Document:

Exhibit 10.2

 

TDS CORPORATE

 

TELEPHONE AND DATA
SYSTEMS, INC.

 

2004 LONG-TERM
INCENTIVE PLAN

 

<<YEAR>> RESTRICTED STOCK UNIT AWARD AGREEMENT

 

Telephone and Data Systems, Inc.,
a Delaware corporation (the “Company”), hereby grants to <<NAME>>
(the “Employee”) as of <<DATE>>,
pursuant to the provisions of the Telephone and Data Systems, Inc. 2004
Long-Term Incentive Plan (As Amended and Restated) (the “Plan”), a Restricted
Stock Unit Award (the “Award”) with respect to <<NUMBER>>
shares of Special Common Stock, upon and subject to the restrictions, terms and
conditions set forth below.  Capitalized
terms not defined herein shall have the meanings specified in the Plan.

 

1.                                      Award Subject to Acceptance.

 

The Award shall become null
and void unless the Employee accepts this Award Agreement.  The Employee shall be deemed to have accepted
this Award Agreement unless the Employee returns this Award Agreement to the
Vice President—Human Resources of the Company within thirty (30) days of the
Employee’s receipt of this Award Agreement, accompanied by a written statement
that the Employee does not accept this Award Agreement.

 

2.                                      Restriction Period and Forfeiture.

 

(a)  In General.  Except as otherwise provided in this Award
Agreement, the

 

 

restrictions on the Award shall
terminate in their entirety on December 15, <<SECOND
CALENDAR YEAR COMMENCING AFTER GRANT DATE>>, provided that the
Employee remains continuously employed by or of service to the Employers and
Affiliates until such date.

 

(b)  Disability or
Death.  If the Employee’s employment
by or service to the Employers and Affiliates terminates prior to December 15,
<<SECOND CALENDAR YEAR COMMENCING AFTER
GRANT DATE>> by reason of Disability or death, the
restrictions on the Award shall terminate in their entirety upon such
termination of employment or service.

 

(c)  Retirement at
or after Attainment of Age 66.  If
the Employee’s employment by or service to the Employers and Affiliates
terminates on or after January 1, <<CALENDAR
YEAR COMMENCING AFTER GRANT DATE>> but prior to December 15,
<<SECOND CALENDAR YEAR COMMENCING AFTER
GRANT DATE>> by reason of retirement at or after attainment of
age 66, the restrictions on the Award shall terminate in their entirety upon
such termination of employment or service. 
If the Employee’s employment by or service to the Employers and
Affiliates terminates prior to January 1, <<CALENDAR
YEAR COMMENCING AFTER GRANT DATE>> by reason of retirement at
or after attainment of age 66, the Award shall be forfeited and shall be
canceled by the Company.

 

(d)  Other
Termination of Employment or Service. 
Notwithstanding any other provision herein, if the Employee’s employment
by or service to the Employers and Affiliates terminates prior to December 15,
<<SECOND CALENDAR YEAR COMMENCING AFTER
GRANT DATE>> for any reason other than Disability, death or
retirement at or after attainment of age 66 (including without limitation, on
account of the Employee’s negligence or willful misconduct, as determined by
the Company in its sole discretion), the Award shall be

 

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forfeited and shall be
canceled by the Company.

 

(e) 
Forfeiture of Award upon Competition or Misappropriation of Confidential
Information.  Notwithstanding any
other provision herein, if the Employee (i) enters into competition with
an Employer or other Affiliate or (ii) misappropriates confidential
information of an Employer or other Affiliate, as determined by the Company in
its sole discretion, the Award shall be forfeited and shall be canceled by the
Company.  For purposes of the preceding
sentence, the Employee shall be treated as entering into competition with an
Employer or other Affiliate if the Employee (i) directly or indirectly,
individually or in conjunction with any person, firm or corporation, has
contact with any customer of an Employer or other Affiliate or any prospective
customer which has been contacted or solicited by or on behalf of an Employer
or other Affiliate for the purpose of soliciting or selling to such customer or
prospective customer any product or service, except to the extent such contact
is made on behalf of an Employer or other Affiliate; (ii) directly or
indirectly, individually or in conjunction with any person, firm or
corporation, becomes employed in the business or engages in the business of
providing wireless, telephone or broadband products or services in any
geographic territory in which an Employer or other Affiliate offers such
products or services or has plans to do so within the next twelve months or (iii) otherwise
competes with an Employer or other Affiliate in any manner or otherwise engages
in the business of an Employer or other Affiliate.  The Employee shall be treated as
misappropriating confidential information of an Employer or other Affiliate if
the Employee (i) uses confidential information (as described below) for
the benefit of anyone other than an Employer or such Affiliate, as the case may
be, or discloses the confidential information to anyone not authorized by an
Employer or such Affiliate, as the case may be, to receive such information, (ii) upon
termination of employment or service, makes any summaries of, takes any

