Document:

Exhibit
(4)(i)

 

FIRST
SUPPLEMENTAL INDENTURE

 

FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”)
dated as of February 1, 1999 among 360 Communications Company, a Delaware
corporation (“360”), ALLTEL Corporation, a Delaware corporation (“ALLTEL”), and
Citibank, N.A. as trustee (the “Trustee”).

 

WHEREAS, 360 has executed and delivered to the Trustee an Indenture
(the “1997 Indenture”), dated as of March 1, 1997, providing for the issuance
from time to time of Securities;

 

WHEREAS, pursuant to an Agreement and Plan of Merger dated as of March
16, 1998 among 360, ALLTEL and Pinnacle Merger Sub, Inc., 360 became a wholly
owned subsidiary of ALLTEL Corporation effective as of July 1, 1998 (the
“Merger”);

 

WHEREAS, the Merger complies with the provisions of Section 1101 of the
1997 Indenture;

 

WHEREAS, Section 1201 of the Indenture permits 360 and the Trustee to
amend the Indenture without the consent of any Holder for the purposes of
changing any provision of the Indenture and adding any new provision to the
Indenture which, in each case, do not adversely affect the interests of the
Holders of Securities of any series or Tranche in any material respect;

 

WHEREAS, 360 proposes in and by this First Supplemental Indenture to
supplement and amend the 1997 Indenture in certain respects as it applies to
the Securities issued thereunder;

 

WHEREAS, ALLTEL desires to unconditionally and irrevocably guarantee
the full and punctual payment of principal of and interest on the Securities
when due, whether at maturity, by acceleration, by redemption or otherwise, and
all other monetary obligations of 360 under the 1997 Indenture and the
Securities, and the full and punctual performance within applicable grace
periods of all other obligations of 360 under the 1997 Indenture; and

 

WHEREAS, 360 and ALLTEL have requested that the Trustee execute and
deliver this First Supplemental Indenture and all requirements necessary to
make the guarantee provided for herein the valid obligation of ALLTEL and the
execution and delivery of this First Supplemental Indenture has been duly
authorized in all respects.

 

NOW THEREFORE, 360, ALLTEL and the Trustee hereby agree that the
following Sections of this First Supplemental Indenture supplement the 1997
Indenture with respect to Securities issued thereunder:

 

SECTION 1.  Definitions.
Capitalized terms used herein and not defined herein have the meanings ascribed
to such terms in the 1997 Indenture.

 

 

SECTION
2.   The Guarantee.

 

(a)          ALLTEL irrevocably
and unconditionally guarantees (the “Guarantee”), to each Holder of Securities
and to the Trustee and its successors and assigns, (i) the full and punctual
payment of principal of and interest on the Securities when due, whether at
maturity, by acceleration, by redemption or otherwise, and all other monetary
obligations of 360 under the 1997 Indenture and the Securities, and (ii) the
full and punctual performance within applicable grace periods of all other
obligations of 360 under the 1997 Indenture and the Securities.

 

(b)          ALLTEL further agrees
that the Guarantee constitutes a guarantee of payment, performance and
compliance and not merely of collection.

 

(c)          The obligation of
ALLTEL to make any payment hereunder may be satisfied by causing 360 to make
such payment.

 

SECTION
3.   Reports by ALLTEL.   Section 1504 of the 1997 Indenture is
amended and restated in its entirety as follows:

 

ALLTEL
shall:

 

(a)        file
with the Trustee, within 45 days after ALLTEL is required to file the same with
the Commission, copies of the annual reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which
ALLTEL may be required to file with the Commission pursuant to Section 13 or Section
15(d) of the Exchange Act; or, if ALLTEL is not required to file information,
documents or reports pursuant to either of said Sections, then it shall file
with the Trustee and the Commission, in accordance with the rules and
regulations prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents and reports which may be
required pursuant to Section 13 of the Exchange Act in respect of a security
listed and registered on an national securities exchange as may be prescribed
from time to time in such rules and regulations;

 

(b)        file
with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information,
document and reports with respect to compliance by ALLTEL with the conditions
and covenants of this Indenture as may be required from time to time by such
rules and regulations; and

 

(c)        transmit,
within 30 days after the filing thereof with the Trustee, to the Holders, in the
manner and to the extent provided in Section 1503(c) with respect to reports
pursuant to Section 1503(a), such summaries of any information, documents and
reports required to be filed by ALLTEL pursuant to paragraphs (a) and (b) of
this Section as may be required by rules and regulations prescribed from time
to time by the Commission. Delivery of such reports,

 

2

 

information
and documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information
contained therein, including ALLTEL’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates).

 

SECTION
4.   Termination of 360 Reports.   The provisions of this First Supplemental
Indenture are intended to, and shall have the effect of, terminating any
obligation of 360 arising under the 1997 Indenture to prepare and/or file with
the Trustee and the Commission, in accordance with the rules and regulations
prescribed from time to time by the Commission, such of the supplementary and
periodic information, documents and reports which may be required pursuant to
Section 13 of the Exchange Act in respect of a security listed and registered
on an national securities exchange as may be prescribed from time to time in
such rules and regulations, as well as any additional information, document and
reports with respect to compliance by 360 with the conditions and covenants of
the 1997 Indenture as may be required from time to time by such rules and
regulations.

 

SECTION
5.   Financial Information.   ALLTEL shall provide in the notes to its
financial statements summarized financial information with respect to 360 pursuant
to Rule l-02(bb) of Regulation S-X during any period in which 360 would be
subject to the reporting requirements of Section 13 or Section 15(d) of the
Exchange Act.

 

SECTION
6.   Concerning the Trustee.   The Trustee accepts the provisions of this
First Supplemental Indenture, but only upon the terms and conditions set forth
in the Indenture as amended by this First Supplemental Indenture.

 

SECTION
7.   Indenture Confirmed.   This First Supplemental Indenture shall be
construed as supplemental to the 1997 Indenture and shall form a part of it,
and the 1997 Indenture is hereby incorporated by reference herein and each is
hereby ratified, approved and confirmed.

 

SECTION
8.   Governing Law.   This First Supplemental Indenture shall be
governed and construed in accordance with the laws of the State of New York
applicable to contracts made and to be performed entirely within such State
without reference to principles of conflicts of laws.

