Document:

exv10w11

 

Exhibit 10.11

AMENDMENT ONE TO THE RESTRICTED STOCK GRANT AGREEMENT

PURSUANT TO VALOR COMMUNICATIONS GROUP, INC.

2005 LONG-TERM EQUITY INCENTIVE PLAN

     This Amendment One to the Restricted Stock Grant Agreement (“Amendment One”) is entered into
as of February 9, 2006 between Valor Communications Group, Inc., a Delaware corporation (the
“Company”), and Grant Raney (the “Participant”), residing at 2250 Landoine Lane, Lewisville, TX
75056.

Recitals

     WHEREAS, the Company and the Participant entered into a Restricted Stock Grant Agreement dated
February 14, 2005; and,

     WHEREAS, on December 8, 2005, the Company, Alltel Corporation and Alltel Holding Corp. entered
into an Agreement and Plan of Merger (“Transaction”); and,

     WHEREAS, the Company and the Participant desire to amend certain provisions of the Restricted
Stock Grant Agreement in anticipation of the closing of the Transaction.

     NOW, THEREFORE, for and in consideration of the premises hereof and the mutual covenants
contained herein, the Company and the Participant hereby covenant and agree to amend the Restricted
Stock Grant Agreement as follows:

     1. Amend section 3(a) to delete “January 1, 2007,” and replace it with “upon the earlier of
the close of the Transaction or January 1, 2007”.

     2. Amend section 3(b)(ii)(y) to delete “first,” and replace it with “second”.

     3. Amend section 4 to delete “with respect to the Shares only to the extent such Shares have
vested as of the date on which such dividend is to be paid,” and replace it with “on the Shares
regardless of whether they have vested on the date on which such dividend is to be paid.”

     4. All other terms and conditions of the Restricted Stock Grant Agreement shall remain in full
force and effect.

[Remainder of page intentionally left blank.]

[Signature page follows.]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment One to be duly executed as
of the date first above written.

	 	 	 	 	 	 	 	 	 
	 	 	VALOR COMMUNICATIONS GROUP, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ John J. Mueller 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	John J. Mueller 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	President 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	ACCEPTANCE:
	 	 	 	 	 	 	 	 
	/s/
Grant Raney 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Participantexv10w12

 

Exhibit 10.12

AMENDMENT ONE TO THE RESTRICTED STOCK GRANT AGREEMENT

PURSUANT TO VALOR COMMUNICATIONS GROUP, INC.

2005 LONG-TERM EQUITY INCENTIVE PLAN

     This Amendment One to the Restricted Stock Grant Agreement (“Amendment One”) is entered into
as of February 9, 2006 between Valor Communications Group, Inc., a Delaware corporation (the
“Company”), and Cindy Nash (the “Participant”), residing at 5308 Carnaby Street, #225, Irving, TX
75038.

Recitals

     WHEREAS, the Company and the Participant entered into a Restricted Stock Grant Agreement dated
February 14, 2005; and,

     WHEREAS, on December 8, 2005, the Company, Alltel Corporation and Alltel Holding Corp. entered
into an Agreement and Plan of Merger (“Transaction”); and,

     WHEREAS, the Company and the Participant desire to amend certain provisions of the Restricted
Stock Grant Agreement in anticipation of the closing of the Transaction.

     NOW, THEREFORE, for and in consideration of the premises hereof and the mutual covenants
contained herein, the Company and the Participant hereby covenant and agree to amend the Restricted
Stock Grant Agreement as follows:

     1. Amend section 3(a) to delete “January 1, 2007,” and replace it with “upon the earlier of
the close of the Transaction or January 1, 2007”.

     2. Amend section 3(b)(ii)(y) to delete “first,” and replace it with “second”.

     3. Amend section 4 to delete “with respect to the Shares only to the extent such Shares have
vested as of the date on which such dividend is to be paid,” and replace it with “on the Shares
regardless of whether they have vested on the date on which such dividend is to be paid.”

     4. All other terms and conditions of the Restricted Stock Grant Agreement shall remain in full
force and effect.

[Remainder of page intentionally left blank.]

