Document:

exh4-1.htm

    
      
        

      

    

     

    EXHIBIT
      4.1

     

    MIDAMERICAN
      ENERGY HOLDINGS COMPANY

     

    and

     

    THE
      BANK
      OF NEW YORK TRUST COMPANY, N.A.,

    as
      Trustee

     

    6.50%
      Senior Bonds due 2037

     

    Sixth
      Supplemental Indenture

     

    Dated
      as
      of August 28, 2007

     

     

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    SIXTH
      SUPPLEMENTAL INDENTURE, dated as of August 28, 2007 (this “Sixth Supplemental
      Indenture”), between MIDAMERICAN ENERGY HOLDINGS COMPANY, an Iowa
      corporation (the “Company”), and THE BANK OF NEW YORK TRUST COMPANY,
      N.A., a New York banking corporation, as Trustee (the “Trustee”) under
      the Base Indenture referred to below.

     

    WITNESSETH:

     

    WHEREAS,
      the Company has heretofore executed and delivered that certain Indenture, dated
      as of October 4, 2002, between the Company and The Bank of New York, as trustee
      (as amended by Article IV of the Second Supplemental Indenture thereto, dated
      as
      of May 16, 2003 between the Company and The Bank of New York, as trustee,
      Article IV of the  Fourth Supplemental Indenture thereto, dated as of
      March 24, 2006 between the Company and The Bank of New York, as trustee, and
      Article IV of the Fifth Supplemental Indenture thereto, dated as of May 11,
      2007
      between the Company and The Bank of New York Trust Company N.A., as Trustee,
      the
“Base Indenture,” and, together with this Sixth Supplemental Indenture,
      the “Indenture”), to provide for the issuance from time to time of its
      unsecured debentures, notes or other evidences of indebtedness, the form and
      terms of which are to be established as set forth in Sections 2.01 and 3.01
      of
      the Base Indenture;

     

    WHEREAS,
      Section 9.01 of the Base Indenture provides, among other things, that the
      Company and the Trustee may enter into indentures supplemental to the Base
      Indenture for, among other things, the purpose of establishing the form and
      terms of the Securities of any series as permitted in Sections 2.01 and 3.01
      of
      the Base Indenture and of appointing an Authenticating Agent with respect to
      the
      Securities of any series;

     

    WHEREAS,
      the Company desires to create one series of its unsecured bonds in an initial
      aggregate principal amount of One Billion Dollars ($1,000,000,000) to be
      designated the “6.50% Senior Bonds due 2037” (the “Securities”), and all
      action on the part of the Company necessary to authorize the issuance of the
      Securities under the Base Indenture and this Sixth Supplemental Indenture has
      been duly taken; and

     

    WHEREAS,
      all acts and things necessary (i) to make the Securities, when executed by
      the Company and authenticated and delivered by the Trustee as provided in the
      Base Indenture, the valid and binding obligations of the Company and
      (ii) to constitute these presents a valid and binding supplemental
      indenture and agreement according to its terms, have been done and
      performed.

     

    NOW,
      THEREFORE, THIS SIXTH SUPPLEMENTAL INDENTURE WITNESSETH:

     

    That
      in
      consideration of the premises and of the acceptance and purchase of the
      Securities by the holders thereof and of the acceptance of this trust by the
      Trustee, the Company covenants and agrees with the Trustee, for the equal
      benefit of holders of the Securities, as follows:

     

     

     
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    ARTICLE
      I.

     

    DEFINITIONS

     

    The
      use
      of the terms and expressions herein is in accordance with the definitions,
      uses
      and constructions contained in the Base Indenture and the forms of Securities
      attached hereto as Exhibits A through E.  In addition, for all
      purposes of this Sixth Supplemental Indenture, except as otherwise expressly
      provided or unless the context otherwise expressly requires, the following
      terms
      shall have the respective meanings assigned to them as follows and shall be
      construed as if defined in Article I of the Base Indenture:

     

    “Exchange
      Security” means a security in global or definitive form substantially in the
      form set forth in Exhibit E to this Sixth Supplemental Indenture.

     

    “Global
      Security” means a Rule 144A Global Security, a Regulation S Temporary Global
      Security, or a Regulation S Permanent Global Security, in global form
      substantially in the form set forth in Exhibits A, B and C, respectively, to
      this Sixth Supplemental Indenture.

     

    “Initial
      Purchasers” means Lehman Brothers Inc., Goldman, Sachs & Co., Greenwich
      Capital Markets, Inc., Barclays Capital Inc., Wachovia Capital Markets, LLC
      and
      J.P. Morgan Securities Inc.

     

    “Registration
      Rights Agreement” means the Registration Rights Agreement, dated August 28,
      2007, between the Company and the Initial Purchasers.

     

    
       

    

    ARTICLE
      II.

     

    TERMS
      AND ISSUANCE OF THE SECURITIES

     

    Section
      2.01  Issue
      of Securities.  One series of the Securities, which shall be
      designated the “6.50% Senior Bonds due 2037” shall be executed, authenticated
      and delivered in accordance with the provisions of, and shall in all respects
      be
      subject to, the terms, conditions and covenants of the Base Indenture and this
      Sixth Supplemental Indenture (including the forms of Securities set forth in
      Exhibits A through E, as applicable).  There shall be no limit upon
      the aggregate principal amount of Securities that may be authenticated and
      delivered under this Sixth Supplemental Indenture.

     

    Section
      2.02  Optional
      Redemption.  The Securities may be redeemed, in whole or in part,
      at the option of the Company pursuant to the terms set forth in paragraph 2
      of
      the Securities to be redeemed.  The provisions of Article XI of the
      Base Indenture, including the amendments set forth in Article IV of the Fourth
      Supplemental Indenture, dated March 24, 2006,  shall also apply to any
      redemption of the Securities by the Company.

     

    Section
      2.03  Limitation
      on Liens.  The covenant provided by Section 10.04 of the Base
      Indenture shall be applicable to the Securities.

     

    Section
      2.04  Change
      of Control.  The covenant provided by Section 10.10 of the Base
      Indenture shall be applicable to the Securities.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Section
      2.05  Place
      of Payment.  The Place of Payment in respect of the Securities
      will be in The City of New York, initially at the Corporate Trust Office of
      The
      Bank of New York Trust Company, N.A. (which as of the date hereof is located
      at
      2 N. LaSalle Street, Suite 1020, Chicago, Illinois 60602,
      Attention:  Corporate Trust Administration).

     

    Section
      2.06  Form
      of Securities; Incorporation of Terms.  The forms of the
      Securities shall be substantially in the forms of Exhibits A through E attached
      hereto, as applicable, the respective terms of which are incorporated herein
      by
      reference and which are part of this Sixth Supplemental
      Indenture.  The Securities shall be issued as one or more Global
      Securities in fully registered form and one or more Definitive Securities in
      fully registered form, as determined in accordance with Section 2.01 of the
      Base
      Indenture.  The Global Securities shall be delivered by the Trustee to
      the Depositary, as the Holder thereof, or a nominee or custodian therefor,
      to be
      held by the Depositary in accordance with the Base Indenture.

     

    Section
      2.07  Exchange
      of the Global Securities.  Each of the Global Securities shall be
      exchangeable for Definitive Securities only as provided in Section 3.07(b)(ii)
      of the Base Indenture.

     

    Section
      2.08  Interest
      Payment Dates for the Securities.  The Interest Payment Dates for
      the Securities shall be March 15 and September 15 in each year, commencing
      March
      15, 2008 and continuing until the Principal Amount of the Securities is paid
      in
      full or made available for payment in accordance with the terms of the Indenture
      and the Securities.

     

    Section
      2.09  Regular
      Record Date for the Securities.  The Regular Record Date for the
      Securities shall be the March 1 or September 1 immediately prior to each
      Interest Payment Date.

     

    Section
      2.10  Authorized
      Denominations.  Beneficial interests in Global Securities, as well
      as Definitive Securities, may be held only in denominations of $2,000 and
      integral multiples of $1,000 in excess thereof.

     

    ARTICLE
      III.

     

    DEPOSITARY

     

    Section
      3.01  Depositary.  The
      Depository Trust Company, its nominees and their respective successors are
      hereby appointed Depositary with respect to the Global Securities.

     

    ARTICLE
      IV.

     

    MISCELLANEOUS

     

    Section
      4.01  Execution
      as Supplemental Indenture.  This Sixth Supplemental Indenture is
      executed and shall be construed as an indenture supplemental to the Base
      Indenture and, as provided in the Base Indenture, this Sixth Supplemental
      Indenture forms a part thereof.

     

    Section
      4.02  Effect
      of Headings.  The Article and Section headings herein are for
      convenience only and shall not affect the construction hereof.

     

     

    
      
        
        

      

      
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    Section
      4.03  Successors
      and Assigns.  All covenants and agreements in this Sixth
      Supplemental Indenture by the Company shall bind its successors and assigns,
      whether so expressed or not.

     

    Section
      4.04  Separability
      Clause.  In case any provision in this Sixth Supplemental
      Indenture or in the Securities shall be invalid, illegal or unenforceable,
      the
      validity, legality and enforceability of the remaining provisions shall not
      in
      any way be affected or impaired thereby.

     

    Section
      4.05  Benefits
      of Sixth Supplemental Indenture.  Nothing in
      this Sixth Supplemental Indenture or in the Securities, express or implied,
      shall give to any person, other than the parties hereto and their successors
      hereunder and the Holders, any benefit or any legal or equitable right, remedy
      or claim under this Sixth Supplemental Indenture.

     

    Section
      4.06  Execution
      in Counterparts.  This Sixth Supplemental Indenture may be
      executed in any number of counterparts, each of which shall be deemed to be
      an
      original, but all such counterparts shall together constitute but one and the
      same instrument.

     

    Section
      4.07  Trustee.  The
      Trustee makes no representations as to the validity or sufficiency of this
      Sixth
      Supplemental Indenture.  The statements herein are deemed to be those
      of the Company and not of the Trustee.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

     

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the parties hereto have caused this Sixth Supplemental
      Indenture to be duly executed by their respective officers or directors duly
      authorized thereto, all as of the day and year first above written.

     

    
      	 	
              MIDAMERICAN
                ENERGY HOLDINGS COMPANY 

            
	 	 	 	 
	
               

            	
              By:
                

            	/s/        
              Douglas L. Anderson	 
	 	 	Name:   Douglas
              L. Anderson	 
	 	 	Title:      Senior
              Vice President and General Counsel	 
	 	 	 	 

    

     

    
      	 	
              THE
                BANK OF NEW YORK TRUST COMPANY, N.A., 

            
	 	 	 as
              Trustee	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/          
              Mary Callahan	 
	 	 	Name:    
              Mary Callahan	 
	 	 	Title:      
              Vice President	 
	 	 	 	 

    

     

     

     

    
      
        
        

      

      
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    EXHIBITS

                 

                    

                    

                      

     

    
      	 	 

      	 Exhibit
              A   	 Form
              of 144A Global Senior Bond due 2037

      	 Exhibit
              B  	 Form
              of Regulation S Temporary Global Senior Bond due
              2037

      	 Exhibit
              C 	 Form
              of Regulation S Permanent Global Senior Bond due
              2037

      	 Exhibit
              D    	 Form
              of Restricted Definitive Senior Bond due 2037

      	
               Exhibit
                E

            	
               Form
                of Private Exchange Senior Bond due
                2037

            

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      

      EXHIBIT
        A

      FORM
        OF
        FACE OF RULE 144A GLOBAL

       

      SENIOR
        BOND DUE 2037

       

      THIS
        SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
        REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF
        A
        DEPOSITARY.  THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED
        IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY 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
        A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
        OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
        TO
        A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY) MAY BE
        REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

       

      UNLESS
        THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
        DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
        OR
        PAYMENT, AND ANY DEFINITIVE SECURITY IS ISSUED IN THE NAME OR NAMES AS DIRECTED
        IN WRITING BY THE DEPOSITARY, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
        VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED
        OWNER HEREOF, THE DEPOSITARY, HAS AN INTEREST HEREIN.

       

      THIS
        SECURITY HAS BEEN INITIALLY RESOLD IN RELIANCE ON RULE 144A UNDER THE SECURITIES
        ACT AND SHALL BEAR THE FOLLOWING LEGEND UNTIL REMOVABLE IN ACCORDANCE WITH
        ITS
        TERMS AND THE TERMS OF THE INDENTURE.

       

       

      
        
          
          

        

        
          Exhibit
            A-1

          
            

          

        

        
          
          

        

      

       

      THIS
        SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
        1933,
        AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
        WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS
        EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.  BY ITS ACQUISITION
        HEREOF, EACH HOLDER OF THIS SECURITY AND ANY OWNERS OF INTERESTS HEREIN (1)
        REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A
        UNDER THE SECURITIES  ACT), (2) AGREES THAT BEGINNING FROM THE LATER
        OF (X) THE ORIGINAL ISSUE DATE OF THIS SECURITY OR (Y) THE LAST DATE ON WHICH
        THE COMPANY OR ANY AFFILIATE THEREOF WAS THE BENEFICIAL OWNER OF THIS SECURITY
        (OR ANY PREDECESSOR HEREOF) THROUGH THE TIME PERIOD REFERRED TO IN RULE 144(K)
        UNDER THE SECURITIES ACT, IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS SECURITY
        EXCEPT (A) TO THE COMPANY OR ANY AFFILIATE THEREOF, (B) TO A QUALIFIED
        INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,
        (C)
        TO AN INSTITUTIONAL “ACCREDITED INVESTOR” THAT PRIOR TO SUCH TRANSFER FURNISHED
        TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
        RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH
        LETTER CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT
        OF
        AN AGGREGATE PRINCIPAL AMOUNT OF SECURITIES AT THE TIME OF TRANSFER OF LESS
        THAN
        $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER
        IS
        IN COMPLIANCE WITH THE SECURITIES ACT, (D) OUTSIDE THE UNITED STATES IN
        COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (E) PURSUANT TO THE EXEMPTION
        FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE)
        OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
        ACT
        AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY
        IS
        TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
        LEGEND.  UNLESS THE COMPANY DETERMINES OTHERWISE IN ACCORDANCE WITH
        APPLICABLE LAW, THIS LEGEND WILL BE REMOVED BY THE COMPANY (1) UPON REQUEST
        OF
        THE HOLDER, AFTER THE EXPIRATION OF THE TIME PERIOD REFERRED TO IN RULE 144(K)
        UNDER THE SECURITIES ACT BEGINNING FROM THE LATER OF (A) THE ORIGINAL ISSUE
        DATE
        OF THIS SECURITY AND (B) THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE
        THEREOF WAS THE BENEFICIAL OWNER OF THIS SECURITY (OR ANY PREDECESSOR HEREOF)
        OR
        (2) WITH RESPECT TO SECURITIES SOLD IN RELIANCE ON REGULATION S, FOLLOWING
        THE
        EXPIRATION OF 40 CONSECUTIVE DAYS BEGINNING ON AND INCLUDING THE LATER OF
        (A)
        THE DAY ON WHICH INTERESTS IN THIS SECURITY ARE OFFERED TO PERSONS OTHER
        THAN
        DISTRIBUTORS (AS DEFINED IN REGULATION S) AND (B) THE ORIGINAL ISSUE DATE
        OF
        THIS SECURITY.  AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,”
“UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION
        S UNDER THE SECURITIES ACT.

       

      
        
          
          

        

        
          Exhibit
            A-2

          
            

          

        

        
          
          

        

      

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY

      6.50%
        Senior Bonds due 2037

       

      $[_____________]

       

      No. [__]

                                                                                                                                                CUSIP
        No. 59562VAQ0

      ISIN
        No.
        US59562VAQ05

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY, a corporation organized under the laws of Iowa (herein
        called the “Company,” which term includes any successor corporation under
        the Indenture hereinafter referred to), for value received, hereby promises
        to
        pay to CEDE & Co., or registered assigns, the principal amount of
        [_________] Dollars (such Initial Principal Amount, as it may from time to
        time
        be adjusted by endorsement on Schedule A hereto, is hereinafter referred
        to as
        the “Principal Amount”) on September 15, 2037, and to pay interest
        thereon from August 28, 2007, or from the most recent Interest Payment Date
        to
        which interest has been paid or duly provided for, semi-annually on March
        15 and
        September 15 in each year, commencing March 15, 2008, at the rate of 6.50%
        per
        annum, until the Principal Amount hereof is paid or made available for payment;
        provided that any Principal Amount and premium, and any such installment
        of
        interest, which is overdue shall bear interest at the rate of 6.50% per annum
        (or, if lower, the maximum rate legally enforceable) from the dates such
        amounts
        are due until they are paid or made available for payment; provided, further,
        that if a Registration Default (as defined in the Registration Rights Agreement)
        occurs with respect to this Security, interest will accrue on this Security
        at a
        rate of 0.5% per annum from and including the date on which any such
        Registration Default shall occur, until but excluding the date on which all
        Registration Defaults have been cured.  The interest so payable, and
        punctually paid or duly provided for, on any Interest Payment Date will,
        as
        provided in such Indenture, be paid to the Person in whose name this Security
        (or one or more Predecessor Securities) is registered at the close of business
        on the Regular Record Date for such interest, which shall be the March 1
        or
        September 1 (whether or not a Business Day), as the case may be, immediately
        preceding such Interest Payment Date.  Any such interest not so
        punctually paid or duly provided for will forthwith cease to be payable to
        the
        Person in whose name this Security (or one or more Predecessor Securities)
        is
        registered on such Regular Record Date and may be paid to the Person in whose
        name this Security (or one or more Predecessor Securities) is registered
        at the
        close of business on a Special Record Date for the payment of such Defaulted
        Interest to be fixed by the Trustee, notice whereof shall be given to Holders
        of
        Securities of this series not less than 10 days prior to such Special Record
        Date, or be paid at any time in any other lawful manner not inconsistent
        with
        the requirements of any securities exchange on which the Securities of this
        series may be listed, and upon such notice as may be required by such exchange,
        all as more fully provided in said Indenture.

       

      Payment
        of the principal of (and premium, if any) and interest, if any, on this Security
        will be made at any place of payment or at the office or agency of the Company
        maintained for that purpose in the Borough of Manhattan, The City of New
        York,
        in such coin or currency of the United States as at the time of payment is
        legal
        tender for the payment of public and private debts, provided,
however, that, payment of interest may be made by check mailed to
        the
        address of the Person entitled thereto as such address shall appear in the
        Security Register.  Payment of interest, if any, in respect of this
        Security may also be made, in the case of a Holder of at least U.S. $1,000,000
        aggregate principal amount of Securities, by wire transfer to a U.S. Dollar
        account maintained by the Holder with a bank in the United States; provided
        that
        such Holder elects payment by wire transfer by giving written notice to the
        Trustee or Paying Agent to such effect designating such account no later
        than 15
        days immediately preceding the relevant due date for payment (or such other
        date
        as the Trustee may accept in its discretion).

       

      
        
          
          

        

        
          Exhibit
            A-3

          
            

          

        

        
          
          

        

      

       

      REFERENCE
        IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE
        REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE
        SAME
        EFFECT AS IF 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 Security shall
        not
        be entitled to any benefit under the Indenture or be valid or obligatory
        for any
        purpose.

       

       

      
        
          
          

        

        
          Exhibit
            A-4

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Company has caused this instrument to be duly
        executed.