 

SECTION
9.   Counterparts.   This First Supplemental Indenture may be
executed in two or more counterparts, each of which shall constitute an
original, but all of which when taken together shall constitute but one
instrument.

 

SECTION
10.  Headings.   The headings of this First Supplemental
Indenture are for reference only and shall not limit or otherwise affect the
meaning hereof.

 

SECTION
11.  Separability.   In case any one or more of the provisions
contained in this First Supplemental Indenture or in the Securities shall for
any reason be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other
provisions of this First Supplemental Indenture or of the Securities, but this
First

 

3

 

Supplemental Indenture and
the Securities shall be construed as if such invalid or illegal or
unenforceable provision had never been contained herein or therein,

 

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

 

IN
WITNESS WHEREOF, the parties hereto have caused this First Supplemental
Indenture to be duly executed by their respective authorized officers as of the
date first written above.

 

 

	
   

  	
  360
  COMMUNICATIONS COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffery
  R. Gardner

  
	
   

  	
  Name:

  	
  Jeffery R.
  Gardner

  
	
   

  	
  Title:

  	
  Sr. VP
  Finance

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALLTEL
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dennis
  J. Ferra

  
	
   

  	
  Name:

  	
  Dennis J.
  Ferra

  
	
   

  	
  Title:

  	
  SVP CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CITIBANK,
  N.A., AS TRUSTEE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carol Ng

  
	
   

  	
  Name:

  	
  Carol Ng

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

4Exhibit
10(c)(9)

 

AGREEMENT

 

This Agreement,
dated March 12, 2003, is made by and between ALLTEL Corporation, a Delaware
corporation (as hereinafter defined, the “Corporation”), and C. J. Duvall, Jr.
(as hereinafter defined, the “Executive”).

 

WHEREAS, the
Corporation recognizes that the possibility of a Change in Control (as
hereinafter defined) of the Corporation exists and that such possibility, and
the uncertainty it may cause, may result in the departure or distraction of key
management employees of the Corporation or of a Subsidiary to the detriment of
the Corporation and its stockholders; and

 

WHEREAS, the
Executive is a key management employee of the Corporation or of a Subsidiary;
and

 

WHEREAS, the
Corporation desires to encourage the continued employment of the Executive by
the Corporation or a Subsidiary and the continued dedication of the Executive
to the Executive’s assigned duties without distraction as a result of the
circumstances arising from the possibility of a Change in Control;

 

NOW THEREFORE, in
consideration of the premises and the mutual covenants herein contained, the
Corporation and the Executive hereby agree as follows:

 

1.  Defined Terms.  For purposes of this Agreement, the
following terms shall have the meanings indicated below:

 

(A)          “ALLTEL Group” shall mean,
collectively, the Corporation and each Subsidiary of the Corporation from time
to time, and a “member” of the ALLTEL Group shall mean the Corporation or any
of such entities.

 

(B)           “Board” shall mean the Board of
Directors of  the Corporation, as
constituted from time to time.

 

(C)           “Cause” for termination by the
Corporation of the Executive’s employment shall mean (i) the willful
failure by the Executive substantially to perform the Executive’s duties with
the Corporation or a Subsidiary, other than any failure resulting from the
Executive’s incapacity due to physical or mental illness or any actual or
anticipated failure after the issuance of a Notice of Termination for Good
Reason by the Executive in accordance with paragraph (A) of
Section 6, that continues for at least 30 days after the Board delivers to
the Executive a written demand for performance that identifies specifically and
in detail the manner in which the Board believes that the Executive willfully
has failed substantially to perform the Executive’s duties, or (ii) the
willful engaging by the Executive in misconduct that is demonstrably and
materially injurious to

 

 

the Corporation or any Subsidiary, monetarily or
otherwise, or (iii) a breach by the Executive of any of the Executive’s
covenants set forth in Section 7. 
For purposes of clause (i) and clause (ii) of this definition,
no act, or failure to act, on the Executive’s part shall be deemed “willful” unless
done, or omitted to be done, by the 
Executive not in good faith and without reasonable belief that the
Executive’s act, or failure to act, was in the best interest of the Corporation
and its Subsidiaries.

 

(D)          A “Change in Control” shall mean, if
subsequent to the date of this Agreement:

 

(i)            Any “person,” as defined in
Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), other than the Corporation, any of its subsidiaries, or
any employee benefit plan maintained by the Corporation or any of its
subsidiaries, becomes the “beneficial owner” (as defined in Rule l3d-3
under the Exchange Act) of (A) l5% or more, but no greater than 50%, of
the outstanding voting capital stock of the Corporation, unless prior thereto,
the Continuing Directors approve the transaction that results in the person
becoming the beneficial owner of 15% or more, but no greater than 50%, of the
outstanding voting capital stock of the Corporation or (B) more than 50%
of the outstanding voting capital stock of the Corporation, regardless whether
the transaction or event by which the foregoing 50% level is exceeded is
approved by the Continuing Directors;

 

(ii)           At any time Continuing Directors no
longer constitute a majority of the directors of the Corporation; or

 

(iii)          A record date is fixed for determining
stockholders entitled to vote upon (A) a merger or consolidation of the
Corporation, statutory share exchange, or other similar transaction with
another corporation, partnership, or other entity or enterprise in which either
the Corporation is not the surviving or continuing corporation or shares of
common stock of the Corporation are to be converted into or exchanged for cash,
securities other than common stock of the Corporation, or other property,
(B) a sale or disposition of all or substantially all of the assets of the
Corporation, or (C) the dissolution of the Corporation; or

 

(iv)          The Corporation enters into an
agreement with any Person, the consummation of which would result in the
occurrence of an event described in clause (i), (ii) or (iii) above of
this paragraph (D).

 

(E)           “Code” shall mean the Internal
Revenue Code of 1986, as amended from time to time.

 

(F)           “Continuing Directors” means
directors who were directors of the Corporation at the beginning of the 12-month
period ending on the date the determination is made  or whose election, or nomination for election by the
Corporation’s stockholders,

 

2

 

was approved by at least a majority of the directors
who are in office at the time of the election or nomination and who either
(i) were directors at the beginning of the period, or (ii) were
elected, or nominated for election, by at least a majority of the directors who
were in office at the time of the election or nomination and were directors at
the beginning of the period.

