Document:

ex10yy.htm

    Exhibit
10-yy

    

    

    CINGULAR WIRELESS CASH DEFERRAL
PLAN

    

    Effective:
November 1, 2001

    

    

    ARTICLE 1
- STATEMENT OF PURPOSE

    

             The
purpose of the Cingular Wireless Cash Deferral Plan ("Plan") is to provide a
select group of management employees of Cingular Wireless LLC ("CWLLC") and
affiliate companies that participate in the Plan with an opportunity (i) to
defer the receipt and income taxation of a portion of such individual's
compensation; and (ii) to receive an investment return on those deferred
amounts.

    

    

    ARTICLE 2
- DEFINITIONS

    

             For
the purposes of this Plan, the following words and phrases shall have the
meanings indicated, unless the context indicates otherwise:

    

             ADMINISTRATOR.
The Board or Committee, if such Committee is appointed, as determined by the
Board. The Board/Committee may delegate administrative authority to the Chief
Executive Officer, the senior Human Resources division officer or another
individual. The Administrator may select an outside third party as the
recordkeeper of the Plan.

    

             AFFILIATE.
Any corporation, partnership, venture or other entity in which Cingular Wireless
or CWLLC holds, directly or indirectly, a 10% or greater ownership interest. The
Administrator may, in its sole discretion, designate any other corporation,
partnership, venture or other entity an Affiliate for the purpose of allowing it
to participate in the Plan.

    

             BASE
SALARY. The annual base salary, as determined by the Administrator, paid by an
Employer, before reduction due to any contribution pursuant to this Plan or
reduction pursuant to any deferral plan of an Employer, including but not
limited to a plan that includes a qualified cash or deferred arrangement under
Section 401(k) of the Code.

    

             Payments
by an Employer under a Disability plan made in lieu of any Base Salary shall be
deemed to be a part of the respective form of compensation it replaces for
purposes of this definition. Base Salary does not include zone allowances or any
other geographical differential and shall not include payments made in lieu of
unused vacation or other paid days off, and such payments shall not be deemed to
be contributed to this Plan.

    

             BOARD.  The
Board of Directors of Cingular Wireless.

    

             BONUS
AWARD. An incentive award based on an assessment of performance, payable by the
Employer to a Participant with respect to the Participant's services during a
given fiscal year of the Employer. Such amounts shall be deemed earned only upon
award by the Employer. For purposes of the Plan, "Bonus Award" shall not include
incentive awards which relate to a period exceeding one (1) fiscal
year.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

             BUSINESS
DAY. Any day other than a Saturday, Sunday or a day on which banks in Atlanta,
Georgia, are authorized or obligated by law or executive order to
close.

    

             CINGULAR
WIRELESS.  Cingular Wireless Corporation.

    

             CODE.
The Internal Revenue Code of 1986, as amended.

    

             COMMITTEE.
The Compensation Committee of the Board of Directors of Cingular Wireless, if
such committee is appointed, or other committee with responsibility for
oversight of the compensation and benefit programs.

    

             CONTRIBUTION
ACCOUNT. The accounting entry as to each Participant showing the amount of such
Participant's Contributions, interest credits and Matching Contributions
credited to such account.

    

             CWLLC.
Cingular Wireless LLC, a Delaware limited liability company, of which Cingular
Wireless is the manager.

    

             DISABILITY.
Absence of an Employee from work with an Employer under the relevant Employer's
disability plan, but only while such Employee is deemed by the Employer to be an
Employee of such Employer.

    

             ELIGIBLE
EMPLOYEE.  An Employee who:

    

             (a)
is a full time, salaried Employee who is on active duty, Disability or Leave of
Absence,

    

             (b)
is, as determined by the Administrator, a member of the Employer's "select group
of management or highly compensated employees" such that the Plan will qualify
for treatment as a "Top Hat" plan within the meaning of ERISA,

    

             (c)
has an employment status which has been approved by the Administrator to be
eligible to participate in this Plan and

    

             (d)
has been notified in writing by the Administrator that he is eligible to
participate in the Plan.

    

    Notwithstanding
the foregoing, the Administrator may, from time to time, exclude any Employee or
group of Employees from being deemed an "Eligible Employee" under this
Plan.

    

    In the
event a court or other governmental authority determines that an individual was
improperly excluded from the class of persons who would be considered Eligible
Employees during a particular time for any reason, that individual shall not be
an Eligible Employee for purposes of the Plan for the period of time prior to
such determination.

    

             EMPLOYEE.
Any person classified as an "employee" according to the payroll and personnel
records of an Employer, excluding persons hired for a fixed maximum term and
excluding persons who are neither citizens nor permanent residents of the United
States, all as determined by the Administrator. Individuals classified as leased
employees or independent contractors according to an Employer's payroll and
personnel records shall not be eligible to participate. For purposes of this
Plan, a person on Leave of Absence who otherwise would be an Employee shall be
deemed to be an Employee.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

             EMPLOYER.
CWLLC or any Affiliates that adopt the Plan with the consent of the Chief
Executive Officer.

    

             ERISA.
The Employee Retirement Income Security Act of 1974, as amended.

    

             EXECUTIVE.
An Employee who is in a position that is eligible to participate in the
Employer's Executive Compensation Programs as determined by the
Administrator.

    

             LEAVE
OF ABSENCE. Where a person is absent from employment with an Employer on a
formally granted leave of absence (i.e., the absence is with formal permission
in order to prevent a break in the continuity of term of employment, which
permission is granted (and not revoked) in conformity with the rules of the
Employer which employs the individual, as adopted from time to time). For
purposes of this Plan, a Leave of Absence shall be deemed to also include a
transfer of an individual to an entity that is not an Affiliate by an Employer
for a rotational work assignment. In the event a transfer to such an entity
lasts more than 5 years or the entity's rotational work assignment status is
canceled by Cingular Wireless, it shall be deemed a Termination of Employment at
that time for purposes of this Plan. To be a rotational work assignment, the
Employer must have indicated in writing to the individual that the individual
was to be rehired by the Employer on termination of the rotational work
assignment.

    

             LONG-TERM
INCENTIVE AWARD. An incentive award, based on an assessment of performance over
a period greater than one (1) year, payable by the Employer to a Participant and
shall be deemed earned only upon award by the Employer.

    

             MATCHING
CONTRIBUTIONS. The contributions credited to a Participant's Contribution
Account pursuant to Section 4.4.

    

             PARTICIPANT.
An Eligible Employee or former Eligible Employee who participates in the
Plan.

    

             PARTICIPANT
CONTRIBUTIONS. The amounts Eligible Employees are deemed to contribute, by
deferring amounts otherwise payable to them, pursuant to Sections 4 of the
Plan.

    

             PLAN.
Cingular Wireless Cash Deferral Plan.

    

             RETIREMENT
OR RETIRE. The Termination of Employment for reasons other than death or
Disability, on or after the date on which (1) the Employee is first eligible,
upon terminating employment, for retiree health coverage in accordance with the
terms of the Employer's health plan; or (2) the Employee is eligible to retire
under any other guidelines established by the Administrator.

    

             SALES
INCENTIVES. An incentive award, based on an assessment of performance under an
approved sales incentive compensation plan, that is determined by the
Administrator to qualify as eligible compensation under this Plan.

    

             TERMINATION
OF EMPLOYMENT. References herein to "Termination of Employment," "Terminate
Employment" or a similar reference, shall mean the event where the Employee
ceases to be an Employee of any Employer, including but not limited to where the
employing company ceases to be an Employer.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE 3
- ADMINISTRATION OF THE PLAN

    

    3.1      THE
ADMINISTRATOR.

    

    The
Administrator will administer the Plan, interpret, construe and apply its
provisions in accordance with its terms. The Administrator may further
establish, adopt or revise such rules and regulations as such person may deem
necessary or advisable for the administration of the Plan. References to
determinations or other actions by the Administrator, herein, shall mean actions
authorized by such person or his respective successors or duly authorized
delegates, in each case in the discretion of such person. All decisions by the
Administrator shall be final and binding.

    

    3.2      CLAIMS
PROCEDURE.

    

    If a
request for benefits by a Participant or beneficiary is wholly or partially
denied, the Administrator will provide such claimant written notice setting
forth the denial. A review procedure is available upon written request by the
claimant to the Administrator within 90 days after the date of the
Administrator's written notice of the denial of the claim, and includes the
right to examine pertinent documents and submit issues and comments in writing
to the Administrator. The decision on review will be made within 90 days after
receipt of the request for review, unless circumstances warrant an extension of
time not to exceed an additional 90 days, and shall be in writing. If a decision
on review is not made within such period, the Participant's claims shall be
deemed denied.

    

    3.3      DECISIONS
BINDING.

    

    The
Administrator shall have the exclusive discretion to construe and interpret the
Plan and make all determinations hereunder. All determinations and decisions of
the Administrator as to any disputed question arising under the Plan, including
questions of construction and interpretation, shall be final, conclusive and
binding on all parties and shall be subject to the fullest discretion afforded
by law.

    

    

    ARTICLE 4
- CONTRIBUTIONS

    

    4.1      EMPLOYEE
ELECTION TO MAKE CONTRIBUTIONS.

    

    
      	
                       (a)

            	
              Each
      year, an Eligible Employee may make an election to make Participant
      Contributions with respect to Base Salary, Bonus Awards, Sales Incentives,
      or any other award eligible under this Plan, paid during the immediately
      following calendar year. The enrollment period for making such elections
      shall be established by the Administrator. Any such election is
      irrevocable.