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY

       

      By:           

        
          

        

      

      Name:

      Title:

      

      Attest:

       

      
        By:           

          
            

          

        

        Name:

        Title:

      

       

       

      
        
          
          

        

        
          Exhibit
            A-5

          
            

          

        

        
          
          

        

      

       

      
 

      TRUSTEE’S
        CERTIFICATE OF AUTHENTICATION

       

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

       

       

       

      
        	 	THE
                BANK OF NEW YORK TRUST
                COMPANY, N.A.,	 
	 	 	
                 as
                  Trustee

              	 
	
                Date__________   

              	
                By:
                  

              	 	 
	 	 	Authorized
                Signatory	 
	 	 	 	 
	 	 	 	 

      

       

       

      
        
           

        

        
          Exhibit
            A-6

          
            

          

        

        
           

        

      

       

      FORM
        OF
        REVERSE OF RULE 144A GLOBAL SENIOR BOND DUE 2037

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY

      6.50%
        Senior Bonds due 2037

       

      1.           GENERAL

       

      This
        Security is one of a duly authorized issue of Securities of the Company (the
        “Securities”), issued and to be issued in one or more series under an
        Indenture, dated as of October 4, 2002, between the Company and The Bank
        of New
        York, as trustee (as amended by Article IV of the Second Supplemental Indenture
        thereto, dated as of May 16, 2003, between the Company and The Bank of New
        York,
        as trustee, Article IV of the Fourth Supplemental Indenture thereto, dated
        as of
        March 24, 2006, between the Company and The Bank of New York Trust Company,
        N.A., as trustee (the “Trustee”), and Article IV of the Fifth
        Supplemental Indenture thereto, dated as of May 11, 2007 between the Company
        and
        the Trustee, the “Base Indenture”), as supplemented by the Sixth
        Supplemental Indenture, dated as of August 28, 2007 (together with the Base
        Indenture, the “Indenture”), between the Company and the Trustee, to
        which Indenture and all indentures supplemental thereto reference is hereby
        made
        for a statement of the respective rights, limitations of rights, duties and
        immunities thereunder of the Company, the Trustee and the Holders of the
        Securities and of the terms upon which the Securities are, and are to be,
        authenticated and delivered.  Terms defined in the Indenture which are
        not defined herein are used with the meanings assigned to them in the
        Indenture.  This Security is one of the series designated on the face
        hereof.

       

      2.           OPTIONAL
        REDEMPTION

       

      The
        Securities of this series are subject to redemption upon not less than 30
        or
        more than 60 days’ notice to the Holders of such Securities as provided in the
        Indenture, at any time, as a whole or in part, at the election of the Company,
        at a redemption price equal to the greater of: (i) 100% of the principal
        amount
        of the Securities of this series being redeemed or (ii) the sum of the present
        values of the remaining scheduled payments of principal of and interest on
        the
        Securities of this series being redeemed discounted to the Redemption Date
        on a
        semiannual basis (assuming a 360-day year consisting of twelve 30-day months)
        at
        a discount rate equal to the Treasury Yield plus 25 basis points, plus, for
        (i)
        or (ii) above, whichever is applicable, accrued interest on the Securities
        of
        this series to the Redemption Date.

       

      “Treasury
        Yield” means, with respect to any Redemption Date, the rate per annum equal
        to the semiannual equivalent yield to maturity of the Comparable Treasury
        Issue,
        assuming a price for the Comparable Treasury Issue (expressed as a percentage
        of
        its principal amount) equal to the Comparable Treasury Price for such Redemption
        Date.

       

      “Comparable
        Treasury Issue” means the United States Treasury security selected by an
        Independent Investment Banker as having a maturity comparable to the remaining
        term of the Securities of this series to be redeemed that would be utilized,
        at
        the time of selection and in accordance with customary financial practice,
        in
        pricing new issues of corporate debt securities of comparable maturity to
        the
        remaining term of the Securities of this series.

       

      
        
          
          

        

        
          Exhibit
            A-7

          
            

          

        

        
          
          

        

      

       

      “Comparable
        Treasury Price” means, with respect to any Redemption Date, (i) the average
        of the bid and asked prices for the Comparable Treasury Issue (expressed
        in each
        case as a percentage of its principal amount) on the third Business Day in
        New
        York City preceding such Redemption Date, as set forth in the daily statistical
        release (or any successor release) published by the Federal Reserve Bank
        of New
        York and designated “Composite 3:30 p.m. Quotations for U.S. Government
        Securities” or (ii) if such release (or any successor release) is not published
        or does not contain such prices on such Business Day, the Reference Treasury
        Dealer Quotation for such Redemption Date.

       

      “Independent
        Investment Banker” means an investment banking institution of international
        standing appointed by the Company.

       

      “Reference
        Treasury Dealer” means a primary U.S. government securities dealer in New
        York City appointed by the Company.

       

      “Reference
        Treasury Dealer Quotation” means, with respect to the Reference Treasury
        Dealer and any Redemption Date, the average, as determined by the Company,
        of
        the bid and asked prices for the Comparable Treasury Issue (expressed in
        each
        case as a percentage of its principal amount and quoted in writing to the
        Company by such Reference Treasury Dealer at 5:00 p.m. on the third Business
        Day
        in New York City preceding such Redemption Date).

       

      Notice
        of
        redemption pursuant to this paragraph 2 shall be given as provided for in
        the
        Indenture not less than 30 days nor more than 60 days prior to the Redemption
        Date.

       

      If
        fewer
        than all the Securities of this series are to be redeemed, selection of
        Securities of this series for redemption will be made by the Trustee on a
        pro
        rata basis.

       

      Unless
        the Company defaults in payment of the Redemption Price, from and after the
        Redemption Date, the Securities of this series or portions thereof called
        for
        redemption will cease to bear interest, and the Holders thereof will have
        no
        right in respect of such Securities of this series except the right to receive
        the Redemption Price thereof.

       

      In
        the
        event of redemption of this Security in part only, the Trustee will reduce
        the
        Principal Amount hereof by endorsement on Schedule A hereto such that the
        Principal Amount shown on Schedule A after such endorsement will reflect
        only
        the unredeemed portion hereof.

       

      3.           DEFEASANCE

       

      The
        Indenture contains provisions for defeasance of (a) the entire indebtedness
        of
        this Security and (b) certain restrictive covenants upon compliance by the
        Company with certain conditions set forth therein.

       

      
        
          
          

        

        
          Exhibit
            A-8

          
            

          

        

        
          
          

        

      

       

      4.           DEFAULTS
        AND REMEDIES

       

      If
        an
        Event of Default with respect to Securities of this series shall occur and
        be
        continuing, the principal of the Securities of this series may be declared
        due
        and payable in the manner and with the effect provided in the
        Indenture.  At any time after such declaration of acceleration with
        respect to Securities of this series has been made, but before a judgment
        or
        decree for payment of money has been obtained by the Trustee as provided
        in the
        Indenture, if all Events of Default with respect to Securities of this series
        have been cured or waived (other than the non-payment of principal of the
        Securities of this series which has become due solely by reason of such
        declaration of acceleration) then and in every such case, the Holders of
        a
        majority in aggregate principal amount of the Outstanding securities of such
        series may, by written notice to the Company and to the Trustee, rescind
        and
        annul such declaration and its consequences on behalf of all of the Holders,
        but
        no such rescission or annulment shall extend to or affect any subsequent
        default
        or impair any right consequent thereon.

       

      As
        provided in and subject to the provisions of the Indenture, the Holder of
        this
        Security shall not have the right to institute any proceeding, judicial or
        otherwise, with respect to the Indenture, or for the appointment of a receiver
        or trustee or for any other remedy thereunder, unless (a) such Holder shall
        have
        previously given the Trustee written notice of a continuing Event of Default
        with respect to the Securities, (b) the Holders of not less than 33% or a
        majority, as applicable, in principal amount of the Securities at the time
        Outstanding under the Indenture shall have made written request to the Trustee
        to institute proceedings in respect of such Event of Default as Trustee,
        (c)
        such Holder shall have offered the Trustee indemnity satisfactory to the
        Trustee
        against the costs, expenses and liabilities to be incurred in compliance
        with
        such request, (d) the Trustee shall not have received from the Holders of
        a
        majority in principal amount of Securities at the time Outstanding under
        the
        Indenture a direction inconsistent with such request and (e) the Trustee
        for 90
        days after its receipt of such notice and offer of indemnity from the Holder,
        and request from the Holders, shall have failed to institute any such
        proceeding.  The foregoing shall not apply to certain suits described
        in the Indenture, including any suit instituted by the Holder of this Security
        for the enforcement of any payment of principal hereof or any premium or
        interest hereon on or after the respective due dates expressed
        herein.

       

      5.           AMENDMENT
        AND WAIVER

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the Indenture or any supplemental indenture
        or
        the rights and obligations of the Company and rights of the Holders of the
        Securities of any series at any time by the Company and the Trustee with
        the
        consent of the Holders of a majority in aggregate principal amount of the
        Securities at the time Outstanding of each series to be affected.  The
        Indenture also contains provisions permitting the Holders of specified
        percentages in principal amount of the Securities of each series at the time
        Outstanding, on behalf of the Holders of all Securities of such series, to
        waive
        compliance by the Company with certain provisions of the Indenture and certain
        past defaults under the Indenture and their consequences.  Any such
        consent or waiver by the Holder of this Security shall be conclusive and
        binding
        upon such Holder and upon all future Holders of this Security and of any
        Security issued upon the registration of transfer hereof or in exchange herefor
        or in lieu hereof, whether or not notation of such consent or waiver is made
        upon this Security.

       

      No
        reference herein to the Indenture and no provision of this Security or of
        the
        Indenture shall alter or impair the obligation of the Company, which is absolute
        and unconditional, to pay the principal of (and premium, if any) and interest,
        if any, on this Security at the times, place and rate, and in the coin or
        currency, herein prescribed.

       

      
        
          
          

        

        
          Exhibit
            A-9

          
            

          

        

        
          
          

        

      

       

      6.           TRANSFER
        AND EXCHANGE; DENOMINATIONS

       

      As
        provided in the Indenture and subject to certain limitations therein set
        forth,
        the transfer of a Security of the series of which this Security is a part
        is
        registrable in the Security Register, upon surrender of this Security for
        registration of transfer at the office or agency of the Company in any place
        where the principal of (and premium, if any) and interest, if any, on this
        Security are payable, duly endorsed by, or accompanied by a written instrument
        of transfer in form satisfactory to the Company and the Security Registrar
        duly
        executed by, the Holder hereof or his attorney duly authorized in writing,
        and
        thereupon one or more new Securities of this series and of like tenor, of
        authorized denominations and for the same aggregate principal amount, will
        be
        issued to the designated transferee or transferees.

       

      The
        Securities of the series of which this Security is a part are issuable only
        in
        registered form, without coupons, in denominations of $2,000 and any integral
        multiple of $1,000 in excess thereof.

       

      No
        service charge shall be made for any such registration of transfer or exchange,
        but the Company may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      Prior
        to
        due presentment of this Security for registration of transfer, the Company,
        the
        Trustee and any agent of the Company or the Trustee may treat the Person
        in
        whose name this Security is registered as the owner hereof for all purposes,
        whether or not this Security be overdue, and neither the Company, the Trustee
        nor any such agent shall be affected by notice to the contrary.

       

      7.           SUCCESSOR
        OBLIGORS

       

      When
        a
        successor assumes all the obligations of its predecessor under the Securities
        of
        this series and the Indenture in accordance with the terms of the Indenture,
        the
        predecessor will be released from those obligations.

       

      8.           TRUSTEE
        DEALINGS WITH THE COMPANY

       

      The
        Trustee under the Indenture, in its individual or any other capacity, may
        become
        the owner or pledgee of Securities of this series and may otherwise deal
        with
        the Company, its Subsidiaries or their respective Affiliates as if it were
        not
        the Trustee.

       

      9.           NO
        RECOURSE AGAINST OTHERS

       

      No
        stockholder, director, officer, employee, incorporator or Affiliate of the
        Company shall have any liability for any obligation of the Company under
        the
        Securities of this series or the Indenture or for any claim based on, in
        respect
        of or by reason of, such obligations or their creation.  Each Holder
        of the Securities of this series by accepting a Security of this series waives
        and releases all such liability.  The waiver and release are part of
        the consideration for the issuance of the Securities of this
        series.

       

      
        
          
          

        

        
          Exhibit
            A-10

          
            

          

        

        
          
          

        

      

       

      10.           AUTHENTICATION

       

      This
        Security shall not be valid until the Trustee or authenticating agent signs
        the
        certificate of authentication on this Security.

       

      11.           CUSIP
        NUMBERS

       

      Pursuant
        to a recommendation promulgated by the Committee on Uniform Security
        Identification Procedures, the Company will cause CUSIP numbers to be printed
        on
        the Securities of this series as a convenience to the Holders of the Securities
        of this series.

       

      12.           GOVERNING
        LAW

       

      This
        Security shall be governed by and construed in accordance with the laws of
        the
        State of New York, including Section 5-1401 of the New York General Obligations
        Law, but otherwise without regard to the principles of conflict of laws
        thereof.

       

      13.           DEFINED
        TERMS

       

      All
        terms
        used in this Security which are defined in the Indenture shall have the meanings
        assigned to them in the Indenture.

       

      

      
        
          
          

        

        
          Exhibit
            A-11

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        A

       

      [SCHEDULE
        OF ADJUSTMENTS]

       

      Initial
        Principal
        Amount:     U.S.$__________________

       

      
        	
                
                  Date
                    Adjustment Made

                

              	
                
                  Notation
                    Made Principal Amount Increase

                

              	
                
                  Principal
                    Amount Decrease

                

              	
                
                  Principal
                    Amount Following Adjustment

                

              	
                
                  On
                    Behalf of the Security Exchange
                    Agent/Registrar

                

              
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

      

       

       

       

      
        
          
          

        

        
          Exhibit
            A-12

          
            

          

        

        
          
          

        

      

       

       

       

      OPTION
        OF
        HOLDER TO ELECT PURCHASE

      

      If
        you
        wish to elect to have all or any portion of the Securities purchased by the
        Company pursuant to a Change of Control Offer made in accordance with Section
        10.10 of the Base Indenture, check the applicable boxes:

       

      I
        wish to
        have the Securities purchased by the Company:

       

             o in
        whole

                     o
        in part

       

      Amount
        to
        be

      purchased:            $________________

      

      

      Dated:   
        __________________                                                           
        Signature:____________________________

      
        	
                 

              	
                 
                  (sign exactly as your name appears on the other side of this
                  Security)

              

      

      

      
        	
                
                  Signature

                

              	
                 

              

      

      
        	
                Guarantee:______________________________

              	
                 

              

      

      

      (Your
        signature must be guaranteed by a financial institution that is a member
        of the
        Securities Transfer Agent Medallion Program (“STAMP”), the Securities
        Exchange Medallion Program (“SEMP”), the New York Stock Exchange, Inc.
        Medallion Signature Program (“MSP”) or such other signature guarantee
        program as may be determined by the Securities Registrar in addition to,
        or in
        substitution for, STAMP, SEMP or MSP, all in accordance with the Securities
        Exchange Act of 1934, as amended.)

      

      Social
        Security Number or

      Taxpayer
        Identification
        Number:     __________________________________

       

      
        
          
          

        

        
          Exhibit
            A-13

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        B

      

       

      FORM
        OF
        FACE OF REGULATION S TEMPORARY

       

      GLOBAL
        SENIOR BOND DUE 2037

       

      THE
        RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL SECURITY, AND THE
        CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE SECURITIES,
        ARE
        AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).  NEITHER THE HOLDER
        NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL SECURITY
        SHALL
        BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.

       

      THIS
        SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
        REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF
        A
        DEPOSITARY.  THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED
        IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY 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
        A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
        OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
        TO
        A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY) MAY BE
        REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

       

      UNLESS
        THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
        DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
        OR
        PAYMENT, AND ANY DEFINITIVE SECURITY IS ISSUED IN THE NAME OR NAMES AS DIRECTED
        IN WRITING BY THE DEPOSITARY, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
        VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED
        OWNER HEREOF, THE DEPOSITARY, HAS AN INTEREST HEREIN.

       

      THIS
        SECURITY HAS BEEN ISSUED IN RELIANCE ON REGULATION S UNDER THE SECURITIES
        ACT
        AND SHALL BEAR THE FOLLOWING LEGEND UNTIL REMOVABLE IN ACCORDANCE WITH ITS
        TERMS
        AND THE TERMS OF THE INDENTURE.

       

       

      
        
          
          

        

        
          Exhibit
            B-1

          
            

          

        

        
          
          

        

      

       

      THIS
        SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
        1933,
        AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
        WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS
        EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.  BY ITS ACQUISITION
        HEREOF, EACH HOLDER OF THIS SECURITY AND ANY OWNERS OF INTERESTS HEREIN (1)
        REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A
        UNDER THE SECURITIES  ACT), (2) AGREES THAT BEGINNING FROM THE LATER
        OF (X) THE ORIGINAL ISSUE DATE OF THIS SECURITY OR (Y) THE LAST DATE ON WHICH
        THE COMPANY OR ANY AFFILIATE THEREOF WAS THE BENEFICIAL OWNER OF THIS SECURITY
        (OR ANY PREDECESSOR HEREOF) THROUGH THE TIME PERIOD REFERRED TO IN RULE 144(K)
        UNDER THE SECURITIES ACT, IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS SECURITY
        EXCEPT (A) TO THE COMPANY OR ANY AFFILIATE THEREOF, (B) TO A QUALIFIED
        INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,
        (C)
        TO AN INSTITUTIONAL “ACCREDITED INVESTOR” THAT PRIOR TO SUCH TRANSFER FURNISHED
        TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
        RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH
        LETTER CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT
        OF
        AN AGGREGATE PRINCIPAL AMOUNT OF SECURITIES AT THE TIME OF TRANSFER OF LESS
        THAN
        $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER
        IS
        IN COMPLIANCE WITH THE SECURITIES ACT, (D) OUTSIDE THE UNITED STATES IN
        COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (E) PURSUANT TO THE EXEMPTION
        FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE)
        OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
        ACT
        AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY
        IS
        TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
        LEGEND.  UNLESS THE COMPANY DETERMINES OTHERWISE IN ACCORDANCE WITH
        APPLICABLE LAW, THIS LEGEND WILL BE REMOVED BY THE COMPANY (1) UPON REQUEST
        OF
        THE HOLDER, AFTER THE EXPIRATION OF THE TIME PERIOD REFERRED TO IN RULE 144(K)
        UNDER THE SECURITIES ACT BEGINNING FROM THE LATER OF (A) THE ORIGINAL ISSUE
        DATE
        OF THIS SECURITY AND (B) THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE
        THEREOF WAS THE BENEFICIAL OWNER OF THIS SECURITY (OR ANY PREDECESSOR HEREOF)
        OR
        (2) WITH RESPECT TO SECURITIES SOLD IN RELIANCE ON REGULATION S, FOLLOWING
        THE
        EXPIRATION OF 40 CONSECUTIVE DAYS BEGINNING ON AND INCLUDING THE LATER OF
        (A)
        THE DAY ON WHICH INTERESTS IN THIS SECURITY ARE OFFERED TO PERSONS OTHER
        THAN
        DISTRIBUTORS (AS DEFINED IN REGULATION S) AND (B) THE ORIGINAL ISSUE DATE
        OF
        THIS SECURITY.  AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,”
“UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION
        S UNDER THE SECURITIES ACT.

