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                                                                                                    Exhibit
      (10)(d)(1)

    
 

    MANAGEMENT
      STOCKHOLDER’S AGREEMENT

     

    This
      MANAGEMENT STOCKHOLDER’S AGREEMENT (this “Agreement”), dated as of November 16,
      2007, is by and among Alltel Corporation (“Alltel”), Atlantis Holdings LLC (the
“Parent”, and together with Alltel, the “Company”) and Scott T. Ford (the
“Management Stockholder”).  Capitalized terms used but not defined
      herein shall have the meanings ascribed to them in the Plan (as defined below),
      except as provided in Section 3(d) below.

     

    WHEREAS,
      in connection with the acquisition by the Majority Stockholders of an interest
      in Alltel, the Management Stockholder purchased or otherwise acquired shares
      of
      Common Stock and Options in consideration for the payment of cash or in exchange
      for options or shares of common stock of Alltel previously acquired by him
      (the
“Invested Equity”);

     

    WHEREAS,
      immediately following the closing of such acquisition, the Common Stock will
      be
      the only class of equity of Alltel then outstanding;

     

    WHEREAS,
      the Management Stockholder has been and may in the future be granted additional
      Options pursuant to the Alltel Corporation Management Equity Incentive Plan
      (the
“Plan”); and

     

    WHEREAS,
      as a condition to the transfer of any interest in shares of Common Stock by
      Alltel to the Management Stockholder, the Management Stockholder is required
      to
      execute this Agreement; and

     

    WHEREAS,
      the Management Stockholder, the Majority Stockholders and the Company desire
      to
      enter into this Agreement and to have this Agreement apply to all shares of
      Common Stock acquired or to be acquired by the Management Stockholder from
      whatever source, now or in the future (in the aggregate, the
“Shares”).

     

    NOW
      THEREFORE, in consideration of the premises hereinafter set forth, and other
      good and valuable consideration, the receipt of which is hereby acknowledged,
      the parties hereto agree as follows.

     

    1. Investment.  The
      Management Stockholder represents that the Shares are being acquired for
      investment and not with a view toward the distribution thereof.

     

    2. Issuance
      of
      Shares.  The Management Stockholder acknowledges and agrees
      that all Shares will be held in book-entry form unless otherwise determined
      by
      Alltel.  If physical certificates representing the ownership of Shares
      are issued, then each such certificate shall bear the following legends (except
      that the second paragraph of this legend shall not be required after the Shares
      have been registered and except that the first paragraph of this legend shall
      not be required after the termination of this Agreement) and shall be held
      in
      custody by Alltel for the benefit of the Management Stockholder:

     

    The
      shares represented by this certificate are subject to the terms and conditions
      of the Management Stockholder’s Agreement dated as of November 16, 2007 and may
      not be

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    transferred
      (including, but not limited to, by means of a gift or testamentary transfer),
      sold, assigned, pledged, hypothecated or encumbered, except as may be permitted
      by the aforesaid Agreement.  A copy of the Management Stockholder’s
      Agreement may be obtained from the Secretary of the Company.

     

    The
      shares represented by this certificate have not been registered under the
      Securities Act of 1933.  The shares have been acquired for investment
      and may not be transferred (including, but not limited to, by means of a gift
      or
      testamentary transfer), sold, assigned, pledged, or hypothecated in the absence
      of an effective registration statement for the shares under the Securities
      Act
      of 1933 or an opinion of counsel for the Company that registration is not
      required under said Act.

     

    Upon
      the
      termination of this Agreement, or upon registration of Shares under the
      Securities Act, the Management Stockholder shall have the right to exchange
      any
      certificate containing the above legend (i) in the case of the registration
      of
      Shares, for certificates representing ownership of such Shares legended only
      with the first paragraph described above and (ii) in the case of the termination
      of this Agreement, for certificates representing ownership of Shares legended
      only with the second paragraph described above.  At such time as
      neither legend is applicable, the Management Stockholder shall have the right
      to
      exchange certificates representing ownership of Shares that have been legended
      as set forth herein for certificates that are un-legended.

     

    3. Transfer
      of Shares; Call
      Rights; Put Right.

     

    (a)
      Transfer
      Restrictions.  The Management Stockholder agrees that he or she
      will not cause or permit the Shares or his or her interest in the Shares to
      be
      transferred (including, but not limited to, by means of a gift or testamentary
      transfer), sold, assigned, pledged, hypothecated or encumbered except as
      expressly permitted by Section 3 or 4 of this
      Agreement.  Notwithstanding the foregoing, Shares owned by the
      Management Stockholder may be transferred (i) on the Management Stockholder’s
      death by bequest or inheritance to the Management Stockholder’s executors,
      administrators, testamentary trustees, legatees or beneficiaries, (ii) subject
      to the prior written approval (which shall not be unreasonably withheld or
      delayed) by Alltel’s Board of Directors (the “Board”), and compliance with all
      applicable tax, securities and other laws, to any corporation, limited liability
      company, partnership, trust, or custodianship, the stockholders, members,
      beneficiaries or general or limited partners of which may include only (a)
      the
      Management Stockholder, (b) the Management Stockholder’s spouse or the
      Management Stockholder’s lineal descendants (whether natural or adopted),
      sibling or parent, (c) the persons listed in clause (i) above or (d) any
      combination of the foregoing, (iii) as contemplated by Section 4.10 of the
      Plan
      in connection with net-physical settlement of an Option; (iv) in
      accordance with Section 4 of this Agreement and (v) upon the prior written
      approval of the Board or a committee thereof (each such Person to which Shares
      may be transferred, a “Transferee”), subject in any such case to the agreement
      by each Transferee (other 

     

    
      
        
        

      

      
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    than
      the
      Company or as otherwise permitted by the Company) in writing to be bound by
      the
      terms of this Agreement as if such Transferee had been an original signatory
      hereto; and provided in any such
      case other than transfers made pursuant to clause (v) above, that no such
      transfer that would cause Alltel to be required to register the Common Stock
      under Section 12(g) of the Exchange Act shall be permitted.

     

    (b) Call
      Rights.  Alltel (or its designated assignee) shall have the
      right to call Shares on the terms and conditions set forth herein:

     

    
      (i)  With
        respect to the Management Stockholder, Alltel (or its designated assignee)
        shall
        have the right (the “Call Right”), if the employment of the Management
        Stockholder with the Company terminates, during the ninety-day period following
        the later to occur of (x) the termination of the Management Stockholder’s
        employment for any reason and (y) with respect to any particular Shares,
        the
        date on which the Management Stockholder (including the period any Transferee
        of
        the Management Stockholder held such shares) has held such Shares for at
        least
        six (6) months, to purchase from the Management Stockholder or the Management
        Stockholder’s Transferee, and upon the exercise of such right the Management
        Stockholder or Transferee shall sell to Alltel (or its designated assignee),
        all
        or any portion of the Shares held by the Management Stockholder and his or
        her
        Transferees as of the date as of which such right is exercised.  The
        price per Share to be paid in such purchase and sale shall be (x) except
        as
        provided in clause (y) below, a per Share price equal to the Fair Market
        Value
        of a share of Common Stock as of the date on which such right is exercised
        or
        (y) in the event the Management Stockholder’s Employment is terminated for Cause
        or the Management Stockholder Competes (as defined below) following the Management Stockholder’s
        voluntary resignation without Good Reason, the price per Share with
        respect to all Shares other than Invested Equity (including as Invested Equity
        for this purpose Shares acquired through the exercise of Options which are
        Invested Equity) shall be the lesser of (i) Fair Market Value of a share
        of
        Common Stock and (ii) the price paid, if any, by the Management Stockholder
        for
        such Shares (the “Bad Leaver Price”).  The Call Right may be exercised
        in portions on two or more exercise dates.

