Document:

Unassociated Document

    
Exhibit
      (10)(b)(1)

    
 

    MANAGEMENT
      SERVICES AGREEMENT

    

    This
      Management Services Agreement (the “Agreement”) is
      entered into as of November 16, 2007, by and among Atlantis Merger Sub, Inc.,
      a
      Delaware corporation (“Merger Sub”),
      Atlantis Holdings LLC, a Delaware limited liability company (“Parent”, and together
      with Merger Sub and their respective successors, the “Companies”), Goldman,
      Sachs & Co. (“Goldman Sachs”), and
      TPG Capital, L.P. (“TPG”, together
      with
      Goldman Sachs, the “Managers”).

     

    WHEREAS,
      Parent, Merger Sub and Alltel Corporation, a Delaware corporation (“Alltel”), entered
      into an Agreement and Plan of Merger, dated as of May 20, 2007 (as may be
      amended and restated, supplemented or otherwise modified from time to time,
      the
“Merger
      Agreement”) pursuant to which Merger Sub will merge with and into Alltel,
      with Alltel as the surviving corporation (the “Merger”);

     

    WHEREAS,
      pursuant to the Merger Agreement and by virtue of the Merger, Alltel will
      assume, by operation of law, all of the liabilities and obligations of Merger
      Sub, including all liabilities and obligations set forth in this
      Agreement;

     

    WHEREAS,
      GS Capital Partners VI Fund, L.P., GS Capital Partners VI GmbH & Co.
      KG, GS Capital Partners VI (Alltel), L.P., GS Capital Partners VI Parallel,
      L.P, TPG Atlantis V-A, L.P., TPG Atlantis V-B, L.P., TPG FOF V-A, L.P., TPG
      FOF
      V-B, L.P., TPG Atlantis Coinvest-A, L.P., TPG Atlantis Coinvest-B, L.P. and
      TPG
      Atlantis Coinvest-C, L.P. (collectively, the “Funds”) are making
      an
      equity investment in Parent in connection with the Merger; and

     

    WHEREAS,
      the Companies wish to retain the Managers to provide certain management and
      advisory services to the Companies, and the Managers are willing to provide
      such
      services on the terms set forth below.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants contained herein, the
      parties hereto, intending to be legally bound, hereby agree as
      follows:

    

    1.           
      Services.  Each
      Manager hereby severally agrees that, during the term of this Agreement (the
      “Term”), it
      will provide to the Companies, to the extent requested by the Companies and
      mutually agreed by the Companies and each Manager, by and through itself and/or
      such Manager’s successors, assigns, affiliates, officers, employees and/or
      representatives and third parties (collectively hereinafter referred to as
      the
“Manager
      Designees”), as such Manager in its sole discretion may designate from
      time to time, management, advisory and consulting services in relation to the
      affairs of the Companies; provided, that the
      responsibilities of one Manager shall not be substantially disproportionate
      to
      the responsibilities of any other Manager.  Such management, advisory
      and consulting services shall include, without limitation:

     

    
      
        
        

      

      
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    (a)           
      advice in connection with the negotiation and consummation of agreements,
      contracts, documents and instruments necessary to provide the Companies with
      financing on terms and conditions satisfactory to the Companies and their
      respective subsidiaries;

     

    (b)           
      advice in connection with acquisition, disposition and change of control
      transactions involving any of the Companies or their respective
      subsidiaries;

     

    (c)           
      financial, managerial and operational advice in connection with day-to-day
      operations, including, without limitation, advice with respect to the
      development and implementation of strategies for improving the operating,
      marketing and financial performance of the Companies or their respective
      subsidiaries; and

     

    (d)           
      such other services (which may include financial and strategic planning and
      analysis, consulting services, human resources and executive recruitment
      services and other services) as the Managers and the Companies may from time
      to
      time agree in writing.

     

    The
      Managers or the Manager Designees will devote such time and efforts to the
      performance of the services contemplated hereby as the Managers deem reasonably
      necessary or appropriate; provided, however,
      that no
      minimum number of hours is required to be devoted by the Managers or the Manager
      Designees on a weekly, monthly, annual or other basis.  The Companies
      acknowledge that each of the services are not exclusive to the Companies or
      their respective subsidiaries and that the Managers and the Manager Designees
      may render similar services to other persons and entities.  The
      Managers and the Companies understand that the Companies or their respective
      subsidiaries may at times engage one or more investment bankers or financial
      advisers to provide services in addition to, but not in lieu of, services
      provided by the Managers and the Manager Designees under this Agreement; provided, that any
      such engagement will be made pursuant to the terms of the Amended and Restated
      Limited Liability Operating Agreement of Parent dated as of November 16, 2007
      (as may be amended and restated, supplemented or otherwise modified from time
      to
      time, the “LLC
      Agreement”) by and among Parent and the Funds.  In providing
      services to the Companies or their respective subsidiaries, the Managers and
      Manager Designees will act as independent contractors and it is expressly
      understood and agreed that this Agreement is not intended to create, and does
      not create, any partnership, agency, joint venture or similar relationship
      and
      that no party has the right or ability to contract for or on behalf of any
      other
      party or to effect any transaction for the account of any other
      party.

    

    2.           
      Payment of
      Fees.

    

    (a)           
      On the date hereof, Merger Sub will pay to the Managers (or their respective
      Manager Designees) an aggregate transaction fee equal to $230,000,000 (two
      hundred and thirty million dollars) (the “Transaction Fee”)
      plus an aggregate financial advisory fee equal to $40,000,000 (forty million
      dollars) (the “M&A
      Fee”).  The Transaction Fee and the M&A Fee will be divided
      among the Managers as follows: (i) Goldman Sachs will be entitled to 50% and
      (ii) TPG will be entitled to 50%.  To the extent that either Manager
      or any of their respective affiliates are paid a separate fee in connection
      with
      the Merger, such fee shall reduce the amount of the Transaction Fee to be paid
      pursuant to this Section 2(a) to either TPG or Goldman Sachs, 

     

    
      
        
        

      

      
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    as
      the
      case may be.  In addition to the Transaction Fee and the M&A Fee,
      on the date hereof, Merger Sub will pay to the Managers (or their respective
      Manager Designees), upon obtaining the unanimous consent of the Managers as
      to
      the amounts to be paid, an amount equal to all out-of pocket expenses incurred
      by or on behalf of Parent and each Manager or their respective affiliates,
      including, without limitation, (i) the reasonable fees, expenses and
      disbursements of lawyers, accountants, consultants and other advisors that
      may
      have been retained by Parent and/or any Manager or its respective affiliates
      and
      (ii) any fees (including any financing fees) related to the Merger (all such
      fees and expenses, in the aggregate, the “Covered
      Costs”).

     

    (b)           
      During the Term, Merger Sub will pay to the Managers (or their respective
      Manager Designees) a semi-annual aggregate monitoring fee equal to 1.0% (one
      percent) of the Companies’ Adjusted EBITDA for the semi-annual period in
      question (the “Monitoring Fee”) as
      partial compensation for the services provided by the Managers or the Manager
      Designees under this Agreement, with such fee being payable by Merger Sub in
      arrears as soon as practicable following the determination of the Companies’
Adjusted EBITDA for the applicable calendar semi-annual period; provided, that the
      Monitoring Fee shall be pro rated for the period from the date of consummation
      of the Merger through December 31, 2007; provided, further,
      that the
      Managers or Manager Designees may, with the unanimous consent of the Managers,
      pay, or cause Merger Sub to pay, any portion of the Monitoring Fee to any
      third-party in respect of services provided from time to time by such third
      party to the Companies.  For calculation of the Monitoring Fee, “Adjusted EBITDA”
shall mean
“Consolidated
      EBITDA” as such term is defined in that certain Credit Agreement, dated as of
      November
      16, 2007, as amended from time to time, by and among Alltel Communications,
      Inc., as borrower, Alltel Corporation, as guarantor, Citibank, N.A., as
      administrative agent, Citigroup Global Markets Inc. (“CGMI”)
      and Goldman Sachs Credit Partners
      L.P. (“GSCP”),
      as joint lead arrangers, CGMI, GSCP,
      Barclays Capital, the investment banking division of Barclays Bank PLC, and
      RBS
      Securities Corporation, as joint bookrunners, Barclays Bank PLC and The Royal
      Bank of Scotland, as co-documentation agents, and each lender party thereto
      from
      time to time (the “Credit Agreement”);
      provided, that,
      for purposes of this Agreement, Adjusted EBITDA shall exclude section (a)(vii)
      (adjustments in respect of the Monitoring Fee) and section (a)(ix) (adjustments
      in respect of certain projected cost savings) of the definition of Consolidated
      EBITDA in the Credit Agreement.

    

    (c)           
      During the Term, in addition to the fees paid pursuant to Section 2(b), Merger
      Sub will pay to the Managers (or their respective Manager Designees) an
      aggregate fee (the “Subsequent Fee”) in
      connection with the consummation of any financing or refinancing (equity or
      debt), dividend, recapitalization, acquisition, disposition, spin-off or
      split-off transactions involving the Companies or any of their direct or
      indirect subsidiaries equal to customary fees charged by
      internationally-recognized investment banks for serving as a financial advisor
      in similar transactions, such fee to be due and payable for the foregoing
      services at the closing of such transaction.