       

      
        
          
          

        

        
          Exhibit
            B-2

          
            

          

        

        
          
          

        

      

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY

      6.50%
        Senior Bonds due 2037

       

      $[__________]

       

      No. [___]                                                                                                                                       

         CUSIP
        No. U59354AG2

      ISIN
        No.
        USU59354AG29

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY, a corporation organized under the laws of Iowa (the
        “Company,” which term includes any successor corporation under the
        Indenture hereinafter referred to), for value received, hereby promises to
        pay
        to CEDE & Co., or registered assigns, the principal amount of [_________]
        Dollars (such Initial Principal Amount, as it may from time to time be adjusted
        by endorsement on Schedule A hereto, is hereinafter referred to as the
“Principal Amount”), on September 15, 2037, and to pay interest thereon
        from August 28, 2007, or from the most recent Interest Payment Date to which
        interest has been paid or duly provided for, semi-annually on March 15 and
        September 15 in each year, commencing March 15, 2008, at the rate of 6.50%
        per
        annum, until the Principal Amount hereof is paid or made available for payment;
        provided that any Principal Amount and premium, and any such installment
        of
        interest, which is overdue shall bear interest at the rate of 6.50% per annum
        (or, if lower, the maximum rate legally enforceable) from the dates such
        amounts
        are due until they are paid or made available for payment; provided, further,
        that if a Registration Default (as defined in the Registration Rights Agreement)
        occurs with respect to this Security, interest will accrue on this Security
        at a
        rate of 0.5% per annum from and including the date on which any such
        Registration Default shall occur, until but excluding the date on which all
        Registration Defaults have been cured.  The interest so payable, and
        punctually paid or duly provided for, on any Interest Payment Date will,
        as
        provided in such Indenture, be paid to the Person in whose name this Security
        (or one or more Predecessor Securities) is registered at the close of business
        on the Regular Record Date for such interest, which shall be the March 1
        or
        September 1 (whether or not a Business Day), as the case may be, immediately
        preceding such Interest Payment Date.  Any such interest not so
        punctually paid or duly provided for will forthwith cease to be payable to
        the
        Person in whose name this Security (or one or more Predecessor Securities)
        is
        registered on such Regular Record Date and may be paid to the Person in whose
        name this Security (or one or more Predecessor Securities) is registered
        at the
        close of business on a Special Record Date for the payment of such Defaulted
        Interest to be fixed by the Trustee, notice whereof shall be given to Holders
        of
        Securities of this series not less than 10 days prior to such Special Record
        Date, or be paid at any time in any other lawful manner not inconsistent
        with
        the requirements of any securities exchange on which the Securities of this
        series may be listed, and upon such notice as may be required by such exchange,
        all as more fully provided in said Indenture.

       

      Until
        this Regulation S Temporary Global Security is exchanged for one or more
        Regulation S Permanent Global Securities, the Holder hereof shall not be
        entitled to receive payments of interest hereon; until so exchanged in full,
        this Regulation S Temporary Global Security shall in all other respects be
        entitled to the same benefits as other Securities under the
        Indenture.

       

      
        
          
          

        

        
          Exhibit
            B-3

          
            

          

        

        
          
          

        

      

       

      Payment
        of the principal of (and premium, if any) and interest, if any, on this Security
        will be made at any place of payment or at the office or agency of the Company
        maintained for that purpose in the Borough of Manhattan, The City of New
        York,
        in such coin or currency of the United States as at the time of payment is
        legal
        tender for the payment of public and private debts, provided,
however, that payment of interest may be made by check mailed to
        the
        address of the Person entitled thereto as such address shall appear in the
        Security Register.  Payment of interest, if any, in respect of this
        Security may also be made, in the case of a Holder of at least U.S. $1,000,000
        aggregate principal amount of Securities, by wire transfer to a U.S. Dollar
        account maintained by the Holder with a bank in the United States; provided
        that
        such Holder elects payment by wire transfer by giving written notice to the
        Trustee or Paying Agent to such effect designating such account no later
        than 15
        days immediately preceding the relevant due date for payment (or such other
        date
        as the Trustee may accept in its discretion).

       

      REFERENCE
        IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE
        REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE
        SAME
        EFFECT AS IF 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 Security shall
        not
        be entitled to any benefit under the Indenture or be valid or obligatory
        for any
        purpose.

       

      
        
          
          

        

        
          Exhibit
            B-4

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Company has caused this instrument to be duly
        executed.

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY

       

      By:     

        
          
            

          

        

      

      Name:

      Title:

       

      Attest:

       

      
        By:     

          
            
              

            

          

        

        Name:

        Title:

      

       

      
        
          
          

        

        
          Exhibit
            B-5

          
            

          

        

        
          
          

        

      

      

      TRUSTEE’S
        CERTIFICATE OF AUTHENTICATION

       

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

       

      
        	 	
                THE
                  BANK OF NEW YORK TRUST COMPANY, N.A.,

              	 
	 	 	 as
                Trustee	 
	
                Date__________ 

              	
                By:
                  

              	/s/ 	 
	 	 	Authorized
                Signatory	 
	 	 	 	 
	 	 	 	 

      

       

       

      
        
          
          

        

        
          Exhibit
            B-6

          
            

          

        

        
          
          

        

      

       

      FORM
        OF
        REVERSE OF REGULATION S TEMPORARY

      GLOBAL
        SENIOR BOND DUE 2037

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY

      6.50%
        Senior Bonds due 2037

       

      1.           GENERAL

       

      This
        Security is one of a duly authorized issue of Securities of the Company (the
        “Securities”), issued and to be issued in one or more series under an
        Indenture, dated as of October 4, 2002, between the Company and The Bank
        of New
        York, as trustee (as amended by Article IV of the Second Supplemental Indenture
        thereto, dated as of May 16, 2003, between the Company and The Bank of New
        York,
        as trustee, Article IV of the Fourth Supplemental Indenture, dated as of
        March
        24, 2006, between the Company and The Bank of New York Trust Company, N.A.,
        as
        trustee (the “Trustee”), and Article IV of the Fifth Supplemental Indenture
        thereto, dated as of May 11, 2007, between the Company and the Trustee, the
        “Base Indenture”), as supplemented by the Sixth Supplemental Indenture,
        dated as of August 28, 2007 (together with the Base Indenture, the
“Indenture”), between the Company and the Trustee, to which Indenture and
        all indentures supplemental thereto reference is hereby made for a statement
        of
        the respective rights, limitations of rights, duties and immunities thereunder
        of the Company, the Trustee and the Holders of the Securities and of the
        terms
        upon which the Securities are, and are to be, authenticated and
        delivered.  Terms defined in the Indenture which are not defined
        herein are used with the meanings assigned to them in the
        Indenture.  This Security is one of the series designated on the face
        hereof.

       

      2.           OPTIONAL
        REDEMPTION

       

      The
        Securities of this series are subject to redemption upon not less than 30
        or
        more than 60 days’ notice to the Holders of such Securities as provided in the
        Indenture, at any time, as a whole or in part, at the election of the Company,
        at a redemption price equal to the greater of: (i) 100% of the principal
        amount
        of the Securities of this series being redeemed or (ii) the sum of the present
        values of the remaining scheduled payments of principal of and interest on
        the
        Securities of this series being redeemed discounted to the Redemption Date
        on a
        semiannual basis (assuming a 360-day year consisting of twelve 30-day months)
        at
        a discount rate equal to the Treasury Yield plus 25 basis points, plus, for
        (i)
        or (ii) above, whichever is applicable, accrued interest on the Securities
        of
        this series to the Redemption Date.

       

      “Treasury
        Yield” means, with respect to any Redemption Date, the rate per annum equal
        to the semiannual equivalent yield to maturity of the Comparable Treasury
        Issue,
        assuming a price for the Comparable Treasury Issue (expressed as a percentage
        of
        its principal amount) equal to the Comparable Treasury Price for such Redemption
        Date.

       

      “Comparable
        Treasury Issue” means the United States Treasury security selected by an
        Independent Investment Banker as having a maturity comparable to the remaining
        term of the Securities of this series to be redeemed that would be utilized,
        at
        the time of selection and in accordance with customary financial practice,
        in
        pricing new issues of corporate debt securities of comparable maturity to
        the
        remaining term of the Securities of this series.

       

       

      
        
          
          

        

        
          Exhibit
            B-7

          
            

          

        

        
          
          

        

      

       

      “Comparable
        Treasury Price” means, with respect to any Redemption Date, (i) the average
        of the bid and asked prices for the Comparable Treasury Issue (expressed
        in each
        case as a percentage of its principal amount) on the third Business Day in
        New
        York City preceding such Redemption Date, as set forth in the daily statistical
        release (or any successor release) published by the Federal Reserve Bank
        of New
        York and designated “Composite 3:30 p.m. Quotations for U.S. Government
        Securities” or (ii) if such release (or any successor release) is not published
        or does not contain such prices on such Business Day, the Reference Treasury
        Dealer Quotation for such Redemption Date.

       

      “Independent
        Investment Banker” means an investment banking institution of international
        standing appointed by the Company.

       

      “Reference
        Treasury Dealer” means a primary U.S. government securities dealer in New
        York City appointed by the Company.

       

      “Reference
        Treasury Dealer Quotation” means, with respect to the Reference Treasury
        Dealer and any Redemption Date, the average, as determined by the Company,
        of
        the bid and asked prices for the Comparable Treasury Issue (expressed in
        each
        case as a percentage of its principal amount and quoted in writing to the
        Company by such Reference Treasury Dealer at 5:00 p.m. on the third Business
        Day
        in New York City preceding such Redemption Date).

       

      Notice
        of
        redemption pursuant to this paragraph 2 shall be given as provided for in
        the
        Indenture not less than 30 days nor more than 60 days prior to the Redemption
        Date.

       

      If
        fewer
        than all the Securities of this series are to be redeemed, selection of
        Securities of this series for redemption will be made by the Trustee on a
        pro
        rata basis.

       

      Unless
        the Company defaults in payment of the Redemption Price, from and after the
        Redemption Date, the Securities of this series or portions thereof called
        for
        redemption will cease to bear interest, and the Holders thereof will have
        no
        right in respect of such Securities of this series except the right to receive
        the Redemption Price thereof.

       

      In
        the
        event of redemption of this Security in part only, the Trustee will reduce
        the
        Principal Amount hereof by endorsement on Schedule A hereto such that the
        Principal Amount shown on Schedule A after such endorsement will reflect
        only
        the unredeemed portion hereof.

       

      3.           DEFEASANCE

       

      The
        Indenture contains provisions for defeasance of (a) the entire indebtedness
        of
        this Security and (b) certain restrictive covenants upon compliance by the
        Company with certain conditions set forth therein.

       

      4.           DEFAULTS
        AND REMEDIES

       

      If
        an
        Event of Default with respect to Securities of this series shall occur and
        be
        continuing, the principal of the Securities of this series may be declared
        due
        and payable in the manner and with the effect provided in the
        Indenture.  At any time after such declaration of acceleration with
        respect to Securities of this series has been made, but before a judgment
        or
        decree for payment of money has been obtained by the Trustee as provided
        in the
        Indenture, if all Events of Default with respect to Securities of this series
        have been cured or waived (other than the non-payment of principal of the
        Securities of this series which has become due solely by reason of such
        declaration of acceleration) then, and in every such case, the Holders of
        a
        majority in aggregate principal amount of the Outstanding securities under
        the
        Indenture may, by written notice to the Company and to the Trustee, rescind
        and
        annul such declaration and its consequences on behalf of all of the Holders,
        but
        no such rescission or annulment shall extend to or affect any subsequent
        default
        or impair any right consequent thereon.

       

      
        
          
          

        

        
          Exhibit
            B-8

          
            

          

        

        
          
          

        

      

       

      As
        provided in and subject to the provisions of the Indenture, the Holder of
        this
        Security shall not have the right to institute any proceeding, judicial or
        otherwise, with respect to the Indenture, or for the appointment of a receiver,
        or trustee or for any other remedy thereunder, unless (a) such Holder shall
        have
        previously given the Trustee written notice of a continuing Event of Default
        with respect to the Securities, (b) the Holders of not less than 33% or a
        majority, as applicable, in principal amount of the Securities at the time
        Outstanding under the Indenture shall have made written request to the Trustee
        to institute proceedings in respect of such Event of Default as Trustee,
        (c)
        such Holder shall have offered the Trustee indemnity satisfactory to the
        Trustee
        against the costs, expenses and liabilities to be incurred in compliance
        with
        such request, (d) the Trustee shall not have received from the Holders of
        a
        majority in principal amount of Securities at the time Outstanding under
        the
        Indenture a direction inconsistent with such request and (e) the Trustee
        for 90
        days after its receipt of such notice and offer of indemnity from the Holder,
        and request from the Holders, shall have failed to institute any such
        proceeding.  The foregoing shall not apply to certain suits described
        in the Indenture, including any suit instituted by the Holder of this Security
        for the enforcement of any payment of principal hereof or any premium or
        interest hereon on or after the respective due dates expressed
        herein.

       

      5.           AMENDMENT
        AND WAIVER

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the Indenture or any supplemental indenture
        or
        the rights and obligations of the Company and rights of the Holders of the
        Securities of any series at any time by the Company and the Trustee with
        the
        consent of the Holders of a majority in aggregate principal amount of the
        Securities at the time Outstanding of each series to be affected.  The
        Indenture also contains provisions permitting the Holders of specified
        percentages in principal amount of the Securities of each series at the time
        Outstanding, on behalf of the Holders of all Securities of such series, to
        waive
        compliance by the Company with certain provisions of the Indenture and certain
        past defaults under the Indenture and their consequences.  Any such
        consent or waiver by the Holder of this Security shall be conclusive and
        binding
        upon such Holder and upon all future Holders of this Security and of any
        Security issued upon the registration of transfer hereof or in exchange herefor
        or in lieu hereof, whether or not notation of such consent or waiver is made
        upon this Security.

       

      No
        reference herein to the Indenture and no provision of this Security or of
        the
        Indenture shall alter or impair the obligation of the Company, which is absolute
        and unconditional, to pay the principal of (and premium, if any) and interest,
        if any, on this Security at the times, place and rate, and in the coin or
        currency, herein prescribed.

       

      
        
          
          

        

        
          Exhibit
            B-9

          
            

          

        

        
          
          

        

      

       

      6.           TRANSFER
        AND EXCHANGE; DENOMINATIONS

       

      As
        provided in the Indenture and subject to certain limitations therein set
        forth,
        the transfer of a Security of the series of which this Security is a part
        is
        registrable in the Security Register, upon surrender of this Security for
        registration of transfer at the office or agency of the Company in any place
        where the principal of (and premium, if any) and interest, if any, on this
        Security are payable, duly endorsed by, or accompanied by a written instrument
        of transfer in form satisfactory to the Company and the Security Registrar
        duly
        executed by, the Holder hereof or his attorney duly authorized in writing,
        and
        thereupon one or more new Securities of this series and of like tenor, of
        authorized denominations and for the same aggregate principal amount, will
        be
        issued to the designated transferee or transferees.

       

      The
        Securities of the series of which this Security is a part are issuable only
        in
        registered form, without coupons, in denominations of $2,000 and any integral
        multiple of $1,000 in excess thereof.

       

      No
        service charge shall be made for any such registration of transfer or exchange,
        but the Company may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      Prior
        to
        due presentment of this Security for registration of transfer, the Company,
        the
        Trustee and any agent of the Company or the Trustee may treat the Person
        in
        whose name this Security is registered as the owner hereof for all purposes,
        whether or not this security be overdue, and neither the Company, the Trustee
        nor any such agent shall be affected by notice to the contrary.

       

      This
        Regulation S Temporary Global Security is exchangeable in whole or in part
        for
        one or more Global Securities only (i) on or after the termination of the
        40-day
        distribution compliance period (as defined in Regulation S) and (ii) upon
        presentation of certificates (accompanied by an Opinion of Counsel, if
        applicable) required by Article 2 of the Indenture.  Upon exchange of
        this Regulation S Temporary Global Security for one or more Global Securities,
        the Trustee shall cancel this Regulation S Temporary Global
        Security.

       

      7.           SUCCESSOR
        OBLIGORS

       

      When
        a
        successor assumes all the obligations of its predecessor under the Securities
        of
        this series and the Indenture in accordance with the terms of the Indenture,
        the
        predecessor will be released from those obligations.

       

      8.           TRUSTEE
        DEALINGS WITH THE COMPANY

       

      The
        Trustee under the Indenture, in its individual or any other capacity, may
        become
        the owner or pledgee of Securities of this series and may otherwise deal
        with
        the Company, its Subsidiaries or their respective Affiliates as if it were not
        the Trustee.

       

      
        
          
          

        

        
          Exhibit
            B-10

          
            

          

        

        
          
          

        

      

       

      9.           NO
        RECOURSE AGAINST OTHERS

       

      No
        stockholder, director, officer, employee, incorporator or Affiliate of the
        Company shall have any liability for any obligation of the Company under
        the
        Securities of this series or the Indenture or for any claim based on, in
        respect
        of or by reason of, such obligations or their creation.  Each Holder
        of the Securities of this series by accepting a Security of this series waives
        and releases all such liability.  The waiver and release are part of
        the consideration for the issuance of the Securities of this
        series.

       

      10.           AUTHENTICATION

       

      This
        Security shall not be valid until the Trustee or authenticating agent signs
        the
        certificate of authentication on this Security.

       

      11.           ISIN
        NUMBER

       

      This
        Security will bear an ISIN number.  No representation is made as to
        the accuracy of such number as printed on the Securities of this series and
        reliance may be placed only on the other identification numbers printed
        hereon.

       

      12.           GOVERNING
        LAW

       

      This
        Security shall be governed by and construed in accordance with the laws of
        the
        State of New York, including Section 5-1401 of the New York General Obligations
        Law, but otherwise without regard to the principles of conflict of laws
        thereof.

       

      13.           DEFINED
        TERMS

       

      All
        terms
        used in this Security which are defined in the Indenture shall have the meanings
        assigned to them in the Indenture.

       

      

      
        
          
          

        

        
          Exhibit
            B-11

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        A

       

      SCHEDULE
        OF ADJUSTMENTS

       

      Initial
        Principal
        Amount:     U.S.$[__________________]

       

      
        	
                
                  Date
                    Adjustment Made

                

              	
                
                  Notation
                    Made Principal Amount Increase

                

              	
                
                  Principal
                    Amount Decrease

                

              	
                
                  Principal
                    Amount Following Adjustment

                

              	
                
                  On
                    Behalf of the Security Exchange
                    Agent/Registrar

                

              
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

      

       

       

      
        
          
          

        

        
          Exhibit
            B-12

          
            

          

        

        
          
          

        

      

       

      OPTION
        OF
        HOLDER TO ELECT PURCHASE

      

      If
        you
        wish to elect to have all or any portion of the Securities purchased by the
        Company pursuant to a Change of Control Offer made in accordance with Section
        10.10 of the Base Indenture, check the applicable boxes:

       

      I
        wish to
        have the Securities purchased by the Company:

       

      o in
        whole

       

      o in
        part

       

      Amount
        to
        be

      purchased:           $________________

      

      

      Dated:  
        __________________                                                            Signature:____________________________

      
        	
                 

              	
                 (sign
                  exactly as your name appears on the other side of this
                  Security)

              

      

      

      
        	
                
                  Signature

                

              	
                 

              

      

      
        	
                Guarantee: 
                  ______________________________

              	
                 

              

      

      

      (Your
        signature must be guaranteed by a financial institution that is a member
        of the
        Securities Transfer Agent Medallion Program (“STAMP”), the Securities
        Exchange Medallion Program (“SEMP”), the New York Stock Exchange, Inc.
        Medallion Signature Program (“MSP”) or such other signature guarantee
        program as may be determined by the Securities Registrar in addition to,
        or in
        substitution for, STAMP, SEMP or MSP, all in accordance with the Securities
        Exchange Act of 1934, as amended.)

      

      Social
        Security Number or

      Taxpayer
        Identification
        Number:  __________________________________

       

       

      
        
          
          

        

        
          Exhibit
            B-13

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

       

       

      FORM
        OF
        FACE OF REGULATION S PERMANENT

       

      GLOBAL
        SENIOR BOND DUE 2037

       

      THIS
        SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
        REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF
        A
        DEPOSITARY.  THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED
        IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY 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
        A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
        OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
        TO
        A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY) MAY BE
        REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

       

      UNLESS
        THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
        DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
        OR
        PAYMENT, AND ANY DEFINITIVE SECURITY IS ISSUED IN THE NAME OR NAMES AS DIRECTED
        IN WRITING BY THE DEPOSITARY, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
        VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED
        OWNER HEREOF, THE DEPOSITARY, HAS AN INTEREST HEREIN.

       

      THIS
        SECURITY HAS BEEN ISSUED IN RELIANCE ON REGULATION S UNDER THE SECURITIES
        ACT
        AND SHALL BEAR THE FOLLOWING LEGEND UNTIL REMOVABLE IN ACCORDANCE WITH ITS
        TERMS
        AND THE TERMS OF THE INDENTURE.

