Document:

exh10x3-010313.htm

Exhibit 10.3

 

H&R BLOCK, INC.

2013 LONG TERM INCENTIVE PLAN

RESTRICTED SHARE UNITS

AWARD AGREEMENT

 

This Award Agreement is entered into by and between H&R Block, Inc., a Missouri corporation ("H&R Block"), and William C. Cobb (“Participant”).

 

 

WHEREAS, H&R Block provides certain incentive awards (“Awards”) to key employees of subsidiaries of H&R Block under the H&R Block, Inc. 2013 Long Term Incentive Plan (the “Plan”);

 

 

WHEREAS, Participant has been selected by the Board or the Compensation Committee of H&R Block to receive an Award under the Plan; and

 

 

WHEREAS, receipt of this Award is conditioned upon Participant’s execution of this Award Agreement, within 180 days of January 3, 2013, wherein Participant agrees to abide by certain terms and conditions authorized by the Compensation Committee of the Board.

 

 

NOW THEREFORE, in consideration of the parties’ promises and agreements set forth in this Award Agreement, the sufficiency of which the parties hereby acknowledge,

 

 

IT IS AGREED AS FOLLOWS:

 

 

1.           Definitions.  Whenever a term is used in this Award Agreement, the following words and phrases shall have the meanings set forth below or as set forth in the Plan unless the context plainly requires a different meaning, and when a defined meaning is intended, the term is capitalized.

 

 

1.1           Amount of Gain Realized.  The Amount of Gain Realized shall be equal to the number of shares of Common Stock that Participant receives pursuant to Section 2.3(b) of this Award Agreement multiplied by the Fair Market Value of one share of Common Stock on the Delivery Date (as defined in Section 2.3(b)).

 

 

1.2           Board. Board means the Board of Directors of H&R Block.

 

 

1.3           Change in Control.  Change in Control means the occurrence of one or more of the following events:

 

 

(a)           Any one person, or more than one person acting as a group, acquires ownership of stock of H&R Block that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of H&R Block.  If any one person, or more than one person acting as a group, is considered to own more than 50 percent of the total fair market value or total voting power of the stock of H&R Block, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control.  An increase in the percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which H&R Block acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this Section 1.3(a).

 

 

(b)           Any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of H&R Block possessing 35 percent or more of the total voting power of the stock of H&R Block.  If any one person, or more than one person acting as a group, is considered to effectively control a corporation within the meaning of Treasury Regulation 1.409A-3(i)(5)(vi), the acquisition of additional control of the corporation by the same person or persons is not considered to cause a change in the effective control of the corporation. An increase in the percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which H&R Block acquires its stock in exchange for property will not be treated as an acquisition of stock for purposes of this Section 1.3(b).

 

 

(c)           A majority of members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by two-thirds (2/3) of the members of the Board before the date of such appointment or election.

 

 

(d)           Any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from H&R Block that have a total gross fair market value equal to or more than 50 percent of the total gross fair market value of all of the assets of H&R Block immediately before such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of H&R Block, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.  Notwithstanding the foregoing, there is no Change in Control event under this Section 1.3(d) when there is a transfer to an entity that is controlled by the shareholders of H&R Block immediately after the transfer. A transfer of assets by H&R Block is not treated as a change in the ownership of such assets if the assets are transferred to: (i) a shareholder of H&R Block (immediately before the asset transfer) in exchange for or with respect to its stock; (ii) an entity, 50 percent or more of the total value or voting power of which is owned, directly or indirectly, by H&R Block; (iii) a person, or more than one person acting as a group, that owns, directly or indirectly, 50 percent or more of the total value or voting power of all the outstanding stock of H&R Block; or (iv) an entity, at least 50 percent of the total value or voting power of which is owned, directly or indirectly, by a person described in (iii) above.

 

 

Notwithstanding the foregoing, the direct or indirect sale of any or all of the stock of, merger or liquidation of, or sale or assumption of all or substantially all the assets or liabilities of, H&R Block Bank FSB, (i) will not be considered a Change in Control for purposes of this Award Agreement, and (ii) will not be included in any determination of the total gross fair market value of assets of H&R Block sold during any 12-month period under Section 1.3(d) above.

 

 

For purposes of this section, persons will be considered acting as a group in accordance with Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended, and Code Section 409A.

 

 

1.4           Code.  Code means the Internal Revenue Code of 1986, as amended.

 

 

1.5           Committee.  Committee means the Compensation Committee of the Board.

 

 

1.6           Common Stock.  Common Stock means the common stock of H&R Block, without par value.

 

 

1.7           Company.  Company means H&R Block, Inc., a Missouri corporation, and includes its “subsidiary corporations” (as defined in Code Section 424(f)) and their respective divisions, departments and subsidiaries and the respective divisions, departments and subsidiaries of such subsidiaries.

 

 

1.8           Closing Price.  Closing Price shall mean the last reported market price for one share of Common Stock, regular way, on the New York Stock Exchange (or any successor exchange or stock market on which such last reported market price is reported) on the day in question.  If the exchange is closed on the day on which the Closing Price is to be determined or if there were no sales reported on such date, the Closing Price shall be computed as of the last date preceding such date on which the exchange was open and a sale was reported.

 

 

1.9           Fair Market Value. Fair Market Value means the Closing Price for one share of Common Stock.

 

 

1.10           Last Day of Employment.  Last Day of Employment means the date of Participant’s Termination of Employment.

 

 

1.11           Qualifying Termination.  Qualifying Termination shall mean Participant’s termination of employment which meets the definition of a “Qualifying Termination” under a written severance plan maintained by the Company that is applicable to Participant.  If no written severance plan is applicable to Participant, the definition of “Qualifying Termination” contained in any severance plan maintained by the Company that is applicable to employees at the same level as Participant will govern. For the avoidance of doubt, the H&R Block, Inc. Executive Severance Plan, as amended from time to time, is the severance plan applicable to the Chief Executive Officer of H&R Block.

 

 

1.12           Release Agreement. Release Agreement means the form of severance and release agreement selected by the Company in its sole discretion, provided that if Participant's employment agreement includes a form of release agreement, then such form shall be the applicable Release Agreement.

 

 

1.13           Restricted Share Units.  Restricted Share Units means Restricted Share Units granted to Participant under the Plan subject to such terms and conditions as the Committee may determine at the time of issuance.

 

 

1.14           Retirement.  Retirement or retire or similar terms means Participant’s voluntary termination of employment with the Company at or after the date Participant has reached age 60.

 

1.15           Termination of Employment.  Termination of Employment, termination of employment and similar references mean a separation from service within the meaning of Code Section 409A.  If Participant is an employee, Participant will generally have a Termination of Employment if Participant voluntarily or involuntarily terminates employment with the Company.  A termination of employment occurs if the facts and circumstances indicate that Participant and the Company reasonably anticipate that no further services will be performed after a certain date or that the level of bona fide services Participant will perform after such date (whether as an employee, director or other independent contractor) for the Company will decrease to no more than 20 percent of the average level of bona fide services performed (whether as an employee, director or other independent contractor) over the immediately preceding 36-month period (or full period of services if Participant has been providing services for less than 36 months).  For purposes of this Section 1.15, "Company" includes any entity that would be aggregated with the Company under Treasury Regulation 1.409A-1(h)(3).

 

 

2.           Restricted Share Units.

 

 

2.1           Issuance of Units.  As of January 3, 2013 (the “Grant Date”), H&R Block hereby awards 112,475 Restricted Share Units (the “Units”) to Participant, as evidenced by this Award Agreement.

 

 

2.2           Requirement of Employment.  In order to become vested in any or all of the Units, Participant must remain continuously employed with the Company through the applicable Vesting Date (as set forth in Section 2.3).  Absent an agreement to the contrary, if Participant’s employment with the Company terminates before a Vesting Date, for any reason other than those set forth in Section 2.4, then all unvested Units then held by Participant, if any, shall be forfeited by Participant, and Participant shall have no right to receive Common Stock in respect thereof.