     

    (d)           
      Each payment made pursuant to this Section 2 shall be paid by wire transfer
      of
      immediately available federal funds to the accounts specified on Schedule 1
      hereto, or to such respective other account(s) as the respective Managers may
      specify to Merger Sub in writing prior to such payment. Each payment made
      pursuant to this Section 2 (other than the Transaction Fee and the Covered
      Costs) shall be allocated among the Managers (or their 

     

    
      
        
        

      

      
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    respective
      Manager Designees) as follows: (i) Goldman Sachs will be entitled to 50%; and
      (ii) TPG will be entitled to 50%; provided, that during
      the one year period following the date hereof such allocation shall be adjusted
      to reflect any transfers of membership units of Parent owned by investment
      funds
      affiliated with a Manager and/or entities controlled by affiliates of such
      Manager (excluding the Goldman Sachs Co-Investment Vehicles and the TPG
      Co-Investment Vehicles (as defined in the LLC Agreement)) following the date
      hereof (such Manager, a “Transferring
      Manager”), other than (x) transfers to affiliates of such Transferring
      Manager permitted pursuant to Section 7.02(a) of the LLC Agreement or (y) pro
      rata transfers by each of the investment funds affiliated with the Transferring
      Managers and each of the entities controlled by affiliates of such Transferring
      Managers (such allocation, as adjusted from time to time, the “Allocation
      Percentage”).  For the avoidance of doubt, upon a transfer
      giving rise to an adjustment pursuant to the preceding sentence (i) the
      Transferring Manager’s Allocation Percentage shall be equal to (x) the number of
      membership units held by investment funds affiliated with such Transferring
      Manager and/or entities controlled by affiliates of such Transferring Manager
      (excluding the Goldman Sachs Co-Investment Vehicles and the TPG Co-Investment
      Vehicles) after giving effect to the transfer over (y) the total number of
      membership units held by investment funds affiliated with the Managers and/or
      entities controlled by affiliates of the Managers (excluding the Goldman Sachs
      Co-Investment Vehicles and the TPG Co-Investment Vehicles) after giving effect
      to such transfer, and (ii) the Allocation Percentage of the non-Transferring
      Manager shall be equal to 100 minus the Transferring Manager’s Allocation
      Percentage determined in clause (i) above.

    

    (e)           
      Each payment made to TPG pursuant to this Section 2 shall be received as
      follows: 37.8984% shall be received in respect of the services performed on
      behalf of TPG Media V-AIV 1, L.P., 28.4519% shall be received in respect of
      the
      services performed on behalf of TPG Media V-AIV 2, L.P., 0.1736% shall be
      received in respect of the services performed on behalf of TPG FOF V-A, L.P.,
      0.1400% shall be received in respect of the services performed on behalf of
      TPG
      FOF V-B, L.P. and an aggregate 33.3361% shall be received in respect of the
      services performed on behalf of TPG Atlantis Coinvest-A, L.P., TPG Atlantis
      Coinvest-B, L.P. and TPG Atlantis Coinvest-C, L.P.

    

    3.           
      Deferral.  In
      the event that any financing or
      similar agreements to which any of the Companies is a party and that have been
      approved by written consent of TPG Media V-AIV 1, L.P. and GS Capital
      Partners VI Parallel, L.P. (or any of their respective affiliates that may
      be
      designated as managing member of Parent from time to time (such consent, the “Requisite Consent”
and
      such financing or similar
      agreements, the “Financing
      Documents”) restrict the
      payment of all or any portion of any fee payable to the Managers (or their
      respective Manager Designees) pursuant to Section 2 above for any payment period
      (such restricted fees, the “Deferred
      Fees”), the amount of fees
      paid to each Manager and Manager Designee in such period will be reduced pro
      rata (based on aggregate fees payable to each such Manager or their respective
      Manager Designee), and any Deferred Fees will accrue in the immediately
      succeeding period in which such amounts could, consistent with the Financing
      Documents, be paid, and will be paid in such succeeding period (in addition
      to
      such other amounts that would otherwise be payable at such time) in the manner
      set forth in Section 2.

    

    
      
        
        

      

      
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    4.           
      Term.  This
      Agreement will continue in full force and effect until December 31, 2017; provided that,
      starting on such date, this Agreement shall be automatically extended each
      December 31 for an additional year unless the Companies or the Managers, acting
      upon Requisite Consent, provide written notice of their desire not to
      automatically extend the term of this Agreement to the other parties hereto
      at
      least ninety (90) days prior to such December 31; provided, further,
      that (x)
      this Agreement may be terminated at any time upon Requisite Consent and (y)
      this
      Agreement shall terminate automatically immediately prior to the earlier of
      (i) an initial underwritten
      public offering and sale of equity securities of Parent, Merger Sub or any
      of
      their respective successors for cash pursuant to an effective registration
      statement (other than on Form S-4, S-8 or a comparable form) (an “IPO”)
      or (ii) a transfer or issuance of
      equity securities of any of the Companies (including by way of a merger,
      consolidation, amalgamation, share exchange or other form of similar business
      combination), in a single or series of related transactions, resulting in a
      Person or Persons other than the existing stockholders owning, directly or
      indirectly, a majority of the voting power of the applicable Company, upon
      the
      consummation of such transfer or issuance, or the sale of all or
      substantially all of the assets of any of the Companies (any such sale
      transaction, a “Sale”), in each
      case,
      unless otherwise agreed by Requisite Consent.  For the avoidance of
      doubt, termination of this Agreement will not relieve a party from liability
      for
      any breach of this Agreement on or prior to such termination.  In the
      event of a termination of this Agreement, Merger Sub will pay the Managers
      (or
      their respective Manager Designees) (i) all unpaid Transaction Fees (pursuant
      to
      Section 2(a) above), Covered Costs (pursuant to Section 2(a) above), Monitoring
      Fees (pursuant to Section 2(b) above), Subsequent Fees (pursuant to Section
      2(c)
      above), Deferred Fees (pursuant to Section 3 above) and Reimbursable Expenses
      (pursuant to Section 5(a) below) due with respect to periods prior to the date
      of termination plus (ii) the sum of the net present values (using discount
      rates
      equal to the then yield on U.S. Treasury Securities of like maturity) of the
      Monitoring Fees that would have been payable with respect to the period from
      the
      date of termination until the expiration date in effect immediately prior to
      such termination, assuming for such purposes that (a) the baseline Adjusted
      EBITDA for purposes of such calculation is the greater of (x) Adjusted EBITDA
      for the most recently completed semi-annual period and (y) the average of the
      Adjusted EBITDA for the last two completed semi-annual periods and (b) EBITDA
      would have grown during each subsequent semi-annual period until the expiration
      date in effect immediately prior to such termination at a rate reflecting the
      greater of (x) a compounded annual growth rate of 10% and (y) the compounded
      annual growth rate of the last two completed fiscal years.  The
      amounts described in clause (ii) above shall be divided among the Managers
      in
      accordance with the Managers’ Allocation Percentage, as of such
      date.  In the event of
      an IPO or Salethat, in
      either case, includes non-cash consideration, each Manager may elect for it
      or
      its Manager Designees to
      receive all or any portion of any amounts payable pursuant to this Agreement
      as
      a result of such IPO or Sale in the form of such non-cash consideration, valued
      at the sale price.  All of Section 4 through Section 14 will
      survive termination of this Agreement.

    

    5.           
      Expenses;
      Indemnification.

    

    (a)           
      Expenses.  Merger
      Sub will pay to the Managers (or
      their respective Manager Designees) on demand all Reimbursable
      Expenses
      whether incurred prior to or following the date of this Agreement.  As
      used herein, “Reimbursable
      Expenses” means (i) all
      out-of-pocket expenses incurred following the consummation of the Merger
      relating to the 

     

    
      
        
        

      

      
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    services
      provided by the Managers, their
      respective affiliates, or the Manager Designees to the Companies or any of
      their
      affiliates from time to time (including, without limitation, all air travel
      (by
      first class on a commercial airline or by charter, as determined by the Managers
      or the Manager Designees) and other travel related expenses), (ii) all
      out-of-pocket legal expenses incurred by the Managers, their respective
      affiliates or the Manager Designees in connection with the enforcement of rights
      or taking of actions under this Agreement, the Merger Agreement or any related
      documents or instruments, whether incurred prior to or following the date of
      this Agreement, and (iii) all expenses incurred by the Managers, their
      respective affiliates or the Manager Designees which are properly allocable
      to
      the Companies, including in connection with their management and operations,
      whether incurred prior to or following the date of this
      Agreement.

    

    (b)           
      Indemnity and
      Liability.  The Companies, jointly and severally, will
      indemnify, exonerate and hold the Managers, the Manager Designees and each
      of
      their respective partners, shareholders, members, affiliates, associated
      investment funds, directors, officers, fiduciaries, managers, controlling
      persons, employees and agents and each of the partners, shareholders, members,
      affiliates, associated investment funds, directors, officers, fiduciaries,
      managers, controlling persons, employees and agents of each of the foregoing
      (collectively, the “Indemnitees”) free
      and harmless from and against any and all actions, causes of action, suits,
      claims, liabilities, losses, damages and costs and out-of-pocket expenses in
      connection therewith (including attorneys’ fees and expenses) incurred by the
      Indemnitees or any of them before or after the date of this Agreement
      (collectively, the “Indemnified
      Liabilities”), arising out of any action, cause of action, suit,
      arbitration, investigation or claim arising out of, or in any way relating
      to
      (i) this Agreement, the Merger Agreement, any transaction to which any of the
      Companies is a party or any other circumstances with respect to any of the
      Companies or (ii) operations of, or services provided by the Managers or the
      Manager Designees to, the Companies, or any of their respective affiliates
      from
      time to time; provided, that the
      foregoing indemnification rights will not be available to the extent that any
      such Indemnified Liabilities arose on account of such Indemnitee’s gross
      negligence or willful misconduct; and provided, further,
      that if and
      to the extent that the foregoing undertaking may be unavailable or unenforceable
      for any reason, the Companies hereby agree to make the maximum contribution
      to
      the payment and satisfaction of each of the Indemnified Liabilities which is
      permissible under applicable law.  For purposes of this Section 5(b),
      none of the circumstances described in the limitations contained in the two
      provisos in the immediately preceding sentence will be deemed to apply absent
      a
      final non-appealable judgment of a court of competent jurisdiction to such
      effect, in which case to the extent any such limitation is so determined to
      apply to any Indemnitee as to any previously advanced indemnity payments made
      by
      the Companies, then such payments will be promptly repaid by such Indemnitee
      to
      the Companies without interest.  The rights of any Indemnitee to
      indemnification hereunder will be in addition to any other rights any such
      person may have under any other agreement or instrument referenced above or
      any
      other agreement or instrument to which such Indemnitee is or becomes a party
      or
      is or otherwise becomes a beneficiary or under law or regulation.