 

(G)           “Corporation” shall mean ALLTEL
Corporation and any successor to its business or assets, by operation of law or
otherwise.

 

(H)          “Date of Termination” shall have the
meaning stated in paragraph (B) of Section 6 hereof.

 

(I)            “Disability” shall be deemed the
reason for the termination by the Corporation of the Executive’s employment,
if, as a result of the Executive’s incapacity due to physical or mental
illness, the Executive shall have been absent from the full-time
performance of the Executive’s duties with the Corporation or a Subsidiary for
a period of six consecutive months, the Corporation shall have given the
Executive a Notice of Termination for Disability, and, within 20 business
days after the Notice of Termination is given, the Executive shall not have
returned to the full-time performance of the Executive’s duties.

 

(J)            “Executive” shall mean the
individual named in the first paragraph of this Agreement.

 

(K)          “Good Reason” for termination by the
Executive of the Executive’s employment shall mean the occurrence, without the
Executive’s express written consent, of any one of the following:

 

(i)            a substantial adverse alteration in
the nature or status of the Executive’s responsibilities from those in effect
immediately prior to the Change in Control;

 

(ii)           a reduction by the Corporation in the
Executive’s annual base salary to any amount less than the Executive’s annual
base salary as in effect immediately prior to the Change in Control;

 

(iii)          the Corporation’s requiring the
Executive to be based more than 35 miles from the location of the
Executive’s principal office immediately prior to the Change in Control, except
for required business travel to an extent substantially consistent with the
Executive’s business travel obligations immediately prior to the Change in
Control;

 

(iv)          if the Executive was based at the
principal executive offices of the Corporation or of a Subsidiary, as the case
may be, immediately prior to the Change in Control, the Corporation’s requiring
the Executive to be based anywhere other than the principal executive offices
of the Corporation or

 

3

 

Subsidiary, as the case may be, except for required
business travel to an extent substantially consistent with the Executive’s
business travel obligations immediately prior to the Change in Control;

 

(v)           the failure by the Corporation to pay
to the Executive any portion of the Executive’s current compensation, or to pay
to the Executive any deferred compensation under any deferred compensation
program of the Corporation, within five days after the date the compensation is
due or to pay or reimburse the Executive for any expenses incurred by the
Executive for required business travel;

 

(vi)          the failure by the Corporation to
continue in effect any compensation plan in which the Executive participates
immediately prior to the Change in Control that is material to the Executive’s
total compensation, including but not limited to, stock option, restricted stock,
stock appreciation right, incentive compensation, bonus, and other plans,
unless an equitable alternative arrangement embodied in an ongoing substitute
or alternative plan has been made, or the failure by the Corporation to
continue the Executive’s participation therein (or in a substitute or
alternative plan) on a basis not materially less favorable, both in terms of
the amount of compensation provided and the level of the Executive’s
participation relative to other participants, than existed immediately prior to
the Change in Control;

 

(vii)         the failure by the Corporation to
continue to provide the Executive with benefits substantially similar to those
enjoyed by the Executive under any of the Corporation’s pension,
profit-sharing, life insurance, medical, health and accident, disability, or
other employee benefit plans in which the Executive was participating
immediately prior to the Change in Control; the failure by the Corporation to
continue to provide the Executive any material fringe benefit or perquisite
enjoyed by the Executive immediately prior to the Change in Control; or the
failure by the Corporation to provide the Executive with the number of paid
vacation days to which the Executive is entitled in accordance with the
Corporation’s normal vacation policy in effect immediately prior to the Change
in Control; or

 

(viii)        any purported termination by the
Corporation of the Executive’s employment that is not effected in accordance
with a Notice of Termination satisfying the requirements of paragraph (A)
of Section 6 hereof.

 

(L)           “Notice of Termination” shall have
the meaning stated in paragraph (A) of Section 6 hereof.

 

(M)         “Payment Trigger” shall mean the
occurrence of a Change in Control during the term of this Agreement coincident
with or followed at any time before the end of the 12th month immediately
following the month in which the Change in Control

 

4

 

occurred, by the termination of the Executive’s
employment with the Corporation or a Subsidiary for any reason other than
(A) by the Executive without Good Reason, (B) by the Corporation as a
result of the Disability of the Executive or with Cause, or (C) as a
result of the death of the Executive.

 

(N)          “Person” shall have the meaning given
in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended from
time to time, as modified and used in Sections 13(d) and 14(d) thereof;
except that, a Person shall not include (i) the Corporation or any
Subsidiary, (ii) a trustee or other fiduciary holding securities under an
employee benefit plan of the Corporation or any Subsidiary, or (iii) an
underwriter temporarily holding securities pursuant to an offering of such
securities.

 

(O)          “Subsidiary” shall mean any
corporation or other entity or enterprise, whether incorporated or
unincorporated, of which at least a majority of the securities or other
interests having by their terms ordinary voting power to elect a majority of
the board of directors or others serving similar functions with respect to such
corporation or other entity or enterprise is owned by the Corporation or other
entity or enterprise of which the Corporation directly or indirectly owns
securities or other interests having all the voting power.

 

2.  Term of Agreement.  This Agreement shall become effective on the
date hereof and, subject to the second sentence of this Section 2, shall
continue in effect until the earliest of (i) a Date of Termination in
accordance with Section 6 or the death of the Executive shall have occurred
prior to a Change in Control, (ii) if a Payment Trigger shall have
occurred during the term of this Agreement, the performance by the Corporation
of all its obligations, and the satisfaction by the Corporation of all its
obligations and liabilities, under this Agreement, (iii) any date the
Corporation may, in its sole and absolute discretion, designate which is on or
after the third year anniversary of the date on which notice in writing is
given by ALLTEL to the Executive in accordance with Section 11 that this Agreement
will so terminate (hereinafter,  the
“Nonrenewal Date”), if, as of the Nonrenewal Date, a Change in Control shall
not have occurred and be continuing, or (iv) in the event, as of the
Nonrenewal Date, a Change in Control shall have occurred and be continuing,
either the expiration of such period thereafter within which a Payment Trigger
does not or can not occur or the ensuing occurrence of a Payment Trigger and
the performance by the Corporation of all of its obligations and liabilities
under this Agreement.  Any Change in
Control during the term of this Agreement that for any reason ceases to
constitute a Change in Control or is not followed by a Payment Trigger shall
not effect a termination or lapse of this Agreement.