 

 

2.3           Vesting and Delivery of Common Stock.

 

 

(a)           Vesting. Subject to Section 2.2, the Units shall vest on the dates noted below (each, a “Vesting Date”), in accordance with the following schedule:

 

	
Vesting Date

 

	
Percent of Units Subject to Vesting on Such

Vesting Date

 

	
Grant Date

	
33 1/3%

	
June 30, 2013

	
33 1/3%

	
June 30, 2014

	
33 1/3%

	  	  

 

(b)           Delivery of Common Stock.  Upon the earlier of: (i) June 30, 2021, or (ii) Participant’s Termination of Employment (either, the “Delivery Date”), shares of Common Stock equal to the number of vested Units awarded under Sections 2.1 and 2.5 of this Award Agreement  less any shares withheld for tax withholding purposes pursuant to Section 5.7 shall be transferred directly into a brokerage account established for Participant at a financial institution the Committee shall select at its sole discretion (the “Financial Institution”) or delivered to Participant in certificate form free of restrictions, such method to be selected by the Committee in its sole discretion. The Participant agrees to complete, before the Delivery Date, any documentation for the Company or the Financial Institution which is necessary to effect the transfer of shares of Common Stock to the Financial Institution.

 

 

Notwithstanding the foregoing, if Participant is a “specified employee” under Code Section 409A at the time of Participant’s Termination of Employment, the Delivery Date of any shares of Common Stock issued pursuant to this Award Agreement shall be delayed until the earlier of June 30, 2021 or the first day of the seventh month after Participant’s Termination of Employment.

 

 

2.4           Acceleration of Vesting.  Notwithstanding Section 2.3(a), the Units held by Participant vest on the occurrence of any of the following events; provided that the acceleration of vesting set forth in this Section 2.4 may be conditioned on Participant executing and not revoking a Release Agreement.  The deadline for executing and not revoking such Release Agreement shall not delay the Delivery Date, as set forth in Section 2.3(b).

 

 

(a)           Change in Control. If Participant incurs a Qualifying Termination in the 24 months immediately following a Change in Control, as defined in Section 1.3, 100% of the outstanding Units shall immediately vest.

 

 

(b)           Qualifying Termination.  If Participant is in fact covered by a written severance plan maintained by the Company and experiences a Qualifying Termination not otherwise covered under Section 2.4(a), all or a portion of the then outstanding Units shall vest if and to the extent specified in such written severance plan that is applicable to Participant.  If no written severance plan maintained by the Company is applicable to Participant, or if such applicable severance plan does not provide for acceleration of the Units, then any portion of the then outstanding Units that are not vested as of Participant's Termination of Employment shall be forfeited.

 

 

(c)           Retirement.  If Participant retires from employment with the Company at least one year after the anniversary of the Grant Date, 100% of the outstanding Units shall immediately vest upon Participant's Last Day of Employment.

 

 

The Units do not vest solely as a result of the death or disability of Participant.

 

2.5           No Shareholder Privileges; Dividend Equivalents. Neither Participant nor any person claiming under or through him shall be, or have any of the rights or privileges of, a shareholder of H&R Block (including the right to vote shares or to receive dividends) with respect to any of the Common Stock issuable pursuant to this Award Agreement, unless and until such shares of Common Stock shall have been duly issued and delivered to Participant.

 

Notwithstanding the foregoing, if H&R Block declares a dividend on shares of Common Stock, then a “Dividend Equivalent” (as defined in the Plan) will be awarded with respect to all vested but undelivered Units.  Each Dividend Equivalent so awarded will be converted to additional vested Units under this Award Agreement as of the date the actual dividend is paid to H&R Block shareholders (i.e., the dividend payable date).  The number of additional vested Units awarded shall be the quotient obtained by dividing the aggregate cash amount that would have been paid as a dividend on the shares of Common Stock underlying all vested Units under this Award Agreement (including any additional Units that have been awarded pursuant to this Section 2.5) by the Fair Market Value of one share of Common Stock on the date immediately preceding the ex-dividend date applicable to such dividend.  All additional Units awarded to Participant under this Section 2.5 shall be deferred until the Delivery Date, pursuant to Section 2.3(b).

 

 

3.           Covenants.

 

 

3.1           Consideration for Award under the Plan.  Participant acknowledges that Participant’s agreement to this Section 3 is a key consideration for the Award made under this Award Agreement.  Participant hereby agrees to abide by the covenants set forth in Sections 3.2, 3.3, and 3.4.

 

 

3.2           Covenant Against Competition.  During the period of Participant’s employment and for two (2) years after his Last Day of Employment, Participant acknowledges and agrees he will not engage in, or own or control any interest in, or act as an officer, director or employee of, consultant, advisor, or lender to, any entity that engages in any business that is competitive with the primary business activities of the Company's tax services business which are tax preparation, accounting, and small business services.

 

 

3.3           Covenant Against Hiring. Participant acknowledges and agrees that he will not directly or indirectly recruit, solicit, or hire any Company employee or otherwise induce any such employee to leave the Company’s employment during the period of Participant’s employment and for one (1) year after his Last Day of Employment.

 

 

3.4           Covenant Against Solicitation. During the period of Participant’s employment and for two (2) years after his Last Day of Employment, Participant acknowledges and agrees that he will not directly or indirectly solicit or enter into any business transaction of the nature performed by the Company with any Company client for which Participant personally performed services or acquired material information.

 

 

3.5           Forfeiture of Rights.  Notwithstanding anything herein to the contrary, if Participant violates any provisions of this Section 3, Participant shall forfeit all rights to payments or benefits under the Plan.  All unvested Units shall terminate and be incapable of vesting.

 

 

3.6           Remedies.  Notwithstanding anything herein to the contrary, if Participant violates any provisions of this Section 3, whether before, on or after any settlement of an Award under the Plan, then Participant shall promptly pay to Company an amount equal to the aggregate Amount of Gain Realized by Participant on all Common Stock received after a date commencing one (1) year before Participant’s Last Day of Employment.  Participant shall pay Company within three (3) business days after the date of any written demand by the Company to Participant.

 

 

3.7           Remedies Payable.  Participant shall pay the amounts described in Section 3.6 in cash or as otherwise determined by the Company.

 

 

3.8           Remedies without Prejudice. The remedies provided in this Section 3 shall be without prejudice to the rights of the Company to recover any losses resulting from the applicable conduct of Participant and shall be in addition to any other remedies the Company may have, at law or in equity, resulting from such conduct.

 

 

3.9           Survival.  Participant’s obligations in this Section 3 shall survive and continue beyond settlement of all Awards under the Plan and any termination or expiration of this Award Agreement for any reason.

 

 

4.           Non-Transferability of Award.  This Award (including all rights, privileges and benefits conferred under such Award) shall not be transferred, assigned, pledged, or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of this Award, or of any right or privilege conferred hereby, contrary to the provisions hereof, or upon any attempted sale under any execution, attachment, or similar process upon the rights and privileges hereby granted, then and in any such event this Award and the rights and privileges hereby granted shall immediately become null and void.

 

 

5.           Miscellaneous.

 

 

5.1           No Employment Contract.  This Award Agreement does not confer on Participant any right to continued employment for any period of time, is not an employment contract, and shall not in any manner modify any terms of employment between Participant and the Company.

 

 

5.2           Adjustment of the Units.  If any merger, reorganization, consolidation, recapitalization, dividend or distribution (whether in cash, shares or other property, other than a regular cash dividend), stock split, reverse stock split, spin-off or similar transaction or other change in corporate structure affects the Common Stock or the value thereof, such adjustments and other substitutions shall be made to this Award Agreement in a manner the Committee deems equitable or appropriate taking into consideration the accounting and tax consequences, including such adjustments in the aggregate number, class and kind of securities that may be delivered under the Plan, and in the number, class, kind and option or exercise price of securities subject to the Award Agreement (including, if the Committee deems appropriate, the substitution of awards denominated in the shares of another company) as the Committee may determine to be appropriate.

