  	
  Applicable

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (e) Increased Cost of Hedging:

  	
   

  	
  Applicable

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Hedging Party:

  	
   

  	
  For all applicable Additional Disruption Events,
  Dealer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Determining Party:

  	
   

  	
  For all applicable Additional Disruption Events,
  Dealer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Non-Reliance:

  	
   

  	
  Applicable

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Agreements and Acknowledgments 

  	
   

  	
  Applicable

  	
   

  
	
  Regarding Hedging Activities:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Additional Acknowledgments:

  	
   

  	
  Applicable

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  3. Calculation Agent:

  	
   

  	
  Dealer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  4. Account Details:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dealer Payment Instructions:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Bank of America, N.A

  	
   

  	
   

  	
   

  
	
  San Francisco, CA

  	
   

  	
   

  	
   

  
	
  SWIFT: BOFAUS65

  	
   

  	
   

  	
   

  
	
  Bank Routing: 121-000-358

  	
   

  	
   

  	
   

  
	
  Account Name: Bank of America

  	
   

  	
   

  	
   

  
	
  Account No. : 12333-34172

  	
   

  	
   

  	
   

  

 

 6
 

 

 

 

Counterparty Payment Instructions:                         

To be provided by Counterparty.

5.  Offices:

The Office of Dealer for the Transaction is: 

Bank of America, N.A.

c/o Banc of America
Securities LLC

Equity Financial Products

9 West 57th Street

New York, NY 10019

Attn: EFP Legal
Department

Telephone:  (212) 583-8373

Facsimile:  (212) 847-5124

 

The Office of Counterparty for the Transaction is: N/A

For the purpose of
Section 10(c) of the Agreement, neither party is a Multibranch Party. 

6.   Notices: For purposes of this
Confirmation:

(a)           Address for notices
or communications to Issuer:

To:                          1375 Peachtree St.

                                Atlanta,
Georgia 30309

Attn:                       General Counsel

Telephone:            (404)
748-6634

Facsimile:               (404)
892-7616

 

 (b)          Address for notices or communications to Dealer:

To:                                          Bank
of America, N.A.

                                                c/o Banc of America
Securities LLC

                                                9 West 57th Street

                                                New York, NY 10019

Attn:                                       EFP Legal
Department

Telephone:                            (212)
583-6580

Facsimile:                               (212)
203-8610

 

7.  Representations,
Warranties and Agreements:

(a)           In addition to the
representations and warranties in the Agreement and those contained elsewhere herein,
Counterparty represents and warrants to and for the benefit of, and agrees
with, Dealer as follows:

 (i)           On the Trade Date, (A) Counterparty is not aware of any
material nonpublic information regarding Counterparty or the Shares and (B) all
reports and other documents filed by Counterparty with the Securities and
Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”) and Securities Exchange Act of 1934, as
amended (the “Exchange Act”) when considered as a
whole (with the more recent such reports and documents deemed to amend
inconsistent statements contained in any earlier such reports and documents),
do not contain any untrue statement of a material fact or any omission of a
material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances in which they were made, not
misleading.

(ii)           On the Trade Date,
neither Counterparty nor any “affiliate” or “affiliated purchaser” (each as
defined in Rule 10b-18 of the Exchange Act (“Rule 10b-18”))
shall directly or indirectly (including, without limitation, by means of any
cash-settled or other derivative instrument) purchase, offer to purchase, place
any bid or limit order that would effect a purchase of, or commence any tender
offer relating to, any Shares (or an equivalent interest, including a unit of
beneficial interest in a trust or limited

 7
 

 

 

partnership or a depository share) or any security
convertible into or exchangeable or exercisable for Shares, except through Dealer.

(iii)          Without limiting
the generality of Section 13.1 of the Equity Definitions, Counterparty
acknowledges that Dealer is not making any representations or warranties with
respect to the treatment of the Transaction under FASB Statements 149 or 150,
EITF Issue No. 00-19 (or any successor issue statements) or under FASB’s
Liabilities & Equity Project.

(iv)          Without limiting the
generality of Section 3(a)(iii) of the Agreement, the Transaction will not
violate Rule 13e-1 or Rule 13e-4 under the Exchange Act.

(v)           Prior to the Trade
Date, Counterparty shall deliver to Dealer a resolution of Counterparty’s board
of directors authorizing the Transaction and such other certificate or
certificates as Dealer shall reasonably request.

(vi)          Counterparty is not
entering into this Confirmation to create actual or apparent trading activity
in the Shares (or any security convertible into or exchangeable for Shares) or
to raise or depress or otherwise manipulate the price of the Shares (or any
security convertible into or exchangeable for Shares) or otherwise in violation
of the Exchange Act.  

(vii)         Counterparty is not,
and after giving effect to the transactions contemplated hereby will not be, an
“investment company” as such term is defined in the Investment Company Act of
1940, as amended.

(viii)        On the Trade Date (A)
the assets of Counterparty at their fair valuation exceed the liabilities of
Counterparty, including contingent liabilities, (B) the capital of Counterparty
is adequate to conduct the business of Counterparty and (C) Counterparty has
the ability to pay its debts and obligations as such debts mature and does not
intend to, or does not believe that it will, incur debt beyond its ability to
pay as such debts mature.

(ix)           The representations
and warranties of Counterparty set forth in Section 3 of the Agreement and
Section 3 of the Underwriting Agreement are true and correct and are hereby
deemed to be repeated to Dealer as if set forth herein.

(x)            Counterparty
understands that no obligations of Dealer to it hereunder will be entitled to
the benefit of deposit insurance and that such obligations will not be
guaranteed by any affiliate of Dealer or any governmental agency.

(b)           Each of Dealer and
Counterparty agrees and represents that it is an “eligible contract
participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act,
as amended.

(c)           Each of Dealer and
Counterparty acknowledges that the offer and sale of the Transaction to it is
intended to be exempt from registration under the Securities Act by virtue of
Section 4(2) thereof.  Accordingly,
Counterparty represents and warrants to Dealer that (i) it has the financial
ability to bear the economic risk of its investment in the Transaction and is
able to bear a total loss of its investment and its investments in and
liabilities in respect of the Transaction, which it understands are not readily
marketable, are not disproportionate to its net worth, and it is able to bear
any loss in connection with the Transaction, including the loss of its entire
investment in the Transaction, (ii) it is an “accredited investor” as that term
is defined in Regulation D as promulgated under the Securities Act, (iii) it is
entering into the Transaction for its own account and without a view to the
distribution or resale thereof, (iv) the assignment, transfer or other disposition
of the Transaction has not been and will not be registered under the Securities
Act and is restricted under this Confirmation, the Securities Act and state
securities laws, and (v) its financial condition is such that it has no need
for liquidity with respect to its investment in the Transaction and no need to
dispose of any portion thereof to satisfy any existing or contemplated
undertaking or indebtedness and is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of the
Transaction.

(d)           Each of Dealer and
Counterparty agrees and acknowledges (A) that this Confirmation is (i) a
“securities contract,” as such term is defined in Section 741(7) of Title 11 of
the United States Code (the “Bankruptcy Code”),
with respect to which each payment and delivery hereunder is a “settlement
payment,” as such term is defined in Section 741(8) of the Bankruptcy Code, and
(ii) a “swap agreement,” as such term is defined in Section 101(53B) of the
Bankruptcy Code, with respect to which each payment and delivery hereunder is a

 8
 

 

 

“transfer,” as such term is defined in Section 101(54)
of the Bankruptcy Code, and (B) that Dealer is entitled to the protections
afforded by, among other sections, Section 362(b)(6), 362(b)(17), 546(e), 546(g),
555 and 560 of the Bankruptcy Code.  

8.  Other
Provisions:

(a)           Right to Extend.  Dealer
may postpone any Potential Exercise Date or any other date of valuation or
delivery by Dealer, with respect to some or all of the relevant Options (in
which event the Calculation Agent shall make appropriate adjustments to the
Delivery Obligation), if Dealer determines, in its reasonable discretion, that
such extension is reasonably necessary to enable Dealer to effect purchases of
Shares in connection with its hedging or settlement activity hereunder in a
manner that would, if Dealer were Counterparty or an affiliated purchaser of
Counterparty, be in compliance with applicable legal, regulatory or
self-regulatory requirements, or with related policies and procedures
applicable to Dealer.

(b)           Additional Termination Events.  The occurrence of (i) an event of default
with respect to Counterparty under the terms of the Convertible Notes as set
forth in Section 6.01 of the Indenture that results in an acceleration of the
Convertible Notes pursuant to the terms of the Indenture, (ii) an Amendment
Event or (iii) a Repayment Event shall be an Additional Termination Event with
respect to which the Transaction is the sole Affected Transaction and
Counterparty is the sole Affected Party, and Dealer shall be the party entitled
to designate an Early Termination Date pursuant to Section 6(b) of the
Agreement; provided that in the case of a Repayment
Event the Transaction shall be subject to termination only in respect of the
number of Convertible Notes that cease to be outstanding in connection with or
as a result of such Repayment Event.

“Amendment Event”
means that Counterparty amends, modifies, supplements or waives any term of the
Indenture or the Convertible Notes governing the principal amount, coupon,
maturity, repurchase obligation of Counterparty, redemption right of Counterparty,
any term relating to conversion of the Convertible Notes (including changes to
the conversion price, conversion settlement dates or conversion conditions), or
any term that would require consent of the holders of not less than 100% of the
principal amount of the Convertible Notes to amend, in each case without the
prior consent of Dealer, such consent not to be unreasonably withheld.

“Repayment Event”
means that (A) any Convertible Notes are repurchased (whether in connection
with or as a result of a change of control, howsoever defined, or for any other
reason) by Counterparty or any of its subsidiaries, (B) any Convertible Notes
are delivered to Counterparty in exchange for delivery of any property or
assets of Counterparty or any of its subsidiaries (howsoever described), (C)
any principal of any of the Convertible Notes is repaid prior to the final
maturity date of the Convertible Notes (whether following acceleration of the
Convertible Notes or otherwise), or (D) any Convertible Notes are exchanged by
or for the benefit of the holders thereof for any other securities of
Counterparty or any of its affiliates (or any other property, or any
combination thereof) pursuant to any exchange offer or similar transaction; provided that, in the case of clause (B) and clause (D),
conversions of the Convertible Notes pursuant to the terms of the Indenture as
in effect on the date hereof shall not be Repayment Events. 