 

3

 

notes
with respect to or memorizes any confidential information or takes any
confidential information or reproductions thereof from the facilities of an
Employer or other Affiliate or (iii) upon termination of employment or
service or upon the request of an Employer or other Affiliate, fails to return
all confidential information then in the Employee’s possession.  “Confidential information” shall mean any
confidential and proprietary drawings, reports, sales and training manuals,
customer lists, computer programs and other material embodying trade secrets or
confidential technical, business, or financial information of an Employer or
other Affiliate.

 

The
Employee acknowledges and agrees that the Award, by encouraging stock ownership
and thereby increasing an employee’s proprietary interest in the Company’s
success, is intended as an incentive to participating employees to remain in
the employ of an Employer or other Affiliate. 
The Employee acknowledges and agrees that this Section 2(e) is
therefore fair and reasonable, and not a penalty.

 

3.                                      Change in Control.

 

(a) 
Notwithstanding any provision in the Plan or any other provision in this Award
Agreement, in the event of a Change in Control, the restrictions on the Award
immediately shall terminate.  In the
event of a Change in Control pursuant to Section (b)(3) below, there
may be substituted for each share of Stock subject to the Award, the number and
class of shares into which each outstanding share of Stock shall be converted
pursuant to such Change in Control.

 

(b)  For purposes of
the Plan and this Award Agreement, a “Change in Control” shall mean:

 

(1)  the acquisition by
any Person, including any “person” within the meaning of Section 13(d)(3) or
14(d)(2) of the Exchange Act, of beneficial ownership within the meaning
of 

 

4

 

Rule 13d-3 promulgated
under the Exchange Act, of 25% or more of the combined voting power of the then
outstanding securities of the Company entitled to vote generally on matters
(without regard to the election of directors) (the “Outstanding Voting
Securities”), excluding, however, the following:  (i) any acquisition directly from the
Company or an Affiliate (excluding any acquisition resulting from the exercise
of an exercise, conversion or exchange privilege, unless the security being so
exercised, converted or exchanged was acquired directly from the Company or an
Affiliate), (ii) any acquisition by the Company or an Affiliate, (iii) any
acquisition by an employee benefit plan (or related trust) sponsored or
maintained by the Company or an Affiliate, (iv) any acquisition by any
corporation pursuant to a transaction which complies with clauses (i), (ii) and
(iii) of subsection (3) of this Section 3(b), or (v) any
acquisition by the following persons:  (A) LeRoy
T. Carlson or his spouse, (B) any child of LeRoy T. Carlson or the spouse
of any such child, (C) any grandchild of LeRoy T. Carlson, including any
child adopted by any child of LeRoy T. Carlson, or the spouse of any such
grandchild, (D) the estate of any of the persons described in clauses
(A)-(C), (E) any trust or similar arrangement (including any acquisition
on behalf of such trust or similar arrangement by the trustees or similar
persons) provided that all of the current beneficiaries of such trust or
similar arrangement are persons described in clauses (A)-(C) or their
lineal descendants, or (F) the voting trust which expires on June 30,
2035, or any successor to such voting trust, including the trustees of such
voting trust on behalf of such voting trust (all such persons, collectively,
the “Exempted Persons”);

 

(2)  individuals who,
as of February 27, 2004, constitute the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of such Board; provided
that any individual who becomes a director of the Company after February 27,
2004, whose election or nomination for election by the Company’s stockholders
was approved by the vote of at

 

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least a majority of the
directors then comprising the Incumbent Board, shall be deemed a member of the
Incumbent Board; and provided further, that any individual who was initially
elected as a director of the Company as a result of an actual or threatened
solicitation by a Person other than the Board for the purpose of opposing a
solicitation by any other Person with respect to the election or removal of
directors, or any other actual or threatened solicitation of proxies or
consents by or on behalf of any Person other than the Board shall not be deemed
a member of the Incumbent Board;

 

