Thank you for this opportunity to provide comments on the registry renewal agreement. I have one comment in regards to the "pricing protections" supposedly offered for current registrants. I believe this summary is misleading. The summary of provisions "materially different from the current .org agreement" includes the following statement regarding renewal pricing referenced to Section 2.10: "Protections for existing registrants will remain in place, ..." However, Section 2.10 does not appear to include pricing protections for existing registrants in any meaningful way, at least not in the sense that the phrase "protections for existing registrants" can be reasonably interpreted by a layman. Section 2.10(b) notes, "Registry Operator shall offer registrars the option to obtain domain name registration renewals at the current price (i.e., the price in place prior to any noticed increase) for periods of one (1) to ten (10) years at the discretion of the registrar, but no greater than ten (10) years." At first blush, this clause appears to grant pricing protection, but it only applies to the prices a registrar (not registrant) pays to the Registry Operator (not registrar). It may be implied that such a price lock would be passed down from the registrar to the registrants, but there is no requirement to do so. (And from a practical standpoint, is there any reason why a registrar would not want to lock in current rates for the maximum ten years allowed? Have rates ever gone down?) In addition, Section 2.10(c) notes, "For the purposes of determining Renewal Pricing, the price for each domain registration renewal must be identical to the price of all other domain name registration renewal in place at the time of such renewal, ..." Thus, the registrar is prohibited from offering current registrants a different renewal price than new registrants. There may be some kind of price guarantee established by Section 2.10(b), but it cannot be used to offer current registrants discounted renewals by Section 2.10(c). Taken together, these two clauses appear to provide *at best* a one-time renewal option for current registrants at current rates, but only if the registrar decides to do so. This hardly seems like "protections for current registrants" and more like specious palliation for current registrants. Pricing protections "at the discretion of the registrar" are not really pricing protections, especially when they are required to be uniformly applied to *all* registrants. Thank you again for this opportunity to provide comments on the registry renewal agreement. Sincerely, Michael Ellars