 

 

5.3           Merger, Consolidation, Reorganization, Liquidation, etc.  If H&R Block shall become a party to any corporate merger, consolidation, major acquisition of property for stock, reorganization, or liquidation, the Board, acting in its absolute and sole discretion, shall make such arrangements it deems equitable or appropriate, which may include but are not limited to the substitution of new Awards, or for any Awards then outstanding, the assumption of any such Awards and the termination of or payment for such Awards. Any such arrangements shall be binding upon Participant.

 

 

5.4           Interpretation and Regulations.  The Board shall have the power to provide regulations for administration of the Plan by the Committee and to make any changes in such regulations as from time to time the Board may deem necessary. The Committee shall have the power to determine, solely for purposes of the Plan and this Award Agreement, the date and circumstances which shall constitute a cessation or termination of employment, whether such cessation or termination is the result of Retirement, death, disability, termination without cause or any other reason, and to determine what constitutes continuous employment with respect to vesting under this Award Agreement. Notwithstanding the foregoing, leaves of absence approved by the Committee or transfers of employment among the subsidiaries of H&R Block shall not be considered an interruption of continuous employment under the Plan, unless otherwise required by Code Section 409A.

 

 

5.5           Reservation of Rights.  If at any time the Company determines that qualification or registration of the Units or any shares of Common Stock subject to the Units under any state or federal securities law, or the consent or approval of any governmental regulatory authority, is necessary or desirable as a condition of executing an Award or providing a benefit under the Plan, then such action may not be taken, in whole or in part, unless and until such qualification, registration, consent or approval shall have been effected or obtained free of any conditions the Company deems unacceptable.

 

 

5.6           Reasonableness of Restrictions, Severability and Court Modification.  Participant and the Company agree that the restrictions contained in this Award Agreement are reasonable, but, should any provision of this Award Agreement be determined by a court of competent jurisdiction to be invalid, illegal or otherwise unenforceable or unreasonable in scope, the validity, legality and enforceability of the other provisions of this Award Agreement will not be affected thereby, and the provision found invalid, illegal, or otherwise unenforceable or unreasonable will be considered by the Company and Participant to be amended as to scope of protection, time or geographic area (or any one of them, as the case may be) in whatever manner is considered reasonable by that court and, as so amended will be enforced.

 

 

5.7           Withholding of Taxes.  Any tax withholding obligation that, pursuant to the FICA special timing rules of Code Section 3121(v), results solely from vesting of Units under this Agreement shall be satisfied by the Company either by withholding from Participant’s other cash compensation or by requiring Participant to remit the applicable tax withholding amount on or before the applicable tax withholding remittance date.  To satisfy all other income and payroll taxes upon the issuance of Common Stock pursuant to this Agreement, the Company shall make such delivery net of all federal, state, local or foreign taxes required to be paid or withheld as a result of the delivery of shares of Common Stock.  Unless otherwise determined pursuant to established procedures pursuant to the Plan, the number of shares of Common Stock withheld shall be based on the Fair Market Value of such shares on the delivery date and the minimum required tax withholding rate for Participant (or such other rate that will not cause an adverse accounting consequence or cost to the Company).

 

 

5.8           Waiver.  The failure of the Company to enforce at any time any terms, covenants or conditions of this Award Agreement shall not be construed to be a waiver of such terms, covenants or conditions or of any other provision. Any waiver or modification of the terms, covenants or conditions of this Award Agreement shall only be effective if reduced to writing and signed by both Participant and an officer of the Company.

 

 

5.9           Plan Control.  The terms of this Award Agreement are governed by the terms of the Plan, as it exists on the Grant Date and as the Plan is amended from time to time.  Except where the Plan expressly permits an award agreement to provide for different terms, if any provisions of this Award Agreement conflict with any provisions of the Plan, the terms of the Plan shall control.

 

 

5.10           Notices.  Any notice to be given to the Company or election to be made under the terms of this Award Agreement shall be addressed to the Company (Attention: Long Term Incentive Department) at One H&R Block Way, Kansas City Missouri 64105 or at such other address as the Company may hereafter designate in writing to Participant. Any notice to be given to Participant shall be addressed to Participant at the last address of record with the Company or at such other address as Participant may hereafter designate in writing to the Company. Any such notice shall be deemed to have been duly given when deposited in the United States mail via regular or certified mail, addressed as aforesaid, postage prepaid.

 

 

5.11           Choice of Law.  This Award Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Missouri without reference to principles of conflicts of laws.

 

 

5.12           Choice of Forum and Jurisdiction.  Participant and Company agree that any proceedings to enforce the obligations and rights under this Award Agreement must be brought in Missouri District Court located in Jackson County, Missouri, or in the United States District Court for the Western District of Missouri in Kansas City, Missouri.  Participant agrees and submits to personal jurisdiction in either court.  Participant and Company further agree that this Choice of Forum and Jurisdiction is binding on all matters related to Awards under the Plan and may not be altered or amended by any other arrangement or agreement (including an employment agreement) without the express written consent of Participant and H&R Block.

 

 

5.13           Compliance with Section 409A.  Notwithstanding any provision in this Award Agreement or the Plan to the contrary, this Award Agreement shall be interpreted and administered in accordance with Code Section 409A and regulations and other guidance issued thereunder (“Section 409A”).  For purposes of determining whether any payment made pursuant to this Award Agreement results in a "deferral of compensation" within the meaning of Treasury Regulation 1.409A-1(b), H&R Block shall maximize the exemptions described in such section, as applicable.  Any reference to a “termination of employment” or similar term or phrase shall be interpreted as a “separation from service” within the meaning of Section 409A.  If any deferred compensation payment is payable while Participant is a “specified employee” under Section 409A, and payment is due because of separation from service for any reason other than death, then payment of such amount shall be delayed for a period of six months and paid in a lump sum on the first payroll payment date following expiration of such six month period.  To the extent any payments under this Award Agreement are made in installments, each installment shall be deemed a separate payment for purposes of Section 409A and the regulations issued thereunder.  Participant or his beneficiary, as applicable, shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on Participant or his beneficiary in connection with any payments to Participant or his beneficiary pursuant to this Award Agreement, including but not limited to any taxes, interest and penalties under Section 409A.

 

 

5.14           Attorneys Fees.  Participant and Company agree that in the event of litigation to enforce the terms and obligations under this Award Agreement, the party prevailing in any such cause of action will be entitled to reimbursement of reasonable attorneys fees.

 

 

5.15           Relationship of the Parties.  Participant acknowledges that this Award Agreement is between H&R Block and Participant.  Participant further acknowledges that H&R Block is a holding company and that Participant is not an employee of H&R Block.

 

 

5.16           Headings.  The section headings herein are for convenience only and shall not be considered in construing this Award Agreement.

 

 

5.17           Amendment.  No amendment, supplement, or waiver to this Award Agreement is valid or binding unless in writing and signed by both parties.

 

5.18           Execution of Agreement.  This Award Agreement shall not be enforceable by either party, and Participant shall have no rights with respect to the Awards made hereunder, unless and until it has been (a) signed by Participant and on behalf of H&R Block by an officer of H&R Block, provided that such signatures may be via an electronic or facsimile signature and, with respect to H&R Block, may be a stamped signature, and (b) returned to H&R Block.

In consideration of said Award and the mutual covenants contained herein, the parties agree to the terms set forth above.

   

     The parties hereto have executed this Award Agreement.

   

____________________________

Participant Name:                                           William C. Cobb

 

 

Date Signed:                                           January 4, 2013

 

H&R BLOCK, INC.