(c)           Alternative Calculations and Payment on Early Termination and on
Certain Extraordinary Events. 
If, subject to Section 8(k) below, Dealer shall owe Counterparty any
amount pursuant to Sections 12.6, 12.7 or 12.9 of the Equity Definitions or
pursuant to Section 6(d)(ii) of the Agreement (except in the event of an Event
of Default in which Counterparty is the Defaulting Party or a Termination Event
in which Counterparty is the Affected Party, that resulted from an event or
events within Counterparty’s control) (a “Payment Obligation”),
Counterparty shall have the right, in its sole discretion, to require Dealer to
satisfy any such Payment Obligation by the Share Termination Alternative (as
defined below) by giving irrevocable telephonic notice to Dealer, confirmed in
writing within one Scheduled Trading Day, between the hours of 9:00 A.M. and 4:00
P.M. New York City time on the Announcement Date or Early Termination Date, as
applicable (“Notice of Share Termination”).  Upon such Notice of Share Termination, the
following provisions shall apply on the Scheduled Trading Day immediately
following the Announcement Date or Early Termination Date, as applicable:

	
  Share Termination Alternative:

  	
   

  	
  Applicable and means that Dealer shall deliver to
  Counterparty the Share Termination Delivery Property on the date on which the
  Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of
  the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable
  (the “Share

  

 

 9
 

 

 

	
  

  	
   

  	
  Termination Payment Date”), in
  satisfaction of the Payment Obligation.

  
	
   

  	
   

  	
   

  
	
  Share Termination Delivery

  	
   

  	
   

  
	
  Property:

  	
   

  	
  A number of Share Termination Delivery Units, as
  calculated by the Calculation Agent, equal to the Payment Obligation divided
  by the Share Termination Unit Price. The Calculation Agent shall adjust the
  Share Termination Delivery Property by replacing any fractional portion of a
  security therein with an amount of cash equal to the value of such fractional
  security based on the values used to calculate the Share Termination Unit
  Price.

  
	
   

  	
   

  	
   

  
	
  Share Termination Unit Price:

  	
   

  	
  The value of property contained in one Share
  Termination Delivery Unit on the date such Share Termination Delivery Units
  are to be delivered as Share Termination Delivery Property, as determined by
  the Calculation Agent in its discretion by commercially reasonable means and
  notified by the Calculation Agent to Dealer at the time of notification of
  the Payment Obligation.

  
	
   

  	
   

  	
   

  
	
  Share Termination Delivery Unit:

  	
   

  	
  In the case of a Termination Event, Event of Default
  or Delisting, one Share or, in the case of an Insolvency or Nationalization,
  one Share or a unit consisting of the number or amount of each type of
  property received by a holder of one Share (without consideration of any
  requirement to pay cash or other consideration in lieu of fractional amounts
  of any securities) in such Insolvency or Nationalization. If such Insolvency
  or Nationalization involves a choice of consideration to be received by
  holders, such holder shall be deemed to have elected to receive the maximum
  possible amount of cash.

  
	
   

  	
   

  	
   

  
	
  Failure to Deliver:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Other applicable provisions:

  	
   

  	
  If Share Termination Alternative is applicable, the
  provisions of Sections 9.8, 9.9, 9.10, 9.11 and 9.12 of the Equity
  Definitions will be applicable, except that all references in such provisions
  to “Physical Settlement” shall be read as references to “Share Termination
  Alternative” and all references to “Shares” shall be read as references to
  “Share Termination Delivery Units”; and provided
  that the Representation and Agreement contained in Section 9.11 of the Equity
  Definitions shall be modified by excluding any representations therein
  relating to restrictions, obligations, limitations or requirements under
  applicable securities laws as a result of the fact that Buyer is the issuer of
  any Share Termination Delivery Units (or any part thereof).

  

 

(d)           Disposition of Hedge Shares. 
Counterparty hereby agrees that if, in
the good faith reasonable judgment of Dealer, the Shares (the “Hedge Shares”) acquired by Dealer for the
purpose of hedging its obligations pursuant to the Transaction
cannot be sold in the U.S. public market by Dealer without registration under
the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares
in a registered offering, make available to Dealer an effective registration
statement under the Securities Act to cover the resale of such Hedge Shares and
(A) enter into an agreement, in form and substance satisfactory to Dealer,
substantially in the form of an underwriting agreement for a registered
offering, (B) provide
accountant’s “comfort” letters in customary form for registered offerings of
equity securities, (C) provide disclosure opinions of nationally recognized
outside counsel to Counterparty reasonably acceptable to Dealer, (D) provide
other customary opinions, certificates and closing documents customary in form
for registered offerings of equity securities and (E) afford Dealer a
reasonable opportunity to conduct a “due diligence” investigation with respect
to Counterparty customary in scope for underwritten offerings of equity
securities; provided, however,
that if Dealer, in its sole reasonable discretion, is not satisfied with access
to due diligence materials, the results of its due diligence investigation, or
the procedures and documentation for the registered offering referred to above,
then clause (ii) or clause (iii) of this Section 8(c) shall apply at the
election of Counterparty; (ii) in order to allow Dealer to sell the Hedge
Shares in a private placement, enter into a private placement agreement
substantially similar to private placement purchase agreements customary for
private placements of equity securities, in form and substance satisfactory to
Dealer, including customary representations, covenants, blue sky and other
governmental filings and/or registrations, indemnities to Dealer, due diligence
rights (for Dealer or any designated buyer of the Hedge Shares from Dealer),
opinions and certificates and

 10
 

 

 

such
other documentation as is customary for private placements agreements, all
reasonably acceptable to Dealer (in which case, the Calculation Agent shall
make any adjustments to the terms of the Transaction that are necessary, in its
reasonable judgment, to compensate Dealer for any discount from the public
market price of the Shares incurred on the sale of Hedge Shares in a private
placement); or (iii) purchase the Hedge Shares from Dealer at the VWAP Price on
such Exchange Business Days, and in the amounts, requested by Dealer.  “VWAP Price” means, on any Exchange Business
Day, the per Share volume-weighted average price as displayed under the heading
“Bloomberg VWAP” on Bloomberg page ELNK <Equity> VAP (or any successor
thereto) in respect of the period from 9:30 a.m. to 4:00
p.m. (New York City time) on such Exchange Business Day (or if such
volume-weighted average price is unavailable, the market value of one Share on
such Exchange Business Day, as determined by the Calculation Agent using a
volume-weighted method).

(e)           Amendment to Equity
Definitions and the Agreement.  The following
amendment shall be made to the Equity Definitions and to the Agreement:
Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting
from the fourth line thereof the word “or” after the word “official” and
inserting a comma therefor, and (2) deleting the semi-colon at the end of
subsection (B) thereof and inserting the following words therefor “or (C) at
Dealer’s option, the occurrence of any of the events specified in Section 5(a)(vii) (1) through (9) of the ISDA
Master Agreement with respect to that Issuer.”

(f)            Repurchase Notices.  Counterparty shall, on any day on which
Counterparty effects any repurchase of Shares, promptly give Dealer a written
notice of such repurchase (a “Repurchase Notice”)
on such day if, following such repurchase, the Notice Percentage as determined
on such day (i) in the case of the first such Repurchase Notice, is greater
than 8.00% and (ii) in the case of any subsequent Repurchase Notice, (A) is
greater than 8.00% and (B) is greater by at least 0.5% than the Notice
Percentage included in the immediately preceding Repurchase Notice.  The “Notice Percentage”
as of any day is the fraction, expressed as a percentage, the numerator of
which is the Number of Shares and the denominator of which is the number of
Shares outstanding on such day.  In the
event that Counterparty fails to provide Dealer with a Repurchase Notice on the
day and in the manner specified in this Section 8(f) then Counterparty agrees
to indemnify and hold harmless Dealer, its affiliates and their respective
directors, officers, employees, agents and controlling persons (Dealer and each
such person being an “Indemnified Party”)
from and against any and all losses, claims, damages and liabilities (or
actions in respect thereof), joint or several, to which such Indemnified Party
may become subject under applicable securities laws, including without
limitation, Section 16 of the Exchange Act, relating to or arising out of such
failure.  If for any reason the foregoing
indemnification is unavailable to any Indemnified Party or insufficient to hold
harmless any Indemnified Party, then Counterparty shall contribute, to the
maximum extent permitted by law, to the amount paid or payable by the
Indemnified Party as a result of such loss, claim, damage or liability.  In addition, Counterparty will reimburse any
Indemnified Party for all expenses (including reasonable counsel fees and
expenses) as they are incurred (after notice to Counterparty) in connection
with the investigation of, preparation for or defense or settlement of any
pending or threatened claim or any action, suit or proceeding arising
therefrom, whether or not such Indemnified Party is a party thereto and whether
or not such claim, action, suit or proceeding is initiated or brought by or on
behalf of Counterparty.  This indemnity
shall survive the completion of the Transaction contemplated by this
Confirmation and any assignment and delegation of the Transaction made pursuant
to this Confirmation or the Agreement shall inure to the benefit of any
permitted assignee of Dealer.