       

      
        
          
          

        

        
          Exhibit
            C-1

          
            

          

        

        
          
          

        

      

       

      THIS
        SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
        1933,
        AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
        WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS
        EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.  BY ITS ACQUISITION
        HEREOF, EACH HOLDER OF THIS SECURITY AND ANY OWNERS OF INTERESTS HEREIN (1)
        REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A
        UNDER THE SECURITIES  ACT), (2) AGREES THAT BEGINNING FROM THE LATER
        OF (X) THE ORIGINAL ISSUE DATE OF THIS SECURITY OR (Y) THE LAST DATE ON WHICH
        THE COMPANY OR ANY AFFILIATE THEREOF WAS THE BENEFICIAL OWNER OF THIS SECURITY
        (OR ANY PREDECESSOR HEREOF) THROUGH THE TIME PERIOD REFERRED TO IN RULE 144(K)
        UNDER THE SECURITIES ACT, IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS SECURITY
        EXCEPT (A) TO THE COMPANY OR ANY AFFILIATE THEREOF, (B) TO A QUALIFIED
        INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,
        (C)
        TO AN INSTITUTIONAL “ACCREDITED INVESTOR” THAT PRIOR TO SUCH TRANSFER FURNISHED
        TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
        RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH
        LETTER CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT
        OF
        AN AGGREGATE PRINCIPAL AMOUNT OF SECURITIES AT THE TIME OF TRANSFER OF LESS
        THAN
        $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER
        IS
        IN COMPLIANCE WITH THE SECURITIES ACT, (D) OUTSIDE THE UNITED STATES IN
        COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (E) PURSUANT TO THE EXEMPTION
        FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE)
        OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
        ACT
        AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY
        IS
        TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
        LEGEND.  UNLESS THE COMPANY DETERMINES OTHERWISE IN ACCORDANCE WITH
        APPLICABLE LAW, THIS LEGEND WILL BE REMOVED BY THE COMPANY (1) UPON REQUEST
        OF
        THE HOLDER, AFTER THE EXPIRATION OF THE TIME PERIOD REFERRED TO IN RULE 144(K)
        UNDER THE SECURITIES ACT BEGINNING FROM THE LATER OF (A) THE ORIGINAL ISSUE
        DATE
        OF THIS SECURITY AND (B) THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE
        THEREOF WAS THE BENEFICIAL OWNER OF THIS SECURITY (OR ANY PREDECESSOR HEREOF)
        OR
        (2) WITH RESPECT TO SECURITIES SOLD IN RELIANCE ON REGULATION S, FOLLOWING
        THE
        EXPIRATION OF 40 CONSECUTIVE DAYS BEGINNING ON AND INCLUDING THE LATER OF
        (A)
        THE DAY ON WHICH INTERESTS IN THIS SECURITY ARE OFFERED TO PERSONS OTHER
        THAN
        DISTRIBUTORS (AS DEFINED IN REGULATION S) AND (B) THE ORIGINAL ISSUE DATE
        OF
        THIS SECURITY.  AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,”
“UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION
        S UNDER THE SECURITIES ACT.

       

       

      
        
          
          

        

        
          Exhibit
            C-2

          
            

          

        

        
          
          

        

      

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY

      6.50%
        Senior Bonds due 2037

       

       $[__________]

       

      No. [___]        

                                                                                                                                        CUSIP
        No. [________]

      ISIN
        No.
        [_________]

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY, a corporation organized under the laws of Iowa (the
        “Company,” which term includes any successor corporation under the
        Indenture hereinafter referred to), for value received, hereby promises to
        pay
        to CEDE & Co., or registered assigns, the principal amount of [____________]
        Dollars (such Initial Principal Amount, as it may from time to time be adjusted
        by endorsement on Schedule A hereto, is hereinafter referred to as the
“Principal Amount”), on September 15, 2037, and to pay interest thereon
        from August 28, 2007, or from the most recent Interest Payment Date to which
        interest has been paid or duly provided for, semi-annually on March 15 and
        September 15 in each year, commencing March 15, 2008, at the rate of 6.50%
        per
        annum until the Principal Amount hereof is paid or made available for payment;
        provided that any Principal Amount and premium, and any such installment
        of
        interest, which is overdue shall bear interest at the rate of 6.50% per annum
        (or, if lower, the maximum rate legally enforceable) from the dates such
        amounts
        are due until they are paid or made available for payment; provided, further,
        that if a Registration Default (as defined in the Registration Rights Agreement)
        occurs with respect to this Security, interest will accrue on this Security
        at a
        rate of 0.5% per annum from and including the date on which any such
        Registration Default shall occur, until but excluding the date on which all
        Registration Defaults have been cured.  The interest so payable, and
        punctually paid or duly provided for, on any Interest Payment Date will,
        as
        provided in such Indenture, be paid to the Person in whose name this Security
        (or one or more Predecessor Securities) is registered at the close of business
        on the Regular Record Date for such interest, which shall be the March 1
        or
        September 1 (whether or not a Business Day), as the case may be,
        immediately preceding such Interest Payment Date.  Any such interest
        not so punctually paid or duly provided for will forthwith cease to be payable
        to the Person in whose name this Security (or one or more Predecessor
        Securities) is registered on such Regular Record Date and may be paid to
        the
        Person in whose name this Security (or one or more Predecessor Securities)
        is
        registered at the close of business on a Special Record Date for the payment
        of
        such Defaulted Interest to be fixed by the Trustee, notice whereof shall
        be
        given to Holders of Securities of this series not less than 10 days prior
        to
        such Special Record Date, or be paid at any time in any other lawful manner
        not
        inconsistent with the requirements of any securities exchange on which the
        Securities of this series may be listed, and upon such notice as may be required
        by such exchange, all as more fully provided in said Indenture.

       

      
        
          
          

        

        
          Exhibit
            C-3

          
            

          

        

        
          
          

        

      

       

      
        Payment
          of the principal of (and premium, if any) and interest, if any, on this
          Security
          will be made at any place of payment or at the office or agency of the
          Company
          maintained for that purpose in the Borough of Manhattan, The City of New
          York,
          in such coin or currency of the United States as at the time of payment
          is legal
          tender for the payment of public and private debts, provided,
however, that payment of interest may be made by check mailed
          to the
          address of the Person entitled thereto as such address shall appear in
          the
          Security Register.  Payment of interest, if any, in respect of this
          Security may also be made, in the case of a Holder of at least U.S. $1,000,000
          aggregate principal amount of Securities, by wire transfer to a U.S. Dollar
          account maintained by the Holder with a bank in the United States; provided
          that
          such Holder elects payment by wire transfer by giving written notice to
          the
          Trustee or Paying Agent to such effect designating such account no later
          than 15
          days immediately preceding the relevant due date for payment (or such other
          date
          as the Trustee may accept in its discretion).

      

       

      REFERENCE
        IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE
        REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE
        SAME
        EFFECT AS IF 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 Security shall
        not
        be entitled to any benefit under the Indenture or be valid or obligatory
        for any
        purpose.

       

      
        
          
          

        

        
          Exhibit
            C-4

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Company has caused this instrument to be duly
        executed.

       

       

       

      
        	 	MIDAMERICAN
                ENERGY HOLDINGS
                COMPANY	 
	 	 	 	 
	
                Date

              	
                By:
                  

              	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

      

       

      Attest:

       

      By:    
        
        
          

        

      

      Name:

      Title:

       

       

      
        
          
          

        

        
          Exhibit
            C-5

          
            

          

        

        
          
          

        

      

       

      TRUSTEE’S
        CERTIFICATE OF AUTHENTICATION

       

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

       

      
        	 	
                THE
                  BANK OF NEW YORK TRUST COMPANY, N.A.,

              	 
	 	 	
                as
                  Trustee

              	 
	
                Date:
                  __________    

              	
                By:
                  

              	 	 
	 	 	Authorized
                Signatory	 
	 	 	 	 
	 	 	 	 

      

       

       

      
        
          
          

        

        
          Exhibit
            C-6

          
            

          

        

        
          
          

        

      

       

      FORM
        OF
        REVERSE OF REGULATION S PERMANENT

      GLOBAL
        SENIOR BOND DUE 2037

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY

      6.50%
        Senior Bonds due 2037

       

      1.  GENERAL

       

      This
        Security is one of a duly authorized issue of Securities of the Company (the
        “Securities”), issued and to be issued in one or more series under an
        Indenture, dated as of October 4, 2002, between the Company and The Bank
        of New
        York, as trustee (as amended by Article IV of the Second Supplemental Indenture
        thereto, dated as of May 16, 2003, between the Company and The Bank of New
        York,
        as trustee, Article IV of the Fourth Supplemental Indenture thereto, dated
        as of
        March 24, 2006, between the Company and The Bank of New York Trust Company,
        N.A., as trustee (the “Trustee”), and Article IV of the Fifth Supplemental
        Indenture thereto, dated as of May 11, 2007, between the Company and the
        Trustee, the “Base Indenture”), as supplemented by the Sixth Supplemental
        Indenture, dated as of August 28, 2007 (together with the Base Indenture,
        the
“Indenture”), between the Company and the Trustee, to which Indenture and
        all indentures supplemental thereto reference is hereby made for a statement
        of
        the respective rights, limitations of rights, duties and immunities thereunder
        of the Company, the Trustee and the Holders of the Securities and of the
        terms
        upon which the Securities are, and are to be, authenticated and
        delivered.  Terms defined in the Indenture which are not defined
        herein are used with the meanings assigned to them in the
        Indenture.  This Security is one of the series designated on the face
        hereof.

       

      2.  OPTIONAL
        REDEMPTION

       

      The
        Securities of this series are subject to redemption upon not less than 30
        or
        more than 60 days’ notice to the Holders of such Securities as provided in the
        Indenture, at any time, as a whole or in part, at the election of the Company
        at
        any time, at a redemption price equal to the greater of: (i) 100% of the
        principal amount of the Securities of this series being redeemed or (ii)
        the sum
        of the present values of the remaining scheduled payments of principal of
        and
        interest on the Securities of this series being redeemed discounted to the
        Redemption Date on a semiannual basis (assuming a 360-day year consisting
        of
        twelve 30-day months) at a discount rate equal to the Treasury Yield plus
        25
        basis points, plus, for (i) or (ii) above, whichever is applicable, accrued
        interest on the Securities of this series to the Redemption Date.

       

      “Treasury
        Yield” means, with respect to any Redemption Date, the rate per annum equal
        to the semiannual equivalent yield to maturity of the Comparable Treasury
        Issue,
        assuming a price for the Comparable Treasury Issue (expressed as a percentage
        of
        its principal amount) equal to the Comparable Treasury Price for such Redemption
        Date.

       

      “Comparable
        Treasury Issue” means the United States Treasury security selected by an
        Independent Investment Banker as having a maturity comparable to the remaining
        term of the Securities of this series to be redeemed that would be utilized,
        at
        the time of selection and in accordance with customary financial practice,
        in
        pricing new issues of corporate debt securities of comparable maturity to
        the
        remaining term of the Securities of this series.

       

      
        
          
          

        

        
          Exhibit
            C-7

          
            

          

        

        
          
          

        

      

       

      “Comparable
        Treasury Price” means, with respect to any Redemption Date, (i) the average
        of the bid and asked prices for the Comparable Treasury Issue (expressed
        in each
        case as a percentage of its principal amount) on the third Business Day in
        New
        York City preceding such Redemption Date, as set forth in the daily statistical
        release (or any successor release) published by the Federal Reserve Bank
        of New
        York and designated “Composite 3:30 p.m. Quotations for U.S. Government
        Securities” or (ii) if such release (or any successor release) is not published
        or does not contain such prices on such Business Day, the Reference Treasury
        Dealer Quotation for such Redemption Date.

       

      “Independent
        Investment Banker” means an investment banking institution of international
        standing appointed by the Company.

       

      “Reference
        Treasury Dealer” means a primary U.S. government securities dealer in New
        York City appointed by the Company.

       

      “Reference
        Treasury Dealer Quotation” means, with respect to the Reference Treasury
        Dealer and any Redemption Date, the average, as determined by the Company,
        of
        the bid and asked prices for the Comparable Treasury Issue (expressed in
        each
        case as a percentage of its principal amount and quoted in writing to the
        Company by such Reference Treasury Dealer at 5:00 p.m. on the third Business
        Day
        in New York City preceding such Redemption Date).

       

      Notice
        of
        redemption pursuant to this paragraph 2 shall be given as provided for in
        the
        Indenture not less than 30 days nor more than 60 days prior to the Redemption
        Date.

       

      If
        fewer
        than all the Securities of this series are to be redeemed, selection of
        Securities of this series for redemption will be made by the Trustee on a
        pro
        rata basis.

       

      Unless
        the Company defaults in payment of the Redemption Price, from and after the
        Redemption Date, the Securities of this series or portions thereof called
        for
        redemption will cease to bear interest, and the Holders thereof will have
        no
        right in respect of such Securities of this series except the right to receive
        the Redemption Price thereof.

       

      In
        the
        event of redemption of this Security in part only, the Trustee will reduce
        the
        Principal Amount hereof by endorsement on Schedule A hereto such that the
        Principal Amount shown on Schedule A after such endorsement will reflect
        only
        the unredeemed portion hereof.

       

      3.  DEFEASANCE

       

      The
        Indenture contains provisions for defeasance of (a) the entire indebtedness
        of
        this Security and (b) certain restrictive covenants upon compliance by the
        Company with certain conditions set forth therein.

       

      4.  DEFAULTS
        AND REMEDIES

       

      If
        an
        Event of Default with respect to Securities of this series shall occur and
        be
        continuing, the principal of the Securities of this series may be declared
        due
        and payable in the manner and with the effect provided in the
        Indenture.  At any time after such declaration of acceleration with
        respect to Securities of this series has been made, but before a judgment
        or
        decree for payment of money has been obtained by the Trustee as provided
        in the
        Indenture, if all Events of Default with respect to Securities of this series
        have been cured or waived (other than the non-payment of principal of the
        Securities of this series which has become due solely by reason of such
        declaration of acceleration) then, and in every such case, the Holders of
        a
        majority in aggregate principal amount of the Outstanding securities of such
        series may, by written notice to the Company and to the Trustee, rescind
        and
        annul such declaration and its consequences on behalf of all of the Holders,
        but
        no such rescission or annulment shall extend to or affect any subsequent
        default
        or impair any right consequent thereon.

       

      
        
          
          

        

        
          Exhibit
            C-8

          
            

          

        

        
          
          

        

      

       

      As
        provided in and subject to the provisions of the Indenture, the Holder of
        this
        Security shall not have the right to institute any proceeding, judicial or
        otherwise, with respect to the Indenture, or for the appointment of a receiver,
        or trustee or for any other remedy thereunder, unless (a) such Holder shall
        have
        previously given the Trustee written notice of a continuing Event of Default
        with respect to the securities, (b) the Holders of not less than 33% or a
        majority, as applicable, in principal amount of the Securities at the time
        Outstanding under the Indenture shall have made written request to the Trustee
        to institute proceedings in respect of such Event of Default as Trustee,
        (c)
        such Holder shall have offered the Trustee indemnity satisfactory to the
        Trustee
        against the costs, expenses and liabilities to be incurred in compliance
        with
        such request, (d) the Trustee shall not have received from the Holders of
        a
        majority in principal amount of Securities at the time Outstanding under
        the
        Indenture a direction inconsistent with such request and (e) the Trustee
        for 90
        days after its receipt of such notice and offer of indemnity from the Holder,
        and request from the Holders shall have failed to institute any such
        proceeding.  The foregoing shall not apply to certain suits described
        in the Indenture, including any suit instituted by the Holder of this Security
        for the enforcement of any payment of principal hereof or any premium or
        interest hereon on or after the respective due dates expressed
        herein.

       

      5.  AMENDMENT
        AND WAIVER

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the Indenture or any supplemental indenture
        or
        the rights and obligations of the Company and rights of the Holders of the
        Securities of any series at any time by the Company and the Trustee with
        the
        consent of the Holders of a majority in aggregate principal amount of the
        Securities at the time Outstanding of each series to be affected.  The
        Indenture also contains provisions permitting the Holders of specified
        percentages in principal amount of the Securities of each series at the time
        Outstanding, on behalf of the Holders of all Securities of such series, to
        waive
        compliance by the Company with certain provisions of the Indenture and certain
        past defaults under the Indenture and their consequences.  Any such
        consent or waiver by the Holder of this Security shall be conclusive and
        binding
        upon such Holder and upon all future Holders of this Security and of any
        Security issued upon the registration of transfer hereof or in exchange herefor
        or in lieu hereof, whether or not notation of such consent or waiver is made
        upon this Security.

       

      No
        reference herein to the Indenture and no provision of this Security or of
        the
        Indenture shall alter or impair the obligation of the Company, which is absolute
        and unconditional, to pay the principal of (and premium, if any) and interest,
        if any, on this Security at the times, place and rate, and in the coin or
        currency, herein prescribed.

       

      
        
          
          

        

        
          Exhibit
            C-9

          
            

          

        

        
          
          

        

      

       

      6.  TRANSFER
        AND EXCHANGE; DENOMINATIONS

       

      As
        provided in the Indenture and subject to certain limitations therein set
        forth,
        the transfer of a Security of the series of which this Security is a part
        is
        registrable in the Security Register, upon surrender of this Security for
        registration of transfer at the office or agency of the Company in any place
        where the principal of (and premium, if any) and interest, if any, on this
        Security are payable, duly endorsed by, or accompanied by a written instrument
        of transfer in form satisfactory to the Company and the Security Registrar
        duly
        executed by, the Holder hereof or his attorney duly authorized in writing,
        and
        thereupon one or more new Securities of this series and like tenor, of
        authorized denominations and for the same aggregate principal amount, will
        be
        issued to the designated transferee or transferees.

       

      The
        Securities of the series of which this Security is a part are issuable only
        in
        registered form, without coupons, in denominations of $2,000 and any integral
        multiple of $1,000 in excess thereof.

       

      No
        service charge shall be made for any such registration of transfer or exchange,
        but the Company may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      Prior
        to
        due presentment of this Security for registration of transfer, the Company,
        the
        Trustee and any agent of the Company or the Trustee may treat the Person
        in
        whose name this Security is registered as the owner hereof for all purposes,
        whether or not this security be overdue, and neither the Company, the Trustee
        nor any such agent shall be affected by notice to the contrary.

       

      7.  SUCCESSOR
        OBLIGORS

       

      When
        a
        successor assumes all the obligations of its predecessor under the Securities
        of
        this series and the Indenture in accordance with the terms of the Indenture,
        the
        predecessor will be released from those obligations.

       

      8.  TRUSTEE
        DEALINGS WITH THE COMPANY

       

      The
        Trustee under the Indenture, in its individual or any other capacity, may
        become
        the owner or pledgee of Securities of this series and may otherwise deal
        with
        the Company, its Subsidiaries or their respective Affiliates as if it were
        not
        the Trustee.

       

      9.  NO
        RECOURSE AGAINST OTHERS

       

      No
        stockholder, director, officer, employee, incorporator or Affiliate of the
        Company shall have any liability for any obligation of the Company under
        the
        Securities of this series or the Indenture or for any claim based on, in
        respect
        of or by reason of, such obligations or their creation.  Each Holder
        of the Securities of this series by accepting a Security of this series waives
        and releases all such liability.  The waiver and release are part of
        the consideration for the issuance of the Securities of this
        series.

       

      
        
          
          

        

        
          Exhibit
            C-10

          
            

          

        

        
          
          

        

      

       

      10.  AUTHENTICATION

       

      This
        Security shall not be valid until the Trustee or authenticating agent signs
        the
        certificate of authentication on this Security.

       

      11.  ISIN
        NUMBER

       

      This
        Security will bear an ISIN number.  No representation is made as to
        the accuracy of such number as printed on the Securities of this series and
        reliance may be placed only on the other identification numbers printed
        hereon.

       

      12.  GOVERNING
        LAW

       

      This
        Security shall be governed by and construed in accordance with the laws of
        the
        State of New York, including Section 5-1401 of the New York General Obligations
        Law, but otherwise without regard to the principles of conflict of laws
        thereof.

       

      13.  DEFINED
        TERMS

       

      All
        terms
        used in this Security which are defined in the Indenture shall have the meanings
        assigned to them in the Indenture.