 

3.  General Provisions.

 

(A)          The Corporation hereby represents and
warrants to the Executive as follows: 
The execution and delivery of this Agreement and the performance by the
Corporation of the actions contemplated hereby have been duly authorized by all
necessary corporate action on the part of the Corporation.  This Agreement is a legal, valid and legally
binding obligation of the Corporation enforceable in accordance with its
terms.  Neither the execution or
delivery of this Agreement nor the consummation by the Corporation of the

 

5

 

actions contemplated hereby (i) will violate any
provision of the certificate of incorporation or bylaws (or other charter
documents) of the Corporation, (ii) will violate or be in conflict with
any applicable law or any judgment, decree, injunction or order of any court or
governmental agency or authority, or (iii) will violate or conflict with
or constitute a default (or an event of which, with notice or lapse of time or
both, would constitute a default) under or will result in the termination of,
accelerate the performance required by, or result in the creation of any lien,
security interest, charge or encumbrance upon any of the assets or properties
of the Corporation under, any term or provision of the certificate of
incorporation or bylaws (or other charter documents) of the Corporation or of
any contract, commitment, understanding, arrangement, agreement or restriction
of any kind or character to which the Corporation is a party or by which the Corporation
or any of its properties or assets may be bound or affected.  The Corporation shall not at any time assert
that any provision of this Agreement is invalid or unenforceable in any respect
or to any extent, irrespective of the outcome of any action, suit, or
proceeding.

 

(B)           No amount or benefit shall be payable
under Section 4 or Section 5 unless there shall have occurred a Payment Trigger
during the term of this Agreement.  In
no event shall payments in accordance with this Agreement be made in respect of
more than one Payment Trigger.  Any
transfer of the Executive’s employment from the Corporation to a Subsidiary,
from a Subsidiary to the Corporation, or from one Subsidiary to another
Subsidiary shall not constitute a termination of the Executive’s employment for
purposes of this Agreement and shall not limit, reduce or terminate any of the
Executive’s rights or benefits under this Agreement.

 

(C)           This Agreement shall not be construed
as creating an express or implied contract of employment, and, except to the
extent (if any) otherwise agreed in writing between the Executive and the
Corporation, the Executive shall not have any right to be retained in the
employ of the Corporation or of a Subsidiary and the Corporation and any
Subsidiary may in its sole and absolute discretion at any time terminate the
Executive’s employment for any reason (but the Corporation shall be obligated,
subject to the provisions of this Agreement, to make the payments described in
Section 4 and Section 5 if a Payment Trigger occurred during the term of this
Agreement, including, without limitation, a Payment Trigger that occurs as a
result of any such termination of the Executive’s employment).   Notwithstanding the immediately preceding
sentence or any other provision of this Agreement, no purported termination of
the Executive’s employment that is not effected in accordance with a Notice of
Termination satisfying paragraph (A) of Section 6 shall be effective
for purposes of this Agreement.  The
Executive’s right, following the occurrence of a Change in Control, to
terminate the Executive’s employment under this Agreement for Good Reason shall
not be affected by the Executive’s Disability or incapacity.  The Executive’s continued employment shall
not constitute consent to, or a waiver of rights with respect to, any act or
failure to act constituting Good Reason under this Agreement.

 

6

 

4.  Payments Due Upon a Payment Trigger.

 

(A)          The Corporation shall pay to the
Executive the payments described in this Section 4 upon the occurrence of a
Payment Trigger during the term of this Agreement.

 

(B)           Upon the occurrence of a Payment
Trigger during the term of this Agreement, the Corporation shall pay to the
Executive a lump sum payment, in cash, equal to the product of:

 

(i)                    two multiplied by

 

(ii)                   the sum of
-

 

(a)           the higher of the Executive’s annual
base salary in effect immediately prior to the occurrence of the Change in
Control or the Executive’s annual base salary in effect immediately prior to
the Payment Trigger, plus

 

(b)           the higher of the aggregate maximum
amounts payable to the Executive pursuant to all incentive compensation plans
for the fiscal year or other measuring period commencing coincident with or
most recently prior to the date on which the Change in Control occurs or the
aggregate maximum amounts payable to the Executive pursuant to all incentive
compensation plans for the fiscal year or other measuring period commencing
coincident with or most recently prior to the date on which the Payment Trigger
occurs, in each case, assuming that the Executive were continuously employed by
the Corporation or a Subsidiary on the terms and conditions, including, without
limitation, the terms of the incentive plans, in effect immediately prior to
the Change in Control or Payment Trigger, whichever applies, until the last day
of that fiscal year or other measuring period.

 

The amount determined under the foregoing provisions of this
paragraph (B) shall be reduced by any cash severance benefit otherwise
paid to the Executive under any applicable severance plan or other severance
arrangement.  For purposes of this
paragraph (B), amounts payable to the Executive pursuant to an incentive
compensation plan for the fiscal year or other measuring period commencing
coincident with or most recently prior to the date on which the Change of
Control or Payment Trigger, as applicable, occurs (the “applicable
year/period”) shall not include amounts attributable to a fiscal year or other
measuring period that commenced prior to the applicable year/period and that
become payable during the applicable year/period.  For purposes of this paragraph (B), incentive compensation
plans shall include, without limitation, the ALLTEL Corporation Performance
Incentive Compensation Plan as in effect from time to time, the ALLTEL
Corporation Long-Term Performance Incentive Compensation Plan as in effect from
time to time, and any incentive bonus plan or arrangement that provides for
payment of cash compensation, and shall exclude, without limitation, the ALLTEL
Corporation Executive Deferred Compensation Plan as in effect from time to
time, any plan qualified or intended to be qualified under Section 401(a)
of the Code and any plan supplementary thereto, executive fringe

 

7

 

benefits, and any plan or arrangement under which stock, stock options,
stock appreciation rights, restricted stock or similar options, stock, or
rights are issued.