By:  ___________________________

Name: Aileen M. Wilkins

Title:   Chief People OfficerExhibit 10.1 - CIC

EXHIBIT 10.1

CHANGE-IN-CONTROL AGREEMENT

This Change-in-Control Agreement (the “Agreement”), dated as of January 1, 2013 (the “Effective Date”), is made by and between Windstream Corporation, a Delaware corporation (as hereinafter defined, the “Corporation”), and [EXECUTIVE](as hereinafter defined, the “Executive”). 
WHEREAS, the Board of Directors of the Corporation (as hereinafter defined, the “Board”) 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 Board has determined that the Corporation should encourage the continued employment of the Executive by the Corporation or a Subsidiary and the continued dedication of the Executive to his assigned duties without distraction as a result of the circumstances arising from the possibility of a Change in Control; and 
WHEREAS, the Corporation and the Executive are parties to a Change-in-Control Agreement dated as of DATE (the “Original Agreement”); and
WHEREAS, the Corporation and the Executive desire that this Agreement replace and supersede the Original Agreement, effective as of the date hereof.
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)    “Annual Incentive Plan” shall mean the Windstream Corporation Performance Incentive Compensation Plan, the Windstream Corporation Executive Incentive Compensation Plan and any one or more other formalized plans, if any, in which the Executive is eligible to participate providing incentive compensation payable in cash to eligible participants determined on the basis of a measuring period not in excess of 12 calendar months, but shall expressly exclude, without limitation, the Windstream 2007 Deferred Compensation Plan, the Windstream Benefit Restoration Plan, any plan qualified or intended to be qualified under Section 401(a) of the Code and any plan supplementary thereto, the Windstream 2006 Equity Plan, as amended and restated effective February 17, 2010, and any other plan or arrangement under which stock, stock options, stock appreciation rights, restricted stock or similar options, stock, or rights are issued, any amendment or restatement of, or successor plan to, any of the foregoing plans in effect from time to time, and any executive fringe benefits.

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(B)     “Annual Incentive Target” shall mean with respect to any measuring period, the amount of cash compensation that would be payable to the Executive under the Annual Incentive Plan for such measuring period, computed assuming that the level of performance with respect to a performance goal identified in accordance with the terms of the Annual Incentive Plan as the “target” level of performance has been achieved. Where no level of performance has been specifically identified as the “target” level, the “target” level shall be (i) the only level if one level is identified, (ii) the higher of two levels if two levels are identified, and (iii) the highest level if three or more levels are identified. Where the amount of compensation depends on the achievement of multiple performance goals, the achievement of each target level of performance with respect to each goal shall be assumed. 
(C)     “Board” shall mean the Board of Directors of the Corporation, as constituted from time to time.
(D)     “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 8, that continues for at least 30 calendar 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, (ii) a conviction, guilty plea or plea of nolo contendere of the Executive for any felony, (iii) the willful engaging by the Executive in misconduct that is demonstrably and materially injurious to the Corporation or any Subsidiary, monetarily or otherwise, (iv) a material violation by the Executive of the corporate governance board guidelines and code of ethics of the Corporation or any Subsidiary; (v) a material violation by the Executive of the requirements of the Sarbanes-Oxley Act of 2002 or other federal or state securities law, rule or regulation, (vi) the repeated use of alcohol by the Executive that materially interferes with the Executive's duties, the use of illegal drugs by the Executive, or a violation by the Executive of the drug and/or alcohol policies of a the Corporation or any Subsidiary, or (vii) a material breach by the Executive of any of the protective covenants contained in Section 9.  For purposes 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.
(E)     A “Change in Control” shall mean, if at any time subsequent to the date of this Agreement any of the following events shall have occurred:
(i)    The acquisition by any individual, entity or “group,” within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act (a “Person”), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of voting securities of the Corporation where such acquisition causes any such Person to own fifty percent (50%) or more of the combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); provided, however, that for purposes of this definition, any acquisition by any

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corporation pursuant to a transaction that complies with clauses (A), (B) and (C) of subparagraph (iii) below shall not be deemed to result in a Change in Control;
(ii)    Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Corporation's stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;
(iii)     The consummation of a reorganization, merger or consolidation or sale or other disposition of more than fifty percent (50%) of the assets of the Corporation (a “Business Combination”), in each case, unless, following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, at least fifty percent (50%) of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Corporation or all or substantially all of the Corporation's assets either directly or through one or more subsidiaries), in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Voting Securities, as the case may be, (B) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Corporation or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, fifty percent (50%) or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or the action of the Board, providing for such Business Combination; or
(iv)    Approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation. 
(F)    “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.
(G)    “Corporation” shall mean Windstream 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 8 hereof.
    

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(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)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
(K)    “Executive” shall mean the individual named in the first paragraph of this Agreement.
(L)    “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)    the assignment to the Executive of any duties inconsistent with the Executive's status as an executive officer of the Corporation or of a Subsidiary or 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 relocation of the principal executive offices of the Corporation to a location more than 35 miles from the location of such offices immediately prior to the Change in Control or the Corporation's requiring the Executive to be based anywhere other than the principal executive offices of the Corporation, or in the case that the Executive was not based at the principal executive offices of the Corporation immediately prior to the Change of Control, to a location more than 35 miles from the location where the Executive was based immediately prior to the Change of 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)     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 calendar days after the date the compensation is due (taking into account applicable restrictions under Section 409A) or to pay or reimburse the Executive for any expenses incurred by him for required business travel;
(v)     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

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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; 
(vi)    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; 
(vii)    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 8 hereof; or 
(viii)    any failure by the Corporation to comply with and satisfy Section 12(A) of this Agreement, other than a failure not occurring in bad faith and which is remedied by the Corporation promptly after receipt of notice thereof given by the Executive. 
(M)    “Non-Interference / Assistance Period” shall mean the period commencing with the Date of Termination and ending on the first anniversary of the Date of Termination.
(N)     “Notice of Termination” shall have the meaning stated in paragraph (A) of Section 8 hereof.
(O)    “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 second anniversary of the Change in Control by the termination of the Executive's employment with the Corporation or a Subsidiary in a manner that constitutes a “separation from service”, as defined in Section 409A, for any reason other than (i) by the Executive without Good Reason, (ii) by the Corporation as a result of the Disability of the Executive or with Cause or, (iii) as a result of the death of the Executive.
(P)    “Section 409A” shall mean Section 409A of the Code and any proposed, temporary or final regulations, or any other guidance, promulgated with respect to such Section 409A by the U.S. Department of Treasury or the Internal Revenue Service.
(Q)     “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.

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2.     Term of Agreement.  This Agreement shall become effective on the Effective Date, shall supersede, terminate and replace the Original Agreement as of the Effective Date, 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 8, 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) January 1, 2018, if, as of such date, a Change in Control shall not have occurred and be continuing or (iv) in the event, as of January 1, 2018, 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 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.
(B)     No amount or benefit shall be payable under this Agreement 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.
(C)     This Agreement shall not be construed as creating an express or implied contract of employment and, except as 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. 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 8

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shall be effective for purposes of this Agreement.  The Executive's right, following the occurrence of a Change in Control, to terminate his 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.
4.     Payments Due Upon a Payment Trigger. Upon the occurrence of a Payment Trigger during the term of this Agreement:
(A)    The Corporation shall pay to the Executive the following amounts in cash as follows:
(i)    the Executive's annual base salary through the Date of Termination to the extent not theretofore paid, and such amount shall be paid in a lump sum within 30 days following the Date of Termination;
(ii)    the amount of any incentive compensation that has been allocated or awarded to the Executive for a completed fiscal year or other completed measuring period preceding the occurrence of the Date of Termination under any incentive compensation plan but has not yet been paid to the Executive, and such amount shall be paid in a lump sum within (x) 30 days following the Date of Termination or (y) any earlier date as required by the applicable incentive plan;
(iii)    the product of (x) the Annual Incentive Target in effect immediately prior to the Payment Trigger and (y) a fraction, the numerator of which is the number of calendar days in the current fiscal year through the Date of Termination, and the denominator of which is 365, reduced by the amount, if any, paid or payable to the Executive under the Annual Incentive Plan's terms with respect to the fiscal year during which the Date of Termination occurs, and such amount shall be paid in a lump sum within (I) the 30-day period commencing on the 60th day following the Date of Termination, or (II) such later period as required by Section 6; and
(iv)    any accrued vacation pay to the extent not “theretofore paid, and such amount shall be paid in a lump sum within 30 days following the Date of Termination.
(B)     The Corporation shall pay to the Executive in a lump sum in cash within the 30 day period commencing on the 60th day following the Date of Termination, or within such later period as required by Section 6, an amount equal to the product of: (i) [THREE/TWO/ONE]multiplied by, (ii) the sum of: (x) 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 (y) the higher of the Executive's Annual Incentive Target in effect immediately prior to the occurrence of the Change in Control or the Executive's Annual Incentive Target in effect immediately prior to the Payment Trigger.
(C)     The Corporation shall pay to the Executive in a lump sum in cash within the 30 day period commencing on the 60th day following the Date of Termination, or such later period as required by Section 6, an amount equal to the product of (i) the Executive's monthly premium for health and dental insurance continuation coverage for the Executive and the 