(g)           Transfer and Assignment.  Dealer may transfer or assign its rights and
obligations hereunder and under the Agreement, in whole or in part, to any of
its affiliates without the consent of Counterparty.  In addition, Dealer may transfer or assign
its rights and obligations hereunder and under the Agreement, in whole or in
part, to any unaffiliated third-party financial institution without the consent
of Counterparty, so long as the senior unsecured debt rating of such third-party
(or any guarantor of its obligations under the Transaction) is
equal to or greater than A+ as specified by Standard and Poor’s Rating Services
or Aa3 as specified by Moody’s Investor Service, Inc., at the time of such
assignment or transfer.  In connection with any transfer or
assignment by Dealer of its rights and obligations hereunder and
under the Agreement, Dealer shall promptly provide written notice to
Counterparty of such transfer or assignment, as the case may be, and the
identity of the relevant transferee or assignee.  In
connection with any assignment or transfer pursuant to the second immediately
preceding sentence, the guarantee of any guarantor of the relevant transferee’s
obligations under the Transaction shall constitute a Credit
Support Document under Agreement.  If at
any time at which the Equity Percentage exceeds 7.5%, Dealer, in its
discretion, is unable to effect a transfer or assignment to an unaffiliated third
party after its commercially reasonable efforts on pricing terms reasonably
acceptable to Dealer such that the Equity Percentage is reduced to 7.5% or
less, Dealer may designate any Scheduled Trading Day as an Early Termination
Date with respect to a portion (the “Terminated

 11
 

 

 

Portion”)
of the Transaction, such that the Equity Percentage following such partial
termination will be equal to or less than 7.5%. 
In the event that Dealer so designates an Early Termination Date with
respect to a portion of the Transaction, a payment or delivery shall be made
pursuant to Section 6 of the Agreement as if (i) an Early Termination Date had
been designated in respect of a Transaction having terms identical to the
Terminated Portion of the Transaction, (ii) Counterparty shall be the sole
Affected Party with respect to such partial termination and (iii) such portion
of the Transaction shall be the only Terminated Transaction.  The “Equity Percentage”
as of any day is the fraction, expressed as a percentage, (A) the numerator of
which is the Number of Shares and (B) the denominator of which is the number of
Shares outstanding on such day.  Counterparty
may transfer or assign its rights and obligations hereunder and under the
Agreement, in whole or in part, to any party with the consent of Dealer, such
consent not to be unreasonably withheld. 

(h)           Staggered Settlement. If the Staggered
Settlement Equity Percentage as of any Exchange Business Day during the
relevant “Cash Settlement Averaging Period”, as defined in the Indenture, is
greater than 4.5%, Dealer may, by notice to
Counterparty prior to any Settlement Date (a “Nominal
Settlement Date”), elect to deliver any Shares, cash or combination
thereof due hereunder on two or more dates (each, a “Staggered Settlement Date”) or at two or more times on the
Nominal Settlement Date as follows:

(i)            in
such notice, Dealer will specify to Counterparty the related Staggered
Settlement Dates (each of which will be on or prior to such Nominal Settlement
Date, but not prior to the beginning of such “Conversion Reference Period”) or
delivery times and how it will allocate the Shares it is required to deliver
under “Delivery Obligation” (above) among the Staggered Settlement Dates or
delivery times; and

(ii)           the
aggregate number of Shares and the aggregate amount of cash that Dealer will
deliver to Counterparty hereunder on all such Staggered Settlement Dates and
delivery times will equal the number of Shares and the amount of cash that
Dealer would otherwise be required to deliver on such Nominal Settlement Date.

The “Staggered
Settlement Equity Percentage” as of any day is the fraction,
expressed as a percentage, (A) the numerator of which is the sum of (x) the number
of Shares that Dealer or any of its affiliates beneficially own (within the
meaning of Section 13 of the Exchange Act) on such day, other than any Shares
so owned as a hedge of the Transaction, and (y) the Number of Shares and (B)
the denominator of which is the number of Shares outstanding on such day.

(i)            Disclosure.  Effective
from the date of commencement of discussions concerning the Transaction,
Counterparty and each of its employees, representatives, or other agents may
disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of the Transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to Counterparty
relating to such tax treatment and tax structure.

(j)            Designation by Dealer. 
Notwithstanding any other provision in this Confirmation to the contrary
requiring or allowing Dealer to purchase, sell, receive or deliver any Shares
or other securities to or from Counterparty, Dealer may designate any of its
affiliates to purchase, sell, receive or deliver such shares or other
securities and otherwise to perform Dealer obligations in respect of the
Transaction and any such designee may assume such obligations.  Dealer shall be discharged of its obligations
to Counterparty to the extent of any such performance.

(k)           Netting and Set-off. 
Each party waives any and all rights it may have to set off, whether
arising under any agreement, applicable law or otherwise.  The provisions of Section 2(c) of the
Agreement shall not be applicable to the Transaction.

(l)            Equity Rights.  Dealer
acknowledges and agrees that this Confirmation is not intended to convey to it
rights with respect to the Transaction that are senior to the claims of common
stockholders in the event of Counterparty’s bankruptcy.  For the avoidance of doubt, the parties agree
that the preceding sentence shall not apply at any time other than during Counterparty’s
bankruptcy to any claim arising as a result of a breach by Counterparty of any
of its obligations under this Confirmation or the Agreement.  

(m)          Early Unwind.  In the
event the sale by Counterparty of the Convertible Notes is not consummated with
UBS Securities LLC and Banc of America Securities LLC pursuant to the Underwriting
Agreement for any reason by the close of business in New York on November 17,
2006 (or such later date as agreed upon by the parties) (November 17, 2006 or
such later date being the “Early Unwind Date”),
the Transaction shall automatically terminate (the “Early Unwind”),
on the Early Unwind Date and (i) the Transaction and all of the

 12
 

 

 

respective rights and
obligations of Dealer and Counterparty thereunder shall be cancelled and
terminated and (ii) Counterparty shall pay to Dealer, other than in cases
involving a breach of the Underwriting Agreement by Banc of America Securities
LLC, an amount in cash equal to the aggregate amount of costs and expenses  relating to the unwinding of Dealer’s hedging
activities in respect of the Transaction (including market losses incurred in
reselling any Shares purchased by Dealer or its affiliates in connection with
such hedging activities).  Following such
termination, cancellation and payment, each party shall be released and
discharged by the other party from and agrees not to make any claim against the
other party with respect to any obligations or liabilities of either party
arising out of and to be performed in connection with the Transaction either
prior to or after the Early Unwind Date. 
Dealer and Counterparty represent and acknowledge to the other that upon
an Early Unwind and following the payment referred to above, all obligations
with respect to the Transaction shall be deemed fully and finally discharged.

(n)           Waiver of Trial by Jury. 
EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY
WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON
BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATING TO THE TRANSACTION OR THE ACTIONS OF DEALER OR ITS
AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

(o)           Governing Law.  THIS CONFIRMATION SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK.  THE PARTIES HERETO IRREVOCABLY
SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND
THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION
WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE
IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS.

 13
 

 

 

Counterparty hereby agrees (a) to check this
Confirmation promptly upon receipt so that errors or discrepancies can be
promptly identified and rectified and (b) to confirm that the foregoing
correctly sets forth the terms of the agreement between us with respect to the
particular Transaction to which this Confirmation relates, by manually signing
this Confirmation and providing any other information requested herein or in
the Master Confirmation and immediately returning an executed copy to
Confirmation Unit via 212-583-8457.  Hard
copies should be returned to Bank of America, N.A., c/o Banc America Securities
LLC, Attention John Servidio, 9 West 57th Street, 40th Floor, New York, NY
10019. 

 

Yours
sincerely,

 

BANK OF AMERICA, N.A.

 

By:  /s/ Eric P. Hambleton                                   

   Name: Eric P. Hambleton

   Title: Authorized Signatory

 

 

Confirmed as of the 

date first above written:

 

EARTHLINK, INC.

 

By:  /s/ Kevin M. Dotts                                       

   Name: Kevin M. Dotts

   Title: Executive Vice President,

             Chief Financial Officer

 

 

 14Exhibit 10.3

November
13, 2006

	
  To:

  	
  Earthlink, Inc.

  
	
   

  	
  1375 Peachtree St.

  
	
   

  	
  Atlanta, Georgia 30309

  
	
   

  	
  Attn: General Counsel

  
	
   

  	
  Telephone: (404) 748-6634

  
	
   

  	
  Facsimile: (404) 892-7616

  
	
   

  	
   

  
	
  From:

  	
  UBS AG, London Branch

  
	
   

  	
  c/o UBS Securities LLC

  
	
   

  	
  299 Park Avenue

  
	
   

  	
  New York, NY 10171

  
	
   

  	
  Attn: Adam Frieman

  
	
   

  	
  Telephone: (212) 821-2100

  
	
   

  	
  Facsimile: (212) 821-4610

  
	
   

  	
   

  
	
  Re:

  	
  Issuer Warrant Transaction

  
	
   

  	
  (UBS Reference Number:__________________)

  
	
   

  	
   

  

Ladies and Gentlemen:

The purpose of this communication (this “Confirmation”)
is to set forth the terms and conditions of the above-referenced transaction
entered into on the Trade Date specified below (the “Transaction”)
between UBS AG, London Branch (“Dealer”)
represented by UBS Securities LLC (“Agent”)
as its agent, and Earthlink, Inc. (“Issuer”).  This communication constitutes a “Confirmation”
as referred to in the ISDA Master Agreement specified below.

1. This Confirmation is subject to, and incorporates, the definitions
and provisions of the 2000 ISDA Definitions (including the Annex thereto) (the
“2000 Definitions”) and the definitions
and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the 2000 Definitions,
the “Definitions”), in each case as
published by the International Swaps and Derivatives Association, Inc. (“ISDA”).  In the event
of any inconsistency between the 2000 Definitions and the Equity Definitions,
the Equity Definitions will govern.  For
purposes of the Equity Definitions, each reference herein to a Warrant shall be
deemed to be a reference to a Call Option or an Option, as context requires.

Each party is hereby advised, and each such party
acknowledges, that the other party has engaged in, or refrained from engaging
in, substantial financial transactions and has taken other material actions in
reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.

This Confirmation evidences a complete and binding
agreement between Dealer and Issuer as to the terms of the Transaction to which
this Confirmation relates.  This
Confirmation shall be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement (the
“ISDA Form”) as if Dealer and Issuer had
executed an agreement in such form (without any Schedule but with the elections
set forth in this Confirmation).  For the
avoidance of doubt, the Transaction shall be the only transaction under the
Agreement.

All provisions contained in, or incorporated by reference to, the
Agreement will govern this Confirmation except as expressly modified
herein.  In the event of any
inconsistency between this Confirmation and either the Definitions or the
Agreement, this Confirmation shall govern.