    

     

    
      (ii)  Alltel
        (or its designated assignee) shall exercise the Call Right by delivering
        to the
        Management Stockholder or Transferee, as applicable, a written notice specifying
        its intent to purchase specific Shares held by the Management Stockholder
        or
        Transferee (the “Call Notice”), the date as of which such right is to be
        exercised and the number of Shares to be purchased.  Purchase and sale
        shall occur on such date as shall be specified in the Call Notice, which
        date
        shall not be later than sixty (60) days after the Management Stockholder’s receipt
of the Call Notice;
provided
that
        the
        Company may delay any such payment to the extent  such payment will
        result in the violation of the terms or provisions of, or result in a default
        or
        event of default under, any guarantee, financing or security agreement or
        document entered into by Alltel or any of its Affiliates and in effect on
        such
        date (hereinafter a “Financing Agreement).  In the event all or a
        portion of the payment of the purchase price is delayed as a result of a
        restriction imposed by a 

       

       

      
        
          
          

        

        
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      Financing
        Agreement as provided above, such payment shall be made no later than two
        years
        after the date the Company’s purchase right is exercised in accordance with this
        Section 3(b) or, if earlier, as soon as practicable after the payment of
        such
        purchase price would no longer result in the violation of the terms or
        provisions of, or result in a default or event of default under, any Financing
        Agreement, and such payment shall equal the amount that would have been paid
        to
        the Management Stockholder or Transferee if no delay had occurred plus interest
        for the period from the date on which the purchase price would have been
        paid
        but for the delay in payment provided herein to the date on which such payment
        is made (the “Delay Period”), calculated at LIBOR plus 275 basis
        points.  Notwithstanding the foregoing, in the event of a Change in
        Control (as defined in the Plan), the obligation to pay the purchase price
        (plus
        accrued interest) shall accelerate to the Change of
        Control.

    

     

    
      (iii)  For
        purposes of this
        Agreement, with respect to the Management Stockholder, the term “Compete” means
(i) directly or indirectly, whether or not for compensation, participates
        in the ownership, management, operation or control of any Competitor
        (as
        defined below) or is employed by any Competitor or performs consulting services
        for any Competitor or (ii) solicits for employment or participates in the
        hiring
        of any person who, during the preceding six months, was an employee of Alltel
        or
        its Affiliates at the level of Vice President or above, in either case prior
        to
        the first anniversary of the Management Stockholder’s termination of
        Employment.  For purposes of this Agreement, a “Competitor” is any
        corporation, firm, partnership, proprietorship or other entity that engages
        in
        the business of wireless telecommunications in the United States.  Notwithstanding the
        foregoing, “Competition” shall not include ownership of less than 5 percent of
        the publicly-traded securities of any Competitor.  No
        Management Stockholder shall be deemed to have Competed unless he or shall
        have
        been notified in advance by Alltel of the activities that Alltel considered
        to
        be Competitive and provided with a reasonable opportunity to cure or refrain
        from the alleged Competition.  In the event that Alltel has exercised
        a Call Right with respect to Shares allocable to the Management Stockholder,
        and
        the Employment of the Management Stockholder is thereafter terminated for
        Cause
        or the Management Stockholder Competes, if the price paid in connection with
        the
        purchase contemplated thereby was not the Bad Leaver Price, then the Management
        Stockholder shall be obligated to deliver to the Company, within five (5)
        days
        after written notice thereof, the excess, if any, of the price per Share
        paid by
        the Company over the Bad Leaver Price
        , less
        any net taxes paid or payable by the Management Stockholder in respect of
        such
        excess after taking into account any available deductions in respect of such
        repayment.

    

     

    (c) Put
      Right.  The Management Stockholder (and his Transferees) shall
      have the right to put Shares on the terms and conditions set forth
      herein:

     

    
      (i)  If
        the
        employment of the Management Stockholder with the Company terminates by reason
        of the Management Stockholder’s death, Disability, termination by the Company
        without Cause or termination by the Management Stockholder for Good

       

      
        
          
          

        

        
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      Reason,
        then the Management Stockholder and his Transferees shall, during the ninety-day
        period following the later to occur of (x) the termination of the Management
        Stockholder’s employment and (y) with respect to any particular Shares, the date
        on which the Management Stockholder (including the period any Transferee
        of the
        Management Stockholder held such shares) has held such Shares for at least
        six
        (6) months, have the right to sell to Alltel (the “Put Right”), and upon the
        exercise of such right Alltel shall have the obligation to purchase, all
        or any
        portion of the Putable Shares (as defined below).  The Put Right may
        be exercised in portions on two or more exercise dates.  The term
“Putable Shares” means 50% of the Shares constituting part of the Invested
        Equity held by the Management Stockholder and his or her Transferees as of
        the
        date as of which the Put Right is exercised and 50% of the Rollover Options
        and
        Shares acquired pursuant to the exercise of Rollover Options.  The
        price per Share to be paid in such purchase and sale shall be a per Share
        price
        equal to the Fair Market Value of a share of Common Stock as of the date on
        which such right is exercised and the price per Rollover Option to be paid
        in
        such purchase and shall be the excess of such Fair Market Value over the
        Exercise Price of such Rollover Option.

    

     

    
      (ii)  The
        Management Stockholder (and his Transferees) shall exercise the Put Right
        by
        delivering to Alltel a written notice specifying his intent to sell specific
        Shares or Rollover Options held by the Management Stockholder or Transferee
        (the
“Put Notice”), the date as of which such right is to be exercised and the number
        of Shares and Rollover Options to be sold.  Purchase and sale shall
        occur on such date as shall be specified in the Put Notice, which date shall
        not
        be later than sixty (60) days after Alltel’s receipt of the Put Notice;provided that
        Alltel may delay
        any such payment to the extent such payment will result in the violation
        of the
        terms or provisions of, or result in a default or event of default under,
        any
        Financing Agreement.  In the event all or a portion of the payment of
        the purchase price is delayed as a result of a restriction imposed by a
        Financing Agreement as provided above, such payment shall be made no later
        than
        two years after the date that the Put Right is exercised in accordance with
        this
        Section 3(c) or, if earlier, as soon as practicable after the payment of
        such
        purchase price would no longer result in the violation of the terms or
        provisions of, or result in a default or event of default under, any Financing
        Agreement, and such payment shall equal the amount that would have been paid
        to
        the Management Stockholder or Transferee if no delay had occurred plus interest
        for the Delay Period, calculated at LIBOR plus 275 basis
        points.  Notwithstanding the foregoing, in the event of a Change in
        Control, the obligation to pay the purchase price (plus accrued interest)
        shall
        accelerate to the Change of Control.

    

     

    (d) For
      purposes of this Section 3, the term “Fair Market Value” shall have the meaning
      ascribed to such term in the Plan, except that prior to the existence of a
      Public Market for the Common Stock, if the most recent date as of which Fair
      Market Value was determined is more than six months prior to the date as of
      which a Call Right or the Put Right is proposed
      to be exercised, then at the request or determination of either the Management
      Stockholder or the Company, Fair Market Value shall be redetermined as of a
      date
      as close as reasonably practical to the date of such proposed
      exercise.

     

    
      
        
        

      

      
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      4.  Certain
        Additional
        Rights.