    

    
      
        
        

      

      
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    6.           
      Disclaimer and
      Limitation of Liability; Opportunities.

    

    (a)           
      Disclaimer; Standard
      of Care.  None of the Managers nor any of their respective
      Manager Designee makes any representations or warranties, express or implied,
      in
      respect of the services to be provided by the Managers or the Manager Designees
      hereunder.  In no event will the Managers, the Manager Designees or
      Indemnitees be liable to the Companies or any of their respective affiliates
      for
      any act, alleged act, omission or alleged omission that does not constitute
      gross negligence or willful misconduct of the Managers or the Manager Designees
      as determined by a final, non-appealable determination of a court of competent
      jurisdiction.

    

    (b)           
      Freedom to Pursue
      Opportunities.  In recognition that the Managers, the Manager
      Designees and their respective Indemnitees currently have, and will in the
      future have or will consider acquiring, investments in numerous companies with
      respect to which the Managers, the Manager Designees or their respective
      Indemnitees may serve as an advisor, a director or in some other capacity,
      and
      in recognition that each Manager, each Manager Designee and their respective
      Indemnitees have myriad duties to various investors and partners, and in
      anticipation that the Companies, on the one hand and each Manager and Manager
      Designee (or one or more of their respective Indemnitees or portfolio
      companies), on the other hand, may engage in the same or similar activities
      or
      lines of business and have an interest in the same areas of corporate
      opportunities, and in recognition of the benefits to be derived by the Companies
      hereunder and in recognition of the difficulties which may confront any advisor
      who desires and endeavors fully to satisfy such advisor’s duties in determining
      the full scope of such duties in any particular situation, the provisions of
      this Section 6(b) are set forth to regulate, define and guide the conduct of
      certain affairs of the Companies as they may involve the Managers, the Manager
      Designees or their respective Indemnitees.  Except as the Managers or
      the Manager Designees, may otherwise agree in writing after the date
      hereof:

    

    (i)           
      The Managers, the Manager Designees and their respective Indemnitees will have
      the right: (A) to directly or indirectly engage in any business (including,
      without limitation, any business activities or lines of business that are the
      same as or similar to those pursued by, or competitive with, the Companies
      and
      their subsidiaries), (B) to directly or indirectly do business with any client
      or customer of the Companies and their subsidiaries, (C) to take any other
      action that a Manager or a Manager Designee believes in good faith is necessary
      to or appropriate to fulfill its obligations as described in the first sentence
      of this Section 6(b), and (D) not to present potential transactions, matters
      or
      business opportunities to the Companies or any of their subsidiaries, and to
      pursue, directly or indirectly, any such opportunity for itself, and to direct
      any such opportunity to another Person.

    

    (ii)           
      The Managers, the Manager Designees and their respective Indemnitees will have
      no duty (contractual or otherwise) to communicate or present any corporate
      opportunities to the Companies or any of their affiliates or to refrain from
      any
      actions specified in Section 6(b)(i), and the Companies, on their own behalf
      and
      on behalf of their affiliates, hereby renounce and waive any right to require
      the Managers, the Manager Designees or any of their respective

     

     

    
      
        
        

      

      
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    Indemnitees
      to act in a manner inconsistent with the provisions of this Section
      6(b).

    

    (iii)           
      Except as provided in Section 6(a), none of the Managers, the Manager Designees
      nor any of their respective Indemnitees will be liable to the Companies or
      any
      of their affiliates for breach of any duty (contractual or otherwise) by reason
      of any activities or omissions of the types referred to in this Section 6(b)
      or
      of any such Person’s participation therein.

    

    Notwithstanding
      the foregoing, no
      Manager may take any action otherwise permitted by this Section 6(b) if it
      would
      be reasonably likely to result in the U.S. Federal Communications Commission
      or
      any other governmental entity imposing any restrictions or conditions on
      Parent’s or Alltel’s business or on the Funds’ ownership or control of Parent or
      Alltel.  For the avoidance of doubt, any actions taken, directly or
      indirectly, by any publicly traded controlled affiliate (or any of its officers,
      directors or employees) of a Manager shall not be deemed to be an action taken
      by such Manager.

    

    (c)           
      Limitation of
      Liability.  In no event will a Manager, a Manager Designee or
      any of their respective Indemnitees be liable to the Companies or any of their
      affiliates for any indirect, special, incidental or consequential damages,
      including, without limitation, lost profits or savings, whether or not such
      damages are foreseeable, or for any third party claims (whether based in
      contract, tort or otherwise), relating to the services to be provided by a
      Manager or a Manager Designee hereunder.

     

    7.           
      Assignment,
      etc.  Except as provided below, none of the parties hereto will
      have the right to assign this Agreement without the prior written consent of
      each of the other parties.  Notwithstanding the foregoing, (a) each
      Manager may assign all or part of its rights and obligations hereunder to any
      of
      its respective affiliates that provides services similar to those called for
      by
      this Agreement, in which event such Manager will no longer be entitled to any
      fees under Section 2 and reimbursement of expenses under Section 2(a) and
      Section 5(a) and will be released of all of its obligations hereunder and (b)
      the provisions hereof for the benefit of Indemnitees of the Managers will inure
      to the benefit of such Indemnitees and their successors and
      assigns.

    

    8.           
      Amendments and
      Waivers.  No amendment or waiver of any term, provision or
      condition of this Agreement will be effective, unless given in writing by
      Requisite Consent and executed by the Companies; provided, that any
      Manager may waive any portion of any fee to which it is entitled pursuant to
      this Agreement, and, unless otherwise directed by the Manager, such waived
      portion will revert to the Companies.  No waiver on any one occasion
      will extend to or effect or be construed as a waiver of any right or remedy
      on
      any future occasion.  No course of dealing of any person nor any delay
      or omission in exercising any right or remedy will constitute an amendment
      of
      this Agreement or a waiver of any right or remedy of any party
      hereto.

    

    9.           
      Governing Law;
      Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN
      ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
      CONFLICTS OF LAW PRINCIPLES THEREOF.  

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    ANY
      ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT
      MAY BE BROUGHT AND ENFORCED EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK
      OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFOR) THE UNITED STATES
      DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN MANHATTAN,
      AND
      THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH COURTS IN
      RESPECT OF ANY SUCH ACTION OR PROCEEDING.

    

    10.         
      WAIVER OF JURY
      TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT
      PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH
      RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
      CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED
      HEREBY.

    

    11.          Entire
      Agreement.  This Agreement contains the entire understanding of
      the parties with respect to the subject matter hereof and supersedes any prior
      communication or agreement with respect thereto.

    

    12.          Notice.  All
      notices, demands, and communications required or permitted under this Agreement
      will be in writing and will be effective if served upon such other party and
      such other party’s copied persons as specified below to the address set forth
      for it below (or to such other address as such party will have specified by
      notice to each other party) if (i) delivered personally, (ii) sent and received
      by facsimile, (iii) sent by electronic mail or (iv) sent by certified or
      registered mail or by Federal Express, DHL, UPS or any other comparably
      reputable overnight courier service, postage prepaid, to the appropriate address
      as follows:

    

    If
      to the
      Companies (with a copy, which shall not constitute notice, to Goldman Sachs
      and
      TPG), to:

    

    Alltel
      Corporation

    One
      Allied Drive

    Little
      Rock, Arkansas
      72202

    Attention:  Richard
      N. Massey

    Facsimile:
      (501) 905-0962

    

    If
      to
      Goldman Sachs, to:

     

    Goldman,
      Sachs & Co.

    85
      Broad
      Street, 12th Floor

    New
      York,
      NY 10004

    Attention:  Joe
      Gleberman

    Facsimile:  (212)
      357-5505

     

    with
      a
      copy (which shall not constitute notice) to:

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    Weil,
      Gotshal & Manges LLP

    767
      Fifth
      Avenue

    New
      York,
      NY 10153

    Attention:
      Michael J. Aiello, Esq.

    Facsimile:  (212)
      310-8007

     

     

    If
      to
      TPG, to:

    

    TPG
      Capital, L.P.

    301
      Commerce Street

    Suite
      3300

    Fort
      Worth, Texas 76102

    Attention:  Clive
      D. Bode

    Facsimile:  (817)
      871-4088

     

    with
      a
      copy (which shall not constitute notice) to:

     

    Cleary
      Gottlieb Steen & Hamilton LLP

    One
      Liberty Plaza

    New
      York,
      NY 10006

    Attention:  Michael
      A. Gerstenzang

    Facsimile:  (212)
      225-3999

     

    Unless
      otherwise specified herein, such notices or other communications will be deemed
      effective, (a) on the date received, if personally delivered or sent by
      facsimile or electronic mail during normal business hours, (b) on the business
      day after being received if sent by facsimile or electronic mail other than
      during normal business hours, (c) one business day after being sent by Federal
      Express, DHL or UPS or other comparably reputable delivery service and (d)
      five
      business days after being sent by registered or certified mail.  Each
      of the parties hereto will be entitled to specify a different address by giving
      notice as aforesaid to each of the other parties hereto.

    

    13.          Severability.  If
      in any proceedings a court will refuse to enforce any provision of this
      Agreement, then such unenforceable provision will be deemed eliminated from
      this
      Agreement for the purpose of such proceedings to the extent necessary to permit
      the remaining provisions to be enforced.  To the full extent, however,
      that the provisions of any applicable law may be waived, they are hereby waived
      to the end that this Agreement be deemed to be valid and binding agreement
      enforceable in accordance with its terms, and in the event that any provision
      hereof will be found to be invalid or unenforceable, such provision will be
      construed by limiting it so as to be valid and enforceable to the maximum extent
      consistent with and possible under applicable law.