(3)  consummation of a
reorganization, merger or consolidation or sale or other disposition of all or
substantially all of the assets of the Company (a “Corporate Transaction”),
excluding, however, a Corporate Transaction pursuant to which (i) all or
substantially all of the individuals or entities who are the beneficial owners
of the Outstanding Voting Securities immediately prior to such Corporate
Transaction will beneficially own, directly or indirectly, more than 50% of the
combined voting power of the outstanding securities of the corporation
resulting from such Corporate Transaction (including, without limitation, a
corporation which as a result of such transaction owns, either directly or
indirectly, the Company or all or substantially all of the Company’s assets)
which are entitled to vote generally on matters (without regard to the election
of directors), in substantially the same proportions relative to each other as
the shares of Outstanding Voting Securities are owned immediately prior to such
Corporate Transaction, (ii) no Person (other than the following
Persons:  (v) the Company or an
Affiliate, (w) any employee benefit plan (or related trust) sponsored or
maintained by the Company or an Affiliate, (x) the corporation resulting
from such Corporate Transaction, (y) the Exempted Persons, and (z) any
Person which beneficially owned, immediately prior to such Corporate
Transaction, directly or indirectly, 25% or more of the Outstanding Voting
Securities) will beneficially own, directly or 

 

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indirectly, 25% or more of
the combined voting power of the outstanding securities of such corporation
entitled to vote generally on matters (without regard to the election of
directors) and (iii) individuals who were members of the Incumbent Board
will constitute at least a majority of the members of the board of directors of
the corporation resulting from such Corporate Transaction; or

 

(4)  approval by the
stockholders of the Company of a plan of complete liquidation or dissolution of
the Company.

 

4.                                      Additional Terms and Conditions
of Award.

 

4.1.                              Nontransferability
of Award.  The Award
may not be transferred other than (i) to a beneficiary upon the Employee’s
death (as designated on the form attached hereto or under the terms of the
Plan), (ii) pursuant to a court order entered in connection with a
dissolution of marriage or child support or (iii) by gift to a Permitted
Transferee, after obtaining the consent of the Committee to such gift, which
may be given or withheld by the Committee in its sole discretion.  Except as permitted by the foregoing, the
Award may not be sold, transferred, assigned, pledged, hypothecated, encumbered
or otherwise disposed of (whether by operation of law or otherwise) or be subject
to execution, attachment or similar process. 
Upon any attempt to so sell, transfer, assign, pledge, hypothecate,
encumber or otherwise dispose of the Award, the Award and all rights hereunder
shall immediately become null and void.

 

By
accepting the Award, the Employee agrees that if all beneficiaries designated
on a beneficiary designation form predecease the Employee or, in the case of
corporations, partnerships, trusts or other entities which are designated
beneficiaries, are terminated, dissolved, become insolvent or are adjudicated
bankrupt prior to the date of the Employee’s death, or if the Employee fails to
designate a beneficiary on a beneficiary designation form, then the Employee 

 

7

 

hereby
designates the following persons in the order set forth herein as the Employee’s
beneficiary or beneficiaries: (i) the Employee’s spouse, if living, or if
none, (ii) the Employee’s then living descendants, per stirpes, or if
none, (iii) the Employee’s estate.

 

4.2.                              Investment
Representation.  The
Employee hereby represents and covenants that (a) any shares of Stock
acquired upon the lapse of restrictions with respect to the Award will be
acquired for investment and not with a view to the distribution thereof within
the meaning of the Securities Act of 1933, as amended (the “Securities Act”),
unless such acquisition has been registered under the Securities Act and any
applicable state securities law; (b) any subsequent sale of any such
shares shall be made either pursuant to an effective registration statement
under the Securities Act and any applicable state securities laws, or pursuant
to an exemption from registration under the Securities Act and such state
securities laws; and (c) if requested by the Company, the Employee shall
submit a written statement, in a form satisfactory to the Company, to the
effect that such representation is true and correct as of the date of
acquisition of any shares hereunder or is true and correct as of the date of
sale of any such shares, as applicable. 
As a further condition precedent to the issuance or delivery to the
Employee of any shares subject to the Award, the Employee shall comply with all
regulations and requirements of any regulatory authority having control of or supervision
over the issuance or delivery of the shares and, in connection therewith, shall
execute any documents which the Committee shall in its sole discretion deem
necessary or advisable.

 

4.3.                              Tax Withholding.  (a)  As a condition precedent to the
issuance or delivery of any shares of Stock subject to the Award, the Employee
shall, upon request by the Company, pay to the Company such amount as the
Company may be required, under all applicable federal, state, local or other
laws or regulations, to withhold and pay over as income or other withholding 

 

8

 

taxes
(the “Required Tax Payments”) with respect to the Award.  If the Employee shall fail to advance the
Required Tax Payments after request by the Company, the Company may, in its
discretion, deduct any Required Tax Payments from any amount then or thereafter
payable by the Company to the Employee.