       

    

    (a) Drag
      Along
      Rights.  If (i) either of the Majority Stockholders and its
      Permitted Transferees (as defined below) or (ii) the Majority Stockholders
      and
      their Permitted Transferees (in either such case, collectively, the “Selling
      Stockholder”), desire to dispose, directly or indirectly, in a single
      transaction or a series of related transactions, of (x) all of their interest
      in
      Alltel or (y) at least twenty-five percent of the issued and outstanding shares
      of Common Stock or securities representing at least twenty-five percent of
      the
      voting power of Alltel, in either case to a good faith purchaser (a “Purchaser”)
      (other than any other investment partnership, limited liability company or
      other
      entity established for investment purposes and controlled by one or more of
      the
      members or the principals of the Majority Stockholders, a “Permitted
      Transferee”) and such Purchaser desires to acquire such interest upon such terms
      and conditions as agreed to with the Selling Stockholder, the Management
      Stockholder (and his or her Transferee, collectively) agrees to sell a portion
      (including all) of his or her Shares equal to the number of Shares owned by
      the
      Management Stockholder (and his or her Transferee) multiplied by a fraction,
      the
      numerator of which is the aggregate number of shares of Common Stock proposed
      to
      be transferred by the Selling Stockholder, and the denominator of which is
      the
      aggregate number of shares of Common Stock held by the Selling Stockholder,
      to
      such Purchaser (or to vote all of his or her Shares entitled to vote in favor
      of
      any merger or other transaction which would effect a sale of such shares of
      Common Stock) at the same price per share of Common Stock and pursuant to the
      same terms and conditions with respect to payment for the shares of Common
      Stock
      as agreed to by the Selling Stockholder.  In such case, the Selling
      Stockholder shall give written notice of such sale to the Management Stockholder
      (and his or her Transferee) at least fifteen (15) days prior to the consummation
      of such sale, setting forth (i) the consideration to be received in the
      transaction, (ii) the identity of the Purchaser, (iii) any other material items
      and conditions of the proposed transfer and (iv) the date of the proposed
      transfer.

     

    (b) Tag
      Along
      Rights.

     

    (i) Subject
      to paragraph (iv) of this Section 4(b), if a Selling Stockholder proposes to
      transfer any shares of Common Stock to a Purchaser (other than a Permitted
      Transferee), then the Selling Stockholder shall give written notice of such
      proposed transfer to the Management Stockholder (and his or her Transferees)
      (the “Selling Stockholder’s Notice”) at least ten (10) days prior to the
      consummation of such proposed transfer, and shall provide notice to all other
      stockholders of the Company to whom the Majority Stockholders have granted
      similar “tag-along” rights (such stockholders together with the Management
      Stockholder and his or her Transferees, the “Other Stockholders”) setting forth
      the proposed material terms and conditions of such transfer, including the
      price
      to be paid per Share in such transaction.

     

    (ii) The
      Management Stockholder (and his or her Transferees) shall have the right to
      elect, by delivery of written notice to the Selling Stockholder within five
      (5)
      days from delivery of the Selling Stockholder’s Notice (the “Tag-Along Notice”),
      to sell to the Purchaser a number of Shares equal to the number of Shares owned
      by the Management Stockholder (and his or her Transferees) multiplied by a
      fraction, the numerator of which is aggregate number of the Selling
      Stockholder’s shares of Common Stock proposed to be transferred, and the
      denominator of which is the aggregate number of shares of Common
      Stock

     

    
      
        
        

      

      
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    held
      by
      the Selling Stockholder, on the same terms and conditions (including price
      per
      share of Common Stock) as the Selling Stockholder.  In the event that
      the Purchaser does not wish to acquire all of the shares offered by the Selling
      Stockholders and the Other Stockholders, the number of shares of Common Stock
      to
      be purchased by such transferee shall be allocated pro rata among the Majority
      Stockholders and the Other Stockholders in accordance with the number of shares
      of Common Stock that each such Person elected to transfer to the
      transferee.  If any Other Stockholder has not delivered written notice
      of its intent to participate in a transfer by the end of the tenth (10th)
      Business Day following delivery of the Tag-Along Notice, such Other Stockholder
      shall be deemed to have consented to the proposed transfer and elected not
      to
      exercise his rights under this Section 4(b) in connection
      therewith.

     

    (iii) Any
      transfer of Shares by the Management Stockholder (or his or her Transferees)
      pursuant to this Section 4(b) shall be at the same price per share of Common
      Stock and pursuant to the same terms and conditions with respect to payment
      for
      the shares of Common Stock as agreed to by the Selling Stockholders; provided that in
      order to be entitled to exercise its rights pursuant to this Section 4(b),
      the
      Management Stockholder (and his or her Transferees participating such
      transaction) must agree to make to the proposed Purchaser the same
      representations, warranties, covenants, indemnities and agreements as are made
      by the Selling Stockholder in connection with the proposed transfer and agree
      to
      substantially the same conditions to the proposed transfer as the Selling
      Stockholder, it being understood that all such representations, warranties,
      covenants, indemnities and agreements shall be made by the Selling Stockholder,
      the Management Stockholder (together with his or her Transferees) and any Other
      Stockholder exercising similar tag-along rights severally and not jointly;
provided, that in
      no
      event shall such term or condition result in potential liability to the
      Management Stockholder (or his or her Transferee) in excess of the lesser of
      (x)
      the amount received by the Management Stockholder (and his or her Transferees)
      for such Shares and (y) the pro rata share of any liability for such term or
      condition based on the proportion of the Management Stockholder’s Shares to be
      transferred in connection with the transaction as compared to the aggregate
      number of Shares to be transferred in connection with the
      transaction.  The Selling Stockholder (and his or her Transferees),
      and any Other Stockholder who exercises similar rights, shall be responsible
      for
      their proportionate share of the costs of the proposed transfer (based on the
      amount of consideration received) to the extent such costs are incurred for
      the
      benefit of all Stockholders and are not paid or reimbursed by the Purchaser
      or
      the Company, provided that in no event shall the Management Stockholder’s
      liability for such expenses exceed the total consideration received by the
      Stockholder for his Shares, provided, further, that no Management Stockholder
      shall be obligated to make any out-of-pocket expenditure prior to the
      consummation of the transfer of Shares pursuant to this Section
      4(b).

     

    (iv) Notwithstanding
      anything to the contrary contained herein, the provisions of this Section 4(b)
      shall not apply to any sale or transfer by a Selling Stockholder of shares
      of
      Common Stock unless and until such Selling Stockholder, after giving effect
      to
      the proposed transaction, shall have sold or transferred in the aggregate (other
      than to Permitted Transferees) shares of Common Stock representing 12.5% of
      its
      portion of the Initial Sponsor Shares.

     

    (c) Calculation.  In
      making any calculation under Sections 3, 4 or 5 of this Agreement with respect
      to Shares owned by the Management Stockholder, all Options that 

     

    
      
        
        

      

      
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    are
      then
      vested or which will vest upon such event shall be counted as Shares owned
      by
      the Management Stockholder.

     

    
      5.  Piggyback
        Registration
        Rights.

       

    

    (a) Notice
      to Management
      Stockholder.  If Alltel determines that it will file a
      registration statement under the Securities Act, other than a registration
      statement on Form S-4 or Form S-8 or any successor form, for an offering which
      includes shares of Common Stock held by the Majority Stockholders, then Alltel
      shall give prompt written notice to the Management Stockholder (and his or
      her
      Tranferees) that such filing is expected to be made (but in no event less than
      30 days nor more than 60 days in advance of filing such registration statement),
      the jurisdiction or jurisdictions in which such offering is expected to be
      made,
      and the underwriter or underwriters (if any) that Alltel (or the person
      requesting such registration) intends to designate for such
      offering.  If Alltel, within 15 days after giving such notice,
      receives a written request for registration of any shares of Common Stock from
      the Management Stockholder (or his or her Transferees), then Alltel shall
      include in the same registration statement the number of such shares of Common
      Stock to be sold by the Management Stockholder (or his or her Transferee) as
      shall have been specified in his or her request, except that the Management
      Stockholder (together with his or her Transferees) shall not be permitted to
      register more than a Pro Rata Portion of his or her shares of Common
      Stock.  Alltel shall bear all costs of preparing and filing the
      registration statement, and shall indemnify and hold harmless, to the extent
      customary and reasonable, pursuant to indemnification and contribution
      provisions to be entered into by Alltel at the time of filing of the
      registration statement, the seller of any shares of Common Stock covered by
      such
      registration statement.