    

    14.          Counterparts.  This
      Agreement may be executed in any number of counterparts and by each of the
      parties hereto in separate counterparts, each of which when so executed will
      

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    be
      deemed
      to be an original and all of which together will constitute one and the same
      agreement.

    

    [Remainder
      of Page Intentionally Left Blank]

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

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

    

    

    [SIGNATURE
      PAGES TO FOLLOW]

    

     

     

     

     

     

     

     

     

     

     

     

    
 

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    
      	 	
              ATLANTIS
                HOLDINGS,
                LLC

               

              By: /s/
                Clive
                Bode                                 

                     
                Name: Clive Bode

                     
                Title: Vice President

            
	 	 
	 	
              ATLANTIS
                MERGER SUB,
                INC.

               

              By: /s/
                Clive
                Bode                                 
                

                      Name:
                Clive Bode

                   
                  Title: Vice President

            
	 	 

    

    

     

     

     

     

     

     

    
 

    
      
        
          
            	 	
                  	 

          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              GOLDMAN,
                SACHS & CO.

              
              

            
	 	
              
              

              By:   /s/
                Joseph
                Gleberman                         
                

            
	 	
                    
                 Name: Joseph Gleberman                                                          
                

                   
                  Title: Managing Director

              
              

            

    

    

     

     

     

     

     

    
 

    
      
        
          
            	 	
                     

                  	 

          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              TPG
                CAPITAL, L.P.

              
              

            
	 	
              By:
                Tarrant Capital, LLC

               

            
	 	
              
              

              By:   /s/
                Clive
                Bode                                         
                

            
	 	
                    
                 Name: Clive
                Bode                                                           
                

                    
                 Title: Vice President

              
              

            

    

    

    
      
        
          
            	 	
                  	 

          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      Schedule
        1

    

     

    

    

    Wire
      Transfer Instructions for Goldman
      Sachs:

    

    Citibank,
      New York

    ABA:
      021 000 089

    1st
      Bene: Goldman Sachs and
      Company

    Account
      #: 30627533

    2nd
      Bene: MBD Fee Clearance
      Account

    Account
      #: 8720-4380

    Ref:
      Atlantispia
      459291

    Attn:
      Bryan Menar

    

    

    

    Wire
      Transfer Instructions for
      TPG:

    JP
      Morgan Chase Bank - New
      York

    Swift:
      CHASUS33

    ABA
      #: 021-000-021

    Account
      Name: TPG Capital,
      LP

    Account
      #: 722602604

    Reference:
      Alltel Monitoring/Transaction
      FeesUnassociated Document

    
 

    Exhibit
      (10)(c)(1)

    
 

    EMPLOYMENT
      AGREEMENT

    
 

    AGREEMENT,
      dated as of November 16th,
      2007
      (this “Agreement”), by and between Alltel Corporation, a Delaware corporation
      (the “Company”), and Scott T. Ford (the “Executive”).

     

    Section
      1.  Certain Definitions.

     

    (a)  “Affiliated
      Company” means any company controlled by, controlling or under common control
      with the Company and “Affiliated Companies” means all such
      companies.

     

    (b)
      “Board” means the Board of Directors of the Company.

     

    (c)  “Change
      of Control” means:

     

    (1) the
      acquisition by any Person, other than the Sponsors, including any “group” (as
      defined in section 13(d) of the Exchange Act), through one transaction or a
      series of related transactions of 50% or more of the combined voting power
      of
      the then outstanding voting securities of the Company;

     

    (2) the
      merger, consolidation or similar transaction involving the Company or its
      Affiliates as a result of which Persons who were shareholders of the Company
      immediately prior to such merger or consolidation, do not, immediately
      thereafter, own, directly or indirectly, more than 50% of the combined voting
      power entitled to vote generally in the election of directors of the merged
      or
      consolidated company, provided that any such transaction shall be deemed to
      constitute a Change of Control unless such Persons own such interest in
      substantially the same proportion as immediately prior to the transaction except
      that any increase in proportionate ownership by the Sponsors shall be counted
      as
      if it were continued ownership for purposes of this paragraph; or

     

    (3) a
      shareholder vote approving the liquidation or dissolution of the
      Company.

     

    (d)
      “Effective Date” means November 16th,
      2007.

     

    (e)
      “Person” means an individual, partnership, corporation, limited liability
      company, unincorporated organization, trust or joint venture, or a governmental
      agency or political subdivision thereof.

     

    (f)
      “Sponsors” shall mean TPG Partners V, L.P., GS Capital Partners VI, L.P. and
      their respective affiliates (as such term is defined in Rule 405 under the
      Securities Act).

     

    Section
      2.  Employment Period.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      Company hereby agrees to continue the Executive in its employ, subject to the
      terms and conditions of this Agreement, for the period commencing on the
      Effective Date and ending on the third anniversary of the Effective Date (the
      “Employment Period”); provided, however,
      that,
      commencing on the date one year after the date hereof, and on each annual
      anniversary of such date (such date and each annual anniversary thereof, the
      “Renewal Date”), unless previously terminated, the Employment Period shall be
      automatically extended so as to terminate three years from such Renewal Date,
      unless, at least 90 days prior to the Renewal Date, the Company or the Executive
      shall give written notice to the other that the Employment Period shall not
      be
      so extended.  Following a Change in Control which occurs after the
      Effective Date, if the second anniversary of such Change in Control is later
      than the then ending date of the Employment Period, the Employment Period shall
      be extended to the second anniversary of such Change in Control.  The
      Employment Period shall terminate upon the Executive's termination of employment
      for any reason.

     

    Section
      3.  Terms of Employment.

     

    (a)
      Position, Duties and Certain Repurchase Authority.

     

    (1)
      During the Employment Period, (A) the Executive’s position (including status,
      offices, titles and reporting requirements), authority, duties and
      responsibilities shall be at least commensurate in all material respects with
      the most significant of those held, exercised and assigned at any time during
      the six month period immediately preceding the Effective Date and (B) the
      Executive’s services shall be performed at the office where the Executive was
      employed immediately preceding the Effective Date or at any other location
      less
      than 50 miles from such office.

     

    (2)
      During the Employment Period, and excluding any periods of vacation and sick
      leave to which the Executive is entitled, the Executive agrees to devote
      reasonable attention and time during normal business hours to the business
      and
      affairs of the Company and, to the extent necessary to discharge the
      responsibilities assigned to the Executive hereunder, to use the Executive’s
      reasonable best efforts to perform faithfully and efficiently such
      responsibilities. During the Employment Period, it shall not be a violation
      of
      this Agreement for the Executive to (A) serve on corporate, civic or charitable
      boards or committees, (B) deliver lectures, fulfill speaking engagements or
      teach at educational institutions and (C) manage personal investments, so long
      as such activities do not significantly interfere with the performance of the
      Executive’s responsibilities as an employee of the Company in accordance with
      this Agreement. It is expressly understood and agreed that, to the extent that
      any such activities have been conducted by the Executive prior to the Effective
      Date, the continued conduct of such activities (or the conduct of activities
      similar in nature and scope thereto) subsequent to the Effective Date shall
      not
      thereafter be deemed to interfere with the performance of the Executive’s
      responsibilities to the Company.

     

    (3)  Authority
      to Cause the Company to Exercise Its Call Right.  During the portion
      of the Employment Period ending on the three-year anniversary of the
      Effective

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    Date
      (but, if a Change of Control shall have occurred prior to such anniversary,
      until the second anniversary of such Change of Control), the Executive will
      have
      the authority to direct the Company to exercise the call right described in
      Section 3(b) of the Management Stockholders Agreement, dated as of November
      16,
      2007, among the Company, Atlantis Holdings LLC, the Majority Stockholders (as
      defined in such Stockholders Agreement) and the individuals listed on Schedule
      A
      attached to such Stockholders Agreement, subject to the terms set forth therein,
      in respect of “Invested Equity” (as such term is defined in Investment
      Agreements executed by employees of the Company and the Affiliated Companies
      in
      connection with the acquisition of stock of the Company by the Sponsors on
      the
      date hereof, such term being deemed to include common stock of the Company
      acquired pursuant to the exercise of stock options included in the term Invested
      Equity) held by employees (other than himself) whose employment is terminated
      by
      the Company and the Affiliated Companies without “cause,” by the employee for
“good reason,” or by reason of the employee’s death or “disability” (each such
      term as defined for each respective employee in the Alltel Corporation 2007
      Stock Option Plan), in each case subject to approval by the Board, which
      approval shall not be unreasonably withheld.

     

    (b)  Compensation.

     

    (1)
      Base
      Salary. During the Employment Period, the Executive shall receive an annual
      base
      salary (the “Annual Base Salary”) at an annual rate at least equal to 12 times
      the highest monthly base salary paid or payable, including any base salary
      that
      has been earned but deferred, to the Executive by the Company and the Affiliated
      Companies in respect of the 6-month period immediately preceding the month
      in
      which the Effective Date occurs. The Annual Base Salary shall be paid at such
      intervals as the Company pays executive salaries generally. During the
      Employment Period, the Annual Base Salary shall be reviewed at least annually,
      beginning no more than 12 months after the last salary increase awarded to
      the
      Executive prior to the Effective Date. Any increase in the Annual Base Salary
      shall not serve to limit or reduce any other obligation to the Executive under
      this Agreement. The Annual Base Salary shall not be reduced after any such
      increase and the term “Annual Base Salary” shall refer to the Annual Base Salary
      as so increased.