2.  The Transaction is a Warrant
Transaction, which shall be considered a Share Option Transaction for purposes
of the Equity Definitions.  The terms of
the particular Transaction to which this Confirmation relates are as follows:

 

 

	
  General Terms:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Trade Date:

  	
   

  	
  November 13, 2006

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  November 17, 2006, subject to Section 8(m) below

  
	
   

  	
   

  	
   

  
	
  Components:

  	
   

  	
  The Transaction will be divided into individual
  Components as set forth in Annex A, each with the terms set forth in this
  Confirmation, and, in particular, with the Number of Warrants and Expiration
  Date set forth in this Confirmation. The payments and deliveries to be made
  upon settlement of the Transaction will be determined separately for each
  Component as if each Component were a separate Transaction under the
  Agreement.

  
	
   

  	
   

  	
   

  
	
  Warrant Style:

  	
   

  	
  European

  
	
   

  	
   

  	
   

  
	
  Warrant Type:

  	
   

  	
  Call

  
	
   

  	
   

  	
   

  
	
  Seller:

  	
   

  	
  Issuer

  
	
   

  	
   

  	
   

  
	
  Buyer:

  	
   

  	
  Dealer

  
	
   

  	
   

  	
   

  
	
  Shares:

  	
   

  	
  The Common Stock of Issuer, par value USD 0.01 per
  share (Ticker Symbol: “ELNK”).

  
	
   

  	
   

  	
   

  
	
  Number of
  Warrants:

  	
   

  	
  For each Component, as provided in Annex A to this
  Confirmation.

  
	
   

  	
   

  	
   

  
	
  Warrant
  Entitlement:

  	
   

  	
  One Share per Warrant

  
	
   

  	
   

  	
   

  
	
  Strike Price:

  	
   

  	
  USD 11.20

  
	
   

  	
   

  	
   

  
	
  Premium:

  	
   

  	
  USD 18,225,675 (Premium per Warrant Approximately
  USD 1.10)

  
	
   

  	
   

  	
   

  
	
  Premium Payment
  Date:

  	
   

  	
  The Effective Date

  
	
   

  	
   

  	
   

  
	
  Exchange:

  	
   

  	
  NASDAQ Global Select Market

  
	
   

  	
   

  	
   

  
	
  Related
  Exchange:

  	
   

  	
  All Exchanges

  
	
   

  	
   

  	
   

  
	
  Procedures for Exercise:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  In
  respect of any Component:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Expiration Time:

  	
   

  	
  Valuation Time

  
	
   

  	
   

  	
   

  
	
  Expiration Date:

  	
   

  	
  As provided in Annex A to this Confirmation
  (or, if such date is not a Scheduled Trading Day, the next following
  Scheduled Trading Day that is not already an Expiration Date for another
  Component); provided that if
  that date is a Disrupted Day, the Expiration Date for such Component shall be
  the first succeeding Scheduled Trading Day that is not a Disrupted Day and is
  not or is not deemed to be an Expiration Date in respect of any other
  Component of the Transaction hereunder; and provided
  further that if the Expiration Date has not occurred pursuant to
  the preceding proviso as of the Final Disruption Date, the Final Disruption
  Date shall be the Expiration Date (irrespective of whether such date is an
  Expiration Date in respect of any other Component for the Transaction). “Final
  Disruption Date” means
  August 1, 2012. Notwithstanding the foregoing and anythingto the contrary in the Equity
  Definitions, if a Market Disruption Event occurs on any

  

 2
 

 

 

	
  

  	
   

  	
  Expiration Date, the Calculation Agent may determine
  that such Expiration Date is a Disrupted Day only in part, in which case the
  Calculation Agent shall make adjustments to the number of Warrants for the
  relevant Component for which such day shall be the Expiration Date and shall
  designate the Scheduled Trading Day determined in the manner described in the
  immediately preceding sentence as the Expiration Date for the remaining
  Warrants for such Component. Section 6.6 of the Equity Definitions shall not
  apply to any Valuation Date occurring on an Expiration Date.

  
	
   

  	
   

  	
   

  
	
  Market
  Disruption Event:

  	
   

  	
  Section 6.3(a) of the 2002 Definitions is hereby
  amended by deleting the words “during the one hour period that ends at the
  relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or
  Knock-out Valuation Time, as the case may be,” in clause (ii) thereof.

  
	
   

  	
   

  	
   

  
	
  Automatic
  Exercise:

  	
   

  	
  Applicable; and means that each Warrant not
  previously exercised under the Transaction will be deemed to be automatically
  exercised at the Expiration Time on
  the Expiration Date unless Buyer notifies Seller (by telephone or in writing)
  prior to the Expiration Time on the Expiration Date that it does not wish
  Automatic Exercise to occur, in which case Automatic Exercise will not apply.

  
	
   

  	
   

  	
   

  
	
  Issuer’s
  Telephone Number

  	
   

  	
   

  
	
  and Telex and/or
  Facsimile Number

  	
   

  	
   

  
	
  and Contact
  Details for purpose of

  	
   

  	
   

  
	
  Giving Notice:

  	
   

  	
  Attn: General Counsel

  
	
   

  	
   

  	
  Telephone: (404) 748-6634

  
	
   

  	
   

  	
  Facsimile: (404) 892-7616

  
	
   

  	
   

  	
   

  
	
  Settlement Terms:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  In
  respect of any Component:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Settlement
  Currency:

  	
   

  	
  USD

  
	
   

  	
   

  	
   

  
	
  Net Share
  Settlement:

  	
   

  	
  On each Settlement Date, Issuer shall deliver to
  Dealer a number of Shares equal to the Number of Shares to be Delivered for
  such Settlement Date to the account specified by Dealer and cash in lieu of
  any fractional shares valued at the Relevant Price on the Valuation Date
  corresponding to such Settlement Date. If, in the reasonable opinion of
  Issuer or Dealer based on advice of counsel, for any reason, the Shares
  deliverable upon Net Share Settlement would not be immediately freely
  transferable by Dealer under Rule 144(k) under the Securities Act of 1933, as
  amended (the “Securities Act”), then Dealer
  may elect to either (x) accept delivery of such Shares notwithstanding any
  restriction on transfer or (y) have the provisions set forth in Section 8(b)
  below apply.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Number of Shares to be Delivered shall be
  delivered by Issuer to Dealer no later than 12:00 noon (local time in New
  York City) on the relevant Settlement Date.

  
	
   

  	
   

  	
   

  
	
  Number of Shares
  to be Delivered:

  	
   

  	
  In respect of any Exercise Date, subject to the last
  sentence of Section 9.5 of the Equity Definitions, the product of (i) the
  number of Warrants exercised or deemed exercised on such Exercise Date, (ii)
  the Warrant Entitlement and (iii) (A) the

  

 3
 

 

 

	
  

  	
   

  	
  excess of the VWAP Price on the Valuation Date
  occurring on such Exercise Date over the Strike Price divided by
  (B) such VWAP Price.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  VWAP Price:

  	
   

  	
  For any Valuation Date, the per Share
  volume-weighted average price as displayed under the heading “Bloomberg VWAP”
  on Bloomberg page ELNK <Equity> VAP (or any successor thereto) in
  respect of the period from 9:30 a.m. to 4:00 p.m. (New York City time) on
  such Valuation Date (or if such volume-weighted average price is unavailable,
  the market value of one Share on such Valuation Date, as determined by the
  Calculation Agent). Notwithstanding anything to the contrary in the Equity
  Definitions, if there is a Market Disruption Event on any Valuation Date,
  then the Calculation Agent shall determine the VWAP Price for such Valuation
  Date on the basis of its good faith estimate, determined in a commercially
  reasonable manner, of the market value for the relevant Shares on such Valuation
  Date.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Other Applicable Provisions:

  	
   

  	
  The provisions of Sections 9.1(c), 9.8, 9.9, 9.10,
  9.11 (except that the Representation and Agreement contained in Section 9.11
  of the Equity Definitions shall be modified by excluding any representations
  therein relating to restrictions, obligations, limitations or requirements
  under applicable securities laws as a result of the fact that Seller is the
  Issuer of the Shares) and 9.12 of the Equity Definitions will be applicable,
  except that all references in such provisions to “Physically-Settled” shall
  be read as references to “Net Share Settled”. “Net Share Settled” in relation
  to any Warrant means that Net Share Settlement is applicable to such Warrant.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Adjustments:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  In respect of any Component:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Method of Adjustment:

  	
   

  	
  Calculation Agent Adjustment

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Extraordinary Dividend:

  	
   

  	
  Any cash dividend on the shares with an ex-dividend
  date occurring during the period from and including the Trade Date, to but
  excluding the last Expiration Date.

  	
   

  
	
  Extraordinary
  Events:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Consequences of Merger Events:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (a)  Share-for-Share:

  	
   

  	
  Modified Calculation Agent Adjustment

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (b)  Share-for-Other:

  	
   

  	
  Cancellation and Payment (Calculation Agent
  Determination) or Modified Calculation Agent Adjustment, at the election of
  Buyer, it being understood that Buyer shall have the option to elect for
  Cancellation and Payment (Calculation Agent Determination) to apply to a
  portion of the Transaction and for Modified Calculation Agent Adjustment to
  apply to a portion of the Transaction.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (c)  Share-for-Combined:

  	
   

  	
  Component Adjustment (Calculation Agent
  Determination)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Tender Offer:

  	
   

  	
  Applicable

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Consequences of Tender Offers:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (a)  Share-for-Share:

  	
   

  	
  Modified Calculation Agent Adjustment

  	
   

  

 4
 

 

 

	
  (b)  Share-for-Other:

  	
   

  	
  Cancellation and Payment (Calculation Agent
  Determination) or Modified Calculation Agent Adjustment, at the election of
  Buyer, it being understood that Buyer shall have the option to elect for
  Cancellation and Payment (Calculation Agent Determination) to apply to a
  portion of the Transaction and for Modified Calculation Agent Adjustment to
  apply to a portion of the Transaction.