     

    Notwithstanding
      anything herein to the contrary, Alltel may abandon its intention to file a
      registration statement under this Section 5(a) at any time prior to such
      filing.

     

    For
      purposes of Section 5 hereof, “Pro Rata Portion” shall mean a number equal to
      the product of (x) the total number of Shares owned by the Management
      Stockholder (and his or her Transferees) and (y) a fraction, the numerator
      of
      which shall be the total number of shares of Common Stock offered for sale
      by
      the Majority Stockholders and their Permitted Transferees pursuant to the
      applicable registration, and the denominator of which shall be the total number
      of shares of Common Stock owned by the Majority Stockholders and their Permitted
      Transferees. The registration provisions shall also apply, mutatis mutandis, the event
      of a sale to institutional investors on any organized exchange, if and to the
      extent that participation by the Management Stockholder (or his or her
      Transferees) on such exchange is permitted.

     

    (b) Allocation.  If
      the managing underwriter shall inform the Majority Stockholders in writing
      that
      the number of shares of Common Stock requested to be included in such
      registration exceeds the number which can be sold in (or during the time of)
      such offering within a price range acceptable to the Majority Stockholders,
      then
      such registration shall include only such number of shares of Common Stock
      which
      Alltel is so advised can be sold in (or during the time of) such offering within
      such range.  All holders of shares of Common Stock proposing to sell
      shares of Common Stock in such offering shall share pro rata in the number
      of
      shares of Common Stock to be excluded from such offering, such sharing to be
      based on the

     

    
      
        
        

      

      
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     respective
      numbers of shares of Common Stock as to which registration has been requested
      by
      such holders.

     

    (c) Permitted
      Transfer.  Notwithstanding anything to the contrary contained
      herein, sales of shares of Common Stock pursuant to a registration statement
      filed by Alltel may be made without compliance with any other provision of
      this
      Agreement.

     

    6. Termination.  Except
      for Section 5, this Agreement shall terminate with respect to the Shares
      immediately following the existence of a Public Market for or an SEC-registered
      public offering of the Common Stock except that (i) the requirements contained
      in Section 2 hereof shall survive the termination of this Agreement; (ii) the provisions contained in
      Section 4
      hereof shall continue with respect to each Share during such period of time,
      if
      any, as the Management Stockholder is precluded from selling such Share pursuant
      to Rule 144 of the Securities Act; and (iii) the provisions of Section 3(a)
      hereof shall continue to apply during such period of time as the Majority
      Stockholders are contractually prohibited by agreement with underwriters from
      selling shares of Common Stock following a registration to which Section 5(a)
      applies.  For this purpose, a “Public Market” for the Common
      Stock shall be deemed to exist if at least 20% of the total outstanding Common
      Stock is registered under Section 12(b) or 12(g) of the Exchange Act and trading
      regularly occurs in such Common Stock in, on or through the facilities of
      securities exchanges and/or inter-dealer quotation systems in the United States
      (within the meaning of Section 902(n) of the Securities Act) or any designated
      offshore securities market (within the meaning of Rule 902(a) of the Securities
      Act).

     

    7. Distributions
      With Respect
      To Shares.  As used herein, the term “Shares” includes
      securities of any kind whatsoever distributed with respect to the Common Stock
      acquired by the Management Stockholder or his or her Transferee pursuant to
      the
      Plan or otherwise or any such securities resulting from a stock split or
      consolidation involving such Common Stock.

     

    8. Amendment;
      Assignment.  This Agreement may be amended, superseded,
      canceled, renewed or extended, and the terms hereof may be waived, only by
      a
      written instrument signed by authorized representatives of the parties or,
      in
      the case of a waiver, by an authorized representative of the party waiving
      compliance.  No such written instrument shall be effective unless it
      expressly recites that it is intended to amend, supersede, cancel, renew or
      extend this Agreement or to waive compliance with one or more of the terms
      hereof, as the case may be.  Except for the Management Stockholder’s
      right to assign his or her rights under Section 3(a) or Alltel’s right to assign
      its rights under Section 3(b), no party to this Agreement may assign any of
      its
      rights or obligations under this Agreement without the prior written consent
      of
      the other parties hereto.

     

    9. “Majority
      Stockholder”.  For purposes of this Agreement, the term
“Majority Stockholders” shall mean, collectively or individually, as the context
      requires, TPG Partners V, L.P. and GS Capital Partners VI, L.P and their
      Permitted Transferees.

     

    10. Notices.
      Each notice
      and other communication hereunder shall be in writing and shall be given and
      shall be deemed to have been duly given on the date it is delivered in person,
      on the next business day if delivered by overnight mail or other reputable
      overnight

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     courier,
      or the third business day if sent by registered mail, return receipt requested,
      to the parties as follows:

     

    If
      to the
      Management Stockholder, to his most recent address shown on records of Alltel
      or
      its Affiliate;

     

    If
      to
      Alltel:

     

    Alltel
      Corporation

    One
      Allied Drive

    Little
      Rock, AR 

     

    Attention:
      General Counsel

     

    with
      a
      copy to:

     

    Arthur
      Kohn

    Cleary,
      Gottlieb, Steen & Hamilton LLP

    One
      Liberty Plaza

    New
      York,
      NY 10006

    
 

    If
      to the
      Parent:

     

    Atlantis
      Holdings LLC.

     

    Attention:
      General Counsel

     

    with
      a
      copy to:

     

    Arthur
      Kohn

    Cleary,
      Gottlieb, Steen & Hamilton LLP

    One
      Liberty Plaza

    New
      York,
      NY 10006

     

    If
      to a
      Majority Stockholder, to its most recent address shown on records of Alltel
      or
      its affiliate, or to such other address as any party may have furnished to
      the
      others in writing in accordance herewith, except that notices of change of
      address shall only be effective upon receipt.

     

    11. Counterparts.  This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed to be an original, but each of which together shall constitute one and
      the same document.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    12. Governing
      Law.  This Agreement shall be governed by and construed in
      accordance with the laws of the State of Delaware, without reference to its
      principles of conflicts of law.

     

    13. Binding
      Effect.  This Agreement shall be binding upon, inure to the
      benefit of, and be enforceable by the heirs, personal representatives,
      successors and permitted assigns of the parties hereto.  Nothing
      expressed or referred to in this Agreement is intended or shall be construed
      to
      give any person other than the parties to this Agreement, or their respective
      heirs, personal representatives, successors or assigns, any legal or equitable
      rights, remedy or claim under or in respect of this Agreement or any provision
      contained herein.

     

    14. Entire
      Agreement.  This Agreement constitutes the entire agreement
      between the parties hereto with respect to the subject matter
      hereof.

     

    15. Descriptive
      Headings.  The headings in this Agreement are for convenience
      of reference only and shall not limit or otherwise affect the meaning of the
      terms contained herein.

     

    16. Severability.  If
      any term, provision, covenant or restriction of this Agreement, is held by
      a
      court of competent jurisdiction to be invalid, void or unenforceable, the
      remainder of the terms, provisions, covenants and restrictions of this Agreement
      shall remain in full force and effect and shall in no way be affected, impaired
      or invalidated.