 

(C)           Notwithstanding any provision of any
incentive compensation plan, including, without limitation, any provision of
any incentive plan requiring continued employment after the completed fiscal
year or other measuring period, the Corporation shall pay to the Executive a
lump sum amount, in cash, equal to the amount of any incentive compensation
that has been allocated or awarded to the Executive for a completed fiscal year
or other measuring period preceding the occurrence of a Payment Trigger under
any incentive compensation plan but has not yet been paid to the Executive.

 

(D)          The payments provided for in
paragraphs (B) and (C) of this Section 4 shall be made not later than
the fifth day following the occurrence of a Payment Trigger, unless the amounts
of such payments cannot be finally determined on or before that day, in which
case, the Corporation shall pay to the Executive on that day an estimate, as
reasonably determined in good faith by the Corporation, of the minimum amount
of the payments to which the Executive is clearly entitled and shall pay the
remainder of the payments (together with interest at the rate provided in
Section 1274(b)(2)(B) of the Code) as soon as the amount thereof can be
determined but in no event later than the thirtieth day after the occurrence of
a Payment Trigger.  In the event the
amount of the estimated payments exceeds the amount subsequently determined to
have been due, the excess shall constitute a loan by the Corporation to the
Executive, payable on the fifth business day after demand by the Corporation
(together with interest at the rate provided in Section l274(b)(2)(B) of
the Code).  At the time that payments
are made under this Section 4, the Corporation shall provide the Executive
with a written statement setting forth the manner in which the payments were
calculated and the basis for the calculations including, without limitation,
any opinions or other advice the Corporation has received from outside counsel,
auditors or consultants (and any opinions or advice that are in writing shall
be attached to the statement).

 

5.  Gross-Up Payments.

 

(A)          This Section 5 shall apply if a
Payment Trigger shall have occurred during the term of this Agreement.

 

(B)           In the event it shall be determined
that any payment or distribution by the Corporation or other amount with
respect to the Corporation to or for the benefit of the Executive, whether paid
or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise, but determined without regard to any additional
payments required under this Section 5 (a “Payment”), is (or will be)
subject to the excise tax imposed by Section 4999 of the Code or any
interest or penalties are (or will be) incurred by the Executive with respect
to the excise tax imposed by Section 4999 of the Code with respect to the
Corporation (the excise tax, together with any interest and penalties, are
hereinafter collectively referred to as the “Excise Tax”), the Executive shall
be entitled to

 

8

 

receive an additional cash payment (a “Gross-Up
Payment”) from the Corporation in an amount equal to the sum of the Excise Tax
and an amount sufficient to pay the cumulative Excise Tax and all cumulative
income taxes (including any interest and penalties imposed with respect to such
taxes) relating to the Gross-Up Payment so that the net amount retained by the
Executive is equal to all payments received pursuant to the terms of this
Agreement or otherwise less income taxes (but not reduced by the Excise Tax).

 

(C)           Subject to the provisions of
paragraph (D) of this Section 5, all determinations required to be
made under this Section 5, including whether and when a Gross-Up
Payment is required and the amount of such Gross-Up Payment and the
assumptions to be utilized in arriving at the determination, shall be made by a
nationally recognized certified public accounting firm designated by the
Executive (the “Accounting Firm”) which shall provide detailed supporting
calculations both to the Corporation and the Executive within 30 days
after the receipt of notice from the Executive that there has been a Payment,
or such earlier time as is requested by the Corporation.  In the event that at any time relevant to
this Agreement the Accounting Firm is serving as accountant or auditor for the
individual, entity or group or Person effecting the Change in Control, the
Executive shall appoint another nationally recognized certified public
accounting firm to make the determinations required hereunder (which accounting
firm shall then be referred to as the Accounting Firm hereunder).  All fees and expenses of the Accounting Firm
shall be borne solely by the Corporation. 
Any Gross-Up Payment, as determined in accordance with this
Section 5, shall be paid by the Corporation to the Executive within five
days after the receipt of the Accounting Firm’s determination.  If the Accounting Firm determines that no
Excise Tax is payable by the Executive, it shall so indicate to the Executive
in writing.  Any determination by the
Accounting Firm shall be binding upon the Corporation and the Executive.  As a result of uncertainty in the
application of Section 4999 of the Code at the time of the initial
determination by the Accounting Firm, it is possible that Gross-Up Payments
that the Corporation should have made will not have been made (an
“Underpayment”), consistent with the calculations required to be made
hereunder.  In the event the Corporation
exhausts its remedies in accordance with paragraph (D) of this Section 5
and the Executive thereafter is required to make a payment of any Excise Tax,
the Accounting Firm shall determine the amount of Underpayment that has
occurred and the Underpayment shall be promptly paid by the Corporation to or
for the benefit of the Executive.

 

(D)          The Executive shall notify the
Corporation in writing of any claim by the Internal Revenue Service that, if
successful, would require a Gross-Up Payment (that has not already been paid by
the Corporation).  The notification
shall be given as soon as practicable but no later than ten business days after
the Executive is informed in writing of the claim and shall apprize the
Corporation of the nature of the claim and the date on which the claim is
requested to be paid.  The Executive
shall not pay the claim prior to the expiration of the 30-day period following
the date on which the Executive gives notice to the Corporation or any shorter
period ending on the date that any payment of taxes with respect to the claim
is due.  If the Corporation notifies the
Executive in writing

 

9

 

prior to the expiration of the 30-day period that it
desires to contest the claim, the Executive shall:

 

(i)            give the Corporation any information
reasonably requested by the Corporation relating to the claim;

 

(ii)           take any action in connection with
contesting the claim as the Corporation shall reasonably request in writing
from time to time, including, without limitation, accepting legal
representation with respect to the claim by an attorney reasonably selected by the
Corporation;

 

(iii)          cooperate with the Corporation in good
faith in order effectively to contest the claim; and

 

(iv)          permit the Corporation to participate
in any proceedings relating to the claim.