     

    (2)
      Short-Term Bonuses. In addition to the Annual Base Salary, the Executive shall
      participate in, for each fiscal year ending during the Employment Period, the
      annual cash bonus plan (the “Annual Bonus”) generally applicable to peer
      executives of the Company and the Affiliated Companies, on substantially similar
      terms and conditions (excluding permitted differences in the amount of the
      bonus
      that may be earned), including, without limitation, participation in the Alltel
      Corporation Special Annual Bonus Plan and the Alltel Corporation Performance
      Incentive Compensation Plan, in each case, subject to the terms and conditions
      thereof. Following a Change in Control occurring after the Effective Date,
      the
      bonus opportunity under the Annual Bonus plan for the Executive shall not be
      reduced from the bonus opportunity under the Annual Bonus plan in effect
      immediately prior to the Change in Control.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (3)
      Savings and Retirement Plans. During the Employment Period, the Executive shall
      be entitled to participate in all savings and retirement plans, practices,
      policies, and programs, in each case, applicable generally to peer executives
      of
      the Company and the Affiliated Companies, but, with the exception of the
      supplemental executive retirement plan (the "SERP") which will be terminated,
      in
      no event shall such plans, practices, policies and programs provide the
      Executive with equity incentive opportunities (measured with respect to both
      regular and special incentive opportunities, to the extent, if any, that such
      distinction is applicable), savings opportunities and retirement benefit
      opportunities, in each case, less favorable, in the aggregate, than the most
      favorable of those provided by the Company and the Affiliated Companies for
      the
      Executive under such plans, practices, policies and programs as in effect at
      any
      time during the 6-month period immediately preceding the Effective Date.
      Following a Change in Control occurring after the Effective Date, the aggregate
      level of benefits from savings and retirement plans that the Executive
      participates in shall not be less than the aggregate level of benefits from
      savings and retirement plans available to the Executive before the Change in
      Control.

     

    (4)
      Welfare Benefit Plans. During the Employment Period, the Executive and/or the
      Executive’s family, as the case may be, shall be eligible for participation in
      and shall receive all benefits under welfare benefit plans, practices, policies
      and programs provided by the Company and the Affiliated Companies (including,
      without limitation, medical, prescription, dental, disability, employee life,
      group life, accidental death and travel accident insurance plans and programs)
      to the extent applicable generally to peer executives of the Company and the
      Affiliated Companies, but in no event shall such plans, practices, policies
      and
      programs provide the Executive with benefits that are less favorable, in the
      aggregate, than the most favorable of such plans, practices, policies and
      programs in effect for the Executive at any time during the 6-month period
      immediately preceding the Effective Date. Following a Change in Control after
      the Effective Date, the aggregate level of benefits of welfare benefit plans
      that the Executive participates in shall not be less than level of benefits
      of
      welfare benefit plans available to the Executive before the Change in
      Control.  Notwithstanding the foregoing, an amount in cash equal to
      the value of the health benefits under the Company’s Supplement Executive
      Retirement Plan shall be paid to the Executive as soon as practicable (but
      not
      more than 20 days) after a termination of the Executive’s employment, the amount
      of such payment to be determined based on the methodology set forth on Exhibit
      B
      hereto and based on the assumption that such health benefits would commence
      following the cessation of coverage under the Company’s health plan for active
      employees and the Benefit Continuation Period (if any).

     

    (5)
      Expenses. During the Employment Period, the Executive shall be entitled to
      receive prompt reimbursement for all reasonable expenses incurred by the
      Executive in accordance with the most favorable policies, practices and
      procedures of the Company and the Affiliated Companies in effect for the
      Executive at any time during the 6-month period immediately preceding the
      Effective Date or, if more favorable to the Executive,

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     as
      in effect generally at any time thereafter with respect to peer executives
      of
      the Company and the Affiliated Companies.

     

    (6)
      Fringe Benefits. During the Employment Period, the Executive shall be entitled
      to fringe benefits including, without limitation, secretarial and administrative
      support, office space, use of company aircraft, paid time off, holiday,
      sick-leave and other similar benefits, consistent with the plans, practices,
      programs and policies of the Company and the Affiliated Companies in effect
      for
      the Executive immediately prior to the Effective Date.

     

    Section
      4.  Termination of Employment.

     

    (a)
      Death
      or Disability. The Executive’s employment shall terminate automatically if the
      Executive dies during the Employment Period. If the Company determines in good
      faith that the Disability (as defined herein) of the Executive has occurred
      during the Employment Period, it may give to the Executive written notice in
      accordance with Section 11(b) of its intention to terminate the Executive’s
      employment. In such event, the Executive’s employment with the Company shall
      terminate effective on the 30th day after receipt of such notice by the
      Executive (the “Disability Effective Date”), provided that, within the 30 days
      after such receipt, the Executive shall not have returned to full-time
      performance of the Executive's duties. “Disability” means the absence of the
      Executive from the Executive’s duties with the Company on a full-time basis for
      180 consecutive business days as a result of incapacity due to mental or
      physical illness that is determined to be total and permanent by a physician
      selected by the Company or its insurers and acceptable to the Executive or
      the
      Executive’s legal representative.

     

    (b)
      Cause. The Company may terminate the Executive’s employment during the
      Employment Period with or without Cause. “Cause” means:

     

    (i)           
      the willful and continued failure of the Executive to perform substantially
      the
      Executive’s duties (as contemplated by Section 3(a)(1)(A)) with the Company or
      any Affiliated Company (other than any such failure resulting from incapacity
      due to physical or mental illness or following the Executive’s delivery of a
      Notice of Termination for Good Reason), after a written demand for substantial
      performance is delivered to the Executive by the Board or the Chief Executive
      Officer of the Company that specifically identifies the manner in which the
      Board or the Chief Executive Officer of the Company believes that the Executive
      has not substantially performed the Executive’s duties, or

     

    (ii)           
      the willful engaging by the Executive in illegal conduct or gross misconduct
      that is materially and demonstrably injurious to the Company. 

     

    For
      purposes of this Section 4(b), no act, or failure to act, on the part of the
      Executive shall be considered “willful” unless it is done, or omitted to be
      done, by the Executive in bad faith or without reasonable belief that the
      Executive’s action or omission was in the best interests of the Company. Any
      act, or failure to act, based upon authority (A) given pursuant to a resolution
      duly adopted by the Board, or if the Company is not the ultimate parent
      corporation of the Affiliated

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Companies
      and is not publicly-traded, the board of directors of the ultimate parent of
      the
      Company (the “Applicable Board”), (B) based upon the advice of counsel for the
      Company or (C) given by specific instruction of the Employee’s direct superior,
      shall be conclusively presumed to be done, or omitted to be done, by the
      Executive in good faith and in the best interests of the Company. The cessation
      of employment of the Executive shall not be deemed to be for Cause unless and
      until there shall have been delivered to the Executive a copy of a resolution
      duly adopted by the affirmative vote of not less than three-quarters of the
      entire membership of the Applicable Board (excluding the Executive, if the
      Executive is a member of the Applicable Board) at a meeting of the Applicable
      Board called and held for such purpose (after reasonable notice is provided
      to
      the Executive and the Executive is given an opportunity, together with counsel
      for the Executive, to be heard before the Applicable Board), finding that,
      in
      the good faith opinion of the board, the Executive is guilty of the conduct
      described in this Section 4(b), and specifying the particulars thereof in
      detail.

     

     (c)
      Good Reason. The Executive’s employment may be terminated by the Executive for
      Good Reason or by the Executive voluntarily without Good Reason. “Good Reason”
means, without the Executive’s prior written consent:

     

    (i)
      a
      material diminution in the Executive’s position (including status, offices,
      titles and reporting requirements), authority, duties or responsibilities as
      contemplated by Section 3(a); or

     

    (ii)
      any
      failure by the Company to comply with any of the provisions of Section 3(b),
      other than an isolated, insubstantial and inadvertent failure not occurring
      in
      bad faith and that is remedied by the Company promptly after receipt of notice
      thereof given by the Executive; or

     

    (iii)
      a
      relocation of a Participant’s primary work location more than 50 miles from the
      Participant’s work location immediately prior to the Effective Date;
      or

     

    (iv)
      a
      resignation by the Executive for any reason during the 90 day period following
      the first anniversary of a Change in Control which occurs after the Effective
      Date;

     

    provided
      that, within ninety days following the Executive becoming aware of the
      occurrence of any of the events set forth herein (other than the events
      described in clause (iv) above, the Executive shall have delivered written
      notice to the Company of his intention to terminate his employment for Good
      Reason, which notice specifies in reasonable detail the circumstances claimed
      to
      give rise to the Executive’s right to terminate his employment for Good Reason,
      and the Company shall not have cured such circumstances within twenty days
      following the Company’s receipt of such notice.  The Executive’s
      mental or physical incapacity following the occurrence of an event described
      above in clauses (i) through (iii) shall not affect the Executive’s ability to
      terminate employment for Good Reason.

     

    (d)
      Notice of Termination. Any termination by the Company for Cause, or by the
      Executive for Good Reason, shall be communicated by Notice of Termination to
      the
      other party hereto given in accordance with Section 11(b). “Notice of
      Termination” means a written notice

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    that
      (1)
      indicates the specific termination provision in this Agreement relied upon,
      (2)
      to the extent applicable, sets forth in reasonable detail the facts and
      circumstances claimed to provide a basis for termination of the Executive’s
      employment under the provision so indicated, and (3) if the Date of Termination
      (as defined herein) is other than the date of receipt of such notice, specifies
      the Date of Termination (which Date of Termination shall be not more than 30
      days after the giving of such notice). The failure by the Executive or the
      Company to set forth in the Notice of Termination any fact or circumstance
      that
      contributes to a showing of Good Reason or Cause shall not waive any right
      of
      the Executive or the Company, respectively, hereunder or preclude the Executive
      or the Company, respectively, from asserting such fact or circumstance in
      enforcing the Executive’s or the Company’s respective rights
      hereunder.