       

      
        
          
          

        

        
          Exhibit
            C-11

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        A

       

      SCHEDULE
        OF ADJUSTMENTS

       

      Initial
        Principal Amount:    U.S.$[__________________]

       

      
        	
                
                  Date
                    Adjustment Made

                

              	
                
                  Notation
                    Made Principal Amount Increase

                

              	
                
                  Principal
                    Amount Decrease

                

              	
                
                  Principal
                    Amount Following Adjustment

                

              	
                
                  On
                    Behalf of the Security Exchange
                    Agent/Registrar

                

              
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

      

       

       

      
        
          
          

        

        
          Exhibit
            C-12

          
            

          

        

        
          
          

        

      

      
 

      OPTION
        OF
        HOLDER TO ELECT PURCHASE

      

      If
        you
        wish to elect to have all or any portion of the Securities purchased by the
        Company pursuant to a Change of Control Offer made in accordance with Section
        10.10 of the Base Indenture, check the applicable boxes:

       

      I
        wish to
        have the Securities purchased by the Company:

       

      o in
        whole

       

      o in
        part

       

      Amount
        to
        be

      purchased:  $________________

      

      

      Dated:  
        __________________                                                            Signature:____________________________

      
        	
                 

              	
                 (sign
                  exactly as your name appears on the other side of this
                  Security)

              

      

      

      
        	
                
                  Signature

                

              	
                 

              

      

      
        	
                Guarantee: 
                  ______________________________

              	
                 

              

      

      

      (Your
        signature must be guaranteed by a financial institution that is a member
        of the
        Securities Transfer Agent Medallion Program (“STAMP”), the Securities
        Exchange Medallion Program (“SEMP”), the New York Stock Exchange, Inc.
        Medallion Signature Program (“MSP”) or such other signature guarantee
        program as may be determined by the Securities Registrar in addition to,
        or in
        substitution for, STAMP, SEMP or MSP, all in accordance with the Securities
        Exchange Act of 1934, as amended.)

      

      Social
        Security Number or

      Taxpayer
        Identification
        Number:    __________________________________

       

       

      
        
          
          

        

        
          Exhibit
            C-13

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        D

      FORM
        OF
        FACE OF RESTRICTED DEFINITIVE

       

      SENIOR
        BOND DUE 2037

       

      THIS
        SECURITY HAS INITIALLY BEEN RESOLD TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS
        DESCRIBED BY RULE 501(a)(1), (2), (3) or (7) UNDER THE SECURITIES ACT) IN
        A
        TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT AND SHALL BEAR
        THE
        FOLLOWING LEGEND UNTIL REMOVABLE IN ACCORDANCE WITH ITS TERMS AND THE TERMS
        OF
        THE INDENTURE:

       

       

      
        
          
          

        

        
          Exhibit
            D-1

          
            

          

        

        
          
          

        

      

       

      THIS
        SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
        1933,
        AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
        WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS
        EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.  BY ITS ACQUISITION
        HEREOF, EACH HOLDER OF THIS SECURITY AND ANY OWNERS OF INTERESTS HEREIN (1)
        REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A
        UNDER THE SECURITIES  ACT), (2) AGREES THAT BEGINNING FROM THE LATER
        OF (X) THE ORIGINAL ISSUE DATE OF THIS SECURITY OR (Y) THE LAST DATE ON WHICH
        THE COMPANY OR ANY AFFILIATE THEREOF WAS THE BENEFICIAL OWNER OF THIS SECURITY
        (OR ANY PREDECESSOR HEREOF) THROUGH THE TIME PERIOD REFERRED TO IN RULE 144(K)
        UNDER THE SECURITIES ACT, IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS SECURITY
        EXCEPT (A) TO THE COMPANY OR ANY AFFILIATE THEREOF, (B) TO A QUALIFIED
        INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,
        (C)
        TO AN INSTITUTIONAL “ACCREDITED INVESTOR” THAT PRIOR TO SUCH TRANSFER FURNISHED
        TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
        RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH
        LETTER CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT
        OF
        AN AGGREGATE PRINCIPAL AMOUNT OF SECURITIES AT THE TIME OF TRANSFER OF LESS
        THAN
        $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER
        IS
        IN COMPLIANCE WITH THE SECURITIES ACT, (D) OUTSIDE THE UNITED STATES IN
        COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (E) PURSUANT TO THE EXEMPTION
        FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE)
        OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
        ACT
        AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY
        IS
        TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
        LEGEND.  UNLESS THE COMPANY DETERMINES OTHERWISE IN ACCORDANCE WITH
        APPLICABLE LAW, THIS LEGEND WILL BE REMOVED BY THE COMPANY (1) UPON REQUEST
        OF
        THE HOLDER, AFTER THE EXPIRATION OF THE TIME PERIOD REFERRED TO IN RULE 144(K)
        UNDER THE SECURITIES ACT BEGINNING FROM THE LATER OF (A) THE ORIGINAL ISSUE
        DATE
        OF THIS SECURITY AND (B) THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE
        THEREOF WAS THE BENEFICIAL OWNER OF THIS SECURITY (OR ANY PREDECESSOR HEREOF)
        OR
        (2) WITH RESPECT TO SECURITIES SOLD IN RELIANCE ON REGULATION S, FOLLOWING
        THE
        EXPIRATION OF 40 CONSECUTIVE DAYS BEGINNING ON AND INCLUDING THE LATER OF
        (A)
        THE DAY ON WHICH INTERESTS IN THIS SECURITY ARE OFFERED TO PERSONS OTHER
        THAN
        DISTRIBUTORS (AS DEFINED IN REGULATION S) AND (B) THE ORIGINAL ISSUE DATE
        OF
        THIS SECURITY.  AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,”
“UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION
        S UNDER THE SECURITIES ACT.

       

       

      
        
          
          

        

        
          Exhibit
            D-2

          
            

          

        

        
          
          

        

      

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY

      6.50%
        Senior Bonds due 2037

       

      $[_____________]

       

      No. [__]   

                                                                                                                                             CUSIP
        No. [__________]

      ISIN
        No.
        [__________]

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY, a corporation organized under the laws of Iowa (herein
        called the “Company,” which term includes any successor corporation under
        the Indenture hereinafter referred to), for value received, hereby promises
        to
        pay to [name of registered owner or its registered assigns] the principal
        sum of
        [__________] Dollars (the “Principal Amount”) on September 15, 2037, and
        to pay interest thereon from August 28, 2007, or from the most recent Interest
        Payment Date to which interest has been paid or duly provided for, semi-annually
        on March 15 or September 15 in each year, commencing March 15, 2008, at the
        rate
        of 6.50% per annum, until the Principal Amount hereof is paid or made available
        for payment; provided that any Principal Amount and premium, and any such
        installment of interest, which is overdue shall bear interest at the rate
        of
        6.50% per annum (or, if lower, the maximum rate legally enforceable) from
        the
        dates such amounts are due until they are paid or made available for payment;
        provided, further, that if a Registration Default (as defined in the
        Registration Rights Agreement) occurs with respect to this Security, interest
        will accrue on this Security at a rate of 0.5% per annum from and including
        the
        date on which any such Registration Default shall occur, until but excluding
        the
        date on which all Registration Defaults have been cured.  The interest
        so payable, and punctually paid or duly provided for, on any Interest Payment
        Date will, as provided in such Indenture, be paid to the Person in whose
        name
        this Security (or one or more Predecessor Securities) is registered at the
        close
        of business on the Regular Record Date for such interest, which shall be
        the
        March 1 or September 1 (whether or not a Business Day), as the case may be,
        immediately preceding such Interest Payment Date.  Any such interest
        not so punctually paid or duly provided for will forthwith cease to be payable
        to the Person in whose name this Security (or one or more Predecessor
        Securities) is registered on such Regular Record Date and may be paid to
        the
        Person in whose name this Security (or one or more Predecessor Securities)
        is
        registered at the close of business on a Special Record Date for the payment
        of
        such Defaulted Interest to be fixed by the Trustee, notice whereof shall
        be
        given to Holders of Securities of this series not less than 10 days prior
        to
        such Special Record Date, or be paid at any time in any other lawful manner
        not
        inconsistent with the requirements of any securities exchange on which the
        Securities of this series may be listed, and upon such notice as may be required
        by such exchange, all as more fully provided in said Indenture.

       

      Payment
        of the principal of (and premium, if any) and interest, if any, on this Security
        will be made at any place of payment or at the office or agency of the Company
        maintained for that purpose in the Borough of Manhattan, The City of New
        York,
        in such coin or currency of the United States as at the time of payment is
        legal
        tender for the payment of public and private debts, provided,
however, that, payment of interest may be made by check mailed to
        the
        address of the Person entitled thereto as such address shall appear in the
        Security Register.  Payment of interest, if any, in respect of this
        Security may also be made, in the case of a Holder of at least U.S. $1,000,000
        aggregate principal amount of Securities, by wire transfer to a U.S. Dollar
        account maintained by the Holder with a bank in the United States; provided
        that
        such Holder elects payment by wire transfer by giving written notice to the
        Trustee or Paying Agent to such effect designating such account no later
        than 15
        days immediately preceding the relevant due date for payment (or such other
        date
        as the Trustee may accept in its discretion).

       

      
        
          
          

        

        
          Exhibit
            D-3

          
            

          

        

        
          
          

        

      

       

      REFERENCE
        IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE
        REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE
        SAME
        EFFECT AS IF 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 Security shall
        not
        be entitled to any benefit under the Indenture or be valid or obligatory
        for any
        purpose.

       

      
        
          
          

        

        
          Exhibit
            D-4

          
            

          

        

        
          
          

        

      

       

       

      IN
        WITNESS WHEREOF, the Company has caused this instrument to be duly
        executed.

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY

       

      By:      
        
        
          

        

      

      Name:

      Title:

      

      Attest:

       

      By:       
        
        
          
Name:

      

      Title:

       

       

      
        
          
          

        

        
          Exhibit
            D-5

          
            

          

        

        
          
          

        

      

      
 

      TRUSTEE’S
        CERTIFICATE OF AUTHENTICATION

       

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

       

      
        	 	
                THE
                  BANK OF NEW YORK TRUST COMPANY, N.A.,

              	 
	 	 	
                as
                  Trustee

              	 
	
                Date: 
                  __________ 

              	
                By:
                  

              	 	 
	 	 	 Authorized
                Signatory	 
	 	 	 	 
	 	 	 	 

      

       

       

      
        
          
          

        

        
          Exhibit
            D-6

          
            

          

        

        
          
          

        

      

       

      FORM
        OF
        REVERSE OF RESTRICTED DEFINITIVE SENIOR BOND DUE 2037

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY

      6.50%
        Senior Bonds due 2037

       

      1.           GENERAL

       

      This
        Security is one of a duly authorized issue of Securities of the Company (the
        “Securities”), issued and to be issued in one or more series under an
        Indenture, dated as of October 4, 2002, between the Company and The Bank
        of New
        York, as trustee (as amended by Article IV of the Second Supplemental Indenture
        thereto, dated as of May 16, 2003, between the Company and The Bank of New
        York,
        as trustee, Article IV of the Fourth Supplemental Indenture thereto, dated
        as of
        March 24, 2006, between the Company and The Bank of New York Trust Company,
        N.A., as trustee (the “Trustee”), and Article IV of the Fifth Supplemental
        Indenture thereto, dated as of May 11, 2007, between the Company and the
        Trustee, the “Base Indenture”), as supplemented by the Sixth Supplemental
        Indenture, dated as of August 28, 2007 (together with the Base Indenture,
        the
“Indenture”), between the Company and the Trustee, to which Indenture and
        all indentures supplemental thereto reference is hereby made for a statement
        of
        the respective rights, limitations of rights, duties and immunities thereunder
        of the Company, the Trustee and the Holders of the Securities and of the
        terms
        upon which the Securities are, and are to be, authenticated and
        delivered.  Terms defined in the Indenture which are not defined
        herein are used with the meanings assigned to them in the
        Indenture.  This Security is one of the series designated on the face
        hereof.

       

      2.           OPTIONAL
        REDEMPTION

       

      The
        Securities of this series are subject to redemption upon not less than 30
        or
        more than 60 days’ notice to the Holders of such Securities as provided in the
        Indenture, at any time, as a whole or in part, at the election of the Company,
        at a redemption price equal to the greater of: (i) 100% of the principal
        amount
        of the Securities of this series being redeemed or (ii) the sum of the present
        values of the remaining scheduled payments of principal of and interest on
        the
        Securities of this series being redeemed discounted to the Redemption Date
        on a
        semiannual basis (assuming a 360-day year consisting of twelve 30-day months)
        at
        a discount rate equal to the Treasury Yield plus 25 basis points, plus, for
        (i)
        or (ii) above, whichever is applicable, accrued interest on the Securities
        of
        this series to the Redemption Date.

       

      “Treasury
        Yield” means, with respect to any Redemption Date, the rate per annum equal
        to the semiannual equivalent yield to maturity of the Comparable Treasury
        Issue,
        assuming a price for the Comparable Treasury Issue (expressed as a percentage
        of
        its principal amount) equal to the Comparable Treasury Price for such Redemption
        Date.

       

      “Comparable
        Treasury Issue” means the United States Treasury security selected by an
        Independent Investment Banker as having a maturity comparable to the remaining
        term of the Securities of this series to be redeemed that would be utilized,
        at
        the time of selection and in accordance with customary financial practice,
        in
        pricing new issues of corporate debt securities of comparable maturity to
        the
        remaining term of the Securities of this series.

       

      
        
          
          

        

        
          Exhibit
            D-7

          
            

          

        

        
          
          

        

      

       

      “Comparable
        Treasury Price” means, with respect to any Redemption Date, (i) the average
        of the bid and asked prices for the Comparable Treasury Issue (expressed
        in each
        case as a percentage of its principal amount) on the third Business Day in
        New
        York City preceding such Redemption Date, as set forth in the daily statistical
        release (or any successor release) published by the Federal Reserve Bank
        of New
        York and designated “Composite 3:30 p.m. Quotations for U.S. Government
        Securities” or (ii) if such release (or any successor release) is not published
        or does not contain such prices on such Business Day, the Reference Treasury
        Dealer Quotation for such Redemption Date.

       

      “Independent
        Investment Banker” means an investment banking institution of international
        standing appointed by the Company.

       

      “Reference
        Treasury Dealer” means a primary U.S. government securities dealer in New
        York City appointed by the Company.

       

      “Reference
        Treasury Dealer Quotation” means, with respect to the Reference Treasury
        Dealer and any Redemption Date, the average, as determined by the Company,
        of
        the bid and asked prices for the Comparable Treasury Issue (expressed in
        each
        case as a percentage of its principal amount and quoted in writing to the
        Company by such Reference Treasury Dealer at 5:00 p.m. on the third Business
        Day
        in New York City preceding such Redemption Date).

       

      Notice
        of
        redemption pursuant to this paragraph 2 shall be given as provided for in
        the
        Indenture not less than 30 days nor more than 60 days prior to the Redemption
        Date.

       

      If
        fewer
        than all the Securities of this series are to be redeemed, selection of
        Securities of this series for redemption will be made by the Trustee on a
        pro
        rata basis.

       

      Unless
        the Company defaults in payment of the Redemption Price, from and after the
        Redemption Date, the Securities of this series or portions thereof called
        for
        redemption will cease to bear interest, and the Holders thereof will have
        no
        right in respect of such Securities of this series except the right to receive
        the Redemption Price thereof.

       

      3.           DEFEASANCE

       

      The
        Indenture contains provisions for defeasance of (a) the entire indebtedness
        of
        this Security and (b) certain restrictive covenants upon compliance by the
        Company with certain conditions set forth therein.

       

      4.           DEFAULTS
        AND REMEDIES

       

      If
        an
        Event of Default with respect to Securities of this series shall occur and
        be
        continuing, the principal of the Securities of this series may be declared
        due
        and payable in the manner and with the effect provided in the
        Indenture.  At any time after such declaration of acceleration with
        respect to Securities of this series has been made, but before a judgment
        or
        decree for payment of money has been obtained by the Trustee as provided
        in the
        Indenture, if all Events of Default with respect to Securities of this series
        have been cured or waived (other than the non-payment of principal of the
        Securities of this series which has become due solely by reason of such
        declaration of acceleration) then and in every such case, the Holders of
        a
        majority in aggregate principal amount of the Outstanding securities of such
        series may, by written notice to the Company and to the Trustee, rescind
        and
        annul such declaration and its consequences on behalf of all of the Holders,
        but
        no such rescission or annulment shall extend to or affect any subsequent
        default
        or impair any right consequent thereon.

       

      
        
          
          

        

        
          Exhibit
            D-8

          
            

          

        

        
          
          

        

      

       

      As
        provided in and subject to the provisions of the Indenture, the Holder of
        this
        Security shall not have the right to institute any proceeding, judicial or
        otherwise, with respect to the Indenture, or for the appointment of a receiver
        or trustee or for any other remedy thereunder, unless (a) such Holder shall
        have
        previously given the Trustee written notice of a continuing Event of Default
        with respect to the Securities, (b) the Holders of not less than 33% or a
        majority, as applicable, in principal amount of the Securities at the time
        Outstanding under the Indenture shall have made written request to the Trustee
        to institute proceedings in respect of such Event of Default as Trustee,
        (c)
        such Holder shall have offered the Trustee indemnity satisfactory to the
        Trustee
        against the costs, expenses and liabilities to be incurred in compliance
        with
        such request, (d) the Trustee shall not have received from the Holders of
        a
        majority in principal amount of Securities at the time Outstanding under
        the
        Indenture a direction inconsistent with such request and (e) the Trustee
        for 90
        days after its receipt of such notice and offer of indemnity from the Holder,
        and request from the Holders, shall have failed to institute any such
        proceeding.  The foregoing shall not apply to certain suits described
        in the Indenture, including any suit instituted by the Holder of this Security
        for the enforcement of any payment of principal hereof or any premium or
        interest hereon on or after the respective due dates expressed
        herein.

       

      5.           AMENDMENT
        AND WAIVER

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the Indenture or any supplemental indenture
        or
        the rights and obligations of the Company and rights of the Holders of the
        Securities of any series at any time by the Company and the Trustee with
        the
        consent of the Holders of a majority in aggregate principal amount of the
        Securities at the time Outstanding of each series to be affected.  The
        Indenture also contains provisions permitting the Holders of specified
        percentages in principal amount of the Securities of each series at the time
        Outstanding, on behalf of the Holders of all Securities of such series, to
        waive
        compliance by the Company with certain provisions of the Indenture and certain
        past defaults under the Indenture and their consequences.  Any such
        consent or waiver by the Holder of this Security shall be conclusive and
        binding
        upon such Holder and upon all future Holders of this Security and of any
        Security issued upon the registration of transfer hereof or in exchange herefor
        or in lieu hereof, whether or not notation of such consent or waiver is made
        upon this Security.

       

      No
        reference herein to the Indenture and no provision of this Security or of
        the
        Indenture shall alter or impair the obligation of the Company, which is absolute
        and unconditional, to pay the principal of (and premium, if any) and interest,
        if any, on this Security at the times, place and rate, and in the coin or
        currency, herein prescribed.

       

      
        
          
          

        

        
          Exhibit
            D-9

          
            

          

        

        
          
          

        

      

       

      6.           TRANSFER
        AND EXCHANGE; DENOMINATIONS

       

      As
        provided in the Indenture and subject to certain limitations therein set
        forth,
        the transfer of a Security is registrable in the Security Register, upon
        surrender of this Security for registration of transfer at the office or
        agency
        of the Company in any place where the principal of (and premium, if any)
        and
        interest, if any, on this Security are payable, duly endorsed by, or accompanied
        by a written instrument of transfer in form satisfactory to the Company and
        the
        Security Registrar duly executed by, the Holder hereof or his attorney duly
        authorized in writing, and thereupon one or more new Securities of this series
        and of like tenor, of authorized denominations and for the same aggregate
        principal amount, will be issued to the designated transferee or
        transferees.