  
	
   

  	
   

  	
   

  
	
  (c)  Share-for-Combined:

  	
   

  	
  Component Adjustment (Calculation Agent
  Determination)

  
	
   

  	
   

  	
   

  
	
  Nationalization, Insolvency or Delisting:

  	
   

  	
  Cancellation and Payment (Calculation Agent
  Determination); provided that
  in addition to the provisions of Section 12.6(a)(iii) of the Equity
  Definitions, it shall also constitute a Delisting if the Exchange is located
  in the United States and the Shares are not immediately re-listed, re-traded
  or re-quoted on any of the New York Stock Exchange, the American Stock
  Exchange or The NASDAQ Global Select Market (or their respective successors);
  if the Shares are immediately re-listed, re-traded or re-quoted on any such
  exchange or quotation system, such exchange or quotation system shall
  thereafter be deemed to be the Exchange; and provided
  further that the definition of “Delisting” in Section 12.6
  (a)(iii) of the Equity Definitions shall be deemed to be amended by adding “,
  subject to no further conditions,” after the word “will.”

  
	
   

  	
   

  	
   

  
	
  Additional Disruption Events:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (a)  Change in Law:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  (b)  Failure to Deliver:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  (c)  Insolvency Filing:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  (d)  Hedging Disruption:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  (e)  Increased Cost of Hedging:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  (f)   Loss
  of Stock Borrow:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
         Maximum Stock Loan Rate:

  	
   

  	
  2.00% per annum

  
	
   

  	
   

  	
   

  
	
  (g)  Increased Cost of Stock Borrow:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
         Initial Stock Loan Rate:

  	
   

  	
  0.25% per annum

  
	
   

  	
   

  	
   

  
	
  Hedging Party:

  	
   

  	
  Buyer for all applicable Additional Disruption
  Events

  
	
   

  	
   

  	
   

  
	
  Determining Party:

  	
   

  	
  Buyer for all applicable Additional Disruption
  Events

  
	
   

  	
   

  	
   

  
	
  Non-Reliance:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Agreements and Acknowledgments

  	
   

  	
   

  
	
  Regarding Hedging Activities:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Additional Acknowledgments:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  3. Calculation Agent:

  	
   

  	
  Dealer

  
	
   

  	
   

  	
   

  
	
  4. Account Details:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dealer Payment Instructions:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  UBS AG Stamford

  	
   

  	
   

  
	
  SWIFT: UBSWUS33XXX

  	
   

  	
   

  
	
  Bank Routing:
  026-007-993

  	
   

  	
   

  

 5
 

 

 

Account Name: UBS
AG, London Branch

Account No. : 101-WA-140007-000

Issuer Payment
Instructions:                                                               To
be provided by Issuer.

5.   Offices:

The Office of
Dealer for the Transaction is:

UBS AG100 Liverpool
Street

London EC2M 2RH

United Kingdom

	
  Telephone:

  	
  +44 207 568 0687

  
	
  Facsimile:

  	
  +44 207 568 9895/6

  

 

The Office of
Issuer for the Transaction is: N/A

For the purpose of
Section 10(c) of the Agreement, neither party is a Multibranch Party.

6.   Notices: For purposes of this
Confirmation:

(a)                                  Address
for notices or communications to Issuer:

	
  To:

  	
  1375 Peachtree St.

  
	
   

  	
  Atlanta, Georgia 30309

  
	
  Attn:

  	
  General Counsel

  
	
  Telephone:

  	
  (404) 748-6634

  
	
  Facsimile:

  	
  (404) 892-7616

  

 

(b)                                 Address
for notices or communications to Dealer:

	
  To:

  	
  UBS AG, London Branch

  
	
   

  	
  c/o UBS Securities LLC

  
	
   

  	
  299 Park Avenue

  
	
   

  	
  New York, NY 10171

  
	
  Attn:

  	
  Adam Frieman

  
	
  Telephone:

  	
  (212) 821-2100

  
	
  Facsimile:

  	
  (212) 821-4610

  
	
   

  	
   

  
	
  With a copy to:

  	
   

  
	
   

  	
   

  
	
  To:

  	
  Equities Legal Department

  
	
   

  	
  677 Washington Boulevard

  
	
   

  	
  Stamford, CT 06901

  
	
  Attn:

  	
  David Kelly and Gordon Kiesling

  
	
  Telephone:

  	
  (203) 719-0268

  
	
  Facsimile:

  	
  (203) 719-5627

  
	
   

  	
   

  
	
  and:

  	
   

  
	
   

  	
   

  
	
  To:

  	
  Equities Volatility Trading

  
	
   

  	
  677 Washington Boulevard

  
	
   

  	
  Stamford, CT 06901

  
	
  Attn:

  	
  Namuk Cho and Bennett Lieberman

  
	
  Telephone:

  	
  (203) 719-7330

  
	
  Facsimile:

  	
  (203) 719-7910

  

 

 6
 

 

 

7.  Representations,
Warranties and Agreements:

(a)  In addition to the
representations and warranties in the Agreement and those contained elsewhere
herein, Issuer represents and warrants to and for the benefit of, and agrees
with, Dealer as follows:

(i)            On the Trade Date,
(A) Issuer is not aware of any material nonpublic information regarding Issuer
or the Shares and (B) all reports and other documents filed by Issuer with the
Securities and Exchange Commission pursuant to the Securities Act of 1933, as
amended (the “Securities Act”), and Exchange Act
when considered as a whole (with the more recent such reports and documents
deemed to amend inconsistent statements contained in any earlier such reports
and documents), do not contain any untrue statement of a material fact or any
omission of a material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances in which they were
made, not misleading.

(ii)           Without limiting
the generality of Section 13.1 of the Equity Definitions, Issuer acknowledges
that Dealer is not making any representations or warranties with respect to the
treatment of the Transaction under FASB Statements 149 or 150, EITF Issue No.
00-19 (or any successor issue statements) or under FASB’s Liabilities &
Equity Project.

(iii)          Prior to the Trade
Date, Issuer shall deliver to Dealer a resolution of Issuer’s board of
directors authorizing the Transaction and such other certificate or
certificates as Dealer shall reasonably request.

(iv)          Issuer is not
entering into this Confirmation to create actual or apparent trading activity
in the Shares (or any security convertible into or exchangeable for Shares) or
to raise or depress or otherwise manipulate the price of the Shares (or any
security convertible into or exchangeable for Shares) or otherwise in violation
of the Exchange Act.

(v)            Issuer is not, and
after giving effect to the transactions contemplated hereby will not be, an
“investment company” as such term is defined in the Investment Company Act of
1940, as amended.

(vi)          On the Trade Date
(A) the assets of Issuer at their fair valuation exceed the liabilities of
Issuer, including contingent liabilities, (B) the capital of Issuer is adequate
to conduct the business of Issuer and (C) Issuer has the ability to pay its
debts and obligations as such debts mature and does not intend to, or does not
believe that it will, incur debt beyond its ability to pay as such debts
mature.

(vii)         Issuer shall not
take any action to decrease the number of Available Shares below the Capped
Number (each as defined below).

(viii)        The representations
and warranties of Issuer set forth in Section 3 of the Agreement and Section 3
of the Underwriting Agreement dated as of the Trade Date among Issuer, UBS
Securities LLC and Banc of America Securities LLC are true and correct and are
hereby deemed to be repeated to Dealer as if set forth herein.

(ix)           Issuer understands
no obligations of Dealer to it hereunder will be entitled to the benefit of
deposit insurance and that such obligations will not be guaranteed by any
affiliate of Dealer or any governmental agency.

(b)           Each of Buyer and
Issuer agrees and represents that it is an “eligible contract participant” as
defined in Section 1a(12) of the U.S. Commodity Exchange Act, as amended.

(c)           Each of Dealer and
Issuer acknowledges that the offer and sale of the Transaction to it is
intended to be exempt from registration under the Securities Act by virtue of
Section 4(2) thereof.  Accordingly,
Dealer represents and warrants to Issuer that (i) it has the financial ability
to bear the economic risk of its investment in the Transaction and is able to
bear a total loss of its investment and its investments in and liabilities in
respect of the Transaction, which it understands are not readily marketable,
are not disproportionate to its net worth, and it is able to bear any loss in
connection with the Transaction, including the loss of its entire investment in
the Transaction, (ii) it is an “accredited investor” as that term is defined in
Regulation D as promulgated under the Securities Act, (iii) it is entering into
the Transaction for its own account without a view to the distribution or
resale thereof, (iv) the assignment, transfer or other disposition of the
Transaction has not been and will not be registered under the Securities Act and
is restricted under this Confirmation, the Securities Act and state securities
laws, (v) its financial condition is such that it has no need for liquidity
with respect to its investment in the Transaction and no need to

 7
 

 

 

dispose of any portion thereof to satisfy any existing
or contemplated undertaking or indebtedness and is capable of assessing the
merits of and understanding (on its own behalf or through independent
professional advice), and understands and accepts, the terms, conditions and
risks of the Transaction.

(d)           Each of Dealer and
Issuer agrees and acknowledges (A) that this Confirmation is (i) a “securities
contract,” as such term is defined in Section 741(7) of Title 11 of the United
States Code (the “Bankruptcy Code”),
with respect to which each payment and delivery hereunder is a “settlement
payment,” as such term is defined in Section 741(8) of the Bankruptcy Code, and
(ii) a “swap agreement,” as such term is defined in Section 101(53B) of the
Bankruptcy Code, with respect to which each payment and delivery hereunder is a
“transfer,” as such term is defined in Section 101(54) of the Bankruptcy Code,
and (B) that Dealer is entitled to the protections afforded by, among other
sections, Section 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the
Bankruptcy Code.

(e)           Issuer shall deliver
to Dealer an opinion of counsel, dated as of the Trade Date and reasonably
acceptable to Dealer in form and substance, with respect to the matters set
forth in Section 3(a) of the Agreement.

8.  Other Provisions:

(a)           Alternative Calculations and Payment on Early Termination and on
Certain Extraordinary Events. 
If, subject to Section 8(k) below, Issuer shall owe Buyer any amount
pursuant to Sections 12.2, 12.3, 12.6, 12.7 or 12.9 of the Equity Definitions
(except in the event of a Tender Offer or a Merger Event, in each case, in
which the consideration or proceeds to be paid to holders of Shares consists
solely of cash) or pursuant to Section 6(d)(ii) of the Agreement (except in the
event of an Event of Default in which Issuer is the Defaulting Party or a
Termination Event in which Issuer is the Affected Party, that resulted from an
event or events within Issuer’s control) (a “Payment
Obligation”), Issuer shall have the right, in its sole discretion,
to satisfy any such Payment Obligation by the Share Termination Alternative (as
defined below) by giving irrevocable telephonic notice to Buyer, confirmed in
writing within one Scheduled Trading Day, between the hours of 9:00 A.M. and
4:00 P.M. New York City time on the Merger Date, Tender Offer Date,
Announcement Date or Early Termination Date, as applicable (“Notice of Share Termination”).  Upon such Notice of Share Termination, the
following provisions shall apply on the Scheduled Trading Day immediately
following the Merger Date, the Tender Offer Date, Announcement Date or Early
Termination Date, as applicable:

	
  Share Termination Alternative:

  	
   

  	
  Applicable and means that Issuer shall deliver to
  Dealer the Share Termination Delivery Property on the date on which the
  Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of
  the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable
  (the “Share Termination Payment Date”), in
  satisfaction of the Payment Obligation.

