Document:

Form of Series B Note

 Exhibit 4.4 
  

 
  
 FORM OF SERIES B NOTE  
  
 (Face of Note)

  
 US LEC CORP. 
  
 SECOND PRIORITY SENIOR SECURED FLOATING RATE NOTE DUE 2009 
  
  
 THIS NOTE IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO ANYONE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 US LEC CORP. 
  
 SECOND PRIORITY SENIOR SECURED FLOATING RATE NOTE DUE 2009 
  
  

			
	No.                     	  	 CUSIP No.
                          
  
  
  
 $                                      
      

  
 Interest Payment Dates:
  April 1 and October 1 
 Record Dates:   March 15 and September 15 
  
 US LEC CORP., a Delaware corporation (the “Issuer,” which term includes any successor corporation under the
indenture hereinafter referred to), for value received promises to pay to CEDE & CO. or registered assigns, the principal sum of
                                        
     Dollars on October 1, 2009. 
  
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as set forth at this place. 
  
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 
  
 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

  

			
	 US LEC CORP.
  
  
  

		
	By:	 	 
	 	 	 Name:
 Title:

 This is one of the Notes referred to 
 in the within-mentioned Indenture: 
  
  
 U.S. BANK NATIONAL ASSOCIATION, 
     as Trustee 
  
  
  

			
	 
		
	By:	 	 
	 	 	Authorized Signatory

  
  
 Dated: 

 (Back of Note) 
  
 Second Priority Senior Secured Floating Rate Notes due 2009 
  
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 1. Interest. The Issuer promises to pay interest on the principal
amount of this Note at a rate per annum, reset semi-annually, equal to LIBOR plus 8.50%, as determined by the Calculation Agent (the “Calculation Agent”), which shall initially be appointed by the Trustee, and shall pay Additional
Interest pursuant to Section 4 of the Registration Rights Agreement referred to below. The Issuer will pay interest and Additional Interest semi-annually on April 1 and October 1 of each year, commencing on April 1, 2005, or if any such day is not a
Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of
issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue
from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be April 1, 2005. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue payments of the principal, Purchase Price and Redemption Price of this Note from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in
any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any, (without regard to any applicable grace periods) hereon from time to time on demand at the same rate to the extent lawful. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. The amount of interest for each day that this Note is outstanding (the “Daily Interest Amount”) will be calculated by dividing the interest rate in effect for such day
by 360 and multiplying the result by the principal amount of this Note. The amount of interest to be paid on this Note for each Interest Period will be calculated by adding the Daily Interest Amounts for each day in the Interest Period. All
percentages resulting from any of the above calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point being rounded upwards (e.g., 7.876545% (or
..07876545) being rounded to 7.87655% (or .0787655)) and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards). The interest rate on this Note will in no event be
higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application. The Calculation Agent will, upon the request of any Holder, provide the interest rate then in effect with respect to the
Notes. All calculations made by the Calculation Agent in the absence of manifest error will be conclusive for all purposes and binding on the Issuer, the Guarantors and the Holders. 
  
 2. Method of Payment. The Issuer will pay interest on the Notes (except defaulted interest) and Additional Interest,
if any, to the Persons who are registered Holders of Notes at the close of business on the March 15 and September 15 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest
Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Any such installment of interest or Additional Interest, if any, not punctually paid or duly provided for shall forthwith cease to be payable to
the registered Holders on such Interest Payment Date, and may be paid to the registered Holders at the close of business on a special interest payment date to be fixed by the Trustee for the payment of such defaulted interest, 

 notice whereof shall be given to the registered Holders not less than ten days prior to such special interest payment
date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in
the Indenture. The Notes will be payable as to principal, Redemption Price, Purchase Price, interest and Additional Interest, if any, at the office or agency of the Issuer maintained for such purpose within or without the City and State of New York,
or, at the option of the Issuer, payment of interest and Additional Interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available
funds will be required with respect to principal, Redemption Price and Purchase Price of, and interest and Additional Interest (if any) on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to
the Trustee or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
  
 3. Paying Agent and Registrar. Initially, U.S. Bank National
Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer may act in any such capacity. 
  
 4. Indenture and Guarantees. The Issuer issued $150 million in
aggregate principal amount of the Notes under an Indenture dated as of September 30, 2004 (the “Indenture”) among the Issuer, the Guarantors and the Trustee and may issue additional Notes under the Indenture in accordance with the
provisions thereof. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.C. Code §§ 77aaa-77bbbb). The Notes include all such
terms, and Holders are referred to the Indenture and such Act for a statement of such terms. The Notes are general obligations of the Issuer. 
  
 5. Optional Redemption. The Issuer may redeem any or all of the Notes at any time on or after October 1, 2006, upon not less than 30 nor more than
60 days’ prior notice in amounts of $1,000 or an integral multiple thereof at the Redemption Prices (expressed as a percentage of the principal amount) set forth below, if redeemed during the 12-month period beginning on October 1 of the years
indicated below, in each case, together with accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed to the date of redemption: 
  

				
	 Year

	  	Redemption Price

	 
	 2006
	  	105.500	%
	 2007
	  	103.500	%
	 2008 and thereafter
	  	100.000	%

  
 If less than all the
Notes are to be redeemed, the Trustee will select the particular Notes or portions thereof to be redeemed either: (1) in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed; or (2) on
a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate. 
  