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Executive's family under the Consolidated Omnibus Budget Reconciliation Act of 1985(“COBRA”), based on the monthly premium rate for such coverage in effect on the Date of Termination, multiplied by (ii) [THIRTY-SIX (36)/TWENTY-FOUR (24)/TWELVE (12)]months.
(D)     The Corporation shall, at its sole expense as incurred, provide the Executive with outplacement services from a recognized outplacement service provider, the scope of which shall be selected by the Executive in his sole discretion, provided that (i) the cost to the Corporation shall not exceed $[50,000/25,000], and (ii) in no event shall the period during which the outplacement service expenses are incurred or the period during which the expenses are paid,extend beyond the end of the second calendar year that begins after the Executive's Date of Termination.
(E)     To the extent not theretofore paid or provided, the Corporation shall pay to the Executive all vested benefits or other amounts that the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Corporation or any of its Subsidiaries at or subsequent to the Date of Termination in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement.
Notwithstanding the foregoing, if the Executive receives the payments and benefits in accordance with paragraphs (A)(iii), (B), (C) and (D) of this Section 4, the Executive shall not be entitled to any severance pay or benefits under the Windstream Severance Plan, the Windstream Change-in-Control Severance Plan, or any other severance plan, program or policy of the Corporation or its Subsidiaries, unless otherwise specifically provided therein in a specific reference to this Agreement.  For the purpose of clarification, the restriction on other severance pay or benefits in the prior sentence shall not apply to a stock option, restricted stock, share or unit, performance share or unit, deferred compensation or similar plan or agreement which may contain provisions operative on a termination of the Executive's employment or may refer to accelerated vesting or accelerated payment upon a termination of employment.
5.    Certain Reductions in Payments.
(A)     In the event that it shall be determined by the Accounting Firm that any Payment to the Executive would be subject to the Excise Tax, the Accounting Firm shall determine whether to reduce the aggregate amount of the Payments payable to the Executive to the Reduced Amount.  The Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that the Executive would have a greater Net After-Tax Benefit if the Executive's Payments were reduced to the Reduced Amount.  If, instead, the Accounting Firm determines that the Executive would have a greater Net After-Tax Benefit if the Executive's Payments were not reduced to the Reduced Amount, the Executive shall receive all Payments to which the Executive is entitled under this Agreement.
(B)     If the Accounting Firm determines that the aggregate Payments otherwise payable to the Executive should be reduced to the Reduced Amount pursuant to this Section 5, the Corporation shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof.  All determinations made by the Accounting Firm under this Section 5 shall

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be binding upon the Corporation and the Executive and shall be made within thirty (30) business days after a termination of the Executive's employment or such earlier date as requested by the Corporation.  The reduction of the Executive's Payments to the Reduced Amount, if applicable, shall be made by reducing the Payments under the following sections of this Agreement (and no other Payments) in the following order:  (i) Section 4(B), (ii) Section 4(A)(iii), (iii) Section 4(C), and (iv) Section 4(D).  All fees and expenses of the Accounting Firm pursuant to this Section 5 shall be borne solely by the Corporation.
(C)    The following terms shall have the following meanings for purposes of this Section 5.
(i)    “Accounting Firm” shall mean an independent, nationally recognized accounting firm designated by the Corporation prior to a Change in Control; provided that if the Accounting Firm is not willing or able to value the restrictive covenants in Section 9, then the restrictive covenants shall be valued by an independent third-party valuation specialist selected by the Corporation prior to a Change in Control.
(ii)    “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.
(iii)    “Net After-Tax Benefit” shall mean the aggregate Value of all Payments to the Executive, net of all taxes imposed on the Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, as determined by the Accounting Firm after taking into account any value attributable to the restrictive covenants in Section 9 that is treated as reasonable compensation described in Section 280G(b)(4) of the Code.
(iv)    “Payment” shall mean any payment or distribution by the Corporation in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive that is contingent on a Change in Control,whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise.
(v)    “Reduced Amount” shall mean the greatest amount of Payments that can be paid to the     Executive that would not result in the imposition of the Excise Tax upon the Executive if the Accounting Firm determines to reduce Payments to the Executive pursuant to this Section 5, determined after taking into account any value attributable to the restrictive covenants in Section 9 that is treated as reasonable compensation described in Section 280G(b)(4) of the Code.
(vi)    “Value” of a Payment shall mean the economic present value of a Payment as of the date of the Change in Control (or such other date as required pursuant to Section 280G), as determined by the Accounting Firm pursuant to Section 280G of the Code using the discount rate required by Section 280G(d)(4) of the Code.

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6.     Compliance with Section 409A.
(A)     Notwithstanding anything contained in this Agreement to the contrary, if the Executive is a “specified employee,” as determined under the Corporation's policy for determining specified employees on the Date of Termination, all payments, benefits or reimbursements paid or provided under this Agreement that constitute a “deferral of compensation” within the meaning of Section 409A of the Code, that are provided as a result of a“separation from service” within the meaning of Section 409A and that would otherwise be paid or provided during the first six months following such Date of Termination shall be accumulated through and paid or provided (together with interest at the applicable Federal short-term rate,compounded semi-annually, in effect under Section 1274(d) of the Code as of the Date of Termination) within 30 calendar days after the first business day following the six month anniversary of such Date of Termination (or, if the Executive dies during such six-month period,within 10 calendar days after the Executive's death).
(B)     It is intended that the payments and benefits provided under this Agreement shall either be exempt from the application of, or comply with, the requirements of Section 409A. This Agreement shall be construed, administered, and governed in a manner that effects such intent, and the Corporation shall not take any action that would be inconsistent with such intent. Without limiting the foregoing, the payments and benefits provided under this Agreement may not be deferred, accelerated, extended, paid out or modified in a manner that would result in the imposition of an additional tax under Section 409A upon Executive.Although the Corporation shall use its best efforts to avoid the imposition of taxation, interest and penalties under Section 409A, the tax treatment of the benefits provided under this Agreement is not warranted or guaranteed. Neither the Corporation, its Subsidiaries nor the irrespective directors, officers, employees or advisors shall be held liable for any taxes, interest,penalties or other monetary amounts owed by the Executive or other taxpayer as a result of the Agreement.
7.     Release. Notwithstanding anything contained herein to the contrary, the Corporation shall only be obligated to pay or provide any benefit under Sections 4(A)(iii), 4(B),4(C), or 4(D) if: (A) within the 45-day period after the Date of Termination the Executive first executes a release substantially in the form attached hereto as Exhibit A; (B) the Executive does not revoke the release; and (C) the release becomes effective and irrevocable in accordance with its terms.  
8.     Termination Procedures.
(A)     On or after the occurrence of a Change in Control, 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 13 hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice that indicates the specific termination 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 