     

    (e)
      Date
      of Termination. “Date of Termination” means (1) if the Executive’s employment is
      terminated by the Company for Cause, or by the Executive for Good Reason, the
      date of receipt of the Notice of Termination or any later date specified in
      the
      Notice of Termination, (which date shall not be more than 30 days after the
      giving of such notice), as the case may be, (2) if the Executive’s employment is
      terminated by the Company other than for Cause or Disability, the date on which
      the Company notifies the Executive of such termination, (3) if the Executive
      resigns without Good Reason, the date on which the Executive notifies the
      Company of such termination, and (4) if the Executive’s employment is terminated
      by reason of death or Disability, the date of death of the Executive or the
      Disability Effective Date, as the case may be.  The Company and the
      Executive shall take all steps necessary (including with regard to any
      post-termination services by the Executive) to ensure that any termination
      described in this Section 4 constitutes a “separation from service” within the
      meaning of Section 409A of the Code, and notwithstanding anything contained
      herein to the contrary, the date on which such separation from service takes
      place shall be the “Date of Termination.”

     

    Section
      5.  Obligations of the Company upon Termination.

     

    (a)  Certain
      Terminations After a Change in Control.  If during the Employment
      Period and during the two-year period after a Change in Control occurring after
      the Effective Date, or in contemplation thereof, the Company terminates the
      Executive’s employment other than for Cause (and other than as a result of the
      Executive’s Disability) or the Executive terminates his employment for Good
      Reason:

     

    (1)
      the
      Company shall pay to the Executive, in a lump sum in cash within 30 days after
      the Date of Termination, subject to Section 5(f) below, the sum of the following
      amounts (the “Change in Control Severance”):

     

    (A)
      the
      sum of (i) the Executive’s Annual Base Salary through the Date of Termination to
      the extent not theretofore paid, (ii) any accrued paid vacation, sick leave,
      sabbatical, holiday and other paid-time off to the extent not theretofore paid
      (the sum of the amounts described in subclauses (i) and (ii) above, the “Earned
      Pay”), (iii) notwithstanding any provision of any Annual Bonus plan, including,
      without limitation, any provision of any such plan requiring continued
      employment after a completed fiscal year, the amount of any
      incentive

     

    
      
        
        

      

      
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    compensation
      under any such plan that has been earned by the Executive for a completed fiscal
      year preceding the Date of Termination, but has not yet been paid to the
      Executive (the sum of the amounts described in subclauses (i), (ii) and (iii),
      the “Accrued Obligations”) and (iv) the product of (a) the highest Annual Bonus
      amount earned by the Executive (excluding any bonus designated as a “stretch
      bonus” by the Company contemporaneous with the time that it is announced to the
      Executive) for any of the three years preceding the year in which occurs the
      Date of Termination (the “Reference Bonus”) and (b) a fraction, the numerator of
      which is the number of days in the fiscal year in which the Date of Termination
      occurs through the Date of Termination and the denominator of which is 365
      (such
      product, the “Pro Rata Bonus”); and

     

    (B)
      the
      amount equal to the product of (i) three and (ii) the sum of the Executive’s
      Annual Base Salary and the Reference Bonus; and

     

    (2)
      for
      three years after the Executive’s Date of Termination (the “Benefit Continuation
      Period”), the Company shall continue benefits to the Executive and/or the
      Executive’s family at least equal to, and at the same cost to the Executive
      and/or the Executive’s family (which in the case of any health benefits provided
      hereunder shall be determined on an after-tax basis), as those that would have
      been provided to them in accordance with the plans, programs, practices and
      policies described in Section 3(b)(4) hereof if the Executive’s employment had
      not been terminated or, if more favorable to the Executive, as in effect
      generally at any time thereafter with respect to peer executives of the Company
      and the Affiliated Companies and their families; provided, however,
      that, the health
      care benefits provided during the Benefit Continuation Period shall be provided
      in such a manner that such benefits (and the costs and premiums thereof) are
      excluded from the Executive’s income for federal income tax purposes and, if the
      Company reasonably determines that providing continued coverage under one or
      more of its health care benefit plans contemplated herein could be taxable
      to
      the Executive, the Company shall provide such benefits at the level required
      hereby through the purchase of individual insurance coverage; provided, further, however,
      that, if the Executive becomes reemployed with another employer and is eligible
      to receive such benefits under another employer provided plan, the medical
      and
      other welfare benefits described herein shall be secondary to those provided
      under such other plan, and such other benefits shall not be provided by the
      Company, during such applicable period of eligibility. The Executive’s
      entitlement to COBRA continuation coverage under Section 4980B of the Code
      (“COBRA Coverage”) shall not be offset by the provision of benefits under this
      Section 5(a)(2) and the period of COBRA Coverage shall commence at the end
      of
      the Benefit Continuation Period. For purposes of determining eligibility (but
      not the time of commencement of benefits) of the Executive for retiree benefits
      pursuant to such plans, practices, programs and policies, the Executive shall
      be
      considered to have remained employed until the end of the Benefit Continuation
      Period and to have retired on the last day of such period.

     

    
      
        
        

      

      
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    (b)  Certain
      Terminations More than Three Years After the Effective Date.  If
      during the Employment Period, other than during the three-year period after
      the
      Effective Date and other than under circumstances entitling the Executive to
      the
      Change in Control Severance benefits, the Company terminates the Executive’s
      employment other than for Cause (and other than as a result of the Executive’s
      Disability) or the Executive terminates his employment for Good
      Reason:

     

    (1)
      the
      Company shall pay to the Executive, in a lump sum in cash within 30 days after
      the Date of Termination, subject to Section 5(f) below, the sum of the following
      amounts:

     

    (A)
      the
      Accrued Obligations and the Pro Rata Bonus; and

     

    (B)  an
      amount equal the product of (i) the greater of (a) one and (b) the numbers
      of
      years remaining in the Employment Period (computed to a fraction of a year
      based
      on complete calendar months remaining in the Employment Period without regard
      to
      such termination) (the “Severance Period”) and (ii) the sum of the Executive’s
      Annual Base Salary and the Reference Bonus; and

     

    (2)
      the
      Company provide the Executive with the benefits described in paragraph 5(a)(2)
      above, provided that the Benefit Continuation Period shall be the Severance
      Period.(c) Death, Disability and Other than for Good Reason. If the Executive’s
      employment is terminated by reason of the Executive’s death or Disability or by
      the Executive without Good Reason, during the Employment Period, the Company
      shall provide the Executive (or his estate or beneficiaries) with the Accrued
      Obligations, and shall have no other severance obligations under this Agreement.
      The Accrued Obligations shall be paid in a lump sum in cash within 30 days
      of
      the Date of Termination.

     

    (e)
      Cause.  If the Executive’s employment is terminated for Cause during
      the Employment Period, the Company shall provide the Executive with the
      Executive’s Earned Pay through the Date of Termination and shall have no other
      severance obligations under this Agreement.

     

    (f)
      Notwithstanding the foregoing provisions of this Section 5, in the event that
      the Executive is a “specified employee” within the meaning of Section 409A of
      the Code (as determined in accordance with the methodology established by the
      Company as in effect on the Date of Termination) (a “Specified Employee”) cash
      amounts that would otherwise be payable or provided under this Section 5 during
      the six-month period immediately following the Date of Termination (other than
      the Accrued Obligations) shall instead be paid, with interest on any delayed
      payment at the applicable federal rate provided for in Section 7872(f)(2)(A)
      of
      the Code (“Interest”), on the first business day after the date that is six
      months following the Executive’s “separation from service” within the meaning of
      Section 409A (the “Delayed Payment Date”).

     

    (g)
      In
      the event of a termination of Executive’s employment giving rise to rights under
      Sections 5(a) or 5(b), each of the Executive and the Company agree to execute
      a
      mutual general

     

    
      
        
        

      

      
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    release
      of claims and non-disparagement agreement, in the form attached hereto as Exhibit A (the
“Release”). The obligations
      of the Company pursuant to Section 5(a) and (b)
      hereof (other than the Accrued Obligations) are subject to the execution by
      the
      Executive of the Release within 30 days of the Executive’s receipt of the
      executed release from the Company, which shall be provided to the Executive
      within 30 days of the Date of Termination.   In the event that
      the Executive does not so receive the executed Release from the Company within
      such period, the Executive’s obligation to execute such release as a
      precondition to receiving the benefits under Sections 5(a) or (b) as applicable,
      shall cease.

     

    Section
      6.  Non-exclusivity of Rights.

     

    Nothing
      in Section 5 hererof or elsewhere in this Agreement shall prevent or limit
      the
      Executive’s continuing or future participation in any plan, program, policy or
      practice provided by the Company or the Affiliated Companies and for which
      the
      Executive may qualify, nor, subject to Section 11(f), shall anything herein
      limit or otherwise affect such rights as the Executive may have under any other
      contract or agreement with the Company or the Affiliated Companies. Amounts
      that
      are vested benefits or that the Executive is otherwise entitled to receive
      under
      any plan, policy, practice or program of or any other contract or agreement
      with
      the Company or the Affiliated Companies at or subsequent to the Date of
      Termination shall be payable in accordance with such plan, policy, practice
      or
      program or contract or agreement, except as explicitly modified by this
      Agreement. Without limiting the generality of the foregoing, the Executive’s
      resignation under this Agreement with or without Good Reason, shall in no way
      affect the Executive’s ability to terminate employment by reason of the
      Executive’s “retirement” under any compensation and benefits plans, programs or
      arrangements of the Affiliated Companies, including without limitation any
      retirement or pension plans or arrangements or to be eligible to receive
      benefits under any compensation or benefit plans, programs or arrangements
      of
      the Affiliated Companies, including without limitation any retirement or pension
      plan or arrangement of the Affiliated Companies or substitute plans adopted
      by
      the Company or its successors, and any termination which otherwise qualifies
      as
      Good Reason shall be treated as such even if it is also a “retirement” for
      purposes of any such plan. Notwithstanding the foregoing, if the Executive
      receives payments and benefits pursuant to Section 5(a) or (b) of this
      Agreement, the Executive shall not be entitled to any severance pay or benefits
      under any severance plan, program or policy of the Company and the Affiliated
      Companies, unless otherwise specifically provided therein in a specific
      reference to this Agreement.