 6. Special Redemption upon Equity Offerings. In the event the Issuer completes one or more Equity Offerings on or before October 1, 2006, the
Issuer, at its option, may use the net cash proceeds from any such Equity Offering to redeem up to 35% of the original principal amount of the Notes (a “Special Redemption”) at a Redemption Price of 100% of the 

 principal amount so redeemed plus a premium equal to the interest rate per annum applicable on the date on which the
notice of redemption is given, together with accrued and unpaid interest and Additional Interest (if any), to the date of redemption; provided, however, that at least 65% of the original principal amount of the Notes will remain
outstanding immediately after any such redemption; and provided, further, that such redemption shall occur within 90 days after the date of the closing of any such Equity Offering. If less than all the Notes are to be redeemed, the
Trustee will select the particular Notes or portions thereof to be redeemed only on a pro rata basis or on as nearly a pro rata basis as is practicable (subject to DTC procedures). 
  
 7. Mandatory Redemption. Except as set forth in Paragraph 9 below with
respect to repurchases of Notes in certain events, the Issuer shall not be required to make mandatory redemption payments with respect to the Notes. 
  
 8. Notice of Redemption. Except as set forth in the Indenture or otherwise herein, a notice of redemption will be mailed at least 30 days but not
more than 60 days before the Redemption Date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes
held by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption as long as the Issuer has deposited with the Paying Agent funds in satisfaction of the applicable
redemption price. 
  
 9. Repurchase at Option of Holder.

  
 (a) If there is a Change of Control, the Issuer shall be
required to make an offer (a “Change of Control Offer”) to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of each Holder’s Notes at a Purchase Price equal to 101% of the principal amount thereof
plus accrued and unpaid interest and Additional Interest, if any, to the date of repurchase, in accordance with the procedures set forth in the Indenture. Within 30 days following any Change of Control, the Issuer shall send by first-class
mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 
  
 (b) On the 366th day after an Asset Sale (the “Net Proceeds Offer Trigger Date”), such aggregate amount of Net Cash Proceeds which have
not been applied on or before such Net Proceeds Offer Trigger Date as permitted in clauses (5)(a), (5)(b) and (5)(c) of paragraph (a) of Section 4.10 of the Indenture (each, a “Net Proceeds Offer Amount”) shall be applied by the
Issuer or such Restricted Subsidiary to make an offer to purchase (the “Net Proceeds Offer”), on a date (the “Net Proceeds Offer Payment Date”) not less than 30 nor more than 45 days following the applicable Net
Proceeds Offer Trigger Date, from all Holders on a pro rata basis, that amount of Notes equal to the Net Proceeds Offer Amount at a price equal to 100% of the principal amount of the Notes to be purchased, plus accrued and unpaid interest
thereon, if any, to the date of purchase. Each Net Proceeds Offer will be mailed to the record Holders as shown on the register of Holders within 25 days following the Net Proceeds Offer Trigger Date, with a copy to the Trustee, and shall comply
with the procedures set forth in the Indenture. Upon receiving notice of the Net Proceeds Offer, Holders may elect to tender their Notes in whole or in part in integral multiples of $1,000 in exchange for cash. To the extent Holders properly tender
Notes in an amount exceeding the Net Proceeds Offer Amount, the tendered Notes will be purchased on a pro rata basis based on the aggregate amount of Notes tendered. A Net Proceeds Offer shall remain open for a period of 20 business days or
such longer period as may be required by law. The Issuer may defer the Net Proceeds Offer until there is an aggregate unutilized Net Proceeds Offer Amount that, when added to the Net Loss Proceeds the accumulated, is equal to or 

 in excess of $5.0 million (the “Total Offer Amount”) (at which time, the entire unutilized Total Offer
Amount, and not just the amount in excess of $5.0 million, shall be applied as required above). 
  
 (c) On the 366th day after an Event of Loss or, if later, the extended date provided in the preceding paragraph (a “Loss Proceeds Offer Trigger
Date”), such aggregate amount of Net Loss Proceeds which have not been applied on or before such Loss Proceeds Offer Trigger Date as permitted in Sections 4.19(a)(1), (a)(2) and (a)(3) of the Indenture (each a “Loss Proceeds Offer
Amount”) shall be applied by the Issuer or such Subsidiary Guarantor to make an offer to purchase (the “Loss Proceeds Offer”) on a date (the “Loss Proceeds Offer Payment Date”) not less than 30 nor more
than 45 days following the applicable Loss Proceeds Offer Trigger Date, from all Holders on a pro rata basis, that amount of Notes equal to the Loss Proceeds Offer Amount at a price equal to 100% of the principal amount of the Notes to be
purchased, plus accrued and unpaid interest thereon, if any, to the date of purchase. To the extent Holders properly tender Notes in an amount exceeding the Loss Proceeds Offer Amount, the tendered Notes will be purchased on a pro rata basis
based on the aggregate amount of Notes tendered. To the extent that the aggregate amount of Notes tendered pursuant to a Loss Proceeds Offer is less than the Loss Proceeds Offer Amount, the Issuer may apply any remaining Net Loss Proceeds to any
purpose consistent with the Indenture and, following the consummation of each Loss Proceeds Offer, the Loss Proceeds Offer Amount shall be reset to zero. Notwithstanding anything to the contrary in the foregoing, the Issuer may commence a Loss
Proceeds Offer prior to the expiration of 365 days after the occurrence of an Event of Loss. The Issuer may defer any Loss Proceeds Offer until there is an aggregate unutilized Total Offer Amount equal to or in excess of $5.0 million (at which time,
the entire unutilized Total Offer Amount, and not just the amount in excess of $5.0 million, shall be applied as required above). 
  
 10. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of
$1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the
Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of
any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed or during the period between a record date and the
corresponding Interest Payment Date. 
  