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membership of the Board at a meeting of the Board that was called and held for the purpose of considering the termination (after reasonable notice to the Executive and an opportunity for the Executive, together with his counsel, to be heard by the members of the Board) 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(D), and specifying the particulars thereof in detail.
(B)     “Date of Termination” shall mean the effective date of the Executive's termination of employment with the Corporation or its affiliates that constitutes a “separation from service”within the meaning of Section 409A of the Code. Except as provided in the next sentence, the Date of Termination shall be determined as follows: (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.The Corporation and the Executive shall take all steps necessary (including with regard to any post-termination services by the Executive) to ensure that any termination described in this Section 8(B) constitutes a “separation from service” within the meaning of Section 409A of the Code and that the date on which such separation from service takes place is the “Date of Termination”.
9.    Non-Disclosure: Non-Competition; and Non-Interference
(A)     The Executive acknowledges that in the course of his employment with the Corporation and its Subsidiaries he has had and will have access to confidential information and trade secrets proprietary to the Corporation and its Subsidiaries, including, without limitation, information relating to the Corporation's and its Subsidiaries' products, suppliers, and customers, the sources, nature, processes, costs and prices of the Corporation's and its Subsidiaries' products, the names, addresses, contact persons, purchasing and sales histories, and preferences of the Corporation's and its Subsidiaries' suppliers and customers, the Corporation's and its Subsidiaries' business plans and strategies, and the names and addresses of, amounts of compensation paid to, and the trading and sales performance of the Corporation's and its Subsidiaries' employees and agents (hereinafter referred to as the “Confidential Information”).  The Executive further acknowledges that the Confidential Information is proprietary to the Corporation and its Subsidiaries, that the unauthorized disclosure of any of the Confidential Information to any person or entity will result in immediate and irreparable competitive injury to the Corporation and its Subsidiaries, and that such injury cannot adequately be remedied by an award of monetary damages.  Accordingly, the Executive shall not at any time disclose any Confidential Information to any person or entity who is not properly authorized by the Corporation or its Subsidiaries to receive the information without the prior written consent of the Chairman of the Board of the Corporation (which consent may be withheld for any reason or no reason) unless and except to the extent that such disclosure is required by any subpoena or other legal process (in which event the Executive will give the Chairman of the Board of the Corporation prompt written notice of such subpoena or other legal process in order to permit the 

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Corporation and its Subsidiaries to seek appropriate protective orders), and that he shall not use any Confidential Information for his own account without the prior written consent of the Chairman of the Board of the Corporation (which consent may be withheld for any reason or no reason).
(B)    The Executive shall not during his employment with the Corporation or its Subsidiaries and thereafter until the expiration of the Non-Interference/Assistance Period, in any manner, directly or indirectly, through any person, firm or corporation, alone or as a member of a partnership or as an officer, director, shareholder, investor or employee of or in any other corporation or enterprise or otherwise, (i) engage in or be engaged in, or assist any other person, firm, corporation or enterprise in engaging or being engaged in, any business then actively being conducted by the Corporation or its Subsidiaries, or any business that each of the Corporation or its Subsidiaries has engaged in during the preceding one-year period, within any state in which the Corporation or any of its Subsidiaries is licensed as an incumbent or competitive local exchange carrier, or (ii) solicit, service, or accept the business of any active customer of the Corporation or its Subsidiaries, or any person or entity who is or was at any time during the previous one-year period a customer of the Corporation or its Subsidiaries.  Nothing in this Section shall prohibit the Executive from being:  (x) a shareholder in a mutual fund or a diversified investment company or (y) a passive owner of not more than 5% of the outstanding equity securities of any class of a corporation or other entity which is publicly traded, so long as the Executive has no active participation in the business of such corporation or other entity.  For the purpose of clarification, the business in which the Corporation is actively engaged includes (i) the provision of retail and wholesale wireline telecommunications services to consumers and business customers of all types, including, without limitation, local and long distance voice services, unified communication products and services, including MPLS networking and security offerings, network access, fiber transport, and broadband products and data services regardless of method of technology used to provide all of these services including, without limitation, as a reseller, agent, dealer, an interexchange carrier, a cable operator, a competitive access service provider, an incumbent local exchange carrier, a voice-over-internet protocol provider or other provider using forms of wireline communication technology; (ii) the provision of data hosting and storage services, including without limitation colocation services, disaster recovery services and solutions, cloud computing services via private, public and hybrid cloud solutions or other cloud solutions; and (iii) managed services solutions for data hosting, IT infrastructure, security, operating system and software application management or any business engaged in by the  Corporation at any time during the one year proceeding the date of termination. The business in which the Corporation is actively engaged excludes wireless communication services, but not wireless broadband services.
(C)     The Executive shall not during his employment with the Corporation or its Subsidiaries and thereafter until the expiration of the Non-Interference/Assistance Period employ, or assist any person or entity in employing, any employee of the Corporation or its Subsidiaries.  The Executive shall not during his employment with the Corporation or its Subsidiaries and thereafter until the expiration of the Non-Interference/Assistance Period solicit, or assist any person or entity to solicit, any employee of any member of the Corporation or its Subsidiaries to leave the employment of the Corporation or its Subsidiaries or to become employed by any other entity.

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(D)     If a court holds that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted for the stated period,scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by law.
(E)     The Executive acknowledges that the covenants contained in this Section9 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 covenants (i) to be binding upon and enforceable against the Executive in accordance with their terms, regardless of whether a Change in Control or a Payment Trigger occurs and notwithstanding any common or statutory law to the contrary; and (ii) to survive and continue in full force in accordance with their terms notwithstanding the termination of this Agreement.  The Executive agrees that the obligations of the Corporation under this Agreement (specifically including, but not limited to, the obligation to make any payment or provide any benefit under Sections 4(A)(iii), 4(B), 4(C), or 4(D)) constitute sufficient consideration for the covenants contained in this Section 9.  The Corporation and the Executive further agree that the restrictions contained in this Section 9 are reasonable in period, scope and geographical area and are necessary to protect the legitimate business interests and Confidential Information of the Corporation and its Subsidiaries.  The Executive agrees that he will notify the Corporation and its Subsidiaries in writing if he has, or reasonably should have, any questions regarding the applicability of this Section 9.  Because the Executive's services are unique and because the Executive has access to Confidential Information, the parties agree that the Corporation and its Subsidiaries would be damaged irreparably in the event any of the provisions of this Section 9 were not performed in accordance with their specific terms or were otherwise breached and that money damages would be an inadequate remedy for any such non-performance or breach.  In the event that the Executive breaches or threatens to breach any such provision of this Section 9, the parties agree that the Corporation and its Subsidiaries shall be entitled to seek any and all equitable and legal relief provided by law, specifically including immediate and permanent injunctive relief to prevent any breach or threatened breach of any of such provisions and to enforce such provisions specifically (without posting a bond or other security).  The Executive hereby waives any claim that the Corporation or its Subsidiaries have an adequate remedy at law.  The parties agree that the foregoing relief shall not be construed to limit or otherwise restrict the ability of the Corporation and its Subsidiaries to pursue any other remedy provided by law, including the recovery of any actual, compensatory or punitive damages.
10.     No Offsets or Mitigation. The Corporation's obligation to make the payments provided for in Sections 4 or 11 of this Agreement and otherwise to perform its obligations hereunder shall be absolute and unconditional and shall not be affected by any set-off,counterclaim, recoupment, defense or other claim, right or action which the Corporation or any of its Subsidiaries may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment.
11.     Disputes.