     

    17. Set-Off.  The
      Management Stockholder hereby agrees that Alltel and any of its Affiliates
      are
      authorized to reduce any amount payable to the Management Stockholder by any
      liquidated amounts due or owing to such entities from the Management Stockholder
      (or his or her Transferees) hereunder.

     

    

     

    

     

    [remainder
      of page intentionally left blank]

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed as of the day and year first above written.

     

    
      	 	 
	 	
              ATLANTIS
                HOLDINGS LLC

               

              
              

              By:  /s/
                Clive
                Bode                                   
                

              Name:
                Clive Bode

              Title:
                Vice President

            
	 	 
	 	
              ALLTEL
                CORPORATION

               

              
              

              By:  /s/
                Richard N.
                Massey             
                       

              Name:
                Richard N. Massey

              Title:
                Chief Strategy Officer and 

               General
                Counsel

            

    

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed as of the day and year first above written.

     

    
      	 	
              GS
                CAPITAL PARTNERS VI, L.P.

              
              

            
	 	 
	 	
              By: /s/
                John E.
                Bowman                          
                

            
	 	
              Name:
                John E.
                Bowman                                                           
                

              Title: Managing
                Director

              
              

            
	 	 
	 	
              TPG
                PARTNERS V, L.P.

              
              

            
	 	 
	 	
              By:  TPG
                GenPar V, L.P., its General Partner

              By:  TPG
                Advisors V, Inc., its General Partner

            
	 	 
	 	
              By:  /s/
                Clive
                Bode                                   
                

            
	 	
              Name: Clive
                Bode                                                          
                

              Title: Vice
                President

              
              

            
	 	 
	 	
              THE
                MANAGEMENT STOCKHOLDER

              
              

            
	 	 
	 	
              
              

              /s/
                Scott T.
                Ford                                       
                

              Scott
                T. Ford

              
              

              
              

            

    

    

    

    

    

    
13Unassociated Document

    
Exhibit
      (10)(d)(2)

    
 

    MANAGEMENT
      STOCKHOLDERS’ AGREEMENT

     

    This
      MANAGEMENT STOCKHOLDERS’ AGREEMENT (this “Agreement”), dated as of November 16,
      2007, is by and among Alltel Corporation (“Alltel”), Atlantis Holdings LLC (the
“Parent”, and together with Alltel, the “Company”) and the Majority Stockholders
      (as defined below) and the individuals listed on Schedule A attached hereto
      (each a “Management Stockholder”).  Capitalized terms used but not
      defined herein shall have the meanings ascribed to them in the Plan (as defined
      below), except as provided in Section 3(b)(iv) below.

     

    WHEREAS,
      in connection with the acquisition by the Majority Stockholders of an interest
      in Alltel, the Management Stockholders purchased or otherwise acquired shares
      of
      Common Stock and Options in consideration for the payment of cash or in exchange
      for options or shares of common stock of Alltel previously acquired by them
      (the
“Invested Equity”);

     

    WHEREAS,
      immediately following the closing of such acquisition, the Common Stock will
      be
      the only class of equity of Alltel then outstanding;

     

    WHEREAS,
      the Management Stockholders have been and may in the future be granted
      additional Options pursuant to the Alltel Corporation Management Equity
      Incentive Plan (the “Plan”); and

     

    WHEREAS,
      as a condition to the transfer of any interest in shares of Common Stock by
      Alltel to the Management Stockholders, the Management Stockholders are required
      to execute this Agreement; and

     

    WHEREAS,
      the Management Stockholders, the Majority Stockholders and the Company desire
      to
      enter into this Agreement and to have this Agreement apply to all shares of
      Common Stock acquired or to be acquired by each Management Stockholder from
      whatever source, now or in the future (in the aggregate, the
“Shares”).

     

    NOW
      THEREFORE, in consideration of the premises hereinafter set forth, and other
      good and valuable consideration, the receipt of which is hereby acknowledged,
      the parties hereto agree as follows.

     

    1. Investment.  Each
      Management Stockholder represents that the Shares are being acquired for
      investment and not with a view toward the distribution thereof.

     

    2. Issuance
      of
      Shares.  Each Management Stockholder acknowledges and agrees
      that all Shares will be held in book-entry form unless otherwise determined
      by
      Alltel.  If physical certificates representing the ownership of Shares
      are issued, then each such certificate shall bear the following legends (except
      that the second paragraph of this legend shall not be required after the Shares
      have been registered and except that the first paragraph of this legend shall
      not be required after the termination of this Agreement) and shall be held
      in
      custody by Alltel for the benefit of the Management Stockholders:

     

    The
      shares represented by this certificate are subject to the terms and conditions
      of a Management Stockholders’ Agreement dated as of November 16, 2007 and may
      not be

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    transferred
      (including, but not limited to, by means of a gift or testamentary transfer),
      sold, assigned, pledged, hypothecated or encumbered, except as may be permitted
      by the aforesaid Agreement.  A copy of the Management Stockholders’
Agreement may be obtained from the Secretary of the Company.

     

    The
      shares represented by this certificate have not been registered under the
      Securities Act of 1933.  The shares have been acquired for investment
      and may not be transferred (including, but not limited to, by means of a gift
      or
      testamentary transfer), sold, assigned, pledged, or hypothecated in the absence
      of an effective registration statement for the shares under the Securities
      Act
      of 1933 or an opinion of counsel for the Company that registration is not
      required under said Act.

     

    Upon
      the
      termination of this Agreement, or upon registration of Shares under the
      Securities Act, each Management Stockholder shall have the right to exchange
      any
      certificate containing the above legend (i) in the case of the registration
      of
      Shares, for certificates representing ownership of such Shares legended only
      with the first paragraph described above and (ii) in the case of the termination
      of this Agreement, for certificates representing ownership of Shares legended
      only with the second paragraph described above.  At such time as
      neither legend is applicable, the Management Stockholder shall have the right
      to
      exchange certificates representing ownership of Shares that have been legended
      as set forth herein for certificates that are un-legended.

     

    3. Transfer
      of Shares; Call
      Rights.

     

    (a) Transfer
      Restrictions.  Each Management Stockholder agrees that he or
      she will not cause or permit the Shares or his or her interest in the Shares
      to
      be transferred (including, but not limited to, by means of a gift or
      testamentary transfer), sold, assigned, pledged, hypothecated or encumbered
      except as expressly permitted by Section 3 or 4 of this
      Agreement.  Notwithstanding the foregoing, Shares owned by a
      Management Stockholder may be transferred (i) on such Management Stockholder’s
      death by bequest or inheritance to the Management Stockholder’s executors,
      administrators, testamentary trustees, legatees or beneficiaries, (ii) subject
      to the prior written approval (which shall not be unreasonably withheld or
      delayed) by Alltel’s Board of Directors (the “Board”), and compliance with all
      applicable tax, securities and other laws, to any corporation, limited liability
      company, partnership, trust, or custodianship, the stockholders, members,
      beneficiaries or general or limited partners of which may include only (a)
      the
      Management Stockholder, (b) the Management Stockholder’s spouse or the
      Management Stockholder’s lineal descendants (whether natural or adopted),
      sibling or parent, (c) the persons listed in clause (i) above or (d) any
      combination of the foregoing, (iii) as contemplated by Section 4.10 of the
      Plan
      in connection with net-physical settlement of an Option; (iv) in
      accordance with Section 4 of this Agreement and (v) upon the prior written
      approval of the Board or a committee thereof (each such Person to which Shares
      may be transferred, a “Transferee”), subject in any such case to the agreement
      by each Transferee (other 

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    than
      the
      Company or as otherwise permitted by the Company) in writing to be bound by
      the
      terms of this Agreement as if such Transferee had been an original signatory
      hereto; and provided in any such
      case other than transfers made pursuant to clause (v) above, that no such
      transfer that would cause Alltel to be required to register the Common Stock
      under Section 12(g) of the Exchange Act shall be permitted.