[Signature page follows.]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment One to be duly executed as
of the date first above written.

	 	 	 	 	 	 	 
	 	 	VALOR COMMUNICATIONS GROUP, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ John J. Mueller 
	 	 	 	 	 
	 

	 	 	 	Name:	 	John J. Mueller 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	President 
	 

	 	 	 	 	 	 

	 	 	 
	ACCEPTANCE:
	 	 
	/s/
Cindy Nash 
	 	 
	 

Participantexv10w13

 

Exhibit 10.13

AMENDMENT ONE TO THE RESTRICTED STOCK GRANT AGREEMENT

PURSUANT TO VALOR COMMUNICATIONS GROUP, INC.

2005 LONG-TERM EQUITY INCENTIVE PLAN

     This Amendment One to the Restricted Stock Grant Agreement (“Amendment One”) is entered into
as of February 9, 2006 between Valor Communications Group, Inc., a Delaware corporation (the
“Company”), and Randal S. Dumas (“Participant”).

Recitals

     WHEREAS, the Company and the Participant entered into a Restricted Stock Grant Agreement dated
February 14, 2005; and,

     WHEREAS, on December 8, 2005, the Company, Alltel Corporation and Alltel Holding Corp. entered
into an Agreement and Plan of Merger (“Transaction”); and,

     WHEREAS, the Company and the Participant desire to amend certain provisions of the Restricted
Stock Grant Agreement in anticipation of the closing of the Transaction.

     NOW, THEREFORE, for and in consideration of the premises hereof and the mutual covenants
contained herein, the Company and the Participant hereby covenant and agree to amend the Restricted
Stock Grant Agreement as follows:

     1. Amend section 3(a) to delete “January 1, 2007,” and replace it with “upon the earlier of
the close of the Transaction or January 1, 2007”.

     2. Amend section 3(b)(ii)(y) to delete “first,” and replace it with “second”.

     3. Amend section 4 to delete “with respect to the Shares only to the extent such Shares have
vested as of the date on which such dividend is to be paid,” and replace it with “on the Shares
regardless of whether they have vested on the date on which such dividend is to be paid.”

     4. All other terms and conditions of the Restricted Stock Grant Agreement shall remain in full
force and effect.

[Remainder of page intentionally left blank.]

[Signature page follows.]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment One to be duly executed as
of the date first above written.

	 	 	 	 	 	 	 
	 	 	VALOR COMMUNICATIONS GROUP, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ John J. Mueller 
	 	 	 	 	 
	 

	 	 	 	Name:	 	John J. Mueller 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	President
	 

	 	 	 	 	 	 

	 	 	 
	ACCEPTANCE:
	 	 
	/s/
Randel S. Dumas 
	 	 
	 

Participantexv10w2

 

Exhibit 10.2

Description of the

Series D Out-Performance Program

General

     The New Out-Performance Program of United Dominion Realty Trust, Inc. (the “Company”), was
approved by the Company’s stockholders at the Company’s Annual Meeting of Stockholders held on May
3, 2005. Pursuant to the New Out-Performance Program, certain of the Company’s executive officers
and other key employees may be given the opportunity to invest in performance shares of United
Dominion Realty, L.P., a Delaware limited partnership (“UDR LP”), in which the Company is the sole
general partner. On February 10, 2006, the Company’s Board of Directors approved a new series of
out-performance partnership shares, or “New OPPSs,” to be issued under the New Out-Performance
Program. The new series approved by the Board of Directors is the Series D Out-Performance Partnership Shares,
referred to herein as the “Series D OPPSs.” The principal terms of the Series D OPPSs that the
Company intends to offer to participants in 2006 are the principal terms set forth below in the
description of the Series D Out-Performance Program and as described in Exhibit 10.01 to the
Company’s Current Report on Form 8-K dated May 3, 2005 (Commission File No.1-10524). Like the
Company’s previous out-performance programs, the Series D OPPSs are designed to provide
participants with the possibility of substantial returns on their investment if the total return of
the Company’s common stock exceeds targeted levels, while putting the participants’ investment at
risk if the targeted levels are not exceeded. The New Out-Performance Program, including the
Series D OPPSs will be administered by the Compensation Committee of the Company’s Board of
Directors.

