Document:

Prepared by MERRILL CORPORATION www.edgaradvantage.com

QuickLinks
 -- Click here to rapidly navigate through this document
  

Exhibit 10ii-2  

 
 

BELLSOUTH CORPORATION STOCK PLAN
  RESTRICTED SHARES AWARD
  ESCROW AGREEMENT    
  

    This Escrow Agreement, effective October 18, 2000, by and among BellSouth Corporation (the "Corporation"), Gary D. Forsee (the "Executive") and The
Chase Manhattan Bank, as escrow agent (the "Escrow Agent"). 

 
 

WITNESSETH THAT:    

    WHEREAS,
the Corporation has, pursuant to the BellSouth Corporation Stock Plan (the "Plan"), made an award of restricted shares of common stock of the Corporation to the Executive in
recognition of the Executive's anticipated service to be rendered to the Corporation; and 

    WHEREAS,
such shares are subject to certain restrictions under the Plan and the terms of the Restricted Shares Award Agreement between the Corporation and the Executive dated the date
hereof (the "Award Agreement"); and 

    WHEREAS,
in order to record the delivery of the certificates for such shares and to enforce such restrictions, the certificates are being deposited together with stock powers
appropriately endorsed in blank with the Escrow Agent hereunder; and 

    WHEREAS,
the Corporation and the Executive desire to execute this Escrow Agreement with the Escrow Agent in order to record the terms and conditions under which such certificates have
been delivered to the Escrow Agent and under which the certificates will be delivered by the Escrow Agent to Executive or the Corporation; 

    NOW
THEREFORE, the Corporation, the Executive and the Escrow Agent agree as follow: 

    1.  Receipt by the Executive. The Executive acknowledges receipt from the Corporation of certificates for shares (the "Shares") of its
common stock as follows: 

	Certificate Number
 
	 	Number of Shares

	BLS	 	33,333
	BLS	 	33,333
	BLS	 	33,334

    2.
Investment Representation and Certificate Legend. The Executive, by the Executive's execution of this Agreement, certifies to the
Corporation that (a) the Shares received by the Executive have been received for the Executive's own account, and the Executive has no present intention to sell or otherwise dispose of any of
the Shares and (b) the Executive is aware that the transfer of the Shares is restricted as indicated on the legend on the certificates for the Shares. 

    3.
Delivery to and Receipt by the Escrow Agent. The Executive hereby delivers to the Escrow Agent, and the Escrow Agent hereby
acknowledges receipt from the Executive, of such certificates for the Shares, registered in the name of the Executive, in each case accompanied by stock powers executed in blank by the Executive
covering all of the Shares. 

    4.
Delivery by the Escrow Agent. Subject to the other terms of the Plan, the Award Agreement and this Escrow Agreement, the Executive
shall become entitled to redelivery of the Shares in accordance with the following schedule: 

	On or After

This Date
 
	 	The Executive shall be

Entitled to the Following

Number of Shares

	October 1, 2003	 	33,333
	October 1, 2004	 	33,333
	October 1, 2005	 	33,334

1

 

The
Executive acknowledges and agrees that if the Executive forfeits any shares under the Award Agreement, then all such forfeited Shares shall be returned to the Corporation and all rights of the
Executive with respect to those Shares shall cease. 

    The
Escrow Agent shall deliver the certificates for the Shares to the Executive or to the Corporation in accordance with the written instructions of the Committee (as defined in the
Plan) or an officer of the Corporation responsible for human resources matters (but in no event the Executive). Such instructions shall be issued in accordance with the provisions of the Plan, the
Award Agreement and this Agreement. The Escrow Agent shall not be responsible for the propriety of any such instruction and will be fully protected in making or omitting to make any delivery in
accordance with such instructions. 