     

    (b) Call
      Rights.  Alltel (or its designated assignee) shall have the
      right to call Shares on the terms and conditions set forth herein:

     

    
      (i)  With
        respect to each Management Stockholder, Alltel (or its designated assignee)
        shall have the right (the “Call Right”), if the employment of a Management
        Stockholder with the Company terminates, during the ninety-day period following
        the later to occur of (x) the termination of such Management Stockholder’s
        employment for any reason and (y) with respect to any particular Shares,
        the
        date on which such Management Stockholder (including the period any Transferee
        of such Management Stockholder held such shares) has held such Shares for
        at
        least six (6) months, to purchase from such Management Stockholder or such
        Management Stockholder’s Transferee, and upon the exercise of such right such
        Management Stockholder or Transferee shall sell to Alltel (or its designated
        assignee), all or any portion of the Shares held by such Management Stockholder
        and his or her Transferees as of the date as of which such right is
        exercised.  The price per Share to be paid in such purchase and sale
        shall be (x) except as provided in clause (y) below, a per Share price equal
        to
        the Fair Market Value of a share of Common Stock as of the date on which
        such
        right is exercised or (y) in the event such Management Stockholder’s Employment
        is terminated for Cause or such Management Stockholder Competes (as defined
        below) following such Management
        Stockholder’s voluntary resignation without Good Reason, the price per
        Share with respect to all Shares other than Invested Equity (including as
        Invested Equity for this purpose Shares acquired through the exercise of
        Options
        which are Invested Equity) shall be the lesser of (i) Fair Market Value of
        a
        share of Common Stock and (ii) the price paid, if any, by such Management
        Stockholder for such Shares (the “Bad Leaver Price”).  The Call Right
        may be exercised in portions on two or more exercise dates.

    

     

    
      (ii)  Alltel
        (or its designated assignee) shall exercise the Call Right by delivering
        to the
        Management Stockholder or Transferee, as applicable, a written notice specifying
        its intent to purchase specific Shares held by the Management Stockholder
        or
        Transferee (the “Call Notice”), the date as of which such right is to be
        exercised and the number of Shares to be purchased.  Purchase and sale
        shall occur on such date as shall be specified in the Call Notice, which
        date
        shall not be later than sixty (60) days after the Management Stockholder’s receipt
        of the Call Notice; provided that the
        Company may delay any such payment to the extent  such payment will
        result in the violation of the terms or provisions of, or result in a default
        or
        event of default under, any guarantee, financing or security agreement or
        document entered into by Alltel or any of its Affiliates and in effect on
        such
        date (hereinafter a “Financing Agreement).  In the event all or a
        portion of the payment of the purchase price is delayed as a result of a
        restriction imposed by a 

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      Financing
        Agreement as provided above, such payment shall be made no later than two
        years
        after the date the Company’s purchase right is exercised in accordance with this
        Section 3(b) or, if earlier, as soon as practicable after the payment of
        such
        purchase price would no longer result in the violation of the terms or
        provisions of, or result in a default or event of default under, any Financing
        Agreement, and such payment shall equal the amount that would have been paid
        to
        the Management Stockholder or Transferee if no delay had occurred plus interest
        for the period from the date on which the purchase price would have been
        paid
        but for the delay in payment provided herein to the date on which such payment
        is made (the “Delay Period”), calculated at LIBOR plus 275 basis
        points.  Notwithstanding the foregoing, in the event of a Change in
        Control (as defined in the Plan), the obligation to pay the purchase price
        (plus
        accrued interest) shall accelerate to the Change of
        Control.

    

     

    
      (iii)  For
        purposes of this
        Agreement, with respect to each Management Stockholder, the term “Compete” means
(i) directly or indirectly, whether or not for compensation, participates
        in the ownership, management, operation or control of any Competitor
        (as
        defined below) or is employed by any Competitor or performs consulting services
        for any Competitor or (ii) solicits for employment or participates in the
        hiring
        of any person who, during the preceding six months, was an employee of Alltel
        or
        its Affiliates at the level of Vice President or above, in either case prior
        to
        the first anniversary of such Management Stockholder’s termination of
        Employment.  For purposes of this Agreement, a “Competitor” is any
        corporation, firm, partnership, proprietorship or other entity that engages
        in
        the business of wireless telecommunications in the United States.  Notwithstanding the
        foregoing, “Competition” shall not include ownership of less than 5 percent of
        the publicly-traded securities of any Competitor.  No
        Management Stockholder shall be deemed to have Competed unless he or shall
        have
        been notified in advance by Alltel of the activities that Alltel considered
        to
        be Competitive and provided with a reasonable opportunity to cure or refrain
        from the alleged Competition.  In the event that Alltel has exercised
        a Call Right with respect to Shares allocable to a Management Stockholder,
        and
        the Employment of the Management Stockholder is thereafter terminated for
        Cause
        or the Management Stockholder Competes, if the price paid in connection with
        the
        purchase contemplated thereby was not the Bad Leaver Price, then the Management
        Stockholder shall be obligated to deliver to the Company, within five (5)
        days
        after written notice thereof, the excess, if any, of the price per Share
        paid by
        the Company over the Bad Leaver Price
        , less
        any net taxes paid or payable by the Management Stockholder in respect of
        such
        excess after taking into account any available deductions in respect of such
        repayment.

    

     

    
      (iv)  For
        purposes of this Section 3(b), the term “Fair Market Value” shall have the
        meaning ascribed to such term in the Plan, except that prior to the existence
        of
        a Public Market for the Common Stock, if the most recent date as of which
        Fair
        Market Value was determined is more than six months prior to the date as
        of
        which a Call Right is proposed to be exercised, then at the request or
        determination of either a Participant or the Company, Fair Market Value shall
        be

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       redetermined
        as of a date as close as reasonably practical to the date of such proposed
        exercise.

    

     

    
      4.  Certain
        Additional
        Rights.

    

     

    (a) Drag
      Along
      Rights.  If (i) either of the Majority Stockholders and its
      Permitted Transferees (as defined below) or (ii) the Majority Stockholders
      and
      their Permitted Transferees (in either such case, collectively, the “Selling
      Stockholder”), desire to dispose, directly or indirectly, in a single
      transaction or a series of related transactions, of (x) all of their interest
      in
      Alltel or (y) at least twenty-five percent of the issued and outstanding shares
      of Common Stock or securities representing at least twenty-five percent of
      the
      voting power of Alltel, in either case to a good faith purchaser (a “Purchaser”)
      (other than any other investment partnership, limited liability company or
      other
      entity established for investment purposes and controlled by one or more of
      the
      members or the principals of the Majority Stockholders, a “Permitted
      Transferee”) and such Purchaser desires to acquire such interest upon such terms
      and conditions as agreed to with the Selling Stockholder, each Management
      Stockholder (and his or her Transferee, collectively) agrees to sell a portion
      (including all) of his or her Shares equal to the number of Shares owned by
      such
      Management Stockholder (and his or her Transferee) multiplied by a fraction,
      the
      numerator of which is the aggregate number of shares of Common Stock proposed
      to
      be transferred by the Selling Stockholder, and the denominator of which is
      the
      aggregate number of shares of Common Stock held by the Selling Stockholder,
      to
      such Purchaser (or to vote all of his or her Shares entitled to vote in favor
      of
      any merger or other transaction which would effect a sale of such shares of
      Common Stock) at the same price per share of Common Stock and pursuant to the
      same terms and conditions with respect to payment for the shares of Common
      Stock
      as agreed to by the Selling Stockholder.  In such case, the Selling
      Stockholder shall give written notice of such sale to each Management
      Stockholder (and his or her Transferee) at least fifteen (15) days prior to
      the
      consummation of such sale, setting forth (i) the consideration to be received
      in
      the transaction, (ii) the identity of the Purchaser, (iii) any other material
      items and conditions of the proposed transfer and (iv) the date of the proposed
      transfer.