Series D Out-Performance Program

Terms of the Series D OPPSs

     The principal terms of the Series D OPPSs that the Company intends to offer to participants in
2006 are the principal terms set forth in the description of the New OPPSs under the New
Out-Performance Program described in Exhibit 10.01 to the Company’s Current Report on Form 8-K
dated May 3, 2005, filed with the Securities and Exchange Commission on May 9, 2005 (Commission
File No.1-10524).

Purchase Price

     The purchase price for the Series D OPPSs will be a maximum of $850,000, assuming 100%
participation, and will be based upon the advice of an independent valuation expert. The valuation
will take into account that any investment in the Series D OPPSs will become worthless if the
targeted Total Return (as defined below) is not achieved and because of the restrictions on
transfer and the limited redemption rights provided for with respect to the Series D OPPSs.

    Subscription

     Any executive officer or other key employee of the Company who is provided the opportunity to
invest is under no obligation to exercise that right. The Series D OPPSs must be initially
subscribed within 60 days of Board approval. However, the limited liability company, referred to herein as the “New LLC,” that will hold the Series D
OPPSs has the right, but not the obligation, to repurchase units from members whose employment with
the Company terminates and such units may be retained or re-sold by the New LLC to selected
executive officers or other key employees of the Company. If some of those eligible to participate
elect not to participate, the remaining OPPSs may be reoffered in the future to existing
participants or other executive officers or key employees.

    Measurement Period

     The Company’s performance for the Series D OPPSs will be measured over a 36-month period
beginning January 1, 2006. The New LLC that holds the Series D OPPSs will have no right to receive
distributions or allocations of income or loss, or to redeem those shares prior to the date,
referred to as the “Series D Valuation Date,” that is the earlier of (i) the expiration of the
measurement period for the series (December 31, 2008), or (ii) the date of a change of control of
the Company (defined as a “Transaction” in UDR LP’s Amended and Restated Agreement of Limited
Partnership).

1

 

    Payments to Participants

     The Series D OPPSs will only be entitled to receive distributions and allocations of income
and loss if, as of the Series D Valuation Date, the cumulative Total Return of the Company’s common
stock during the measurement period is at least the equivalent of a 36% Total Return or 12%
annualized (the “Minimum Return”).

     If the threshold is met, holders of the Series D OPPSs will be entitled to begin receiving
distributions and allocations of income and loss from UDR LP equal to the distributions and
allocations that would be received on a similar number of OP Units, obtained by:

     (i) determining the amount by which the cumulative Total Return of the
Company’s common stock over the measurement period exceeds the Minimum Return
(such excess being the “Excess Return”);

     (ii) multiplying 2.0% of the Excess Return by our Market Capitalization; and

     (iii) dividing the number obtained in clause (ii) by the market value of one
share of the Company’s common stock on the Series D Valuation Date, computed
as the volume-weighted average price per day of the Company’s common stock for
the 20 trading days immediately preceding the Series D Valuation Date.

     For the Series D OPPSs, the number determined pursuant to clause (ii) in the preceding
paragraph is capped at 1% of Market Capitalization. “Market Capitalization” is defined as the
average number of shares outstanding over the 36-month period (including common stock, common stock
equivalents and OP Units) multiplied by the daily closing price of the Company’s common stock.

     “Total Return” means, for any security and for any period, the cumulative total return for
such security over such period, assuming that all cash dividends are reinvested in such security as
of the payment date for such dividend based on the security price on the dividend payment date,
computed by taking the market value of the accumulated shares at the end of the period (including
fractional shares acquired with dividend proceeds) and dividing by the market value of a share at
the beginning of the period.

    Forfeiture of Investment

     If, on the Series D Valuation Date, the cumulative Total Return of the Company’s common stock
does not meet the Minimum Return and there is no Excess Return, then holders of Series D OPPSs will
forfeit their initial investment.

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