  
	
   

  	
   

  	
   

  
	
  Share Termination Delivery Property:

  	
   

  	
  A number of Share Termination Delivery Units, as
  calculated by the Calculation Agent, equal to the Payment Obligation divided
  by the Share Termination Unit Price. The Calculation Agent shall adjust the
  Share Termination Delivery Property by replacing any fractional portion of a
  security therein with an amount of cash equal to the value of such fractional
  security based on the values used to calculate the Share Termination Unit
  Price.

  
	
   

  	
   

  	
   

  
	
  Share Termination Unit Price:

  	
   

  	
  The value of property contained in one Share
  Termination Delivery Unit on the date such Share Termination Delivery Units
  are to be delivered as Share Termination Delivery Property, as determined by
  the Calculation Agent in its discretion by commercially reasonable means and
  notified by the Calculation Agent to Issuer at the time of notification of
  the Payment Obligation.

  
	
   

  	
   

  	
   

  
	
  Share Termination Delivery Unit:

  	
   

  	
  In the case of a Termination Event, Event of Default
  or Delisting, one Share or, in the case of an Insolvency, Nationalization,
  Merger Event or Tender Offer, a Share or a unit consisting of the number or
  amount of each type of property received by a holder of one Share (without
  consideration of any requirement to pay cash or other consideration in lieu
  of fractional amounts of any securities) in such Insolvency, Nationalization,
  Merger Event or Tender Offer. If such Insolvency, Nationalization, Merger
  Event or Tender Offer involves a choice of consideration to be received by
  holders, such holder shall be deemed to have elected to receive the maximum
  possible amount of cash.

  

 

 8
 

 

 

	
  Failure to Deliver:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Other applicable provisions:

  	
   

  	
  If Share Termination Alternative is applicable, the
  provisions of Sections 9.8, 9.9, 9.10, 9.11 (except that the Representation
  and Agreement contained in Section 9.11 of the Equity Definitions shall be
  modified by excluding any representations therein relating to restrictions,
  obligations, limitations or requirements under applicable securities laws as
  a result of the fact that Seller is the issuer of the Shares) and 9.12 of the
  Equity Definitions will be applicable, except that all references in such
  provisions to “Physical Settlement” shall be read as references to “Share
  Termination Alternative” and all references to “Shares” shall be read as
  references to “Share Termination Delivery Units”. If, in the reasonable
  opinion of counsel to Issuer or Dealer, for any reason, any securities
  comprising the Share Termination Delivery Units deliverable pursuant to this
  Section 8(a) would not be immediately freely transferable by Dealer under
  Rule 144(k) under the Securities Act, then Dealer may elect to either (x)
  accept delivery of such securities notwithstanding any restriction on
  transfer or (y) have the provisions set forth in Section 8(b) below apply.

  

 

(b)           Registration/Private
Placement Procedures. 
(i)  With respect to the
Transaction, the following provisions shall apply to the extent provided for
above opposite the caption “Net Share Settlement” in Section 2 above.  If so applicable, then, at the election of
Issuer by notice to Buyer within one Exchange Business Day after the relevant
delivery obligation arises,  but in any
event at least one Exchange Business Day prior to the date on which such
delivery obligation is due, either (A) all Shares or Share Termination Delivery
Units, as the case may be, delivered by Issuer to Buyer shall be, at the time
of such delivery, covered by an effective registration statement of Issuer for
immediate resale by Buyer (such registration statement and the corresponding
prospectus (the “Prospectus”) (including, without
limitation, any sections describing the plan of distribution) in form and
content commercially reasonably satisfactory to Buyer) or (B) Issuer shall
deliver additional Shares or Share Termination Delivery Units, as the case may
be, so that the value of such Shares or Share Termination Delivery Units, as
determined by the Calculation Agent to reflect an appropriate liquidity
discount, equals the value of the number of Shares or Share Termination
Delivery Units that would otherwise be deliverable if such Shares or Share
Termination Delivery Units were freely tradeable (without prospectus delivery)
upon receipt by Buyer (such value, the “Freely
Tradeable Value”); provided
that Issuer may not make the election described in this clause (B) if, on the
date of its election, it has taken, or caused to be taken, any action that
would make unavailable either the exemption pursuant to Section 4(2) of the
Securities Act for the sale by Issuer to Dealer (or any affiliate designated by
Dealer) of the Shares or the exemption pursuant to Section 4(1) or Section 4(3)
of the Securities Act for resales of the Shares by Dealer (or any such
affiliate of Dealer).  For the avoidance
of doubt, as used in this paragraph (b) only, the term “Issuer” shall mean the
issuer of the relevant securities, as the context shall require.

(ii)           If Issuer makes the
election described in clause (b)(i)(A) above:

(A)          Buyer (or an Affiliate
of Buyer designated by Buyer) shall be afforded a reasonable opportunity to
conduct a due diligence investigation with respect to Issuer that is customary
in scope for underwritten offerings of equity securities and that yields
results that are commercially reasonably satisfactory to Buyer or such
Affiliate, as the case may be, in its discretion; and

(B)           Buyer (or an
Affiliate of Buyer designated by Buyer) and Issuer shall enter into an
agreement (a “Registration Agreement”) on
commercially reasonable terms in connection with the public resale of such
Shares or Share Termination Delivery Units, as the case may be, by Buyer or
such Affiliate substantially similar to underwriting agreements customary for
underwritten offerings of equity securities, in form and substance commercially
reasonably satisfactory to Buyer or such Affiliate and Issuer, which
Registration Agreement shall include, without limitation, provisions
substantially similar to those contained in such underwriting agreements
relating to the indemnification of, and contribution in connection with the
liability of, Buyer and its Affiliates and Issuer, shall provide for the
payment by Issuer of all expenses in connection with such resale, including all
registration costs and all fees and expenses of counsel for Buyer, and shall
provide for the delivery of accountants’ “comfort letters” to Buyer or such
Affiliate with respect to the financial statements and certain financial
information contained in or incorporated by reference into the Prospectus.

(iii)          If Issuer makes the
election described in clause (a)(i)(B) above:

 9
 

 

 

(A)          Buyer (or an
Affiliate of Buyer designated by Buyer) and any potential institutional
purchaser of any such Shares or Share Termination Delivery Units, as the case
may be, from Buyer or such Affiliate identified by Buyer shall be afforded a
commercially reasonable opportunity to conduct a due diligence investigation in
compliance with applicable law with respect to Issuer customary in scope for
private placements of equity securities (including, without limitation, the
right to have made available to them for inspection all financial and other
records, pertinent corporate documents and other information reasonably
requested by them), subject to execution by such recipients of customary
confidentiality agreements reasonably acceptable to Issuer;

(B)           Buyer (or an
Affiliate of Buyer designated by Buyer) and Issuer shall enter into an
agreement (a “Private Placement Agreement”) on
commercially reasonable terms in connection with the private placement of such
Shares or Share Termination Delivery Units, as the case may be, by Issuer to
Buyer or such Affiliate and the private resale of such shares by Buyer or such
Affiliate, substantially similar to private placement purchase agreements customary
for private placements of equity securities, in form and substance commercially
reasonably satisfactory to Buyer and Issuer, which Private Placement Agreement
shall include, without limitation, provisions substantially similar to those
contained in such private placement purchase agreements relating to the
indemnification of, and contribution in connection with the liability of, Buyer
and its Affiliates and Issuer, shall provide for the payment by Issuer of all
expenses in connection with such resale, including all fees and expenses of
counsel for Buyer, shall contain representations, warranties and agreements of
Issuer reasonably necessary or advisable to establish and maintain the
availability of an exemption from the registration requirements of the
Securities Act for such resales, and shall use best efforts to provide for the
delivery of accountants’ “comfort letters” to Buyer or such Affiliate with
respect to the financial statements and certain financial information contained
in or incorporated by reference into the offering memorandum prepared for the
resale of such Shares; and

(C)           Issuer agrees that
any Shares or Share Termination Delivery Units so delivered to Dealer, (i) may
be transferred by and among Dealer and its affiliates, and Issuer shall effect
such transfer without any further action by Dealer and (ii) after the minimum
“holding period” within the meaning of Rule 144(d) under the Securities Act has
elapsed with respect to such Shares or any securities issued by Issuer
comprising such Share Termination Delivery Units, Issuer shall promptly remove,
or cause the transfer agent for such Shares or securities to remove, any
legends referring to any such restrictions or requirements from such Shares or
securities upon delivery by Dealer (or such affiliate of Dealer) to Issuer or
such transfer agent of seller’s and broker’s representation letters customarily
delivered by Dealer in connection with resales of restricted securities
pursuant to Rule 144 under the Securities Act, without any further requirement
for the delivery of any certificate, consent, agreement, opinion of counsel,
notice or any other document, any transfer tax stamps or payment of any other
amount or any other action by Dealer (or such affiliate of Dealer).