            

    

     

     

    
      	
                       (b)

            	
              An
      Eligible Employee may elect to contribute from 6% to 30%  (in
      whole percentage increments) of Base Salary, Bonus Awards, or eligible
      Sales Incentives, as the same may change from time to time, and such
      Participant Contributions shall be credited to his/her Contribution
      Account.

            

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
                       (c)

            	
              An
      Eligible Employee who is an Executive may elect to contribute up to an
      additional 20% (in whole percentage increments) of Base Salary and/or up
      to an additional 45% of Bonus Awards, as the same may change from time to
      time, and such Participant Contributions shall be credited to his/her
      Contribution Account.

            

    

    

    
      	
                       (d)

            	
              An
      Eligible Employee who is an Executive may elect to contribute up to 75%
      (in whole percentage increments) of any Long-Term Incentive Award paid by
      Cingular Wireless, as the same may change from time to time, and such
      Participant Contributions shall be credited to his/her Contribution
      Account.

            

    

    

    
      	
                       (e)

            	
              The
      Administrator may refuse or terminate any election by an Eligible Employee
      to make Participant Contributions at any time; provided, however, only the
      Board/Committee may take such action with respect to persons who are
      "executive officers" of CWLLC. Page 9 of
9

            

    

    

    4.2      DURATION
AND CREDITING OF PARTICIPANT CONTRIBUTIONS.

    

    
      	
                       (a)

            	
              Participant
      Contributions (as well as any corresponding Matching Contributions) shall
      be made solely pursuant to a proper election and only during the
      Participant's lifetime and while the Participant remains an Eligible
      Employee (if the Participant ceases to be an Eligible Employee, his or her
      election to make Employee Contributions shall be cancelled); provided,
      however, Termination of Employment of an Eligible Employee shall not
      constitute loss of eligibility solely with respect to contribution of Base
      Salary, Bonus Awards, or Sales Incentives earned prior to termination but
      paid within 60 days thereafter or with respect to a Bonus or Long-Term
      Incentive Award paid after Retirement (and such person shall be deemed an
      Eligible Employee for such
contributions).

            

    

    

    
      	
                       (b)

            	
              Participant
      Contributions shall be credited to a Contribution Account when the
      compensation would have otherwise actually been paid were it not for an
      election under this Plan. A contribution from any eligible payment that is
      delayed for any reason shall be credited when the delayed payment is
      made.

            

    

    

    4.3      CREDITING
OF INTEREST.

    

    Interest
is to be credited to the Participant's Contribution Account pursuant to the
provisions of this Section 4.3 and the procedures adopted by the Administrator
for crediting interest. The annual interest rate for each calendar year shall be
a reasonable rate of interest as determined by the Vice President and Treasurer
with the concurrence of the Chief Financial Officer. However, in no event will
the interest rate for any calendar year be less than the Moody's Corporate Bond
Yield Average as published by Moody's Investor Services, Inc. (or any successor
thereto) for the month ending two months prior to the month in which Eligible
Employees make their annual deferral elections under the Plan.

    

    4.4      MATCHING
CONTRIBUTIONS.

    

    When an
Eligible Employee makes a Participant Contribution, his/her Contribution Account
shall be credited with an amount found by multiplying the matching contribution
rate provided in the Cingular Wireless 401(k) plan, including any special
transition rates, by:

    

    
      	
                       (a)

            	
              6%
      (or such other percentage as approved by the Committee) of the Participant
      Contributions; plus,

            

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
                       (b)

            	
              6%
      of any eligible compensation, excluding the Participant Contribution, that
      is in excess of the Code Section 401(a)(17)
  limits.

            

    

    

    
      	
                       (c)

            	
              6%
      of any amount refunded to a participant from the Cingular Wireless 401(k)
      Saving Plans as a result of the Code Section 401(k) non-discrimination
      testing or other amounts determined within the discretion of the
      Administrator.

            

    

    

    Compensation
paid in the form of a Long Term Incentive Award is not eligible for Matching
Contributions.

    

    

    ARTICLE 5
- OTHER COMPENSATION AWARDS

    

    5.1      OTHER
COMPENSATION AWARDS.

    

    
      	
                       (a)

            	
              Any
      Eligible Employee who (i) would receive from an Employer
      a  distribution of cash pursuant to any plan or award
      specifically  permitted to be contributed to this Plan by the
      Administrator and (ii)  has not recognized any part of such
      distribution as income for Federal  income taxation purposes,
      may make an election, during an enrollment  period as determined
      by the Administrator, to convert such distribution  into a
      contribution under this Plan, provided such person remains
      an  Eligible Employee at the time of such contribution.
      Distribution of  such contributions shall be governed solely by
      the provisions of this  Plan. The Administrator may refuse or
      terminate any election under this  Section 5.1 at any time;
      provided, however, only the Board/Committee  may take such
      action with respect to persons who are "executive  officers" of
      CWLLC.

            

    

    

    
      	
                       (b)

            	
              In
      no event shall a Contribution pursuant to this Section 5.1 result in the
      crediting of Matching
Contributions.

            

    

    

    

    ARTICLE 6
- DISTRIBUTIONS

     

    6.1   EMPLOYEE DISTRIBUTIONS FROM
PARTICIPANT ACCOUNTS AT TERMINATION OF EMPLOYMENT.

     

    Eligible
Employees shall designate the time for a distribution from their Participant
Accounts during the enrollment period. Eligible Employees may elect to receive a
distribution according to the following guidelines:

    

    Participants
may elect to receive a distribution from their account at Termination of
Employment. Participants, who are eligible for Retirement at the time of their
Termination of Employment, may elect to receive their distributions in 1 to 10
payments beginning in March of the year following termination of
Employment.

    

    Participants,
who are not eligible for Retirement at the time of Termination of Employment,
may elect to receive their distributions in 1 to 3 payments beginning in March
of the year following Termination of Employment.

    

    If
Participants do not have a valid election on file, distributions will be made in
10 payments, for Participants who are eligible for Retirement at the time of
Termination of Employment, and 3 payments, for Participants who are not eligible
for Retirement at the time of separation.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              6.2

            	
              EMPLOYEE
      ELECTIONS TO RECEIVE DISTRIBUTIONS FROM PARTICIPANT ACCOUNTS PRIOR TO
      TERMINATION OF EMPLOYMENT.

            

    

    

    In lieu
of an election to receive a distribution at Termination of Employment, Eligible
Employees may elect to receive a distribution from their Participant Accounts
prior to Termination of Employment. Such election must be made during the
enrollment period. Eligible Employees may elect to receive an "in-service"
distribution according to the following guidelines:

    

    Participants
may elect to receive an in-service distribution in any year of an 8 year period
beginning in the third year following the year of the deferrals. For example,
for deferrals in 2002, in-service distributions can be elected in 2005 through
2012.

    

    All
in-service distributions will be paid in March of the year of the requested
distribution. The total value, consisting of Participant and Company Match
Contributions plus accrued interest as of March 1 (the Valuation Date) related
to the specific deferral, will be paid in a single payment.

    

    Notwithstanding
any of the provisions of this paragraph 6.2, if a Participant terminates
employment prior to a scheduled in-service distribution, value of the Employee's
Contribution Account will be distributed in accordance with the guidelines for a
distribution at Termination of Employment.

    

    

    6.3       DISTRIBUTIONS
FROM PARTICIPANT ACCOUNTS.

    

    
      	
                       (a)

            	
              All
      distributions will be based on the value of the Employee's Contribution
      Account as of March 1 (or such other date as determined by the
      Administrator) of the year of the distribution. Generally, Participants
      should receive distribution payments within 10
  workdays.

            

    

    

    
      	
                       (b)

            	
              Multi-year
      distributions will be based on the Value of the Employee's Contribution
      Account as of March 1 (or such other date as determined by the
      Administrator). Distributions are to be equal to the Participant's
      Contribution Account balance divided by the number of remaining
      distributions.

            

    

    

    
      	
                       (c)

            	
              Notwithstanding
      the provisions of (a) or (b) above or any provision in the Plan, if the
      Value of the Employee's Contribution Account is (1) less than $50,000 as
      of March 1 of the year of the initial distribution payment, the number of
      multi-year payments can not exceed three, or (2) less than $10,000 of the
      year of the initial distribution, the total Contribution Account balance
      will be paid in a single payment.

            

    

    

    6.4      REVOKED
OR AMENDED ELECTIONS.

    

    A
Participant, who has previously elected to receive a distribution prior to
Termination of Employment, may revoke such election during an enrollment period
as specified by the Administrator. Generally, the enrollment period for revoking
such elections will be prior to the year preceding the year of the
distribution.  If an
election to receive a distribution prior to Termination of Employment is
revoked, the value of the distribution will remain in the Employee's
Contribution Account and will be distributed at Termination of Employment and no
further changes may be elected at any time.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    A
Participant who has elected to receive a distribution at Termination of
Employment, may amend that election to change the number of distribution
payments to be received following a Termination of Employment. To be valid, a
revised election must be submitted during the enrollment period prior to the
year preceding the year of the distribution.

    

    In the
event the Participant incurs a Termination of Employment for reasons other than
Retirement, the Administrator may, at its sole discretion, accelerate the
distribution of all or part of the Participant's Account to the date of the
Administrator's choosing, without notice to, or the consent of, the
Participant.

    

    6.5      DESIGNATION
OF BENEFICIARY; DISTRIBUTIONS AT DEATH.

    

    Each
Participant may designate a beneficiary or beneficiaries (who may be named
contingently or successively) who, upon the Participant's death, will receive
the amounts that otherwise would have been paid to the Participant under the
Plan. All designations shall be signed by the Participant, and shall be in such
form as prescribed by the Administrator. Each designation shall be effective as
of the date received from the Participant.