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(A)     Any dispute or controversy arising out of or in connection with this Agreement 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 binding arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The arbitration proceeding shall be conducted before a panel of three arbitrators sitting (i) if the Executive is employed by the Corporation or any Subsidiary at the time of the initiation of the arbitration, in the municipality in which the Executive's principal place of employment is located at the time, and (ii) if the Executive's employment with the Corporation or any Subsidiary has terminated prior to the time of initiation of-the arbitration, at a location which is within 50 miles of the location of the Executive's principal place of employment at the time of his termination of employment. Judgment may be entered on the arbitrator's award in any court having jurisdiction. The Executive shall, however, 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. Notwithstanding the foregoing,the Corporation shall not be required to seek or participate in arbitration regarding any breach or threatened breach by the Executive of his obligations in Section 9, but may pursue its remedies for such breach in a court of competent jurisdiction in accordance with Section 11(B) below.
(B)     Any legal action concerning this Agreement, other than an arbitration escribed in paragraph (A) of this Section 11, 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)     To the fullest extent permitted by applicable law, the Corporation shall pay all costs and expenses, including attorneys' fees and disbursements, of the Corporation and 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, provided that if the Executive instituted the proceeding and the judge, arbitrator, or other individual presiding over the proceeding affirmatively finds that the Executive instituted the proceeding in bad faith, the Executive shall pay all costs and expenses,including attorney's fees and disbursements, of the Executive and the Corporation. The Corporation shall pay prejudgment interest, compounded annually, on any money judgment obtained by the Executive as a result of such proceeding, calculated at the prime rate (as published in The Wall Street Journal) in effect as of the date the payment should otherwise have been provided. Any reimbursement or payment of amounts to the Executive provided under this Section 11(C), shall be subject to the following rules: (i) the expenses must be incurred at anytime from the date of this Agreement through the Executive's remaining lifetime or, if longer,through the 10th anniversary of the date of the Change in Control; (ii) the expenses shall be paid by the Corporation as incurred (within 10 days following the Corporation's receipt of an invoice 

14

from the Executive); provided that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; (iii) the amount of expenses eligible for reimbursement during any calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind benefits to be provided, during any other calendar year; and (iv) the right to reimbursement shall not be subject to liquidation or exchange for another benefit.
12.     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. The provisions of this Section 12 shall continue to apply to each subsequent employer of 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 (other than amounts which, by their terms, terminate upon the death of the Executive) 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.
13.     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:

Windstream Corporation
4001 Rodney Parham Road
Little Rock, Arkansas 72212
Attention: Chief Executive Officer

To the Executive:

[EXECUTIVE]
[STREET ADDRESS]
[CITY, STATE ZIP CODE]

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14.     Miscellaneous. Except as otherwise provided in Section 6, 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.
15.     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.
16.     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.
	
	
	WINDSTREAM CORPORATION

	 

	By:                                                       

	Jeffery R. Gardner

	President and CEO

	 

	EXECUTIVE

	                                                            

	[EXECUTIVE]

                    

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EXHIBIT A
******
WAIVER AND RELEASE AGREEMENT
THIS WAIVER AND RELEASE AGREEMENT (this “Waiver and Release”) is entered into by and between [EXECUTIVE] (“Executive”) and Windstream Corporation (the“Company”) (collectively, the “Parties”).
WHEREAS, the Parties have entered into a Change-in-Control Agreement dated ____, 20__(the “Agreement”);
WHEREAS, Executive's employment has been or will be terminated on in accordance with the Agreement;
WHEREAS, Executive is required to sign this Waiver and Release in order to receive the payment of certain severance benefits under the Agreement following termination of employment; and
WHEREAS, the Company has agreed to sign this Waiver and Release.
NOW, THEREFORE, in consideration of the promises and agreements contained herein and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and intending to be legally bound, the Parties agree as follows:
		
	1. 
	Subject to Section 4 of this Waiver and Release, this Waiver and Release is effective on the date hereof and will continue in effect as provided herein.

		
	2. 
	In consideration of the payments to be made and the benefits to be received by Executive pursuant to Section 4 of the Agreement (the “Severance Benefits”) which Executive acknowledges are in addition to payments and benefits to which Executive would be entitled but for the Agreement (except as otherwise provided in the Agreement), Executive, on behalf of himself/herself, his/her heirs, representatives, agents and assigns by dower or otherwise hereby COVENANTS NOT TO SUE OROTHERWISE VOLUNTARILY PARTICIPATE IN ANY LAWSUIT AGAINST,FULLY RELEASES, INDEMNIFIES, HOLDS HARMLESS and OTHERWISEFOREVER DISCHARGES (i) the Company, (ii) any companies controlled by,controlling or under common control with the Company, and any predecessors,successors or assigns to the foregoing (together with the Company, the (“Windstream Group”) (iii) the Windstream Group's compensation, benefit, incentive (including, but not limited to, individual incentive, project incentive, annual incentive, long-term incentive and annual bonus), pension, welfare and other plans and arrangements, and any predecessor or successor to any such plans and arrangements (including the sponsors,administrators and fiduciaries of any such plan and/or arrangements), and (iv) any of the Windstream Group's current or former officers, directors, agents, executives, employees,attorneys, insurers, shareholders, predecessors, successors or assigns, from any and all actions, charges, claims, demands, damages or liabilities of any kind or character whatsoever, known or 

1

unknown, which Executive now has or may have had whether or not based on or arising out of Executive's employment relationship with the Windstream Group or the termination of that employment relationship through the date of execution of this Waiver and Release, other than workers' compensation claims filed prior to the date of execution of this Waiver and Release. Executive acknowledges and understands that in the event Executive files a charge or complaint with the Equal Employment Opportunity Commission (“EEOC”), the Texas Workforce Commission Civil Rights Division (“TWCCRD”), the New Mexico Human Rights Commission (“NMHRC”), or other similar state agency, the Occupational Safety and Health Administration(“OSHA”), or the Secretary of Labor, Executive shall be entitled to no relief,reinstatement, remuneration, damages, back pay, front pay, or compensation whatsoever from the Windstream Group as a result of such charge or complaint. Executive understands and agrees that he is waiving and releasing any and all actions and causes of action, suits, debts, claims, complaints and demands of any kind whatsoever, in law or inequity, including, but not limited to, the following:
		
	a. 
	Those arising under any federal, state or local statute, ordinance or common law governing or relating to the Parties' employment relationship including, but not limited to, (i) any claims on account of, arising out of or in any way connected with Executive's hiring by the Windstream Group, employment with the Windstream Group or the termination of that employment; (ii) any claims alleged or which could have been alleged in any charge or complaint against the Windstream Group, including, but not limited to, those with the EEOC,TWCCRD, NMHRC, or other similar state agency, OSHA and the Secretary of Labor; (iii) any claims relating to the conduct, including action or inaction, of any executive, employee, officer, director, agent or other representative of the Windstream Group; (iv) any claims of discrimination, harassment or retaliation on any basis; (v) any claims arising from any legal restrictions on an employer's right to separate its employees; (vi) any claims for personal injury, compensatory or punitive damages, front pay, back pay, liquidated damages, treble damages,legal and/or attorneys' fees, expenses and litigation costs or other forms of relief;(vii) any claims for compensation and benefits; (viii) any cause of action or claim that could have been asserted in any litigation or other dispute resolution process,regardless of forum (judicial, arbitral or other), against any employee, officer,director, agent or other representative of the Windstream Group; (ix) any claim for, or right to, arbitration, and any claim alleged or which could have been alleged in any charge, complaint or request for arbitration against the Windstream Group; (x) any claim on account of, arising out of or in any way connected with any employment agreement between Executive and the Windstream Group; (xi)any claim on account of, arising out of or in any way connected with the alleged termination of Executive's employment without “cause” or for “good reason”;(xii) any claim on account of, arising out of or in any way connected with medical, dental, life insurance or other welfare benefit plan coverage; and (xiii) all other causes of action sounding in contract, tort or other common law basis,including, but not limited to: (a) the breach of any alleged oral or written contract;(b) negligent or intentional misrepresentations; (c) wrongful discharge; (d) just cause dismissal; (e) defamation; (f) interference with contract or business 