       

      The
        Securities of the series of which this Security is a part are issuable only
        in
        registered form, without coupons, in denominations of $2,000 and any integral
        multiple of $1,000 in excess thereof.

       

      No
        service charge shall be made for any such registration of transfer or exchange,
        but the Company may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      Prior
        to
        due presentment of this Security for registration of transfer, the Company,
        the
        Trustee and any agent of the Company or the Trustee may treat the Person
        in
        whose name this Security is registered as the owner hereof for all purposes,
        whether or not this Security be overdue, and neither the Company, the Trustee
        nor any such agent shall be affected by notice to the contrary.

       

      7.           SUCCESSOR
        OBLIGORS

       

      When
        a
        successor assumes all the obligations of its predecessor under the Securities
        of
        this series and the Indenture in accordance with the terms of the Indenture,
        the
        predecessor will be released from those obligations.

       

      8.           TRUSTEE
        DEALINGS WITH THE COMPANY

       

      The
        Trustee under the Indenture, in its individual or any other capacity, may
        become
        the owner or pledgee of Securities of this series and may otherwise deal
        with
        the Company, its Subsidiaries or their respective Affiliates as if it were
        not
        the Trustee.

       

      9.           NO
        RECOURSE AGAINST OTHERS

       

      No
        stockholder, director, officer, employee, incorporator or Affiliate of the
        Company shall have any liability for any obligation of the Company under
        the
        Securities of this series or the Indenture or for any claim based on, in
        respect
        of or by reason of, such obligations or their creation.  Each Holder
        of the Securities of this series by accepting a Security of this series waives
        and releases all such liability.  The waiver and release are part of
        the consideration for the issuance of the Securities of this
        series.

       

      
        
          
          

        

        
          Exhibit
            D-10

          
            

          

        

        
          
          

        

      

       

      10.           AUTHENTICATION

       

      This
        Security shall not be valid until the Trustee or authenticating agent signs
        the
        certificate of authentication on this Security.

       

      11.           CUSIP
        NUMBERS

       

      Pursuant
        to a recommendation promulgated by the Committee on Uniform Security
        Identification Procedures, the Company will cause CUSIP numbers to be printed
        on
        the Securities of this series as a convenience to the Holders of the Securities
        of this series.

       

      12.           GOVERNING
        LAW

       

      This
        Security shall be governed by and construed in accordance with the laws of
        the
        State of New York, including Section 5-1401 of the New York General Obligations
        Law, but otherwise without regard to the principles of conflict of laws
        thereof.

       

      13.           DEFINED
        TERMS

       

      All
        terms
        used in this Security which are defined in the Indenture shall have the meanings
        assigned to them in the Indenture.

       

      

      
        
          
          

        

        
          Exhibit
            D-11

          
            

          

        

        
          
          

        

      

      

      OPTION
        OF
        HOLDER TO ELECT PURCHASE

      

      If
        you
        wish to elect to have all or any portion of the Securities purchased by the
        Company pursuant to a Change of Control Offer made in accordance with Section
        10.10 of the Base Indenture, check the applicable boxes:

       

      I
        wish to
        have the Securities purchased by the Company:

       

      o in
        whole

       

      o in
        part

       

      Amount
        to
        be

      purchased:        $________________

      

      

      Dated:   
        __________________                                                            Signature:____________________________

      
        	
                 

              	
                 (sign
                  exactly as your
                  name appears on the other side of this
                  Security)

              

      

      

      
        	
                
                  Signature

                

              	
                 

              

      

      
        	
                Guarantee: 
                  ______________________________

              	
                 

              

      

      

      (Your
        signature must be guaranteed by a financial institution that is a member
        of the
        Securities Transfer Agent Medallion Program (“STAMP”), the Securities
        Exchange Medallion Program (“SEMP”), the New York Stock Exchange, Inc.
        Medallion Signature Program (“MSP”) or such other signature guarantee
        program as may be determined by the Securities Registrar in addition to,
        or in
        substitution for, STAMP, SEMP or MSP, all in accordance with the Securities
        Exchange Act of 1934, as amended.)

      

      Social
        Security Number or

      Taxpayer
        Identification
        Number:    __________________________________

       

       

       

      
        
          
          

        

        
          Exhibit
            D-12

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        E

      FORM
        OF
        FACE OF SENIOR EXCHANGE BOND DUE 2037

       

      OR
        PRIVATE EXCHANGE BOND DUE 2037

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY

      6.50%
        Senior Bonds due 2037

       

      $[_____________]

      No. [__] 

                                                                                                                                               CUSIP
        No. [_____________]

      ISIN
        No.
        [_____________]

       

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY, a corporation organized under the laws of Iowa (the
        “Company,” which term includes any successor corporation under the
        Indenture hereinafter referred to), for value received, hereby promises to
        pay
        to CEDE & Co., or registered assigns, the principal amount of [________]
        Dollars (such Initial Principal Amount, as it may from time to time be adjusted
        by endorsement on Schedule A hereto, is hereinafter referred to as the
“Principal Amount”) on September 15, 2037, and to pay interest thereon
        from August 28, 2007, or from the most recent Interest Payment Date to which
        interest has been paid or duly provided for, semi-annually on March 15 and
        September 15 in each year, commencing March 15, 2008, at the rate of 6.50%
        per
        annum, until the Principal Amount hereof is paid or made available for payment;
        provided that any Principal Amount and premium, and any such installment
        of
        interest, which is overdue shall bear interest at the rate of 6.50% per annum
        (or, if lower, the maximum rate legally enforceable) from the dates such
        amounts
        are due until they are paid or made available for payment.  The
        interest so payable, and punctually paid or duly provided for, on any Interest
        Payment Date will, as provided in such Indenture, be paid to the Person in
        whose
        name this Security (or one or more Predecessor Securities) is registered
        at the
        close of business on the Regular Record Date for such interest, which shall
        be
        the March 1 or September 1 (whether or not a Business Day), as the case may
        be,
        immediately preceding such Interest Payment Date.  Any such interest
        not so punctually paid or duly provided for will forthwith cease to be payable
        to the Person in whose name this Security (or one or more Predecessor
        Securities) is registered on such Regular Record Date and may be paid to
        the
        Person in whose name this Security (or one or more Predecessor Securities)
        is
        registered at the close of business on a Special Record Date for the payment
        of
        such Defaulted Interest to be fixed by the Trustee, notice whereof shall
        be
        given to Holders of Securities of this series not less than 10 days prior
        to
        such Special Record Date, or be paid at any time in any other lawful manner
        not
        inconsistent with the requirements of any securities exchange on which the
        Securities of this series may be listed, and upon such notice as may be required
        by such exchange, all as more fully provided in said Indenture.

       

      Payment
        of the principal of (and premium, if any) and interest, if any, on this Security
        will be made at any place of payment or at the office or agency of the Company
        maintained for that purpose in the Borough of Manhattan, The City of New
        York,
        in such coin or currency of the United States as at the time of payment is
        legal
        tender for the payment of public and private debts, provided,
however, that, payment of interest may be made by check mailed to
        the
        address of the Person entitled thereto as such address shall appear in the
        Security Register.  Payment of interest, if any, in respect of this
        Security may also be made, in the case of a Holder of at least U.S. $1,000,000
        aggregate principal amount of Securities, by wire transfer to a U.S. Dollar
        account maintained by the Holder with a bank in the United States; provided
        that
        such Holder elects payment by wire transfer by giving written notice to the
        Trustee or Paying Agent to such effect designating such account no later
        than 15
        days immediately preceding the relevant due date for payment (or such other
        date
        as the Trustee may accept in its discretion).

       

       

      
        
          
          

        

        
          Exhibit
            E-1

          
            

          

        

        
          
          

        

      

       

      REFERENCE
        IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE
        REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE
        SAME
        EFFECT AS IF 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 Security shall
        not
        be entitled to any benefit under the Indenture or be valid or obligatory
        for any
        purpose.

       

       

      
        
          
          

        

        
          Exhibit
            E-2

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Company has caused this instrument to be duly
        executed.

       

      
        	 	MIDAMERICAN
                ENERGY HOLDINGS
                COMPANY	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

      

       

       

      Attest:

       

      By:  
        
        
          

        
Name:

      Title:

       

       

      
        
          
          

        

        
          Exhibit
            E-3

          
            

          

        

        
          
          

        

      

       

      

      TRUSTEE’S
        CERTIFICATE OF AUTHENTICATION

       

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

       

       

      
        	 	
                THE
                  BANK OF NEW YORK TRUST COMPANY, N.A.,

              	 
	 	 	
                as
                  Trustee

              	 
	
                Date: 
                  ________________

              	
                By:
                  

              	 	 
	 	 	Authorized
                Signatory	 
	 	 	 	 
	 	 	 	 

      

       

       

       

      
        
          
          

        

        
          Exhibit
            E-4

          
            

          

        

        
          
          

        

      

       

       

      FORM
        OF
        REVERSE OF SENIOR EXCHANGE BOND DUE 2037

      OR
        SENIOR
        PRIVATE EXCHANGE BOND DUE 2037

      

      MIDAMERICAN
        ENERGY HOLDINGS COMPANY

      6.50%
        Senior Bonds due 2037

       

      1.           GENERAL

       

      This
        Security is one of a duly authorized issue of Securities of the Company (the
        “Securities”), issued and to be issued in one or more series under an
        Indenture, dated as of October 4, 2002, between the Company and The Bank
        of New
        York, as trustee (as amended by Article IV of the Second Supplemental Indenture
        thereto, dated as of May 16, 2003, between the Company and The Bank of New
        York,
        as trustee, Article IV of the Fourth Supplemental Indenture thereto, dated
        as of
        March 24, 2006, between the Company and The Bank of New York Trust Company,
        N.A., as trustee (the “Trustee”), and as amended and supplemented by the Fifth
        Supplemental Indenture thereto, dated as of May 11, 2007, between the Company
        and the Trustee, the “Base Indenture”), as supplemented by the Fifth
        Supplemental Indenture, dated as of August 28, 2007 (together with the Base
        Indenture, the “Indenture”), between the Company and the Trustee, to
        which Indenture and all indentures supplemental thereto reference is hereby
        made
        for a statement of the respective rights, limitations of rights, duties and
        immunities thereunder of the Company, the Trustee and the Holders of the
        Securities and of the terms upon which the Securities are, and are to be,
        authenticated and delivered.  Terms defined in the Indenture which are
        not defined herein are used with the meanings assigned to them in the
        Indenture.  This Security is one of the series designated on the face
        hereof.

       

      2.           OPTIONAL
        REDEMPTION

       

      The
        Securities of this series are subject to redemption upon not less than 30
        or
        more than 60 days’ notice to the Holders of such Securities as provided in the
        Indenture, at any time, as a whole or in part, at the election of the Company,
        at a redemption price equal to the greater of: (i) 100% of the principal
        amount
        of the Securities of this series being redeemed or (ii) the sum of the present
        values of the remaining scheduled payments of principal of and interest on
        the
        Securities of this series being redeemed discounted to the Redemption Date
        on a
        semiannual basis (assuming a 360-day year consisting of twelve 30-day months)
        at
        a discount rate equal to the Treasury Yield plus 25 basis points, plus, for
        (i)
        or (ii) above, whichever is applicable, accrued interest on the Securities
        of
        this series to the Redemption Date.

       

      “Treasury
        Yield” means, with respect to any Redemption Date, the rate per annum equal
        to the semiannual equivalent yield to maturity of the Comparable Treasury
        Issue,
        assuming a price for the Comparable Treasury Issue (expressed as a percentage
        of
        its principal amount) equal to the Comparable Treasury Price for such Redemption
        Date.

       

      “Comparable
        Treasury Issue” means the United States Treasury security selected by an
        Independent Investment Banker as having a maturity comparable to the remaining
        term of the Securities of this series to be redeemed that would be utilized,
        at
        the time of selection and in accordance with customary financial practice,
        in
        pricing new issues of corporate debt securities of comparable maturity to
        the
        remaining term of the Securities of this series.

       

      
        
          
          

        

        
          Exhibit
            E-5

          
            

          

        

        
          
          

        

      

       

      
         

        “Comparable
          Treasury Price” means, with respect to any Redemption Date, (i) the average
          of the bid and asked prices for the Comparable Treasury Issue (expressed
          in each
          case as a percentage of its principal amount) on the third Business Day
          in New
          York City preceding such Redemption Date, as set forth in the daily statistical
          release (or any successor release) published by the Federal Reserve Bank
          of New
          York and designated “Composite 3:30 p.m. Quotations for U.S. Government
          Securities” or (ii) if such release (or any successor release) is not published
          or does not contain such prices on such Business Day, the Reference Treasury
          Dealer Quotation for such Redemption Date.

      

       

      “Independent
        Investment Banker” means an investment banking institution of international
        standing appointed by the Company.

       

      “Reference
        Treasury Dealer” means a primary U.S. government securities dealer in New
        York City appointed by the Company.

       

      “Reference
        Treasury Dealer Quotation” means, with respect to the Reference Treasury
        Dealer and any Redemption Date, the average, as determined by the Company,
        of
        the bid and asked prices for the Comparable Treasury Issue (expressed in
        each
        case as a percentage of its principal amount and quoted in writing to the
        Company by such Reference Treasury Dealer at 5:00 p.m. on the third Business
        Day
        in New York City preceding such Redemption Date).

       

      Notice
        of
        redemption pursuant to this paragraph 2 shall be given as provided for in
        the
        Indenture not less than 30 days nor more than 60 days prior to the Redemption
        Date.

       

      If
        fewer
        than all the Securities of this series are to be redeemed, selection of
        Securities of this series for redemption will be made by the Trustee on a
        pro
        rata basis.

       

      Unless
        the Company defaults in payment of the Redemption Price, from and after the
        Redemption Date, the Securities of this series or portions thereof called
        for
        redemption will cease to bear interest, and the Holders thereof will have
        no
        right in respect of such Securities of this series except the right to receive
        the Redemption Price thereof.

       

      3.           DEFEASANCE

       

      The
        Indenture contains provisions for defeasance of (a) the entire indebtedness
        of
        this Security and (b) certain restrictive covenants upon compliance by the
        Company with certain conditions set forth therein.

       

      4.           DEFAULTS
        AND REMEDIES

       

      If
        an
        Event of Default with respect to Securities of this series shall occur and
        be
        continuing, the principal of the Securities of this series may be declared
        due
        and payable in the manner and with the effect provided in the
        Indenture.  At any time after such declaration of acceleration with
        respect to Securities of this series has been made, but before a judgment
        or
        decree for payment of money has been obtained by the Trustee as provided
        in the
        Indenture, if all Events of Default with respect to Securities of this series
        have been cured or waived (other than the non-payment of principal of the
        Securities of this series which has become due solely by reason of such
        declaration of acceleration) then and in every such case, the Holders of
        a
        majority in aggregate principal amount of the Outstanding securities of such
        series may, by written notice to the Company and to the Trustee, rescind
        and
        annul such declaration and its consequences on behalf of all of the Holders,
        but
        no such rescission or annulment shall extend to or affect any subsequent
        default
        or impair any right consequent thereon.

       

      
        
          
          

        

        
          Exhibit
            E-6

          
            

          

        

        
          
          

        

      

       

      As
        provided in and subject to the provisions of the Indenture, the Holder of
        this
        Security shall not have the right to institute any proceeding, judicial or
        otherwise, with respect to the Indenture, or for the appointment of a receiver
        or trustee or for any other remedy thereunder, unless (a) such Holder shall
        have
        previously given the Trustee written notice of a continuing Event of Default
        with respect to the Securities, (b) the Holders of not less than 33% or a
        majority, as applicable, in principal amount of the Securities at the time
        Outstanding under the Indenture shall have made written request to the Trustee
        to institute proceedings in respect of such Event of Default as Trustee,
        (c)
        such Holder shall have offered the Trustee indemnity satisfactory to the
        Trustee
        against the costs, expenses and liabilities to be incurred in compliance
        with
        such request, (d) the Trustee shall not have received from the Holders of
        a
        majority in principal amount of Securities at the time Outstanding under
        the
        Indenture a direction inconsistent with such request and (e) the Trustee
        for 90
        days after its receipt of such notice and offer of indemnity from the Holder,
        and request from the Holders, shall have failed to institute any such
        proceeding.  The foregoing shall not apply to certain suits described
        in the Indenture, including any suit instituted by the Holder of this Security
        for the enforcement of any payment of principal hereof or any premium or
        interest hereon on or after the respective due dates expressed
        herein.

       

      5.           AMENDMENT
        AND WAIVER

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the Indenture or any supplemental indenture
        or
        the rights and obligations of the Company and rights of the Holders of the
        Securities of any series at any time by the Company and the Trustee with
        the
        consent of the Holders of a majority in aggregate principal amount of the
        Securities at the time Outstanding of each series to be affected.  The
        Indenture also contains provisions permitting the Holders of specified
        percentages in principal amount of the Securities of each series at the time
        Outstanding, on behalf of the Holders of all Securities of such series, to
        waive
        compliance by the Company with certain provisions of the Indenture and certain
        past defaults under the Indenture and their consequences.  Any such
        consent or waiver by the Holder of this Security shall be conclusive and
        binding
        upon such Holder and upon all future Holders of this Security and of any
        Security issued upon the registration of transfer hereof or in exchange herefor
        or in lieu hereof, whether or not notation of such consent or waiver is made
        upon this Security.

       

      No
        reference herein to the Indenture and no provision of this Security or of
        the
        Indenture shall alter or impair the obligation of the Company, which is absolute
        and unconditional, to pay the principal of (and premium, if any) and interest,
        if any, on this Security at the times, place and rate, and in the coin or
        currency, herein prescribed.

       

       

      
        
          
          

        

        
          Exhibit
            E-7

          
            

          

        

        
          
          

        

      

       

      6.           TRANSFER
        AND EXCHANGE; DENOMINATIONS

       

      As
        provided in the Indenture and subject to certain limitations therein set
        forth,
        the transfer of this Security is registrable in the Security Register, upon
        surrender of this Security for registration of transfer at the office or
        agency
        of the Company in any place where the principal of (and premium, if any)
        and
        interest, if any, on this Security are payable, duly endorsed by, or accompanied
        by a written instrument of transfer in form satisfactory to the Company and
        the
        Security Registrar duly executed by, the Holder hereof or his attorney duly
        authorized in writing, and thereupon one or more new Securities of this series
        and of like tenor, of authorized denominations and for the same aggregate
        principal amount, will be issued to the designated transferee or
        transferees.

       

      The
        Securities of the series of which this Security is a part are issuable only
        in
        registered form, without coupons, in denominations of $2,000 and any integral
        multiple of $1,000 in excess thereof.

       

      No
        service charge shall be made for any such registration of transfer or exchange,
        but the Company may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      Prior
        to
        due presentment of this Security for registration of transfer, the Company,
        the
        Trustee and any agent of the Company or the Trustee may treat the Person
        in
        whose name this Security is registered as the owner hereof for all purposes,
        whether or not this Security be overdue, and neither the Company, the Trustee
        nor any such agent shall be affected by notice to the contrary.

       

      7.           SUCCESSOR
        OBLIGORS

       

      When
        a
        successor assumes all the obligations of its predecessor under the Securities
        of
        this series and the Indenture in accordance with the terms of the Indenture,
        the
        predecessor will be released from those obligations.

       

      8.           TRUSTEE
        DEALINGS WITH THE COMPANY

       

      The
        Trustee under the Indenture, in its individual or any other capacity, may
        become
        the owner or pledgee of Securities of this series and may otherwise deal
        with
        the Company, its Subsidiaries or their respective Affiliates as if it were
        not
        the Trustee.

       

      9.           NO
        RECOURSE AGAINST OTHERS

       

      No
        stockholder, director, officer, employee, incorporator or Affiliate of the
        Company shall have any liability for any obligation of the Company under
        the
        Securities of this series or the Indenture or for any claim based on, in
        respect
        of or by reason of, such obligations or their creation.  Each Holder
        of the Securities of this series by accepting a Security of this series waives
        and releases all such liability.  The waiver and release are part of
        the consideration for the issuance of the Securities of this
        series.