(c)           Make-whole Shares. If Issuer makes the
election described in clause (b)(i)(B) of this Section 8, then Dealer or its
affiliate may sell (which sale shall be made in a commercially reasonable
manner) such Shares or Share Termination Delivery Units, as the case may be,
during a period (the “Resale Period”)
commencing on the Exchange Business Day following delivery of such Shares or
Share Termination Delivery Units, as the case may be, and ending on the
Exchange Business Day on which Dealer completes the sale of all such Shares or
Share Termination Delivery Units, as the case may be, or a sufficient number of
Shares or Share Termination Delivery Units, as the case may be, so that the
realized net proceeds of such sales exceed the amount of the Payment Obligation
or the Freely Tradeable Value (such amount of the Payment Obligation or Freely
Tradeable Value, as the case may be, the “Required
Proceeds”).  If any of such
delivered Shares or Share Termination Delivery Units remain after such realized
net proceeds exceed the Required Proceeds, Dealer shall return such remaining
Shares or Share Termination Delivery Units to Issuer.  If the Required Proceeds exceed the realized
net proceeds from such resale, Issuer shall transfer to Dealer by the open of
the regular trading session on the Exchange on the Exchange Trading Day
immediately following the last day of the Resale Period the amount of such
excess (the “Additional Amount”) in cash or in
a number of additional Shares (“Make-whole Shares”)
in an amount that, based on the Relevant Price on the last day of the Resale
Period (as if such day was the “Valuation Date” for purposes of computing such
Relevant Price), has a dollar value equal to the Additional Amount.  The Resale Period shall continue to enable
the sale of the Make-whole Shares in the manner contemplated by this Section
8(c).  This provision shall be applied
successively until the Additional Amount is equal to zero, subject to Section
8(e).  Without limiting any of the
obligations of the Issuer under this Section 8(c), the Buyer may from time to
time

 10
 

 

 

demand that the Issuer use its reasonable best efforts
to cause a registration statement covering all Shares or Share Termination
Delivery Units to have become effective, whether such Shares or Share
Termination Delivery Units have been or are yet to be delivered to the Buyer.

(d)           Beneficial Ownership. Notwithstanding anything to the
contrary in the Agreement or this Confirmation, in no event shall Buyer be
entitled to receive, or shall be deemed to receive, any Shares if, upon such
receipt of such Shares, the “beneficial ownership” (within the meaning of
Section 13 of the Exchange Act and the rules promulgated thereunder) of Shares
by Buyer or any entity that directly or indirectly controls Buyer
(collectively, “Buyer Group”) would be equal to or
greater than 7.5% or more of the outstanding Shares.  If any delivery owed to Buyer hereunder is
not made, in whole or in part, as a result of this provision, Issuer’s
obligation to make such delivery shall not be extinguished and Issuer shall
make such delivery as promptly as practicable after, but in no event later than
one Exchange Business Day after, Buyer gives notice to Issuer that such
delivery would not result in Buyer Group directly or indirectly so beneficially
owning in excess of 7.5% of the outstanding Shares.

(e)           Limitations on Settlement by Issuer.  Notwithstanding anything herein or in the
Agreement to the contrary, in no event shall Issuer be required to deliver a
number of Shares in connection with the Transaction in excess of twice the
aggregate Number of Warrants hereunder (the “Capped
Number”).  Issuer represents
and warrants (which shall be deemed to be repeated on each day that the
Transaction is outstanding) that the Capped Number is equal to or less than the
number of authorized but unissued Shares of the Issuer that are not reserved
for future issuance in connection with transactions in the Shares (other than
the Transaction) on the date of the determination of the Capped Number (such
Shares, the “Available Shares”).  In the event Issuer shall not have delivered
the full number of Shares otherwise deliverable as a result of this Section
8(e) (the resulting deficit, the “Deficit Shares”),
Issuer shall be continually obligated to deliver, from time to time until the
full number of Deficit Shares have been delivered pursuant to this paragraph,
Shares when, and to the extent, that (i) Shares are repurchased, acquired or
otherwise received by Issuer or any of its subsidiaries after the Trade Date
(whether or not in exchange for cash, fair value or any other consideration),
(ii) authorized and unissued Shares reserved for issuance in respect of other
transactions prior to such date which prior to the relevant date become no
longer so reserved and (iii) Issuer additionally authorizes and unissued Shares
that are not reserved for other transactions. 
Issuer shall immediately notify Dealer of the occurrence of any of the
foregoing events (including the number of Shares subject to clause (i), (ii) or
(iii) and the corresponding number of Shares to be delivered) and promptly
deliver such Shares thereafter.

(f)            Equity Rights.  Buyer
acknowledges and agrees that this Confirmation is not intended to convey to it
rights with respect to the Transaction that are senior to the claims of common
stockholders in the event of Issuer’s bankruptcy.  For the avoidance of doubt, the parties agree
that the preceding sentence shall not apply at any time other than during
Issuer’s bankruptcy to any claim arising as a result of a breach by Issuer of
any of its obligations under this Confirmation or the Agreement.  For the avoidance of doubt, the parties
acknowledge that this Confirmation is not secured by any collateral that would
otherwise secure the obligations of Issuer herein under or pursuant to any
other agreement.

(g)           Amendments to Equity Definitions and the Agreement.  The following amendments shall be made to the
Equity Definitions and to the Agreement:

(i)            The first sentence of Section 11.2(c)
of the Equity Definitions, prior to clause (A) thereof, is hereby amended to
read as follows: ‘(c) If “Calculation Agent Adjustment” is specified as the
Method of Adjustment in the related Confirmation of a Share Option Transaction,
then following the announcement or occurrence of any Potential Adjustment
Event, the Calculation Agent will determine whether such Potential Adjustment
Event has a material effect on the theoretical value of the relevant Shares or
options on the Shares and, if so, will (i) make appropriate  adjustment(s), if any, to any one or more
of:’ and, the portion of such sentence immediately preceding clause (ii)
thereof is hereby amended by deleting the words “diluting or concentrative” and
the words “(provided that no adjustments will be made to account solely for
changes in volatility, expected dividends, stock loan rate or liquidity
relative to the relevant Shares)” and replacing such latter phrase with the
words “(and, for the avoidance of doubt, adjustments may be made to account
solely for changes in volatility, expected dividends, stock loan rate or
liquidity relative to the relevant Shares)”;

(ii)           Section 11.2(e)(vii) of the Equity
Definitions is hereby amended by deleting the words “diluting or concentrative”
and replacing them with “material”; and

 11
 

 

 

(iii)          Section 12.6(a)(ii) of the Equity
Definitions is hereby amended by (1) deleting from the fourth line thereof the
word “or” after the word “official” and inserting a comma therefor, and (2)
deleting the semi-colon at the end of subsection (B) thereof and inserting the
following words therefor “or (C) at Buyer’s option, the occurrence of any of
the events specified in Section 5(a)(vii) (1) through (9) of  the ISDA Master Agreement with respect to
that Issuer.”.

(h)           Transfer and Assignment. 
Buyer may transfer or assign its rights and obligations hereunder and
under the Agreement, in whole or in part, at any time to any financial
institution without the consent of Issuer. 
In connection with any transfer or
assignment by Buyer of its rights and obligations hereunder and under the
Agreement, Buyer shall promptly provide written notice to Issuer of such
transfer or assignment, as the case may be, and the identity of the relevant
transferee or assignee.

(i)            Disclosure.  Effective
from the date of commencement of discussions concerning the Transaction, Issuer
and each of its employees, representatives, or other agents may disclose to any
and all persons, without limitation of any kind, the tax treatment and tax
structure of the Transaction and all materials of any kind (including opinions
or other tax analyses) that are provided to Issuer relating to such tax
treatment and tax structure.

(j)            Designation by Dealer. 
Notwithstanding any other provision in this Confirmation to the contrary
requiring or allowing Dealer to purchase, sell, receive or deliver any Shares
or other securities to or from Issuer, Dealer may designate any of its
affiliates to purchase, sell, receive or deliver such shares or other
securities and otherwise to perform Dealer obligations in respect of the
Transaction and any such designee may assume such obligations.  Dealer shall be discharged of its obligations
to Issuer to the extent of any such performance.

(k)           Netting and Set-off. 
Each party waives any and all rights it may have to set off, whether
arising under any agreement, applicable law or otherwise.  The provisions of Section 2(c) of the
Agreement shall not be applicable to the Transaction.

(l)            Additional Termination Event.  If within the period commencing on the Trade
Date and ending on the second anniversary of the Premium Payment Date, Buyer
reasonably determines that it is advisable to terminate a portion of the
Transaction so that Buyer’s related hedging activities will comply with
applicable securities laws, rules or regulations, an Additional Termination
Event shall occur in respect of which (1) Issuer shall be the sole Affected
Party and (2) the Transaction shall be the sole Affected Transaction.

(m)          Effectiveness.  If, prior to the Effective Date, Buyer
reasonably determines that it is advisable to cancel the Transaction because of
concerns that Buyer’s related hedging activities could be viewed as not
complying with applicable securities laws, rules or regulations, the
Transaction shall be cancelled and shall not become effective, and neither party
shall have any obligation to the other party in respect of the Transaction.

(n)           Waiver of Trial by Jury. 
EACH OF ISSUER AND BUYER HEREBY IRREVOCABLY WAIVES
(ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF
ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THE TRANSACTION OR THE ACTIONS OF BUYER OR ITS AFFILIATES IN THE
NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

(o)           Governing Law.  THIS CONFIRMATION SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK.  THE PARTIES HERETO IRREVOCABLY
SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND
THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION
WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE
IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS.

 (p)          Role
of Agent. Each party agrees and acknowledges that Agent is acting as
agent for both parties but does not guarantee the performance of either party
and neither Dealer nor Issuer shall contact the other with respect to any
matter relating to the Transaction without the direct involvement of Agent;
(ii) Agent is not a member of the Securities Investor Protection Corporation;
(iii) Agent, Dealer and Issuer each hereby acknowledges that any transactions
by Dealer or Agent in the Shares will be undertaken by Dealer or Agent, as the
case may, as principal for its own account; (iv) all of the actions to be taken
by Dealer and Agent in connection with the Transaction, including but not
limited to any exercise of any rights with respect to the Warrants, shall be
taken by Dealer or Agent independently and without any advance or subsequent
consultation with Issuer; and (v) Agent is hereby

 12
 

 

 

authorized to act as
agent for Issuer only to the extent required to satisfy the requirements of
Rule 15a-6 under the Exchange Act in respect of the Warrants described
hereunder.