 

(b)  The Employee may
elect to satisfy his or her obligation to advance the Required Tax Payments by
any of the following means:  (1) a
cash payment to the Company, (2) delivery to the Company of whole shares
of Stock, the Fair Market Value of which shall be determined as of the date the
obligation to withhold or pay taxes first arises in connection with the Award
(the “Tax Date”), (3) authorizing the Company to withhold whole shares of
Stock which would otherwise be delivered to the Employee pursuant to the Award,
the Fair Market Value of which shall be determined as of the Tax Date or (4) any
combination of (1), (2) and (3). 
Shares of Stock to be delivered or withheld may not have a Fair Market
Value in excess of the minimum amount of the Required Tax Payments.  Any fraction of a share of Stock which would
be required to pay the Required Tax Payments shall be disregarded and the
remaining amount due shall be paid in cash by the Employee.  The Employee agrees that if by the pay period
that immediately follows the date that the restrictions on the Award terminate
in their entirety, no cash payment attributable to any such fractional share
shall have been received by the Company, then the Employee hereby authorizes
the Company to deduct such cash payment from any amount payable by the Company
or any Affiliate to the Employee, including without limitation any amount payable
to the Employee as salary or wages.  The
Employee agrees that this authorization may be reauthorized via electronic
means determined by the Company.  The
Employee may revoke this authorization by written notice to the Company prior
to any such deduction.  No shares of Stock shall be
delivered until the Required Tax Payments have been 

 

9

 

satisfied in full (or
arrangement has been made for such payment to the Company’s satisfaction).

 

4.4.                              Award Confers
No Rights as a Stockholder.  The Employee shall not be entitled to any
privileges of ownership with respect to the shares of Stock subject to the
Award unless and until the restrictions on the Award lapse  and
the Employee becomes a stockholder of record with respect to such shares.

 

4.5.                              Adjustment.  In the event of any conversion, stock split,
stock dividend, recapitalization, reclassification, reorganization, merger,
consolidation, spin-off, combination of shares in a reverse stock split,
exchange of shares, liquidation or other similar change in capitalization or
event, or any distribution to holders of Stock other than a regular cash
dividend, the number and class of shares of Stock subject to the Award shall be
appropriately and equitably adjusted by the Committee.  Such adjustment shall be final, binding and
conclusive.  If such adjustment would
result in a fractional security being subject to the Award, the Company shall
pay the holder, in connection with the first vesting of the Award occurring
after such adjustment, an amount in cash determined by multiplying (i) the
fraction of such security (rounded to the nearest hundredth) by (ii) the
Fair Market Value on the vesting date.

 

4.6.                              Compliance with
Applicable Law.  The Award
is subject to the condition that if the listing, registration or qualification
of the shares of Stock subject to the Award upon any securities exchange or
under any law, the consent or approval of any governmental body or the taking
of any other action is necessary or desirable as a condition of, or in
connection with, the issuance or delivery of shares, such shares will not be
issued or delivered unless such listing, registration, qualification, consent,
approval or other action shall have been effected or obtained, free of any conditions
not acceptable to the Company.  The
Company agrees to use reasonable efforts to effect or obtain any such listing,
registration, qualification, consent, approval or other 

 

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action.

 

4.7.                              Delivery of
Certificates.  As soon as
practicable after the termination of the restrictions on the Award, the Company
shall, subject to Section 4.3, deliver or cause to be delivered to the
Employee one or more certificates representing the number of shares of Stock
subject to the Award.  The Company shall
pay all original issue or transfer taxes and all fees and expenses incident to
such delivery, except as otherwise provided in Section 4.3.

 

4.8.                              Award Confers
No Rights to Continued Employment or Service.  In no event shall the granting of the Award
or the acceptance of this Award Agreement and the Award by the Employee give or
be deemed to give the Employee any right to continued employment by or service
with any Employer or any subsidiary or affiliate of an Employer.

 

4.9.                              Decisions of
Committee.  The
Committee or its delegate shall have the right to resolve all questions which
may arise in connection with the Award. 
Any interpretation, determination or other action made or taken by the
Committee or its delegate regarding the Plan or this Award Agreement shall be
final, binding and conclusive.

 

4.10.                        Company to
Reserve Shares.  The Company
shall at all times prior to the cancellation of the Award reserve and keep
available, either in its treasury or out of its authorized but unissued shares
of Stock, the full number of shares subject to the Award from time to time.