 11. Persons Deemed
Owners. The registered Holder of a Note may be treated as its owner for all purposes. 
  
 12. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture and the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the
then outstanding Notes, and any existing default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes. Without the consent of any
Holder of a Note, the Indenture and the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the assumption of the
Issuer’s obligations to Holders of the Notes in case of a merger or consolidation, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal 

 rights under the Indenture of any such Holder, or to comply with the requirements of the Commission in order to effect or
maintain the qualification of the Indenture under the Trust Indenture Act. 
  
 13. Defaults and Remedies. Events of Default include: (i) default for 30 days in the payment when due of interest or Additional Interest, on the Notes; (ii) default in payment when due of stated principal,
Redemption Price or Purchase Price of the Notes when the same becomes due and payable at maturity, upon redemption, repurchase or otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer, a
Net Proceeds Offer or a Loss Proceeds Offer); (iii) failure by the Issuer to comply with any covenant contained in the Indenture or in the Collateral Documents for 30 days after notice to the Issuer by the Trustee or the Holders of at least 25% of
the aggregate principal amount of the Notes outstanding; (iv) default under certain other agreements relating to Indebtedness of the Issuer, which default (a) is caused by a failure to pay any amount due at the stated maturity thereof or (b) results
in the acceleration (which acceleration is not rescinded, annulled or otherwise cured within 20 days of receipt of notice of any such acceleration) of such Indebtedness prior to its express maturity and, in each case, the principal amount of such
Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a default for failure to pay principal at final stated maturity or the maturity of which has been so accelerated (in each case with respect to
which the 20-day period described above has elapsed), aggregates $5.0 million or more; (v) certain final judgments for the payment of money that remain undischarged for a period of 60 days, provided that the aggregate of all such undischarged
judgments exceeds $5.0 million; and (vi) certain events of bankruptcy or insolvency with respect to the Issuer or any Significant Subsidiary of the Issuer. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25%
in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Upon any such declaration, the entire principal amount of, and accrued and unpaid interest and Additional Interest, if any, on the Notes
shall become immediately due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice.
Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or
power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to payment on any Note) if it determines that withholding notice is in their interest. The
Holders of a majority in principal amount of the Notes may waive any existing or past Default or Event of Default under the Indenture, and its consequences, except a default in the payment of the principal of, or interest on any Notes. The Issuer is
required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or
Event of Default. 
  
 14. Trustee Dealings with Issuer.
Subject to certain limitations, the Trustee under the Indenture, in its individual or any other capacity, may become owner or pledge of Notes and may otherwise deal with the Issuer or its Affiliates as if it were not Trustee. 
  
 15. No Recourse Against Others. No past, present or future director,
officer, employee, incorporator or stockholder of the Issuer, as such, shall have any liability for any obligations of the Issuer under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and 

 releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes.

  
 16. Authentication. This Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating agent. 
  
 17. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right
of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 18. Discharge Prior to Maturity. If the Issuer deposits with the Trustee or Paying Agent cash or U.S. Government Securities sufficient to pay the
principal or Redemption Price of, and interest and Additional Interest, if any, on, the Notes to maturity or a specified Redemption Date and satisfies certain conditions specified in the Indenture, the Issuer will be discharged from the Indenture,
except for certain Sections thereof. 
  
 19. Governing Law.
The Indenture and Guarantees and this Note shall be governed by and construed in accordance with the laws of the State of New York but without giving effect to applicable principles of conflicts of law to the extent that the application of the law
of another jurisdiction would be required thereby. The Issuer hereby irrevocably submits to the jurisdiction of any New York state court sitting in the Borough of Manhattan in the City of New York or any federal court sitting in the Borough of
Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or relating to the Indenture and the Notes, and irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction
of the aforesaid courts. The Issuer irrevocably waives, to the fullest extent that it may effectively do so under applicable law, trial by jury and any objection which it may now or hereafter have to the laying of the venue of any such suit, action
or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Nothing herein shall affect the right of the Trustee or any Holder of the Notes to
serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Issuer in any other jurisdiction. 
  
 20. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused
CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the correctness or accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption or repurchase and reliance may be placed only on the other identification numbers placed thereon. 
  
 The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Request may be made to: 
  
 US LEC Corp. 
 Morrocroft III 
 6801 Morrison Boulevard 
 Charlotte, North Carolina 28211 

 ASSIGNMENT FORM 
  
         To assign this Note, fill in the form below: 
  
         (I) or (we) assign and
transfer this Note to 
  
  

	
	 (Insert assignee’s soc. sec. or tax I.D. no.)
  
  

	
	 
	
	 
	
	 
	 (Print or type assignee’s name address and zip code)

  

			
	and irrevocably appoint	  	 

 agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

									
	 	 	 	 	 
					
	Date:	 	 	 	 	 	Your Signature:	 	 
	 	 	 	 	 	 	 	 	(Sign exactly as your name appears on the face of this Note)

			
	 
		
	Signature Guarantee:	 	 
	 	 	(Participant in recognized signature guarantee medallion program)

  

 OPTION OF HOLDER TO ELECT PURCHASE 
  
 If you wish to elect to have all or any portion of this Note purchased by the Issuer pursuant to Section 4.10 (“Net
Proceeds Offer”) or Section 4.15 (“Change of Control Offer”) or Section 4.19 (“Loss Proceeds Offer”) of the Indenture, check the applicable boxes: 
  

											
	 ̈    Net Proceeds Offer:	  	 ̈    Change of Control Offer:	  	 ̈    Loss Proceeds Offer:
						
	in  whole	  	 ̈	  	in  whole	  	 ̈	  	in  whole	  	 ̈
						
	in  part	  	 ̈	  	in  part	  	 ̈	  	in  part	  	 ̈
			
	Amount to be purchased: $___________	  	Amount to be
purchased: $___________	  	Amount to be
purchased: $___________