    

    Participants
may change their designations of beneficiary on a form prescribed by the
Administrator. The payment of amounts deferred under the Plan shall be in
accordance with the last unrevoked written designation of beneficiary that has
been signed by the Participant and delivered by the Participant to the
Administrator or a designated third party.

    

    In the
event that all the beneficiaries named by a Participant pursuant to this Section
6.5 predecease the Participant, the deferred amounts that would have been paid
to the Participant or the Participant's beneficiaries shall be paid to the
Participant's estate.

    

    In the
event a Participant does not designate a beneficiary, or for any reason such
designation is ineffective, in whole or in part, the amounts that otherwise
would have been paid to the Participant or the Participant's beneficiaries under
the Plan shall be paid to the Participant's estate.

    

    In the
event of death, the Participant's Contribution Account will be paid in 1 to 10
payments, as specified by the Participant on the Beneficiary Designation Form,
subject to the rules contained in Section 6.3(c). If no Beneficiary Designation
Form is on file, payments will be made in a single lump sum
payment.

    

    6.6      INELIGIBLE
PARTICIPANT.

    

    Notwithstanding
any other provisions of this Plan to the contrary, if the Administrator or CWLLC
receives an opinion from counsel selected by CWLLC, or a final determination is
made by a Federal, state or local government or agency, acting within its scope
of authority, to the effect that an individual is not, or was not at the time of
his or her making Participant contributions to this Plan, to be a "management or
highly compensated employee" within the meaning of ERISA, then such person will
not be eligible to participate in this Plan and shall receive an immediate
distribution of contributions and interest thereon corresponding to the vested
portion of his or her account. Upon such distribution, no other distribution
shall thereafter be payable under this Plan either to the individual or any
beneficiary of the individual.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6.7      DISTRIBUTION
PROCESS.

    

    As to a
Participant's deferrals of cash compensation, the payment of which would have
been deductible by an Employer under Section 162(m) of the Code, regardless of
the size of the cash compensation, shall be deemed to be distributed
first.

     

     

    ARTICLE 7
- DISCONTINUATION, TERMINATION, AMENDMENT.

    

    CWLLC
hereby reserves the right to amend, modify or terminate the Plan at any time by
action of the Board of Directors. Notwithstanding the foregoing, the Senior Vice
President of Human Resources may make ministerial amendments to the plan to
conform the plan to the intent of the Administrator.

    

    The Plan
is intended to be an unfunded plan maintained primarily to provide deferred
compensation benefits for a select group of "management or highly compensated"
within the meaning of Sections 201, 301 and 401 of ERISA, and therefore be
exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA. Accordingly,
the Board may terminate the Plan and commence termination payout for all or
certain Participants, or remove certain employees as Participants, if it is
determined by the United States Department of Labor or a court of competent
jurisdiction that the Plan constitutes an employee pension benefit plan within
the meaning of Section 3(2) of ERISA which is not so exempt. If payout is
commenced pursuant to the operation of this Article 7, the payment of such
amounts shall be made in a lump sum regardless of the manner selected by each
Participant under Article 6 herein as applicable.

    

    

    ARTICLE 8
- MISCELLANEOUS

    

    8.1      TAX
WITHHOLDING.

    

    Upon
distribution the Administrator shall withhold amounts required to satisfy the
Federal, state, and local taxes required by law to be withheld as a result of
such distribution.

    

    8.2      ELECTIONS
AND NOTICES.

    

    Notwithstanding
anything to the contrary contained in this Plan, all elections and notices of
every kind shall be made on forms prepared by the Administrator or made in such
other manner as permitted or required by the Administrator, including through
electronic means, over the Internet or otherwise. An election shall be deemed
made when received by the Administrator, which may waive any defects in form.
Unless made irrevocable by the electing person, each election with regard to
making Participant contributions or distributions shall become irrevocable at
the close of business on the last day to make such election. The Administrator
may limit the time an election may be made in advance of any
deadline.

    

    Any
notice or filing required or permitted to be given to CWLLC under the Plan shall
be delivered to the principal office of CWLLC, directed to the attention of the
Senior Executive Vice President-Human Resources of CWLLC or his or her
successor. Such notice shall be deemed given on the date of
delivery.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Notice to
the Participant shall be deemed given when mailed (or sent by telecopy) to the
Participant's work or home address as shown on the records of CWLLC or, at the
option of the Administrator, to the Participant's e-mail address as shown on the
records of CWLLC. It is the Participant's responsibility to ensure that the
Participant's addresses are kept up to date on the records of CWLLC. In the case
of notices affecting multiple Participants, the notices may be given by general
distribution at the Participants' work locations.

    

    8.3      RIGHTS
OF PARTICIPANTS; UNSECURED GENERAL CREDITOR.

    

    The Plan
shall create a contractual obligation on the part of CWLLC to make payments from
the Participant's accounts when due. Payment of account balances shall be made
out of the general funds of the CWLLC.

    

    Participants
and their beneficiaries, heirs, successors, and assigns shall have no legal or
equitable rights, interest, or claims in any property or assets of any Employer.
No assets of any Employer shall be held under any trust for the benefit of
Participants, their beneficiaries, heirs, successors, or assigns, or held in any
way as collateral security for the fulfilling of the obligations of any Employer
under this Plan. Any and all of each Employer's assets shall be, and remain, the
general, unpledged, unrestricted assets of such Employer. The only obligation of
an Employer under the Plan shall be merely that of an unfunded and unsecured
promise of CWLLC to distribute amounts deferred and interest theron under the
Plan.

    

    CWLLC may
establish one or more trusts, with such trustee(s) as the Administrator may
approve, for the purpose of providing for the payment of deferred amounts. Any
such trust created by the CWLLC will conform to the terms of the model trust
approved by the Internal Revenue Service pursuant to Revenue Procedure 92-64, or
any amendment thereof or successor to the claims of the CWLLC's general
creditors. To the extent any deferred amounts under the Plan are actually paid
from any trust, the CWLLC shall have no further obligation with respect thereto,
but to the extent not so paid, such deferred amounts shall remain the obligation
of, and shall be paid by, CWLLC.

    

    8.4      OFFSET.

    

    The
Administrator may offset against the Contribution Account otherwise
distributable to a Participant, any amounts due an Employer by a Participant,
including but not limited to overpayments under any compensation or benefit
plans.

    

    8.5      NON-ASSIGNABILITY.

    

    Neither a
Participant nor any other person shall have any right to commute, sell, assign,
transfer, pledge, anticipate, mortgage, or otherwise encumber, transfer,
hypothecate or convey in advance of actual receipt of such amounts under the
Plan, if any, or any part thereof, which are, and all rights to which are,
expressly declared to be unassignable and non-transferable. No part of the
Participant's Contribution Account, prior to actual distribution, be subject to
seizure or sequestration for the payment of any debts, judgments, alimony or
separate maintenance owed by a Participant or any other person, nor be
transferable by operation of law in the event of a Participant's or any other
person's bankruptcy or insolvency.

    

    8.6      EMPLOYMENT
NOT GUARANTEED.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Nothing
contained in this Plan nor any action taken hereunder shall be construed as a
contract of employment or as giving any employee any right to be retained in the
employ of an Employer.

    

    8.7      ERRORS.

    

    At any
time the Administrator may correct any error made under the Plan without
prejudice to CWLLC, Cingular Wireless or any Affiliates. Such corrections may
include, among other things, refunding contributions to a Participant with
respect to any period he or she made Participant Contributions while not an
Eligible Employee, or canceling the enrollment of a non-Eligible
Employee.

     

    8.8      CAPTIONS.

    

    The
captions of the articles, sections, and paragraphs of this Plan are for
convenience only and shall not control nor affect the meaning or construction of
any of its provisions.

    

    8.9      GOVERNING
LAW.

    

    To the
extent not preempted by ERISA, this Plan shall be governed by and construed in
accordance with the substantive laws of the State of Georgia, excluding any
conflicts or choice of law rule or principle that might otherwise refer
constructive or interpretation of this Plan to provisions of the substantive law
of any jurisdiction other than the State of Georgia. Any action seeking to
enforce the rights of an employee, former employee or person who holds such
rights through, from or on behalf of such employee or former employee under this
Plan may be brought only in a Federal or state court located in Fulton County,
Georgia.

    

    8.10     VALIDITY.

    

    In the
event any provision of this Plan is held invalid, void, or unenforceable, the
same shall not affect, in any respect whatsoever, the validity of any other
provision of this Plan.

    

    8.11     SUCCESSORS
AND ASSIGNS.

    

    This Plan
shall be binding upon CWLLC and Affiliates that have adopted the Plan, and their
successors and assigns.ex10zz.htm

    
      
        	
                 

              	
                Exhibit
      10-zz

              

      

      

      
        	
                 

              	
                BELLSOUTH
      CORPORATION

              

      

      
        	
                 

              	
                 

              

      

      
        	
                 

              	
                SUPPLEMENTAL EXECUTIVE
      RETIREMENT PLAN

              

      

      
        	
                 

              	
                 

              

      

      
        	
                 

              	
                 

              

      

      
        	
                 

              	
                Amended and Restated effective
      as of January 1, 2005

              

      

      
        	
                 

              	
                 

              

      

       

      
        
          

        

      

       

      
        	
                 

              	
                BELLSOUTH
      CORPORATION

              

      

      
        	
                 

              	
                SUPPLEMENTAL EXECUTIVE
      RETIREMENT PLAN

              

      

      
        	
                 

              	
                 

              

      

      
        	
                 

              	
                 

              

      

      ARTICLE
I.   STATEMENT OF PURPOSE

      

      The
purpose of the BellSouth Corporation Supplemental Executive Retirement Plan is
to provide supplemental pension benefits to Executives and certain other
employees of BellSouth Corporation and certain subsidiaries of BellSouth
Corporation, hereinafter referred to as Participants, who retire or terminate
from service. The Plan was originally effective as of January 1, 1984 and was
subsequently amended from time to time. The Plan is now hereby amended and
restated, effective as of January 1, 2005, and as so amended and restated is
intended to comply with the requirements of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”), with respect to all benefits accrued and
vested on or after January 1, 2005. Further, with respect to all benefits of
Participants employed on or after January 1, 2007, the Plan is intended to fully
comply with the requirements of Code Section 409A.