    5.
Distributions; Release; Voting. The Executive shall be entitled to receive all regular cash dividends paid upon and voting rights
with respect to all of the Shares held hereunder from time to time. All shares of capital stock or other securities issued with respect to or in substitution of any of the Shares not yet vested and
held hereunder from time to time, whether by the Corporation or by another issuer, any cash or other property received on account of a redemption of such Shares or with respect to such Shares upon the
liquidation, sale or merger of the Corporation, and any other distributions with respect to such Shares with the exception of regular cash dividends, shall remain subject to all of the terms and
conditions of this Escrow Agreement and shall be redelivered to the Executive or delivered to the Corporation under the same circumstances as the portion of the Shares with respect to, or in
substitution for, which they were issued. Any such cash received shall be invested in the Escrow Agent's Money Management Account. 

    6.
Reliance by the Escrow Agent. The Escrow Agent will be under no duties whatsoever, except such duties as are specifically set forth
as such in this Escrow Agreement, and no implied covenant or obligation contrary to the terms of this Agreement will be read into this Escrow Agreement against the Escrow Agent. The Escrow Agent will
be under no liability or obligation to anyone with respect to any failure on the part of the Corporation, the Committee or the Executive to perform any of their respective obligations under the Plan,
the Award Agreement, or under the
terms of this Agreement, or for any error or omission whatsoever on the part of the Committee, the Corporation or the Executive. The Escrow Agent shall have no liability for acting in reliance upon
any instructions delivered to it and believed in good faith by it to be from the Committee or the Corporation with respect to matters for which they are responsible under the Plan and this Agreement.
The Escrow Agent will be under no obligation to interpret Plan provisions, but may rely entirely upon the interpretation of the Plan by the Committee or an officer of the Corporation responsible for
human resources (but in no event the Executive). 

    7.
Resignation. The Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving notice in writing of
such resignation to the Corporation 180 days in advance of the date when such resignation shall take effect. The Corporation shall have the right to appoint a new escrow agent hereunder. 

    8.
Compensation. The Corporation hereby agrees to pay or reimburse the Escrow Agent upon request for all expenses, disbursements and
advances, including reasonable attorneys' fees, incurred or made by it in connection with carrying out its duties hereunder. 

    9.
Indemnification. The Corporation hereby agrees to indemnify the Escrow Agent for, and to hold it harmless against, any loss,
liability or expense incurred without negligence or bad faith on the part of the Escrow Agent, arising out of or in connection with its entering into this Agreement and carrying out its duties
hereunder, including the costs and expenses of defending itself against any claim of liability. 

    10.  Notices. All notices and communications hereunder shall be in writing and shall be deemed to be duly given if sent by registered
mail, return receipt requested, as follows: 

The
Chase Manhattan Bank

Corporate Trust Department

450 West 33rd Street, 15th Floor

New York, New York 10001 

BellSouth
Corporation

1155 Peachtree Street, N.E., Suite 1800

Atlanta, Georgia 30309-3610 

2

 

    To the Executive at the address shown below or at such other address as any of the above may have furnished to the other parties in writing by registered mail, return receipt
requested. 

    11.
Binding Effect. This Escrow Agreement shall be binding upon and inure to the benefit of the Corporation, the Executive and the
Escrow Agent and their respective heirs, representatives, successors and assigns. 

	Gary D. Forsee	 	 
	 	

Signature:	
 	

/s/ GARY D. FORSEE   

	 	Mailing Address:	 	4179 Randall Court

Atlanta, GA 30327
	 	Social Security No.:	 	###-##-####
	

BellSouth Corporation	
 	

 
	 	

By:	
 	

/s/ RICHARD D. SIBBERNSEN   

	 	

Attest:	
 	

/s/ MARCY A. BASS   

	

The Chase Manhattan Bank	
 	

 
	 	

By:	
 	

/s/ BARRY A. SHAPIRO   

	 	

Attest:	
 	