  

									
					
	Date:    	 	 	 	 	 	Your Signature:    	 	 
	 	 	 	 	 	 	 	 	(Sign exactly as your name appears on the other side of this Note)

			
		
	Signature Guarantee:    	 	 
	 	 	(Participant in recognized signature guarantee medallion program)

  

			
	Social Security Number or Taxpayer Identification Number:	 	 
	 	 	 

  

 GUARANTEE 
  

For value received, the undersigned hereby unconditionally guarantees, as principal obligor and not only as a surety, to the Holder of this Note the
cash payments in United States dollars of principal of, premium, if any, and interest on this Note (and including Additional Interest payable thereon) in the amounts and at the times when due and interest on the overdue principal, premium, if any,
and interest, if any, of this Note, if lawful, and the payment or performance of all other Obligations of the Issuer under the Indenture (as defined below) or the Note, to the Holder of this Note and the Trustee, all in accordance with and subject
to the terms and limitations of this Note, Article XI of the Indenture and this Guarantee. This Guarantee will become effective in accordance with Article XI of the Indenture and its terms shall be evidenced therein. The validity and enforceability
of this Guarantee shall not be affected by the fact that it is not affixed to any particular Note. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Indenture dated as of September 30, 2004, among US LEC
Corp., a Delaware corporation, as issuer (the “Issuer”), each of the Guarantors named therein and U.S. Bank National Association, as trustee (the “Trustee”) (as amended or supplemented, the
“Indenture”). 
  
 THIS GUARANTEE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY. Each Guarantor hereby agrees to submit to the jurisdiction of the courts of the State of New York in any action or proceeding arising out of or relating to this Guarantee. 
  
 This Guarantee is subject to release upon the terms set forth in the Indenture. 
  
  

			
	[GUARANTOR]
		
	By:	 	 
	 	 	 Name:
 Title:Form of Employment

 Exhibit 10.64 
  
 FORM OF EMPLOYMENT AGREEMENT 
  
 EMPLOYMENT AGREEMENT 
  
 This Employment Agreement is made and entered into by and between E*TRADE Financial Corporation (the “Company”) and
            (“Executive”) as of             , 2004 (the “Effective Date”). 
  
 1. Position and Duties: Executive shall be employed by the Company as
its             , reporting [to the Company’s President][to the Company’s Chief Executive Officer][only to
            ’s Board of Directors (the “Board”)]. As its [            ], Executive agrees to
devote his/her full business time, energy and skill to his/her duties at the Company. These duties shall include all those duties customarily performed by the [            .] During
the term of Executive’s employment, Executive shall be permitted to serve on boards of directors of for-profit or not-for-profit entities provided that the Board of Directors of the Company (the “Board’) has approved such service in
writing, and only so long as such service does not adversely affect the performance of Executive’s duties to the Company under this Agreement. If the Board requests Executive to resign from such position at any time, Executive shall resign
immediately. 
  
 [(Language for CEO only): In addition,
Executive has been elected to the Board. As a member of the Company’s Board, Executive shall continue to be subject to the provisions of the Company’s bylaws and all applicable general corporation laws relative to his position on the
Board. In addition to the Company’s bylaws, as a member of the Board, Executive shall also be subject to the statement of powers, both specific and general, set forth in the Company’s Articles of Incorporation.] 
  
 2. Term of Employment: This Agreement shall remain in effect for a
period of three years from the Effective Date, and will automatically renew for additional one year periods unless either party provides ninety days’ prior notice of termination. In the event the Company elects to terminate the agreement, such
termination shall be considered to be an Involuntary Termination, and Executive shall be provided benefits as provided in this Agreement. Upon the termination of Executive’s employment for any reason, neither Executive nor the Company shall
have any further obligation or liability under this Agreement to the other, except as set forth below. 
  
 3. Compensation: Executive shall be compensated by the Company for his services as follows: 
  
 (a) Base Salary: As
[            ], Executive shall be paid a monthly Base Salary of $             per month
($             on an annualized basis), subject to applicable withholding, in accordance with the Company’s normal payroll procedures. Executive’s salary shall be reviewed
on at least an annual basis and may be adjusted as appropriate. In the event of such an adjustment, that amount shall become Executive’s Base Salary. 

 (b) Benefits: Executive shall have the right, on the same basis as other senior executives of the
Company, to participate in and to receive benefits under any of the Company’s employee benefit plans, as such plans may be modified from time to time. 
  
 (c) Performance Bonus: Executive shall have the opportunity to earn a performance bonus in accordance with the Company’s Performance Bonus
Plan, as such plan may be modified over time. Pursuant to the Performance Bonus Plan, Executive will have a target bonus for meeting established performance objectives. The target bonus at the level of meeting (and not performing at a higher or
lower threshold) shall be expressed as a multiple of Executive’s Base Salary (the “Target Bonus”). 
  
 4. Equity Compensation Grants: All equity compensation grants, including, but not limited to, stock options and restricted stock (“Equity
Grants”) shall be governed by the terms of an agreement setting forth the terms and conditions of the Equity Grant. Notwithstanding any other provision to the contrary contained in any agreement evidencing any current or future Equity Grant
(and to the extent that such provisions are not already contained in such agreements precisely as set forth hereunder), each such agreement may incorporate this Agreement by reference and shall be deemed to include each of the additional provisions
set forth below. The rights provided by this Section 4 shall be in addition to any rights granted to Executive under any such agreement. 
  