 

The Corporation shall bear and pay directly all costs and expenses
(including additional interest and penalties) incurred in connection with the
contest and shall indemnify and hold the Executive harmless, on an after-tax
basis, for any Excise Tax or income tax (including interest and penalties with
respect thereto) imposed as a result of the representation and payment of costs
and expenses.  Without limitation of the
foregoing provisions of this Section 5, the Corporation shall control all
proceedings taken in connection with the contest and, at its sole option, may
pursue or forego any and all administrative appeals, proceedings, hearings, and
conferences with the taxing authority in respect of the claim and may, at its
sole option, either direct the Executive to pay the tax claimed and sue for a
refund or contest the claim in any permissible manner, and the Executive agrees
to prosecute the contest to a determination before any administrative tribunal,
in a court of initial jurisdiction and in one or more appellate courts, as the
Corporation shall determine.  If the
Corporation directs the Executive to pay the claim and sue for a refund, the
Corporation shall advance the amount of the payment to the Executive, on an
interest-free basis, and shall indemnify and hold the Executive harmless, on an
after-tax basis, from any Excise Tax or income tax (including interest or
penalties with respect thereto) imposed with respect to the advance or with
respect to any imputed income with respect to the advance; and any extension of
the statute of limitations relating to payment of taxes for the taxable year of
the Executive with respect to which the contested amount is claimed to be due
shall be limited solely to the contested amount.  The Corporation’s control of the contest shall be limited to
issues with respect to which a Gross-Up Payment would be payable hereunder and
the Executive shall be entitled to settle or contest, as the case may be, any
other issue raised by the Internal Revenue Service or any other taxing
authority.

 

(E)           If, after the receipt by the
Executive of an amount advanced by the Corporation pursuant to
paragraph (D) of this Section 5, the Executive becomes entitled to
receive any refund with respect to the claim, the Executive shall, subject to
the Corporation’s compliance with the requirements of paragraph (D) of
this Section 5, promptly pay to the Corporation the amount of the refund
(together with any interest paid

 

10

 

or credited thereon after taxes applicable
thereto).  If, after the receipt by the Executive
of an amount advanced by the Corporation pursuant to paragraph (D) of this
Section 5, a determination is made that the Executive shall not be
entitled to any refund with respect to the claim and  the Corporation does not notify the Executive in writing of its
intent to contest the denial of refund prior to the expiration of 30 days
after the determination, then the advance shall be forgiven and shall not be
required to be repaid and the amount of the advance shall offset, to the extent
thereof, the amount of Gross-Up Payment required to be paid.

 

(F)           Notwithstanding any other provision
of this Section 5, to the extent that the Executive is entitled to a tax “gross-up”
payment with respect to a Payment from the Corporation, any Subsidiary, or any
affiliate of the Corporation under any other agreement, the foregoing
provisions of this Section 5 shall not apply to that Payment.

 

6.  Termination Procedures.

 

(A)          During the term of this Agreement, any
purported termination of the Executive’s employment (other than by reason of
death) shall be communicated by written Notice of Termination from one party
hereto to the other party hereto in accordance with Section 11
hereof.  For purposes of this Agreement,
a “Notice of Termination” shall mean a written notice that indicates any
provision in this Agreement relied upon, and, if applicable, the notice shall
set forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Executive’s employment under the provision so indicated.  Further, a Notice of Termination for Cause
shall include a copy of a resolution duly adopted by the affirmative vote of
not less than a majority of the entire membership of the Board at a meeting of
the Board that was called and held for the purpose of considering the
termination finding that, in the informed, reasonable, good faith judgment of
the Board, the Executive was guilty of conduct set forth in the definition of
Cause in Section 1(C), and specifying the particulars thereof in detail.

 

(B)           “Date of Termination” with respect to
any purported termination of the Executive’s employment during the term of this
Agreement (other than by reason of death) shall mean (i) if the
Executive’s employment is terminated for Disability, 20 business days after
Notice of Termination is given (provided that the Executive shall not have
returned to the full-time performance of the Executive’s duties during that 20
business day period) and (ii) if the Executive’s employment is terminated
for any other reason, the date specified in the Notice of Termination, which,
in the case of a termination by the Corporation, shall not be less than ten
business days except in the case of a termination for Cause, and, in the case
of a termination by the Executive, shall not be less than ten business days nor
more than 20 business days, respectively, after the date such Notice of
Termination is given.

 

11

 

7.  Protective Covenants By The Executive.

 

(A)          Return of Property.  Within five days after the date of
termination of the Executive’s employment with the ALLTEL Group, the Executive
shall deliver to the Corporation all of the ALLTEL Group’s property in the
Executive’s possession, custody or control, including, without limitation, all
keys and credit cards, all computers and fax machines, and all files,
documents, data and information in any medium relating in any way to the ALLTEL
Group or its employees, suppliers, customers or business.

 

(B)           Non-Disclosure.  The Executive acknowledges that in the
course of the Executive’s employment with the ALLTEL Group he has had and will
have access to confidential information and trade secrets proprietary to ALLTEL
Group, including but not limited to, information relating to the ALLTEL Group’s
products, suppliers, and customers, the sources, nature, processes, costs and
prices of the ALLTEL Group’s products, the names, addresses, contact persons,
purchasing and sales histories, and preference of the ALLTEL Group’s suppliers
and customers, the ALLTEL Group’s business plans and strategies, and the names
and addresses of, amounts of compensation paid to, and the trading and sales
performance of the ALLTEL Group’s employees and agents (hereinafter referred to
as the “Confidential Information”).  The
Executive further acknowledges that the Confidential Information is proprietary
to the ALLTEL Group, that the unauthorized disclosure of any of the
Confidential Information to any person or entity could result in immediate and
irreparable competitive injury to the ALLTEL Group, that could not adequately
be remedied by an award of monetary damages. 
Accordingly, the Executive shall not disclose at any time any
Confidential Information to any person or entity who is not properly authorized
by the Corporation to receive the information, without the prior written
permission of the Corporation’s Chief Executive Officer.

 

(C)           Non-Interference.  The Executive shall not during the
Executive’s employment with the ALLTEL Group and thereafter until the
expiration of 12 calendar months immediately following the calendar month in
which occurs the Executive’s termination of employment with the ALLTEL Group
knowingly employ, or knowingly assist any person or entity other than the
ALLTEL Group in employing, any employee of any member of the ALLTEL Group.  The Executive shall not during the term of
the Executive’s employment with the ALLTEL Group and thereafter until the
expiration of 12 calendar months immediately following the calendar month
in which occurs the Executive’s termination of employment with the ALLTEL Group
knowingly solicit, or knowingly assist any person or entity to solicit, any
employee of any member of the ALLTEL Group to leave the ALLTEL Group’s
employment or to become employed by any entity that is not a member of the
ALLTEL Group.