      
        	
                 

              	
                 

              

      

      

      
        	
                 

              	
                ARTICLE
      II. DEFINITIONS

              

      

      
        	
                 

              	
                 

              

      

      
        	
                 

              	
                 

              

      

      1.           The term "ADEA" shall mean the Age Discrimination in
Employment Act of 1967, as amended from time to time.

      
        	
                 

              	
                 

              

      

      2.           The term "Affiliate" shall mean any corporation, other
than BellSouth Corporation (or a Participating Company), which is a member of
the same controlled group of corporations (within the meaning of Code Section
414(b)) as BellSouth Corporation and any trade or business (whether or not
incorporated) which is under common control with BellSouth Corporation within
the meaning of Code Section 414(c).

      
        	
                 

              	
                 

              

      

      3.           The term "Annual Bonus
Award" shall mean
the bonus amount paid annually to a Participant that is included in the
calculation of pension benefits under the Pension Plan.

      
        	
                 

              	
                 

              

      

      4           The terms "BellSouth
Corporation" and
"Company" shall mean BellSouth Corporation, a
Georgia corporation, or its successors.

      
        	
                 

              	
                 

              

      

      5.           The terms "Chairman of the
Board",
"President" and "Board of
Directors" or
"Board" shall mean the Chairman of the Board
of Directors, President and Board of Directors, respectively, of the
Company.

      
        	
                 

              	
                 

              

      

      6.           The term “Claim Review
Committee” shall
mean the Employees’ Benefit Claim Review Committee appointed by the Committee to
be the claims fiduciary for any claims brought under the Pension
Plan.

      
        	
                 

              	
                 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      7.           The term "Code" shall mean the Internal Revenue Code
of 1986, as amended from time to time.

      
        	
                 

              	
                 

              

      

      8.           The term "Committee" shall mean the Employee Benefit
Committee appointed by the Company to administer the Pension
Plan.

      
        	
                 

              	
                 

              

      

      9.            The term "Disabled" or “Disability” means the
following:

      
        	
                 

              	
                 

              

      

                  (a)           the inability of the Participant to
engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than 12
months; OR

      
        	
                 

              	
                 

              

      

                  (b)           the Participant is, by reason of any
medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less
than 12 months, receiving income replacement benefits for a period of not less
than 3 months under an accident and health plan covering employees of the
Employer;

      
        	
                 

              	
                 

              

      

      10.           The term "Executive" shall mean an employee on the active
payroll of any Participating Company who holds a position that the Board of
Directors has designated to be within the Company’s executive compensation
group.

      
        	
                 

              	
                 

              

      

      11.           The term “Executive Severance
Agreement” means a
BellSouth executive change in control agreement entered into by and between an
executive who is a Participant in this Plan and BellSouth, as amended and/or
superseded from time to time, providing certain benefits in the event of a
change in corporate control of BellSouth Corporation.

      
        	
                 

              	
                 

              

      

      12.           The term "Former
Affiliate" shall
have the same meaning as is attributed to such term under the Pension
Plan.

      
        	
                 

              	
                 

              

      

      13.           The term "Included
Earnings" shall
have the meaning ascribed to such term in Section 4(a)(ii) of Article IV of this
Plan.

      
        	
                 

              	
                 

              

      

      14.           The term "Interchange
Company" shall have
the same meaning as is attributed to such term under the Pension
Plan.

      
        	
                 

              	
                 

              

      

      15.           The term "Mandatory Retirement
Age" shall have the
same meaning as is attributed to such term under the Pension
Plan.

      
        	
                 

              	
                 

              

      

      16.           The term “Merger” shall mean the planned merger,
pursuant to the Agreement and Plan of Merger dated as of March 4, 2006 (the
“Merger Agreement”), by and among BellSouth, AT&T Inc. (“AT&T”), and ABC
Consolidation Corp., a Georgia corporation and wholly-owned subsidiary of
AT&T (“Merger Sub”), pursuant to which, at the “Effective Time” (as defined
in the Merger Agreement), BellSouth will be merged with and into the Merger
Sub.

      

      17.           The term “Merger Severance
Plan” means a
severance plan (or plans) adopted under the terms of the Company Disclosure
Letter to the Merger Agreement (as defined in Section 16 of this Article
II).

      
        	
                 

              	
                 

              

      

      18.           The term "Net Credited
Service", except as
expressly limited or otherwise provided in this Plan or under an individual
Participant’s employment related agreement with the Company, shall have the same
meaning as is attributed to such term under the Pension Plan and shall be
interpreted in the same manner as that term is interpreted for purposes of the
Pension Plan.

      
        	
                 

              	
                 

              

      

      19.           The term "Participants" shall mean all Executives as defined
herein, as well as all other management employees (i.e., non-collectively bargained employees)
at pay grade E01 (or equivalent) and above and any other employees designated by
the Chief Executive Officer of BellSouth Corporation or his or her delegated
representative.

      
        	
                 

              	
                 

              

      

      20.           The term "Participating
Company" shall mean
BellSouth Corporation, and each subsidiary of BellSouth Corporation which shall
have determined, with the concurrence of the senior human resources officer of
BellSouth Corporation, to participate in the Plan.

      
        	
                 

              	
                 

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      21.           The term "Pension Act”
shall mean the
Employee Retirement Income Security Act of 1974 (ERISA) as it may be amended
from time to time.

      
        	
                 

              	
                 

              

      

      22.           The term "Pension Commencement
Date" shall have
the same meaning as is attributed to such term under the Pension Plan.
      

      
        	
                 

              	
                 

              

      

      23.           The term "Pension
Plan" shall mean
the BellSouth Personal Retirement Account Pension Plan as in effect on the date
of the Merger.

      
        	
                 

              	
                 

              

      

      24.           The term "Plan" shall mean this BellSouth Corporation
Supplemental Executive Retirement Plan.

      
        	
                 

              	
                 

              

      

      25.           The term "Post-04
Benefit” shall mean
the Participant’s Plan benefit accrued on or after January 1, 2005 determined in
accordance with the provisions of Code Section 409A.

      
        	
                 

              	
                 

              

      

      26.           The term "Pre-05
Benefit” shall mean
the Participant’s Plan benefit accrued and vested as of December 31, 2004
determined in accordance with the provisions of Code Section
409A.

      
        	
                 

              	
                 

              

      

      27.           The term “Rabbi Trust
Agreement” shall
mean each and all of the following: (i) BellSouth Corporation Trust Under
Executive Benefit Plan(s); (ii) BellSouth Telecommunications, Inc. Trust Under
Executive Benefit Plan(s); (iii) BellSouth Enterprises, Inc. Trust Under
Executive Benefit Plan(s); (iv) BellSouth Corporation Trust Under Executive
Benefit Plan(s) for Mobile Systems Executives; (v) BellSouth Corporation Trust
Under Executive Benefit Plan(s) for Advertising and Publishing Executives; (vi)
BellSouth Corporation Trust Under Executive Benefit Plan(s) for Certain
BellSouth Companies; in each case, as amended from time to
time.

      
        	
                 

              	
                 

              

      

      28.           The term "Standard Annual
Bonus" shall mean
an amount determined by applying a target percentage of a Participant’s base pay
rate as determined by the annual compensation plan and the Participant’s current
job or pay grade.

      
        	
                 

              	
                 

              

      

      29.           The
term "Vesting Service Credit", except as expressly limited or otherwise provided
in this Plan or under an individual Participant’s employment related agreement
with the Company, shall have the same meaning as is attributed to such term
under the Pension Plan and shall be interpreted in the same manner as that term
is interpreted for purposes of the Pension Plan.

      
        	
                 

              	
                 

              

      

      30.           The use in this Plan of personal
pronouns of the masculine gender is intended to include both the masculine and
feminine genders.

       

      

      
        	
                 

              	
                ARTICLE
      III. ADMINISTRATION

              

      

      
        	
                 

              	
                 

              

      

           1.          The Company shall be the Plan
Administrator and the Plan Sponsor of the Plan as those terms are defined in the
Pension Act. The Company may allocate all or any part of its responsibilities
for the operation and administration of the Plan, except to the extent expressly
prohibited by the Plan's terms. The Company may designate in writing other
persons to carry out its responsibilities under the Plan, and may employ persons
to advise it with regard to such responsibilities. The Company, acting through
the Committee, the Claim Review Committee or any other person designated by the
Company, as applicable, shall have the exclusive responsibility and complete
discretionary authority to interpret the terms of the Plan (including the power
to construe ambiguous or uncertain terms), to control the operation and
administration of the Plan and to resolve all questions in connection therewith,
with all powers necessary to enable it to properly carry out such
responsibilities, including without limitation the powers and responsibilities
set forth in this Section 3, and its determinations shall be final, conclusive
and binding on all persons.