 (a) Acceleration of Equity Compensation Vesting Upon Non-Assumption. In the event of a Change in Control, each Equity Grant held by Executive, to
the extent then outstanding, shall become fully vested and exercisable immediately prior to but conditioned upon the consummation of the Change in Control, except to the extent that the surviving, continuing, successor, or purchasing entity or
parent thereof, as the case may be (the “Acquiror”), (A) assumes or continues in effect the Company’s rights and obligations under such Equity Grant, (B) substitutes for such Equity Grant a substantially equivalent right for the
Acquiror’s stock or (C) replaces such Equity Grant with a cash incentive program pursuant to which Executive is to be paid for each share of the Company’s common stock subject to such option or award immediately prior to the consummation
of the Change in Control and in accordance with the same vesting schedule applicable to such Equity Grant (including any subsequent acceleration of vesting determined under any other Section of this Agreement) an amount equal to the excess of the
fair market value of the consideration paid by the Acquiror for each share of the common stock of the Company outstanding immediately prior to the consummation of the Change in Control over the per share exercise price of such option. 
  
 (b) Acceleration of Equity Compensation Grant Vesting Upon Involuntary
Termination During a Change in Control Period. If Executive’s employment with the Company terminates as a result of an Involuntary Termination occurring during the Change in Control Period, then (A) each Equity Grant held by Executive, to
the extent then outstanding, shall become fully vested and exercisable (and any forfeiture provision shall lapse) in full as of the later of the date of Executive’s termination of employment or the last day following Executive’s execution
of the Release on which Executive may revoke such Release under its terms and shall remain exercisable in full until the first to occur of the expiration of a period of three months following the date on which Executive’s employment terminated
or the expiration of the term of such Equity Grant. 

 (c) Acceleration of Equity Compensation Grant Vesting Upon Death. If Executive’s employment
with the Company terminates due to Executive’s death, then (A) each Equity Grant held by Executive, to the extent then outstanding, shall become fully vested and exercisable (and any forfeiture provision shall lapse) in full as of the date of
Executive’s death. The Equity Grants shall be exercisable by the estate of the Executive in accordance with the time periods and procedures set forth in the Equity Grant agreement. 
  
 5. Effect of Termination of Employment. 
  
 (a) Voluntary Termination, Death or Disability: In the event of Executive’s voluntary termination from
employment with the Company, Executive shall be entitled to no compensation or benefits from the Company other than those earned under Section 3 through the date of his termination and, in the case of each stock option, restricted stock award or
other Company stock-based award granted to Executive, the extent to which such awards are vested through the date of his termination. In the event that Executive’s employment terminates as a result of his/her death or disability, Executive
shall be entitled to a pro-rata share of the Target Bonus (presuming performance meeting, but not exceeding, target performance goals) in addition to all compensation and benefits earned under Section 3 through the date of termination. 

 
 (b) Termination for Cause: If Executive’s employment is
terminated by the Company for Cause, Executive shall be entitled to no compensation or benefits from the Company other than those earned under Section 3 through the date of his termination and, in the case of each stock option, restricted stock
award or other Company stock-based award granted to Executive, the extent to which such awards are vested through the date of his termination. In the event that the Company terminates Executive’s employment for Cause, the Company shall provide
written notice to Executive of that fact prior to, or concurrently with, the termination of employment. Failure to provide written notice that the Company contends that the termination is for Cause shall constitute a waiver of any contention that
the termination was for Cause, and the termination shall be irrebuttably presumed to be an Involuntary Termination. However, if, within thirty days following the termination, the Company first discovers facts that would have established
“Cause” for termination, and those facts were not known by the Company at the time of the termination, then the Company shall provide Executive with written notice, including the facts establishing that the purported “Cause” was
not known at the time of the termination, and the Company will pay no severance. 
  
 (c) Involuntary Termination During Change in Control Period: If Executive’s employment with the Company terminates as a result of a Change in Control Period Involuntary Termination, then, in addition to
any other benefits described in this Agreement, Executive shall receive the following: 
  
 (i) all compensation and benefits earned under Section 3 through the date of Executive’s termination of employment; 

 (ii) a pro-rata share of the Target Bonus if, and only to the extent that, the Company has met its
target performance objectives for the year to date; 
  
 (iii) a
lump sum payment equivalent to [three years’ (for CEO and President)][two years’ (for all other executive officers)] Base Salary (as it was in effect immediately prior to the Change in Control); 
  
 (iv) a lump sum payment equivalent to the greater of: (i) [three times
(for CEO and President)][two times (for all other executive officers)] the bonus paid under the Performance Bonus Plan for the year immediately prior to the year in which the Change in Control occurred; or (ii) [three years’ (for
CEO and President)][two years’ (for all other executive officers)] Target Bonus under the Performance Bonus Plan in effect immediately prior to the year in which the Change in Control occurs; and 
  
 (v) reimbursement for the cost of medical, life and disability insurance
coverage at a level equivalent to that provided by the Company for a period of the earlier of: (i) [three years (for CEO and President)][two years (for all other executive officers)]; or (ii) the time Executive begins alternative
employment. It shall be the obligation of Executive to inform the Company that new employment has been obtained. 
  
 The amount payable to Executive under subsections (ii) through (iv), above, shall be paid to Executive in a lump sum on the later of thirty (30) days following the later
of Executive’s termination of employment or the last day following Executive’s execution of the Release or on which Executive may revoke such Release under its terms. The amounts payable under subsection (v) shall be paid monthly during
the reimbursement period, provided that Executive has executed the Release and any revocation period has run. 
  