       

      
        
          
          

        

        
          Exhibit
            E-8

          
            

          

        

        
          
          

        

      

       

      10.           AUTHENTICATION

       

      This
        Security shall not be valid until the Trustee or authenticating agent signs
        the
        certificate of authentication on this Security.

       

      11.           CUSIP
        NUMBERS

       

      Pursuant
        to a recommendation promulgated by the Committee on Uniform Security
        Identification Procedures, the Company will cause CUSIP numbers to be printed
        on
        the Securities of this series as a convenience to the Holders of the Securities
        of this series.

       

      12.           GOVERNING
        LAW

       

      This
        Security shall be governed by and construed in accordance with the laws of
        the
        State of New York, including Section 5-1401 of the New York General Obligations
        Law, but otherwise without regard to the principles of conflict of laws
        thereof.

       

      13.           DEFINED
        TERMS

       

      All
        terms
        used in this Security which are defined in the Indenture shall have the meanings
        assigned to them in the Indenture.

       

      

      
        
          
          

        

        
          Exhibit
            E-9

          
            

          

        

        
          
          

        

      

      

      OPTION
        OF
        HOLDER TO ELECT PURCHASE

      

      If
        you
        wish to elect to have all or any portion of the Securities purchased by the
        Company pursuant to a Change of Control Offer made in accordance with Section
        10.10 of the Base Indenture, check the applicable boxes:

       

      I
        wish to
        have the Securities purchased by the Company:

       

      o in
        whole

       

      o in
        part

       

      Amount
        to
        be

      purchased:          $________________

      

      

      Dated:   
        __________________                                                           
        Signature:____________________________

      
        	
                 

              	
                 (sign
                  exactly as your name appears on the other side of this
                  Security)

              

      

      

      
        	
                
                  Signature

                

              	
                 

              

      

      
        	
                Guarantee: 
                  ______________________________

              	
                 

              

      

      

      (Your
        signature must be guaranteed by a financial institution that is a member
        of the
        Securities Transfer Agent Medallion Program (“STAMP”), the Securities
        Exchange Medallion Program (“SEMP”), the New York Stock Exchange, Inc.
        Medallion Signature Program (“MSP”) or such other signature guarantee
        program as may be determined by the Securities Registrar in addition to,
        or in
        substitution for, STAMP, SEMP or MSP, all in accordance with the Securities
        Exchange Act of 1934, as amended.)

      

      Social
        Security Number or

      Taxpayer
        Identification
        Number:    __________________________________

      

      

      Exhibit
        E-10Exhibit
10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this “Agreement”) between
EARTHLINK INC., a Delaware corporation (the “Company”), and JOSEPH M. WETZEL
(referred to herein as “You”) was entered into on August 27, 2007.

RECITALS

1.             The Company is engaged in the
business of providing integrated communication services and related value added
services to individual consumers and business customers throughout the States
of the United States; and

2.             The Company has determined that, in
view of Your knowledge, expertise and experience in the integrated
communication services and related value-added services industries, Your
services as the Chief Operating Officer of the Company will be of great value
to the Company, and accordingly, the Company desires to enter into this
Agreement with You on the terms set forth herein in order to secure such
services; and

3.             You desire to serve as the Chief
Operating Officer of the Company on the terms set forth herein.

NOW, THEREFORE, in
consideration of Your employment by the Company, the above premises and the
mutual agreements hereinafter set forth, You and the Company agree as follows:

1.             Definitions.

(a)          “Affiliate”
means any trade or business with whom the Company would be considered a single
employer under Sections 414(b) or 414(c) of the Code.

(b)          “Beneficial
Ownership” means beneficial ownership as that term is used in Rule 13d-3
promulgated under the Securities Exchange Act of 1934, as amended.

(c)          “Business
Combination” means a reorganization, merger or consolidation of the
Company.

(d)          “Business of the
Company” means the business of providing integrated communication services
and related value added services to individual consumers and business
customers.

(e)          “Cause” means
(i) Your commission of any act of fraud or dishonesty relating to and adversely
affecting the business affairs of the Company; (ii) Your conviction of any
felony; or (iii) Your willful and continued failure to perform substantially
your duties owed to the Company after written notice specifying the nature of
such non-performance and a reasonable opportunity to cure such
non-performance.  No act or omission
shall be considered “willful” unless it is done or omitted in bad faith or
without reasonable belief that the action or omission was in the best interests
of the Company.

(f)          “Change
in Control Event” of the Company means the occurrence of any of the
following events:

(1)           The accumulation in
any number of related or unrelated transactions by any Person of Beneficial
Ownership of more than fifty percent (50%) of the combined voting power of the
Company’s Voting Stock; provided that for purposes of this subparagraph (1), a
Change in Control Event will not be deemed to have occurred if the accumulation
of more than fifty percent (50%) of the voting power of the Company’s Voting
Stock results from any acquisition of Voting Stock (a) by the Company, (b) by
any employee benefit plan (or related trust) sponsored or maintained by the
Company or any Affiliate, or (c) by any Person pursuant to a Business
Combination that complies with clauses (a) and (b) of subparagraph (2) below;
or

(2)           Consummation of a
Business Combination, unless, immediately following that Business Combination,
(a) all or substantially all of the Persons who were the beneficial owners of
Voting Stock of the Company immediately prior to that Business Combination
beneficially own, directly or indirectly, more than fifty percent (50%) of the
then outstanding shares of common stock and more than fifty percent (50%) of
the combined voting power of the then outstanding Voting Stock entitled to vote
generally in the election of directors of the entity resulting from that
Business Combination (including, without limitation, an entity that as a result
of that transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more subsidiaries) in substantially
the same proportions relative to each other as their ownership, immediately
prior to that Business Combination, of the common stock and Voting Stock of the
Company, and (b) at least sixty percent (60%) of the members of the Board of
Directors of the entity resulting from that Business Combination holding at
least sixty percent (60%) of the voting power of such Board of Directors were
members of the Incumbent Board at the time of the execution of the initial
agreement or of the action of the Board of Directors providing for that
Business Combination and as a result of or in connection with such Business
Combination, no Person has a right to dilute either of such percentages by
appointing additional members to the Board of Directors or otherwise without
election or other action by the stockholders; or

(3)           A sale or other
disposition of all or substantially all of the assets of the Company, except pursuant
to a Business Combination that complies with clauses (a) and (b) of
subparagraph (2) above; or

(4)           Approval by the
shareholders of the Company of a complete liquidation or dissolution of the
Company, except pursuant to a Business Combination that complies with clauses
(a) and (b) of subparagraph 2 above.

(g)         “Code”
means the Internal Revenue Code of 1986, as amended, and any regulations
promulgated thereunder.

 2
 

(h)         “Company”
shall mean EarthLink, Inc.

(i)           “Confidential
Information” means any and all non-public information concerning, relating
to and/or in the possession of the Company and/or its Affiliates and/or the
Business of the Company treated as confidential or secret by the Company and/or
its Affiliates (that is, such business information is subject to efforts by the
Company and/or its Affiliates that are reasonable under the circumstances to
maintain its secrecy) that does not constitute a Trade Secret, including,
without limitation, information concerning the Company’s or an Affiliate’s financial
position and results of operations (including revenues, assets, net income,
etc.), annual and long range business plans, product and service plans,
marketing plans and methods, employee lists and information, in whatever form
and whether or not computer or electronically accessible.

(j)           “Eligible
Earnings” has the same meaning given to that term in the Company’s bonus
plan and payroll policies.

(k)          “Good
Reason” means, with respect to Your Termination of Employment, any of the
following acts or omissions that is not cured within ten (10) days after
written notice of such act or omission is delivered to the Company, the
Chairman of the Board of Directors and the Chairman of the Leadership and
Compensation Committee of the Board of Directors:

(1)           without Your express
written consent (i) the assignment to You of any duties inconsistent in any
respect with Your position, authority, duties or responsibilities as
contemplated by Section 2, (ii) the requirement by the Company that you report
to any officer or employee other than directly to the Chief Executive Officer,
the President of the Company (excluding a President of any division of the
Company) or the Board of Directors of the Company, (iii) any other action by
the Company that results in a significant diminution in such position,
authority, duties or responsibilities, provided that the Company’s no longer
being a reporting company with the Securities and Exchange Commission shall not
be deemed to result in such a significant diminution, or (iv) any failure by
the Company to comply in any material respect with any of the provisions of
Section 4 of this Agreement;

(2)           any requirement that
You relocate outside of, or any relocation of the Company’s principal executive
office outside of, the metropolitan area of Atlanta, Georgia; or

(3)           any breach by the
Company of any other material provision of this Agreement.

(l)           “Incumbent
Board” means a Board of Directors consisting of individuals who either are
(a) members of the Company’s Board of Directors on the date hereof or
(b) members who become members of the Company’s Board of Directors
subsequent to the date hereof whose election, or nomination for election by the
Company’s shareholders, was approved by a vote of at least sixty percent (60%)
of the directors then

 3
 

comprising the Incumbent Board (either by a
specific vote or by approval of the proxy statement of the Company in which
that Person is named as a nominee for director, without objection to that
nomination), but excluding, for that purpose, any individual whose initial
assumption of office occurs as a result of an actual or threatened election
contest (within the meaning of Rule 14a-11 of the Securities Exchange Act
of 1934, as amended) with respect to the election or removal of directors or
other actual or threatened solicitation of proxies or consents by or on behalf
of a Person other than the Board of Directors.

(m)          “Non-Public Change
in Control Event” means any Change in Control Event that is not a Public
Change in Control Event.

(n)           “Person”
means any individual, entity or group within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, as amended.

(o)           “Public Change in
Control Event” means any Change in Control Event as defined in clause (f)
above where (i) the Person that accumulates Beneficial Ownership of more than
fifty percent (50%) of the combined voting power of the Company’s Voting Stock
has, or such Person is a direct or indirect subsidiary of a Person that has, a
class of common stock (or depositary receipts or other certificates
representing common equity interests) traded on a U.S. national securities
exchange or quoted on NASDAQ or another established over-the-counter trading
market in the United States or which will be so traded or quoted when issued or
exchanged in connection with such Change in Control Event or (ii) upon the
consummation of such Change in Control Event, the Voting Stock of the Company
will remain trading on a U.S. national securities exchange or quoted on NASDAQ
or another established over-the-counter trading market in the United States.

(p)           “Specified
Employee” means an employee who is (i) an officer of the Company or an
Affiliate having annual compensation greater than $145,000 (with certain
adjustments for inflation after 2007), (ii) a five-percent owner of the Company
or (iii) a one-percent owner of the Company having annual compensation greater
than $150,000.  For purposes of this
Section, no more than 50 employees (or, if lesser, the greater of three or 10
percent of the employees) shall be treated as officers.  Employees who (i) normally work less than 17
1/2 hours per week, (ii) normally work not more than 6 months during any
year, (iii) have not attained age 21, (iv) are included in a unit of employees
covered by an agreement which the Secretary of Labor finds to be a collective
bargaining agreement between employee representatives and the Company or an
Affiliate (except as otherwise provided in regulations issued under the Code)
or (v) who have not completed six months of service shall be excluded for
purposes of determining the number of officers for this determination.  For purposes of this Section, the term “five-percent
owner” (“one-percent owner”) means any person who owns more than five percent
(one percent) of the outstanding stock of the Company or stock possessing more
than five percent (one percent) of the total combined voting power of all stock
of the Company.  For purposes of
determining ownership, the attribution rules of Section 318 of the Code shall
be applied by substituting “five percent” for “50 percent” in Section 318(a)(2)
and the rules of Sections 414(b), 414(c) and 414(m) of the Code shall not
apply.  For purposes of this Section, the
term “compensation” has the meaning given such term by

 4
 

Section
414(q)(4) of the Code.  The determination
of whether You are a Specified Employee will be based on a December 31
identification date such that if You satisfy the above definition of Specified
Employee at any time during the 12-month period ending on December 31, You will
be treated as a Specified Employee if You have a Termination of Employment
during the 12-month period beginning on the first day of the fourth month
following the identification date.  This
definition is intended to comply with the “specified employee” rules of Section
409A(a)(2)(B)(i) of the Code and shall be interpreted accordingly.

(q)           “Termination of
Employment” means the termination of Your employment and service with the
Company and all Affiliates.  You will not
be considered as having had a Termination of Employment if (i) You continue to
provide services to the Company or any Affiliate as an employee or independent
contractor at an annual rate that is more than 20 percent of the services
rendered, on average, during the immediately preceding 36 months of employment
(or, if employed less than 36 months, such lesser period) or (ii) You are on
military leave, sick leave or other bona fide leave of absence (such as
temporary employment by the government) so long as the period of such leave
does not exceed six months, or if longer, so long as Your right to reemployment
with the Company or any Affiliate is provided either by statute or by
contract.  If the period of leave (i)
ends or (ii) exceeds six months and Your right to reemployment is not provided
either by statute or by contract, the Termination of Employment will be deemed
to occur on the first date immediately following such six-month period if not
reemployed by the Company or any Affiliate before such time and eligibility for
payments and benefits hereunder will be determined as of that time.

(r)            “Total
Disability” means Your inability, through physical or mental illness or
accident, to perform the majority of Your usual duties and responsibilities
hereunder (as such duties are constituted on the date of the commencement of
such disability) in the manner and to the extent required under this Agreement
for a period of at least ninety (90) consecutive days.  Total Disability shall be deemed to have
occurred on the first day following the expiration of such ninety (90) day
period.

(s)           “Trade Secrets”
means any and all information concerning, relating to and/or in the possession
of, the Company and/or its Affiliates and/or the Business of the Company that
qualifies as a trade secret as defined by the laws of the State of Georgia on
the date of this Agreement and as such laws are amended from time to time
thereafter.

(t)            “Voting Stock”
means the then outstanding securities of an entity entitled to vote generally
in the election of members of that entity’s Board of Directors.

 5
 

2.            Employment; Duties.

(a)           The Company agrees
to employ You as Chief Operating Officer of the Company with the duties and
responsibilities generally associated with such position and such other
reasonable additional responsibilities and positions as may be added to Your
duties from time to time by the Chief Executive Officer, the President of the
Company (excluding a President of any division of the Company) or the Board of
Directors consistent with Your position.

(b)           During Your
employment hereunder, You shall (i) diligently follow and implement all Company
employee policies and all management policies and decisions communicated to You
by the Chief Executive Officer, the President or the Board of Directors; and
(ii) timely prepare and forward to the Chief Executive Officer, the President or
the Board of Directors all reports and accountings as may be reasonably
requested of You.

(c)           You shall relocate
to the metropolitan area of Atlanta, Georgia within 12 months following September
1, 2007, and you shall be covered by the Company’s employee relocation policy
in connection with such relocation.  Beginning
on September 1, 2007, the Company will reimburse you up to $4,000 per month  for (i) temporary housing expenses, (ii)
home travel and (iii) any income taxes to be incurred by You in connection with
(i) and (ii) above, for a period equal to the shorter of (1) 12 months or (2) until
You acquire permanent housing in the Atlanta, Georgia metropolitan area.  In addition, until You secure such temporary
housing, but in no event later than September 30, 2007, the Company will
reimburse you for reasonable hotel and travel expenses incurred by You during
such transition period.

3.            Term. 
The term hereof shall commence on August 27, 2007, shall continue for
a period of one (1) year and shall be automatically extended from year-to-year
thereafter unless terminated in accordance with Section 6 hereof (the “Term”).

4.            Compensation.

(a)           (1)  You shall be paid an annual base salary of
not less than Four Hundred Thousand Dollars ($400,000) per year (the “Base
Salary”) commencing on August 27, 2007. 
The Base Salary shall accrue and be due and payable in equal, or as
nearly equal as practicable, biweekly installments and the Company may deduct
from each such installment all amounts required to be deducted and withheld in
accordance with applicable federal and state income, FICA and other withholding
tax requirements.

(2)  The Base Salary shall be
reviewed by the Board of Directors at least once during each year of the Term
and may be increased from time to time and at any time by the Board of
Directors.  The Base Salary shall in no
event be reduced or decreased below the highest level attained at any time by
You, unless You and the Board of Directors agree to implement a salary
reduction program for cost abatement purposes.

(3)  As the Term begins on other
than the first business day of a calendar month and as the Term hereof shall
terminate on other than the last day of a calendar

 6
 

month, Your compensation for such month shall
be prorated according to the number of days during such month that occur within
the Term.

(b)           For the fiscal year
of the Company ending on December 31, 2007, You shall be paid a bonus in an amount
equal to 65% of Your 2007 Eligible Earnings (the “2007 Bonus Payment”), such
2007 Bonus Payment to be paid in the first quarter of 2008 concurrently with
payments to other Company executive officers under the Company’s 2007 Executive
Bonus Plan.  Commencing with the fiscal
year of the Company ending on December 31, 2008 and for each fiscal
year thereafter, You shall be entitled to receive an annual target bonus
opportunity in an amount equal to sixty-five percent (65%) of Your Eligible
Earnings (the “Annual Target Bonus”), with the ability to earn Fifty Percent
(50%) (threshold) to One Hundred Fifty Percent (150%) (maximum) of your Annual
Target Bonus if the bonus criteria for such annual period, as set by the Board
of Directors of the Company, are satisfied (the “Target Bonus Payment”);
provided that if such bonus criteria are not satisfied, no Annual Target Bonus
shall be payable.  The criteria to earn
Your Annual Target Bonus and other levels between the threshold and maximum for
each year of the Term shall be based upon good faith negotiations between You
and the Board of Directors.  All Target
Bonus Payments that become payable shall be paid to You in accordance with the
applicable bonus plan.

(c)           While You are
performing the services described herein, the Company shall reimburse You for
all reasonable and necessary expenses incurred by You in connection with the
performance of Your duties of employment hereunder in accordance with the
Company’s expense reimbursement policy as applied to the Company’s executive
officers.

(d)           Pursuant to this
Section 4(d), You shall participate in the Change-In-Control Accelerated
Vesting and Severance Plan amended and restated effective February 17, 2006 and
any plan(s) or program(s) that supersede, replace and/or supplement such plan,
as in effect from time to time (the “AV/SP”), at the second highest and second most
beneficial level of participation provided under the AV/SP.  With respect to each individual benefit, or
category of similar benefit, provided to You under each of the AV/SP and this
Agreement, the two (2) benefits shall not be cumulative, and You shall be
entitled to receive each such benefit, or category of benefit, under the terms
of the AV/SP or the terms of this Agreement, whichever would be the greater
amount or value to You, except that the timing and manner of payment of such
benefits shall be consistent with the terms of this Agreement, regardless of
whether the amount or value of the benefits You are entitled to receive are
determined under the AV/SP or this Agreement. 
The restrictions on cumulation of benefits in this Section 4(d), and the
application of the terms of the AV/SP to benefits provided thereunder, shall
not apply to Your right to qualify for and participate in the AV/SP at the second
highest and second most beneficial level of participation.

(e)           You shall receive
paid vacation during each twelve (12) month period of Your employment in
accordance with the Company’s vacation policy. 
To the extent that You do not use Your accrued vacation during such
twelve (12) month period, any

 7
 

remaining accrued vacation shall be subject
to the carryover restrictions applicable in the Company’s normal vacation
policies.

5.            Equity Rights.

(a)           Upon execution of
this Agreement, you shall be entitled to receive 50,000 RSUs which shall vest
in accordance with the terms of the EarthLink, Inc. 2006 Equity and Cash
Incentive Plan, with 25,000 RSUs vesting on August 27, 2009, 12,500 RSUs
vesting on August 27, 2010 and 12,500 RSUs vesting on August 27, 2011, assuming
Your continued employment until each such time, or as otherwise vested pursuant
to Section 6. 
Upon execution of this Agreement, you shall also be entitled
to receive 150,000 stock options which vest over a period of four years in
accordance with the terms of the EarthLink, Inc. 2006 Equity and Cash Incentive
Plan and the Company’s standard vesting schedule for stock options.