      
        	
                 

              	
                 

              

      

           2.          The Plan Administrator shall have the
power to determine status, coverage, eligibility for and the amount of benefits
under the Plan and all questions arising in connection therewith, with respect
to employees of each Participating Company, respectively, and shall have the
power to authorize disbursements according to this Plan.

      
        	
                 

              	
                 

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

           3.          The review and final determination of
claims and appeals for Participants and beneficiaries under the Plan shall be
determined by, and in the complete discretion of, the Plan Administrator acting
through the Claim Review Committee and in accordance with the claims and appeals
procedures set forth in the summary plan description for the Pension Plan and
shall be administered and interpreted in accordance with the Pension Act and
procedures in effect under the Pension Plan. All determinations of the Plan
Administrator shall be final and binding and not subject to further
administrative review.

      
        	
                 

              	
                 

              

      

           4.          The expenses of administering the Plan
shall be borne by the Company and/or the applicable Participating
Company.

      
        	
                 

              	
                 

              

      

           5.          The Company, the Committee and the
Claim Review Committee, and each other Plan Administrator described herein, are
each a named fiduciary as that term is used in the Pension Act with respect to
the particular duties and responsibilities herein provided to be allocated to
each of them.

      
        	
                 

              	
                 

              

      

           6.          Any person or group of persons may
serve in more than one fiduciary capacity with respect to the
Plan.

      

           7.          Notwithstanding the preceding,
effective as of the date of the Merger, responsibility for administration of the
Plan shall be determined under the terms of the Rabbi Trust Agreements. As
provided in the Rabbi Trust Agreements, claims for benefits, appeals of benefit
denials and Plan interpretations shall be made by a “Trust Contractor” or
“Independent Fiduciary” (as such terms are defined in the Rabbi Trust
Agreements), as the case may be. At any time during which a Trust Contractor or
Independent Fiduciary shall, under the terms of the Rabbi Trust Agreements, have
such Plan administrative responsibilities, the term “Plan Administrator” as used
in this Plan shall refer to such Trust Contractor or Independent
Fiduciary.

       

      
        	
                 

              	
                 

              

      

      
        	
                 

              	
                ARTICLE
      IV. BENEFITS

              

      

      
        	
                 

              	
                 

              

      

           1.        Participation

      
        	
                 

              	
                 

              

      

      All
persons included in the definition of the term "Participants" are deemed
participants in this Plan. In addition, each individual who has participated in
this Plan but who has ceased to be included in the definition of "Participants",
whether due to demotion, termination or otherwise, shall continue to be a
Participant in this Plan, except for purposes of accruing additional benefits
under Section 4 of this Article IV, and shall be entitled to a benefit under
this Plan if, at the time such individual ceased to be included in the
definition of "Participants", he or she had satisfied the service requirements
for a deferred vested pension under the Pension Plan. Each such individual shall
receive a benefit under the terms of the Plan as in effect immediately prior to
the effective date of such demotion, termination or other event, the amount of
such benefit to be calculated as if the individual retired (or otherwise
terminated employment) on such date, it being the Company's intent that any such
demotion, termination or other event removing individuals from the definition of
"Participants" shall not adversely affect entitlement to such
benefits.

       

      

      

      

           2.        Mandatory Retirement
Age

      
        	
                 

              	
                 

              

      

      Each
Participant, whether or not eligible for benefits under this Plan, shall cease
to be eligible for continued employment no later than the last day of the month
in which such Participant attains the Mandatory Retirement Age.

      
        	
                 

              	
                 

              

      

           3.        Eligibility

      
        	
                 

              	
                 

              

      

                  (a)           Service
Benefit

      
        	
                 

              	
                 

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      An
individual who is both a Participant in this Plan and who is eligible for a
service pension pursuant to the terms of the Pension Plan at the time of
employment termination or whose age and Net Credited Service recognized under
this Plan would satisfy the eligibility requirements of the Pension Plan for a
service pension is eligible for a service benefit pursuant to this Plan.
Additionally, each Participant who has attained age 62 or older and whose Net
Credited Service is ten years or more at the time of employment termination is
eligible for a service benefit under this Plan. Each Participant whose
employment terminates pursuant to and under the terms of the Merger Severance
Plan may also be eligible for a service benefit under this Plan, if at the time
of employment termination the Participant's age and Net Credited Service meets
the requirements established under such severance program to be deemed service
pension eligible for purposes of this Plan. Each Participant whose employment
terminates pursuant to and under the terms of an Executive Severance Agreement
shall be deemed to be eligible for a service pension for purposes of this
Plan.

       

                  (b)           Deferred
Benefit

      
        	
                 

              	
                 

              

      

                  (i)           Any individual not described in Section
3(a) of this Article IV who is a Participant in this Plan at the time of
voluntary employment termination is eligible for a deferred vested pension
pursuant to this Plan, provided he is eligible for a deferred vested pension
pursuant to the Pension Plan.

      
        	
                 

              	
                 

              

      

                  (ii)           In the event that a Participant’s
employment is terminated involuntarily prior to his or her becoming eligible for
a deferred benefit under this Plan, and the termination is not for cause, such
Participant shall nevertheless be entitled to a deferred benefit hereunder,
based upon the Participant’s Vesting Service Credit at his or her date of
termination.

      
        	
                 

              	
                 

              

      

                  (c)           Disability
Pension

      
        	
                 

              	
                 

              

      

      An
individual who while a Participant in this Plan has become eligible for a
disability pension pursuant to the terms of the Pension Plan and who is also
determined to be Disabled shall be eligible for a disability pension hereunder,
calculated as follows: the amount is determined in accordance with Section 4 of
this Article IV calculated to one year after date of Disability (pro-rata if
less than 20 years of service) with no reduction factor but offset by the actual
service or deferred benefit determined under Section 4 of this Article IV
applying all applicable early retirement reduction factors (determined assuming
that the service or deferred benefit is payable as an annuity). Should the
disability pension be discontinued pursuant to the terms of the Pension Plan,
the disability pension hereunder shall be discontinued as well.

      
        	
                 

              	
                 

              

      

           4.        Benefit
Amounts

      
        	
                 

              	
                 

              

      

                  (a)           Computation of
Benefit

      
        	
                 

              	
                 

              

      

                             (i)            (A)            Benefit
Formula

      
        	
                 

              	
                 

              

      

      The
aggregate annualized benefit of each Participant payable as provided in the Plan
shall be determined by adding the sum of two percent (2%) of Included Earnings
for each year of the Participant's Vesting Service Credit for the first twenty
years, plus one and one-half percent (1.5%) of Included Earnings for each year
of the Participant's Vesting Service Credit for the next ten years, plus one
percent (1%) of Included Earnings for each year of the Participant's Vesting
Service Credit for each additional year up to the month in which the Participant
retires less
(1) 100% of the retirement benefit (unreduced for survivor annuity) payable from
the Pension Plan and (2) 100% of the Primary Social Security benefit payable at
age 65.       

      
        	
                 

              	
                 

              

      

                                       

         

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

               (B)            Special
Rules

      
        	
                 

              	
                 

              

      

      
        	
                 

              	
                 

              	
                (1)

              	
                With respect to service benefits,
      the benefit reduction to be applied pursuant to Section 4(a)(i)(A)(1)
      above for the benefit payable from the Pension Plan shall be the amount of
      such benefit that would be payable on the date that benefits are eligible
      to be paid (or become payable) under this Plan (regardless of the
      Participant’s actual pension commencement date under the Pension Plan) and
      determined assuming that the Participant elected a single life annuity
      (regardless of the actual form of benefit elected under the Pension
      Plan).

              

      

      
        	
                 

              	
                 

              

      

       (2)           With respect to deferred vested
benefits, the benefit reduction to be applied pursuant to Section 4(a)(i)(A)(1)
above for the benefit payable from the Pension Plan shall be the amount of such
benefit that would be payable on the Participant’s 65th birthday (regardless of the
Participant’s actual pension commencement date under the Pension Plan) and
determined assuming that the Participant elected a single life annuity
(regardless of the actual form of benefit elected under the Pension
Plan).

      
        	
                 

              	
                 

              

      

       (3)           In the case of any Executive (i) who
has attained the age of sixty-two (62) or more or who is deceased, (ii) who was
previously employed by a Former Affiliate, (iii) who serves or has served as an
officer (as such term is used in the employment practices and policies of the
relevant company) of BellSouth Corporation or an Affiliate, and (iv) whose
service with a Former Affiliate is disregarded in determining the Executive's
Vesting Service  Credit under the Pension Plan, for purposes of this Plan,
the Executive’s Vesting Service Credit and Net Credited Service shall be
increased by

      
        	
                 

              	
                 

              

      

      (x) the
Executive's Vesting Service Credit and Net Credited Service with the Former
Affiliate(s) (determined under the rules of the Pension Plan as if the Executive
had been employed by BellSouth Corporation during such period and had no other
service covered under the Pension Plan), multiplied
by

      
        	
                 

              	
                 

              

      

      (y) a
fraction, the numerator of which is the number of whole years (not to exceed ten
(10)) of such Executive's Net Credited Service as an officer of BellSouth
Corporation or an Affiliate and the denominator of which is ten
(10).

       

      Notwithstanding
the foregoing, no Executive's Vesting Service Credit or Net Credited Service,
for purposes of this Plan shall be increased for service with a Former Affiliate
to the extent that any such service would otherwise be considered, directly or
indirectly, in determining such Executive's benefits under this Plan by virtue
of the terms of any other agreement, plan or arrangement.    