 (d) Equalization Payment: If Executive’s employment with the Company terminates as a result of an Involuntary Termination occurring during the
Change in Control Period, then, in addition to the benefits described in subsection (c) above (the “Change in Control Severance Benefits”), the Company will also pay Executive a tax equalization payment, which shall be in an amount which,
when added to the other amounts payable, will place Executive in the same after-tax position as if the excise tax penalty of Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or any successor statue of similar
import, did not apply to any of the Change in Control Severance Benefits. The amount of this tax equalization payment shall be determined by Company’s independent accountants and shall be payable to Executive at the same time as the other
severance payments under this Section 5. The Compensation Committee of the Board of Directors will review the appropriateness of any such payment for each calendar year beginning on or after January 1, 2005 and will determine whether to maintain
this provision by resolution adopted on or before December 31 of the preceding year. In the event no such resolution is adopted, this equalization payment provision will remain in effect. However, in the event that the Change in Control Severance
Benefits exceed the minimum amount required to impose the excise tax penalty of Section 4999 of the Code (the “Threshold 280G Amount”) by an amount equal to or less than ten percent of the Threshold 280G Amount, then the Change in Control
Severance Benefits shall be reduced so that they total one dollar less than the Threshold 280G Amount. 

 (e) Termination without Cause in the Absence of Change in Control: In the event that
Executive’s employment terminates as a result of a Non Change in Control Period Involuntary Termination, then Executive shall receive the following benefits: 
  
 (i) all compensation and benefits earned under Section 3 through the date of Executive’s termination of employment;

  
 (ii) a pro-rata share of the Target Bonus if, and only to the
extent that, the Company has met its target performance objectives for the year to date; 
  
 (iii) a lump sum payment equivalent to [two years’ (for CEO only)][one year’s (for all other executive officers)] Base Salary; and 
  
 (iv) a lump sum payment equivalent to the greater of: (i) [two times (for CEO only)][one times (for all other
executive officers] the bonus paid under the Performance Bonus Plan for the year immediately prior to the year in which the Non Change in Control Period Termination occurred; or (ii) [two years’ (for CEO only)][one year’s
(for all other executive officers)] Target Bonus under the Performance Bonus Plan in effect immediately prior to the year in which the Non Change in Control Period Termination occurs: and 
  
 (v) reimbursement for the cost of medical, life and disability insurance
coverage at a level equivalent to that provided by the Company for a period of the earlier of: (i) [two years (for CEO only)][one year (for all other executive officers)]; or (ii) the time Executive begins alternative employment. It
shall be the obligation of Executive to inform the Company that new employment has been obtained. 
  
 The amount payable to Executive under subsections (ii) through (iv) above shall be paid to Executive in a lump sum within thirty (30) days following the later of Executive’s termination of employment or the last
day following Executive’s execution of the Release or on which Executive may revoke such Release under its terms. The amounts payable under subsection (iv) shall be paid monthly during the reimbursement period, provided that Executive has
executed the Release and any revocation period has run. 
  
 (e)
Resignation from Positions: In the event that Executive’s employment with the Company is terminated for any reason, on the effective date of the termination Executive shall simultaneously resign from each position he holds on the Board
and/or the board of directors of any of the Company’s affiliated entities and any position Executive holds as an officer of the Company or any of the Company’s affiliated entities. 
  
 6. Certain Definitions: For the purposes of this Agreement, the
following capitalized terms shall have the meanings set forth below: 
  
 (a) “Cause” shall mean any of the following: 
  
 (i) Executive’s theft, dishonesty, willful misconduct, breach of fiduciary duty for personal profit, or falsification of any employment or Company records; 

 (ii) Executive’s willful violation of any law, rule, or regulation (other than traffic violations
or similar offenses) or final cease-and-desist order or commission of an act that involves moral turpitude; 
  
 (iii) Executive’s intentional failure to perform stated duties; 
  
 (iv) Executive’s improper disclosure of the Company’s confidential or proprietary information; 
  
 (v) any material breach by Executive of the Company’s Code of
Professional Conduct, which breach shall be deemed “material” if it results from an intentional act by Executive and has a material detrimental effect on the Company’s reputation or business; or 
  
 (vi) any material breach by Executive of this Agreement, which breach, if
curable, is not cured within thirty (30) days following written notice of such breach from the Company. 
  
 (b) “Change in Control” shall mean the occurrence of any of the following events: 
  
 (i) (X) any “person” (as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the
total combined voting power represented by the Company’s then outstanding voting securities other than the acquisition of the Company’s Common Stock by a Company-sponsored employee benefit plan or through the issuance of shares sold
directly by the Company to a single acquiror; or (Y) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule 13d-3
under said Act), directly or indirectly, of securities of the Company representing less than fifty percent (50%) of the total combined voting power represented by the Company’s then outstanding voting securities, but in connection with the
person’s acquisition of securities the person acquires the right to terminate the employment of all or a portion of the Company’s management team; 
  
 (ii) the Company is party to a merger or consolidation which results in the holders of the voting securities of the Company outstanding immediately prior
thereto failing to retain immediately after such merger or consolidation direct or indirect beneficial ownership of more than fifty percent (50%) of the total combined voting power of the securities entitled to vote generally in the election of
directors of the Company or the surviving entity outstanding immediately after such merger or consolidation; 
  
 (iii) a change in the composition of the Board occurring within a period of twenty-four (24) consecutive months, as a result of which fewer than a
majority of the directors are Incumbent Directors; 
  
 (iv)
effectiveness of an agreement for the sale, lease or disposition by the Company of all or substantially all of the Company’s assets; or 

 (v) a liquidation or dissolution of the Company. 
  