 

4.11.                        Award Agreement
Subject to the Plan.  This Award
Agreement is subject to the provisions of the Plan, as it may be amended from
time to time, and shall be interpreted in accordance therewith.  The Employee hereby acknowledges receipt of a
copy of the Plan.

 

5.                                      Miscellaneous Provisions.

 

5.1.                              Successors.  This Award Agreement shall be binding upon
and inure to the benefit of any successor or successors of the Company and any
person or persons who shall

 

11

 

acquire any rights hereunder
in accordance with this Award Agreement or the Plan.

 

5.2.                              Notices.  All notices, requests or other communications
provided for in this Award Agreement shall be made in writing either (a) by
actual delivery to the party entitled thereto, (b) by mailing in the
United States mails to the last known address of the party entitled
thereto, via certified or registered mail, postage prepaid and return receipt
requested, (c) by telecopy with confirmation of receipt or (d) by
electronic mail, utilizing notice of undelivered electronic mail features.  The notice, request or other communication
shall be deemed to be received (a) in case of delivery, on the date of its
actual receipt by the party entitled thereto, (b) in case of mailing by
certified or registered mail, five days following the date of such mailing, (c) in
case of telecopy, on the date of confirmation of receipt and (d) in case
of electronic mail, on the date of mailing, but only if a notice of undelivered
electronic mail is not received.

 

5.3.                              Governing Law.  The Award, this Award Agreement and all
determinations made and actions taken pursuant thereto, to the extent otherwise
not governed by the Code or the laws of the United States, shall be governed by
the laws of the State of Delaware and construed in accordance therewith without
regard to principles of conflicts of laws.

 

12

 

5.4                                 Counterparts.  This Award Agreement may be executed in
counterparts each of which shall be deemed an original and both of which
together shall constitute one and the same instrument.

 

 

	
   

  	
  TELEPHONE
  AND DATA SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  <<NAME>>

  
	
   

  	
   

  	
  <<TITLE>>

  
	
   

  	
   

  
	
  Accepted this             
  day of

  	
   

  
	
                                              , 20      .

  	
   

  
	
                                                          

  	
   

  
	
  Employee

  	
   

  

 

13Exhibit 10.1

 

AMENDMENT TO

DUKE ENERGY CORPORATION 

EXECUTIVE SAVINGS PLAN

(as Amended and Restated Effective as of January 1, 2008)

 

The Duke Energy Corporation Executive Savings
Plan (as Amended and Restated Effective as of January 1, 2008) (the “Plan”)
is amended, effective August 26, 2008, as follows:

 

1.            Sections
7.10 and 7.11 of the Plan are hereby superseded and replaced in their entirety
as set forth below:

 

“7.10    Transition Relief for Payment Elections – Post-2004
Deferrals.  With respect to Post-2004 Deferrals, a
Participant designated by the Committee may, no later than a date specified by
the Committee (provided that such date occurs no later than December 31,
2008 or such other date as permitted under Section 409A of the Code) elect
on a form provided by the Committee to (a) change the date of payment of
his or her Subaccounts to a date otherwise permitted for that Subaccount under
the Plan; (b) change the form of payment of his or her Subaccounts to a
form of payment otherwise permitted for that Subaccount under the Plan; or (c) receive
payment of all or a designated portion of one or more of his or her Subaccounts
in a single lump sum on a date in 2009 designated by the Committee.  The Committee may also take any action that
it deems necessary, in its sole discretion, to amend prior Deferral Elections
or payment elections of a Participant, without the Participant’s consent, to
conform such elections to the terms of this Plan.  This Section is intended to comply with
Notice 2007-86, any subsequent notice or guidance, and the applicable proposed
and final Treasury Regulations issued under Section 409A of the Code and
shall be interpreted in a manner consistent with such intent.

 

7.11         Mandatory
Six-Month Delay – Post-2004 Deferrals. 
Except as otherwise provided in Sections 7.12(a) and (b), with
respect to any Participant who is a Specified Employee as of his or her
Separation from Service, the payment of Post-2004 Deferrals that are otherwise
payable pursuant to the Participant’s Separation from Service shall commence
within 60 days after the first business day of the seventh month following such
Separation from Service (or if earlier, upon the Participant’s death).”

 

2.            Except
as explicitly set forth herein, the Plan will remain in full force and effect.

 

 

This amendment has been executed by an
authorized officer of Duke Energy Corporation on August 29, 2008.

 

	
   

  	
  DUKE ENERGY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Marc E. Manly

  
	
   

  	
   

  	
  Marc E. Manly

  
	
   

  	
   

  	
  Group Executive & Chief Legal Officer

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