/s/ OLIVA MELENDEZ   

3

QuickLinks

BELLSOUTH CORPORATION STOCK PLAN RESTRICTED SHARES AWARD ESCROW AGREEMENT

WITNESSETH THAT:Prepared by MERRILL CORPORATION www.edgaradvantage.com

QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10ii-3  

 
 

BELLSOUTH CORPORATION STOCK PLAN
  RESTRICTED SHARES AWARD AGREEMENT    
  

    BellSouth Corporation ("BellSouth") and Gary D. Forsee ("Executive"), in consideration of the mutual covenants set forth and for other good and valuable
consideration, receipt of which is hereby acknowledged, and intending to be legally bound, hereby agree to the terms of this Restricted Shares Award Agreement ("Agreement") effective as of
September 1, 1999: 

    1.  Award Grant.  BellSouth, acting pursuant to action of its Board of Directors and in accordance with
the BellSouth Corporation Stock Plan (the "Plan"), hereby grants to Executive, and Executive hereby accepts, eight thousand (8,000) Restricted Shares of BellSouth Corporation $1.00 par value common
stock (the "Shares"), effective as of the date above. This Award is subject to the terms and conditions of this Agreement, to the further terms and conditions applicable to Restricted Shares as set
forth in the Plan and to applicable terms and conditions regarding noncompetition and relief in the Agreement dated September 1, 1999 between BellSouth and Executive. 

    2.  Restriction Period.  Executive's interest in the Shares shall vest in accordance with the following
schedule: 

	Vesting Date
 
	 	Number of Shares
 

	September 1, 2000	 	two thousand (2,000) Shares
	September 1, 2001	 	an additional two thousand (2,000) Shares
	September 1, 2002	 	an additional two thousand (2,000) Shares
	September 1, 2003	 	an additional two thousand (2,000) Shares

Executive's
interest in the Shares also will vest upon any earlier termination of employment by Executive with the Company or any Subsidiary, or any employer described in paragraph 9 (also
referred to herein as a "Subsidiary"), by reason of (i) death or (ii) disability, provided as a result of such disability Executive is eligible for disability benefits under the
BellSouth Corporation Long Term Disability Plan or disability benefits under an alternative plan maintained by Executive's employer which BellSouth determines to be comparable to such disability
benefits. In the event Executive terminates employment with BellSouth and its Subsidiaries before a Vesting Date for any reason other than death or disability as defined above, Executive shall forfeit
all of his interest in the Shares to the extent not then vested. In addition, Executive shall forfeit all of his interest in the Shares to the extent not then vested (i) on March 1,
2000, in the event Executive on such date does not own BellSouth common shares purchased by Executive with an aggregate purchase price equal to greater than $1,650,000 and (ii) on any date
after March 1, 2000 and on or before the September 1, 2003 final Vesting Date on which Executive fails to comply with the BellSouth stock purchase guidelines as then applicable to
Executive. 

    3.  Share Certificates.  The certificates for the Shares (the "Certificates") shall be registered in the
name of Executive. Executive, immediately upon receipt of the Certificates, shall execute with BellSouth an escrow agreement provided by BellSouth for this purpose substantially in the form attached
hereto (the "Escrow Agreement") and deposit the Certificates with the escrow agent under such agreement (the "Escrow Agent") together with stock powers appropriately endorsed in blank. After Executive
becomes vested in Shares on a Vesting Date or upon his earlier death or disability as provided in Paragraph 2 above, the Escrow Agent shall release the applicable Certificate representing the
number of vested Shares to Executive (or to his Beneficiary or his legal representative, if appropriate). In the event of Executive's forfeiture of Shares under Paragraph 2 above, the Escrow
Agent shall release the applicable Certificate representing the number of forfeited Shares to BellSouth. 