 The Incumbent Directors shall have the right to determine whether multiple sales or exchanges
of the voting stock of the Company, which, in the aggregate, would result in a Change of Control, are related, and its determination shall be final, binding and conclusive. 
  
 (c) “Change in Control Period” shall mean the period commencing on the earlier of: (i) sixty (60) days
prior to the date of consummation of the Change in Control;(ii) the date of the first public announcement of a definitive agreement that would result in a Change in Control (even though still subject to approval by the Company’s stockholders
and other conditions and contingencies); or (iii) the date of the public announcement of a tender offer that is not approved by the Incumbent Directors and ending on the two year anniversary date of the consummation of the Change in Control.

  
 (d) “Change in Control Period Good Reason”
shall mean any of the following conditions, first occurring during a Change in Control Period: 
  
 (i) a decrease in Executive’s Base Salary and/or a decrease in Executive’s Target Bonus (as a multiple of Executive’s Base Salary) under
the Performance Bonus Plan or employee benefits other than as part of any across-the-board reduction applying to all senior executives and not resulting in those senior executives receiving lesser benefits than similarly situated executives of an
acquiror; 
  
 (ii) a material, adverse change in Executive’s
title, authority, responsibilities or duties, as measured against Executive’s title, authority, responsibilities or duties immediately prior to such change. For purposes of this subsection, in addition to any other change in title, authority,
responsibilities or duties, the following changes shall constitute an event of “Good Reason”: (i) an individual who held a position in an independent, publicly held company prior to the Change in Control holds a position in a subsidiary
company following the Change in Control; and (ii) an individual who reported directly to the COO, CEO or Board of Directors of a publicly held company prior to the Change in Control reports to an individual or entity that is not, respectively, the
COO, CEO or Board of Directors of a publicly held company. 
  
 (iii) the relocation of Executive’s principle workplace to a location greater than fifty (50) miles from the prior workplace; 
  
 (iv) any material breach by the Company of any provision of this Agreement, which breach is not cured within thirty (30) days following written notice of
such breach from Executive; 
  
 (v) any failure of the Company to
obtain the assumption of this Agreement by any successor or assign of the Company; or 

 (vi) any purported termination of Executive’s employment for “material breach of
contract” which is purportedly effected without providing the “cure” period, if applicable, described in Section 6(a)(vi), above. 
  
 (e) “Non Change in Control Period Good Reason” shall mean any of the following conditions first occurring outside of a Change in Control
Period and occurring without Executive’s written consent: 
  
 (i) a decrease in Executive’s total cash compensation opportunity (adding Base Salary and Target Bonus) of greater than 20%; 
  
 (ii) a material, adverse change in Executive’s title, authority, responsibilities or duties, as measured against Executive’s title, authority,
responsibilities or duties immediately prior to such change. For purposes of this subsection, a material, adverse change shall not occur merely by a change in reporting relationship; or 
  
 (iii) any material breach by the Company of any provision of this Agreement, which breach is not cured within thirty (30)
days following written notice of such breach from Executive; 
  
 (f) “Incumbent Directors” shall mean members of the Board who either (i) are members of the Board as of the date hereof, or (ii) are elected, or nominated for election, to the Board with the affirmative vote of at least a
majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of members of the
Board). 
  
 (g) “Change in Control Period Involuntary
Termination” shall mean the occurrence of either of the following during a Change in Control Period: 
  
 (i) termination by the Company of Executive’s employment with the Company for any reason other than Cause; or 
  
 (ii) Executive’s resignation from employment for Change in Control
Period Good Reason within six (6) months following the occurrence of the event constituting Change in Control Period Good Reason. 
  
 For the purposes of any determination regarding the existence of Good Reason hereunder, any claim by Executive that Change in Control Period Good Reason exists shall be
presumed to be correct unless the Company establishes to the Board that Change in Control Period Good Reason does not exist, and the Board, acting in good faith, affirms such determination by a vote of not less than two-thirds of its entire
membership. The effective date of any Change in Control Period Involuntary Termination shall be the date of notification to the Executive of the termination of employment by the Company or the date of notification to the Company of the resignation
from employment by the Executive for Change in Control Period Good Reason. 

 (h) “Non Change in Control Period Involuntary Termination” shall mean the occurrence of
either of the following occurring outside a Change in Control Period: 
  
 (i) termination by the Company of Executive’s employment with the Company for any reason other than Cause; or 
  
 (ii) Executive’s resignation from employment for Non Change in Control Period Good Reason within six (6) months following the occurrence of the
event constituting Non Change in Control Period Good Reason. 
  
 For the purposes
of any determination regarding the existence of Non Change in Control Period Good Reason hereunder, Executive shall bear the burden of demonstrating that an event of Non Change in Control Period Good Reason has occurred. Only the Board, acting as a
majority, may determine that an event of Non Change in Control Period Good Reason has occurred; the Board must act within five business days of such notification, or the Executive’s claim shall be deemed valid. The effective date of any Non
Change in Control Period Involuntary Termination shall be the date of notification to the Executive of the termination of employment by the Company or the date of notification to the Company of the resignation from employment by the Executive for
Non Change in Control Period Good Reason. 
  
 (h)
“Release” shall mean a general release of all known and unknown claims against the Company and its affiliates and their stockholders, directors, officers, employees, agents, successors and assigns substantially in a form reasonably
acceptable to the Company. 
  
 7. Employee Inventions and
Proprietary Rights Assignment Agreement; Insider Trading Policy: Executive agrees to abide by the terms and conditions of the Company’s standard Employee Inventions and Proprietary Rights Assignment Agreement and the Company’s Insider
Trading Policy, as it may be amended from time to time. 
  