      
        	
                 

              	
                 

              

      

       (4)           In the case of any Participant whose
Vesting Service Credit or Net Credited Service includes a period of service with
an employer with respect to which the Participant is entitled to any retirement
benefit payable from defined benefit pension plan(s ) (including qualified plans
and nonqualified plans such as excess benefit and supplemental executive
retirement plans), including any Executive whose Vesting Service Credit and Net
Credited Service under this Plan is increased pursuant to Section 4(a)(i)(B)(3)
preceding, the benefit reduction described in Section 4(a)(i)(A)(1) above for
the retirement benefit payable from the Pension Plan shall include any such
retirement benefit payable by such employer. The determination of the benefit
reduction for any such benefit shall be made using approaches which approximate
as nearly as practicable the approaches used in making such determinations with
respect to benefits payable under the Pension Plan, as described above in this
Section 4(a)(i). In the case of any Executive whose Vesting Service Credit and
Net Credited Service under this Plan is increased pursuant to paragraph (B)(3)
of this Section 4(a)(i), the benefit payable by such employer shall first be
multiplied by the fraction described in that paragraph and the product thereof
shall be the amount of the benefit reduction.

      
        	
                 

              	
                 

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       (5)           A Participant’s service or deferred
benefit (the value of which is expressed as an annuity) at the time of
termination of employment shall not be less than the service or deferred benefit
that would have been payable to the Participant if the Participant had
terminated employment on any prior December 31 (using pay, service, offsets and
all factors applicable on the previous dates and assuming an immediate benefit
commencement).

      

       (6)           In the case of each Participant who
terminates employment pursuant to the terms of the Merger Severance Plan, the
service benefit or deferred vested benefit calculated hereunder shall be
calculated by adding additional months of Vesting Service Credit and an equal
amount of months of age with the amount of such months equaling (i) 24,
minus (ii) the number of months that have elapsed since the closing of the
Merger (but not below zero).

      
        	
                 

              	
                 

              

      

                             (ii)            Included
Earnings

      
        	
                 

              	
                 

              

      

      Included
Earnings shall equal the 12 month average of the sum of (1) the last sixty (60)
months of base pay, plus (2) the Annual Bonus Awards payable during or after
that sixty (60) month period. The amounts of base pay and other payments used to
determine Included Earnings as described above include all amounts during the
specified period including those amounts previously deferred pursuant to other
plans. If a Participant terminates employment eligible for a benefit under this
Plan and thereafter receives compensation of the types described in clause (ii)
of this Section 4(a), the additional Included Earnings shall be deemed to have
been paid as of the date the Participant terminated employment, and the amount
of benefit payable under this Plan shall be corrected accordingly.          

      
        	
                 

              	
                 

              

      

                  (b)           Minimum
Benefit

      
        	
                 

              	
                 

              

      

      In no
event shall a Participant, whose Vesting Service Credit has been five years or
more, who terminates employment on or after his or her sixty-second birthday, or
who is retired on a service or disability pension under the Pension Plan or is
otherwise eligible for a service pension benefit hereunder, receive a total
annual retirement benefit (including any benefit under the Pension Plan) from
the Company of less than 15% of the employee's annual base salary plus Standard
Annual Bonus in effect on the employee's last day on the active
payroll.

      
        	
                 

              	
                 

              

      

                  (c)           Early Retirement
Discount

      
        	
                 

              	
                 

              

      

      
        	
                 

              	
                (i)

              	
                The service benefit amount,
      determined in accordance with the provisions of this Section 4, for each
      Participant who is granted a service benefit, shall be reduced (before the
      offset for benefits under the Pension Plan) by one-half percent (0.5%) for
      each calendar month or part thereof by which the commencement of benefits
      under this Plan precedes the Participant’s 62nd birthday, except that each
      employee retired with thirty (30) or more years of service (either Net
      Credited Service or Vesting Service Credit) shall receive a service
      benefit reduced by one-quarter percent (0.25%) for each calendar month or
      part thereof by which the commencement of benefits under this Plan
      precedes the Participant’s 62nd birthday. With respect to Participants who
      terminate employment and receive benefits under the Merger Severance Plan,
      the preceding sentence shall be applied by substituting “twenty-eight (28)
      or more” for the words “thirty (30) or more.” Further, with respect to a
      Participant who retires during 2006, in no event shall the amount by which
      such Participant’s benefit is reduced pursuant to this provision be
      greater than the amount by which such benefit would have been reduced
      pursuant to this provision had the Participant retired on December 31,
      2005.   

              

      

      
      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                 

              	
                 

              

      

      
        	
                 

              	
                (ii)

              	
                The deferred vested benefit
      amount, determined in accordance with the provisions of this Section 4,
      for each Participant who is granted a deferred vested benefit, shall be
      reduced (after the offset for benefits under the Pension Plan) by an
      actuarially equivalent amount, using mortality rates and other assumptions
      then in effect under the Pension Plan, for each calendar month or part
      thereof by which the commencement of benefits under this Plan precedes the
      Participant’s 65th birthday.

              

      

      
        	
                 

              	
                 

              

    (d)       Survivor/Death Benefits for
Participant Deaths occurring prior to January 1, 2007.

       

                               
(i)               
 Benefit Payable Before
Benefit Commencement.

       

      If a
Participant who has not made a valid lump sum election with respect to his or
her Pre-2005 Benefit dies prior to termination of employment (or commencement of
benefits for Participant’s with a deferred benefit) and leaves a surviving
spouse at the time of his death, a pre-retirement survivor benefit is payable to
the surviving spouse as an immediate life annuity equal to 100% of the service
benefit or deferred benefit that the Participant would have received with
respect to his or her Pre-2005 Benefit had he survived and terminated employment
on the date of his death and commenced benefit payments. In addition, with
respect to the Participant’s Post-2004 Benefit, such benefit shall be paid to
the surviving spouse as soon as administratively feasible following the
Participant’s death in a single sum payment calculated in accordance with
Section 5 of this Article IV. If such Participant does not have a surviving
spouse at the time of his death, the entire survivor benefit described in this
paragraph shall be paid to the Participant’s estate as soon as administratively
feasible following the Participant’s death (even if the Participant was a Band
BB officer or above) in the form of a single sum payment calculated in
accordance with the provisions of Section 5 of this Article IV.

       

                           
  (ii)               
 Benefit Payable After
Benefit Commencement.

      
        	
                 

              	
                 

              

      

      If the
Participant was receiving benefits in the form of an annuity with respect to his
Pre-2005 Benefit (or was eligible to receive benefits in the form of an annuity
because of termination of employment), and leaves a surviving spouse at the time
of his/her death, then such surviving spouse shall automatically receive a
survivor annuity for life equal to 50% of the net pension benefit that the
Participant was receiving (or eligible to receive) just prior to his death. If
the Participant was eligible to receive payment of his Post-2004 Benefit but had
not yet received such payment, then his Post-2004 Benefit shall be paid in the
form of a single lump sum payment calculated in accordance with the provisions
of Section 5 of this Article IV.

      
        	
                 

              	
                 

              

      

                            
 (iii)           
  Lump Sum
Election.

       

      In the
event of the death of a Participant who has made a valid lump sum election under
the Plan with respect to his or her Pre-2005 Benefit, his surviving spouse (or
his estate if there is no surviving spouse) shall be entitled to receive 100% of
the lump sum payment that would have been payable to the Participant had he
survived and terminated employment on the date of his death (including the lump
sum payment of the Participant’s Post-2004 Benefit), and such lump sum shall be
payable as soon as administratively feasible following the Participant’s death
(even if the Participant was an Executive designated as a Band BB officer or
above).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

                            
 (iv)        
  Lump Sum
Settlement.

       

      If a
Participant has already received a lump sum settlement of his entire benefit
under the Plan, then no further benefits are payable under this subparagraph
(d).

       

          (e)       Survivor/Death Benefits for
Participant Deaths occurring on or after January 1, 2007.

       

                             (i)           Benefit Payable Before
Benefit Commencement.

       

      If a
Participant dies prior to termination of employment and leaves a surviving
spouse at the time of his death, a pre-retirement survivor benefit is payable to
the surviving spouse in the same form as elected by the Participant for payment
of his benefit (i.e., single lump sum,
10 year installments, or single life annuity) in an amount equal to 100% of the
service benefit or deferred benefit that the Participant would have received
with respect to his benefit had he survived and terminated employment on the
date of his death and commenced benefit payments; provided, if the survivor
benefit is payable in a single life annuity, there will be no payment of an
additional survivor annuity upon the surviving spouse’s death. If such
Participant does not have a surviving spouse at the time of his death, the
entire survivor benefit described in this paragraph shall be paid to the
Participant’s estate as soon as administratively feasible following the
Participant’s death (even if the Participant was a “specified employee” as
defined under Code Section 409A) in the form of a single sum payment calculated
in accordance with the provisions of Section 5 of this Article IV.

       

                             (ii)           Benefit Payable After
Benefit Commencement.

      
        	
                 

              	
                 

              

      

      
        	
                 

              	
                (A)

              	
                Life
      Annuity. If
      the Participant leaves a surviving spouse and was receiving benefits in
      the form of an annuity (or was eligible to receive benefits in the form of
      an annuity because of termination of employment and because the
      Participant had elected an annuity form of payment in accordance with
      Section 5 of this Article IV), then such surviving spouse shall
      automatically receive a survivor annuity for life equal to 50% of the net
      pension benefit that the Participant was receiving (or eligible to
      receive) just prior to his death. If the Participant does not leave a
      surviving spouse and was receiving benefits in the form of an annuity (or
      was eligible to receive benefits in the form of an annuity because of
      termination of employment and because the Participant had elected an
      annuity form of payment in accordance with Section 5 of this Article IV),
      then no further benefits will be payable after the Participant’s
      death.