 

(D)          Harmful Statements.  The Executive shall not at any time
knowingly disseminate any information or knowingly make any statements, whether
written, oral or otherwise, that are negative, disparaging or critical of the Corporation,
any other member of the ALLTEL Group, or any of their parents, subsidiaries,
affiliates, or their respective officers, directors, employees, shareholders,
trustees, administrators, or employee benefit plans, or the representatives,
employees, agents, predecessors, successors, heirs, or

 

12

 

assigns of any of the foregoing (hereinafter, the
“ALLTEL Parties”), or their business or operations, or that place any of the
ALLTEL Parties in a bad light, other than any such statement or information
that is made or disseminated by the Executive in a good faith belief as to
their truth or accuracy and is either required by law or is reasonably
necessary to the enforcement by the Executive of any right the Executive has
related to the Executive’s employment with the ALLTEL Group.

 

(E)           Resignations.  Within five days after the termination of
the Executive’s employment with the ALLTEL Group, the Executive shall execute
and deliver to the Chief Executive Officer of the Corporation such resignations
as a director and officer of the Corporation and any other members of the
ALLTEL Group, in such form, as may be reasonably requested by the Corporation’s
Chief Executive Officer.

 

(F)           Challenge to Validity.  The Executive shall not at any time assert
that any provision of this Agreement is invalid or unenforceable in any respect
or to any extent, irrespective of the outcome of any action, suit or
proceeding.

 

(G)           Executive Assistance.  If a Payment Trigger occurs during the term
of this Agreement and if the Corporation is not in breach of any of the
Corporation’s covenants set forth in this Agreement, the Executive shall, until
the expiration of 12 calendar months immediately following the calendar
month in which the Payment Trigger occurred, provide such information and
assistance as the Corporation may reasonably request as necessary or
appropriate to assist any ALLTEL Group member in the arbitration or litigation
or potential arbitration or litigation of any claim, action, suit or proceeding
by any person or entity other than the Executive against any ALLTEL Group
member arising from events occurring during the Executive’s employment with the
ALLTEL Group, if the Corporation pays all out-of-pocket expenses incurred by
the Executive in complying with this paragraph (G).  The Executive shall not, however, be
required to provide assistance that would interfere with any activity for
remuneration or profit in which the Executive is then actively engaged.

 

8.  No Mitigation.  The Executive shall not be required to seek
other employment or to attempt in any way to reduce any amounts payable to the
Executive by the Corporation pursuant to this Agreement.  Further, the amount of any payment or benefit
provided for in this Agreement shall not be reduced by any compensation earned
by the Executive as the  result of
employment by another employer, by retirement benefits, by offset against any
amount claimed to be owed by the Executive to the Corporation or a Subsidiary,
or otherwise.

 

9.  Disputes; Remedies.

 

(A)          If a dispute or controversy arises out
of or in connection with this Agreement, the parties shall first attempt in
good faith to settle the dispute or controversy by mediation under the
Commercial Mediation Rules of the American Arbitration Association before
resorting to arbitration or litigation. 
Thereafter, any remaining unresolved dispute or controversy arising out
of or in connection with this Agreement

 

13

 

shall, upon a written notice from the Executive to the
Corporation either before suit thereupon is filed or within 20 business
days thereafter, be settled exclusively by arbitration in accordance with the
Commercial Arbitration Rules of the American Arbitration Association in a city
located within the continental United States designated by the Executive.  Judgment may be entered on the arbitrator’s
award in any court having jurisdiction. 
Notwithstanding the foregoing provisions of this paragraph (A):

 

(i)            The Executive shall be entitled to
seek specific performance of the Corporation’s obligations hereunder during the
pendency of any dispute or controversy arising under or in connection with this
Agreement; and

 

(ii)           The Corporation shall be entitled to
seek the injunctive relief described in paragraph (E) of this Section 9 during
the pendency of any dispute or controversy arising under or in connection with
this Agreement.

 

(B)           Any legal action concerning this
Agreement, other than a mediation or an arbitration described in paragraph (A)
of this Section 9, whether instituted by the Corporation or the Executive,
shall be brought and resolved only in a state court of competent jurisdiction
located in the territory that encompasses the city, county, or parish in which
the Executive’s principal residence is located at the time such action is
commenced.  The Corporation hereby
irrevocably consents and submits to and shall take any action necessary to
subject itself to the personal jurisdiction of that court and hereby
irrevocably agrees that all claims in respect of the action shall be
instituted, heard, and determined in that court. The Corporation agrees that
such court is a convenient forum, and hereby irrevocably waives, to the fullest
extent it may effectively do so, the defense of an inconvenient forum to the
maintenance of the action.  Any final
judgment in the action may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law.

 

(C)           The Corporation shall pay all costs
and expenses, including attorneys’ fees and disbursements, of the Corporation
and, at least monthly, all reasonable costs and expenses, including reasonable
attorney’s fees and disbursements, of the Executive in connection with any
legal proceeding (including arbitration), whether or not instituted by the
Corporation or the Executive, relating to the interpretation or enforcement of
any provision of this Agreement.  The
Corporation shall pay prejudgment interest on any money judgment obtained by
the Executive as a result of any such proceeding, calculated at the rate
provided in Section 1274(b)(2)(B) of the Code.  Notwithstanding the foregoing provisions of this
paragraph (C):

 

(i)            If the Executive instituted the
legal proceeding and the judge, arbitrator, or other individual  presiding over the proceeding affirmatively
finds that the Executive instituted the proceeding in bad faith, no
reimbursement pursuant to this paragraph (C) shall be due to the Executive, the
Executive shall repay the Corporation for any amounts previously paid by it
pursuant to this paragraph (C), and the Executive shall pay all reasonable
costs and expenses,

 

14

 

including reasonable attorney’s fees and
disbursements, of the Corporation in connection with the proceeding;

 

(ii)           With respect to any dispute in which
the Executive challenges the validity or enforceability of any provision of
this Agreement in any respect or to any extent, no reimbursement or no further
reimbursement pursuant to this paragraph (C) shall be due to the Executive, and
the Executive shall repay the Corporation for any amounts previously paid by it
pursuant to this paragraph (C); and

 

(iii)          With respect to any dispute or
controversy regarding the provisions of Section 7, other than a dispute to
which the immediately preceding clause (ii) applies, if the Executive does not
prevail (after exhaustion of all available remedies), no further reimbursement
pursuant to this paragraph (C) shall be due to the Executive, and the Executive
shall repay the Corporation for any amounts previously paid by it pursuant to
this paragraph (C) in respect of such dispute.