(b)           The stock options
and restricted stock units granted by the Company to You from time to time are
hereinafter collectively called the “Stock Options and RSUs.”  You shall be given the period permitted under
Your respective Stock Option agreements to exercise Your Stock Options after
Your Termination of Employment.

(c)           Vested Stock Options
shall be exercisable for thirty (30) days following termination of employment.

6.            Termination.

(a)           A Termination of
Employment shall occur only as follows:

(1)           For Cause
immediately by the Company; or

(2)           At Your option for
Good Reason; or

(3)           At Your option upon
thirty (30) days prior written notice of termination delivered by You to the
Company; or

(4)           For any reason by
the Company upon three (3) calendar months prior written notice of termination
delivered to You, except during a period of Your disability that may qualify as
the period for qualification for Your Termination of Employment due to Your
Total Disability as set forth in Section 6(a)(6); or

(5)           By the Company upon
Your death; or

(6)           By the Company
because of Your Total Disability upon thirty (30) days prior written notice of
termination delivered to You.

(b)           Subject to
Section 19 below, if You have a Termination of Employment that is not in
connection with a Change in Control Event (i) by the Company for other than “Cause,”
or (ii) by You for “Good Reason,” You shall be paid an amount equal to one

 8
 

hundred percent
(100%) of the sum of (i) Your Base Salary as of the effective date of Your
Termination of Employment and (ii) Your Annual Target Bonus for the year in which your
Termination of Employment occurs. 
Such amount shall be paid in equal, or as nearly equal as practicable,
biweekly installments, starting with the first payroll payment date following
Your Termination of Employment as described in this Section 6(b) and continuing
thereafter for eighteen (18) months.  However,
You will not be entitled to any payment under this Section 6(b) if you have
received payments under Section 6(c) below. 
In addition, in the event of such Termination of Employment as described
in this Section 6(b), You shall become immediately vested in all Your
outstanding Stock Options and RSUs that otherwise would have vested during the
18-month period immediately following such Termination of Employment.

(c)           Subject to Section 19 below, if a Non-Public
Change in Control Event occurs and you have not previously incurred a
Termination of Employment, You shall be paid as soon as administratively
practicable after such Change in Control Event an amount equal to one hundred
and fifty percent (150%) of the
sum of (i) Your Base Salary as of the effective date of the Change in Control
Event and (ii) Your Annual Target Bonus for the year in which the Change in
Control Event occurs.  In the event You
receive any payments under this Section 6(c), Your right to receive payments
under Sections 6(b), 6(d) and 6(e) will be terminated.

(d)           Subject to
Section 19 below, if, in connection with a Public Change in Control Event,
You have a Termination of Employment (i) by the Company for other than “Cause,”
or (ii) by You for “Good Reason,” You shall be paid an amount equal to (a) one
hundred and fifty percent (150%) of the sum of (i) Your Base Salary as of the effective date of Your Termination
of Employment and (ii) Your Annual Target Bonus for the year in which Your
Termination of Employment occurs. 
Such amount shall be paid in equal, or as nearly equal as practicable,
biweekly installments starting with the first payroll payment date following
Your Termination of Employment as described in this Section 6(d) and continuing
thereafter for eighteen (18) months.  However,
You will not be entitled to any payment under this Section 6(d) if you have
received payments under Section 6(c) above.

(e)           If You have a
Termination of Employment by the Company for Cause or by You for reasons other
than for “Good Reason,” the Company will have no obligations to pay You any
amount beyond the effective date of such Termination of Employment whether as
Base Salary, Annual Target Bonus or otherwise or to provide You with any
benefits arising hereunder or otherwise except as required by law.

7.            Confidential Information and Trade Secrets.  You acknowledge that the nature of Your
engagement by the Company is such that You shall have access to the
Confidential Information and the Trade Secrets, each of which has great value
to the Company, provides the Company a competitive advantage, and constitutes
the foundation upon which the Business of the Company is based.  You agree to hold all of the Confidential
Information and the Trade Secrets in confidence and to not use, disclose,
publish or otherwise disseminate any of such Confidential Information and the
Trade Secrets to any other person, except to the extent such disclosure is (i)
necessary to the performance of this Agreement and in furtherance of the

 9
 

Company’s best interests, (ii) required by applicable law, (iii) as a
result of portions of the Confidential Information and/or the Trade Secrets
becoming lawfully obtainable from other sources, (iv) authorized in writing by
the Company, or (v) necessary to enforce this Agreement.  The restrictions set forth in this Section 7
shall remain in full force and effect (a) with respect to the Confidential
Information, for the three (3) year period following the effective date of Your
Termination of Employment, and with respect to the Trade Secrets, until the
Trade Secrets no longer retain their status or qualify as trade secrets under
applicable law.  Upon Your Termination of
Employment, You shall deliver to the Company all documents, records, notebooks,
work papers, and all similar material containing Confidential Information and Trade
Secrets, whether prepared by You, the Company or anyone else.

8.            Inventions and Patents.  All inventions, designs, improvements,
patents, copyrights and discoveries conceived by You during the term of this
Agreement which are useful in or directly or indirectly relate to the business
of the Company or to any experimental work carried on by the Company, shall be
the property of the Company.  You agree
to promptly and fully disclose to the Company all such inventions, designs,
improvements, patents, copyrights and discoveries (whether developed
individually or with other persons) and at the Company’s expense, to take all
steps necessary and reasonably required to assure the Company’s ownership
thereof and to assist the Company in protecting or defending the Company’s
proprietary rights therein.

9.            Restrictive Covenants.

(a)           Non-Competition.  You agree that during Your employment, and
for a period of twelve (12) calendar months following Termination of
Employment, You shall not perform within the 50 states of the United States of
America any services which are in competition with the Business of the Company
during Your employment, or following Your Termination of Employment any
services which are in competition with a Material line of Business engaged in
by the Company at the time of Your Termination of Employment, and which are the
same as or similar to those services You performed for the Company under this
Agreement; provided, however, if the other business competitive with the
Business of the Company has multiple lines, divisions, segments or units, some
of which are not competitive with the Business of the Company, nothing herein
shall prevent You from being employed by or providing services to such line,
division, segment or unit that is not competitive with the Business of the
Company.  For purposes of this Section
9(a), “Material” means a line of Business that represents 20% or more of the
Company’s consolidated revenues or adjusted EBITDA for the four fiscal quarters
immediately preceding Your Termination of Employment.

(b)           Non-Recruitment.  You agree that during Your employment and for
a period of twelve (12) calendar months following Termination of Employment,
You will not, directly or indirectly: 
(1) solicit, induce, recruit, or cause a Restricted Employee to resign
employment with the Company or its Affiliates, or (2) participate in making
hiring decisions, encourage the hiring of, or aid in the hiring process of a
Restricted Employee on behalf of any employer other than the Company and its
Affiliates.  As used herein, “Restricted
Employee” means any employee of the Company or its Affiliates with whom You had
material business-related contact while performing services under this

 10
 

Agreement, and
who is:  (1) a member of executive
management; (2) a corporate officer of the Company or any of its Affiliates; or
(3) any employee of the Company or any of its Affiliates engaged in product or
service development or product or service management.

(c)           Effect of Breach.  The obligation of the Company to continue to
fulfill its payment and benefit obligations to You pursuant to Sections 6(b),
6(c), 6(d), 6(e) and 9(d) is conditioned upon Your compliance with the
provisions of this Section 9 and Sections 7 and 8.  Accordingly, in the event that You shall
materially breach the provisions of this Section 9 and/or Sections 7
and/or 8 and not cure or cease (as appropriate) such material breach within ten
(10) days of receipt of notice thereof from the Company, the Company’s
obligations under Sections 6(b), 6(c), 6(d), 6(e) and 9(d) shall
terminate.  Termination of the Company’s
obligations under Sections 6(b), 6(c), 6(d), 6(e) or 9(d) shall not be the
Company’s sole and exclusive remedy for a breach of this Section 9 and/or
Sections 7 and/or 8.  In addition to
the remedy provided in this Section 9(c), the Company shall be entitled to seek
damages and injunctive relief to enforce this Section 9 and
Sections 7 and 8, in the event of a breach by You of this Section 9
and/or Sections 7 and/or 8. 
Additionally, in the event You materially breach such provisions, You
shall be required to repay to the Company all such amounts paid pursuant to
Sections 6(b), 6(c), 6(d), 6(e) and 9(d) that You would not have received had
such amount been paid and You breached such provisions.

10.         Remedies.

(a)           The parties hereto
agree that the services to be rendered by You pursuant to this Agreement, and
the rights and privileges granted to the Company pursuant to this Agreement,
are of a special, unique, extraordinary and intellectual character, which gives
them a peculiar value; the loss of which cannot be reasonably or adequately
compensated in damages in any action at law, and that a breach by You of any of
the terms of this Agreement will cause the Company great and irreparable injury
and damage.  You hereby agree that the
definition of the Business of the Company set forth in Section 1 is correct,
that the Company and its Affiliates conduct business throughout the 50 states
of the United States of America and beyond, and that these restrictions are
reasonably necessary to protect the legitimate business interests of the
Company.  You hereby expressly agree that
the Company shall be entitled to the remedies of injunction, specific
performance and other equitable relief to prevent a breach of this Agreement by
You.  This Section 10 shall not be
construed as a waiver of any other rights or remedies which the Company may
have for damages or otherwise.

(b)           In the event of any
dispute over the interpretation or application of this Agreement, the Company
shall reimburse you for your reasonable attorneys’ fees and costs incurred in
connection with that dispute unless the Company is determined, by final
judgment of a court of competent jurisdiction, to be the prevailing party on
all or substantially all of the issues in dispute, which reimbursement shall be
made promptly following final judgment.

11.         Construction and Severability.  The parties hereto agree that the
provisions of this Agreement shall be presumed to be enforceable, and any
reading causing unenforceability

 11
 

shall yield to a construction permitting enforcement.  In the event a court should determine not to
enforce a provision of this Agreement due to overbreadth, violation of public
policy, or similar reasons, the parties specifically authorize such reviewing
court to enforce said covenant to the maximum extent reasonable, whether said
revisions be in time, territory, scope of prohibited activities, or other
respects.  If any single covenant,
provision, word, clause or phrase in this Agreement shall be found
unenforceable, it shall be severed and the remaining covenants and provisions
enforced in accordance with the tenor of the Agreement.

12.         Assignment.  This Agreement and the rights and
obligations of the hereunder may not be assigned by either party hereto without
the prior written consent of the other party hereto.

13.          Notices.  Except as otherwise specifically provided
herein, any notice required or permitted to be given to You pursuant to this
Agreement shall be given in writing, and personally delivered or mailed to You
by certified mail, return receipt requested, at the address set forth below
Your signature on this Agreement or at such other address as You shall
designate by written notice to the Company given in accordance with this
Section 13, and any notice required or permitted to be given to the Company,
the Chairman of the Board of Directors or the Chairman of the Leadership and
Compensation Committee of the Board of Directors shall be given in writing, and
personally delivered or mailed to that recipient by certified mail, return
receipt requested, addressed to the appropriate recipient at the address set
forth under the signature of the Chief Executive Officer of the Company or his
designee on this Agreement or at such other address as the Company shall
designate by written notice to You given in accordance with this Section
13.  Any notice complying with this
Section 13 shall be deemed received upon actual receipt by the addressee.

14.         Waiver. 
The waiver by either party hereto of any breach of this Agreement by
the other party hereto shall not be effective unless in writing, and no such
waiver shall operate or be construed as the waiver of the same or another
breach on a subsequent occasion.

15.         Governing Law.  This Agreement and the rights of the
parties hereunder shall be governed by and construed in accordance with the
laws of the State of Georgia.

16.         Beneficiary.  All of the terms and provisions of this
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto and their respective successors, heirs, executors,
administrators and permitted assigns.

17.         Entire Agreement.  This Agreement embodies the entire
agreement of the parties hereto relating to Your employment by the Company in
the capacity herein stated and, except as specifically provided herein, no
provisions of any employee manual, personnel policies, Company directives or
other agreement or document shall be deemed to modify the terms of this
Agreement.  No amendment or modification
of this Agreement shall be valid or binding upon You or the Company unless made
in writing and signed by the parties hereto. 
All prior understandings and agreements relating to Your employment by
the Company, in whatever capacity, are hereby expressly terminated.

 12
 

18.         Excise Tax.

(a)           If any payment or
distribution by the Company and/or any Affiliate of the Company to or for Your
benefit, whether paid or payable or distributed or distributable pursuant to
the terms of this Agreement or otherwise pursuant to or by reason of any other
agreement, policy, plan, program or arrangement, including without limitation
any stock option, stock appreciation right or similar right, or the lapse or
termination of any restriction on or the vesting or exercisability of any of
the foregoing (a “Payment”), would be subject to the excise tax imposed by
Section 4999 of the Code or to any similar tax imposed by state or local law,
or any interest or penalties with respect to such tax (such tax or taxes,
together with any such interest and penalties, being hereafter collectively
referred to as the “Excise Tax”), then the payments and benefits payable or
provided under this Agreement (or other Payments as described below) shall be
reduced (but not below the amount of the payments or benefits provided under
this Agreement) if, and only to the extent that, such reduction will allow You
to receive a greater Net After Tax Amount than You would receive absent such
reduction.

(b)           The Accounting Firm
will first determine the amount of any Parachute Payments that are payable to
You.  The Accounting Firm also will
determine the Net After Tax Amount attributable to Your total Parachute
Payments.

(c)           The Accounting Firm
will next determine the largest amount of Payments that may be made to You
without subjecting You to the Excise Tax (the “Capped Payments”).  Thereafter, the Accounting Firm will
determine the Net After Tax Amount attributable to the Capped Payments.

(d)           You then will
receive the total Parachute Payments or the Capped Payments or such other
amount less than the total Parachute Payments, whichever provides You with the
higher Net After Tax Amount, but in no event will any such reduction imposed by
this Section 18 be in excess of the amount of payments or benefits payable
or provided under this Agreement.  If You
will receive the Capped Payments or some other amount lesser than the total
Parachute Payments, the total Parachute Payments will be adjusted by first
reducing the amount of any noncash benefits under this Agreement or any other
plan, agreement or arrangement (with the source of the reduction to be directed
by You) and then by reducing the amount of any cash benefits under this
Agreement or any other plan, agreement or arrangement (with the source of the
reduction to be directed by You).  The
Accounting Firm will notify You and the Company if it determines that the
Parachute Payments must be reduced and will send You and the Company a copy of
its detailed calculations supporting that determination.

(e)           As a result of the
uncertainty in the application of Code Sections 280G and 4999 at the time that
the Accounting Firm makes its determinations under this Section 18, it is
possible that amounts will have been paid or distributed to You that should not
have been paid or distributed under this Section 18 (“Overpayments”), or that
additional amounts should be paid or distributed to You under this Section 18 (“Underpayments”).  If the Accounting Firm determines, based on
either the assertion of a deficiency by the Internal Revenue Service against
the Company or You, which assertion the Accounting

 13
 

Firm believes
has a high probability of success or controlling precedent or substantial
authority, that an Overpayment has been made, that Overpayment will be treated
for all purposes as a debt ab initio that You must repay to the
Company together with interest at the applicable Federal rate under Code
Section 7872; provided, however, that no debt will be deemed to have been
incurred by You and no amount will be payable by You to the Company unless, and
then only to the extent that, the deemed debt and payment would either reduce
the amount on which You are subject to
tax under Code Section 4999 or generate a refund of tax imposed under Code Section
4999.  If the Accounting Firm determines,
based upon controlling precedent or substantial authority, that an Underpayment
has occurred, the Accounting Firm will notify You and the Company of that
determination and the amount of that Underpayment will be paid to You promptly
by the Company.

(f)            For purposes of
this Section 18, the following terms shall have their respective meanings:

(i)            “Accounting Firm”
means the· independent accounting firm engaged by the Company in the Company’s
sole discretion.

(ii)           “Net After Tax
Amount” means the amount of any Parachute Payments or Capped Payments, as
applicable, net of taxes imposed under Code Sections 1, 3101(b) and 4999 and
any State or local income taxes applicable to You on the date of payment.  The determination of the Net After Tax Amount
shall be made using the highest combined effective rate imposed by the
foregoing taxes on income of the same character as the Parachute Payments or
Capped Payments, as applicable, in effect on the date of payment.

(iii)          “Parachute Payment”
means a payment that is described in Code Section 280G(b)(2), determined in
accordance with Code Section 280G and the regulations promulgated or proposed
thereunder.

(g)           The fees and
expenses of the Accounting Firm for its services in connection with the
determinations and calculations contemplated by the preceding subsections shall
be borne by the Company; If such fees and expenses are initially paid by You,
the Company shall reimburse You the full amount of such fees and expenses
within five business days after receipt from You of a statement therefore and
reasonable evidence of Your payment thereof.

(h)           The Company and You
shall each provide the Accounting Firm access to and copies of any books,
records and documents in the possession of the Company or You, as the case may
be, reasonably requested by the Accounting Firm, and otherwise cooperate with
the Accounting Firm in connection with the preparation and issuance of the
determinations and calculations contemplated by the preceding subsections.  Any determination by the Accounting Firm
shall be binding upon the Company and You.

(i)            The federal, state
and local income or other tax returns filed by You shall be prepared and filed
on a consistent basis with the determination of the Accounting Firm

 14
 

with respect
to the Excise Tax payable by You.  You,
at the request of the Company, shall provide the Company true and correct
copies (with any amendments) of Your federal income tax return as filed with
the Internal Revenue Service and corresponding state and local tax returns, if
relevant, as filed with the applicable taxing authority, and such other
documents reasonably requested by the Company, evidencing such conformity.

(j)            All payments to be
made to You under this Section 18 must be paid by the end of Your taxable year
next following the year in which the taxes that are the subject of the audit or
litigation are remitted to the taxing authorities or, where no such taxes are
remitted, the end of your taxable year following the year in which the audit is
completed or there is a final and non-appealable settlement or the resolution of
the litigation.

19.         Tax Liabilities and Code Section 409A.  Any payments or benefits that you receive
pursuant to this Agreement shall be subject to reduction for any applicable
employment or withholding taxes. 
Notwithstanding any other provision of this Plan, if You are a Specified
Employee, and if the amounts that You are entitled to receive pursuant to
Section 6 are not otherwise exempt from Section 409A of the Code, then to
the extent necessary to comply with Section 409A, no payments for such amounts
may be made under this Agreement (including, if necessary, any payments for
welfare or other benefits in which case You may be required to pay for such
coverage or benefits and receive reimbursement when payment is no longer
prohibited) before the date which is six (6) months after Your Termination of
Employment or, if earlier, Your date of death. 
All such amounts, which would have otherwise been required to be paid
over such six (6) months after Your Termination of Employment or, if earlier,
your date of death, shall be paid to you in one lump sum payment as soon as
administratively feasible after the date which is six (6) months after Your
Termination of Employment or, if earlier, your date of death.  All such remaining payments shall be made as
if they had begun as set forth in this Agreement.  For purposes of this Agreement, Your rights
to payments shall be treated as rights to receive a series of separate payments
to the fullest extent allowable under Section 409A of the Code.  This Agreement is intended to comply with the
applicable requirements of Section 409A of the Code and shall be construed and
interpreted in accordance therewith.  The
Company may at any time amend, suspend or terminate this Agreement, or any
payments to be made hereunder, as necessary to be in compliance with Section
409A of the Code to avoid the imposition on You of any potential excise taxes
relating to Section 409A.

 15
 

IN WITNESS WHEREOF,
You and the Company have executed and delivered this Agreement as of
the date first shown above.

	
  YOU: 

  	
  THE COMPANY: 

  
	
   

  	
   

  
	
  JOSEPH
  M. WETZEL

  	
  EARTHLINK, INC. By: 

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Joseph M. Wetzel

  	
   

  	
  /s/ Rolla Huff 

  	
   

  
	
   

  	
   

  
	
  Address:

  	
   

  	
   

  	
  Name:

  	
  Rolla Huff

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer 

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  1375 Peachtree Street

  
	
   

  	
   

  	
  7-North

  
	
   

  	
   

  	
  Atlanta, GA 30309

  
							

 

 16

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