     

    Section
      7.  Full Settlement.

     

    In
      no
      event shall the Executive be obligated to seek other employment or take any
      other action by way of mitigation of the amounts payable to the Executive under
      any of the provisions of this Agreement, and such amounts shall not be reduced
      whether or not the Executive obtains other employment. The Company agrees to
      pay
      as incurred (within 10 days following
      the Company's receipt of an invoice from the Executive) at any time from the
      Effective Date through the Executive’s remaining lifetime (or, if longer,
      through the 20th
      anniversary of the Effective Date), to the full extent permitted by law, all
      legal fees and expenses that the Executive may

     

    
      
        
        

      

      
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    reasonably
      incur as a result of any contest by the Company, the Executive or others of
      the
      validity or enforceability of, or liability under, any provision of this
      Agreement or any guarantee of performance thereof (including as a result of
      any
      contest by the Executive about the amount of any payment pursuant to this
      Agreement), plus, in each case, Interest; provided, however,
      that the
      Executive shall be required to return (within 10 days following the Executive’s
      receipt of demand therefore from the Company) all such payments, plus Interest
      from the date on which each such payment was made through the date on which
      such
      payment is returned to the Company if the Executive does not prevail in respect
      of at least one material claim (whether Executive is prosecuting or defending
      such claim) in such contest.  In the event that, following the
      termination of the Employment Period, at the time at which an amount would
      be
      payable to the Executive pursuant to this Agreement the Executive has a
      contractual obligation to pay money to the Company, the Company shall be
      entitled to offset such obligation against the amount otherwise required to
      be
      paid by the Company hereunder.

     

    Section
      8.  Certain Additional Payments by the Company.

     

    (a)
      Anything in this Agreement to the contrary notwithstanding and subject to
      Section 11(f), in the event it shall be determined that any Payment would be
      subject to the Excise Tax, then the Executive shall be entitled to receive
      an
      additional payment (the “Gross-Up Payment”) in an amount such that, after
      payment by the Executive of all taxes (and any interest or penalties imposed
      with respect to such taxes), including, without limitation, any income taxes
      (and any interest and penalties imposed with respect thereto) and Excise Tax
      imposed upon the Gross-Up Payment, but excluding any income taxes and penalties
      imposed pursuant to Section 409A, the Executive retains an amount of the
      Gross-Up Payment equal to the Excise Tax imposed upon the Payments; provided, however,
      that the
      obligations to the Executive pursuant to this Section 8 shall be subject to
      the
      Executive taking all steps reasonably requested by the Company in order to
      qualify for the exemption from the Excise Tax for privately-held companies,
      if
      available, including without limitation waiver of any Payments subject to
      shareholder approval in a manner that is consistent with customary practices.
      The Company’s obligation to make Gross-Up Payments under this Section 8 shall
      not be conditioned upon the Executive’s termination of employment.

     

    (b)
      Subject to the provisions of Section 8(c), all determinations required to be
      made under this Section 8, including whether and when a Gross-Up Payment is
      required, the amount of such Gross-Up Payment and the assumptions to be utilized
      in arriving at such determination, shall be made by Ernst & Young LLP, or
      such other nationally recognized certified public accounting firm as may be
      designated by the Executive (the “Accounting Firm”). The Accounting Firm shall
      provide detailed supporting calculations both to the Company and the Executive
      within 15 business days of the receipt of notice from the Executive that there
      has been a Payment or such earlier time as is requested by the Company. In
      the
      event that the Accounting Firm is serving as accountant or auditor for the
      individual, entity or group effecting the Change of Control, the Executive
      may
      appoint another nationally recognized accounting firm to make the determinations
      required hereunder (which accounting firm shall then be referred to as the
      Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall
      be borne solely by the Company. Any determination by the Accounting Firm shall
      be binding upon the Company

     

    
      
        
        

      

      
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    and
      the
      Executive. As a result of the uncertainty in the application of Section 4999
      of
      the Code at the time of the initial determination by the Accounting Firm
      hereunder, it is possible that Gross-Up Payments that will not have been made
      by
      the Company should have been made (the “Underpayment”), consistent with the
      calculations required to be made hereunder. In the event the Company exhausts
      its remedies pursuant to Section 8(c) and the Executive thereafter is required
      to make a payment of any Excise Tax, the Accounting Firm shall determine the
      amount of the Underpayment that has occurred and any such Underpayment shall
      be
      promptly paid by the Company to or for the benefit of the
      Executive.

     

    (c)
      The
      Executive shall notify the Company in writing of any claim by the Internal
      Revenue Service that, if successful, would require the payment by the Company
      of
      the Gross-Up Payment. Such notification shall be given as soon as practicable,
      but no later than 10 business days after the Executive is informed in writing
      of
      such claim. The Executive shall apprise the Company of the nature of such claim
      and the date on which such claim is requested to be paid. The Executive shall
      not pay such claim prior to the expiration of the 30-day period following the
      date on which the Executive gives such notice to the Company (or such shorter
      period ending on the date that any payment of taxes with respect to such claim
      is due). If the Company notifies the Executive in writing prior to the
      expiration of such period that the Company desires to contest such claim, the
      Executive shall:

     

    (1)
      give
      the Company any information reasonably requested by the Company relating to
      such
      claim,

     

    (2)
      take
      such action in connection with contesting such claim as the Company shall
      reasonably request in writing from time to time, including, without limitation,
      accepting legal representation with respect to such claim by an attorney
      reasonably selected by the Company,

     

    (3)
      cooperate with the Company in good faith in order effectively to contest such
      claim, and

     

    (4)
      permit the Company to participate in any proceedings relating to such claim;
      provided, however, that the Company shall bear and pay directly all costs and
      expenses (including additional interest and penalties) incurred in connection
      with such contest, and shall indemnify and hold the Executive harmless, on
      an
      after-tax basis, for any Excise Tax or income tax (including interest and
      penalties) imposed as a result of such representation and payment of costs
      and
      expenses. Without limitation on the foregoing provisions of this Section 8(c),
      the Company shall control all proceedings taken in connection with such contest,
      and, at its sole discretion, may pursue or forgo any and all administrative
      appeals, proceedings, hearings and conferences with the applicable taxing
      authority in respect of such claim and may, at its sole discretion, either
      pay
      the tax claimed to the appropriate taxing authority on behalf of the Executive
      and direct the Executive to sue for a refund or contest the claim in any
      permissible manner, and the Executive agrees to prosecute such contest to a
      determination before any administrative tribunal, in a court of initial
      jurisdiction and in one or more appellate courts, as the

     

    
      
        
        

      

      
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    Company
      shall determine;  provided, however, that, if the Company pays such
      claim and directs the Executive to sue for a refund, the Company shall indemnify
      and hold the Executive harmless, on an after-tax basis, from any Excise Tax
      or
      income tax (including interest or penalties) imposed with respect to such
      payment or with respect to any imputed income in connection with such payment;
      and provided,
further,
      that
      any extension of the statute of limitations relating to payment of taxes for
      the
      taxable year of the Executive with respect to which such contested amount is
      claimed to be due is limited solely to such contested amount. Furthermore,
      the
      Company’s control of the contest shall be limited to issues with respect to
      which the Gross-Up Payment would be payable hereunder, and the Executive shall
      be entitled to settle or contest, as the case may be, any other issue raised
      by
      the Internal Revenue Service or any other taxing authority.

     

    (d)
      If,
      after the receipt by the Executive of a Gross-Up Payment or payment by the
      Company of an amount on the Executive’s behalf pursuant to Section 8(c), the
      Executive becomes entitled to receive any refund with respect to the Excise
      Tax
      to which such Gross-Up Payment relates or with respect to such claim, the
      Executive shall (subject to the Company's complying with the requirements of
      Section 8(c), if applicable) promptly pay to the Company the amount of such
      refund (together with any interest paid or credited thereon after taxes
      applicable thereto). If, after payment by the Company of an amount on the
      Executive’s behalf pursuant to Section 8(c), a determination is made that the
      Executive shall not be entitled to any refund with respect to such claim and
      the
      Company does not notify the Executive in writing of its intent to contest such
      denial of refund prior to the expiration of 30 days after such determination,
      then the amount of such payment shall offset, to the extent thereof, the amount
      of Gross-Up Payment required to be paid.

     

    (e)
      Any
      Gross-Up Payment, as determined pursuant to this Section 8, shall be paid by
      the
      Company to the Executive within five days of the receipt of the Accounting
      Firm’s determination; provided that, the Gross-Up
      Payment shall in all events be paid no later than the end of the Executive’s
      taxable year next following the Executive’s taxable year in which the Excise Tax
      (and any income or other related taxes or interest or penalties thereon) on
      a
      Payment are remitted to the Internal Revenue Service or any other applicable
      taxing authority or, in the case of amounts relating to a claim described in
      Section 8(c) that does not result in the remittance of any federal, state,
      local
      and foreign income, excise, social security and other taxes, the calendar year
      in which the claim is finally settled or otherwise
      resolved.  Notwithstanding any other provision of this Section 8, the
      Company may, in its sole discretion, withhold and pay over to the Internal
      Revenue Service or any other applicable taxing authority, for the benefit of
      the
      Executive, all or any portion of any Gross-Up Payment, and the Executive hereby
      consents to such withholding.

     

    (f)
      Definitions. The following terms shall have the following meanings for purposes
      of this Section 8.

     

    (i)  “Excise
      Tax” shall mean the excise tax imposed by Section 4999 of the Code, together
      with any interest or penalties imposed with respect to such excise
      tax.

     

    
      
        
        

      

      
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    (ii)
      A
“Payment” shall mean any payment, benefit or distribution in the nature of
      compensation (within the meaning of Section 280G(b)(2) of the Code), including
      but not limited to accelerated vesting of compensatory awards, to or for the
      benefit of the Executive, whether paid or payable pursuant to this Agreement
      or
      otherwise.