     

    (b) Tag
      Along
      Rights.

     

    (i) Subject
      to paragraph (iv) of this Section 4(b), if a Selling Stockholder proposes to
      transfer any shares of Common Stock to a Purchaser (other than a Permitted
      Transferee), then the Selling Stockholder shall give written notice of such
      proposed transfer to each of the Management Stockholders (and his or her
      Transferees) (the “Selling Stockholder’s Notice”) at least ten (10) days prior
      to the consummation of such proposed transfer, and shall provide notice to
      all
      other stockholders of the Company to whom the Majority Stockholders have granted
      similar “tag-along” rights (such stockholders together with each Management
      Stockholder and his or her Transferees, the “Other Stockholders”) setting forth
      the proposed material terms and conditions of such transfer, including the
      price
      to be paid per Share in such transaction.

     

    (ii) Each
      Management Stockholder (and his or her Transferees) shall have the right to
      elect, by delivery of written notice to the Selling Stockholder within five
      (5)
      days from delivery of the Selling Stockholder’s Notice (the “Tag-Along Notice”),
      to sell to the 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Purchaser
      a number of Shares equal to the number of Shares owned by such Management
      Stockholder (and his or her Transferees) multiplied by a fraction, the numerator
      of which is aggregate number of the Selling Stockholder’s shares of Common Stock
      proposed to be transferred, and the denominator of which is the aggregate number
      of shares of Common Stock held by the Selling Stockholder, on the same terms
      and
      conditions (including price per share of Common Stock) as the Selling
      Stockholder.  In the event that the Purchaser does not wish to acquire
      all of the shares offered by the Selling Stockholders and the Other
      Stockholders, the number of shares of Common Stock to be purchased by such
      transferee shall be allocated pro rata among the Majority Stockholders and
      the
      Other Stockholders in accordance with the number of shares of Common Stock
      that
      each such Person elected to transfer to the transferee.  If any Other
      Stockholder has not delivered written notice of its intent to participate in
      a
      transfer by the end of the tenth (10th) Business Day following delivery of
      the
      Tag-Along Notice, such Other Stockholder shall be deemed to have consented
      to
      the proposed transfer and elected not to exercise his rights under this Section
      4(b) in connection therewith.

     

    (iii) Any
      transfer of Shares by a Management Stockholder (or his or her Transferees)
      pursuant to this Section 4(b) shall be at the same price per share of Common
      Stock and pursuant to the same terms and conditions with respect to payment
      for
      the shares of Common Stock as agreed to by the Selling Stockholders; provided that in
      order to be entitled to exercise its rights pursuant to this Section 4(b),
      the
      Management Stockholder (and his or her Transferees participating such
      transaction) must agree to make to the proposed Purchaser the same
      representations, warranties, covenants, indemnities and agreements as are made
      by the Selling Stockholder in connection with the proposed transfer and agree
      to
      substantially the same conditions to the proposed transfer as the Selling
      Stockholder, it being understood that all such representations, warranties,
      covenants, indemnities and agreements shall be made by the Selling Stockholder,
      the Management Stockholder (together with his or her Transferees) and any Other
      Stockholder exercising similar tag-along rights severally and not jointly;
provided, that in
      no
      event shall such term or condition result in potential liability to the
      Management Stockholder (or his or her Transferee) in excess of the lesser of
      (x)
      the amount received by the Management Stockholder (and his or her Transferees)
      for such Shares and (y) the pro rata share of any liability for such term or
      condition based on the proportion of the Management Stockholder’s Shares to be
      transferred in connection with the transaction as compared to the aggregate
      number of Shares to be transferred in connection with the
      transaction.  The Selling Stockholder (and his or her Transferees),
      and any Other Stockholder who exercises similar rights, shall be responsible
      for
      their proportionate share of the costs of the proposed transfer (based on the
      amount of consideration received) to the extent such costs are incurred for
      the
      benefit of all Stockholders and are not paid or reimbursed by the Purchaser
      or
      the Company, provided that in no event shall a Management Stockholder’s
      liability for such expenses exceed the total consideration received by the
      Stockholder for his Shares, provided, further, that no Management Stockholder
      shall be obligated to make any out-of-pocket expenditure prior to the
      consummation of the transfer of Shares pursuant to this Section
      4(b).

     

    (iv) Notwithstanding
      anything to the contrary contained herein, the provisions of this Section 4(b)
      shall not apply to any sale or transfer by a Selling Stockholder of shares
      of
      Common Stock unless and until such Selling Stockholder, after giving effect
      to
      the proposed transaction, shall have sold or transferred in the aggregate (other
      than to Permitted 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    Transferees)
      shares of Common Stock representing 12.5% of its portion of the Initial Sponsor
      Shares.

     

    (c) Calculation.  In
      making any calculation under Sections 3, 4 or 5 of this Agreement with respect
      to Shares owned by a Management Stockholder, all Options that are then vested
      or
      which will vest upon such event shall be counted as Shares owned by such
      Management Stockholder.

     

    
      	
            	
              5.  

            	
              Piggyback
                Registration
                Rights.

            

    

     

    (a) Notice
      to Management
      Stockholders.  If Alltel determines that it will file a
      registration statement under the Securities Act, other than a registration
      statement on Form S-4 or Form S-8 or any successor form, for an offering which
      includes shares of Common Stock held by the Majority Stockholders, then Alltel
      shall give prompt written notice to each Management Stockholder (and his or
      her
      Tranferees) that such filing is expected to be made (but in no event less than
      30 days nor more than 60 days in advance of filing such registration statement),
      the jurisdiction or jurisdictions in which such offering is expected to be
      made,
      and the underwriter or underwriters (if any) that Alltel (or the person
      requesting such registration) intends to designate for such
      offering.  If Alltel, within 15 days after giving such notice,
      receives a written request for registration of any shares of Common Stock from
      the Management Stockholder (or his or her Transferees), then Alltel shall
      include in the same registration statement the number of such shares of Common
      Stock to be sold by the Management Stockholder (or his or her Transferee) as
      shall have been specified in his or her request, except that the Management
      Stockholder (together with his or her Transferees) shall not be permitted to
      register more than a Pro Rata Portion of his or her shares of Common
      Stock.  Alltel shall bear all costs of preparing and filing the
      registration statement, and shall indemnify and hold harmless, to the extent
      customary and reasonable, pursuant to indemnification and contribution
      provisions to be entered into by Alltel at the time of filing of the
      registration statement, the seller of any shares of Common Stock covered by
      such
      registration statement.

     

    Notwithstanding
      anything herein to the contrary, Alltel may abandon its intention to file a
      registration statement under this Section 5(a) at any time prior to such
      filing.

     

    For
      purposes of Section 5 hereof, “Pro Rata Portion” shall mean a number equal to
      the product of (x) the total number of Shares owned by the Management
      Stockholder (and his or her Transferees) and (y) a fraction, the numerator
      of
      which shall be the total number of shares of Common Stock offered for sale
      by
      the Majority Stockholders and their Permitted Transferees pursuant to the
      applicable registration, and the denominator of which shall be the total number
      of shares of Common Stock owned by the Majority Stockholders and their Permitted
      Transferees. The registration provisions shall also apply, mutatis mutandis, the event
      of a sale to institutional investors on any organized exchange, if and to the
      extent that participation by the Management Stockholder (or his or her
      Transferees) on such exchange is permitted.