    4.  Stockholder Status.  Executive shall have all of the rights of a stockholder with respect to the
Shares prior to any forfeiture, including the right to vote the Shares and to receive all regular cash dividends paid with respect to the Shares, subject to terms of this Agreement, the Escrow
Agreement and the Plan. Notwithstanding the above, Executive shall have no right to sell, assign, transfer, exchange or encumber or make subject to any creditor's process, whether voluntary or
involuntary or by operation of law, any of his interest in Shares to the extent not then vested under Paragraph 2 above, and any attempt to do so shall be of no effect. In addition, all shares
of capital stock or other securities issued with respect to or in substitution of any Shares not then vested under Paragraph 2 above, whether by BellSouth or by another issuer, any cash or
other property received on account of a redemption of such Shares or with respect to such Shares upon the liquidation, sale or merger of BellSouth, and any other distributions with respect to such
Shares with the exception of regular cash dividends, shall remain subject to the terms and conditions of this Agreement. 

 

    5.  Employment and Termination.  Neither the Plan, this Agreement nor the Escrow Agreement shall give
Executive the right to continued employment by BellSouth or by any Subsidiary or shall adversely affect the right of any such company to terminate Executive's employment with or without cause at any
time. 

    6.  Securities Law Restrictions.  Executive certifies that he is acquiring the Shares for his own account
and that he has no present intention to sell or otherwise dispose of any of the Shares. Executive acknowledges that the Shares shall be subject to such restrictions and conditions on any resale and on
any other disposition as BellSouth shall
deem necessary or desirable under any applicable laws or regulations or in light of any stock exchange requirements and that the Certificates shall bear legends as determined to be appropriate by
BellSouth. 

    7.  Tax Withholding.  BellSouth or any Subsidiary shall have the right to withhold from any payment to
Executive, require payment from the Executive, or take such other action which such company deems necessary to satisfy any income or other tax withholding or reporting requirements arising from this
Award of Restricted Shares, and Executive shall provide to any such company such information, and pay to it upon request such amounts, as it determines are required to comply with such requirements. 

    8.  Jurisdiction and Venue.  Executive consents to the jurisdiction and venue of the Superior Court of
Fulton County, Georgia, and the United States District Court for the Northern District of Georgia for all purposes in connection with any suit, action, or other proceeding relating to this Agreement
or the Escrow Agreement, including the enforcement of any rights under this Agreement or the Escrow Agreement and any process or notice of motion in connection with such situation or other proceeding
may be serviced by certified or registered mail or personal service within or without the State of Georgia, provided a reasonable time for appearance is allowed. 

    9.  Certain Employment Transfers.  In the event Executive is transferred to any company or business in
which BellSouth directly or indirectly owns an interest but which is not a "subsidiary" as defined in the Plan, then Executive shall not be deemed to have terminated his employment under this
Agreement until such time, if any, as Executive terminates employment with such organization and, if applicable, fails to return to BellSouth or a Subsidiary in accordance with the terms of
Executive's assignment, or Executive otherwise fails to meet the terms of Executive's assignment, at which time Executive's deemed termination of employment shall be treated in the same manner as a
termination of employment from BellSouth or a Subsidiary under this Agreement. 

    10.  Miscellaneous  

    (a)
Executive's rights under this Agreement can be modified, suspended or canceled only in accordance with the terms of the Plan. 

    (b)
This Agreement shall be subject to the applicable provisions, definitions, terms and conditions set forth in the Plan, all of which are incorporated by this reference in this
Agreement and, unless defined in this Agreement, any capitalized terms in this Agreement shall have the same meaning assigned to those terms under the Plan. 

    (c)
The Plan and this Agreement shall be governed by the laws of the State of Georgia. 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

	 	 	BELLSOUTH CORPORATION:
	

 	
 	

By: /s/ RICHARD D. SIBBERNSEN 

   

	

 	
 	

EXECUTIVE:
	

 	
 	

/s/ GARY D. FORSEE   
 Gary D. Forsee

2

QuickLinks

BELLSOUTH CORPORATION STOCK PLAN RESTRICTED SHARES AWARD AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00020-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00020-of-00352.parquet"}]]