     

    Section
      9.  Confidentiality; Non-Compete; Non-Disclosure;
      Non-Disparagement.

     

    (a)
      The
      Executive shall hold in a fiduciary capacity for the benefit of the Company
      all
      secret or confidential information, knowledge or data relating to the Company
      or
      the Affiliated Companies, and their respective businesses, which information,
      knowledge or data shall have been obtained by the Executive during the
      Executive’s employment by the Company or the Affiliated Companies and which
      information, knowledge or data shall not be or become public knowledge (other
      than by acts by the Executive or representatives of the Executive in violation
      of this Agreement). After termination of the Executive’s employment with the
      Company, the Executive shall not, without the prior written consent of the
      Company or as may otherwise be required by law or legal process, communicate
      or
      divulge any such information, knowledge or data to anyone other than the Company
      and those persons designated by the Company. In no event shall an asserted
      violation of the provisions of this Section 9 constitute a basis for deferring
      or withholding any amounts otherwise payable to the Executive under this
      Agreement.

     

    (b)
      In
      consideration for the payments to be made to the Executive under the Prior
      Agreement (as defined below) and the Alltel Corporation Supplemental Executive
      Retirement Plan and the vesting of the Executive's equity compensation awards
      in
      connection with the transactions contemplated by the Agreement and Plan of
      Merger among Alltel Corporation, Atlantis Holdings LLC and Atlantis Merger
      Sub,
      Inc. dated May 20, 2007, the Executive and the Company agree that the Company
      would likely suffer significant harm from the Executive’s competing with the
      Company during the Employment Period and for a reasonable period of time
      thereafter.  Accordingly, the Executive agrees that he will not,
      during the Employment Period and for a period of two (2) years following the
      termination of the Employment Period for any reason, directly or indirectly,
      become employed by, serve as an agent or consultant to, become a partner,
      member, principal, stockholder or other owner (other than a holder of less
      than
      5% of the outstanding voting shares of any publicly held company) of the
      Business for any Person (whether or not for compensation) that is engaged in,
      or
      otherwise competes with the Business; provided, however,
      that the
      restrictions of this paragraph 9(b) do not apply following the termination
      of
      the Employment Period by the Company without Cause or by the Executive for
      Good
      Reason, except that in the event of any such termination that occurs more than
      three years after the Effective Date, such restrictions shall apply unless
      the
      Executive elects to forego the benefits under paragraphs (5)(a) or (b) hereof,
      as applicable, to which he would otherwise be entitled in respect of such
      termination.  For purposes of this Agreement, the “Business” shall
      mean wireless communications carriers operating within the United
      States.

     

    (c)
      The
      Executive hereby agrees that upon the termination of the Employment Period,
      he
      shall not take, without the prior written consent of the Company, any business
      plans,

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    contact
      lists, strategic plans or reports or other document (in whatever form) of the
      Company or any of its affiliates, which is of a confidential nature relating
      to
      the Company or its affiliates, or, without limitation, relating to its or their
      methods of distribution, or any description of any formulas or secret processes
      and will return any such information (in whatever form) then in his
      possession.

     

    (d)
      During the Employment Period and for two (2) years thereafter, the Executive
      hereby agrees not to, directly or indirectly, solicit or assist any other person
      or entity in soliciting any employee of the Company or any of its affiliates
      to
      perform services for any entity (other than the Company or its affiliates),
      attempt to induce any such employee to leave the employ of the Company or its
      affiliates, or hire or engage on behalf of himself or any other Person (as
      defined below) any employee of the Company or anyone who was employed by the
      Company during the six-month period preceding such hiring or engagement; provided, however,
      that the
      restrictions of this paragraph 9(e) shall not apply following the termination
      of
      the Employment Period by the Company without Cause or by the Executive for
      Good
      Reason, except that in the event of any such termination that occurs more than
      three years after the Effective Date, such restrictions shall apply unless
      the
      Executive elects to forego the benefits under paragraphs (5)(a) or (b) hereof,
      as applicable, to which he would otherwise be entitled in respect of such
      termination.  An individual’s response to a broad and general
      advertisement or solicitation not specifically targeting or intending to target
      employees of the Company, its subsidiaries or any of affiliates shall not be
      deemed a violation of this Section 9(e).

     

    (e)
      The
      parties hereto hereby declare that it is impossible to measure in money the
      damages which will accrue to the Company by reason of a failure by the Executive
      to perform any of his obligations under this Agreement and, in particular,
      under
      this Section 9.  Accordingly, if the Company institutes any action or
      proceeding to enforce the provisions hereof, to the extent permitted by
      applicable law (including, but not limited to, injunctive relief) the Executive
      hereby waives the claim or defense that the Company has an adequate remedy
      at
      law, and the Executive shall not urge in any such action or proceeding the
      claim
      or defense that any such remedy at law exists.

     

    Section
      10.  Successors.

     

    (a)
      This
      Agreement is personal to the Executive, and, without the prior written consent
      of the Company, shall not be assignable by the Executive other than by will
      or
      the laws of descent and distribution. This Agreement shall inure to the benefit
      of and be enforceable by the Executive’s legal representatives.

     

    (b)
      This
      Agreement shall inure to the benefit of and be binding upon the Company and
      its
      successors and assigns. Except as provided in Section 10(c), without the prior
      written consent of the Executive this Agreement shall not be assignable by
      the
      Company.

     

    (c)
      The
      Company will require any successor (whether direct or indirect, by purchase,
      merger, consolidation or otherwise) to all or substantially all of the business
      and/or assets of the Company to assume expressly and agree to perform this
      Agreement in the same manner and to

     

    
      
        
        

      

      
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    the
      same
      extent that the Company would be required to perform it if no such succession
      had taken place. “Company” means the Company as hereinbefore defined and any
      successor to its business and/or assets as aforesaid that assumes and agrees
      to
      perform this Agreement by operation of law or otherwise.

     

    Section
      11.  Miscellaneous.

     

    (a)
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware, without reference to principles of conflict of laws. The
      captions of this Agreement are not part of the provisions hereof and shall
      have
      no force or effect. This Agreement may not be amended or modified other than
      by
      a written agreement executed by the parties hereto or their respective
      successors and legal representatives.

     

    (b)
      All
      notices and other communications hereunder shall be in writing and shall be
      given by hand delivery to the other party or by registered or certified mail,
      return receipt requested, postage prepaid, addressed as follows:

     

    if
      to the
      Executive:

     

               
                  At the most
      recent address on file at the Company.

     

    if
      to the
      Company:

     

    ALLTEL
      Corporation

     

    One
      Allied Drive

     

    Little
      Rock, Arkansas 72202

     

    Attention:
      General Counsel

     

    or
      to
      such other address as either party shall have furnished to the other in writing
      in accordance herewith. Notice and communications shall be effective when
      actually received by the addressee.

     

    (c)
      The
      invalidity or unenforceability of any provision of this Agreement shall not
      affect the validity or enforceability of any other provision of this
      Agreement.

     

    (d)
      The
      Company may withhold from any amounts payable under this Agreement such United
      States federal, state or local or foreign taxes as shall be required to be
      withheld pursuant to any applicable law or regulation.

     

    (e)
      The
      Executive’s or the Company’s failure to insist upon strict compliance with any
      provision of this Agreement or the failure to assert any right the Executive
      or
      the Company may have hereunder, including, without limitation, the right of
      the
      Executive to terminate

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    employment
      for Good Reason pursuant to Sections 4(c)(i) through 4(c)(iv), shall not be
      deemed to be a waiver of such provision or right or any other provision or
      right
      of this Agreement.

     

    (f)
      The
      Executive and the Company acknowledge that, except as provided in Section 5(a)
      hereof, the Executive shall not be entitled to benefits in the nature of
      severance pay upon a termination of the Executive's employment by the Company
      without Cause or by the Executive for Good Reason during the three years after
      the Effective Date, except that the Executive shall be entitled to the Accrued
      Obligations. From and after the Effective Date, except as specifically provided
      herein, this Agreement shall supersede any other agreement between the parties
      with respect to the subject matter hereof, provided, however, that
      notwithstanding any provision of this Agreement to the contrary, including
      Section 8 of this Agreement, (i) Section 8 of the Employment Agreement by and
      between the Executive and the Company dated as of [  ] (the “Prior
      Agreement”) shall survive in its entirety with respect to the transactions
      contemplated by the Agreement and Plan of Merger among Alltel Corporation,
      Atlantis Holdings LLC and Atlantis Merger Sub, Inc. dated May 20, 2007, provided
      that Section 8 of the Prior Agreement shall be modified by Section 8(e) hereof
      and (ii) the third sentence of Section 7 of the Prior Agreement shall survive
      in
      its entirety with respect to payments and benefits under the Prior Agreement
      from the Effective Date through the Executive’s remaining lifetime (or, if
      longer, through the 20th
      anniversary of the Effective Date).

     

    (g)
      Within the time period permitted by the applicable Treasury Regulations, the
      Company may, in consultation with the Executive, modify the Agreement, in the
      least restrictive manner necessary and without any diminution in the value
      of
      the payments to the Executive, in order to cause the provisions of the Agreement
      to comply with the requirements of Section 409A of the Code, so as to avoid
      the
      imposition of taxes and penalties on the Executive pursuant to Section 409A
      of
      the Code.

     

    

     

    [remainder
      of page left intentionally blank]

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and,
      pursuant to the authorization from the Board, the Company has caused these
      presents to be executed in its name on its behalf, all as of the day and year
      first above written.

     

    ALLTEL
      CORPORATION
 

    /s/
      Richard
      N.
      Massey                      

    Chief
      Strategy Officer and 

     General
      Counsel

     

    
      	
            	
              /s/
                Scott T.
                Ford                                 
                

            

    

    
      	
               

            	
              SCOTT
                T. FORD 

            

    

     

    

    
18

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