     

    (b) Allocation.  If
      the managing underwriter shall inform the Majority Stockholders in writing
      that
      the number of shares of Common Stock requested to be included in such
      registration exceeds the number which can be sold in (or during the time of)
      such offering within a price range acceptable to the Majority Stockholders,
      then
      such registration shall include 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    only
      such
      number of shares of Common Stock which Alltel is so advised can be sold in
      (or
      during the time of) such offering within such range.  All holders of
      shares of Common Stock proposing to sell shares of Common Stock in such offering
      shall share pro rata in the number of shares of Common Stock to be excluded
      from
      such offering, such sharing to be based on the respective numbers of shares
      of
      Common Stock as to which registration has been requested by such
      holders.

     

    (c) Permitted
      Transfer.  Notwithstanding anything to the contrary contained
      herein, sales of shares of Common Stock pursuant to a registration statement
      filed by Alltel may be made without compliance with any other provision of
      this
      Agreement.

     

    6. Termination.  Except
      for Section 5, this Agreement shall terminate with respect to the Shares
      immediately following the existence of a Public Market for or an SEC-registered
      public offering of the Common Stock except that (i) the requirements contained
      in Section 2 hereof shall survive the termination of this Agreement; (ii) the provisions contained in
      Section 4
      hereof shall continue with respect to each Share during such period of time,
      if
      any, as the Management Stockholder is precluded from selling such Share pursuant
      to Rule 144 of the Securities Act; and (iii) the provisions of Section 3(a)
      hereof shall continue to apply during such period of time as the Majority
      Stockholders are contractually prohibited by agreement with underwriters from
      selling shares of Common Stock following a registration to which Section 5(a)
      applies.  For this purpose, a “Public Market” for the Common
      Stock shall be deemed to exist if at least 20% of the total outstanding Common
      Stock is registered under Section 12(b) or 12(g) of the Exchange Act and trading
      regularly occurs in such Common Stock in, on or through the facilities of
      securities exchanges and/or inter-dealer quotation systems in the United States
      (within the meaning of Section 902(n) of the Securities Act) or any designated
      offshore securities market (within the meaning of Rule 902(a) of the Securities
      Act).

     

    7. Distributions
      With Respect
      To Shares.  As used herein, the term “Shares” includes
      securities of any kind whatsoever distributed with respect to the Common Stock
      acquired by the Management Stockholder or his or her Transferee pursuant to
      the
      Plan or otherwise or any such securities resulting from a stock split or
      consolidation involving such Common Stock.

     

    8. Amendment;
      Assignment.  This Agreement may be amended, superseded,
      canceled, renewed or extended, and the terms hereof may be waived, only by
      a
      written instrument signed by authorized representatives of the parties or,
      in
      the case of a waiver, by an authorized representative of the party waiving
      compliance.  No such written instrument shall be effective unless it
      expressly recites that it is intended to amend, supersede, cancel, renew or
      extend this Agreement or to waive compliance with one or more of the terms
      hereof, as the case may be.  Except for a Management Stockholder’s
      right to assign his or her rights under Section 3(a) or Alltel’s right to assign
      its rights under Section 3(b), no party to this Agreement may assign any of
      its
      rights or obligations under this Agreement without the prior written consent
      of
      the other parties hereto.

     

    9. “Majority
      Stockholder”.  For purposes of this Agreement, the term
“Majority Stockholders” shall mean, collectively or individually, as the context
      requires, TPG Partners V, L.P. and GS Capital Partners VI, L.P and their
      Permitted Transferees.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    10. Notices.
      Each notice
      and other communication hereunder shall be in writing and shall be given and
      shall be deemed to have been duly given on the date it is delivered in person,
      on the next business day if delivered by overnight mail or other reputable
      overnight courier, or the third business day if sent by registered mail, return
      receipt requested, to the parties as follows:

     

    If
      to the
      Management Stockholder, to his most recent address shown on records of Alltel
      or
      its Affiliate;

     

    If
      to
      Alltel:

     

    Alltel
      Corporation

    One
      Allied Drive

    Little
      Rock, AR 

     

    Attention:
      General Counsel

    
with
      a
      copy to:

     

    Arthur
      Kohn

    Cleary,
      Gottlieb, Steen & Hamilton LLP

    One
      Liberty Plaza

    New
      York,
      NY 10006

     

     

    If
      to the
      Parent:

     

    Atlantis
      Holdings LLC

     

    Attention:
      General Counsel

     

    with
      a
      copy to:

     

    Arthur
      Kohn

    Cleary,
      Gottlieb, Steen & Hamilton LLP

    One
      Liberty Plaza

    New
      York,
      NY 10006

     

    If
      to the
      Majority Stockholder, to its most recent address shown on records of Alltel
      or
      its affiliate, or to such other address as any party may have furnished to
      the
      others in writing in accordance herewith, except that notices of change of
      address shall only be effective upon receipt.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    11. Counterparts.  This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed to be an original, but each of which together shall constitute one and
      the same document.

     

    12. Governing
      Law.  This Agreement shall be governed by and construed in
      accordance with the laws of the State of Delaware, without reference to its
      principles of conflicts of law.

     

    13. Binding
      Effect.  This Agreement shall be binding upon, inure to the
      benefit of, and be enforceable by the heirs, personal representatives,
      successors and permitted assigns of the parties hereto.  Nothing
      expressed or referred to in this Agreement is intended or shall be construed
      to
      give any person other than the parties to this Agreement, or their respective
      heirs, personal representatives, successors or assigns, any legal or equitable
      rights, remedy or claim under or in respect of this Agreement or any provision
      contained herein.

     

    14. Entire
      Agreement.  This Agreement constitutes the entire agreement
      between the parties hereto with respect to the subject matter
      hereof.

     

    15. Descriptive
      Headings.  The headings in this Agreement are for convenience
      of reference only and shall not limit or otherwise affect the meaning of the
      terms contained herein.

     

    16. Severability.  If
      any term, provision, covenant or restriction of this Agreement, is held by
      a
      court of competent jurisdiction to be invalid, void or unenforceable, the
      remainder of the terms, provisions, covenants and restrictions of this Agreement
      shall remain in full force and effect and shall in no way be affected, impaired
      or invalidated.

     

    17. Set-Off.  The
      Management Stockholder hereby agrees that Alltel and any of its Affiliates
      are
      authorized to reduce any amount payable to the Management Stockholder by any
      liquidated amounts due or owing to such entities from the Management Stockholder
      (or his or her Transferees) hereunder.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed as of the day and year first above written.

     

    
      	 	 
	 	
              ATLANTIS
                HOLDINGS LLC

               

              
              

              By:
                ___________________________

              Name:

              Title:

            
	 	 
	 	
              ALLTEL
                CORPORATION

               

              
              

              By:
                ___________________________

              Name:

              Title:

            

    

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed as of the day and year first above written.

     

    
      	 	
              GS
                CAPITAL PARTNERS VI, L.P.

              
              

            
	 	
              By:

            
	 	 
	 	
              By:  ______________________________

            
	 	
              Name:                                                           
                

              Title: Vice
                President

              
              

            
	 	 
	 	
              TPG
                PARTNERS V, L.P.

              
              

            
	 	
              By:  TPG
                GenPar V, L.P., its General Partner

              By:  TPG
                Advisors V, Inc., its General Partner

            
	 	 
	 	
              By:  ______________________________

            
	 	
              Name:                                                           
                

              Title:
                Vice
                President

              
              

            

    

    

    

    12

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