2

relationship; (g) negligent or intentional infliction of emotional distress; (h)promissory estoppel; (i) claims in equity or public policy; (j) assault; (k) battery;(l) breach of employee handbooks, manuals or other policies; (m) breach of fiduciary duty; (n) false imprisonment; (o) fraud; (p) invasion of privacy; (q)whistleblower claims; (r) negligence, negligent hiring, retention or supervision and (s) constructive discharge; and
		
	b. 
	Those arising under any law relating to sex, age, race, color, religion, handicap or disability, harassment, veteran status, sexual orientation, retaliation, or national origin discrimination including, without limitation, any rights or claims arising under Title VII of the Civil Rights Act of 1866 and 1964, as amended, 42 U.S.C.§§ 1981 and 2000(e),et seq.; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. §§ 621,et seq., as amended by the Older Workers Benefit Protection Act; the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. §§12,101,et seq.; Sections 806 and 1107 of the Sarbanes-Oxley Act of 2002; the Fair Labor Standards Act of 1938,29 U.S.C. §§ 201,et seq.; the National Labor Relations Act, 29 U.S.C. §§151,et seq.; the Occupational Safety and Health Act, 29 U.S.C. §§ 651,et seq.; the Worker Adjustment and Retraining Notification Act, 29 U.S.C. §§ 2101, et seq.; the Texas Commission on Human Rights Act, Tex. Lab. Code. Ann. §§ 21.001,et seq.; Tex.Lab. Code.Ann. §§ 21.051; Tex. Lab. Code. Ann. §§ 21.055, Texas Workers' Compensation Act; Texas Whistleblower Act, Arkansas Civil Rights Act, §§ 16‐123,et seq., the Arkansas Equal Pay Law § 11-4 et seq.; the New Mexico Human Rights Act, N.M. Stat. Ann. §§ 281-1-1,et seq., as such statutes may be amended from time to time; and

		
	c.  
	Those arising out of Employee Retirement Income Security Act of 1974, as amended; and

		
	d. 
	Those arising out of the Family and Medical Leave Act, 29 U.S.C. §§2601 et seq.; and

		
	e. 
	Those arising under the civil rights, labor and employment laws of any state,municipality or local ordinance; and

		
	f. 
	Any claim for reinstatement, compensatory damages, back pay, front pay,interest, punitive damages, special damages, legal and/or attorneys' fees, expenses and litigation costs including expert fees; and

		
	g. 
	Any other federal, state or local law that affords employees or individuals protection of any kind whatsoever.

		
	3.
	The Parties acknowledge that it is their mutual and specific intent that this Waiver and Release fully complies with the requirements of the Older Workers Benefit Protection Act (29 U.S.C. § 626) and any similar law governing the release of claims. Accordingly,Executive hereby acknowledges that:

3

		
	a. 
	Executive has consulted with an attorney prior to executing this Waiver and Release and acknowledges being given the advice to do so. Executive represents that Executive has read and fully understands all of the provisions of this Waiver and Release. Executive represents that Executive is voluntarily signing this Waiver and Release.

		
	b.
	Executive has been offered at least forty-five (45) days in which to review and consider this Waiver and Release.

		
	c.
	Executive waives any right to assert any claim or demand for reemployment with the Windstream Group.

		
	d.
	Executive acknowledges receipt of the attached OWBPA Notice containing the titles and ages of employees who are eligible and ineligible for this program in Executive's decisional unit.

		
	4. 
	Executive has a period of seven (7) calendar days following the execution of this Waiver and Release during which Executive may revoke this Waiver and Release by delivering written notice to the Company at the following address:

Mr. David Works
Windstream Corporation
4001 Rodney Parham Road
Little Rock, Arkansas 72212

Once that revocation period has expired, this Waiver and Release shall become effective and irrevocable as contemplated by Section 7 of the Agreement.  Executive understands that if he revokes this Waiver and Release, it will be null and void in its entirety, and Executive shall not be entitled to any Severance Benefits.  

		
	5.
	Notwithstanding anything herein to the contrary, the sole matters to which the Waiver and Release do not apply are: (i) Executive's rights of indemnification and directors and officers liability insurance coverage, if any, to which he was entitled immediately prior to_________ with regard to his service as an officer or director of any member of the Windstream Group; (ii) Executive's rights under any tax-qualified pension or claims for accrued vested benefits under any other employee benefit plan, policy or arrangement(whether tax-qualified or not) maintained by the Windstream Group or under the Consolidated Omnibus Budget Reconciliation Act of 1985; or (iii) Executive's rights under Sections 4 and 5 of the Agreement which are intended to survive termination of employment.

		
	6.
	Executive specifically agrees and understands that the existence and terms of this Waiver and Release are strictly CONFIDENTIAL and that such confidentiality is a material term of this Waiver and Release. Accordingly, except as required by law or unless authorized to do so by the Company in writing, Executive agrees that he shall not communicate,display or otherwise reveal any of the contents of this Waiver and Release to anyone other than his spouse, attorney or financial advisor, provided, however, that they are first 

4

advised of the confidential nature of this Waiver and Release and Executive obtains their agreement to be bound by the same. The Company agrees that Executive may respond to legitimate inquiries regarding his employment with the Company by stating that the Parties terminated their relationship on an amicable basis and that the Parties have entered into a confidential Waiver and Release that prohibits him from further discussing the specifics of his separation. Nothing contained herein shall be construed to prevent Executive from discussing or otherwise advising subsequent employers of the existence of any obligations as set forth in the Agreement. Further, nothing contained herein shall be construed to limit or otherwise restrict the Windstream Group's ability to disclose the terms and conditions of this Waiver and Release as may be required by law or business necessity.
		
	7. 
	In the event that Executive breaches or threatens to breach any provision of this Waiver and Release, he agrees that the Windstream Group shall be entitled to seek any and all equitable and legal relief provided by law, specifically including immediate and permanent injunctive relief. Executive hereby waives any claim that the Windstream Group has an adequate remedy at law. In addition, and to the extent not prohibited bylaw, Executive agrees that the Windstream Group shall be entitled to an award of all costs and attorneys' fees incurred by the Windstream Group in any successful effort to enforce the terms of this Waiver and Release. Executive agrees that the foregoing relief shall not be construed to limit or otherwise restrict the Windstream Group's ability to pursue any other remedy provided by law, including the recovery of any actual, compensatory or punitive damages. Moreover, if Executive pursues any claims against the Company subject to the foregoing Waiver and Release, Executive agrees to immediately reimburse the Company for the value of all Severance Benefits received to the fullest extent permitted by law.

		
	8. 
	The Parties acknowledge that this Waiver and Release is entered into solely for the purpose of ending their employment relationship on an amicable basis and shall not be construed as an admission of liability or wrongdoing by either Party and that both the Windstream Group and Executive have expressly denied any such liability or wrongdoing. Executive agrees that he/she is eligible for re-employment by Windstream Group only by mutual agreement and consent of the Parties.

		
	9. 
	Each of the promises and obligations contained in this Waiver and Release shall be binding upon and shall inure to the benefit of the heirs, executors, administrators, assigns and successors in interest of each of the Parties.

		
	10. 
	The Parties agree that each and every paragraph, sentence, clause, term and provision of this Waiver and Release is severable and that, if any portion of this Waiver and Release should be deemed not enforceable for any reason, such portion shall be stricken and the remaining portion or portions thereof should continue to be enforced to the fullest extent permitted by applicable law.

		
	11. 
	This Waiver and Release shall be interpreted, enforced and governed under the laws of the State of Delaware, without regard to any applicable state's choice of law provisions.

5

		
	12. 
	Executive represents and acknowledges that in signing this Waiver and Release he does not rely, and has not relied, upon any representation or statement made by the Windstream Group or by any of the Windstream Group's employees, officers, agents,stockholders, directors or attorneys with regard to the subject matter, basis or effect of this Waiver and Release other than those specifically contained herein.

		
	13. 
	This Waiver and Release represents the entire agreement between the Parties concerning the subject matter hereof, shall supersede any and all prior agreements which may otherwise exist between them concerning the subject matter hereof (specifically excluding, however, the post-termination obligations contained in the Agreement), and shall not be altered, amended, modified or otherwise changed except by a writing executed by both Parties.

PLEASE READ CAREFULLY. WITH RESPECT TO EXECUTIVE,THIS WAIVER AND RELEASE INCLUDES A COMPLETE RELEASE OF ALLKNOWN AND UNKNOWN CLAIMS.
IN WITNESS WHEREOF, the Parties have themselves signed, or caused a duly authorized agent thereof to sign, this Waiver and Release on their behalf and thereby acknowledge their intent to be bound by its terms and conditions.
	
		
	EXECUTIVE
	WINDSTREAM CORPORATION

	 
	 

	Signed:                                                  
	Signed:                                                  

	Print Name:                                           
	Title:                                                      

	Date:                                                      
	Date:                                                     

6

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