 

(D)          The Executive acknowledges and agrees
that the Executive’s sole and exclusive remedy with respect to any and all
claims arising under this Agreement or for breach hereof by the Corporation
shall be the right to receive such amounts as are provided for under
Section 4, Section 5, and paragraph (C) of this Section 9, to
which the Executive is otherwise entitled pursuant to the terms and conditions
of this Agreement.

 

(E)           The Executive acknowledges and agrees
that each and every covenant contained in Section 7 (hereinafter, the
“Protective Covenants ") is reasonable and is necessary to protect the trade
secrets, confidential information, and other business interests of the ALLTEL
Group and that the Executive’s compliance with each of the Protective Covenants
is necessary to protect the ALLTEL Group from unfair injury.  The Executive acknowledges that the
Protective Covenants are a principal inducement for the willingness of the
Corporation to enter into this Agreement and make the payments and provide the
benefits to the Executive under this Agreement and that the Corporation and the
Executive intend the Protective Covenants to be binding upon and enforceable
against the Executive in accordance with their terms, notwithstanding any
common or statutory law to the contrary. 
Notwithstanding any other provision of this Agreement, the obligations
of the Corporation under this Agreement are conditioned upon compliance by the
Executive with each of the Protective Covenants, and failure by the Executive
to comply, in all material respects, with the Protective Covenants shall
entitle the Corporation to all rights and remedies available at law or in equity.  The Executive acknowledges that a breach, in
any material respect, of the Protective Covenants could result in irreparable
and continuing harm and damage to the ALLTEL Group for which there may be no
adequate remedy at law.  In the event of
a breach, in any material respects, of any of the Protective Covenants, each
and every member of the ALLTEL Group shall be entitled to injunctive relief in
addition to any other remedy or relief to which any of them may be entitled.

 

15

 

10.  Successors; Binding Agreement

 

(A)          In addition to any obligations imposed
by law upon any successor to the Corporation, the Corporation shall require any
successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise)
to all or substantially all of the business or assets of the Corporation
expressly to assume and agree to perform this Agreement in the same manner and
to the same extent that the Corporation would be required to perform it if no
such succession had taken place. 
Failure of the Corporation to obtain the assumption and agreement prior
to the effectiveness of any succession shall be a breach of this Agreement and
shall entitle the Executive to compensation from the Corporation in the same
amount and on the same terms as the Executive would be entitled to hereunder if
the Executive were to terminate the Executive’s employment for Good Reason
immediately after a Change in Control and during the term of this Agreement,
except that, for purposes of implementing the foregoing, the date on which any
succession becomes effective shall be deemed the Payment Trigger occasioned by
the foregoing deemed termination of employment for Good Reason immediately
following a Change in Control.  The
provisions of this Section 10 shall continue to apply to each subsequent
employer of the Executive bound by this Agreement in the event of any merger,
consolidation, or transfer of all or substantially all of the business or
assets of that subsequent employer.

 

(B)           This Agreement shall inure to the
benefit of and be enforceable by the Executive’s personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees, and legatees.  If the
Executive shall die while any amount would be payable to the Executive
hereunder if the Executive had continued to live, the amount, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement
to the executors, personal representatives, or administrators of the
Executive’s estate.

 

 

16

 

 

11.  Notices.  For the purpose of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, addressed to the
respective addresses set forth below, or to such other address as either party
may have furnished to the other in writing in accordance herewith, except that
notice of change of address shall be effective only upon actual receipt:

 

	
   

  	
  To the Corporation:

  
	
   

  	
   

  
	
   

  	
  ALLTEL Corporation

  
	
   

  	
  One Allied Drive

  
	
   

  	
  Little Rock, Arkansas  72202

  
	
   

  	
  Attention: 
  Chairman of the Board

  

 

	
   

  	
  To the Executive:

  
	
   

  	
   

  
	
   

  	
  C. J. Duvall, Jr.

  
	
   

  	
  29 Eagles Nest Court

  
	
   

  	
  Little Rock, AR 72210

  

 

17

 

12.  Miscellaneous.  No provision of this Agreement may be
modified, waived, or discharged unless such waiver, modification, or discharge
is agreed to in writing and signed by the Executive and an officer of the
Corporation specifically designated by the Board.  No waiver by either party hereto at any time of any breach by the
other party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time.  No agreements or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party which are not expressly
set forth in this Agreement.  The
validity, interpretation, construction, and performance of this Agreement shall
be governed by the laws of the State of Delaware.  All references to sections of the Exchange Act or the Code shall
be deemed also to refer to any successor provisions to such sections.  Any payments provided for hereunder shall be
paid net of any applicable withholding required under federal, state, or local
law and any additional withholding to which the Executive has agreed.

 

13.  Validity.  The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

 

14.  Counterparts.  This Agreement may be executed in several counterparts, each of
which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

 

IN WITNESS WHEREOF,
the parties have signed this Agreement as of the date set forth above.

 

 

	
   

  	
  ALLTEL
  CORPORATION

  
	
   

  
	
  Attest:

  
	
   

  
	
    /s/    Francis X.
  Frantz

  	
   

  	
  By:

  	
      /s/  Scott T. Ford

  	
   

  
	
  Name:

  	
  Francis X. Frantz

  	
   

  	
  Name:

  
	
  Title:

  	
  Secretary

  	
   

  	
  Title:

  
	
   

  
	
  Witness:

  
	
   

  
	
    /s/    Ansje P. Dean

  	
   

  	
    /s/     C. J.
  Duvall, Jr.

  	
   

  
	
   

  	
  C. J. Duvall,
  Jr.

  
								

 

18

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