              

      

      
        	
                 

              	
                 

              

      

      
        	
                 

              	
                (B)

              	
                10-Year
      Installments.
      If the Participant leaves a surviving spouse and was receiving benefits in
      the form of 10-year installments, then the remaining installments shall
      continue to be paid to the surviving spouse. If the Participant was
      receiving benefits in the form of 10-year installments and does not leave
      a surviving spouse, then the remaining installments shall be paid in the
      form of a single lump sum payable to his
  estate.

              

      

       

      
        	
                 

              	
                (C)

              	
                Lump Sum
      Payment. If
      the Participant was eligible to receive a single lump sum payment of his
      Plan benefit but dies prior to the payment being made, then the single
      lump sum payment shall be made to his surviving spouse, if applicable, and
      otherwise to his estate.

              

      

      
        	
                 

              	
                 

              

      

                             (iii)           Lump Sum
Settlement.

       

      If a
Participant has already received a lump sum settlement of his entire benefit
under the Plan, then no further benefits are payable under this subparagraph
(e).

       

                  (f)           Special
Increases

      
        	
                 

              	
                 

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Service
and disability benefit payments, as determined under this Section 4(a) and (b)
of this Article IV, of retired Participants shall be increased by the same
percentage and pursuant to the same terms and conditions as are set forth in the
Pension Plan.

       

      5.           Form of Benefit Payments
 

      
        	
                 

              	
                 

              

      

      
        	
                     
      (a)  

              	
                Rules Applicable to
      Participants who terminate Employment Prior to January 1,
      2007

              

      

      

       (i)         Annuity Payments.
With respect to a
Participant who has not made a valid lump sum election in accordance with
subparagraph (ii) hereof, such Participant’s Pre-2005 Benefit shall be paid in
monthly disbursements or at such other periods as the Committee may determine in
each case. Notwithstanding the foregoing, if at the time of the Participant’s
termination of employment, the present value of the benefit of a Participant,
whether payable as a service benefit, a deferred benefit, or a survivor’s
benefit, is less than $20,000, such benefit shall be paid in the form of a
single lump sum payment, calculated in accordance with subparagraph (iii)
hereof.

       

                             (ii)         Lump Sum Benefit
Payment.

       

      
        	
                 

              	
                (1)

              	
                Pre-2005
      Benefit. A
      Participant may elect to receive his Pre-2005 Benefit hereunder, whether
      payable as a service benefit, a deferred benefit or a survivor’s benefit,
      paid in the form of a single lump sum payment, calculated in accordance
      with the provisions of Paragraph (c) hereof; provided, any such election
      must be made in accordance with procedures established by the Company and
      must be on file with the Company, or its designee, for at least 12
      consecutive calendar months prior to the Participant’s termination of
      employment or death in order to be valid and in
    effect.

              

      

       

      
        	
                 

              	
                (2)

              	
                Post-2004
      Benefit. All
      Post-2004 Benefits, whether payable as a service benefit or a deferred
      benefit shall be paid in the form of a single lump sum payment, calculated
      in accordance with the provisions of Paragraph (c)
      hereof.

              

      

      
        	
                 

              	
                 

              

      

      (b)      Rules Applicable to
Participants who terminate Employment on or after January 1,
2007

      
        	
                 

              	
                (i)

              	
                Lump Sum Benefit
      Payment.
      Absent an election to the contrary in accordance with subparagraph (iv)
      hereof, a Participant’s entire benefit under the Plan, whether payable as
      a service benefit or a deferred benefit, shall be paid in the form of a
      single lump sum payment, calculated in accordance with the provisions of
      Paragraph (c) hereof.

              

      

      
        	
                 

              	
                 

              

      

      
        	
                 

              	
                (ii)

              	
                10-year
      installments.
      If a Participant made a valid election for 10-year installments under
      subparagraph (iv) hereof, such Participant’s entire benefit under the
      Plan, whether payable as a service benefit or a deferred benefit, shall be
      paid in the form of annual installments payable over a period of 10 years.
      The amount of the annual installments shall be determined by calculating
      the Participant’s benefit under the Plan as a single lump sum in
      accordance Paragraph (c) hereof and then paying 1/10th of the amount each year plus
      interest annually at the rate then specified under the Pension
      Plan.

              

      

      

      
        	
                 

              	
                (iii)

              	
                Life
      Annuity. If a
      Participant made a valid election for a life annuity under subparagraph
      (iv) hereof, such Participant’s entire benefit under the Plan, whether
      payable as a service benefit or a deferred benefit, shall be paid in the
      form of monthly payments payable over the life of the Participant. The
      amount of the monthly payments shall equal the Participant’s annualized
      benefit determined under Section 4(a)(i)(A) of Article IV divided by
      12.

              

      

       

                             (iv)         Election
Opportunity.

       

      
        	
                 

              	
                (1)

              	
                Initial
      Election.
      Participant’s who are participating in the Plan as of September 30, 2006
      (or become newly eligible during October 2006) may elect a single lump sum
      payment, 10-year installments or a life annuity during the period between
      October 1, 2006 and November 30, 2006. Participants who first become
      Participants in the Plan on or after November 1, 2006 may elect a single
      lump sum, 10-year installments or a life annuity; provided such election
      must be made within 30 days of the Participant’s initial participation in
      the Plan.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                 

              	
                (2)

              	
                Subsequent
      Elections.
      Participants may elect to change the form of payment (and the timing of
      payment) during a time other than that specified under subparagraph (1)
      above; however, such election must comply with the requirements of Code
      Section 409A and applicable regulations thereunder, which means that the
      subsequent election will only be effective if made at least one year prior
      to the time at which the distribution would be made absent the subsequent
      election AND if the first payment under the form of payment elected is
      delayed for at least a five year
period.

              

      

       

      
        	
                 

              	
                (v)

              	
                De Minimis
      Cash-Out.
      Notwithstanding any election made under subparagraph (iv) hereof, if at
      the time of the Participant’s termination of employment, the present value
      of the benefit of a Participant, whether payable as a service benefit or a
      deferred benefit, is less than $20,000, such benefit shall be paid in the
      form of a single lump sum payment, calculated in accordance with Paragraph
      (c) hereof.

              

      

       

                   (c)            Lump Sum
Calculation.

       

      Benefits
payable in a single lump sum in accordance with the Plan shall be the amount
that is the actuarial present value of the Participant’s benefit, or applicable
portion thereof, expressed as a single life annuity and shall be determined
using (i) the applicable interest rate then in effect under the Pension
Plan, and (ii) the applicable mortality table then in effect under the Pension
Plan.

       

      6.            Timing of Payment of
Benefits

      

      Except
for the reasons specified below, benefits granted under this Plan shall commence
on the day following the date of termination of employment from the Company and
all Affiliates.

       

                  (a)           For Terminations of
Employment Occurring prior to January 1, 2007.

       

      
        	
                 

              	
                (i)

              	
                An Executive who is a Band BB
      officer or above and who has made a valid lump sum election shall receive
      the lump sum payment (including interest accrued annually at the
      applicable interest rate in effect under the Pension Plan) as soon as
      administratively feasible following the date that is 2 years following his
      date of retirement or other termination of
    employment.

              

      

       

      
        	
                 

              	
                (ii)

              	
                Participants eligible for a
      deferred vested benefit will have their Post-2004 benefit commence at such
      time as the individual otherwise elects to commence payment of benefits
      under the Pension Plan.

              

      

      
        	
                 

              	
                 

              

      

      
        	
                 

              	
                (iii)

              	
                Participants who have a Post-2004
      Benefit and who are Executives or otherwise considered specified employees
      under Code Section 409A at the time of his or her termination of
      employment shall receive the lump sum payment (including interest accrued
      annually at the applicable interest rate in effect under the Pension Plan)
      as soon as administratively feasible following the date that is 6 months
      following his or her date of retirement or other termination of
      employment.

              

      

       

                  (b)           For Terminations of
Employment On or After January 1, 2007.

       

      
        	
                 

              	
                (i)

              	
                Participants electing a single
      lump sum payment or 10-year installment payments and who are Executives or
      otherwise considered specified employees under Code Section 409A at the
      time of his or her termination of employment shall receive the single lump
      sum payment or the first installment under the 10-year installment form of
      benefit (each including interest accrued annually at the applicable
      interest rate in effect under the Pension Plan) as soon as
      administratively feasible following the date that is 6 months following
      his or her date of retirement or other termination of
      employment.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                 

              	
                (ii)

              	
                Participants electing a life
      annuity payment form and who are Executives or otherwise considered
      specified employees under Code Section 409A shall receive the first
      annuity payment as soon as administrative feasible following the date that
      is 6 months following his or her retirement date or other termination of
      employment and this first payment shall equal 7 monthly annuity
      payments.

              

      

      
        	
                 

              	
                 

              

      

      7.            Treatment During Subsequent
Employment

       

      Employment
with any Participating Company or Affiliate for which a Participant is an
eligible employee, subsequent to retirement or termination of employment with
entitlement to any type of benefits described heretofore shall result in the
permanent suspension of the benefit for the period of such employment or
reemployment. Upon termination of such subsequent employment, the full benefit
payable hereunder shall be recalculated and then offset by any amounts
previously paid to the Participant using assumptions set forth under the Pension
Plan. The benefit will commence following the subsequent termination of
employment but shall be subject to the provisions set forth in Section 6 of this
Article IV regarding the timing of payment of benefits.