 13
 

 

 

Issuer hereby agrees (a) to check this
Confirmation carefully and immediately upon receipt so that errors or
discrepancies can be promptly identified and rectified and (b) to confirm
that the foregoing (in the exact form provided by Dealer) correctly sets forth
the terms of the agreement between Dealer and Issuer with respect to the
Transaction, by manually signing this Confirmation or this page hereof as
evidence of agreement to such terms and providing the other information
requested herein and immediately returning an executed copy to Equity Risk
Management (Corporates), Facsimile No. (212) 821-4610.

	
   

  	
  Yours faithfully,

  
	
   

  	
   

  
	
   

  	
  UBS AG, LONDON
  BRANCH

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Dmitriy Mandel

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Dmitriy Mandel

  	
   

  
	
   

  	
  Title:

  	
  Executive Director

  	
   

  
	
   

  	
   

  	
  Equity Risk Management

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Akshay Mansukhani

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Akshay Mansukhani

  	
   

  
	
   

  	
  Title:

  	
  Associate Director

  	
   

  
	
   

  	
   

  	
  Equity Risk
  Management

  	
   

  
	
   

  	
   

  
	
   

  	
  UBS SECURITIES
  LLC, as agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Dmitriy Mandel

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Dmitriy Mandel

  	
   

  
	
   

  	
  Title:

  	
  Executive Director

  	
   

  
	
   

  	
   

  	
  Equity Risk
  Management

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Akshay Mansukhani

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Akshay Mansukhani

  	
   

  
	
   

  	
  Title:

  	
  Associate Director

  	
   

  
	
   

  	
   

  	
  Equity Risk
  Management

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Agreed and
  Accepted By:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  EARTHLINK, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ Kevin M. Dotts

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Kevin M. Dotts

  	
   

  
	
   

  	
  Title:

  	
  Executive Vice
  President,

  	
   

  
	
   

  	
   

  	
  Chief Financial Officer

  	
   

  
													

 

 14
 

 

 

Annex A

For each Component of the
Transaction, the Number of Warrants and Expiration Date is set forth below.

	
  Component
  Number

  	
   

  	
  Number of Warrants

  	
   

  	
  Expiration Date

  
	
  1

  	
   

  	
  183,663

  	
   

  	
  March 14, 2012

  
	
  2

  	
   

  	
  183,663

  	
   

  	
  March 15, 2012

  
	
  3

  	
   

  	
  183,663

  	
   

  	
  March 16, 2012

  
	
  4

  	
   

  	
  183,663

  	
   

  	
  March 19, 2012

  
	
  5

  	
   

  	
  183,663

  	
   

  	
  March 20, 2012

  
	
  6

  	
   

  	
  183,663

  	
   

  	
  March 21, 2012

  
	
  7

  	
   

  	
  183,663

  	
   

  	
  March 22, 2012

  
	
  8

  	
   

  	
  183,663

  	
   

  	
  March 23, 2012

  
	
  9

  	
   

  	
  183,663

  	
   

  	
  March 26, 2012

  
	
  10

  	
   

  	
  183,663

  	
   

  	
  March 27, 2012

  
	
  11

  	
   

  	
  183,663

  	
   

  	
  March 28, 2012

  
	
  12

  	
   

  	
  183,663

  	
   

  	
  March 29, 2012

  
	
  13

  	
   

  	
  183,663

  	
   

  	
  March 30, 2012

  
	
  14

  	
   

  	
  183,663

  	
   

  	
  April 2, 2012

  
	
  15

  	
   

  	
  183,663

  	
   

  	
  April 3, 2012

  
	
  16

  	
   

  	
  183,663

  	
   

  	
  April 4, 2012

  
	
  17

  	
   

  	
  183,663

  	
   

  	
  April 5, 2012

  
	
  18

  	
   

  	
  183,663

  	
   

  	
  April 9, 2012

  
	
  19

  	
   

  	
  183,663

  	
   

  	
  April 10, 2012

  
	
  20

  	
   

  	
  183,663

  	
   

  	
  April 11, 2012

  
	
  21

  	
   

  	
  183,663

  	
   

  	
  April 12, 2012

  
	
  22

  	
   

  	
  183,663

  	
   

  	
  April 13, 2012

  
	
  23

  	
   

  	
  183,663

  	
   

  	
  April 16, 2012

  
	
  24

  	
   

  	
  183,663

  	
   

  	
  April 17, 2012

  
	
  25

  	
   

  	
  183,663

  	
   

  	
  April 18, 2012

  
	
  26

  	
   

  	
  183,663

  	
   

  	
  April 19, 2012

  
	
  27

  	
   

  	
  183,663

  	
   

  	
  April 20, 2012

  
	
  28

  	
   

  	
  183,663

  	
   

  	
  April 23, 2012

  
	
  29

  	
   

  	
  183,663

  	
   

  	
  April 24, 2012

  
	
  30

  	
   

  	
  183,663

  	
   

  	
  April 25, 2012

  
	
  31

  	
   

  	
  183,663

  	
   

  	
  April 26, 2012

  
	
  32

  	
   

  	
  183,663

  	
   

  	
  April 27, 2012

  
	
  33

  	
   

  	
  183,663

  	
   

  	
  April 30, 2012

  
	
  34

  	
   

  	
  183,663

  	
   

  	
  May 1, 2012

  
	
  35

  	
   

  	
  183,663

  	
   

  	
  May 2, 2012

  
	
  36

  	
   

  	
  183,663

  	
   

  	
  May 3, 2012

  
	
  37

  	
   

  	
  183,663

  	
   

  	
  May 4, 2012

  
	
  38

  	
   

  	
  183,663

  	
   

  	
  May 7, 2012

  
	
  39

  	
   

  	
  183,663

  	
   

  	
  May 8, 2012

  
	
  40

  	
   

  	
  183,663

  	
   

  	
  May 9, 2012

  
	
  41

  	
   

  	
  183,663

  	
   

  	
  May 10, 2012

  
	
  42

  	
   

  	
  183,663

  	
   

  	
  May 11, 2012

  
	
  43

  	
   

  	
  183,663

  	
   

  	
  May 14, 2012

  
	
  44

  	
   

  	
  183,663

  	
   

  	
  May 15, 2012

  
	
  45

  	
   

  	
  183,663

  	
   

  	
  May 16, 2012

  
	
  46

  	
   

  	
  183,663

  	
   

  	
  May 17, 2012

  
	
  47

  	
   

  	
  183,663

  	
   

  	
  May 18, 2012

  
	
  48

  	
   

  	
  183,663

  	
   

  	
  May 21, 2012

  

 

 15
 

 

 

	
  49

  	
   

  	
  183,663

  	
   

  	
  May 22, 2012

  
	
  50

  	
   

  	
  183,663

  	
   

  	
  May 23, 2012

  
	
  51

  	
   

  	
  183,663

  	
   

  	
  May 24, 2012

  
	
  52

  	
   

  	
  183,663

  	
   

  	
  May 25, 2012

  
	
  53

  	
   

  	
  183,663

  	
   

  	
  May 29, 2012

  
	
  54

  	
   

  	
  183,663

  	
   

  	
  May 30, 2012

  
	
  55

  	
   

  	
  183,663

  	
   

  	
  May 31, 2012

  
	
  56

  	
   

  	
  183,663

  	
   

  	
  June 1, 2012

  
	
  57

  	
   

  	
  183,663

  	
   

  	
  June 4, 2012

  
	
  58

  	
   

  	
  183,663

  	
   

  	
  June 5, 2012

  
	
  59

  	
   

  	
  183,663

  	
   

  	
  June 6, 2012

  
	
  60

  	
   

  	
  183,663

  	
   

  	
  June 7, 2012

  
	
  61

  	
   

  	
  183,663

  	
   

  	
  June 8, 2012

  
	
  62

  	
   

  	
  183,663

  	
   

  	
  June 11, 2012

  
	
  63

  	
   

  	
  183,663

  	
   

  	
  June 12, 2012

  
	
  64

  	
   

  	
  183,663

  	
   

  	
  June 13, 2012

  
	
  65

  	
   

  	
  183,663

  	
   

  	
  June 14, 2012

  
	
  66

  	
   

  	
  183,663

  	
   

  	
  June 15, 2012

  
	
  67

  	
   

  	
  183,663

  	
   

  	
  June 18, 2012

  
	
  68

  	
   

  	
  183,663

  	
   

  	
  June 19, 2012

  
	
  69

  	
   

  	
  183,663

  	
   

  	
  June 20, 2012

  
	
  70

  	
   

  	
  183,663

  	
   

  	
  June 21, 2012

  
	
  71

  	
   

  	
  183,663

  	
   

  	
  June 22, 2012

  
	
  72

  	
   

  	
  183,663

  	
   

  	
  June 25, 2012

  
	
  73

  	
   

  	
  183,663

  	
   

  	
  June 26, 2012

  
	
  74

  	
   

  	
  183,663

  	
   

  	
  June 27, 2012

  
	
  75

  	
   

  	
  183,663

  	
   

  	
  June 28, 2012

  
	
  76

  	
   

  	
  183,663

  	
   

  	
  June 29, 2012

  
	
  77

  	
   

  	
  183,663

  	
   

  	
  July 2, 2012

  
	
  78

  	
   

  	
  183,663

  	
   

  	
  July 3, 2012

  
	
  79

  	
   

  	
  183,663

  	
   

  	
  July 5, 2012

  
	
  80

  	
   

  	
  183,663

  	
   

  	
  July 6, 2012

  
	
  81

  	
   

  	
  183,663

  	
   

  	
  July 9, 2012

  
	
  82

  	
   

  	
  183,663

  	
   

  	
  July 10, 2012

  
	
  83

  	
   

  	
  183,663

  	
   

  	
  July 11, 2012

  
	
  84

  	
   

  	
  183,663

  	
   

  	
  July 12, 2012

  
	
  85

  	
   

  	
  183,663

  	
   

  	
  July 13, 2012

  
	
  86

  	
   

  	
  183,663

  	
   

  	
  July 16, 2012

  
	
  87

  	
   

  	
  183,663

  	
   

  	
  July 17, 2012

  
	
  88

  	
   

  	
  183,663

  	
   

  	
  July 18, 2012

  
	
  89

  	
   

  	
  183,663

  	
   

  	
  July 19, 2012

  
	
  90

  	
   

  	
  183,599

  	
   

  	
  July 20, 2012

  

 

 

 16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]