 8.
Agreement Not To Compete; Return of Company Property: Executive agrees that in the event of his termination at any time and for any reason, he shall not compete with the Company in any unfair manner, including, without limitation, using any
confidential or proprietary information of the Company to compete with the Company in any way. Upon termination of employment for any reason, Executive shall immediately deliver to the Company all documents, property, and other records of the
Company or any affiliate of the Company, and all copies thereof, within Executive’s possession, custody or control. Further, in the event that Executive’s employment is terminated as a result of his/her voluntary termination, Executive
agrees that for a period of one year following the date of termination he/she will not accept employment, or perform services as a consultant or independent contractor, for any of the following entities or their successors: Ameritrade, Charles
Schwab & Co., Fidelity Investments, Scottrade, Inc. or TD Waterhouse Group, Inc., 
  
 9. Non-Solicitation: Executive agrees that for a period of one year after the date of the termination of his employment for any reason, he shall not, either directly or indirectly, solicit the services, or
attempt to solicit the services, of any employee of the Company to any other person or entity. 

 10. Dispute Resolution: In the event of any dispute or claim relating to or arising out of this
Agreement (including, but not limited to, any claims of breach of contract, wrongful termination or age, sex, race or other discrimination), Executive and the Company agree that all such disputes shall be fully and finally resolved by binding
arbitration conducted by the American Arbitration Association in [city of primary residence],[state of primary residence] in accordance with its National Employment Dispute Resolution rules. Executive acknowledges that by accepting
this arbitration provision he is waiving any right to a jury trial in the event of such dispute. In connection with any such arbitration, the Company shall bear all costs not otherwise born by a plaintiff in a court proceeding. 
  
 11. Attorneys’ Fees: The prevailing party shall be entitled to
recover from the losing party its attorneys’ fees and costs incurred in any action brought to enforce any right arising out of this Agreement. 
  
 12. General. 
  
 (a) Successors and Assigns: The provisions of this Agreement shall inure to the benefit of and be binding upon the Company, Executive and each and
all of their respective heirs, legal representatives, successors and assigns. The duties, responsibilities and obligations of Executive under this Agreement shall be personal and not assignable or delegable by Executive in any manner whatsoever to
any person, corporation, partnership, firm, company, joint venture or other entity. Executive may not assign, transfer, convey, mortgage, pledge or in any other manner encumber the compensation or other benefits to be received by him or any rights
which he may have pursuant to the terms and provisions of this Agreement. 
  
 (b) Amendments; Waiver: No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized
officer of the Company. No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or
provision at another time. 
  
 (c) Notices: Any notices to
be given pursuant to this Agreement by either party to the other party may be effected by personal delivery or by overnight delivery with receipt requested. Mailed notices shall be addressed to the parties at the addresses stated below, but each
party may change its or his address by written notice to the other in accordance with this Paragraph. 
  
 Mailed notices to Executive shall be addressed as follows: 
  

	
	
 
	  

	  

 Mailed notices to the Company shall be addressed as follows: 
  
 E*TRADE Financial Corporation 
 671 North Glebe Road 
 Arlington, VA 22203

 Attention: General Counsel 
  
 (d) Entire Agreement: This Agreement constitutes the entire employment agreement between Executive and the Company regarding the terms and
conditions of his employment, with the exception of (i) the agreement described in Section 7 and (ii) any stock option, restricted stock or other Company stock-based award agreements between Executive and the Company to the extent not modified by
this Agreement. This Agreement (including the documents described in (i) and (ii) herein) supersedes all prior negotiations, representations or agreements between Executive and the Company, whether written or oral, concerning Executive’s
employment by the Company. 
  
 (e) Withholding Taxes: All
payments made under this Agreement shall be subject to reduction to reflect taxes required to be withheld by law. 
  
 (f) Counterparts: This Agreement may be executed by the Company and Executive in counterparts, each of which shall be deemed an original and which
together shall constitute one instrument. 
  
 (g) Headings:
Each and all of the headings contained in this Agreement are for reference purposes only and shall not in any manner whatsoever affect the construction or interpretation of this Agreement or be deemed a part of this Agreement for any purpose
whatsoever. 
  
 (h) Savings Provision: To the extent that
any provision of this Agreement or any paragraph, term, provision, sentence, phrase, clause or word of this Agreement shall be found to be illegal or unenforceable for any reason, such paragraph, term, provision, sentence, phrase, clause or word
shall be modified or deleted in such a manner as to make this Agreement, as so modified, legal and enforceable under applicable laws. The remainder of this Agreement shall continue in full force and effect. 
  
 (i) Construction: The language of this Agreement and of each and every
paragraph, term and provision of this Agreement shall, in all cases, for any and all purposes, and in any and all circumstances whatsoever be construed as a whole, according to its fair meaning, not strictly for or against Executive or the Company,
and with no regard whatsoever to the identity or status of any person or persons who drafted all or any portion of this Agreement. 
  
 (j) Further Assurances: From time to time, at the Company’s request and without further consideration, Executive shall execute and deliver
such additional documents and take all such further action as reasonably requested by the Company to be necessary or desirable to make effective, in the most expeditious manner possible, the terms of this Agreement and to provide adequate assurance
of Executive’s due performance hereunder. 

 (k) Governing Law: Executive and the Company agree that this Agreement shall be interpreted in
accordance with and governed by the laws of the State of New York. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year written below. 
  

					
	Date:	 	E*TRADE Financial Corporation
			
	 	 	By:	 	  

			
	Date:	 	 	 	 
	 	 	By:

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