       

      8.            Employment with
Cingular

       

      Individuals
who were Participants as of December 23, 2001 and who transferred to Cingular
Wireless, LLC on or before December 23, 2001 pursuant to the Contribution
Agreement by and between BellSouth Corporation and AT&T Inc. (formerly SBC
Communications, Inc.) continue to be actively employed by the Company for all
purposes of this Plan through December 31, 2006 and thereafter will continue to
be considered to be employed by the Company for all purposes except for the
accrual of future benefits (i.e., final average pay and
Vesting Service Credit freezes but Net Credited Service continues to accrue)
until such time as the Participant terminates employment with Cingular Wireless,
or a successor company, and all its affiliated companies.

       

      

      
        	
                 

              	
                ARTICLE
      V. DEATH BENEFITS

              

      

      
        	
                 

              	
                 

              

      

      1.           Eligibility and
Administration

      
        	
                 

              	
                 

              

      

      All
individuals who became eligible to participate in the Plan prior to January 1,
2006 shall be eligible for death benefits under this Plan. With respect to
individuals who become eligible to participate in the Plan on or after January
1, 2006, no death benefits shall be payable pursuant to this Article V. Death
benefits described herein are in addition to death benefits payable under the
Pension Plan but shall be subject to the same terms and conditions of, and
administered in the same manner as, corresponding death benefit provisions of
the Pension Plan.

       

      2.            Amount of Death
Benefit.

       

      For an
Executive, the benefit equals the annual base salary plus two times the Standard
Annual Bonus. The above stated amounts of base salary and Standard Annual Bonus
are those amounts in effect at the earlier of retirement or death including
those amounts previously deferred pursuant to other plans. For all other
Participants, the benefit equals the Standard Annual Bonus in effect at the
earlier of retirement or death. In addition, the death benefit for all
Participants will include the amount of death benefit, if any, that would
otherwise have been payable under the Pension Plan had there been no deferral of
compensation under any plan of the Company. The benefit amount will also include
the amount of death benefit, if any, that would otherwise have been payable
under the Pension Plan had the restriction on the amount of compensation that
may be taken into account under Code Section 401(a)(17) not been
applicable.

       

      3.            Death Benefits After
2005.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Notwithstanding
the provisions of Section 2 of this Article V preceding, with respect to each
Participant in the Plan on December 31, 2005, the amount of any death
benefit payable pursuant to Section 1 of this Article V shall in no event be
based on base salary and/or Standard Award amounts greater than such
Participant’s base salary and the Standard Award applicable with respect to such
Participant on December 31, 2005.

       

      4.           Form and Source of
Payments

      
        	
                 

              	
                 

              

      

      All death
benefits payable pursuant to this Article V of the Plan shall be paid in a
single lump sum as soon as administratively feasible following the death of the
Participant and shall be paid from Company or Participating Company's operating
expenses, or through the purchase of insurance from an Insurance Company as the
Company may determine.

      
        	
                 

              	
                  

              

      

      

      ARTICLE
VI. GENERAL PROVISIONS

       

      1.            Effective
Date

       

      This Plan
was originally effective January 1, 1984 and this restatement of the Plan is
effective January 1, 2005.

       

      2.            Rights to
Benefit

       

      There is
no right to any benefit under this Plan except as may be provided by the Company
or each Participating Company. Participants have the status of general,
unsecured creditors of the Participating Company and the Plan constitutes a mere
promise by the Participating Company to make benefit payments in the future. A
Participant shall have only a contractual right to receive the benefits provided
for hereunder if and when he complies with all of the conditions set forth
herein. Nothing contained in this Plan and no action taken pursuant to the
provisions of this Plan shall create or be construed to create a trust of any
kind. The Plan is intended to be "unfunded" for purposes of the Pension Act and
the Code. If any payment is made to a Participant, his or her surviving spouse
or other beneficiary with respect to benefits described in this Plan from any
source arranged by the Company or a Participating Company including the Rabbi
Trust Agreements and also including, without limitation, any other fund, trust,
insurance arrangement, bond, security device, or any similar arrangement, such
payment shall be deemed to be in full and complete satisfaction of the
obligation of the Company or Participating Company under this Plan to the extent
of such payment as if such payment had been made directly by the Company or
Participating Company; and (ii) if any payment from a source described in clause
(i) above shall be made, in whole or in part, prior to the time payment would be
made under the terms of this Plan, such payment shall be deemed to satisfy the
obligation of the Company or Participating Company to pay Plan benefits
beginning with the benefit which would next become payable under the Plan and
continuing in the order in which benefits are so payable, until the payment from
such other source is fully recovered. In determining the benefits satisfied by a
payment described in clause (ii), Plan benefits, as they become payable, shall
be discounted to their value as of the date such actual payment was made using
an interest rate equal to the valuation interest rate for deferred annuities as
last published by the Pension Benefit Guaranty Corporation prior to the date of
such actual payment. If the benefits which actually become payable under this
Plan, after applying the discount described in the preceding sentence, are less
than the amount of the payment described in clause (ii), any such shortfall
shall not be collected from or enforced against the Participant as a claim by
the Company or Participating Company.

       

      

      3.            Liability for Payment of
Benefits

       

      Where a
Participant's period of service includes service in more than one Participating
Company or in a company that is not a Participating Company, the last
Participating Company to employ him or her immediately prior to his or her
retirement or termination of employment with entitlement to a benefit hereunder
shall be responsible for the full benefit under this Plan.

       

      4.            Governing
Law

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The
Company intends that this Plan be an unfunded deferred compensation plan
maintained primarily for a select group of management and highly compensated
employees exempt from Parts 2, 3 and 4 of Title I of the Pension Act by reason
of the exemptions set forth in Sections 201(a), 301(a) and 401(a) of the Pension
Act and from Part 1 of the Pension Act by reason of the exemption set forth in
Section 2520.104-23 of applicable United States Department of Labor regulations.
This Plan shall be interpreted and administered accordingly. This Plan shall be
construed in accordance with the laws of the State of Georgia to the extent such
laws are not preempted by the Pension Act. Notwithstanding any provision to the
contrary in this Plan, each provision of this Plan shall be interpreted to
permit the deferral of compensation and the payment of deferred amounts in
accordance with Code Section 409A and any provision that would conflict with
such requirements shall not be valid or enforceable.

       

      5.            Assignment or
Alienation

       

      Benefits
payable, and rights to benefits, under this Plan may not in any manner be
anticipated, sold, transferred, assigned (either at law or in equity),
alienated, pledged, encumbered or subject to attachment, garnishment, levy,
execution or other legal or equitable process.

       

      6.            Employment at
Will

       

      Nothing
contained in this Plan shall be construed as conferring upon a Participant the
right to continue in the employ of the Company.

       

      7.            Savings
Clause

       

      In the
event any provision of the Plan shall be held illegal or invalid for any reason,
the illegality or invalidity shall not affect the remaining parts of the Plan,
and the Plan shall be construed and enforced as if the illegal or invalid
provision had not been included.

      

      8.            Payments to
Others

       

      Benefits
payable to a former employee or retiree unable to execute a proper receipt may
be paid to other person(s) in accordance with the standards and procedures set
forth in the Pension Plan.

       

      9.            Plan
Termination

       

      Subject
to the limitations described below, the Company retains the right to terminate,
in whole or in part, and each Participating Company retains the right to
withdraw from this Plan, at any time, for any reason, with or without notice.
The Company will continue to make payments, in accordance with the terms and
conditions of the Plan, to all Participants who were either retired or
terminated prior to Plan termination, and will also continue to recognize its
obligation to the surviving spouse of the aforementioned individuals.
Additionally, Participants who have satisfied the service requirements for a
deferred vested pension under the Pension Plan on the date of Plan termination
shall receive benefits under the terms of the Plan as in effect immediately
prior to its termination, the amount of such benefit to be calculated as if the
Participant retired (or otherwise terminated employment) on the termination date
of the Plan, it being the Company's intent that termination of the Plan shall
not adversely affect any entitlement to such benefits and any amendment,
modification or termination of this Plan inconsistent with this expression of
intent shall be null and void.

       

      

      ARTICLE
VII. INTERCHANGE OF BENEFIT OBLIGATION

       

      The same
transfer of service credit provisions contained in interchange agreements
presently in existence under the Pension Plan, or as they may be amended from
time to time, by and between the Company, on behalf of all Participating
Companies, and any Interchange Company shall apply to the transfer of service
credit for purposes of this Plan.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
VIII. PLAN MODIFICATION

       

      The
Company may, in its sole discretion, from time to time make any changes in the
Plan as it deems appropriate, provided, that no such action shall accelerate or
postpone the time or schedule of payment of any Plan benefit except as may be
permitted under Code Section 409A and regulations thereunder; and provided
further, such modifications shall not result in a reduction of benefits to
either: (i) those participants or their surviving spouses already receiving
benefits under this Plan, or (ii) those participants who have satisfied the
service requirements for a deferred vested pension under the Pension Plan.
Specifically, no Plan modification shall have the effect of reducing a
Participant's benefits under the Plan to which he or she would be entitled under
the terms of the Plan as in effect in immediately prior to its modification, the
amount of such benefit to be calculated as if the Participant retired (or
otherwise terminated employment) on the date the Plan was modified, it being the
Company's intent that any modification of the Plan shall not adversely affect
any entitlement to such benefits and any amendment, modification or termination
of this Plan inconsistent with this expression of intent shall be null and void.
In addition, the Company may authorize the execution of agreements providing
retirement benefits subject generally to the terms and conditions of the Plan
and benefits under such agreements shall be deemed provided hereunder, and any
such amendments authorized prior to the amendment and restatement of the Plan
shall be incorporated herein by reference.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]